Filing Flows › TPG (TPG) › Q3 2026 › vs Q3 2025
TPG (TPG) Q3 2026 vs Q3 2025 (year over year)
TPG's revenue fell $2.4M (-0.2%) from $1.2B in Q3 2025 to $1.2B in Q3 2026. The biggest changes: Other revenues −$119M (-19%); Management fees +$102M (+22%); Transaction fees +$21.0M (+68%). Operating margin 26.4% against 18.6% (+7.7 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 Q3 2025, the increases inside each band.
Margins
| Q3 2026 | Q3 2025 | Change | |
|---|---|---|---|
| Operating margin | 26.4% | 18.6% | +7.7 pts |
| Net margin | 8.2% | 5.5% | +2.7 pts |
Every line
| Line | Q3 2026 | Q3 2025 | Change | % |
|---|---|---|---|---|
| Management fees | $573M | $471M | $102M | +22% |
| Expense reimbursements and other | $67.6M | $79.3M | −$11.7M | -15% |
| Transaction fees | $51.7M | $30.7M | $21.0M | +68% |
| Incentive fees | $10.5M | $7.3M | $3.2M | +43% |
| Monitoring fees | $10.2M | $8.6M | $1.7M | +19% |
| Other revenues | $508M | $627M | −$119M | -19% |
| Revenue | $1.2B | $1.2B | −$2.4M | -0.2% |
| Operating profit | $322M | $228M | $93.7M | +41% |
| Costs & expenses | $899M | $995M | −$96.1M | -10% |
| Pre-tax earnings | $322M | $228M | $93.7M | +41% |
| General & admin | $172M | $166M | $6.2M | +4% |
| Other operating costs | $727M | $829M | −$102M | -12% |
| Net earnings | $99.6M | $67.1M | $32.5M | +48% |
| Minority interests | $164M | $132M | $32.1M | +24% |
| Income tax | $58.0M | $28.9M | $29.1M | +101% |
| Operating cash sources | $354M | $267M | $87.0M | +33% |
| Depreciation & amortization | $40.3M | $41.0M | −$708K | -2% |
| Share-based compensation | $214M | $158M | $55.2M | +35% |
| Working capital & other | $105M | −$225M | $331M | — |
| Operating cash flow | $249M | $492M | −$243M | -49% |
Questions
How much did TPG's revenue grow year over year in Q3 2026?
TPG's revenue fell $2.4M (-0.2%) from $1.2B in Q3 2025 to $1.2B in Q3 2026.
What drove TPG's revenue change in Q3 2026?
Other revenues −$119M (-19%); Management fees +$102M (+22%); Transaction fees +$21.0M (+68%).