What is TPG's operating income?

TPG's total operating income in 2025 was $575.81 million, based on the following breakdown: Total Gross Profit: $4.67 billion Total Operating Expenses: $4.09 billion

TPG (TPG) Financials

$52.65 -0.57 (-1.07%)

As of 09/4/2026 04:00 PM Eastern

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Annual Income Statements for TPG

This table shows TPG's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2020	2021	2022	2023	2024	2025
Period end date	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	-186	0.00	92	80	23	185
Consolidated Net Income / (Loss)	1,439	4,656	-56	23	-77	600
Net Income / (Loss) Continuing Operations	-382	4,616	-56	23	-77	600
Total Pre-Tax Income	-373	4,625	-24	84	-25	667
Total Operating Income	-89	4,077	58	26	-78	576
Total Gross Profit	709	4,397	2,003	2,390	3,500	4,670
Total Revenue	1,231	4,976	2,003	2,390	3,500	4,670
Operating Revenue	1,231	4,976	2,003	2,390	3,500	4,670
Total Cost of Revenue	523	580	0.00	0.00	0.00	0.00
Total Operating Expenses	798	320	1,945	2,364	3,578	4,094
Selling, General & Admin Expense	268	299	372	484	584	702
Depreciation Expense	7.14	21	33	48	135	145
Other Operating Expenses / (Income)	523	-	1,540	1,833	2,859	3,248
Total Other Income / (Expense), net	-284	549	-82	58	53	91
Interest & Investment Income	-25	354	-101	49	53	91
Other Income / (Expense), net	-239	212	19	8.36	0.00	0.00
Income Tax Expense	9.78	9.04	32	60	52	67
Net Income / (Loss) Attributable to Noncontrolling Interest	-196	2,630	-166	-57	-100	415
Basic Earnings per Share	$0.00	$0.00	$1.10	$0.89	$0.00	$0.89
Weighted Average Basic Shares Outstanding	0.00	0.00	79.26M	80.33M	100.22M	138.88M
Diluted Earnings per Share	$0.00	$0.00	($0.19)	($0.04)	($0.42)	$0.45
Weighted Average Diluted Shares Outstanding	0.00	0.00	308.91M	317.94M	364.73M	374.13M
Weighted Average Basic & Diluted Shares Outstanding	-	-	309.15M	364.68M	369.47M	384.17M
Cash Dividends to Common per Share	-	-	$1.09	$1.40	$1.65	$1.98

This table shows TPG's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026
Net Income / (Loss) Attributable to Common Shareholders	13	16	-14	8.96	13	25	15	67	77	-1.45	93
Consolidated Net Income / (Loss)	42	-9.01	-58	-21	11	88	30	199	282	-123	320
Net Income / (Loss) Continuing Operations	42	-9.01	-58	-21	11	88	30	199	282	-123	320
Total Pre-Tax Income	69	-4.62	-35	-7.54	23	94	39	228	305	-141	356
Total Operating Income	60	-12	-32	-12	-22	87	30	192	266	-149	344
Total Gross Profit	983	824	744	855	1,076	1,035	921	1,224	1,491	500	1,841
Total Revenue	983	824	744	855	1,076	1,035	921	1,224	1,491	500	1,841
Operating Revenue	983	824	744	855	1,076	1,035	921	1,224	1,491	500	1,841
Total Cost of Revenue	-	0.00	0.00	0.00	-	0.00	0.00	0.00	-	0.00	0.00
Total Operating Expenses	923	836	777	867	1,098	948	890	1,031	1,225	649	1,497
Selling, General & Admin Expense	172	152	170	141	121	164	182	166	189	148	174
Depreciation Expense	23	33	32	32	38	31	31	41	41	42	41
Other Operating Expenses / (Income)	728	652	574	693	940	752	677	824	994	459	1,282
Total Other Income / (Expense), net	8.78	7.71	-2.84	4.19	44	7.16	8.93	36	39	7.88	12
Interest & Investment Income	8.78	7.71	-2.84	4.19	44	7.16	8.93	36	39	7.88	12
Income Tax Expense	27	4.39	22	14	11	6.35	9.23	29	23	-17	36
Net Income / (Loss) Attributable to Noncontrolling Interest	29	-25	-44	-30	-1.89	62	15	132	205	-122	226
Basic Earnings per Share	$0.16	$0.09	($0.15)	$0.04	$0.02	$0.08	$0.03	$0.33	$0.45	($0.05)	$0.44
Weighted Average Basic Shares Outstanding	80.33M	89.11M	101.69M	103.36M	100.22M	117.41M	133.40M	150.53M	138.88M	159.64M	164.67M
Diluted Earnings per Share	$0.04	($0.11)	($0.19)	($0.08)	($0.04)	$0.00	($0.05)	$0.20	$0.30	($0.22)	$0.39
Weighted Average Diluted Shares Outstanding	317.94M	364.35M	364.77M	364.84M	364.73M	369.36M	370.14M	378.35M	374.13M	383.71M	385.47M
Weighted Average Basic & Diluted Shares Outstanding	364.68M	364.77M	364.83M	364.97M	369.47M	369.57M	377.87M	378.07M	384.17M	384.31M	384.52M

