NASDAQ : TPG
TPG Inc. — Financial statements
Financials · Asset Management · United States
Last price 46.68 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 17.95B
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Financial statements
TPG Inc. (TPG) reported revenue of 4.63B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Total Interest Expense | 134.86M | 112.11M | 87.51M | 38.53M | 21.61M | 17.03M |
| Net Interest Income | -134.86M | -112.11M | -87.51M | -38.53M | -21.61M | -17.03M |
| Asset Management Fee | 2.16B | 1.83B | 1.64B | 1.19B | 919.83M | 718.34M |
| Other Revenue | 2.61B | 2.56B | 1.62B | 968.39M | 873.67M | 4.10B |
| Revenue | 4.63B | 4.27B | 3.17B | 2.12B | 1.77B | 4.80B |
| Salaries & Employee Benefits | 2.50B | 2.34B | 1.77B | 1.14B | 897.35M | 579.70M |
| Cost of Services Provided | 670.07M | 688.17M | 577.33M | 479.93M | 361.81M | 278.59M |
| Other Operating Expenses | -288.03M | -288.03M | -245.83M | -233.57M | -209.38M | -154.63M |
| Total Operating Expenses | 3.98B | 3.69B | 3.24B | 2.09B | 1.71B | 724.88M |
| Operating Income | 646.97M | 575.80M | -78.24M | 26.11M | 61.40M | 4.08B |
| Other Non-Operating Income (Expenses) | 84.50M | 93.62M | 82.74M | 50.98M | 24.98M | 208.58M |
| EBT Excluding Unusual Items | 731.47M | 669.42M | 4.50M | 77.09M | 86.38M | 4.29B |
| Gain (Loss) on Sale of Investments | 110.63M | -2.85M | -29.33M | 6.56M | -110.13M | 376.61M |
| Other Unusual Items | -12.04M | -19.90M | -2.18B | |||
| Pretax Income | 842.10M | 666.58M | -24.82M | 71.61M | -43.66M | 2.48B |
| Income Tax Expense | 99.44M | 66.99M | 52.09M | 60.27M | 32.48M | 9.04M |
| Earnings From Continuing Ops. | 742.66M | 599.59M | -76.92M | 11.34M | -76.14M | 2.48B |
| Minority Interest in Earnings | -473.94M | -415.00M | 100.40M | 68.75M | 168.56M | -2.48B |
| Net Income | 268.72M | 184.59M | 23.48M | 80.09M | 92.43M | |
| Preferred Dividends & Other Adjustments | 60.81M | 60.81M | 23.79M | 8.87M | 4.99M | |
| Net Income to Common | 207.91M | 123.77M | -307.00K | 71.22M | 87.43M | |
| Shares Outstanding (Basic) | 162.36M | 138.88M | 100.22M | 80.33M | 79.26M | 79.07M |
| Shares Outstanding (Diluted) | 383.36M | 374.13M | 364.73M | 317.94M | 308.91M | 79.07M |
| EPS (Basic) | 1.28 | 0.89 | -0.00 | 0.89 | 1.10 | |
| EPS (Diluted) | 0.87 | 0.45 | -0.42 | -0.04 | -0.19 | |
| Free Cash Flow | 1.00B | 504.01M | 703.79M | 1.37B | 1.47B | |
| Free Cash Flow Per Share | 2.68 | 1.38 | 2.21 | 4.45 | 18.63 | |
| Dividend Per Share | 0.33 | 2.06 | 1.74 | 1.34 | 1.59 | |
| Operating Margin | 13.97% | 13.48% | -2.47% | 1.23% | 3.46% | 84.91% |
| Profit Margin | 4.49% | 2.90% | -0.01% | 3.36% | 4.93% | |
| Free Cash Flow Margin | 23.50% | 15.92% | 33.23% | 77.51% | 30.66% | |
| Effective Tax Rate | 11.81% | 10.05% | 84.16% | 0.36% | ||
| Revenue as Reported | 5.05B | 4.67B | 3.50B | 2.39B | 2.00B | 4.98B |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 799.79M | 826.11M | 808.02M | 665.19M | 1.11B | 978.10M |
| Other Receivables | 573.59M | 447.01M | 418.98M | 202.64M | 185.32M | |
