TXO Partners, L.P.
TXO NYSE Crude Petroleum & Natural Gas Financials FY2021–FY2025
Last close · Oct 23, 2026
$14.19
2.2%
Revenue
Total sales reported in the income statement.
$401M
41.8%
vs prior year
Operating margin
Operating income as a share of revenue.
−7.6%
5.2 pts
Net income
Profit after all expenses, interest and tax.
−$21.6M
192.0%
Free cash flow
Cash from operations minus capital spending.
—
Return on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
—
Market cap
Last close times the latest diluted share count, so it is approximate.
$804M
Oct 23 close
P/E
Last close divided by diluted earnings per share over the last four quarters.
—
On −$0.77 EPS (TTM)
What TXO Partners, L.P. does
No business description yet.
- Legal name
- TXO Partners, L.P.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Feb 26, 2026
- Accession · CIK
- 0001193125-26-076813
0001559432
Revenue and margins
TXO Partners, L.P. had $401M of revenue in fiscal 2025, up 41.8% on the year before.
FY21
Revenue $228M
FY22
Revenue $246M
FY23
Revenue $381M
FY24
Revenue $283M
FY25
Revenue $401M
Q3 '23
Revenue $69.9M
Q4 '23
Revenue $92.0M
Q1 '24
Revenue $67.4M
Q2 '24
Revenue $57.3M
Q3 '24
Revenue $68.7M
Q4 '24
Revenue $89.3M
Q1 '25
Revenue $84.3M
Q2 '25
Revenue $89.9M
Q3 '25
Revenue $101M
Q4 '25
Revenue $126M
Q1 '26
Revenue $28.3M
Q2 '26
Revenue $151M
FY21
Gross —
Operating 19.4%
Net 23.0%
FCF —
FY22
Gross —
Operating −10.4%
Net −3.1%
FCF —
FY23
Gross —
Operating −32.5%
Net −27.3%
FCF —
FY24
Gross —
Operating −2.4%
Net 8.3%
FCF —
FY25
Gross —
Operating −7.6%
Net −5.4%
FCF —
Gross
Operating
Net
FCF
Q3 '23
Gross —
Operating 6.3%
Net 12.1%
FCF —
Q4 '23
Gross —
Operating −215.5%
Net −210.6%
FCF —
Q1 '24
Gross —
Operating 4.0%
Net 15.2%
FCF —
Q2 '24
Gross —
Operating −17.6%
Net 4.9%
FCF —
Q3 '24
Gross —
Operating −7.2%
Net 0.3%
FCF —
Q4 '24
Gross —
Operating 6.2%
Net 11.4%
FCF —
Q1 '25
Gross —
Operating −4.2%
Net 2.9%
FCF —
Q2 '25
Gross —
Operating −4.1%
Net −0.2%
FCF —
Q3 '25
Gross —
Operating 3.7%
Net 4.3%
FCF —
Q4 '25
Gross —
Operating −21.5%
Net −22.4%
FCF —
Q1 '26
Gross —
Operating −274.3%
Net −262.9%
FCF —
Q2 '26
Gross —
Operating 38.2%
Net 40.3%
FCF —
Gross
Operating
Net
FCF
Net income and earnings per share
Loss periods are shown in red.