This table details how cash moves in and out of TPG's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2020	2021	2022	2023	2024	2025
Period end date	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	214	115	454	-442	143	18
Net Cash From Operating Activities	95	1,475	1,376	721	532	1,032
Net Cash From Continuing Operating Activities	95	1,483	1,376	721	532	1,032
Net Income / (Loss) Continuing Operations	1,439	4,656	-56	23	-77	600
Consolidated Net Income / (Loss)	1,439	4,656	-56	23	-77	600
Depreciation Expense	-	-	33	48	135	145
Non-Cash Adjustments To Reconcile Net Income	-653	-2,571	1,127	469	528	303
Changes in Operating Assets and Liabilities, net	-691	-602	272	181	-55	-14
Net Cash From Investing Activities	-108	-38	-3.01	-374	-44	-264
Net Cash From Continuing Investing Activities	-108	-38	-3.01	-374	-44	-264
Purchase of Property, Plant & Equipment	-8.33	-1.79	-2.45	-17	-28	-29
Acquisitions	0.00	25	0.00	-357	-16	-235
Net Cash From Financing Activities	250	-1,323	-1,238	-789	-345	-750
Net Cash From Continuing Financing Activities	226	-1,323	-919	-789	-345	-750
Repayment of Debt	-155	-51	-30	-151	-1,054	-900
Repurchase of Common Equity	-17	-323	-352	-661	0.00	0.00
Payment of Dividends	-623	-2,089	-1,398	-643	-832	-1,239
Issuance of Debt	205	200	30	651	1,389	1,339
Issuance of Common Equity	816	940	828	22	221	258
Other Financing Activities, net	0.00	0.00	2.12	-6.88	-68	-209
Cash Interest Paid	15	16	18	34	65	92
Cash Income Taxes Paid	6.79	8.55	48	51	42	30

This table details how cash moves in and out of TPG's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026
Net Change in Cash & Equivalents	-559	426	30	44	-357	14	290	-32	-254	25	93
Net Cash From Operating Activities	-512	437	215	69	-188	198	386	492	-44	177	348
Net Cash From Continuing Operating Activities	-512	437	215	69	-188	198	386	492	-44	177	348
Net Income / (Loss) Continuing Operations	42	-9.01	-58	-21	11	88	30	199	282	-123	320
Consolidated Net Income / (Loss)	42	-9.01	-58	-21	11	88	30	199	282	-123	320
Depreciation Expense	23	33	32	32	38	31	31	41	41	42	41
Non-Cash Adjustments To Reconcile Net Income	-649	316	122	18	71	34	448	-234	-183	226	-45
Changes in Operating Assets and Liabilities, net	71	96	118	40	-309	45	-123	485	-184	32	32
Net Cash From Investing Activities	-363	-25	-7.11	-11	-1.46	-6.35	-3.08	-245	-9.32	-516	-19
Net Cash From Continuing Investing Activities	-363	-25	-7.11	-11	-1.46	-6.35	-3.08	-245	-9.32	-516	-19
Purchase of Property, Plant & Equipment	-6.19	-9.66	-6.45	-11	-1.46	-6.35	-3.08	-10	-9.32	-16	-19
Net Cash From Financing Activities	316	14	-177	-15	-167	-178	-93	-278	-201	365	-234
Net Cash From Continuing Financing Activities	316	14	-177	-15	-167	-178	-93	-278	-201	365	-234
Repayment of Debt	-	-936	-0.15	-	-118	-54	-97	-624	-125	-438	-158
Payment of Dividends	-197	-211	-211	-205	-206	-261	-231	-495	-251	-357	-257
Issuance of Debt	501	1,219	-	100	70	255	224	805	55	1,058	158
Issuance of Common Equity	12	1.04	37	91	92	62	32	39	126	311	50
Other Financing Activities, net	-0.36	-58	-3.49	-0.99	-5.14	-180	-20	-2.86	-6.00	-209	-27
Cash Interest Paid	16	12	4.92	33	16	28	18	24	22	39	14
Cash Income Taxes Paid	19	5.05	15	3.46	19	6.84	18	2.25	2.91	19	9.22

This table presents TPG's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2021	2022	2023	2024	2025
Period end date	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	8,962	7,942	9,370	10,535	13,493
Total Current Assets	973	1,310	1,084	1,255	1,400
Cash & Equivalents	973	1,107	665	808	826
Accounts Receivable	-	203	419	447	574
Plant, Property, & Equipment, net	0.00	0.00	0.00	0.00	0.00
Total Noncurrent Assets	7,984	6,627	8,286	9,280	12,093
Long-Term Investments	6,109	5,330	6,724	7,503	9,212
Noncurrent Note & Lease Receivables	-	0.00	0.00	0.00	0.00
Goodwill	-	230	436	436	498
Intangible Assets	-	136	650	534	660
Noncurrent Deferred & Refundable Income Taxes	-	-	-	353	861
Other Noncurrent Operating Assets	1,875	930	476	454	863
Total Liabilities & Shareholders' Equity	8,962	7,942	9,370	10,535	13,493
Total Liabilities	1,701	4,202	6,009	6,943	9,357
Total Current Liabilities	961	98	172	212	231
Accounts Payable	134	98	172	212	231
Total Noncurrent Liabilities	739	4,103	5,837	6,731	9,126
Long-Term Debt	444	445	945	1,282	1,723
Noncurrent Employee Benefit Liabilities	0.00	3,270	4,096	4,377	5,400
Other Noncurrent Operating Liabilities	295	389	796	1,073	2,004
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	6,261	3,086	3,361	3,592	4,136
Total Preferred & Common Equity	1,607	510	579	784	1,185
Preferred Stock	0.00	0.00	0.00	0.00	0.00
Total Common Equity	1,607	510	579	784	1,185
Common Stock	1,607	507	614	971	1,477
Retained Earnings	0.00	2.72	-35	-187	-292
Accumulated Other Comprehensive Income / (Loss)	-	-	-	-	0.00
Noncontrolling Interest	4,655	2,576	2,782	2,808	2,951

