TPG Inc (TPG) financial statements: income statement, balance sheet and cash flow
TPG Inc's income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), TPG Inc reported revenue of $4.7B (+33.4% year on year) and net income of $599.6M (+879.5% year on year).
Income statement
TPG Inc income statement, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Fees and other
$2.4B
$2.1B
$1.5B
$1.2B
Capital allocation-based income
$2.2B
$1.4B
$855.3M
$756.3M
Total revenues
$4.7B
$3.5B
$2.4B
$2.0B
Cash-based compensation and benefits
$894.4M
$835.3M
$547.4M
$473.7M
Equity-based compensation
$813.7M
$1.0B
$654.9M
$627.7M
Performance allocation compensation
$1.4B
$930.1M
$591.7M
$416.6M
Total compensation and benefits
$3.1B
$2.8B
$1.8B
$1.5B
General, administrative and other
$702.2M
$583.7M
$482.6M
$368.9M
Depreciation and amortization
$144.5M
$135.4M
$47.7M
$33.0M
Interest expense
$112.1M
$87.5M
$38.5M
$21.6M
Total expenses
$4.1B
$3.6B
$2.4B
$1.9B
Net (losses) gains from investment activities
($2.8M)
($29.3M)
$6.6M
($110.1M)
Interest, dividends and other
$93.6M
$82.7M
$100.0K
$100.0K
Investment and other income of consolidated Public SPACs
$0
$0
—
—
Total investment income
$90.8M
$53.4M
$57.5M
($81.8M)
Income (loss) before income taxes
$666.6M
($24.8M)
$83.7M
($23.8M)
Income tax expense
$67.0M
$52.1M
$60.3M
$32.5M
Net income (loss)
$599.6M
($76.9M)
$23.4M
($56.2M)
Net income attributable to redeemable equity in Public SPACs
$0
$0
$12.0M
$14.6M
Net income (loss) attributable to non-controlling interests in TPG Operating Group
$50.8M
($175.9M)
($92.4M)
—
Net income attributable to other non-controlling interests
$364.2M
$75.5M
$23.7M
—
Net income attributable to TPG Inc.
$184.6M
$23.5M
$80.1M
—
Basic (in usd per share)
$0.89
$0.00
$0.89
$1.10
Diluted (in usd per share)
$0.45
-$0.42
-$0.04
-$0.19
Basic (in shares)
138.9M
100.2M
80.3M
79.3M
Diluted (in shares)
374.1M
364.7M
317.9M
308.9M
TPG Inc income statement, quarters
Line item
Jun 30, 2026 · Q2
Mar 31, 2026 · Q1
Sep 30, 2025 · Q3
Jun 30, 2025 · Q2
Fees and other
$705.0M
$620.0M
$596.5M
$569.1M
Capital allocation-based income
$1.1B
($120.0M)
$627.0M
$351.5M
Total revenues
$1.8B
$500.0M
$1.2B
$920.5M
Cash-based compensation and benefits
$237.0M
$237.2M
$214.0M
$208.6M
Equity-based compensation
$231.7M
$255.1M
$158.4M
$209.6M
Performance allocation compensation
$776.7M
($66.1M)
$419.4M
$233.4M
Total compensation and benefits
$1.2B
$426.2M
$791.8M
$651.7M
General, administrative and other
$174.4M
$147.9M
$166.2M
$182.3M
Depreciation and amortization
$41.3M
$41.8M
$41.0M
$30.8M
Interest expense
$36.2M
$32.7M
$32.3M
$25.3M
Total expenses
$1.5B
$648.6M
$1.0B
$890.1M
Net losses from investment activities
($9.1M)
($1.1M)
$212.0K
($791.0K)
Interest, dividends and other
$21.0M
$9.0M
$35.7M
$9.7M
Total investment income
$11.9M
$7.9M
$35.9M
$8.9M
Income before income taxes
$356.0M
($140.7M)
$228.1M
$39.3M
Income tax expense
$36.3M
($17.4M)
$28.9M
$9.2M
Net income
$319.7M
($123.3M)
$199.2M
$30.1M
Net income attributable to non-controlling interests
$226.2M
($121.8M)
—
—
Net income attributable to TPG Inc.
