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TPG Operating Group II, L.P. 6.950% Fixed-Rate Junior Subordinated Notes due 2064 (TPGXL) Financials

TPG Operating Group II, L.P. 6.950% Fixed-Rate Junior Subordinated Notes due 2064 logo
$24.90 -0.14 (-0.56%)
Closing price 03:59 PM Eastern
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$24.88 -0.02 (-0.08%)
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Annual Income Statements for TPG Operating Group II, L.P. 6.950% Fixed-Rate Junior Subordinated Notes due 2064

Annual Income Statements for TPG Operating Group II, L.P. 6.950% Fixed-Rate Junior Subordinated Notes due 2064

This table shows TPG Operating Group II, L.P. 6.950% Fixed-Rate Junior Subordinated Notes due 2064'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

Quarterly Income Statements for TPG Operating Group II, L.P. 6.950% Fixed-Rate Junior Subordinated Notes due 2064

This table shows TPG Operating Group II, L.P. 6.950% Fixed-Rate Junior Subordinated Notes due 2064's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 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
Net Income / (Loss) Attributable to Common Shareholders		 15 13 16 -14 8.96 13 25 15 67 77 -1.45
Consolidated Net Income / (Loss)		 -95 42 -9.01 -58 -21 11 88 30 199 282 -123
Net Income / (Loss) Continuing Operations		 -95 42 -9.01 -58 -21 11 88 30 199 282 -123
Total Pre-Tax Income 		-86 69 -4.62 -35 -7.54 23 94 39 228 305 -141
Total Operating Income		 -96 60 -12 -32 -12 -22 87 30 192 266 -149
Total Gross Profit		 160 983 824 744 855 1,076 1,035 921 1,224 1,491 500
Total Revenue		 160 983 824 744 855 1,076 1,035 921 1,224 1,491 500
Operating Revenue		 160 983 824 744 855 1,076 1,035 921 1,224 1,491 500
Total Cost of Revenue		 0.00 - 0.00 0.00 0.00 - 0.00 0.00 0.00 - 0.00
Total Operating Expenses		 256 923 836 777 867 1,098 948 890 1,031 1,225 649
Selling, General & Admin Expense		 102 172 152 170 141 121 164 182 166 189 148
Depreciation Expense		 7.70 23 33 32 32 38 31 31 41 41 42
Other Operating Expenses / (Income)		 147 728 652 574 693 940 752 677 824 994 459
Total Other Income / (Expense), net		 9.39 8.78 7.71 -2.84 4.19 44 7.16 8.93 36 39 7.88
Interest & Investment Income		 6.79 8.78 7.71 -2.84 4.19 44 7.16 8.93 36 39 7.88
Income Tax Expense		 8.24 27 4.39 22 14 11 6.35 9.23 29 23 -17
Net Income / (Loss) Attributable to Noncontrolling Interest		 -109 29 -25 -44 -30 -1.89 62 15 132 205 -122
Basic Earnings per Share		 $0.14 $0.16 $0.09 ($0.15) $0.04 $0.02 $0.08 $0.03 $0.33 $0.45 ($0.05)
Weighted Average Basic Shares Outstanding		 80.62M 80.33M 89.11M 101.69M 103.36M 100.22M 117.41M 133.40M 150.53M 138.88M 159.64M
Diluted Earnings per Share		 ($0.09) $0.04 ($0.11) ($0.19) ($0.08) ($0.04) $0.00 ($0.05) $0.20 $0.30 ($0.22)
Weighted Average Diluted Shares Outstanding		 309.27M 317.94M 364.35M 364.77M 364.84M 364.73M 369.36M 370.14M 378.35M 374.13M 383.71M
Weighted Average Basic & Diluted Shares Outstanding		 309.25M 364.68M 364.77M 364.83M 364.97M 369.47M 369.57M 377.87M 378.07M 384.17M 384.31M

Annual Cash Flow Statements for TPG Operating Group II, L.P. 6.950% Fixed-Rate Junior Subordinated Notes due 2064