This table presents TPG's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026	Q2 2026
Period end date	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026	6/30/2026
Total Assets	7,967	7,770	7,383	9,939	10,071	10,522	11,314	11,966	13,020	13,307	14,028
Total Current Assets	932	1,069	1,434	1,369	1,436	1,482	1,130	1,500	1,441	1,219	1,372
Cash & Equivalents	932	894	1,224	1,091	1,121	1,164	822	1,112	1,080	851	945
Accounts Receivable	-	176	210	278	315	318	308	388	361	368	428
Plant, Property, & Equipment, net	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Noncurrent Assets	7,031	6,697	5,949	8,571	8,635	9,040	10,184	10,467	11,578	12,088	12,656
Long-Term Investments	5,531	5,795	5,308	6,835	6,938	7,355	7,906	7,933	8,687	9,049	9,626
Noncurrent Note & Lease Receivables	-	-	-	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Goodwill	-	-	-	436	436	436	436	436	498	498	498
Intangible Assets	-	-	-	622	594	567	507	481	696	624	588
Noncurrent Deferred & Refundable Income Taxes	-	-	-	-	-	-	-	792	853	884	930
Other Noncurrent Operating Assets	1,500	902	640	678	666	682	1,335	825	844	1,033	1,014
Total Liabilities & Shareholders' Equity	7,967	7,770	7,383	9,939	10,071	10,522	11,314	11,966	13,020	13,307	14,028
Total Liabilities	4,310	4,381	4,344	6,643	6,765	7,135	7,815	8,407	9,247	9,583	10,286
Total Current Liabilities	383	186	260	278	404	439	240	339	443	259	366
Accounts Payable	150	186	260	278	404	439	240	339	443	259	366
Total Noncurrent Liabilities	3,926	4,195	4,084	6,365	6,361	6,696	7,575	8,068	8,803	9,324	9,919
Long-Term Debt	445	445	444	1,229	1,229	1,330	1,483	1,611	1,792	2,343	2,344
Noncurrent Employee Benefit Liabilities	3,225	3,389	3,245	4,144	4,172	4,319	4,436	4,507	5,043	5,015	5,631
Other Noncurrent Operating Liabilities	255	361	395	992	960	1,047	1,656	1,950	1,968	1,966	1,945
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	3,001	3,130	3,039	3,296	3,306	3,387	3,499	3,559	3,773	3,725	3,742
Total Preferred & Common Equity	509	528	535	720	714	723	823	992	1,144	1,133	1,236
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	509	528	535	720	714	723	823	992	1,144	1,133	1,236
Common Stock	523	532	543	780	833	880	1,050	1,259	1,438	1,531	1,643
Retained Earnings	-14	-3.66	-7.56	-60	-119	-157	-227	-267	-294	-398	-406
Accumulated Other Comprehensive Income / (Loss)	-	-	-	-	-	-	-	-	-	-	-0.37
Noncontrolling Interest	2,492	2,601	2,504	2,576	2,592	2,664	2,676	2,568	2,630	2,591	2,506

This table displays calculated financial ratios and metrics derived from TPG's official financial filings.

