TPG Inc.(NASDAQ:TPG) 
TPG Inc. operates as an alternative asset manager worldwide. It offers investment management services to unconsolidated funds, collateralized loan obligations, and other vehicles; monitoring services to portfolio companies; advisory services, debt and equity arrangements, and underwriting and placem...
Website: https://www.tpg.com
Founded: 1992
IPO Price: $29.5 (Jan 13, 2022)
Sector: Financial Services
Industry: Asset Management
Share this website to your friends
• Market Cap:
• Exchange:
• Shs Outstanding:
• Employees:
• Beta:
• Return on Equity (ROE) ttm:
• Return on Assets (ROA) ttm:
• EPS ttm:
• Book value per Share:
• Cash per Share:
• Current ast per Share:
• P/E ttm:
• P/E forward:
• P/E ttm high:
• P/E ttm low:
• P/S ttm:
• P/B ttm:
• P/FCF ttm:
• PEG ratio:
• Cash Ratio ttm:
• Quick Ratio ttm:
• Current Ratio ttm:
• Gross Mgn ttm:
• EBITDA Mgn ttm:
• Operating Mgn ttm:
• Net Income Mgn ttm:
• Trailing Div yield:
• Forward Div yield:
• Payout Ratio ttm:
• Ex-Dividend date:
• Target Price High:
• Target Price Low:
• Target Price Mean:
• Number of Analysts:
• Debt Ratio ttm:
• Debt to Equity ttm:
• Total Net Debt:
At a glance:
Bull Thesis:
Bear Thesis:
Main Competitors:
Moat:
Income Statements:
Quarterly
Annual
| Unit: USD | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-12-31 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
revenues | ||||||||||||||||||
fees and other | 620,022,000 | 715,110,000 | 596,499,000 | 569,074,000 | 543,455,000 | 527,248,000 | 524,733,000 | 522,800,000 | 512,295,000 | 529,903,000 | 366,149,000 | 327,103,000 | 311,471,000 | 350,179,000 | 333,496,000 | 289,955,000 | 273,005,000 | |
capital allocation-based income | -120,016,000 | 776,172,000 | 627,018,000 | 351,463,000 | 491,421,000 | 549,166,000 | 330,670,000 | 221,394,000 | 311,776,000 | 453,234,000 | -205,794,000 | 276,171,000 | 331,674,000 | 89,156,000 | 227,628,000 | -398,237,000 | 837,705,000 | |
total revenues | 500,006,000 | 1,491,282,000 | 1,223,517,000 | 920,537,000 | 1,034,876,000 | 1,076,414,000 | 855,403,000 | 744,194,000 | 824,071,000 | 983,137,000 | 160,355,000 | 603,274,000 | 643,145,000 | 439,335,000 | 561,124,000 | -108,282,000 | 1,110,710,000 | |
yoy | -51.68% | 38.54% | 43.03% | 23.70% | 25.58% | 9.49% | 433.44% | 23.36% | 28.13% | 123.78% | -71.42% | -657.13% | -42.10% | |||||
qoq | -66.47% | 21.88% | 32.91% | -11.05% | -3.86% | 25.84% | 14.94% | -9.69% | -16.18% | 513.10% | -73.42% | -6.20% | 46.39% | -21.70% | -618.21% | -109.75% | ||
expenses | ||||||||||||||||||
compensation and benefits: | ||||||||||||||||||
cash-based compensation and benefits | 237,188,000 | 248,225,000 | 213,966,000 | 208,621,000 | 223,570,000 | 231,865,000 | 205,641,000 | 191,486,000 | 206,336,000 | 188,099,000 | 123,160,000 | 115,667,000 | 120,451,000 | 124,945,000 | 116,753,000 | 115,639,000 | 116,359,000 | |
equity-based compensation | 255,136,000 | 239,905,000 | 158,382,000 | 209,622,000 | 205,832,000 | 308,457,000 | 242,405,000 | 227,542,000 | 227,908,000 | 205,813,000 | 136,650,000 | 155,166,000 | 157,293,000 | 153,514,000 | 143,149,000 | 145,140,000 | 185,911,000 | |
performance allocation compensation | -66,148,000 | 475,896,000 | 419,420,000 | 233,437,000 | 298,705,000 | 376,229,000 | 223,637,000 | 133,753,000 | 196,434,000 | 319,028,000 | -120,770,000 | 172,077,000 | 221,341,000 | 41,949,000 | 149,495,000 | -298,026,000 | 523,138,000 | |
total compensation and benefits | 426,176,000 | 964,026,000 | 791,768,000 | 651,680,000 | 728,107,000 | 916,551,000 | 671,683,000 | 552,781,000 | 630,678,000 | 712,940,000 | 139,040,000 | 442,910,000 | 499,085,000 | 320,408,000 | 409,397,000 | -37,247,000 | 825,408,000 | |
general, administrative and other | 147,941,000 | 189,329,000 | 166,198,000 | 182,335,000 | 164,311,000 | 120,655,000 | 141,262,000 | 170,184,000 | 151,632,000 | 171,561,000 | 101,596,000 | 104,544,000 | 104,873,000 | 93,447,000 | 95,533,000 | 77,671,000 | 102,264,000 | |
depreciation and amortization | 41,752,000 | 41,317,000 | 41,035,000 | 30,808,000 | 31,382,000 | 37,942,000 | 32,400,000 | 32,079,000 | 32,965,000 | 23,446,000 | 7,701,000 | 8,304,000 | 8,222,000 | 8,361,000 | 7,372,000 | 8,558,000 | 8,699,000 | |
interest expense | 32,738,000 | 30,421,000 | 32,322,000 | 25,308,000 | 24,060,000 | 23,098,000 | 21,789,000 | 21,502,000 | 21,122,000 | 14,800,000 | 7,792,000 | 8,518,000 | 7,418,000 | 6,506,000 | 5,737,000 | 4,731,000 | 4,638,000 | |
total expenses | 648,607,000 | 1,225,093,000 | 1,031,323,000 | 890,131,000 | 947,860,000 | 1,098,246,000 | 867,134,000 | 776,546,000 | 836,397,000 | 922,747,000 | 256,210,000 | 564,729,000 | 620,117,000 | 429,491,000 | 518,606,000 | 54,170,000 | 942,532,000 | |
investment income | ||||||||||||||||||
