TPG (NASDAQ:TPG) Releases Earnings Results, Beats Expectations By $0.09 EPS

Key Points

• TPG reported Q1 EPS of $0.70, beating estimates by $0.09, but revenue of $557.2M missed consensus (~$610M) and the company recorded a GAAP net loss while ending the quarter with about $2.3B of net debt.
• Fee-related earnings rose 36% YoY and LTM FRE surpassed $1 billion; total AUM climbed 22% to $306 billion as TPG raised >$10B in the quarter, with private credit a key growth driver (≈$19B credit dry powder and strong originations).

TPG (NASDAQ:TPG - Get Free Report) issued its quarterly earnings results on Friday. The company reported $0.70 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.61 by $0.09, Zacks reports. The firm had revenue of $557.18 million during the quarter, compared to the consensus estimate of $610.28 million. TPG had a return on equity of 26.02% and a net margin of 3.95%.The company's revenue for the quarter was up 14.1% on a year-over-year basis. During the same quarter last year, the company posted $0.48 EPS.

Here are the key takeaways from TPG's conference call:

• Fee-related earnings grew 36% YoY and TPG's LTM FRE crossed $1 billion, with after-tax distributable earnings of $282 million ($0.70/share) and a declared dividend of $0.59 per share.
• Total AUM rose 22% to $306 billion, with Q1 capital formation, deployment, and realizations each accelerating materially (capital raised >$10 billion in the quarter; deployments >$14 billion; realizations ~ $9 billion).
• Private credit is a clear growth driver — TPG raised $4.4 billion in credit in Q1, sits on roughly $19 billion of credit dry powder, and reports low non-accruals (~1%) and strong originations at Twin Brook.
• Private equity portfolio value declined ~1% in the quarter due to multiple compression (offset partially by mid-to-high-teens revenue/EBITDA growth); management notes the markdowns reflect public market moves as of March 31 and that recent strategic exits sold at premiums to marks.
• TPG reported a GAAP net loss of $123 million and ended the quarter with net debt of $2.3 billion after a $500 million Jackson-stock investment and subsequent debt issuance, raising interest expense to $26 million and modestly increasing leverage.

TPG Trading Up 1.4%

Shares of NASDAQ TPG traded up $0.60 during trading hours on Friday, hitting $44.22. 4,904,815 shares of the company traded hands, compared to its average volume of 3,562,377. The company's 50 day moving average price is $41.76 and its 200 day moving average price is $53.25. TPG has a 12 month low of $36.95 and a 12 month high of $70.38. The company has a current ratio of 0.30, a quick ratio of 0.30 and a debt-to-equity ratio of 0.42. The stock has a market capitalization of $16.99 billion, a price-to-earnings ratio of 100.50, a price-to-earnings-growth ratio of 0.84 and a beta of 1.54.

TPG Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, May 26th. Stockholders of record on Monday, May 11th will be given a dividend of $0.59 per share. The ex-dividend date of this dividend is Monday, May 11th. This represents a $2.36 annualized dividend and a dividend yield of 5.3%. TPG's payout ratio is currently 554.55%.

Analyst Ratings Changes

A number of analysts recently weighed in on the company. Morgan Stanley set a $60.00 target price on TPG in a research report on Tuesday, April 21st. The Goldman Sachs Group reduced their target price on TPG from $80.00 to $55.00 and set a "buy" rating on the stock in a research note on Tuesday, April 7th. Wolfe Research reissued an "outperform" rating and issued a $80.00 target price on shares of TPG in a research note on Wednesday, January 7th. Royal Bank Of Canada reissued an "outperform" rating on shares of TPG in a research note on Wednesday, March 4th. Finally, Citizens Jmp raised TPG from a "market perform" rating to an "outperform" rating and set a $75.00 price objective on the stock in a research report on Monday, February 9th. Twelve equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company's stock. According to MarketBeat.com, TPG has a consensus rating of "Moderate Buy" and an average target price of $62.93.

Institutional Investors Weigh In On TPG

Several hedge funds have recently made changes to their positions in the company. Osaic Holdings Inc. grew its holdings in TPG by 12.1% during the 2nd quarter. Osaic Holdings Inc. now owns 2,173 shares of the company's stock worth $114,000 after acquiring an additional 234 shares during the last quarter. Lazard Asset Management LLC grew its holdings in TPG by 3.1% during the 2nd quarter. Lazard Asset Management LLC now owns 7,828 shares of the company's stock worth $410,000 after acquiring an additional 238 shares during the last quarter. Strategic Wealth Partners Ltd. grew its holdings in TPG by 2.5% during the 3rd quarter. Strategic Wealth Partners Ltd. now owns 10,253 shares of the company's stock worth $589,000 after acquiring an additional 253 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in TPG by 38.0% during the 3rd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 992 shares of the company's stock worth $57,000 after acquiring an additional 273 shares during the last quarter. Finally, Quadrant Capital Group LLC grew its holdings in TPG by 31.8% during the 4th quarter. Quadrant Capital Group LLC now owns 1,132 shares of the company's stock worth $72,000 after acquiring an additional 273 shares during the last quarter. 94.03% of the stock is currently owned by hedge funds and other institutional investors.

Key Headlines Impacting TPG

Here are the key news stories impacting TPG this week:

• Positive Sentiment: Raised capital and large dry powder — TPG said it raised more than $10 billion in the quarter, leaving nearly $73 billion of dry powder, improving its ability to deploy into market dislocations and grow fee-related earnings. TPG Looks to Cash In on Market Turbulence
• Positive Sentiment: EPS beat and margin/ROE strength — TPG reported $0.70 EPS vs. $0.61 consensus, up from $0.48 a year ago; net margin and a 26% ROE signal underlying profitability improvement in fee businesses. TPG Inc. (TPG) Q1 Earnings Top Estimates
• Positive Sentiment: Active dealmaking — TPG’s Rise Fund led a $100M investment in Zum, demonstrating continued deployment into growth/sustainable sectors that can drive future fee and carry. TPG (TPG) Leads $100M Investment in Zum
• Neutral Sentiment: Earnings materials and call — Full Q1 slide deck and earnings-call transcript are available for details on segment performance and outlook; useful for assessing recurring fee vs. capital-allocation volatility. TPG Inc. 2026 Q1 - Results - Earnings Call Presentation Q1 2026 Earnings Call Transcript
• Neutral Sentiment: Analyst comparisons — Coverage notes highlight the EPS beat but point to revenue and other metric gaps versus Street estimates; watch guidance and fee-related revenue cadence. TPG Inc. (TPG) Q1 Earnings: How Key Metrics Compare
• Negative Sentiment: Revenue missed estimates — Q1 revenue was $557.2M vs. consensus ~$610M, a notable shortfall that tempers the EPS beat and raises questions about fee and investment-income timing. TPG Press Release / Slide Deck
• Negative Sentiment: Swing to a small net loss — The firm reported a $1.45M loss (vs. $25.4M profit year-ago) driven by losses in capital-allocation income, highlighting earnings volatility tied to mark-to-market and realized investment results. TPG Swings to Loss as Revenue Falls

About TPG

TPG Inc NASDAQ: TPG is a global alternative asset management firm that invests across a range of strategies including private equity, growth equity, real assets, credit and hedge funds. Founded in 1992 as Texas Pacific Group, the firm has expanded its product set to serve a broad set of institutional and individual investors through commingled funds, separately managed accounts and other customized investment vehicles.

TPG operates investment platforms that target buyouts, growth-stage companies, real estate and credit opportunities, and it has developed dedicated thematic and impact vehicles such as the TPG Rise Fund to pursue social and environmental outcomes alongside financial returns.

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