Filing Flows › TPG (TPG) › Q2 2026 › vs Q1 2026
TPG (TPG) Q2 2026 vs Q1 2026 (quarter over quarter)
TPG's revenue rose $1.3B (+268%) from $500M in Q1 2026 to $1.8B in Q2 2026. The biggest changes: Other revenues +$1.3B (—); Management fees +$43.3M (+9%); Transaction fees +$32.3M (+50%). Operating margin 19.3% against -28.1% (+47.5 pts).
TPG, Q2 2026: revenue $1.8B (+100% year over year), operating margin 19.3%, net earnings $93.4M, operating cash flow $348M. The chart draws each line against Q1 2026, the increases inside each band.
Margins
| Q2 2026 | Q1 2026 | Change | |
|---|---|---|---|
| Operating margin | 19.3% | -28.1% | +47.5 pts |
| Net margin | 5.1% | -0.3% | +5.4 pts |
Every line
| Line | Q2 2026 | Q1 2026 | Change | % |
|---|---|---|---|---|
| Management fees | $523M | $479M | $43.3M | +9% |
| Transaction fees | $97.2M | $64.9M | $32.3M | +50% |
| Expense reimbursements and other | $69.2M | $57.4M | $11.8M | +20% |
| Incentive fees | $8.9M | $8.2M | $745K | +9% |
| Monitoring fees | $7.0M | $10.1M | −$3.1M | -31% |
| Other revenues | $1.1B | −$120M | $1.3B | — |
| Revenue | $1.8B | $500M | $1.3B | +268% |
| Operating profit | $356M | −$141M | $497M | — |
| Costs & expenses | $1.5B | $641M | $845M | +132% |
| Pre-tax earnings | $356M | −$141M | $497M | — |
| General & admin | $174M | $148M | $26.4M | +18% |
| Other operating costs | $1.3B | $493M | $818M | +166% |
| Net earnings | $93.4M | −$1.5M | $94.9M | — |
| Minority interests | $226M | −$122M | $348M | — |
| Income tax | $36.3M | −$17.4M | $53.8M | — |
| Depreciation & amortization | $41.3M | $41.8M | −$410K | -1% |
| Share-based compensation | $232M | $255M | −$23.4M | -9% |
| Working capital & other | $18.8M | $119M | −$100M | -84% |
| Operating cash flow | $348M | $177M | $171M | +97% |
Questions
How much did TPG's revenue grow quarter over quarter in Q2 2026?
TPG's revenue rose $1.3B (+268%) from $500M in Q1 2026 to $1.8B in Q2 2026.
What drove TPG's revenue change in Q2 2026?
Other revenues +$1.3B (—); Management fees +$43.3M (+9%); Transaction fees +$32.3M (+50%).