Metric	2020	2021	2022	2023	2024	2025
Period end date	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Growth Metrics	-	-	-	-	-	-
Revenue Growth	0.00%	304.10%	-59.75%	19.32%	46.45%	33.43%
EBITDA Growth	0.00%	1,441.74%	-97.44%	-25.46%	-30.43%	1,160.56%
EBIT Growth	0.00%	1,406.12%	-98.20%	-55.36%	-327.00%	835.94%
NOPAT Growth	0.00%	6,624.96%	-99.00%	-82.05%	-850.42%	1,045.68%
Net Income Growth	0.00%	223.57%	-101.21%	141.58%	-428.91%	879.54%
EPS Growth	0.00%	0.00%	0.00%	78.95%	-950.00%	207.14%
Operating Cash Flow Growth	0.00%	1,446.05%	-6.71%	-47.63%	-26.14%	94.01%
Free Cash Flow Firm Growth	0.00%	0.00%	-15.45%	-71.46%	-64.04%	320.65%
Invested Capital Growth	0.00%	0.00%	-464.86%	-36.56%	-11.49%	-21.58%
Revenue Q/Q Growth	0.00%	0.00%	-19.18%	18.85%	-29.17%	9.75%
EBITDA Q/Q Growth	0.00%	0.00%	-81.18%	-81.02%	-89.53%	67.93%
EBIT Q/Q Growth	0.00%	0.00%	-85.83%	-91.39%	-118.41%	100.08%
NOPAT Q/Q Growth	0.00%	0.00%	-91.83%	-97.98%	-117.91%	110.63%
Net Income Q/Q Growth	0.00%	0.00%	-106.87%	138.85%	-126.13%	82.65%
EPS Q/Q Growth	0.00%	0.00%	-11.76%	60.00%	-23.53%	309.09%
Operating Cash Flow Q/Q Growth	0.00%	0.00%	14.09%	-60.41%	155.62%	16.26%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	0.00%	-87.32%	-71.73%	95.34%
Invested Capital Q/Q Growth	0.00%	0.00%	-171.59%	-1.09%	9.61%	0.54%
Profitability Metrics	-	-	-	-	-	-
Gross Margin	57.55%	88.35%	100.00%	100.00%	100.00%	100.00%
EBITDA Margin	-26.08%	86.61%	5.50%	3.44%	1.63%	15.42%
Operating Margin	-7.23%	81.92%	2.90%	1.09%	-2.24%	12.33%
EBIT Margin	-26.66%	86.18%	3.86%	1.44%	-2.24%	12.33%
Profit (Net Income) Margin	116.85%	93.56%	-2.81%	0.98%	-2.20%	12.84%
Tax Burden Percent	-386.19%	100.66%	236.76%	27.95%	309.84%	89.95%
Interest Burden Percent	113.47%	107.85%	-30.76%	242.70%	31.73%	115.76%
Effective Tax Rate	0.00%	0.20%	0.00%	72.05%	0.00%	10.05%
Return on Invested Capital (ROIC)	0.00%	1,315.12%	0.00%	0.00%	0.00%	0.00%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	1,297.44%	0.00%	0.00%	0.00%	0.00%
Return on Net Nonoperating Assets (RNNOA)	0.00%	-1,186.88%	0.00%	0.00%	0.00%	0.00%
Return on Equity (ROE)	0.00%	128.24%	-1.02%	0.66%	-2.21%	15.52%
Cash Return on Invested Capital (CROIC)	0.00%	1,115.12%	0.00%	0.00%	0.00%	0.00%
Operating Return on Assets (OROA)	0.00%	47.85%	0.91%	0.40%	-0.79%	4.79%
Return on Assets (ROA)	0.00%	51.95%	-0.67%	0.27%	-0.77%	4.99%
Return on Common Equity (ROCE)	0.00%	28.37%	-0.20%	0.10%	-0.43%	3.95%
Return on Equity Simple (ROE_SIMPLE)	0.00%	289.81%	-11.03%	4.04%	-9.81%	0.00%
Net Operating Profit after Tax (NOPAT)	-62	4,069	41	7.30	-55	518
NOPAT Margin	-5.06%	81.76%	2.03%	0.31%	-1.56%	11.09%
Net Nonoperating Expense Percent (NNEP)	0.00%	17.68%	-1.53%	0.26%	-0.33%	1.06%
Return On Investment Capital (ROIC_SIMPLE)	-	-	1.15%	0.17%	-1.12%	8.84%
Cost of Revenue to Revenue	42.45%	11.65%	0.00%	0.00%	0.00%	0.00%
SG&A Expenses to Revenue	21.76%	6.00%	18.58%	20.24%	16.68%	15.04%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	64.79%	6.43%	97.10%	98.91%	102.24%	87.67%
Earnings before Interest and Taxes (EBIT)	-328	4,289	77	34	-78	576
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-321	4,310	110	82	57	720
Valuation Ratios	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.62	15.58	22.28	29.25	20.36
Price to Tangible Book Value (P/TBV)	0.00	0.62	55.40	0.00	0.00	887.68
Price to Revenue (P/Rev)	0.81	0.20	3.96	5.40	6.55	5.17
Price to Earnings (P/E)	0.00	0.00	85.89	161.12	976.65	130.76
Dividend Yield	0.00%	0.00%	4.24%	3.36%	2.63%	3.10%
Earnings Yield	0.00%	0.00%	1.16%	0.62%	0.10%	0.76%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.03	0.00	0.00	0.00	0.00
Enterprise Value to Revenue (EV/Rev)	0.00	0.00	2.58	3.87	5.35	4.02
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	46.96	112.51	327.47	26.06
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	67.03	268.13	0.00	32.60
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	127.28	1,266.24	0.00	36.24
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.01	3.76	12.83	35.17	18.18
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.01	1.77	11.10	62.49	14.90
Leverage & Solvency	-	-	-	-	-	-
Debt to Equity	0.00	0.06	0.12	0.28	0.36	0.42
Long-Term Debt to Equity	0.00	0.06	0.12	0.28	0.36	0.42
Financial Leverage	0.00	-0.91	-1.15	-1.75	-1.94	-1.99
Leverage Ratio	0.00	1.23	1.54	2.44	2.86	3.11