net losses from investment activities | -1,131,000 | -791,000 | -2,087,000 | |||||||||||||||
interest, dividends and other | 9,008,000 | 38,920,000 | 35,730,000 | 9,722,000 | 9,248,000 | 43,353,000 | 12,670,000 | 13,816,000 | 12,904,000 | 13,674,000 | 10,994,000 | 9,983,000 | 7,971,000 | 5,775,000 | 2,407,000 | 782,000 | 204,000 | |
total investment income | 7,877,000 | 38,739,000 | 35,942,000 | 8,931,000 | 7,161,000 | 44,360,000 | 4,187,000 | -2,836,000 | 7,706,000 | 8,779,000 | 9,387,000 | 14,630,000 | 24,749,000 | -10,643,000 | 11,120,000 | -91,947,000 | 9,630,000 | |
income before income taxes | -140,724,000 | 304,928,000 | 228,136,000 | 39,337,000 | 94,177,000 | 22,528,000 | -7,544,000 | -35,188,000 | -4,620,000 | 69,169,000 | -86,468,000 | 53,175,000 | 47,777,000 | -799,000 | 53,638,000 | -254,399,000 | 177,808,000 | |
income tax expense | -17,448,000 | 22,512,000 | 28,906,000 | 9,226,000 | 6,349,000 | 11,434,000 | 13,881,000 | 22,390,000 | 4,386,000 | 26,757,000 | 8,244,000 | 13,164,000 | 12,103,000 | 8,949,000 | 432,000 | 8,098,000 | 15,004,000 | |
net income | -123,276,000 | 282,416,000 | 199,230,000 | 30,111,000 | 87,828,000 | 11,094,000 | -21,425,000 | -57,578,000 | -9,006,000 | 42,412,000 | -94,712,000 | 40,011,000 | 35,674,000 | -9,748,000 | 53,206,000 | -262,497,000 | 162,804,000 | |
yoy | -240.36% | 2445.66% | -1029.89% | -152.30% | -1075.22% | -73.84% | -77.38% | -243.91% | -125.25% | -535.08% | -278.01% | -115.24% | -78.09% | |||||
qoq | -143.65% | 41.75% | 561.65% | -65.72% | 691.67% | -151.78% | -62.79% | 539.33% | -121.23% | -144.78% | -336.71% | 12.16% | -465.96% | -118.32% | -120.27% | -261.23% | ||
net income margin % | -24.65% | 18.94% | 16.28% | 3.27% | 8.49% | 1.03% | -2.50% | -7.74% | -1.09% | 4.31% | -59.06% | 6.63% | 5.55% | -2.22% | 9.48% | 242.42% | 14.66% | |
net income attributable to non-controlling interests | -121,822,000 | |||||||||||||||||
net income attributable to tpg inc. | -1,454,000 | 77,114,000 | 67,140,000 | 14,941,000 | 25,393,000 | 2,625,750 | 8,961,000 | -13,977,000 | 15,519,000 | |||||||||
net income per share | ||||||||||||||||||
net income available to class a common stock per share | ||||||||||||||||||
basic | -0.05 | 0.46 | 0.33 | 0.03 | 0.08 | -0.01 | 0.04 | -0.15 | 0.09 | 0.16 | 0.14 | 0.32 | 0.27 | 0.28 | 0.44 | -0.15 | 0.52 | |
diluted | -0.22 | 0.3 | 0.2 | -0.05 | -0.05 | -0.08 | -0.19 | -0.11 | 0.04 | -0.09 | 0.02 | -0.01 | -0.03 | 0.09 | -0.37 | 0.11 | ||
weighted-average shares of class a common stock outstanding | ||||||||||||||||||
basic | 159,635,235 | 138,879,433 | 150,527,419 | 133,404,634 | 117,408,263 | 100,219,905 | 103,358,212 | 101,690,961 | 89,113,782 | 80,334,871 | 80,617,057 | 80,540,569 | 79,499,319 | 79,255,411 | 79,266,822 | 79,240,058 | 79,240,057 | |
diluted | 383,711,322 | 374,125,608 | 378,345,947 | 370,142,783 | 369,358,961 | 364,725,579 | 364,836,508 | 364,765,098 | 364,350,918 | 317,944,496 | 309,269,698 | 309,193,210 | 309,140,849 | 308,908,052 | 308,919,463 | 308,892,699 | 308,892,698 | |
net gains from investment activities | -181,000 | 212,000 | 1,007,000 | -8,483,000 | -16,652,000 | -5,198,000 | -4,895,000 | -4,203,000 | 846,000 | 14,816,000 | -19,286,000 | 1,907,000 | -99,395,000 | 6,643,000 | ||||
net income attributable to non-controlling interests in tpg operating group | 59,360,000 | 34,375,000 | ||||||||||||||||
net income attributable to other non-controlling interests | 145,942,000 | 97,715,000 | 46,035,000 | 74,534,000 | 28,209,000 | 3,117,000 | 13,691,000 | 30,512,000 | 21,296,000 | -64,971,000 | 32,755,000 | 34,582,000 | 4,794,000 | 15,422,000 | 118,904,000 | |||
net loss attributable to non-controlling interests in tpg operating group | -30,865,000 | -12,099,000 | -30,095,000 | -33,503,000 | -57,292,000 | -55,037,000 | 7,943,000 | -49,556,000 | -25,306,000 | -25,492,000 | -40,145,000 | -6,898,000 | -128,869,000 | -4,912,000 | ||||
expenses of consolidated public spacs | ||||||||||||||||||
investment and other income of consolidated public spacs | ||||||||||||||||||
net income attributable to redeemable equity in public spacs | 5,148,000 | 5,367,000 | 1,529,000 | 1,962,000 | 7,322,000 | 4,058,000 | 1,823,000 | |||||||||||
expenses of consolidated public spacs: | ||||||||||||||||||
other | 81,000 | 453,000 | 519,000 | 769,000 | 567,000 | 457,000 | 1,523,000 | |||||||||||
income from investments: | ||||||||||||||||||
investment income of consolidated public spacs: | ||||||||||||||||||
unrealized gains on derivative liabilities of public spacs | 750,000 | 667,000 | -750,000 | 667,000 | 3,235,000 | 5,823,000 | ||||||||||||
net loss attributable to redeemable equity in public spacs prior to reorganization and ipo | ||||||||||||||||||
net income attributable to other non-controlling interests prior to reorganization and ipo | ||||||||||||||||||