This table details how cash moves in and out of TPG Operating Group II, L.P. 6.950% Fixed-Rate Junior Subordinated Notes due 2064'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

Quarterly Cash Flow Statements for TPG Operating Group II, L.P. 6.950% Fixed-Rate Junior Subordinated Notes due 2064

This table details how cash moves in and out of TPG Operating Group II, L.P. 6.950% Fixed-Rate Junior Subordinated Notes due 2064's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 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
Net Change in Cash & Equivalents		 331 -559 426 30 44 -357 14 290 -32 -254 25
Net Cash From Operating Activities		 692 -512 437 215 69 -188 198 386 492 -44 177
Net Cash From Continuing Operating Activities		 692 -512 437 215 69 -188 198 386 492 -44 177
Net Income / (Loss) Continuing Operations		 -95 42 -9.01 -58 -21 11 88 30 199 282 -123
Consolidated Net Income / (Loss)		 -95 42 -9.01 -58 -21 11 88 30 199 282 -123
Depreciation Expense		 7.70 23 33 32 32 38 31 31 41 41 42
Non-Cash Adjustments To Reconcile Net Income		 1,111 -649 316 122 18 71 34 448 -234 -183 226
Changes in Operating Assets and Liabilities, net		 -332 71 96 118 40 -309 45 -123 485 -184 32
Net Cash From Investing Activities		 -5.59 -363 -25 -7.11 -11 -1.46 -6.35 -3.08 -245 -9.32 -516
Net Cash From Continuing Investing Activities		 -5.59 -363 -25 -7.11 -11 -1.46 -6.35 -3.08 -245 -9.32 -516
Purchase of Property, Plant & Equipment		 -5.59 -6.19 -9.66 -6.45 -11 -1.46 -6.35 -3.08 -10 -9.32 -16
Other Investing Activities, net		 - - - - - - 0.00 - - - -500
Net Cash From Financing Activities		 -356 316 14 -177 -15 -167 -178 -93 -278 -201 365
Net Cash From Continuing Financing Activities		 -356 316 14 -177 -15 -167 -178 -93 -278 -201 365
Repayment of Debt		 - - -936 -0.15 - -118 -54 -97 -624 -125 -438
Payment of Dividends		 -96 -197 -211 -211 -205 -206 -261 -231 -495 -251 -357
Issuance of Debt		 - 501 1,219 - 100 70 255 224 805 55 1,058
Issuance of Common Equity		 1.31 12 1.04 37 91 92 62 32 39 126 311
Other Financing Activities, net		 -0.03 -0.36 -58 -3.49 -0.99 -5.14 -180 -20 -2.86 -6.00 -209
Cash Interest Paid		 3.54 16 12 4.92 33 16 28 18 24 22 39
Cash Income Taxes Paid		 9.78 19 5.05 15 3.46 19 6.84 18 2.25 2.91 19

Annual Balance Sheets for TPG Operating Group II, L.P. 6.950% Fixed-Rate Junior Subordinated Notes due 2064

This table presents TPG Operating Group II, L.P. 6.950% Fixed-Rate Junior Subordinated Notes due 2064'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
Noncontrolling Interest		 4,655 2,576 2,782 2,808 2,951

Quarterly Balance Sheets for TPG Operating Group II, L.P. 6.950% Fixed-Rate Junior Subordinated Notes due 2064

