Filing Flows › TPG (TPG) › Q3 2025
TPG (TPG) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 4, 2025
TPG (TPG) reported revenue of $1.2B for the third quarter 2025 (Q3 2025), +43% from a year earlier and +33% from the quarter before. Operating margin was 18.6%, net earnings $67.1M (5.5% of revenue).
TPG, Q3 2025: revenue $1.2B (+43% year over year), operating margin 18.6%, net earnings $67.1M, operating cash flow $492M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $1.2B | +33% | +43% |
| Operating profit | $228M | +480% | — |
| Net earnings | $67.1M | +349% | +649% |
| Operating cash flow | $492M | +28% | +614% |
What changed
Revenue was $1.2B in Q3 2025, up 43% year over year and up 33% from the previous quarter. Management fees was the largest line at 38% of revenue. Management fees added $0.06B year over year (up 15%), 16% of the total change. Transaction fees declined 21%.
Operating profit was $0.23B, a 18.6% margin (up 19.5 points year over year). Total costs grew 15% against revenue growth of 43%. The fastest-growing cost line was General & admin (+18%). Net earnings were $0.07B, up 649% year over year. The effective tax rate was 12.7%.
Operating cash flow was $0.49B (up 614% year over year), 247% of net income including minority interests. Non-cash charges added back $0.04B of depreciation and amortization and $0.16B of share-based compensation. Working capital and other items added $0.09B.
Questions
What was TPG's revenue in the third quarter 2025?
TPG (TPG) reported revenue of $1.2B for the third quarter 2025 (Q3 2025), +43% from a year earlier and +33% from the quarter before.
Was TPG profitable in the third quarter 2025?
Operating profit was $228M (18.6% of revenue) and net earnings $67.1M.
Source: TPG 10-Q on SEC EDGAR.