FY21
Net income $52.5M
FY22
Net income −$7.7M
FY23
Net income −$104M
FY24
Net income $23.5M
FY25
Net income −$21.6M
Q3 '23
Net income $8.5M
Q4 '23
Net income −$194M
Q1 '24
Net income $10.3M
Q2 '24
Net income $2.8M
Q3 '24
Net income $0.2M
Q4 '24
Net income $10.2M
Q1 '25
Net income $2.4M
Q2 '25
Net income −$0.1M
Q3 '25
Net income $4.4M
Q4 '25
Net income −$28.3M
Q1 '26
Net income −$74.3M
Q2 '26
Net income $60.8M
FY21
Diluted EPS $2.10
FY22
Diluted EPS −$0.31
FY23
Diluted EPS −$3.44
FY24
Diluted EPS $0.65
FY25
Diluted EPS −$0.43
Q3 '23
Diluted EPS $0.27
Q4 '23
Diluted EPS −$6.49
Q1 '24
Diluted EPS $0.33
Q2 '24
Diluted EPS $0.09
Q3 '24
Diluted EPS $0.01
Q4 '24
Diluted EPS $0.22
Q1 '25
Diluted EPS $0.06
Q2 '25
Diluted EPS $0.00
Q3 '25
Diluted EPS $0.08
Q4 '25
Diluted EPS −$0.57
Q1 '26
Diluted EPS −$1.35
Q2 '26
Diluted EPS $1.07
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY21
Return on capital —
Return on equity —
Return on assets —
FY22
Return on capital —
Return on equity —
Return on assets −0.8%
FY23
Return on capital —
Return on equity —
Return on assets −12.8%
FY24
Return on capital —
Return on equity —
Return on assets 2.7%
FY25
Return on capital —
Return on equity —
Return on assets −1.8%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was — in fiscal 2025, — of revenue. Cash from operations minus capital spending.
FY21
Free cash flow —
FY22
Free cash flow —
FY23
Free cash flow —
FY24
Free cash flow —
FY25
Free cash flow —
FY21
Cash from operations $73.7M
Capital spending —
FY22
Cash from operations $136M
Capital spending —
FY23
Cash from operations $77.2M
Capital spending —
FY24
Cash from operations $109M
Capital spending —
FY25
Cash from operations $118M
Capital spending —
Cash from operations
Capital spending
Q3 '23
Cash from operations $24.2M
Capital spending —
Q4 '23
Cash from operations $17.4M
Capital spending —
Q1 '24
Cash from operations $25.2M
Capital spending —
Q2 '24
Cash from operations $22.9M
Capital spending —
Q3 '24
Cash from operations $20.7M
Capital spending —
Q4 '24
Cash from operations $40.5M
Capital spending —
Q1 '25
Cash from operations $30.6M
Capital spending —
Q2 '25
Cash from operations $26.9M
Capital spending —
Q3 '25
Cash from operations $28.3M
Capital spending —
Q4 '25
Cash from operations $32.5M
Capital spending —
Q1 '26
Cash from operations $33.4M
Capital spending —
Q2 '26
Cash from operations $49.1M
Capital spending —
Cash from operations
Capital spending
Dividends, buybacks and share count
TXO Partners, L.P. returned — to shareholders in fiscal 2025. The diluted share count rose 37.7%.
FY21
Dividends —
Buybacks —
FY22
Dividends —
Buybacks —
FY23
Dividends —
Buybacks —
FY24
Dividends —
Buybacks —
FY25
Dividends —
Buybacks —
Dividends
Buybacks
FY21
Diluted shares 0.03B
FY22
Diluted shares 0.03B
FY23
Diluted shares 0.03B
FY24
Diluted shares 0.04B
FY25
Diluted shares 0.05B
Balance sheet
Cash, debt and the ratios that show how comfortably TXO Partners, L.P. can carry it.
FY21
Cash $7.5M
Debt —
FY22
Cash $9.2M
Debt $120M
FY23
Cash $4.5M
Debt $28.1M
FY24
Cash $7.3M
Debt $157M
FY25
Cash $9.4M
Debt $291M
Cash
Debt
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $7.5M | $9.2M | $4.5M | $7.3M | $9.4M |
| Debt incl. finance leases | — | $120M | $28.1M | $157M | $291M |
| Net debt / EBITDA | — | 7.1x | — | 3.3x | 4.3x |
| Interest coverage | 7.5x | −3.1x | −28.0x | −0.9x | −1.8x |
| Current ratio | — | 0.5x | 1.4x | 1.0x | 0.6x |
| Quick ratio | — | 0.5x | 1.4x | 1.0x | 0.6x |
| Total assets | — | $925M | $696M | $1.0B | $1.4B |
| Net debt (− = net cash) | — | $111M | $23.6M | $150M | $282M |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. “Plan” marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
—
$0.0M
No open-market insider trades in the last 12 months.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Net income is positive | ✓ | ✕ | ✕ | ✓ | ✕ |
| Cash from operations is positive | ✓ | ✓ | ✓ | ✓ | ✓ |
| Return on assets rose | — | — | ✕ | ✓ | ✕ |
| Cash from operations exceeds net income | ✓ | ✓ | ✓ | ✓ | ✓ |
| Debt fell relative to assets | — | — | ✓ | ✕ | ✕ |
| Current ratio rose | — | — | ✓ | ✕ | ✕ |
| Share count didn't rise | — | ✓ | ✕ | ✕ | ✕ |
| Gross margin rose | — | — | — | — | — |
| Revenue rose relative to assets | — | — | ✓ | ✕ | ✓ |
| F-score | — / 3 | — / 4 | 5 / 8 | 4 / 8 | 3 / 8 |
| Accruals ratio | — | −15.6% | −22.4% | −9.9% | −11.7% |
| Altman Z'' | — | — | — | — | — |
5 years of figures
Amounts in USD. Hover a ratio’s name for its definition.