This table presents TPG Operating Group II, L.P. 6.950% Fixed-Rate Junior Subordinated Notes due 2064's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q3 2022 Q1 2023 Q2 2023 Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026
Period end date 9/30/2022 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
Total Assets		 8,597 7,967 7,770 7,383 9,939 10,071 10,522 11,314 11,966 13,020 13,307
Total Current Assets		 1,053 932 1,069 1,434 1,369 1,436 1,482 1,130 1,500 1,441 1,219
Cash & Equivalents		 1,053 932 894 1,224 1,091 1,121 1,164 822 1,112 1,080 851
Accounts Receivable		 - - 176 210 278 315 318 308 388 361 368
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		 7,538 7,031 6,697 5,949 8,571 8,635 9,040 10,184 10,467 11,578 12,088
Long-Term Investments		 - 5,531 5,795 5,308 6,835 6,938 7,355 7,906 7,933 8,687 9,049
Noncurrent Note & Lease Receivables		 - - - - 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Goodwill		 - - - - 436 436 436 436 436 498 498
Intangible Assets		 - - - - 622 594 567 507 481 696 624
Noncurrent Deferred & Refundable Income Taxes		 - - - - - - - - 792 853 884
Other Noncurrent Operating Assets		 7,538 1,500 902 640 678 666 682 1,335 825 844 1,033
Total Liabilities & Shareholders' Equity		 8,597 7,967 7,770 7,383 9,939 10,071 10,522 11,314 11,966 13,020 13,307
Total Liabilities		 4,829 4,310 4,381 4,344 6,643 6,765 7,135 7,815 8,407 9,247 9,583
Total Current Liabilities		 404 383 186 260 278 404 439 240 339 443 259
Accounts Payable		 225 150 186 260 278 404 439 240 339 443 259
Total Noncurrent Liabilities		 4,425 3,926 4,195 4,084 6,365 6,361 6,696 7,575 8,068 8,803 9,324
Long-Term Debt		 444 445 445 444 1,229 1,229 1,330 1,483 1,611 1,792 2,343
Noncurrent Employee Benefit Liabilities		 3,369 3,225 3,389 3,245 4,144 4,172 4,319 4,436 4,507 5,043 5,015
Other Noncurrent Operating Liabilities		 612 255 361 395 992 960 1,047 1,656 1,950 1,968 1,966
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		 3,117 3,001 3,130 3,039 3,296 3,306 3,387 3,499 3,559 3,773 3,725
Total Preferred & Common Equity		 499 509 528 535 720 714 723 823 992 1,144 1,133
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		 499 509 528 535 720 714 723 823 992 1,144 1,133
Common Stock		 499 523 532 543 780 833 880 1,050 1,259 1,438 1,531
Retained Earnings		 0.46 -14 -3.66 -7.56 -60 -119 -157 -227 -267 -294 -398
Noncontrolling Interest		 2,617 2,492 2,601 2,504 2,576 2,592 2,664 2,676 2,568 2,630 2,591

Annual Metrics And Ratios for TPG Operating Group II, L.P. 6.950% Fixed-Rate Junior Subordinated Notes due 2064

This table displays calculated financial ratios and metrics derived from TPG Operating Group II, L.P. 6.950% Fixed-Rate Junior Subordinated Notes due 2064'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%

Quarterly Metrics And Ratios for TPG Operating Group II, L.P. 6.950% Fixed-Rate Junior Subordinated Notes due 2064