net income attributable to tpg group holdings prior to reorganization and ipo | ||||||||||||||||||
net income attributable to tpg inc. subsequent to reorganization and ipo | 13,173,000 | 14,667,000 | 27,195,000 | 25,055,000 | 23,641,000 | 37,360,000 | -9,859,000 | |||||||||||
expenses of consolidated tpg funds and public spacs: | ||||||||||||||||||
investment income of consolidated tpg funds and public spacs: | ||||||||||||||||||
net income attributable to redeemable equity in public spacs prior to reorganization and ipo | ||||||||||||||||||
net income attributable to non-controlling interests in consolidated tpg funds prior to reorganization and ipo | ||||||||||||||||||
net loss attributable to other non-controlling interests | -127,827,000 | |||||||||||||||||
unrealized gains on derivative liabilities | 2,657,000 | |||||||||||||||||
net income attributable to redeemable equity in public spacs prior to ipo | -517,000 | |||||||||||||||||
net loss attributable to non-controlling interests in consolidated tpg funds prior to ipo | ||||||||||||||||||
net income attributable to other non-controlling interests prior to ipo | 966,000 | |||||||||||||||||
net income attributable to tpg group holdings prior to ipo | 5,256,000 | |||||||||||||||||
net income attributable to tpg inc. subsequent to ipo | 41,284,000 |
Balance Sheets:
Quarterly
Annual
| Unit: USD | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-12-31 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
assets | ||||||||||||||||||
cash and cash equivalents | 851,399,000 | 826,105,000 | 1,080,304,000 | 1,112,027,000 | 821,971,000 | 808,017,000 | 1,164,491,000 | 1,121,009,000 | 1,090,713,000 | 665,188,000 | 1,224,484,000 | 893,560,000 | 931,946,000 | 1,107,484,000 | 1,052,612,000 | 1,177,825,000 | 1,454,619,000 | 972,729,000 |
restricted cash | 13,251,000 | 13,166,000 | 13,283,000 | 13,173,000 | 13,285,000 | 13,175,000 | 13,329,000 | 13,184,000 | 13,327,000 | 13,328,000 | 13,182,000 | 13,277,000 | 13,166,000 | 13,172,000 | 13,135,000 | 13,135,000 | 13,135,000 | |
due from affiliates | 367,663,000 | 573,590,000 | 361,076,000 | 387,745,000 | 308,046,000 | 447,012,000 | 317,659,000 | 314,953,000 | 278,109,000 | 418,977,000 | 209,941,000 | 175,753,000 | 193,142,000 | 202,639,000 | 178,917,000 | 248,134,000 | 207,819,000 | 185,321,000 |
investments | 9,049,455,000 | 9,211,816,000 | 8,686,758,000 | 7,932,744,000 | 7,906,088,000 | 7,503,281,000 | 7,355,238,000 | 6,938,373,000 | 6,834,809,000 | 6,724,112,000 | 5,308,316,000 | 5,795,218,000 | 5,530,841,000 | 5,329,868,000 | 5,725,828,000 | 5,515,798,000 | 6,347,314,000 | 6,109,046,000 |
intangible assets | 623,712,000 | 659,839,000 | 696,115,000 | 481,232,000 | 507,081,000 | 533,707,000 | 566,844,000 | 594,400,000 | 621,956,000 | |||||||||
goodwill | 498,188,000 | 498,188,000 | 498,188,000 | 436,079,000 | 436,079,000 | 436,079,000 | 436,079,000 | 436,079,000 | 436,079,000 | |||||||||
right-of-use assets | 584,027,000 | 552,254,000 | 566,442,000 | 570,486,000 | 586,158,000 | 157,467,000 | ||||||||||||
deferred tax assets | 884,166,000 | 860,676,000 | 852,951,000 | 791,969,000 | ||||||||||||||
other assets | 435,485,000 | 297,301,000 | 264,606,000 | 240,860,000 | 735,316,000 | 793,838,000 | 668,378,000 | 653,260,000 | 664,456,000 | 475,808,000 | 626,968,000 | 628,919,000 | 637,007,000 | 629,392,000 | 615,736,000 | 622,791,000 | 630,652,000 | 499,850,000 |
total assets | 13,307,346,000 | 13,492,935,000 | 13,019,723,000 | 11,966,315,000 | 11,314,024,000 | 10,535,109,000 | 10,522,018,000 | 10,071,258,000 | 9,939,449,000 | 9,369,672,000 | 7,383,037,000 | 7,770,187,000 | 7,967,322,000 | 7,941,738,000 | 8,596,723,000 | 8,587,083,000 | 9,664,327,000 | 8,962,013,000 |
liabilities and equity | ||||||||||||||||||
liabilities | ||||||||||||||||||
accounts payable and accrued expenses | 258,552,000 | 230,523,000 | 443,126,000 | 338,807,000 | 240,003,000 | 211,914,000 | 439,131,000 | 403,719,000 | 277,802,000 | 259,850,000 | 185,984,000 | 149,751,000 | 98,171,000 | 225,263,000 | 201,950,000 | 186,750,000 | 134,351,000 | |
due to affiliates | 738,623,000 | 694,632,000 | 739,810,000 | 634,861,000 | 649,625,000 | 465,137,000 | 408,180,000 | 344,841,000 | 400,093,000 | 143,175,000 | 169,903,000 | 124,764,000 | 232,815,000 | 139,863,000 | 178,305,000 | 187,423,000 | 244,119,000 | 826,999,000 |
debt obligations | 2,342,953,000 | 1,722,547,000 | 1,792,030,000 | 1,610,589,000 | 1,483,287,000 | 1,281,984,000 | 1,329,682,000 | 1,229,379,000 | 1,229,230,000 | 945,052,000 | 443,822,000 | 444,901,000 | 444,733,000 | |||||
accrued performance allocation compensation | 5,014,659,000 | 5,399,750,000 | 5,042,995,000 | 4,507,026,000 | 4,435,527,000 | 4,376,523,000 | 4,319,333,000 | 4,172,369,000 | 4,144,452,000 | 4,096,052,000 | 3,245,268,000 | 3,388,976,000 | 3,225,492,000 | 3,269,889,000 | 3,369,182,000 | 3,412,415,000 | 4,074,727,000 | |