| Fiscal year | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Income statement | |||||
| Revenue | $228M | $246M | $381M | $283M | $401M |
| Operating income | $44.2M | −$25.7M | −$124M | −$6.9M | −$30.6M |
| Interest expense | $5.9M | $8.2M | $4.4M | $7.9M | $17.0M |
| Net income | $52.5M | −$7.7M | −$104M | $23.5M | −$21.6M |
| Net income to common | $52.5M | −$7.7M | −$104M | $23.5M | −$21.6M |
| Diluted EPS | $2.10 | −$0.31 | −$3.44 | $0.65 | −$0.43 |
| Diluted shares | 0.03B | 0.03B | 0.03B | 0.04B | 0.05B |
| Cash flow | |||||
| Cash from operations | $73.7M | $136M | $77.2M | $109M | $118M |
| Depreciation and amortization | $39.9M | $41.4M | $44.3M | $52.4M | $96.6M |
| Stock-based compensation | $2.4M | $0.0M | $3.5M | $6.2M | $16.3M |
| Balance sheet | |||||
| Cash and short-term investments | $7.5M | $9.2M | $4.5M | $7.3M | $9.4M |
| Total debt | — | $120M | $28.1M | $157M | $291M |
| Current assets | — | $74.0M | $55.2M | $64.4M | $95.3M |
| Current liabilities | — | $147M | $39.1M | $66.3M | $154M |
| Property and equipment, net | — | $836M | $629M | $951M | $1.2B |
| Total assets | — | $925M | $696M | $1.0B | $1.4B |
| Margins | |||||
| Operating margin | 19.4% | −10.4% | −32.5% | −2.4% | −7.6% |
| EBITDA margin | 36.8% | 6.4% | −20.9% | 16.1% | 16.5% |
| Net margin | 23.0% | −3.1% | −27.3% | 8.3% | −5.4% |
| Returns | |||||
| Return on capital employed | — | −3.3% | −18.9% | −0.7% | −2.5% |
| Return on assets | — | −0.8% | −12.8% | 2.7% | −1.8% |
| Growth | |||||
| Revenue growth | — | 7.9% | 54.5% | −25.7% | 41.8% |
| Net income growth | — | −114.6% | — | — | −192.0% |
| EPS growth | — | −114.8% | — | — | −166.2% |
| Share count change | — | 0.0% | 21.1% | 19.4% | 37.7% |
| Financial health | |||||
| Net debt / EBITDA | — | 7.1x | — | 3.3x | 4.3x |
| Interest coverage | 7.5x | −3.1x | −28.0x | −0.9x | −1.8x |
| Current ratio | — | 0.5x | 1.4x | 1.0x | 0.6x |
| Quick ratio | — | 0.5x | 1.4x | 1.0x | 0.6x |
| Capital allocation | |||||
| Stock comp / revenue | 1.1% | 0.0% | 0.9% | 2.2% | 4.1% |
| Quality scores | |||||
| Piotroski F-score | — | — | 5.0 | 4.0 | 3.0 |
| Accruals ratio | — | −15.6% | −22.4% | −9.9% | −11.7% |
Source: SEC EDGAR XBRL filings (CIK 0001559432). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.