This table displays calculated financial ratios and metrics derived from TPG Operating Group II, L.P. 6.950% Fixed-Rate Junior Subordinated Notes due 2064's official financial filings.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 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
DEI Shares Outstanding		 - - - - - - - - - - 384,173,493.00
DEI Adjusted Shares Outstanding		 - - - - - - - - - - 384,173,493.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - - - 0.00
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 -71.42% 62.76% 28.13% 23.36% 433.44% 9.49% 25.58% 23.70% 43.03% 38.54% -51.68%
EBITDA Growth		 -261.05% -81.07% -37.86% -100.54% 124.16% -80.78% 473.66% 22,522.71% 1,028.40% 1,808.79% -190.25%
EBIT Growth		 -303.83% -86.10% -149.32% -176.40% 87.42% -136.15% 805.95% 193.98% 1,738.34% 1,319.26% -270.77%
NOPAT Growth		 -259.25% -91.30% -150.18% -178.08% 87.76% -129.03% 1,040.52% 202.77% 2,143.94% 2,393.10% -228.18%
Net Income Growth		 -278.01% 203.01% -125.25% -243.91% 77.38% -73.84% 1,075.22% 152.30% 1,029.90% 2,445.66% -240.36%
EPS Growth		 -200.00% 300.00% -1,000.00% -1,050.00% 11.11% -200.00% 100.00% 73.68% 350.00% 850.00% 0.00%
Operating Cash Flow Growth		 721.55% -187.19% 1,119.87% -57.47% -90.04% 63.27% -54.62% 79.83% 613.81% 76.76% -10.92%
Free Cash Flow Firm Growth		 297.22% -73.88% 283.04% -7.73% -87.86% -60.18% -58.45% -41.72% -23.92% 187.72% -103.97%
Invested Capital Growth		 -196.71% -36.56% -43.87% -23.25% -24.70% -11.49% -10.18% -9.96% -10.49% -21.58% -2.32%
Revenue Q/Q Growth		 -73.42% 513.10% -67.27% -9.69% 14.94% 25.84% -3.86% -11.05% 32.91% 21.88% -66.47%
EBITDA Q/Q Growth		 -268.92% 197.99% -94.42% -101.32% 7,671.06% -22.06% 634.93% -48.30% 281.01% 31.85% -134.75%
EBIT Q/Q Growth		 -320.23% 164.76% -103.56% -162.47% 63.74% -86.11% 498.57% -65.06% 532.09% 38.50% -155.83%
NOPAT Q/Q Growth		 -331.35% 155.19% -103.22% -162.47% 63.74% -30.93% 854.79% -71.32% 621.14% 46.89% -142.19%
Net Income Q/Q Growth		 -336.71% 144.78% -102.36% -539.33% 62.79% 151.78% 691.67% -65.72% 561.65% 41.75% -143.65%
EPS Q/Q Growth		 -550.00% 144.44% -375.00% -72.73% 57.89% 50.00% 100.00% 0.00% 500.00% 50.00% -173.33%
Operating Cash Flow Q/Q Growth		 37.22% -173.97% 185.29% -50.87% -67.88% -372.84% 205.38% 94.70% 27.52% -108.88% 503.97%
Free Cash Flow Firm Q/Q Growth		 781.74% -85.95% -5.96% -37.55% 16.02% -53.90% 24.39% -12.41% 51.45% 74.36% -101.72%
Invested Capital Q/Q Growth		 -6.67% -1.09% -10.28% -3.64% -7.92% 9.61% -8.98% -3.43% -8.44% 0.54% 8.28%
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		 -53.36% 8.53% 2.50% -0.04% 2.42% 1.50% 11.44% 6.65% 19.06% 20.62% -21.37%
Operating Margin		 -59.78% 6.14% -1.50% -4.35% -1.37% -2.03% 8.41% 3.30% 15.71% 17.85% -29.72%
EBIT Margin		 -58.16% 6.14% -1.50% -4.35% -1.37% -2.03% 8.41% 3.30% 15.71% 17.85% -29.72%
Profit (Net Income) Margin		 -59.06% 4.31% -1.09% -7.74% -2.50% 1.03% 8.49% 3.27% 16.28% 18.94% -24.65%
Tax Burden Percent		 109.53% 61.32% 194.94% 163.63% 284.00% 49.25% 93.26% 76.55% 87.33% 92.62% 87.60%
