The New Mexico State Land Office earned a record $3.2 billion in revenue during fiscal year 2026, providing billions of dollars for public schools and other state institutions, the agency said.
Land Commissioner Stephanie Garcia Richard said the total included more than $719 million in non-royalty payments and over $24 million from business leasing through the agency’s Commercial Resources Division, both records. “I made it clear when I got elected that the State Land Office would be open for business, and the results speak for themselves,” Garcia Richard said.
Public schools received the largest share, about $2.9 billion. Other beneficiaries included public buildings at $53.1 million, the state penitentiary at $34.5 million, UNM and NMSU at $22.3 million each, and the New Mexico Military Institute at $19.9 million. The agency says the revenue saves each New Mexico taxpayer about $3,500 a year.
The office first topped $1 billion in 2019, Garcia Richard’s first year in office, and has earned more than $16 billion since. Oil and gas royalties still provide most of its income, but the agency has expanded into renewable energy, affordable housing, economic development and outdoor recreation. Garcia Richard also set up an Accountability and Enforcement program that has plugged more than 900 abandoned oil and gas wells on state land.
Why It Matters
Revenue from state trust lands helps pay for schools, universities, hospitals and specialized institutions that would otherwise rely more on other public funding.
Editor’s note: Updated Nov. 1, 2026. This story was revised to cite the New Mexico State Land Office news release it is based on. Learn how Brant.One reports in our editorial standards.
