TPL dividend: cash coverage and yield
MyStockButler's October 2026 analysis: TPL pays $2.13 per share in every forecast year, and stronger cash generation could support future increases. TPL’s internally generated cash funds dividends, buybacks, acquisitions and reserves, so the dividend is covered within that cash allocation.
How much does TPL pay its shareholders over time?
The table holds dividends at $2.13 per share in every year and case, using the latest supported annual amount. This avoids assuming a new declaration or special distribution, even though stronger cash generation could support future increases.
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Revenue | 798,190 | 705,823 | 631,595 | 667,422 | 450,958 |
| EPS, diluted | 6.97 | 6.57 | 5.86 | 6.42 | 3.87 |
| Regular dividend per share | 2.13 | 1.70 | 1.44 | 1.33 | 1.22 |
What this means. The sales growth includes businesses the company bought, so it does not show how much the existing business grew on its own.
How much would TPL's dividend pay you?
$10,000 invested in TPL at its 0.7% dividend yield (our report of October 21, 2026) pays $70.00 in the first year, before tax. If its dividend per share keeps changing 15.1% a year, as it did from 2021 to 2025, and the dividends are reinvested, year 10 pays $278.65, with $1,520.51 received in all.
Before tax. Past dividend growth is not a promise. Information only, not investment advice.
Does TPL’s dividend come from cash flow?
Free cash flow is the cash left after current taxes and fixed-asset spending. TPL could use it for acquisitions, dividends, buybacks or reserves. Across the five-year period, internally generated cash funded both shareholder returns and expansion. No cash came from issuing new shares or debt, and none went toward debt repayment.
The allocation changed sharply in 2025. Shareholder distributions took a much smaller share of free cash flow than in 2024, while investment purchases rose. The comparison is affected by the special dividend paid in 2024, but the direction is clear: TPL retained more cash for assets and opportunities.
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Free cash flow | 486,379 | 460,976 | 403,260 | 427,937 | 249,615 |
| − Dividends paid | 147,798 | 347,309 | 99,972 | 247,281 | 85,264 |
| − Share buybacks | 8,380 | 29,159 | 42,573 | 87,765 | 19,684 |
| = Free cash flow not paid out | 330,201 | 84,508 | 260,715 | 92,891 | 144,667 |
| Paid out, % of free cash flow | 32.1% | 81.7% | 35.3% | 78.3% | 42.0% |
What this means. “Investments bought” includes more than bonds or company stakes: it also includes royalty rights, land, and intangible assets bought with cash.
What could change TPL’s dividend?
Cash and short-term investments fell sharply by 2025. TPL nevertheless targets approximately $700 million of cash and intends to return most free cash flow above that level. That is a policy preference, not a protected floor; management can spend below it when it sees better opportunities.
What is TPL’s dividend yield today?
| Today (Oct 21, 2026) | |
|---|---|
| Share price (US$ per share) | 344.31 |
| Free cash flow yield (calculated) | 2.0% |
| Dividend yield (calculated) | 0.7% |
What this means. The price-to-earnings number for the next 12 months uses analysts’ estimate for the next financial year, so it may not cover exactly the next 12 months.