TPL's Q2 2026: record $153.9 million net income, EPS of $2.23 tops estimate
TPL's second quarter of 2026 was a record on the headline lines: revenue of $246.1 million, net income of $153.9 million, diluted EPS of $2.23 (a slim beat over the $2.2069 consensus), $155.5 million of free cash flow and no debt. Royalties did most of the work because oil realizations jumped, while water and surface income kept climbing. Read it as a high-margin, unhedged Permian landowner at a strong point in the price cycle.
1 · Expected vs. Actual
Free preview belowDiluted EPS of $2.23 came in about $0.02 above the $2.2069 consensus, a beat of roughly 1.0%. Net income of $153.9 million was up 7.7% from the first quarter and 32.5% from $116.1 million a year earlier. Because TPL hedges nothing, per-share results swing with oil: realized oil prices moved from $70.57 to $97.55 per barrel in a single quarter.
Revenue rose 3.9% from $236.8 million in the first quarter and 31.2% from $187.5 million a year earlier. Oil and gas royalties alone were $145.6 million, up from $118.2 million sequentially, as average realizations went from $37.06 to $42.17 per Boe. Water sales fell to $39.7 million from $46.9 million on lower volumes, while produced water royalties rose to $37.1 million and easements and other surface income rose to $23.7 million.
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Figures on this page come from the company's original SEC filings. The analysis is generated automatically and checked against validation rules, but may still contain errors or omissions. Not investment advice. · Generated 2026-09-17
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