Filing Flows › TPG (TPG) › Q4 2025
TPG (TPG) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 17, 2026
TPG (TPG) reported revenue of $1.5B for the fourth quarter 2025 (Q4 2025), +39% from a year earlier and +22% from the quarter before. Operating margin was 20.4%, net earnings $77.1M (5.2% of revenue).
TPG, Q4 2025: revenue $1.5B (+38% year over year), operating margin 20.4%, net earnings $77.1M, operating cash flow −$43.7M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $1.5B | +22% | +39% |
| Operating profit | $305M | +34% | 14× |
| Net earnings | $77.1M | +15% | +494% |
| Operating cash flow | −$43.7M | -109% | — |
What changed
Revenue was $1.5B in Q4 2025, up 39% year over year and up 22% from the previous quarter. Management fees was the largest line at 32% of revenue.
Operating profit was $0.30B, a 20.4% margin (up 18.4 points year over year). Of the extra revenue versus a year earlier, 68% reached operating profit, above the 2% margin then. Total costs grew 13% against revenue growth of 39%. The fastest-growing cost line was General & admin (+57%). Net earnings were $0.08B, up 494% year over year. The effective tax rate was 7.4%.
Operating cash flow was −$0.04B. Non-cash charges added back $0.04B of depreciation and amortization and $0.24B of share-based compensation. Working capital and other items used $0.61B.
Questions
What was TPG's revenue in the fourth quarter 2025?
TPG (TPG) reported revenue of $1.5B for the fourth quarter 2025 (Q4 2025), +39% from a year earlier and +22% from the quarter before.
Was TPG profitable in the fourth quarter 2025?
Operating profit was $305M (20.4% of revenue) and net earnings $77.1M.
Source: TPG 10-K on SEC EDGAR.