$93.4M
($1.5M)
$67.1M
$14.9M
Basic (in usd per share)
$0.44
-$0.05
$0.33
$0.03
Diluted (in usd per share)
$0.39
-$0.22
$0.20
-$0.05
Basic (in shares)
164.7M
159.6M
150.5M
133.4M
Diluted (in shares)
385.5M
383.7M
378.3M
370.1M
Balance sheet
TPG Inc balance sheet, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Cash and cash equivalents
$826.1M
$808.0M
$665.2M
$1.1B
Restricted cash
$13.2M
$13.2M
$13.2M
$13.2M
Due from affiliates
$573.6M
$447.0M
$419.0M
$202.6M
Investments (includes assets pledged of $603,322 and $720,933 as of December 31, 2025 and December 31, 2024, respectively(1))
$9.2B
$7.5B
$6.7B
$5.3B
Intangible assets, net
$659.8M
$533.7M
$649.5M
—
Goodwill
$498.2M
$436.1M
$436.1M
—
Right-of-use assets
$552.3M
—
—
—
Deferred tax assets
$860.7M
—
—
—
Other assets
$297.3M
$793.8M
$462.6M
$629.4M
Total assets
$13.5B
$10.5B
$9.4B
$7.9B
Accounts payable and accrued expenses
$230.5M
$211.9M
$171.8M
$98.2M
Due to affiliates
$694.6M
$465.1M
$143.2M
$139.9M
Debt obligations
$1.7B
$1.3B
$945.1M
—
Accrued performance allocation compensation
$5.4B
$4.4B
$4.1B
$3.3B
Operating lease liabilities
$604.6M
—
—
—
Other liabilities
$704.5M
$607.6M
$652.5M
$226.3M
Total liabilities
$9.4B
$6.9B
$6.0B
$4.2B
Common stock, value, issued
$377.0K
$365.0K
$362.0K
$309.0K
Preferred stock, $0.001 par value, 25,000,000 shares authorized (0 issued and outstanding as of December 31, 2025 and December 31, 2024)
0
0
0
0
Additional paid-in-capital
$1.5B
$970.7M
$613.5M
$506.6M
Accumulated deficit
($291.6M)
($187.0M)
($34.7M)
$2.7M
Non-controlling interests
$3.0B
$2.8B
$2.8B
$2.6B
Total equity
$4.1B
$3.6B
$3.4B
$3.1B
Total liabilities and equity
$13.5B
$10.5B
$9.4B
$7.9B
TPG Inc balance sheet, quarters
Line item
Jun 30, 2026
Mar 31, 2026
Sep 30, 2025
Jun 30, 2025
Cash and cash equivalents
$944.7M
$851.4M
$1.1B
$1.1B
Restricted cash
$13.2M
$13.3M
$13.3M
$13.2M
Due from affiliates
$427.7M
$367.7M
$361.1M
$387.7M
Investments (includes assets pledged of $— and $603,322 as of June 30, 2026 and December 31, 2025, respectively
$9.6B
$9.0B
$8.7B
$7.9B
Intangible assets, net
$587.6M
$623.7M
$696.1M
$481.2M
Goodwill
$498.2M
$498.2M
$498.2M
$436.1M
Right-of-use assets
$566.4M
$584.0M
$566.4M
$570.5M
Deferred tax assets
$929.8M
$884.2M
$853.0M
$792.0M
Other assets
$434.5M
$435.5M
$264.6M
$240.9M
Total assets
$14.0B
$13.3B
$13.0B
$12.0B
Accounts payable and accrued expenses
$366.4M
$258.6M
$443.1M
$338.8M
Due to affiliates
$686.2M
$738.6M
$739.8M
$634.9M
Debt obligations
$2.3B
$2.3B
$1.8B
$1.6B
Accrued performance allocation compensation
$5.6B
$5.0B
$5.0B
$4.5B
Operating lease liabilities
$644.9M
$642.0M
$607.6M
$602.9M
Other liabilities
$613.4M
$585.8M
$621.0M
$712.7M
Total liabilities
$10.3B
$9.6B
$9.2B
$8.4B
Common stock, value, issued