operating lease liabilities | 641,992,000 | 604,593,000 | 607,562,000 | 602,850,000 | 611,886,000 | 177,003,000 | ||||||||||||
other liabilities | 585,796,000 | 704,515,000 | 621,044,000 | 712,726,000 | 394,981,000 | 607,562,000 | 638,603,000 | 614,734,000 | 591,554,000 | 824,259,000 | 224,967,000 | 226,953,000 | 232,311,000 | 226,090,000 | 234,818,000 | 235,428,000 | 241,375,000 | 61,243,000 |
total liabilities | 9,582,575,000 | 9,356,560,000 | 9,246,567,000 | 8,406,859,000 | 7,815,309,000 | 6,943,120,000 | 7,134,929,000 | 6,765,042,000 | 6,643,131,000 | 6,008,538,000 | 4,343,810,000 | 4,381,284,000 | 4,309,531,000 | 4,202,232,000 | 4,828,687,000 | 4,522,145,000 | 5,238,986,000 | 1,700,572,000 |
commitments and contingencies | ||||||||||||||||||
equity | ||||||||||||||||||
class a common stock 0.001 par value... | 160,000 | 153,000 | 153,000 | 145,000 | 124,000 | 109,000 | 104,000 | 103,000 | 101,000 | 80,000 | 80,000 | 80,000 | 80,000 | 79,000 | 79,000 | 79,000 | 79,000 | |
class b common stock 0.001 par value... | 224,000 | 224,000 | 225,000 | 225,000 | 246,000 | 256,000 | 261,000 | 262,000 | 264,000 | 282,000 | 229,000 | 229,000 | 229,000 | 230,000 | 230,000 | 230,000 | 230,000 | |
preferred stock, 0.001 par value... | ||||||||||||||||||
additional paid-in-capital | 1,530,686,000 | 1,476,444,000 | 1,437,586,000 | 1,258,871,000 | 1,049,823,000 | 970,719,000 | 879,489,000 | 832,373,000 | 779,513,000 | 613,476,000 | 542,398,000 | 531,512,000 | 522,888,000 | 506,639,000 | 498,712,000 | 489,293,000 | 479,854,000 | |
accumulated deficit | -397,691,000 | -291,604,000 | -294,439,000 | -267,366,000 | -227,114,000 | -186,983,000 | -156,694,000 | -118,513,000 | -59,520,000 | -4,789,000 | ||||||||
non-controlling interests | 2,591,392,000 | 2,951,158,000 | 2,629,631,000 | 2,567,581,000 | 2,675,636,000 | 2,807,888,000 | ||||||||||||
total equity | 3,724,771,000 | 4,136,375,000 | 3,773,156,000 | 3,559,456,000 | 3,498,715,000 | 3,591,989,000 | 3,387,089,000 | 3,306,216,000 | 3,296,318,000 | 3,361,134,000 | 3,039,227,000 | 3,129,533,000 | 3,001,444,000 | 3,085,871,000 | 3,116,602,000 | 3,064,038,000 | 3,425,285,000 | |
total liabilities and equity | 13,307,346,000 | 13,492,935,000 | 13,019,723,000 | 11,966,315,000 | 11,314,024,000 | 10,535,109,000 | 10,522,018,000 | 10,071,258,000 | ||||||||||
other non-controlling interests | 2,663,929,000 | 2,591,991,000 | 2,575,960,000 | 2,781,977,000 | 2,504,084,000 | 2,601,375,000 | 2,492,228,000 | 2,576,199,000 | 2,617,122,000 | 2,579,225,000 | 2,903,865,000 | 4,654,821,000 | ||||||
liabilities, redeemable equity and equity | ||||||||||||||||||
total liabilities, redeemable equity and equity | 9,939,449,000 | 9,369,672,000 | 7,383,037,000 | 7,770,187,000 | 7,967,322,000 | 7,941,738,000 | 8,596,723,000 | 8,587,083,000 | 9,664,327,000 | |||||||||
intangible assets and goodwill | 1,085,587,000 | |||||||||||||||||
assets of consolidated public spacs | ||||||||||||||||||
liabilities of consolidated public spacs | ||||||||||||||||||
redeemable equity from consolidated public spacs | 1,000,027,000 | |||||||||||||||||
retained (deficit) earnings | -34,681,000 | -7,564,000 | -3,663,000 | -13,981,000 | ||||||||||||||
assets of consolidated public spacs: | ||||||||||||||||||
assets held in trust accounts | 259,370,000 | 656,347,000 | 653,635,000 | 1,003,449,000 | 1,000,900,000 | 1,000,056,000 | 1,000,027,000 | |||||||||||
liabilities of consolidated public spacs: | ||||||||||||||||||
derivative liabilities | 750,000 | 1,417,000 | 667,000 | 1,333,000 | 4,568,000 | 10,391,000 | ||||||||||||
deferred underwriting | 8,750,000 | 22,750,000 | 22,750,000 | 22,750,000 | 35,000,000 | 35,000,000 | 35,000,000 | |||||||||||
redeemable equity attributable to consolidated public spacs | 259,370,000 | 656,347,000 | 653,635,000 | 651,434,000 | 1,000,900,000 | 1,000,056,000 | ||||||||||||
assets of consolidated public spacs : | ||||||||||||||||||
liabilities of consolidated public spacs : | ||||||||||||||||||
assets of consolidated tpg funds and public spacs : | ||||||||||||||||||
secured borrowings | 245,259,000 | 245,182,000 | 245,105,000 | 245,028,000 | 244,950,000 | |||||||||||||
senior unsecured term loan | 199,307,000 | 199,216,000 | 198,930,000 | 198,944,000 | 199,494,000 | |||||||||||||
liabilities of consolidated tpg funds and public spacs : | ||||||||||||||||||
retained earnings | 2,724,000 | 459,000 | 41,257,000 | |||||||||||||||
partners’ capital controlling interests | ||||||||||||||||||
current redeemable equity | 352,015,000 | |||||||||||||||||
due from counterparty | ||||||||||||||||||
liabilities, redeemable equity and partners' capital | ||||||||||||||||||
