Jun 2026 (Q2 FY26) — Aug 4, 2026
TPG Q2 FY26 — Strong FRE Growth and Capital Raising Momentum
Read the full callTPG (TPG) earnings
- Jun 2026
- Jun 2026 (Q2 FY26)
- Dec 2025
TPG earnings: last reported Tue, 4 Aug 2026, for the quarter ended Jun 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 1,841 | +100.0% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | Operating profit / revenue | Quarter to Jun 2026 | Not in the filed figures for the quarter to jun 2026. No older figure is substituted. | ||
| Net profit | 93.4 | +525.3% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
Guidance
What management said, and what became of it
14 of 14 judged targets kept · 8 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| FY26 total capital raised | expected to exceed $50 billion | Dec 2025 | we remain confident that we will meet or exceed our target of raising more than $50 billion in 2026 | On Track |
| Q1 FY26 effective corporate income tax rate | high single digits to low double digits | Dec 2025 | resulting in an effective corporate income tax rate of 8.3% in the first quarter | Achieved |
8 of TPG Inc.'s 22 targets are still open. See which are on track and which have gone quiet. The 2 above are the free sample; 20 more targets are in the full ledger.
Claimed
- Fee-related revenue grew 27% year-over-year to $628 million.
- Fee-related earnings (FRE) increased 43% year-over-year to $315 million, achieving a 50% FRE margin.
- Total assets under management (AUM) rose 25% year-over-year to $327 billion.
- The firm raised $16 billion in Q2, bringing the year-to-date total to over $26 billion, on track to exceed $50 billion for FY26.
- Net accrued carry balance increased 15% to $1.4 billion at the end of June.
Qualified
- Transaction and monitoring fees are expected to step down in Q3 FY26 due to a pull-forward of certain closes into Q2.
- Realized performance allocations were $35 million in Q2, with expectations for a step-up towards year-end 2026 and into 2027, implying current period was lower.
- Private equity activity declined during the quarter as buyers and sellers recalibrated for geopolitical uncertainty, changing interest rate expectations, and AI-driven disruption.
Price
$43.37 +2.72% · +$1.15
Performance −24.0% 1Y
1Y: $57.07 on 14 Oct 2025 → $43.37. High $69.66 (6 Jan 2026), low $37.93 (6 Apr 2026).
- Previous close
- $42.22
- 52-week range
- $37.93 – $69.66
- One year
- −24.11%
Overview
- Symbol
- TPG
- Sector
- Financials
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
14 of 14 judged targets kept · 8 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| FY26 total capital raised | expected to exceed $50 billion | Dec 2025 | we remain confident that we will meet or exceed our target of raising more than $50 billion in 2026 | On Track |
| Q1 FY26 effective corporate income tax rate | high single digits to low double digits | Dec 2025 | resulting in an effective corporate income tax rate of 8.3% in the first quarter | Achieved |
Claimed
- Fee-related revenue grew 27% year-over-year to $628 million.
- Fee-related earnings (FRE) increased 43% year-over-year to $315 million, achieving a 50% FRE margin.
- Total assets under management (AUM) rose 25% year-over-year to $327 billion.
- The firm raised $16 billion in Q2, bringing the year-to-date total to over $26 billion, on track to exceed $50 billion for FY26.
- Net accrued carry balance increased 15% to $1.4 billion at the end of June.
Qualified
- Transaction and monitoring fees are expected to step down in Q3 FY26 due to a pull-forward of certain closes into Q2.
- Realized performance allocations were $35 million in Q2, with expectations for a step-up towards year-end 2026 and into 2027, implying current period was lower.
- Private equity activity declined during the quarter as buyers and sellers recalibrated for geopolitical uncertainty, changing interest rate expectations, and AI-driven disruption.
The full ledger
Open TPG Inc.’s full ledger
A free account opens 5 company ledgers a month. All 22 tracked commitments, with each call’s wording and source.