Compound Leverage Factor	0.00	1.33	-0.47	5.92	0.91	3.60
Debt to Total Capital	0.00%	5.77%	10.63%	21.95%	26.30%	29.40%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	0.00%	5.77%	10.63%	21.95%	26.30%	29.40%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	73.38%	77.19%	64.60%	57.61%	50.37%
Common Equity to Total Capital	0.00%	20.85%	12.18%	13.45%	16.09%	20.23%
Debt to EBITDA	0.00	0.10	4.03	11.51	22.43	2.39
Net Debt to EBITDA	0.00	-1.54	-54.38	-78.45	-123.01	-11.54
Long-Term Debt to EBITDA	0.00	0.10	4.03	11.51	22.43	2.39
Debt to NOPAT	0.00	0.11	10.93	129.49	-23.41	3.33
Net Debt to NOPAT	0.00	-1.63	-147.38	-882.96	128.35	-16.05
Long-Term Debt to NOPAT	0.00	0.11	10.93	129.49	-23.41	3.33
Altman Z-Score	0.00	2.49	1.60	1.67	2.38	2.11
Noncontrolling Interest Sharing Ratio	0.00%	77.88%	80.76%	84.67%	80.39%	74.52%
Liquidity Ratios	-	-	-	-	-	-
Current Ratio	0.00	1.01	13.35	6.31	5.92	6.07
Quick Ratio	0.00	1.01	13.35	6.31	5.92	6.07
Cash Flow Metrics	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	3,450	2,917	833	299	1,260
Operating Cash Flow to CapEx	1,145.59%	82,346.18%	56,181.22%	4,307.26%	1,891.67%	3,584.46%
Free Cash Flow to Firm to Interest Expense	0.00	202.58	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	4.84	86.60	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	4.42	86.49	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-
Asset Turnover	0.00	0.56	0.24	0.28	0.35	0.39
Accounts Receivable Turnover	0.00	0.00	0.00	7.69	8.08	9.15
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.00	0.00	0.00	0.00	0.00	0.00
Accounts Payable Turnover	0.00	4.31	0.00	0.00	0.00	0.00
Days Sales Outstanding (DSO)	0.00	0.00	0.00	47.47	45.15	39.88
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	0.00	84.59	0.00	0.00	0.00	0.00
Cash Conversion Cycle (CCC)	0.00	-84.59	0.00	47.47	45.15	39.88
Capital & Investment Metrics	-	-	-	-	-	-
Invested Capital	0.00	619	-2,258	-3,083	-3,437	-4,179
Invested Capital Turnover	0.00	16.08	-2.44	-0.90	-1.07	-1.23
Increase / (Decrease) in Invested Capital	0.00	619	-2,876	-825	-354	-742
Enterprise Value (EV)	0.00	18	5,175	9,242	18,713	18,772
Market Capitalization	1,000	1,000	7,938	12,904	22,935	24,136
Book Value per Share	$0.00	$47.39	$1.65	$1.87	$2.15	$3.13
Tangible Book Value per Share	$0.00	$47.39	$0.46	($1.64)	($0.51)	$0.07
Total Capital	0.00	7,706	4,184	4,306	4,874	5,859
Total Debt	0.00	444	445	945	1,282	1,723
Total Long-Term Debt	0.00	444	445	945	1,282	1,723
Net Debt	0.00	-6,637	-5,993	-6,444	-7,029	-8,315
Capital Expenditures (CapEx)	8.33	1.79	2.45	17	28	29
Debt-free, Cash-free Net Working Capital (DFCFNWC)	0.00	-961	104	247	235	343
Debt-free Net Working Capital (DFNWC)	0.00	11	1,212	912	1,043	1,169
Net Working Capital (NWC)	0.00	11	1,212	912	1,043	1,169
Net Nonoperating Expense (NNE)	-1,501	-587	97	-16	22	-82
Net Nonoperating Obligations (NNO)	0.00	-6,643	-5,997	-6,444	-7,029	-8,315
Total Depreciation and Amortization (D&A)	7.14	21	33	48	135	145
Debt-free, Cash-free Net Working Capital to Revenue	0.00%	-19.32%	5.22%	10.34%	6.72%	7.35%
Debt-free Net Working Capital to Revenue	0.00%	0.23%	60.51%	38.18%	29.80%	25.03%
Net Working Capital to Revenue	0.00%	0.23%	60.51%	38.18%	29.80%	25.03%
Earnings Adjustments	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.00	$1.10	$0.89	$0.00	$0.89
Adjusted Weighted Average Basic Shares Outstanding	0.00	0.00	79.26M	80.33M	100.22M	138.88M
Adjusted Diluted Earnings per Share	$0.00	$0.00	($0.19)	($0.04)	($0.42)	$0.45
Adjusted Weighted Average Diluted Shares Outstanding	0.00	0.00	308.91M	317.94M	364.73M	374.13M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	0.00	309.15M	364.68M	369.47M	384.17M
Normalized Net Operating Profit after Tax (NOPAT)	-62	4,069	41	18	-55	518
Normalized NOPAT Margin	-5.06%	81.76%	2.03%	0.76%	-1.56%	11.09%
Pre Tax Income Margin	-30.26%	92.95%	-1.19%	3.50%	-0.71%	14.27%
Debt Service Ratios	-	-	-	-	-	-
EBIT to Interest Expense	-16.66	251.82	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	-3.16	238.91	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	-17.08	251.71	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	-3.59	238.81	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-
Dividend Payout Ratio	43.28%	44.86%	-2,485.45%	2,750.58%	-1,082.35%	206.58%
Augmented Payout Ratio	44.44%	51.81%	-3,111.42%	5,577.19%	-1,082.35%	206.58%

