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TPG (TPG) earnings and revenue breakdown

Latest: Q3 2026 · 10-Q filed Nov 3, 2026 · TPG (TPG) Q3 2026 earnings results →

Q3 2026 Revenue down 0% year over year to $1.2B · 8¢ of every $1 of revenue kept as net profit · operating margin 26.4%

TPG made $1.2B in Q3 2026 (-0.2% Y/Y): Management fees $573M, Other revenues $508M, Expense reimbursements and other $67.6M. Operating margin 26.4%, net earnings $99.6M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 3, 2026.

Revenue$1.2B
Year over year-0.2%
Operating margin26.4%
Net earnings$99.6M
Operating cash flow$249M

Drawing the Sankey…

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TPG Q3 2026 revenue breakdown: Sankey diagram of revenue (Management fees, Other revenues, Expense reimbursements and other, Transaction fees), costs, profit and cash flow
TPG Q3 2026 revenue breakdown — free to use with credit and a link (terms). Share on X
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What changed this quarter

Revenue was $1.2B in Q3 2026, roughly flat year over year and down 34% from the previous quarter. Management fees was the largest line at 47% of revenue. Expense reimbursements and other lost $0.01B year over year (down 15%), 487% of the total change.

Operating profit was $0.32B, a 26.4% margin (up 7.7 points year over year). Total costs fell 10% while revenue was flat. Net earnings were $0.10B, up 48% year over year. The effective tax rate was 18.0%.

Operating cash flow was $0.25B (down 49% year over year), 94% of net income including minority interests. Non-cash charges added back $0.04B of depreciation and amortization and $0.21B of share-based compensation. Working capital and other items used $0.27B.

Quarterly history

TPG revenue by quarterTPG revenue by quarter$1.0BQ1 2025$921MQ2 2025$1.2BQ3 2025$1.5BQ4 2025$500MQ1 2026$1.8BQ2 2026$1.2BQ3 2026
TPG net earnings by quarterTPG net earnings by quarter$25.4MQ1 2025$14.9MQ2 2025$67.1MQ3 2025$77.1MQ4 2025−$123MQ1 2026$93.4MQ2 2026$99.6MQ3 2026
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q3 202610-QNov 3, 2026$1.2B-0.2%26.4%$99.6M$249M
Q2 202610-QAug 4, 2026$1.8B+100%19.3%$93.4M$348M
Q1 202610-QMay 1, 2026$500M-52%-28.1%−$123M$177M
Q4 202510-KFeb 17, 2026$1.5B+38%20.4%$77.1M−$43.7M
Q3 202510-QNov 4, 2025$1.2B+43%18.6%$67.1M$492M
Q2 202510-QAug 6, 2025$921M+24%4.3%$14.9M$386M
Q1 202510-QMay 7, 2025$1.0B+26%9.1%$25.4M$198M

Charts

TPG: revenue growth, year over year and quarter over quarterTPG: revenue growth, year over year and quarter over quarterY/YQ/Q+26%Q1 2025+24%-11%Q2 2025+43%+33%Q3 2025+38%+22%Q4 2025-52%-66%Q1 2026+100%+268%Q2 20260%-34%Q3 2026
Latest (Q3 2026): Y/Y 0%, Q/Q -34%.
TPG: where the cash came from (+) and went (−), TTM to Q3 2026TPG: where the cash came from (+) and went (−), TTM to Q3 2026Net borrowing (+) / repaid (−)$1.4BPartners−$1.1BOperating cash flow$729MOther investing−$589MOther financing−$441MCash drawn (+) / kept (−)$281MTaxes on employees’ shares−$223MNot reconciled−$120K
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
TPG: profit against cash, quarter by quarterTPG: profit against cash, quarter by quarterNet incomeOperating cash flow$11.1M−$188MQ4 2024$87.8M$198MQ1 2025$30.1M$386MQ2 2025$199M$492MQ3 2025$282M−$43.7MQ4 2025−$123M$177MQ1 2026$320M$348MQ2 2026$264M$249MQ3 2026
Latest (Q3 2026): Net income $264M, Operating cash flow $249M.
TPG: diluted shares by fiscal yearTPG: diluted shares by fiscal year309MFY2022318MFY2023365MFY2024374MFY2025
+21.1% since FY2022: more shares outstanding (issuance, stock pay).
TPG in its industry: growth against margin (43 companies, SIC 6282)TPG in its industry: growth against margin (43 companies, SIC 6282)revenue growth, year over year →↑ operating marginmedian +8%median 21%KKRAMPAPOBXBENTROWIVZBAMARESAlliancebernstein L.P.EVRLAZOWLSTEPHLIMORNAMGFHIVCTRPJTCGAPAMLCLNHLNEVRTSAAMICNSGCMGOAK-PARPCABXALTIPSRILYSAMGWHGHKHCMLCIHNNAVALUILLRGROWTPG (0%, 26%)
Investment Advice; dot size is quarterly revenue; dashed lines are the industry's medians.

