Filing Flows › TPG (TPG) › Q2 2025
TPG (TPG) Q2 2025 earnings results (second quarter 2025)
10-Q filed Aug 6, 2025
TPG (TPG) reported revenue of $921M for the second quarter 2025 (Q2 2025), +24% from a year earlier and -11% from the quarter before. Operating margin was 4.3%, net earnings $14.9M (1.6% of revenue).
TPG, Q2 2025: revenue $921M (+24% year over year), operating margin 4.3%, net earnings $14.9M, operating cash flow $386M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $921M | -11% | +24% |
| Operating profit | $39.3M | -58% | — |
| Net earnings | $14.9M | -41% | — |
| Operating cash flow | $386M | +95% | +80% |
What changed
Revenue was $920.5M in Q2 2025, up 24% year over year and down 11% from the previous quarter. Management fees was the largest line at 49% of revenue. Management fees added $39.2M year over year (up 9%), 22% of the total change. Transaction fees declined 7%.
Operating profit was $39.3M, a 4.3% margin (up 9.0 points year over year). Total costs grew 13% against revenue growth of 24%. The fastest-growing cost line was Other operating costs (+15%). Net earnings were $14.9M. The effective tax rate was 23.5%.
Operating cash flow was $385.9M (up 80% year over year), 1281% of net income including minority interests. Non-cash charges added back $30.8M of depreciation and amortization and $209.6M of share-based compensation. Working capital and other items added $115.3M.
Questions
What was TPG's revenue in the second quarter 2025?
TPG (TPG) reported revenue of $921M for the second quarter 2025 (Q2 2025), +24% from a year earlier and -11% from the quarter before.
Was TPG profitable in the second quarter 2025?
Operating profit was $39.3M (4.3% of revenue) and net earnings $14.9M.
Source: TPG 10-Q on SEC EDGAR.