This table displays calculated financial ratios and metrics derived from TPG's official financial filings.

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	384,173,493.00	384,312,344.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	384,173,493.00	384,312,344.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	0.00	0.24
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	62.76%	28.13%	23.36%	433.44%	9.49%	25.58%	23.70%	43.03%	38.54%	-51.68%	100.04%
EBITDA Growth	-81.07%	-37.86%	-100.54%	124.16%	-80.78%	473.66%	22,522.71%	1,028.40%	1,808.79%	-190.25%	529.64%
EBIT Growth	-86.10%	-149.32%	-176.40%	87.42%	-136.15%	805.95%	193.98%	1,738.34%	1,319.26%	-270.77%	1,031.64%
NOPAT Growth	-91.30%	-150.18%	-178.08%	87.76%	-129.03%	1,040.52%	202.77%	2,143.94%	2,393.10%	-228.18%	1,227.46%
Net Income Growth	203.01%	-125.25%	-243.91%	77.38%	-73.84%	1,075.22%	152.30%	1,029.90%	2,445.66%	-240.36%	961.65%
EPS Growth	300.00%	-1,000.00%	-1,050.00%	11.11%	-200.00%	100.00%	73.68%	350.00%	850.00%	0.00%	880.00%
Operating Cash Flow Growth	-187.19%	1,119.87%	-57.47%	-90.04%	63.27%	-54.62%	79.83%	613.81%	76.76%	-10.92%	-9.90%
Free Cash Flow Firm Growth	-73.88%	283.04%	-7.73%	-87.86%	-60.18%	-58.45%	-41.72%	-23.92%	187.72%	-103.97%	145.54%
Invested Capital Growth	-36.56%	-43.87%	-23.25%	-24.70%	-11.49%	-10.18%	-9.96%	-10.49%	-21.58%	-2.32%	-15.74%
Revenue Q/Q Growth	513.10%	-67.27%	-9.69%	14.94%	25.84%	-3.86%	-11.05%	32.91%	21.88%	-66.47%	268.28%
EBITDA Q/Q Growth	197.99%	-94.42%	-101.32%	7,671.06%	-22.06%	634.93%	-48.30%	281.01%	31.85%	-134.75%	460.72%
EBIT Q/Q Growth	164.76%	-103.56%	-162.47%	63.74%	-86.11%	498.57%	-65.06%	532.09%	38.50%	-155.83%	331.55%
NOPAT Q/Q Growth	155.19%	-103.22%	-162.47%	63.74%	-30.93%	854.79%	-71.32%	621.14%	46.89%	-142.19%	397.02%
Net Income Q/Q Growth	144.78%	-102.36%	-539.33%	62.79%	151.78%	691.67%	-65.72%	561.65%	41.75%	-143.65%	359.31%
EPS Q/Q Growth	144.44%	-375.00%	-72.73%	57.89%	50.00%	100.00%	0.00%	500.00%	50.00%	-173.33%	277.27%
Operating Cash Flow Q/Q Growth	-173.97%	185.29%	-50.87%	-67.88%	-372.84%	205.38%	94.70%	27.52%	-108.88%	503.97%	96.93%
Free Cash Flow Firm Q/Q Growth	-85.95%	-5.96%	-37.55%	16.02%	-53.90%	24.39%	-12.41%	51.45%	74.36%	-101.72%	5,521.71%
Invested Capital Q/Q Growth	-1.09%	-10.28%	-3.64%	-7.92%	9.61%	-8.98%	-3.43%	-8.44%	0.54%	8.28%	-17.00%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
EBITDA Margin	8.53%	2.50%	-0.04%	2.42%	1.50%	11.44%	6.65%	19.06%	20.62%	-21.37%	20.93%
Operating Margin	6.14%	-1.50%	-4.35%	-1.37%	-2.03%	8.41%	3.30%	15.71%	17.85%	-29.72%	18.69%
EBIT Margin	6.14%	-1.50%	-4.35%	-1.37%	-2.03%	8.41%	3.30%	15.71%	17.85%	-29.72%	18.69%
Profit (Net Income) Margin	4.31%	-1.09%	-7.74%	-2.50%	1.03%	8.49%	3.27%	16.28%	18.94%	-24.65%	17.36%
Tax Burden Percent	61.32%	194.94%	163.63%	284.00%	49.25%	93.26%	76.55%	87.33%	92.62%	87.60%	89.79%
Interest Burden Percent	114.54%	37.48%	108.77%	64.31%	-103.19%	108.23%	129.37%	118.70%	114.55%	94.70%	103.47%
Effective Tax Rate	38.68%	0.00%	0.00%	0.00%	50.75%	6.74%	23.45%	12.67%	7.38%	0.00%	10.21%
Return on Invested Capital (ROIC)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Net Nonoperating Assets (RNNOA)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Equity (ROE)	0.66%	9.16%	6.60%	9.16%	-2.21%	0.59%	3.13%	9.17%	15.52%	10.76%	18.57%
Cash Return on Invested Capital (CROIC)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Return on Assets (OROA)	1.70%	-0.69%	-2.07%	-0.76%	-0.71%	2.94%	1.17%	5.68%	6.94%	-9.98%	7.27%
Return on Assets (ROA)	1.19%	-0.50%	-3.68%	-1.38%	0.36%	2.96%	1.15%	5.89%	7.36%	-8.28%	6.75%
Return on Common Equity (ROCE)	0.10%	1.62%	1.23%	1.79%	-0.43%	0.13%	0.78%	2.39%	3.95%	2.91%	5.67%
Return on Equity Simple (ROE_SIMPLE)	0.00%	44.23%	30.95%	40.70%	0.00%	2.42%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	37	-8.63	-23	-8.21	-11	81	23	168	247	-104	309
NOPAT Margin	3.77%	-1.05%	-3.04%	-0.96%	-1.00%	7.84%	2.53%	13.72%	16.53%	-20.80%	16.78%
Net Nonoperating Expense Percent (NNEP)	0.09%	-0.01%	-0.53%	-0.20%	0.32%	0.10%	0.10%	0.41%	0.47%	-0.26%	0.14%
Return On Investment Capital (ROIC_SIMPLE)	0.86%	-	-	-	-0.22%	1.63%	0.45%	3.02%	4.21%	-1.71%	5.08%
Cost of Revenue to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SG&A Expenses to Revenue	17.45%	18.40%	22.87%	16.51%	11.21%	15.88%	19.81%	13.58%	12.70%	29.59%	9.47%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	93.86%	101.50%	104.35%	101.37%	102.03%	91.59%	96.70%	84.29%	82.15%	129.72%	81.31%
Earnings before Interest and Taxes (EBIT)	60	-12	-32	-12	-22	87	30	192	266	-149	344
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	84	21	-0.27	21	16	118	61	233	308	-107	385
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	22.28	18.85	20.99	29.04	29.25	21.29	19.54	18.98	20.36	13.73	12.61
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	259.96	0.00	887.68	1,355.77	103.71
Price to Revenue (P/Rev)	5.40	3.31	3.53	4.25	6.55	4.72	4.99	5.10	5.17	3.76	3.08
Price to Earnings (P/E)	161.12	192.42	510.19	886.95	976.65	525.35	311.26	180.22	130.76	98.66	65.97
Dividend Yield	3.36%	3.05%	3.77%	3.04%	2.63%	3.67%	3.32%	3.32%	3.10%	5.09%	5.52%
Earnings Yield	0.62%	0.52%	0.20%	0.11%	0.10%	0.19%	0.32%	0.55%	0.76%	1.01%	1.52%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Revenue (EV/Rev)	3.87	2.30	2.53	3.33	5.35	3.49	3.73	3.85	4.02	2.56	1.95
Enterprise Value to EBITDA (EV/EBITDA)	112.51	19.27	24.45	30.17	327.47	83.63	67.09	38.15	26.06	21.40	12.04
Enterprise Value to EBIT (EV/EBIT)	268.13	22.61	31.30	38.75	0.00	613.95	173.11	56.86	32.60	31.15	15.08
Enterprise Value to NOPAT (EV/NOPAT)	1,266.24	30.37	47.15	53.86	0.00	2,280.00	238.90	66.54	36.24	34.61	16.65
Enterprise Value to Operating Cash Flow (EV/OCF)	12.83	8.43	12.93	79.13	35.17	44.12	31.23	18.43	18.18	10.48	10.14
Enterprise Value to Free Cash Flow (EV/FCFF)	11.10	7.01	12.04	15.55	62.49	36.83	35.26	25.38	14.90	26.95	8.20