senior unsecured revolving credit facility | ||||||||||||||||||
securities sold, not yet purchased | ||||||||||||||||||
due to counterparty | ||||||||||||||||||
derivative liabilities of public spacs | 13,048,000 | |||||||||||||||||
partners' capital | ||||||||||||||||||
partners' capital controlling interests | 1,606,593,000 | |||||||||||||||||
non-controlling interests in consolidated tpg funds | ||||||||||||||||||
total partners' capital | 6,261,414,000 | |||||||||||||||||
total liabilities, redeemable equity and partners' capital | 8,962,013,000 | |||||||||||||||||
revenues | ||||||||||||||||||
fees and other | 977,904,000 | |||||||||||||||||
capital allocation-based income | 3,998,483,000 | |||||||||||||||||
total revenues | 4,976,387,000 | |||||||||||||||||
expenses | ||||||||||||||||||
compensation and benefits | 579,698,000 | |||||||||||||||||
general, administrative and other | 278,590,000 | |||||||||||||||||
depreciation and amortization | 21,223,000 | |||||||||||||||||
interest expense | 16,291,000 | |||||||||||||||||
expenses of consolidated tpg funds and public spacs: | ||||||||||||||||||
other | 20,024,000 | |||||||||||||||||
total expenses | 916,566,000 | |||||||||||||||||
investment income | ||||||||||||||||||
income from investments: | ||||||||||||||||||
net gains from investment activities | 353,219,000 | |||||||||||||||||
gain on deconsolidation | ||||||||||||||||||
interest, dividends and other | 6,460,000 | |||||||||||||||||
investment income of consolidated tpg funds and public spacs: | ||||||||||||||||||
unrealized gains on derivative liabilities of public spacs | 211,822,000 | |||||||||||||||||
total investment income | 605,214,000 | |||||||||||||||||
income before income taxes | 4,665,035,000 | |||||||||||||||||
income tax expense | 9,038,000 | |||||||||||||||||
net income | 4,655,997,000 | |||||||||||||||||
less: | ||||||||||||||||||
net income attributable to redeemable equity in public spacs | 155,131,000 | |||||||||||||||||
net income attributable to non-controlling interests in consolidated tpg funds | 19,287,000 | |||||||||||||||||
net income attributable to other non-controlling interests | 2,455,825,000 | |||||||||||||||||
net income attributable to controlling interests | 2,025,754,000 |
Cashflow Statements:
Quarterly
Annual
| Unit: USD | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
operating activities: | |||||||||||||||||
net income | -123,276,000 | 282,416,000 | 199,230,000 | 30,111,000 | 87,828,000 | -57,578,000 | -9,006,000 | 40,011,000 | 35,674,000 | -9,748,000 | 53,206,000 | -262,497,000 | 162,804,000 | ||||
adjustments to reconcile net income to net cash from operating activities: | |||||||||||||||||
equity-based compensation | 255,136,000 | 239,905,000 | 158,382,000 | 209,622,000 | 205,832,000 | 308,457,000 | 242,405,000 | 227,542,000 | 227,908,000 | 205,813,000 | 136,650,000 | 155,166,000 | 157,293,000 | 153,514,000 | 143,149,000 | 145,140,000 | 185,911,000 |
performance allocation compensation | -66,148,000 | 475,896,000 | 419,420,000 | 233,437,000 | 298,705,000 | 376,229,000 | 223,637,000 | 133,753,000 | 196,434,000 | 319,028,000 | -120,770,000 | 172,077,000 | 221,341,000 | 41,949,000 | 149,495,000 | -298,026,000 | 523,138,000 |
net losses from investment activities | 1,131,000 | 181,000 | -212,000 | 791,000 | 2,087,000 | -1,007,000 | 8,483,000 | 16,652,000 | 5,198,000 | ||||||||
capital allocation-based loss | 120,016,000 | ||||||||||||||||
depreciation and amortization | 41,752,000 | 41,317,000 | 41,035,000 | 30,808,000 | 31,382,000 | 37,942,000 | 32,400,000 | 32,079,000 | 32,965,000 | ||||||||
non-cash lease expense | 15,436,000 | 14,390,000 | 13,971,000 | 13,934,000 | 14,176,000 | ||||||||||||
other non-cash activities | -15,236,000 | -12,773,000 | -1,713,000 | 13,774,000 | 2,063,000 | -16,486,000 | 40,223,000 | 12,227,000 | 7,892,000 | 51,917,000 | 12,975,000 | 17,907,000 | 17,829,000 | -4,958,000 | 3,907,000 | ||
changes in operating assets and liabilities: | |||||||||||||||||
purchases of investments | -450,422,000 | -557,476,000 | -167,233,000 | -206,966,000 | -191,135,000 | -343,498,000 | -277,105,000 | -77,109,000 | -165,109,000 | -96,712,000 | -9,703,000 | -175,590,000 | -21,113,000 | -37,978,000 | -27,642,000 | -18,176,000 | -25,297,000 |
proceeds from investments | 609,400,000 | 631,019,000 | 619,542,000 | 610,833,000 | 430,412,000 | 617,321,000 | 194,602,000 | 264,014,000 | 384,595,000 | 147,489,000 | 290,246,000 | 188,141,000 | 172,602,000 | 500,779,000 | 52,364,000 | 352,060,000 | 662,481,000 |
due from affiliates | 73,795,000 | -81,384,000 | 38,218,000 | -75,926,000 | 537,000 | -6,049,000 | -4,600,000 | -127,370,000 | 119,157,000 | 54,814,000 | -34,188,000 | 17,389,000 | 3,253,000 | -17,478,000 | 69,217,000 | -40,315,000 | -53,802,000 |