| Property, Plant & Equipment | 650.88M | 297.95M | 309.29M | 154.41M | 183.78M | |
| Goodwill | 498.19M | 436.08M | 436.08M | 230.19M | 230.19M | |
| Other Intangible Assets | 1.05B | 659.84M | 533.71M | 649.51M | 136.19M | 164.55M |
| Investments in Debt & Equity Securities | 10.28B | 6.28M | 175.46M | 6.72B | 12.07M | 97.90M |
| Restricted Cash | 13.17M | 13.18M | 13.18M | 13.17M | 13.13M | |
| Other Current Assets | 23.81M | 24.00M | ||||
| Long-Term Deferred Tax Assets | 860.68M | 352.95M | 24.09M | |||
| Other Long-Term Assets | 2.56B | 9.36B | 7.44B | 129.25M | 6.06B | 7.09B |
| Total Assets | 14.68B | 13.49B | 10.54B | 9.37B | 7.94B | 8.96B |
| Accounts Payable | 46.94M | 45.61M | 42.56M | 44.19M | 37.43M | |
| Accrued Expenses | 183.59M | 166.31M | 129.23M | 53.98M | 96.92M | |
| Short-Term Debt | 78.20M | 667.00K | 13.05M | |||
| Current Portion of Long-Term Debt | 29.44M | |||||
| Current Portion of Leases | 6.02M | |||||
| Long-Term Debt | 2.28B | 1.78B | 1.28B | 1.03B | 444.57M | 444.44M |
| Long-Term Leases | 598.57M | 223.13M | 235.54M | 147.89M | 177.00M | |
| Other Long-Term Liabilities | 8.44B | 6.71B | 5.15B | 4.57B | 4.16B | 1.93B |
| Total Liabilities | 10.72B | 9.36B | 6.94B | 6.01B | 4.86B | 2.70B |
| Common Stock | 1.35B | 377.00K | 365.00K | 362.00K | 309.00K | 1.61B |
| Additional Paid-In Capital | 1.48B | 970.72M | 613.48M | 506.64M | ||
| Retained Earnings | -291.60M | -186.98M | -34.68M | 2.72M | ||
| Total Common Equity | 1.35B | 1.19B | 784.10M | 579.16M | 509.67M | 1.61B |
| Minority Interest | 2.62B | 2.95B | 2.81B | 2.78B | 2.58B | 4.65B |
| Shareholders' Equity | 3.97B | 4.14B | 3.59B | 3.36B | 3.09B | 6.26B |
| Total Liabilities & Equity | 14.68B | 13.49B | 10.54B | 9.37B | 7.94B | 8.96B |
| Total Debt | 2.28B | 2.42B | 1.58B | 1.26B | 593.12M | 634.50M |
| Net Cash (Debt) | -1.48B | -1.59B | -775.29M | -598.74M | 519.46M | 343.61M |
| Net Cash Per Share | -3.86 | -4.25 | -2.13 | -1.88 | 1.68 | 4.35 |
| Filing Date Shares Outstanding | 173.70M | 160.32M | 113.71M | 83.02M | 79.49M | 79.07M |
| Total Common Shares Outstanding | 173.70M | 153.11M | 109.21M | 80.60M | 79.24M | 79.07M |
| Working Capital | 799.79M | 1.15B | 978.09M | 925.55M | 1.25B | 1.05B |
| Book Value Per Share | 7.78 | 7.74 | 7.18 | 7.19 | 6.43 | 20.32 |
| Tangible Book Value | 302.36M | 27.19M | -185.69M | -506.43M | 143.29M | 1.21B |
| Tangible Book Value Per Share | 1.74 | 0.18 | -1.70 | -6.28 | 1.81 | 15.33 |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 184.59M | 23.48M | 80.09M | 92.43M | 4.66B | |
| Depreciation & Amortization, Total | 144.54M | 135.39M | 47.67M | 32.99M | 21.22M | |
| Gain (Loss) On Sale of Investments | 2.85M | 29.33M | -6.56M | 97.75M | -588.43M | |
| Stock-Based Compensation | 813.74M | 1.01B | 654.92M | 627.71M | ||
| Change in Accounts Payable | -4.91M | 52.61M | -231.54M | -14.23M | 51.15M | |
| Change in Other Net Operating Assets | 237.38M | -175.48M | 443.96M | 1.03B | 1.31B | |
| Other Operating Activities | -345.80M | -539.50M | -268.03M | -491.41M | -3.97B | |