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.28	0.37	0.37	0.39	0.36	0.42	0.45	0.47	0.42	0.63	0.63
Long-Term Debt to Equity	0.28	0.37	0.37	0.39	0.36	0.42	0.45	0.47	0.42	0.63	0.63
Financial Leverage	-1.75	-1.83	-1.95	-2.07	-1.94	-2.05	-2.08	-2.12	-1.99	-2.05	-2.14
Leverage Ratio	2.44	2.58	2.66	2.79	2.86	3.13	3.21	3.29	3.11	3.41	3.56
Compound Leverage Factor	2.79	0.97	2.90	1.79	-2.95	3.39	4.15	3.90	3.56	3.23	3.68
Debt to Total Capital	21.95%	27.16%	27.11%	28.19%	26.30%	29.77%	31.15%	32.20%	29.40%	38.61%	38.51%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	21.95%	27.16%	27.11%	28.19%	26.30%	29.77%	31.15%	32.20%	29.40%	38.61%	38.51%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	64.60%	56.92%	57.15%	56.48%	57.61%	53.71%	49.66%	47.25%	50.37%	42.71%	41.18%
Common Equity to Total Capital	13.45%	15.92%	15.75%	15.33%	16.09%	16.52%	19.19%	20.55%	20.23%	18.68%	20.31%
Debt to EBITDA	11.51	2.51	2.80	2.44	22.43	9.58	7.44	4.18	2.39	4.73	2.86
Net Debt to EBITDA	-78.45	-13.65	-15.53	-13.17	-123.01	-46.77	-34.36	-18.59	-11.54	-15.27	-10.04
Long-Term Debt to EBITDA	11.51	2.51	2.80	2.44	22.43	9.58	7.44	4.18	2.39	4.73	2.86
Debt to NOPAT	129.49	3.95	5.39	4.35	-23.41	261.05	26.50	7.29	3.33	7.65	3.96
Net Debt to NOPAT	-882.96	-21.51	-29.95	-23.51	128.35	-1,275.05	-122.34	-32.43	-16.05	-24.69	-13.89
Long-Term Debt to NOPAT	129.49	3.95	5.39	4.35	-23.41	261.05	26.50	7.29	3.33	7.65	3.96
Altman Z-Score	1.68	1.76	1.85	2.33	2.40	1.77	1.80	1.84	2.03	1.29	1.40
Noncontrolling Interest Sharing Ratio	84.67%	82.32%	81.44%	80.42%	80.39%	77.29%	75.15%	73.93%	74.52%	72.92%	69.49%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	6.31	4.93	3.56	3.38	5.92	4.71	4.43	3.25	6.07	4.72	3.75
Quick Ratio	6.31	4.93	3.56	3.38	5.92	4.71	4.43	3.25	6.07	4.72	3.75
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	862	1,028	642	745	343	427	374	567	988	-17	919
Operating Cash Flow to CapEx	-8,273.39%	4,518.97%	3,326.23%	653.20%	-12,855.37%	3,122.55%	12,511.90%	4,896.44%	-468.82%	1,085.45%	1,787.03%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.28	0.46	0.48	0.55	0.35	0.35	0.35	0.36	0.39	0.34	0.39
Accounts Receivable Turnover	7.69	0.00	17.31	18.73	8.08	12.66	11.06	12.54	9.15	12.24	12.40
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Accounts Payable Turnover	0.00	2.56	1.86	1.57	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Sales Outstanding (DSO)	47.47	0.00	21.09	19.49	45.15	28.83	32.99	29.11	39.88	29.82	29.43
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	0.00	142.55	196.61	233.05	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Cash Conversion Cycle (CCC)	47.47	-142.55	-175.52	-213.56	45.15	28.83	32.99	29.11	39.88	29.82	29.43
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	-3,083	-3,400	-3,524	-3,803	-3,437	-3,746	-3,875	-4,202	-4,179	-3,833	-4,485
Invested Capital Turnover	-0.90	-1.42	-1.33	-1.44	-1.07	-1.04	-1.05	-1.06	-1.23	-1.09	-1.21
Increase / (Decrease) in Invested Capital	-825	-1,037	-665	-753	-354	-346	-351	-399	-742	-87	-610
Enterprise Value (EV)	9,242	9,456	10,752	16,473	18,713	12,955	14,517	16,363	18,772	10,596	9,863
Market Capitalization	12,904	13,576	14,990	20,999	22,935	17,524	19,384	21,709	24,136	15,563	15,584
Book Value per Share	$1.87	$8.08	$1.96	$1.98	$2.15	$2.23	$2.68	$3.03	$3.13	$2.95	$3.22
Tangible Book Value per Share	($1.64)	($3.79)	($0.87)	($0.77)	($0.51)	($0.33)	$0.20	($0.13)	$0.07	$0.03	$0.39
Total Capital	4,306	4,526	4,536	4,717	4,874	4,982	5,170	5,565	5,859	6,068	6,086
Total Debt	945	1,229	1,229	1,330	1,282	1,483	1,611	1,792	1,723	2,343	2,344
Total Long-Term Debt	945	1,229	1,229	1,330	1,282	1,483	1,611	1,792	1,723	2,343	2,344
Net Debt	-6,444	-6,696	-6,830	-7,190	-7,029	-7,245	-7,434	-7,975	-8,315	-7,558	-8,227
Capital Expenditures (CapEx)	6.19	9.66	6.45	11	1.46	6.35	3.08	10	9.32	16	19
Debt-free, Cash-free Net Working Capital (DFCFNWC)	247	0.31	-89	-121	235	68	49	-82	343	109	61
Debt-free Net Working Capital (DFNWC)	912	1,091	1,032	1,043	1,043	890	1,161	998	1,169	961	1,006
Net Working Capital (NWC)	912	1,091	1,032	1,043	1,043	890	1,161	998	1,169	961	1,006
Net Nonoperating Expense (NNE)	-5.38	0.38	35	13	-22	-6.68	-6.84	-31	-36	19	-11
Net Nonoperating Obligations (NNO)	-6,444	-6,696	-6,830	-7,190	-7,029	-7,245	-7,434	-7,975	-8,315	-7,558	-8,227
Total Depreciation and Amortization (D&A)	23	33	32	32	38	31	31	41	41	42	41
Debt-free, Cash-free Net Working Capital to Revenue	10.34%	0.01%	-2.09%	-2.46%	6.72%	1.83%	1.26%	-1.93%	7.35%	2.64%	1.21%
Debt-free Net Working Capital to Revenue	38.18%	26.57%	24.31%	21.11%	29.80%	23.98%	29.87%	23.46%	25.03%	23.23%	19.90%
Net Working Capital to Revenue	38.18%	26.57%	24.31%	21.11%	29.80%	23.98%	29.87%	23.46%	25.03%	23.23%	19.90%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.16	$0.09	($0.15)	$0.04	$0.02	$0.08	$0.03	$0.33	$0.45	($0.05)	$0.44
Adjusted Weighted Average Basic Shares Outstanding	80.33M	89.11M	101.69M	103.36M	100.22M	117.41M	133.40M	150.53M	138.88M	159.64M	164.67M
Adjusted Diluted Earnings per Share	$0.04	($0.11)	($0.19)	($0.08)	($0.04)	$0.00	($0.05)	$0.20	$0.30	($0.22)	$0.39
Adjusted Weighted Average Diluted Shares Outstanding	317.94M	364.35M	364.77M	364.84M	364.73M	369.36M	370.14M	378.35M	374.13M	383.71M	385.47M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	364.68M	364.77M	364.83M	364.97M	369.47M	369.57M	377.87M	378.07M	384.17M	384.31M	384.52M
Normalized Net Operating Profit after Tax (NOPAT)	37	-8.63	-23	-8.21	-15	81	23	168	247	-104	309
Normalized NOPAT Margin	3.77%	-1.05%	-3.04%	-0.96%	-1.42%	7.84%	2.53%	13.72%	16.53%	-20.80%	16.78%
Pre Tax Income Margin	7.04%	-0.56%	-4.73%	-0.88%	2.09%	9.10%	4.27%	18.65%	20.45%	-28.14%	19.33%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	2,750.58%	203.16%	323.14%	279.68%	-1,082.35%	4,428.68%	838.90%	363.53%	206.58%	343.55%	200.60%
Augmented Payout Ratio	5,577.19%	203.16%	441.21%	279.68%	-1,082.35%	4,428.68%	838.90%	363.53%	206.58%	343.55%	200.60%