other assets | -14,791,000 | -31,084,000 | -20,946,000 | -10,148,000 | -4,454,000 | -28,320,000 | -20,325,000 | 27,657,000 | -4,075,000 | -28,706,000 | -149,000 | -765,000 | -14,855,000 | -14,319,000 | 5,280,000 | -1,340,000 | -25,514,000 |
accounts payable and accrued expenses | 28,061,000 | -212,844,000 | 81,279,000 | 98,699,000 | 27,960,000 | -227,226,000 | 35,314,000 | 138,569,000 | 105,953,000 | -393,329,000 | 74,082,000 | 36,125,000 | 51,580,000 | -127,092,000 | 23,313,000 | 15,142,000 | 74,402,000 |
due to affiliates | 64,086,000 | 11,352,000 | 32,880,000 | -21,247,000 | 39,286,000 | -15,334,000 | 33,872,000 | -43,052,000 | 51,149,000 | -145,663,000 | 1,021,000 | -46,295,000 | 29,104,000 | -26,587,000 | 40,416,000 | -63,777,000 | 37,420,000 |
accrued performance allocation compensation | -317,462,000 | -116,692,000 | -288,020,000 | -161,938,000 | -236,959,000 | -314,353,000 | -78,906,000 | -105,836,000 | -148,033,000 | -206,124,000 | -24,568,000 | -8,594,000 | -265,738,000 | -141,242,000 | -192,728,000 | -335,806,000 | -2,599,000 |
other liabilities | -44,929,000 | 48,246,000 | -6,772,000 | -28,454,000 | -18,111,000 | -37,678,000 | -8,973,000 | -5,579,000 | -56,539,000 | -14,640,000 | -11,230,000 | -10,878,000 | -3,535,000 | -9,908,000 | -1,184,000 | -7,966,000 | -3,457,000 |
net cash from operating activities | 176,549,000 | -43,703,000 | 492,043,000 | 385,867,000 | 198,188,000 | -188,074,000 | 68,932,000 | 214,575,000 | 436,713,000 | -512,040,000 | 692,256,000 | 504,502,000 | 35,800,000 | 587,279,000 | 84,262,000 | -9,265,000 | 713,602,000 |
capital expenditures | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
free cash flows | 176,549,000 | -43,703,000 | 492,043,000 | 385,867,000 | 198,188,000 | -188,074,000 | 68,932,000 | 214,575,000 | 436,713,000 | -512,040,000 | 692,256,000 | 504,502,000 | 35,800,000 | 587,279,000 | 84,262,000 | -9,265,000 | 713,602,000 |
investing activities: | |||||||||||||||||
purchase of jackson common stock | -500,000,000 | ||||||||||||||||
purchases of fixed assets | -16,265,000 | -9,322,000 | -10,049,000 | -3,084,000 | -6,347,000 | -1,463,000 | -10,553,000 | -6,451,000 | -9,664,000 | -6,189,000 | -5,585,000 | -4,058,000 | -896,000 | -120,000 | -184,000 | -893,000 | -1,252,000 |
net cash from investing activities | -516,265,000 | -9,322,000 | -245,203,000 | -3,084,000 | -6,347,000 | -1,463,000 | -10,553,000 | -7,108,000 | -25,341,000 | -363,024,000 | -5,585,000 | -4,058,000 | -896,000 | -120,000 | -184,000 | -2,072,000 | -636,000 |
financing activities: | |||||||||||||||||
proceeds from debt obligations | 1,058,000,000 | 55,000,000 | 805,000,000 | 224,000,000 | 255,000,000 | 70,000,000 | 100,000,000 | 0 | 1,218,500,000 | 501,000,000 | 0 | ||||||
repayment of debt obligations | -433,000,000 | -125,000,000 | -615,000,000 | -97,000,000 | -54,000,000 | -118,000,000 | 0 | 0 | -919,500,000 | 0 | 0 | ||||||
issuance costs on debt obligations | -5,202,000 | 0 | 0 | 0 | -153,000 | -16,479,000 | |||||||||||
withholding taxes paid on net settlement of equity-based awards | -208,962,000 | -6,001,000 | -2,858,000 | -1,592,000 | -180,112,000 | -5,141,000 | -991,000 | -3,491,000 | -58,048,000 | -360,000 | -29,000 | -457,000 | -6,032,000 | ||||
contributions from holders of non-controlling interests | 311,118,000 | ||||||||||||||||
dividends/distributions | -326,928,000 | -251,327,000 | -495,355,000 | -221,486,000 | -260,877,000 | -205,982,000 | -204,762,000 | -210,528,000 | -211,219,000 | -196,717,000 | -95,878,000 | -143,539,000 | -207,090,000 | -183,854,000 | -209,778,000 | ||
tax receivable agreement payments | -29,931,000 | 25,000 | -1,000 | ||||||||||||||
net cash from financing activities | 365,095,000 | -201,291,000 | -278,453,000 | -92,839,000 | -177,777,000 | -167,091,000 | -14,752,000 | -177,314,000 | 14,297,000 | 315,623,000 | -355,601,000 | -538,925,000 | -210,331,000 | -532,293,000 | -209,254,000 | -265,457,000 | -231,076,000 |
net change in cash, cash equivalents and restricted cash | 25,379,000 | -254,316,000 | -31,613,000 | 289,944,000 | 14,064,000 | -356,628,000 | 43,627,000 | 30,153,000 | 425,669,000 | -559,441,000 | 331,070,000 | -38,481,000 | -175,427,000 | 54,866,000 | -125,176,000 | -276,794,000 | 481,890,000 |
cash, cash equivalents and restricted cash, beginning of period | 839,271,000 | 0 | 0 | 0 | 821,192,000 | 0 | 0 | 0 | 678,371,000 | 0 | 0 | 0 | 1,120,650,000 | 0 | 0 | 0 | 985,864,000 |
cash, cash equivalents and restricted cash, end of period | 864,650,000 | -254,316,000 | -31,613,000 | 289,944,000 | 835,256,000 | -356,628,000 | 43,627,000 | 30,153,000 | 1,104,040,000 | -559,441,000 | 331,070,000 | -38,481,000 | 945,223,000 | 54,866,000 | -125,176,000 | -276,794,000 | 1,467,754,000 |
supplemental disclosures of other cash flow information: | |||||||||||||||||
