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TPG cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$249M in Q3 2026 · $729M over twelve months

Operating cash flow$249M
Free cash flow+$249M
Cash / net income0.9×

Analysis

In Q3 2026, TPG generated $249M of operating cash flow. That is $243M less than in Q3 2025 ($492M).

Over the twelve months to Sep 30, 2026, operating cash flow was $729M; the largest uses were partners ($1.1B), other investing ($589M), other financing ($441M); besides operations, cash came from net borrowing (+) / repaid (−) ($1.4B); the cash balance fell by $281M.

Operating cash flow was $249M against net income of $264M — 0.9× profit, roughly in line with earnings. The largest differences: stock-based pay +$214M, gains on investments −$121M, payables +$76.6M.

Free cash flow

TPG: free cash flow by quarterTPG: free cash flow by quarter−$188MQ4 2024$198MQ1 2025$386MQ2 2025$492MQ3 2025−$43.7MQ4 2025$177MQ1 2026$348MQ2 2026$249MQ3 2026
Operating cash flow less capital spending.
TPG: operating cash flow against capital spendingTPG: operating cash flow against capital spendingOperating cash flowCapital spending−$188M$0Q4 2024$198M$0Q1 2025$386M$0Q2 2025$492M$0Q3 2025−$43.7M$0Q4 2025$177M$0Q1 2026$348M$0Q2 2026$249M$0Q3 2026
Latest (Q3 2026): Operating cash flow $249M, Capital spending $0.

Capital allocation, year by year

TPG: where the cash came from (up) and went (down), by fiscal yearTPG: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAcquisitionsFY2021: Operating cash flow $1.5BFY2021: Net borrowing $400MFY2021: Acquisitions $24.8M$1.9BFY2021FY2022: Operating cash flow $1.4BFY2022: Shares issued $49.8M$1.4BFY2022FY2023: Operating cash flow $721MFY2023: Net borrowing $651MFY2023: Acquisitions −$357M$1.4BFY2023FY2024: Operating cash flow $532MFY2024: Net borrowing $1.4BFY2024: Acquisitions −$16.3M$1.9BFY2024FY2025: Operating cash flow $1.0BFY2025: Net borrowing $1.3B$2.4BFY2025
Over these 5 years operating cash flow totalled $5.1B; the largest uses were acquisitions ($373M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$800M
Debt$2.3B
Net debt$1.5B

TPG funds itself: free cash flow was $729M over the last twelve months, and $800M of cash and investments stands against $2.3B of debt.

Where the cash came from and went

TPG: sources (+) and uses (−) of cash, Q3 2026TPG: sources (+) and uses (−) of cash, Q3 2026Partners−$282MOperating cash flow$249MOther financing−$151MCash drawn (+) / kept (−)$145MNet borrowing (+) / repaid (−)$90.0MOther investing−$44.2MTaxes on employees’ shares−$6.3MExchange rates$667K
TPG: sources (+) and uses (−) of cash, TTM to Q3 2026TPG: sources (+) and uses (−) of cash, 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 profit to cash

TPG: net income to operating cash flow, Q3 2026TPG: net income to operating cash flow, Q3 2026Net income$264MDepreciation & amortization$40.3MStock-based pay$214MGains on investments−$121MOther non-cash$53.6MPayables$76.6MPrepaid and other assets−$2.5MOther liabilities$3.3MOperating cash flow$249M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowAcquisitionsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026$249M—$90.0M$145M$249M
Q2 2026$348M—$158M−$93.2M$348M
Q1 2026$177M—$1.1B−$25.4M$177M
Q4 2025−$43.7M—$55.0M$254M−$43.7M
Q3 2025$492M−$235M$805M$31.6M$492M
Q2 2025$386M—$224M−$290M$386M
Q1 2025$198M—$255M−$14.1M$198M
Q4 2024−$188M—$70.0M$357M−$188M

TPG: income statement and cash flow

TPG, Q3 2026: revenue $1.2B (-0.2% year over year), operating margin 26.4%. The chart follows the revenue to costs, profit and cash.

TPG: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.