Financials Breakdown Chart

Key Financial Trends

TPG Inc. (NASDAQ:TPG) delivered a sharp rebound in the second quarter of 2026, although its results remain volatile. Revenue increased to $1.84 billion from $500.0 million in Q1 2026 and $920.5 million in Q2 2025. Operating income improved from a $148.6 million loss in Q1 to $344.1 million, while consolidated net income reached $319.7 million. However, $226.2 million of consolidated earnings was attributable to noncontrolling interests, leaving only $93.4 million available to common shareholders, or $0.44 per basic share.

The broader trend shows substantial expansion from 2023 and 2024 levels, but earnings have been inconsistent. Quarterly revenue rose from $603.3 million in Q2 2023 and $744.2 million in Q2 2024 to $1.84 billion in Q2 2026. Net income swung from losses in Q2 and Q3 2024 and Q1 2026 to profits in Q3 and Q4 2025 and Q2 2026. Investors should also note that several historical figures are marked as restated, and the reported share counts and noncontrolling-interest allocations can make per-share comparisons difficult.

Cash generation improved meaningfully in the latest quarter. Operating cash flow was $347.7 million in Q2 2026, up from $176.5 million in Q1 and negative $43.7 million in Q4 2025. After $19.5 million of capital expenditures, the company produced approximately $328.2 million of operating cash flow before financing. Even so, dividends and financing activity remain significant uses of cash, and the balance sheet has become more leveraged as TPG has expanded its investment base.

Strong latest-quarter earnings rebound: Q2 2026 operating income was $344.1 million versus a $148.6 million operating loss in Q1 2026.
Long-term revenue growth: Quarterly revenue increased from $603.3 million in Q2 2023 to $1.84 billion in Q2 2026, despite considerable quarter-to-quarter volatility.
Improved operating cash flow: Cash flow from operations rose to $347.7 million in Q2 2026 from $176.5 million in Q1 and negative $43.7 million in Q4 2025.
Large investment platform: Long-term investments increased to $9.63 billion at June 30, 2026, up from $5.80 billion in Q2 2023, supporting potential future fee and investment income.
Solid near-term liquidity: TPG held $944.7 million in cash and equivalents against $366.4 million of current liabilities, implying a current ratio of roughly 3.7.
Cash balance has fluctuated: Cash rose from $822.0 million in Q1 2025 to $1.11 billion in Q2 2025, fell to $851.4 million in Q1 2026, and recovered to $944.7 million in Q2 2026.
Capital allocation is active: TPG continues to pay substantial dividends while also issuing debt and equity, suggesting a mix of shareholder returns and funding for growth.
Heavy reliance on noncontrolling interests: In Q2 2026, noncontrolling interests received $226.2 million of the $319.7 million consolidated net income, leaving less than one-third for common shareholders.
Leverage has increased: Long-term debt rose to $2.34 billion at June 30, 2026 from $1.23 billion in Q2 2024, while total liabilities increased to $10.29 billion from $6.77 billion over the same period.
Dividend coverage can be uneven: TPG paid $256.6 million of dividends in Q2 2026, compared with $347.7 million of operating cash flow, and dividends exceeded operating cash flow in several weaker quarters.

09/06/26 04:18 PM ETAI Generated. May Contain Errors.

TPG Financials - Frequently Asked Questions

According to the most recent income statement we have on file, TPG's financial year ends in December. Their financial year 2025 ended on December 31, 2025.

TPG's net income appears to be on a downward trend, with a most recent value of $599.59 million in 2025, falling from $1.44 billion in 2020. The previous period was -$76.92 million in 2024. View TPG's forecast to see where analysts expect TPG to go next.

TPG's total operating income in 2025 was $575.81 million, based on the following breakdown:

Total Gross Profit: $4.67 billion
Total Operating Expenses: $4.09 billion

Over the last 5 years, TPG's total revenue changed from $1.23 billion in 2020 to $4.67 billion in 2025, a change of 279.2%.

TPG's total liabilities were at $9.36 billion at the end of 2025, a 34.8% increase from 2024, and a 450.2% increase since 2021.

In the past 4 years, TPG's cash and equivalents has ranged from $665.19 million in 2023 to $1.11 billion in 2022, and is currently $826.11 million as of their latest financial filing in 2025.

Over the last 5 years, TPG's book value per share changed from 0.00 in 2020 to 3.13 in 2025, a change of 313.5%.

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Financial statements for NASDAQ:TPG last updated on 8/4/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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TPG (TPG) Financials

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TPG (TPG) Financials

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Quarterly Metrics And Ratios for TPG

Financials Breakdown Chart

Key Financial Trends

TPG Financials - Frequently Asked Questions

When does TPG's fiscal year end?

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What is TPG's operating income?

How has TPG's revenue changed over the last 5 years?

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How has TPG's book value per share changed over the last 5 years?

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