cash paid for income taxes | 19,232,000 | 2,907,000 | 2,248,000 | 18,292,000 | 6,839,000 | 18,567,000 | 3,455,000 | 15,221,000 | 5,050,000 | 18,691,000 | 9,781,000 | 11,698,000 | 3,779,000 | 31,811,000 | 1,039,000 | ||
cash paid for interest | 38,761,000 | 21,825,000 | 24,291,000 | 18,318,000 | 27,683,000 | 15,503,000 | 33,047,000 | 4,919,000 | 11,902,000 | 15,862,000 | 3,539,000 | 11,802,000 | 0 | 6,518,000 | 32,000 | ||
reconciliation of cash, cash equivalents and restricted cash, end of period: | |||||||||||||||||
cash and cash equivalents | 851,399,000 | -254,199,000 | -31,723,000 | 290,056,000 | 821,971,000 | -356,474,000 | 43,482,000 | 30,296,000 | 1,090,713,000 | 0 | 4,059,000 | 316,000 | 722,000 | 1,185,000 | 1,149,000 | 2,063,000 | -4,123,000 |
restricted cash | 13,251,000 | -117,000 | 110,000 | -112,000 | 13,285,000 | -154,000 | 145,000 | -143,000 | 13,327,000 | -145,000 | 146,000 | -6,000 | 37,000 | 0 | 13,135,000 | ||
capital allocation-based income | -776,172,000 | -627,018,000 | -351,463,000 | -491,421,000 | -549,166,000 | -330,670,000 | -221,394,000 | -311,776,000 | -453,234,000 | 205,794,000 | -276,171,000 | -331,674,000 | -89,156,000 | -227,628,000 | 398,237,000 | -837,705,000 | |
assets and liabilities, net related to consolidated public spacs | |||||||||||||||||
acquisition of peppertree | 0 | ||||||||||||||||
acquisition of angelo gordon | 0 | 0 | -657,000 | -15,677,000 | |||||||||||||
contributions from holders of other non-controlling interests | 126,012,000 | 38,733,000 | 31,504,000 | 62,212,000 | 92,032,000 | 91,001,000 | 36,858,000 | 1,043,000 | 11,700,000 | 1,307,000 | 5,971,000 | 2,791,000 | 3,575,000 | 524,000 | |||
settlement of contingent liabilities | 0 | 0 | |||||||||||||||
redemption of redeemable equity | 0 | -261,001,000 | |||||||||||||||
acquisition of tpg angelo gordon | |||||||||||||||||
unrealized gains from investment activities of consolidated public spacs | |||||||||||||||||
changes related to consolidated public spacs: | |||||||||||||||||
cash and cash equivalents related to consolidated public spacs | |||||||||||||||||
assets held in trust accounts | 0 | 259,370,000 | 396,977,000 | -2,712,000 | 349,814,000 | -2,549,000 | -844,000 | -29,000 | |||||||||
repayments of notes receivable from affiliates | 0 | 0 | 321,000 | 14,616,000 | |||||||||||||
advances on notes receivable from affiliates | 0 | 0 | -1,500,000 | -14,000,000 | |||||||||||||
proceeds from issuance of common stock in ipo, net of underwriting and issuance costs | 0 | 0 | 0 | 770,865,000 | |||||||||||||
proceeds from issuance of common stock from underwriters' exercise of over-allotment option, net of underwriting and issuance costs | 0 | 0 | 0 | 49,756,000 | |||||||||||||
purchase of partnership interests with ipo proceeds | 0 | 0 | 0 | -379,597,000 | |||||||||||||
reorganization activities | 0 | 0 | 0 | 2,124,000 | |||||||||||||
distributions to holders of other non-controlling interests | |||||||||||||||||
distributions to partners | |||||||||||||||||
net loss | |||||||||||||||||
unrealized losses from investment activities of consolidated public spacs | |||||||||||||||||
assets held in trust accounts related to consolidated public spacs | |||||||||||||||||
other assets and liabilities, net related to consolidated public spacs | |||||||||||||||||
unrealized gains from investment activities of consolidated tpg funds and public spacs | |||||||||||||||||
changes related to consolidated tpg funds and public spacs: | |||||||||||||||||
acquisitions, net of cash acquired | |||||||||||||||||
transfers related to reorganization activities | |||||||||||||||||
distributions to holders of other non-controlling interests prior to reorganization and ipo | 0 | 0 | 0 | -318,942,000 | |||||||||||||
distributions to partners prior to reorganization and ipo | 0 | 0 | 0 | -355,282,000 | |||||||||||||
changes related to tpg funds and public spacs: | |||||||||||||||||
proceeds from spac ipos | |||||||||||||||||
payments of underwriting and offering costs | |||||||||||||||||
distributions to holders of non-controlling interests | |||||||||||||||||
supplemental disclosures of non-cash operating activities: | |||||||||||||||||
investment in equity method investments | |||||||||||||||||
in-kind proceeds from investments | |||||||||||||||||
increase in due from affiliates | |||||||||||||||||
supplemental disclosures of non-cash investing and financing activities: | |||||||||||||||||
reorganization | |||||||||||||||||
newquest contingent consideration | |||||||||||||||||
equity interests transferred for newquest acquisition | |||||||||||||||||
deferred underwriting related to public spacs | 0 | 8,750,000 | 0 | ||||||||||||||
distributions in-kind to holders of other non-controlling interests | |||||||||||||||||