$384.0K
$384.0K
$378.0K
$370.0K
Preferred stock, $0.001 par value, 25,000,000 shares authorized (0 issued and outstanding as of June 30, 2026 and December 31, 2025)
0
0
0
0
Additional paid-in-capital
$1.6B
$1.5B
$1.4B
$1.3B
Accumulated deficit
($406.3M)
($397.7M)
($294.4M)
($267.4M)
Accumulated other comprehensive income, net of tax
($370.0K)
—
—
—
Non-controlling interests
$2.5B
$2.6B
$2.6B
$2.6B
Total equity
$3.7B
$3.7B
$3.8B
$3.6B
Total liabilities and equity
$14.0B
$13.3B
$13.0B
$12.0B
Cash flow statement
TPG Inc cash flow statement, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Net income (loss)
$599.6M
($76.9M)
$23.4M
($56.2M)
Equity-based compensation
$813.7M
$1.0B
$654.9M
$627.7M
Performance allocation compensation
$1.4B
$930.1M
$591.7M
$416.6M
Net losses (gains) from investment activities
$2.8M
$29.3M
($6.6M)
$110.1M
Capital allocation-based income
($2.2B)
($1.4B)
($855.3M)
($756.3M)
Depreciation and amortization
$144.5M
$135.4M
—
—
Non-cash lease expense
$56.5M
—
—
—
Other non-cash activities
$1.4M
$43.9M
$100.6M
$29.9M
Purchases of investments
($1.1B)
($862.8M)
($303.1M)
($109.1M)
Proceeds from investments
$2.3B
$1.5B
—
$1.6B
Due from affiliates
($118.6M)
($18.9M)
$41.3M
($42.4M)
Other assets
($66.6M)
($25.1M)
($44.0M)
($17.3M)
Accounts payable and accrued expenses
($4.9M)
$52.6M
($231.5M)
($14.2M)
Due to affiliates
$62.3M
$26.6M
($161.8M)
($12.5M)
Accrued performance allocation compensation
($803.6M)
($647.1M)
($505.0M)
($672.4M)
Other liabilities
($5.1M)
($108.8M)
($40.5M)
($30.1M)
Assets and liabilities, net related to consolidated Public SPACs
$0
—
—
—
Net cash provided by operating activities
$1.0B
$532.1M
$720.5M
$1.4B
Acquisition
($235.2M)
($16.3M)
($356.8M)
$0
Purchases of fixed assets
($28.8M)
($28.1M)
($16.7M)
($2.4M)
Net cash used in investing activities
($264.0M)
($44.5M)
($373.6M)
($3.0M)
Proceeds from debt obligations
$1.3B
$1.4B
$651.0M
$0
Repayment of debt obligations
($891.0M)
($1.0B)
($150.0M)
$0
Issuance costs on debt obligations
($9.0M)
($16.6M)
($900.0K)
$0
Withholding taxes paid on net settlement of equity-based awards
($190.6M)
($67.7M)
($6.9M)
—
Contributions from holders of other non-controlling interests
$258.5M
$220.9M
$21.8M
$0
Dividends/Distributions
($1.2B)
($832.5M)
($643.2M)
($662.8M)
Settlement of contingent liabilities
($18.6M)
—
—
—
Tax receivable agreement payments
($9.6M)
$0
$0
($355.3M)
Redemption of redeemable equity
$0
$0
($661.0M)
($352.0M)
Net cash used in financing activities
($750.4M)
($344.9M)
($789.2M)
($1.2B)
Net change in cash, cash equivalents and restricted cash
$18.1M
$142.8M
($442.3M)
$134.8M
Cash, cash equivalents and restricted cash, beginning of period
$821.2M
$678.4M
$1.1B
$985.9M
Cash paid for income taxes
$30.3M
