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Where the tokens are
Standardised from the company’s filings, newest period first, labelled with the company’s own fiscal calendar. A line the company does not report is left off rather than shown as zero; margins and free cash flow are worked out here, and only where every input is present.
| Line item | Q2 FY262026-06-30 | Q1 FY262026-03-31 | Q4 FY252025-12-31 | Q3 FY252025-09-30 | Q2 FY252025-06-30 | Q1 FY252025-03-31 | Q4 FY242024-12-31 | Q3 FY242024-09-30 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $246.06M | $236.82M | $211.58M | $203.09M | $187.54M | $195.98M | $185.78M | $173.56M |
| Cost of revenue | $11.57M | $14.29M | $17.52M | $16.43M | $8.45M | $11.13M | $9.36M | $11.73M |
| Gross profit | $234.49M | $222.53M | $194.06M | $186.66M | $179.09M | $184.86M | $176.43M | $161.83M |
| Gross margin | 95.3% | 94.0% | 91.7% | 91.9% | 95.5% | 94.3% | 95.0% | 93.2% |
| Selling, general and administrative | $23.57M | $23.62M | $21.32M | $19.98M | $19.77M | $20.64M | $21.11M | $26.55M |
| Operating expenses | $42.67M | $40.20M | $44.81M | $37.57M | $35.34M | $34.78M | $33.88M | $34.50M |
| Operating income | $191.82M | $182.33M | $149.25M | $149.09M | $143.75M | $150.07M | $142.54M | $127.33M |
| Operating margin | 78.0% | 77.0% | 70.5% | 73.4% | 76.6% | 76.6% | 76.7% | 73.4% |
| EBITDA | $208.46M | $196.37M | $171.18M | $164.05M | $157.45M | $162.01M | $154.01M | $133.09M |
| Interest expense | −$973.00K | −$992.00K | −$690.00K | — | $0 | $0 | $0 | — |
| Income before taxes | $193.70M | $183.56M | $151.77M | $155.18M | $148.99M | $154.39M | $150.98M | $135.42M |
| Income taxes | $39.77M | $40.66M | $28.42M | $33.94M | $32.85M | $33.74M | $32.62M | $28.82M |
| Net income | $153.93M | $142.90M | $123.35M | $121.24M | $116.14M | $120.65M | $118.36M | $106.59M |
| Net margin | 62.6% | 60.3% | 58.3% | 59.7% | 61.9% | 61.6% | 63.7% | 61.4% |
| EPS, basic | $2.23 | $2.07 | $1.07 | $1.76 | $1.68 | $1.75 | $0.57 | $1.55 |
| EPS, diluted | $2.23 | $2.07 | $1.07 | $1.76 | $1.68 | $1.75 | $0.57 | $1.54 |
| Diluted shares | 69.03M | 69.01M | 115.04M | 69.03M | 69.04M | 69.02M | 207.19M | 69.04M |
Figures describe Texas Pacific Land shares, not any token. As of Aug 5, 2026, from Massive's standardised financials. The company reports these figures; a token's issuer holds the shares and reports nothing of its own here.