Call summaries
Mar 2026 (Q1 FY26) — May 1, 2026
TPG Q1 FY26 — Strong Growth Across Platforms, FRE Exceeds $1 Billion LTM
Read the full callEvery analysed call
TPG earnings calls (TPG)
Financials
What the filings say
Net profit, year on year: +525% (quarter to jun 2026 against jun 2025).
| Line item | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 855 | 1,076 | 1,035 | 921 | 1,224 | 1,491 | 500 | 1,841 |
| Other income | 4 | 44 | 7 | 9 | 36 | 39 | 8 | 12 |
| Net profit | 9 | 13 | 25 | 15 | 67 | 77 | -1 | 93 |
| EPS ($ per share) | 0.04 | — | 0.08 | 0.03 | 0.33 | — | -0.05 | 0.44 |
| Line item | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|
| Reserves | — | — | 3 | -35 | -187 | -292 |
| Total liabilities | — | 1,701 | 4,202 | 6,009 | 6,943 | 9,357 |
| Fixed assets | — | 26 | 24 | 82 | 89 | 99 |
| Total assets | — | 8,962 | 7,942 | 9,370 | 10,535 | 13,493 |
| Line item | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|
| Cash from operations | 95 | 1,475 | 1,376 | 721 | 532 | 1,032 |
| Cash from investing | -108 | -38 | -3 | -374 | -44 | -264 |
| Cash from financing | 250 | -1,323 | -1,238 | -789 | -345 | -750 |
| Net cash flow | 238 | 115 | 135 | -442 | 143 | 18 |
TPG revenue by segment
Transaction Fees grew from 7% to 14% of revenue over the last two years.
| Segment | Q3 FY2024 | Q4 FY2024 | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 | Q1 FY2026 | Q2 FY2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| Management Fees | 78% | 77% | 77% | 80% | 79% | 68% | 77% | 74% | +15.5% |
| Transaction Fees | 7% | 5% | 9% | 6% | 5% | 17% | 10% | 14% | +180.8% |
| Expense Reimbursements and Other | 12% | 12% | 12% | 12% | 13% | 11% | 9% | 10% | -0.4% |
| Incentive Fees | 1% | 4% | 1% | 1% | 1% | 4% | 1% | 1% | +32.2% |
| Monitoring Fees | 2% | 2% | 1% | 1% | 1% | 1% | 2% | 1% | +21.4% |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
TPG operating KPIs by quarter
| KPI | Mar 2026 Q1 FY26 | Jun 2026 Q2 FY26 | Change vs prior quarter |
|---|---|---|---|
| Assets under management (AUM) | $306BOur after-tax distributable earnings per share grew 46% compared to the first quarter of last year, and total AUM grew 22% to $306 billion.Source: earnings call transcript | $327BWe ended the quarter with $327 billion of total assets under management up 25% year-over-year and have continued to set new records for capital raising and deployment on an LTM basis, which I'll highlight now.Source: earnings call transcript | +6.9% |
| Assets under management (AUM) TPOP | $2.1BAcross the TPOP strategy, monthly subscriptions increased throughout the first quarter, driving $545 million of inflows and bringing total AUM to $2.1 billion at the end of March, just 10 months after our initial launch.Source: earnings call transcript | $2.9BInflows across the T-POP strategy were approximately $450 million in the quarter, bringing total AUM to $2.9 billion at the end of June.Source: earnings call transcript | +38.1% |
| Assets under management (AUM) Fee-earning | $175BOur fee-earning AUM grew 23% to $175 billion at the end of March.Source: earnings call transcript | $181BFee-earning AUM increased 24% year-over-year to $181 billion.Source: earnings call transcript | +3.4% |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
Insider filings
41 filings between Nov 19, 2025 and Aug 17, 2026.
Open market
decisions to buy or sellNobody bought or sold TPG on the open market in this window. The filings below are 19 awards, 1 option exercise, 14 tax withholdings and 7 gifts.