$42.3M
$51.1M
$48.3M
Cash paid for interest
$92.1M
$65.4M
$33.5M
$18.4M
Cash and cash equivalents
$826.1M
$808.0M
$5.1M
$274.0K
Restricted cash
$13.2M
$13.2M
$13.2M
$13.2M
Cash, cash equivalents and restricted cash, end of period
$839.3M
$821.2M
$678.4M
$1.1B
TPG Inc cash flow statement, quarters
Line item
Jun 30, 2026 · YTD
Mar 31, 2026 · Q1
Sep 30, 2025 · YTD
Jun 30, 2025 · YTD
Net income
$196.4M
($123.3M)
$317.2M
$117.9M
Equity-based compensation
$486.9M
$255.1M
$573.8M
$415.5M
Performance allocation compensation
$710.5M
($66.1M)
$951.6M
$532.1M
Net losses from investment activities
$10.2M
$1.1M
$2.7M
$2.9M
Capital allocation-based income
($1.0B)
$120.0M
($1.5B)
($842.9M)
Depreciation and amortization
$83.1M
$41.8M
$103.2M
$62.2M
Non-cash lease expense
$32.9M
$15.4M
$42.1M
$28.1M
Other non-cash activities
$4.5M
($15.2M)
$14.1M
$15.8M
Purchases of investments
($588.3M)
($450.4M)
($565.3M)
($398.1M)
Proceeds from investments
$1.0B
$609.4M
$1.7B
$1.0B
Due from affiliates
$16.5M
$73.8M
($37.2M)
($75.4M)
Other assets
($1.8M)
($14.8M)
($35.5M)
($14.6M)
Accounts payable and accrued expenses
$135.8M
$28.1M
$207.9M
$126.7M
Due to affiliates
($41.4M)
$64.1M
$50.9M
$18.0M
Accrued performance allocation compensation
($477.8M)
($317.5M)
($686.9M)
($398.9M)
Other liabilities
($28.3M)
($44.9M)
($53.3M)
($46.6M)
Net cash provided by operating activities
$524.2M
$176.5M
$1.1B
$584.1M
Purchase of Jackson common stock
($500.0M)
($500.0M)
—
—
Purchases of fixed assets
($35.7M)
($16.3M)
($19.5M)
($9.4M)
Net cash used in investing activities
($535.7M)
($516.3M)
($254.6M)
($9.4M)
Proceeds from debt obligations
$1.2B
$1.1B
$1.3B
$479.0M
Repayment of debt obligations
($591.0M)
($433.0M)
($766.0M)
($151.0M)
Issuance costs on debt obligations
($5.2M)
($5.2M)
($9.0M)
$0
Withholding taxes paid on net settlement of equity-based awards
($211.0M)
($209.0M)
($184.6M)
($181.7M)
Contributions from holders of non-controlling interests
$360.7M
$311.1M
$132.4M
$93.7M
Dividends/Distributions
($583.6M)
($326.9M)
($977.7M)
($482.4M)
Settlement of contingent liabilities
($25.2M)
—
($18.6M)
($18.6M)
Tax Receivable Agreement payments
($29.9M)
($29.9M)
($9.6M)
($9.6M)
Net cash provided by (used in) financing activities
$130.8M
$365.1M
($549.1M)
($270.6M)
Effect of exchange rate changes
($787.0K)
—
—
—
Net change in cash, cash equivalents and restricted cash
$118.6M
$25.4M
$272.4M
$304.0M
Cash, cash equivalents and restricted cash, beginning of period
$839.3M
$839.3M
$821.2M
$821.2M
Cash paid for income taxes
$28.4M
$19.2M
$27.4M
$25.1M
Cash paid for interest
$52.7M
$38.8M
$70.3M
$46.0M
Cash and cash equivalents
$944.7M
$851.4M
$1.1B
$1.1B
Restricted cash
$13.2M
$13.3M
$13.3M
$13.2M
Cash, cash equivalents and restricted cash, end of period