TPG Inc. TPG
TPG is a leading global alternative asset manager with $303.0 billion in assets under management ("AUM") as of December 31, 2025. We have built our firm through years of successful innovation and growth, and believe that we have delivered attractive risk-adjusted returns to our clients and established a premier investment business focused on the fastest-growing segments of the alternative asset management industry. We believe our distinctive business approach and diversified array of innovative investment platforms position us well to continue generating highly profitable, sustainable growth.
We offer a broad range of investment strategies across the alternative asset management landscape, primarily in private equity, credit and real estate, and have constructed a high-quality base of assets under management within attractive sub-segments of these asset classes. The strength of our investment performance and our proven ability to innovate within our business, together with our ongoing focus on strategic, inorganic growth has led to consistent historical increase in our assets under management, all with the support of a scaled infrastructure that provides our business with a high degree of operating leverage. From 2021 to December 31, 2025, our assets under management have grown 166.4% from $113.6 billion to $303.0 billion, which includes the impact of our highly strategic acquisitions of Angelo Gordon, a scaled alternative investment firm focused on credit and real estate investing on November 1, 2023, and Peppertree, a specialized digital infrastructure investment firm with a focus on wireless communications towers on July 1, 2025. The following table presents AUM over the last five years:
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|---|
| Revenue | $2.42B | $2.09B | $1.53B | $1.25B | $977.9M | $883.4M | — |
| SG&A | $702.2M | $583.7M | $483.6M | $368.9M | $278.6M | $260.7M | — |
| Total operating expenses | $4.09B | $3.58B | $2.36B | $1.94B | $916.6M | $817.6M | — |
| Pre-tax income | $666.6M | -$24.8M | $83.7M | $124.9M | $9.0M | $9.8M | — |
| Income tax | $67.0M | $52.1M | $60.3M | $32.5M | $9.0M | $9.8M | — |
| Net income | $184.6M | $23.5M | $80.1M | $92.4M | $0 | $0 | — |
| EPS, basic | 0.89 | 0.00 | 0.89 | 1.10 | 0.00 | — | — |
| EPS, diluted | 0.45 | -0.42 | -0.04 | -0.19 | 0.00 | — | — |
| Shares, diluted (wtd. avg.) | 374.1M | 364.7M | 317.9M | 308.9M | 0 | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|---|
| Cash and equivalents | $826.1M | $808.0M | $665.2M | $1.12B | $985.9M | $871.4M | $633.7M |
| Property, plant and equipment | $98.6M | $89.5M | $81.7M | $24.1M | $26.3M | — | — |
| Goodwill | $498.2M | $436.1M | $436.1M | $230.2M | $230.2M | — | — |
| Other intangibles | $659.8M | $533.7M | $649.5M | $136.2M | $164.6M | — | — |
| Total assets | $13.49B | $10.54B | $9.37B | $7.94B | $8.96B | — | — |
| Long-term debt | $1.72B | $1.28B | $945.1M | $444.6M | — | — | — |
| Total liabilities | $9.36B | $6.94B | $6.01B | $4.20B | $1.70B | — | — |
| Retained earnings | -$291.6M | -$187.0M | -$34.7M | $2.7M | — | — | — |
| Total equity | $4.14B | $3.59B | $3.36B | $3.09B | — | — | — |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|---|
| Operating cash flow | $1.03B | $532.1M | $720.5M | $1.38B | $1.47B | $95.4M | — |
| Depreciation and amortisation | $144.5M | $135.4M | $47.7M | $33.0M | $21.2M | $7.1M | — |
| Investing cash flow | -$264.0M | -$44.5M | -$373.6M | -$3.0M | -$37.7M | -$108.1M | — |
| Financing cash flow | -$750.4M | -$344.9M | -$789.2M | -$1.24B | -$1.32B | $250.3M | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001193125-26-166834.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|
| Revenue | — | $883.4M | $977.9M | $1.25B | $1.53B | $2.09B | $2.42B |
| Gross profit | — | — | — | — | — | — | — |
| Net income | — | $0 | $0 | $92.4M | $80.1M | $23.5M | $184.6M |
Recent filings and events
- Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
- Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
- Shareholder vote The results of the annual meeting or a special vote. Item 5.07
- Results announced Item 2.02
- Officer or director change Item 5.02
- Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
- Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
- New debt or obligation The company has taken on debt or a comparable obligation. Item 2.03
- Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
- Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
- Results announced Item 2.02
- Unregistered share sale Shares issued outside a registered offering. Dilution, and for a small company often the way it is funded. Item 3.02
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
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