distributions payable to partners | |||||||||||||||||
distributions payable to holders of other non-controlling interests | -31,293,000 | 44,118,000 | -7,507,000 | -49,534,000 | -21,340,000 | 82,345,000 | |||||||||||
repayments of notes receivable to affiliates | |||||||||||||||||
net gains from investment activities | 4,203,000 | -846,000 | -14,816,000 | ||||||||||||||
unrealized gains on derivative liabilities of public spacs | |||||||||||||||||
deferred borrowing costs | 0 | ||||||||||||||||
unrealized losses on derivative liabilities of public spacs | -667,000 | 750,000 | |||||||||||||||
accrued deferred underwriting and offering costs | -10,191,000 | 11,652,000 | |||||||||||||||
proceeds from subordinated credit facility | 0 | 0 | 0 | 30,000,000 | |||||||||||||
repayments of subordinated credit facility | 0 | 0 | 0 | -30,000,000 | |||||||||||||
loss from investment activities | 19,286,000 | -1,907,000 | |||||||||||||||
gain on deconsolidation | |||||||||||||||||
net losses from investment activities of consolidated tpg funds and public spacs | |||||||||||||||||
change in consolidation and other | |||||||||||||||||
acquisition of newquest | |||||||||||||||||
deconsolidation of previously consolidated vehicles | |||||||||||||||||
proceeds from senior unsecured term loan | |||||||||||||||||
borrowings on revolving credit facility to affiliate | |||||||||||||||||
repayments of revolving credit facility to affiliate | |||||||||||||||||
proceeds from sale of non-controlling interests | |||||||||||||||||
debt issuance costs | |||||||||||||||||
contributions from partners prior to reorganization and ipo | |||||||||||||||||
supplemental disclosures of other cash flow information | |||||||||||||||||
conversion from notes receivable from affiliate to equity method investments | |||||||||||||||||
proceeds receivable on sale of investments | |||||||||||||||||
distributions in-kind to partners | |||||||||||||||||
distributions payable to holders of non-controlling interests in consolidated funds | |||||||||||||||||
net gains from investment activities of consolidated tpg funds and public spacs | -3,235,000 | -5,823,000 | -2,657,000 | ||||||||||||||
tpg inc. | |||||||||||||||||
condensed consolidated statements of cash flows | |||||||||||||||||
in-kind distributions of investments | |||||||||||||||||
gains from investment activities | -6,643,000 | ||||||||||||||||
other non-cash amounts | 16,565,000 | ||||||||||||||||
depreciation and amortization expense | |||||||||||||||||
adjustments related to consolidated tpg funds and public spacs: | |||||||||||||||||
realized gain on investments | |||||||||||||||||
change in unrealized loss on investments | |||||||||||||||||
realized loss on investment-related derivatives | |||||||||||||||||
change in unrealized loss on investment-related derivatives | |||||||||||||||||
change in unrealized loss on derivative liabilities of public spacs | |||||||||||||||||
operating lease liabilities | |||||||||||||||||
investments held in trust accounts | |||||||||||||||||
due from counterparty | |||||||||||||||||
due to counterparty | |||||||||||||||||
deferred underwriting compensation | |||||||||||||||||
proceeds from notes issuance | |||||||||||||||||
contributions from partners | |||||||||||||||||
deferred underwriting | |||||||||||||||||
deferred assets | |||||||||||||||||
accrued expenses | |||||||||||||||||
contributions from member | |||||||||||||||||
net change in cash and cash equivalents | |||||||||||||||||
cash and cash equivalents, beginning of period | |||||||||||||||||
cash and cash equivalents, end of period | |||||||||||||||||
assets | |||||||||||||||||
investments | |||||||||||||||||
right-of-use assets | |||||||||||||||||
assets of consolidated tpg funds and public spacs : | |||||||||||||||||
total assets | |||||||||||||||||
liabilities, redeemable equity and partners' capital | |||||||||||||||||
liabilities | |||||||||||||||||
secured borrowings | |||||||||||||||||
senior unsecured term loan | |||||||||||||||||
senior unsecured revolving credit facility | |||||||||||||||||
liabilities of consolidated tpg funds and public spacs : | |||||||||||||||||
securities sold, not yet purchased | |||||||||||||||||
derivative liabilities of public spacs | |||||||||||||||||
total liabilities | |||||||||||||||||
commitments and contingencies | |||||||||||||||||
redeemable equity from consolidated public spacs | |||||||||||||||||
partners' capital | |||||||||||||||||
partners' capital controlling interests | |||||||||||||||||
non-controlling interests in consolidated tpg funds | |||||||||||||||||
other non-controlling interests | |||||||||||||||||
total partners' capital | |||||||||||||||||
total liabilities, redeemable equity and partners' capital |