Filing Flows › TPG (TPG) › Q3 2026 › vs Q2 2026
TPG (TPG) Q3 2026 vs Q2 2026 (quarter over quarter)
TPG's revenue fell $620M (-34%) from $1.8B in Q2 2026 to $1.2B in Q3 2026. The biggest changes: Other revenues −$628M (-55%); Management fees +$50.0M (+10%); Transaction fees −$45.4M (-47%). Operating margin 26.4% against 19.3% (+7.0 pts).
TPG, Q3 2026: revenue $1.2B (-0.2% year over year), operating margin 26.4%, net earnings $99.6M, operating cash flow $249M. The chart draws each line against Q2 2026, the increases inside each band.
Margins
| Q3 2026 | Q2 2026 | Change | |
|---|---|---|---|
| Operating margin | 26.4% | 19.3% | +7.0 pts |
| Net margin | 8.2% | 5.1% | +3.1 pts |
Every line
| Line | Q3 2026 | Q2 2026 | Change | % |
|---|---|---|---|---|
| Management fees | $573M | $523M | $50.0M | +10% |
| Expense reimbursements and other | $67.6M | $69.2M | −$1.6M | -2% |
| Transaction fees | $51.7M | $97.2M | −$45.4M | -47% |
| Incentive fees | $10.5M | $8.9M | $1.6M | +17% |
| Monitoring fees | $10.2M | $7.0M | $3.3M | +47% |
| Other revenues | $508M | $1.1B | −$628M | -55% |
| Revenue | $1.2B | $1.8B | −$620M | -34% |
| Operating profit | $322M | $356M | −$34.1M | -10% |
| Costs & expenses | $899M | $1.5B | −$586M | -39% |
| Pre-tax earnings | $322M | $356M | −$34.1M | -10% |
| General & admin | $172M | $174M | −$1.9M | -1% |
| Other operating costs | $727M | $1.3B | −$584M | -45% |
| Net earnings | $99.6M | $93.4M | $6.2M | +7% |
| Minority interests | $164M | $226M | −$62.0M | -27% |
| Income tax | $58.0M | $36.3M | $21.7M | +60% |
| Operating cash sources | $354M | $366M | −$12.9M | -4% |
| Depreciation & amortization | $40.3M | $41.3M | −$1.0M | -2% |
| Share-based compensation | $214M | $232M | −$18.1M | -8% |
| Working capital & other | $105M | $18.8M | $86.2M | +458% |
| Operating cash flow | $249M | $348M | −$99.1M | -29% |
Questions
How much did TPG's revenue grow quarter over quarter in Q3 2026?
TPG's revenue fell $620M (-34%) from $1.8B in Q2 2026 to $1.2B in Q3 2026.
What drove TPG's revenue change in Q3 2026?
Other revenues −$628M (-55%); Management fees +$50.0M (+10%); Transaction fees −$45.4M (-47%).