Interest Burden Percent		 92.72% 114.54% 37.48% 108.77% 64.31% -103.19% 108.23% 129.37% 118.70% 114.55% 94.70%
Effective Tax Rate		 0.00% 38.68% 0.00% 0.00% 0.00% 50.75% 6.74% 23.45% 12.67% 7.38% 0.00%
Return on Invested Capital (ROIC)		 -1,620.86% 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)		 -1,620.04% 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)		 1,595.33% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Equity (ROE)		 -25.53% 0.66% 9.16% 6.60% 9.16% -2.21% 0.59% 3.13% 9.17% 15.52% 10.76%
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)		 -14.64% 1.70% -0.69% -2.07% -0.76% -0.71% 2.94% 1.17% 5.68% 6.94% -9.98%
Return on Assets (ROA)		 -14.86% 1.19% -0.50% -3.68% -1.38% 0.36% 2.96% 1.15% 5.89% 7.36% -8.28%
Return on Common Equity (ROCE)		 -3.88% 0.10% 1.62% 1.23% 1.79% -0.43% 0.13% 0.78% 2.39% 3.95% 2.91%
Return on Equity Simple (ROE_SIMPLE)		 -11.25% 0.00% 44.23% 30.95% 40.70% 0.00% 2.42% 0.00% 0.00% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 -67 37 -8.63 -23 -8.21 -11 81 23 168 247 -104
NOPAT Margin		 -41.84% 3.77% -1.05% -3.04% -0.96% -1.00% 7.84% 2.53% 13.72% 16.53% -20.80%
Net Nonoperating Expense Percent (NNEP)		 -0.82% 0.09% -0.01% -0.53% -0.20% 0.32% 0.10% 0.10% 0.41% 0.47% -0.26%
Return On Investment Capital (ROIC_SIMPLE)		 - 0.86% - - - -0.22% 1.63% 0.45% 3.02% 4.21% -1.71%
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		 63.41% 17.45% 18.40% 22.87% 16.51% 11.21% 15.88% 19.81% 13.58% 12.70% 29.59%
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		 159.78% 93.86% 101.50% 104.35% 101.37% 102.03% 91.59% 96.70% 84.29% 82.15% 129.72%
Earnings before Interest and Taxes (EBIT)		 -93 60 -12 -32 -12 -22 87 30 192 266 -149
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 -86 84 21 -0.27 21 16 118 61 233 308 -107
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 16.68 22.28 18.85 20.99 29.04 29.25 21.29 19.54 18.98 20.36 13.73
Price to Tangible Book Value (P/TBV)		 16.68 0.00 0.00 0.00 0.00 0.00 0.00 259.96 0.00 887.68 1,355.77
Price to Revenue (P/Rev)		 4.44 5.40 3.31 3.53 4.25 6.55 4.72 4.99 5.10 5.17 3.76
Price to Earnings (P/E)		 21.90 161.12 192.42 510.19 886.95 976.65 525.35 311.26 180.22 130.76 98.66
Dividend Yield		 4.09% 3.36% 3.05% 3.77% 3.04% 2.63% 3.67% 3.32% 3.32% 3.10% 5.09%
Earnings Yield		 4.57% 0.62% 0.52% 0.20% 0.11% 0.10% 0.19% 0.32% 0.55% 0.76% 1.01%
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)		 2.66 3.87 2.30 2.53 3.33 5.35 3.49 3.73 3.85 4.02 2.56
Enterprise Value to EBITDA (EV/EBITDA)		 12.34 112.51 19.27 24.45 30.17 327.47 83.63 67.09 38.15 26.06 21.40
Enterprise Value to EBIT (EV/EBIT)		 13.35 268.13 22.61 31.30 38.75 0.00 613.95 173.11 56.86 32.60 31.15
Enterprise Value to NOPAT (EV/NOPAT)		 14.76 1,266.24 30.37 47.15 53.86 0.00 2,280.00 238.90 66.54 36.24 34.61
Enterprise Value to Operating Cash Flow (EV/OCF)		 2.94 12.83 8.43 12.93 79.13 35.17 44.12 31.23 18.43 18.18 10.48