Interactive views

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💵Where each $1 goesinteractive

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🌏Named in Asian annual reportsinteractive

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🔄Rotation against the market and its industry (RRG)interactive

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🔍Earnings qualityinteractive

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⚖️Fair value by methodinteractive

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🔭Outlook & guidanceinteractive

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📈Investments: gains and what it boughtinteractive

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🏭Its industry’s money flow (input-output)interactive

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About TPG

TPG is a leading global alternative asset manager with $303.0 billion in assets under management (“AUM”) as of December 31, 2025. We have built our firm through years of successful innovation and growth, and believe that we have delivered attractive risk-adjusted returns to our clients and established a premier investment business focused on the fastest-growing segments of the alternative asset management industry. We believe our distinctive business approach and diversified array of innovative investment platforms position us well to continue generating highly profitable, sustainable growth.

In its own words, from its 10-K, filed Feb 17, 2026.

TPG against its Investment Advice peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: -0.2% against the peers' median +6%. Operating margin: 26.4% against the peers' median 26.4%.

CompanyQuarterRevenueY/YOp. margin
TPG TPGQ3 2026$1.2B-0.2%26.4%
KKR KKRQ2 2026$5.7B+12%24.0%
AMP Ameriprise FinancialQ3 2026$5.2B+6%28.9%
APO Apollo Global ManagementQ3 2026$4.7B-52%-30.9%
BX BlackstoneQ3 2026$3.1B-0.8%46.9%
BEN Franklin TempletonQ4 FY26$2.4B+4%14.6%
TROW Price T Rowe GroupQ3 2026$2.0B+6%38.4%
IVZ InvescoQ3 2026$1.9B+14%23.3%
BAM Brookfield Asset ManagementQ2 2026$1.8B+61%62.4%

Source: TPG 10-Q on SEC EDGAR · CIK 1880661 · Investment Advice

Guidance and outlook

TPG: what its forward-looking statements are about (10-Q filed 2026-11-03)TPG: what its forward-looking statements are about (10-Q filed 2026-11-03)Other7Capital spending2Supply chain1Financing1Margins1
12 statements; tone +0.33 (−1 all cautious, +1 all confident); 1 hedged.
TPG: outlook statements against the filing beforeTPG: outlook statements against the filing beforeConfident4

13F: who owns TPG and who is buying

Largest holders of TPG (13F)Largest holders of TPG (13F)Vanguard Group$811MWellington Management Group LLP$447MTemasek Holdings (Private)$384MDarlington Partners Capital Manag…$365MBlackRock$324MMillennium Management LLC$318MVanguard Capital Management LLC$262MVanguard Portfolio Management LLC$261MCapital International Investors$229MBalyasny Asset Management L.P.$165M
Funds' net buying of TPG by quarter (13F)Funds' net buying of TPG by quarter (13F)$208M2024-09−$50.6M2024-12$681M2025-03$1.6B2025-06$128M2025-09$249M2025-12−$93.8M2026-03$516M2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on TPG

History

Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results

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