| Operating Cash Flow | 1.03B | 532.15M | 720.52M | 1.38B | 1.47B | |
| Capital Expenditures | -28.80M | -28.13M | -16.73M | -2.45M | -1.79M | |
| Cash Acquisitions | -235.15M | -16.33M | -356.83M | 24.82M | ||
| Other Investing Activities | -563.00K | -60.77M | ||||
| Investing Cash Flow | -263.96M | -44.47M | -373.56M | -3.01M | -37.74M | |
| Long-Term Debt Issued | 1.34B | 1.39B | 651.00M | 30.00M | 200.00M | |
| Total Debt Issued | 1.34B | 1.39B | 651.00M | 30.00M | 200.00M | |
| Long-Term Debt Repaid | -891.00M | -1.04B | -150.00M | -30.00M | -50.00M | |
| Total Debt Repaid | -891.00M | -1.04B | -150.00M | -30.00M | -50.00M | |
| Net Debt Issued (Repaid) | 448.00M | 351.00M | 501.00M | 150.00M | ||
| Issuance of Common Stock | 820.62M | 935.00M | ||||
| Repurchase of Common Stock | -190.56M | -67.67M | -667.88M | -352.01M | -304.76M | |
| Common Dividends Paid | -1.23B | -832.49M | -643.22M | -1.02B | ||
| Other Financing Activities | 221.25M | 204.30M | 20.87M | -688.59M | -2.10B | |
| Financing Cash Flow | -750.36M | -344.86M | -789.23M | -1.24B | -1.32B | |
| Net Cash Flow | 18.08M | 142.82M | -442.28M | 134.79M | 114.51M | |
| Free Cash Flow | 1.00B | 504.01M | 703.79M | 1.37B | 1.47B | |
| Free Cash Flow Margin | 23.50% | 15.92% | 33.23% | 77.51% | 30.66% | |
| Free Cash Flow Per Share | 2.68 | 1.38 | 2.21 | 4.45 | 18.63 | |
| Cash Interest Paid | 92.12M | 65.37M | 33.55M | 18.35M | 15.73M | |
| Cash Income Tax Paid | 30.29M | 42.29M | 51.13M | 48.33M | 8.55M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 17.95B | 9.43B | 6.54B | 3.48B | 2.21B | |
| Last Close Price | 46.68 | 61.53 | 58.53 | 38.87 | 23.94 | |
| PE Ratio | 53.37 | 76.15 | 48.85 | 25.22 | ||
| PS Ratio | 3.88 | 2.21 | 2.06 | 1.64 | 1.25 | |
| PB Ratio | 6.00 | 2.28 | 1.82 | 1.03 | 0.71 | |
| P/FCF Ratio | 19.57 | 9.39 | 12.97 | 4.94 | 1.61 | |
| P/OCF Ratio | 18.46 | 9.13 | 12.29 | 4.83 | 1.60 | |
| Debt / Equity Ratio | 0.57 | 0.58 | 0.44 | 0.38 | 0.19 | 0.10 |
| Debt / FCF Ratio | 2.41 | 3.14 | 1.80 | 0.43 | 0.43 | |
| Net Debt / Equity Ratio | 0.37 | 0.38 | 0.22 | 0.18 | -0.17 | -0.06 |
| Net Debt / FCF Ratio | 1.58 | 1.54 | 0.85 | -0.38 | -0.23 | |
| Asset Turnover | 0.33 | 0.35 | 0.32 | 0.24 | 0.21 | 0.60 |
| Quick Ratio | 5.26 | 4.33 | 6.31 | 13.31 | 7.89 | |
| Current Ratio | 5.31 | 4.37 | 6.39 | 13.68 | 8.14 | |
| Return on Equity (ROE) | 19.19% | 15.52% | -2.21% | 0.35% | -1.63% | 45.07% |
| Return on Assets (ROA) | 5.36% | 4.99% | -0.77% | 0.13% | -0.90% | 31.01% |
| Return on Invested Capital (ROIC) | 8.74% | 8.83% | -1.60% | 0.10% | 1.16% | 65.72% |
| Earnings Yield | 1.87% | 1.96% | 0.36% | 2.30% | 4.19% | |
| FCF Yield | 5.11% | 10.65% | 7.71% | 20.23% | 62.28% | |
| Dividend Yield | 4.41% | 3.35% | 2.91% | 3.10% | 5.71% | |
| Payout Ratio | 267.55% | 665.83% | 3,545.08% | 803.13% | 1,101.52% | |
| Buyback Yield / Dilution | -3.41% | -2.58% | -14.71% | -2.93% | -290.67% | |
| Total Shareholder Return | 1.00% | 0.77% | -11.81% | 0.18% | -284.96% |