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.81 11.10 7.01 12.04 15.55 62.49 36.83 35.26 25.38 14.90 26.95
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.15 0.28 0.37 0.37 0.39 0.36 0.42 0.45 0.47 0.42 0.63
Long-Term Debt to Equity		 0.15 0.28 0.37 0.37 0.39 0.36 0.42 0.45 0.47 0.42 0.63
Financial Leverage		 -0.98 -1.75 -1.83 -1.95 -2.07 -1.94 -2.05 -2.08 -2.12 -1.99 -2.05
Leverage Ratio		 2.35 2.44 2.58 2.66 2.79 2.86 3.13 3.21 3.29 3.11 3.41
Compound Leverage Factor		 2.18 2.79 0.97 2.90 1.79 -2.95 3.39 4.15 3.90 3.56 3.23
Debt to Total Capital		 12.74% 21.95% 27.16% 27.11% 28.19% 26.30% 29.77% 31.15% 32.20% 29.40% 38.61%
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		 12.74% 21.95% 27.16% 27.11% 28.19% 26.30% 29.77% 31.15% 32.20% 29.40% 38.61%
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		 71.89% 64.60% 56.92% 57.15% 56.48% 57.61% 53.71% 49.66% 47.25% 50.37% 42.71%
Common Equity to Total Capital		 15.36% 13.45% 15.92% 15.75% 15.33% 16.09% 16.52% 19.19% 20.55% 20.23% 18.68%
Debt to EBITDA		 1.03 11.51 2.51 2.80 2.44 22.43 9.58 7.44 4.18 2.39 4.73
Net Debt to EBITDA		 -14.07 -78.45 -13.65 -15.53 -13.17 -123.01 -46.77 -34.36 -18.59 -11.54 -15.27
Long-Term Debt to EBITDA		 1.03 11.51 2.51 2.80 2.44 22.43 9.58 7.44 4.18 2.39 4.73
Debt to NOPAT		 1.23 129.49 3.95 5.39 4.35 -23.41 261.05 26.50 7.29 3.33 7.65
Net Debt to NOPAT		 -16.82 -882.96 -21.51 -29.95 -23.51 128.35 -1,275.05 -122.34 -32.43 -16.05 -24.69
Long-Term Debt to NOPAT		 1.23 129.49 3.95 5.39 4.35 -23.41 261.05 26.50 7.29 3.33 7.65
Altman Z-Score		 1.65 1.68 1.76 1.85 2.33 2.40 1.77 1.80 1.84 2.03 1.29
Noncontrolling Interest Sharing Ratio		 84.80% 84.67% 82.32% 81.44% 80.42% 80.39% 77.29% 75.15% 73.93% 74.52% 72.92%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 5.52 6.31 4.93 3.56 3.38 5.92 4.71 4.43 3.25 6.07 4.72
Quick Ratio		 5.52 6.31 4.93 3.56 3.38 5.92 4.71 4.43 3.25 6.07 4.72
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 6,136 862 1,028 642 745 343 427 374 567 988 -17
Operating Cash Flow to CapEx		 12,394.92% -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%
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		 0.25 0.28 0.46 0.48 0.55 0.35 0.35 0.35 0.36 0.39 0.34
Accounts Receivable Turnover		 0.00 7.69 0.00 17.31 18.73 8.08 12.66 11.06 12.54 9.15 12.24
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 0.00 2.56 1.86 1.57 0.00 0.00 0.00 0.00 0.00 0.00
Days Sales Outstanding (DSO)		 0.00 47.47 0.00 21.09 19.49 45.15 28.83 32.99 29.11 39.88 29.82
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 0.00 142.55 196.61 233.05 0.00 0.00 0.00 0.00 0.00 0.00
Cash Conversion Cycle (CCC)		 0.00 47.47 -142.55 -175.52 -213.56 45.15 28.83 32.99 29.11 39.88 29.82
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 -3,050 -3,083 -3,400 -3,524 -3,803 -3,437 -3,746 -3,875 -4,202 -4,179 -3,833
Invested Capital Turnover		 38.74 -0.90 -1.42 -1.33 -1.44 -1.07 -1.04 -1.05 -1.06 -1.23 -1.09
Increase / (Decrease) in Invested Capital		 -6,203 -825 -1,037 -665 -753 -354 -346 -351 -399 -742 -87
