Oil & Gas Royalties was Texas Pacific Land’s largest product and service line in fiscal 2025, bringing in $411.68M of $798.19M (52%).
| Product and Service | FY 2018 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|---|---|---|
| Oil & Gas Royalties | $452.43M | $357.39M | $373.33M | $411.68M | ||||
| Water Sales | $84.73M | $112.20M | $150.72M | $169.70M | ||||
| Water Sales & Royalties | — | — | — | — | ||||
| Produced Water Royalties | $72.23M | $84.26M | $104.12M | $124.22M | ||||
| Easements & Other Surface-Related Income | $48.35M | $70.93M | $73.26M | $91.78M | ||||
| Land Sales & Other Operating Revenue | — | — | — | — | ||||
| Land Sales & Other Revenue | — | — | — | — | ||||
| Sale Of Oil & Gas Royalty Interests | — | — | — | — | ||||
| Land Sales | $9.68M | $6.81M | $4.39M | $819.00K | ||||
| Other Operating Revenue | — | — | — | — | ||||
| Total | $667.42M | $631.60M | $705.82M | $798.19M |
Texas Pacific Land brought in $798.19M from its five product and service lines in fiscal 2025, the year ended December 31, 2025. That was up 13.1% from $705.82M in fiscal 2024. Oil & Gas Royalties was the largest at $411.68M (51.6%), ahead of Water Sales at $169.70M (21.3%) and Produced Water Royalties at $124.22M (15.6%). The other two lines brought in $92.59M combined.
Compared with fiscal 2024, Easements & Other Surface-Related Income grew fastest, up 25.3% to $91.78M. Every line above 2% of revenue grew. From fiscal 2022 to 2025, combined revenue from these lines grew from $667.42M to $798.19M, a compound annual growth rate of 6.1%. Oil & Gas Royalties' share of the total fell from 67.8% to 51.6%.
Lrm was Texas Pacific Land’s largest segment in fiscal 2025, bringing in $490.73M of $798.19M (61%).
| Segment | FY 2018 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|---|---|---|
| Lrm | $506.98M | $432.11M | $440.79M | $490.73M | ||||
| Land & Resource Management | — | — | — | — | ||||
| Wso | $160.45M | $199.49M | $265.03M | $307.46M | ||||
| Water Services & Operations | — | — | — | — | ||||
| Total | $667.42M | $631.60M | $705.82M | $798.19M |
Texas Pacific Land brought in $798.19M from its two segments in fiscal 2025, the year ended December 31, 2025. That was up 13.1% from $705.82M in fiscal 2024. Lrm was the largest at $490.73M (61.5%), ahead of Wso at $307.46M (38.5%).
Compared with fiscal 2024, Wso grew 16.0% to $307.46M and Lrm grew 11.3% to $490.73M. From fiscal 2022 to 2025, combined revenue from these segments grew from $667.42M to $798.19M, a compound annual growth rate of 6.1%. Lrm's share of the total fell from 76.0% to 61.5%.
Texas Pacific Land (TPL) reports its revenue by product and service and by segment. In fiscal 2025, Oil & Gas Royalties was its largest product and service line, bringing in $411.68M (51.6% of the total), followed by Water Sales at $169.70M (21.3%).
Oil & Gas Royalties was Texas Pacific Land's largest product and service line in fiscal 2025, bringing in $411.68M, or 51.6% of the $798.19M total across its five product and service lines.
Lrm was Texas Pacific Land's largest segment in fiscal 2025, bringing in $490.73M, or 61.5% of the $798.19M total across its two segments.
Among Texas Pacific Land's product and service lines that make up at least 2% of revenue, Easements & Other Surface-Related Income grew fastest in fiscal 2025, up 25.3% from $73.26M to $91.78M.
Every figure comes from Texas Pacific Land's annual financial filings, as reported. Each line keeps the name Texas Pacific Land gives it, and years follow its fiscal calendar.
Texas Pacific Land's revenue by product and service goes back to fiscal 2018, with figures through fiscal 2025. The latest four fiscal years are free to view, and the full history is available with a Business Quant subscription.