Filing Flows › TPG (TPG) › Q1 2025
TPG (TPG) Q1 2025 earnings results (first quarter 2025)
10-Q filed May 7, 2025
TPG (TPG) reported revenue of $1.0B for the first quarter 2025 (Q1 2025), +26% from a year earlier and -4% from the quarter before. Operating margin was 9.1%, net earnings $25.4M (2.5% of revenue).
TPG, Q1 2025: revenue $1.0B (+26% year over year), operating margin 9.1%, net earnings $25.4M, operating cash flow $198M. The chart follows the revenue to costs, profit and cash.
| Q1 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $1.0B | -4% | +26% |
| Operating profit | $94.2M | +318% | — |
| Net earnings | $25.4M | +96% | +64% |
| Operating cash flow | $198M | — | -55% |
What changed
Revenue was $1.0B in Q1 2025, up 26% year over year and down 4% from the previous quarter. Management fees was the largest line at 40% of revenue. Management fees added $0.01B year over year (up 3%), 5% of the total change.
Operating profit was $0.09B, a 9.1% margin (up 9.7 points year over year). Total costs grew 14% against revenue growth of 26%. The fastest-growing cost line was Other operating costs (+15%). Net earnings were $0.03B, up 64% year over year. The effective tax rate was 6.7%.
Operating cash flow was $0.20B (down 55% year over year), 226% of net income including minority interests. Non-cash charges added back $0.03B of depreciation and amortization and $0.21B of share-based compensation. Working capital and other items used $0.13B.
Questions
What was TPG's revenue in the first quarter 2025?
TPG (TPG) reported revenue of $1.0B for the first quarter 2025 (Q1 2025), +26% from a year earlier and -4% from the quarter before.
Was TPG profitable in the first quarter 2025?
Operating profit was $94.2M (9.1% of revenue) and net earnings $25.4M.
Source: TPG 10-Q on SEC EDGAR.