Enterprise Value (EV)		 5,342 9,242 9,456 10,752 16,473 18,713 12,955 14,517 16,363 18,772 10,596
Market Capitalization		 8,927 12,904 13,576 14,990 20,999 22,935 17,524 19,384 21,709 24,136 15,563
Book Value per Share		 $1.73 $1.87 $8.08 $1.96 $1.98 $2.15 $2.23 $2.68 $3.03 $3.13 $2.95
Tangible Book Value per Share		 $1.73 ($1.64) ($3.79) ($0.87) ($0.77) ($0.51) ($0.33) $0.20 ($0.13) $0.07 $0.03
Total Capital		 3,483 4,306 4,526 4,536 4,717 4,874 4,982 5,170 5,565 5,859 6,068
Total Debt		 444 945 1,229 1,229 1,330 1,282 1,483 1,611 1,792 1,723 2,343
Total Long-Term Debt		 444 945 1,229 1,229 1,330 1,282 1,483 1,611 1,792 1,723 2,343
Net Debt		 -6,089 -6,444 -6,696 -6,830 -7,190 -7,029 -7,245 -7,434 -7,975 -8,315 -7,558
Capital Expenditures (CapEx)		 5.59 6.19 9.66 6.45 11 1.46 6.35 3.08 10 9.32 16
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -50 247 0.31 -89 -121 235 68 49 -82 343 109
Debt-free Net Working Capital (DFNWC)		 1,175 912 1,091 1,032 1,043 1,043 890 1,161 998 1,169 961
Net Working Capital (NWC)		 1,175 912 1,091 1,032 1,043 1,043 890 1,161 998 1,169 961
Net Nonoperating Expense (NNE)		 28 -5.38 0.38 35 13 -22 -6.68 -6.84 -31 -36 19
Net Nonoperating Obligations (NNO)		 -6,089 -6,444 -6,696 -6,830 -7,190 -7,029 -7,245 -7,434 -7,975 -8,315 -7,558
Total Depreciation and Amortization (D&A)		 7.70 23 33 32 32 38 31 31 41 41 42
Debt-free, Cash-free Net Working Capital to Revenue		 -2.48% 10.34% 0.01% -2.09% -2.46% 6.72% 1.83% 1.26% -1.93% 7.35% 2.64%
Debt-free Net Working Capital to Revenue		 58.41% 38.18% 26.57% 24.31% 21.11% 29.80% 23.98% 29.87% 23.46% 25.03% 23.23%
Net Working Capital to Revenue		 58.41% 38.18% 26.57% 24.31% 21.11% 29.80% 23.98% 29.87% 23.46% 25.03% 23.23%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.14 $0.16 $0.09 ($0.15) $0.04 $0.02 $0.08 $0.03 $0.33 $0.45 ($0.05)
Adjusted Weighted Average Basic Shares Outstanding		 80.62M 80.33M 89.11M 101.69M 103.36M 100.22M 117.41M 133.40M 150.53M 138.88M 159.64M
Adjusted Diluted Earnings per Share		 ($0.09) $0.04 ($0.11) ($0.19) ($0.08) ($0.04) $0.00 ($0.05) $0.20 $0.30 ($0.22)
Adjusted Weighted Average Diluted Shares Outstanding		 309.27M 317.94M 364.35M 364.77M 364.84M 364.73M 369.36M 370.14M 378.35M 374.13M 383.71M
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		 309.25M 364.68M 364.77M 364.83M 364.97M 369.47M 369.57M 377.87M 378.07M 384.17M 384.31M
Normalized Net Operating Profit after Tax (NOPAT)		 -67 37 -8.63 -23 -8.21 -15 81 23 168 247 -104
Normalized NOPAT Margin		 -41.84% 3.77% -1.05% -3.04% -0.96% -1.42% 7.84% 2.53% 13.72% 16.53% -20.80%
Pre Tax Income Margin		 -53.92% 7.04% -0.56% -4.73% -0.88% 2.09% 9.10% 4.27% 18.65% 20.45% -28.14%
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		 -1,047.11% 2,750.58% 203.16% 323.14% 279.68% -1,082.35% 4,428.68% 838.90% 363.53% 206.58% 343.55%
Augmented Payout Ratio		 -1,047.11% 5,577.19% 203.16% 441.21% 279.68% -1,082.35% 4,428.68% 838.90% 363.53% 206.58% 343.55%