Compensation
not trading decisions- 19
- Award — granted as compensation
- 1
- Option exercise — converted options into shares
- 14
- Tax withheld — shares kept back by the company to cover tax
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Aug 17, 2026 | Andre Axel Chief Financial Officer | Award | 164,908 | — |
| Jul 15, 2026 | Bright Gunther Director | Award | 4,181 | — |
| Jul 15, 2026 | McRaven William H. Director | Award | 4,181 | — |
| Jul 15, 2026 | Elsesser Kathy Director | Award | 4,181 | — |
| Jul 15, 2026 | MESSEMER DEBORAH M. Director | Award | 4,181 | — |
| Jul 15, 2026 | COULTER JAMES G Executive Chairman | Tax withheld | 40,950 | $1.77M |
| Jul 15, 2026 | CRANSTON MARY B Director | Award | 4,181 | — |
| May 12, 2026 | McRaven William H. Director | Award | 7,434 | — |
| Apr 14, 2026 | Trujillo David Director | Tax withheld | 8,379 | $330.3K |
| Apr 14, 2026 | Chu Jennifer L. Chief Legal Officer & GC | Tax withheld | 19,679 | $775.7K |
| Apr 1, 2026 | Chu Jennifer L. Chief Legal Officer & GC | Tax withheld | 22,079 | $894.4K |
| Jan 13, 2026 | Vazquez-Ubarri Anilu Chief Operating Officer | Tax withheld | 65,999 | $4.36M |
| Jan 13, 2026 | COULTER JAMES G Executive Chairman | Tax withheld | 102,240 | $6.75M |
| Jan 13, 2026 | COULTER JAMES G Executive Chairman | Award | 151,503 | — |
| Jan 13, 2026 | Trujillo David Director | Tax withheld | 16,148 | $1.07M |
| Jan 13, 2026 | Chu Jennifer L. Chief Legal Officer & GC | Award | 12,440 | — |
| Jan 13, 2026 | Sisitsky Todd Benjamin President | Tax withheld | 114,991 | $7.59M |
| Jan 13, 2026 | Sarvananthan Ganendran Director | Award | 14,325 | — |
| Jan 13, 2026 | Rhodes Jeffrey K. Director | Award | 42,220 | — |
| Jan 13, 2026 | Raj Nehal Director | Tax withheld | 243,938 | $16.11M |
| Jan 13, 2026 | Rhodes Jeffrey K. Director | Tax withheld | 14,080 | $929.7K |
| Jan 13, 2026 | Sisitsky Todd Benjamin President | Award | 49,005 | — |
| Jan 13, 2026 | Raj Nehal Director | Award | 42,220 | — |
| Jan 13, 2026 | Davidson Martin Chief Accounting Officer | Tax withheld | 3,449 | $227.7K |
| Jan 13, 2026 | Harris Joann Chief Compliance Officer | Award | 4,336 | — |
| Jan 13, 2026 | Trujillo David Director | Award | 94,995 | — |
| Jan 13, 2026 | WINKELRIED JON Chief Executive Officer | Tax withheld | 415,739 | $27.45M |
| Jan 13, 2026 | Vazquez-Ubarri Anilu Chief Operating Officer | Award | 90,472 | — |
| Jan 13, 2026 | Weingart Jack Chief Financial Officer | Tax withheld | 88,304 | $5.83M |
| Jan 13, 2026 | Weingart Jack Chief Financial Officer | Award | 158,325 | — |
| Jan 13, 2026 | WINKELRIED JON Chief Executive Officer | Award | 499,511 | — |
| Jan 13, 2026 | Davidson Martin Chief Accounting Officer | Award | 13,760 | — |
| Jan 13, 2026 | Harris Joann Chief Compliance Officer | Tax withheld | 2,293 | $151.4K |
| Jan 13, 2026 | WINKELRIED JON Chief Executive Officer | Option exercise | 583,821 | — |
| Dec 3, 2025 | Vazquez-Ubarri Anilu Chief Operating Officer | Gift | 19,158 | $0 |
| Nov 26, 2025 | Weingart Jack Chief Financial Officer | Gift | 200,000 | $0 |
| Nov 25, 2025 | Trujillo David Director | Gift | 8,217 | $0 |
| Nov 20, 2025 | Raj Nehal Director | Gift | 136,000 | $0 |
| Nov 19, 2025 | Rhodes Jeffrey K. Director | Gift | 91,492 | $0 |
| Nov 19, 2025 | WINKELRIED JON Chief Executive Officer | Gift | 238,984 | $0 |
| Nov 19, 2025 | Sisitsky Todd Benjamin President | Gift | 200,000 | $0 |
| Aug 19, 2025 | COULTER JAMES G Chairman | Award | 321,389 | — |
| Aug 14, 2025 | COULTER JAMES G Executive Chairman | Gift | 200,000 | $0 |
| Aug 7, 2025 | Chu Jennifer L. Chief Legal Officer & GC | Option exercise | 45,914 | — |
| Jul 16, 2025 | MESSEMER DEBORAH M. Director | Sale 10b5-1 plan | 1,796 | $101.1K |
| Jul 15, 2025 | MESSEMER DEBORAH M. Director | Award 10b5-1 plan | 2,762 | — |
| Jul 15, 2025 | Bright Gunther Director | Award | 2,762 | — |
| Jul 15, 2025 | CRANSTON MARY B Director | Award | 2,762 | — |
| Jul 15, 2025 | Elsesser Kathy Director | Award | 2,762 | — |
| May 22, 2025 | Holloway Samantha Insider | Sale | 21,000,000 | $977.97M |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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