Short answer
Texas Pacific Land Corporation (TPL) filed its fiscal 2025 10-K annual report with the SEC on Feb 18, 2026. It reported revenue of $798M (+13.1% year over year) and net income of $481M.
- Top risk flagged: Regulatory risk: Alignment with NIST Cybersecurity Framework and oversight by Audit Committee with certified cybersecurity expert member
FY2025 key financial metrics · XBRL
- Revenue
- $798M
- +13.1% YoY
- Net income
- $481M
- +6.0% YoY
- Operating margin
- 74.2%
- −2.2 pp YoY
- EPS (diluted)
- $6.97
- −64.7% YoY
- ROE
- 33.0%
- −7.1 pp YoY
- Operating cash flow
- $546M
- +11.3% YoY
Source: XBRL data from the Texas Pacific Land Corporation (TPL) FY2025 10-K on SEC EDGAR. USD.
Texas Pacific Land Corporation FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business model: Landowner in Texas Permian Basin generating revenue from oil and gas royalties, water sales, produced water royalties, easements, and land sales
- New strategic minority equity investment $50M in Bolt Data & Energy, Inc. for data center and energy infrastructure projects
- Strategic emphasis on expanding water services and infrastructure with related water sales revenue $170M, up 13% YoY
- Royalty interests acquired increased to $840M in 2025 from $432M in 2024, reflecting significant asset base expansion
- Cash and equivalents dropped $225M to $145M, reflecting large capital expenditures and investments in 2025
Management Discussion & Analysis
- No revenue, profitability, segment, or cash flow data disclosed in provided section
- Focus on executive compensation design, objectives, and benchmarking with 2025 base salaries: Glover $850K, Steddum $545K, Dobbs $455K
- 2025 bonuses paid at 123% of target: Glover $1.15M, Steddum $670K, Dobbs $448K, based on metrics like FCF/share $7.22 vs target $6.67, Adjusted EBITDA $687M vs target $635M
- Long-term incentives weighted 50% RSUs, 50% PSUs tied to RTSR and 3-year FCF performance, e.g., Glover target LTI $4.46M (525% base salary)
- Forward outlook includes strategic objectives on safety, ESG, growth, technology, and capital returns; no explicit guidance or risk disclosed in excerpt
Risk Factors
- Regulatory risk: Alignment with NIST Cybersecurity Framework and oversight by Audit Committee with certified cybersecurity expert member
- Geopolitical/macroeconomic: Exposure to emerging threats including generative AI and machine learning vulnerabilities
- Operational/supply chain: Dependence on third-party IT service providers for annual penetration testing and security incident simulations
- Competitive/market disruption: Continuous evaluation of improved mitigation methods against evolving cybersecurity threats
- Financial/structural: Key-person dependency on Director of IT (30+ years experience) and third-party CISO (20+ years experience)
Generated from the filing text; verify against the original. How to read a 10-K
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