Financials Breakdown Chart

Key Financial Trends

Here are the key takeaways from TPG Inc. (TPG) quarterly statements over the last four years, focusing on the latest four-year trend and the most material items for retail investors.

  • Revenue momentum: Q4 2025 operating revenue was 1,491,282,000, up from Q4 2024’s 1,076,414,000 and higher than prior quarters, signaling meaningful top-line growth.
  • Net income to common shareholders improving: Q4 2025 net income attributable to common shareholders rose to 77,114,000 from 12,980,000 in Q4 2024, a substantial year-over-year improvement.
  • EPS elevating: Q4 2025 basic EPS was 0.45 and diluted EPS 0.30, a notable improvement versus prior-year periods when earnings per share were weaker or negative in some quarters.
  • Operating cash flow improving: Net cash from continuing operating activities was 198,188,000 (Q1 2025), 385,867,000 (Q2 2025), and 492,043,000 (Q3 2025), indicating stronger cash generation from core operations through mid-2025.
  • Solid liquidity: Cash and equivalents around 1.08B on the balance sheet in mid-2025 (Q3 2025), contributing to liquidity for operations and investments.
  • Dividend policy: Cash dividends per share were around 0.41–0.59 across recent quarters, providing an income stream for investors while earnings remain a key driver for sustainability.
  • Accounting/margin presentation quirks: Several quarters show very low or zero cost of revenue, suggesting unusual margin presentation or changes in revenue mix across periods.
  • Q4 2025 cash flow weakness: Net change in cash and cash equivalents was -254,316,000 for Q4 2025, with net cash from operating activities at -43,703,000 and sizable financing outflows, signaling a cash-flow headwind in the quarter.
  • Leverage and liabilities: Total liabilities around 9.25B and elevated noncurrent liabilities (including substantial noncurrent employee benefit obligations) imply a high leverage profile that could affect financial flexibility and debt costs going forward.
  • Financing cash-flow volatility: Net cash from financing activities shows variability and net outflows in several periods, contributing to overall cash-flow risk despite solid operating cash flow in certain quarters.
05/05/26 11:40 PM ETAI Generated. May Contain Errors.

Frequently Asked Questions About TPG Operating Group II, L.P. 6.950% Fixed-Rate Junior Subordinated Notes due 2064's Financials

When does TPG Operating Group II, L.P. 6.950% Fixed-Rate Junior Subordinated Notes due 2064's financial year end?

According to the most recent income statement we have on file, TPG Operating Group II, L.P. 6.950% Fixed-Rate Junior Subordinated Notes due 2064's fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

How has TPG Operating Group II, L.P. 6.950% Fixed-Rate Junior Subordinated Notes due 2064's net income changed over the last 5 years?

TPG Operating Group II, L.P. 6.950% Fixed-Rate Junior Subordinated Notes due 2064'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.

What is TPG Operating Group II, L.P. 6.950% Fixed-Rate Junior Subordinated Notes due 2064's operating income?
TPG Operating Group II, L.P. 6.950% Fixed-Rate Junior Subordinated Notes due 2064'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
How has TPG Operating Group II, L.P. 6.950% Fixed-Rate Junior Subordinated Notes due 2064's revenue changed over the last 5 years?

Over the last 5 years, TPG Operating Group II, L.P. 6.950% Fixed-Rate Junior Subordinated Notes due 2064's total revenue changed from $1.23 billion in 2020 to $4.67 billion in 2025, a change of 279.2%.

How much debt does TPG Operating Group II, L.P. 6.950% Fixed-Rate Junior Subordinated Notes due 2064 have?

TPG Operating Group II, L.P. 6.950% Fixed-Rate Junior Subordinated Notes due 2064'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.

How much cash does TPG Operating Group II, L.P. 6.950% Fixed-Rate Junior Subordinated Notes due 2064 have?

In the past 4 years, TPG Operating Group II, L.P. 6.950% Fixed-Rate Junior Subordinated Notes due 2064'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.

How has TPG Operating Group II, L.P. 6.950% Fixed-Rate Junior Subordinated Notes due 2064's book value per share changed over the last 5 years?

Over the last 5 years, TPG Operating Group II, L.P. 6.950% Fixed-Rate Junior Subordinated Notes due 2064's book value per share changed from 0.00 in 2020 to 3.13 in 2025, a change of 313.5%.



Financial statements for NASDAQ:TPGXL last updated on 5/2/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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