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EarningsQ2 2026 Earnings Report
TPG Q2 2026 EPS Results
Actual EPS$0.69
Consensus EPS$0.59
Beat/MissBeat by +$0.10
One Year Ago EPS$0.69
TPG Q2 2026 Revenue Results
Actual Revenue$1.83B
Expected Revenue$596.79M
Beat/MissBeat by +$1.24B
YoY Revenue Growth+99.01%
Earnings Announcement Details
QuarterQ2 2026
Date08/04/2026
TimeBefore Open
Conference CallTuesday, August 4, 2026
TPG Upcoming Earnings
TPG's next earnings date is estimated for October 29, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
TPG Q2 2026 Earnings Call
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Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call emphasized broad-based operational momentum: strong fee-related revenue and FRE growth, record deployment and fundraising progress, accelerated AUM growth, notable AI and strategic investments (DeployCo, OpenAI/Anthropic) and rising accrued carry. Near-term headwinds include timing variability in realizations and capital markets fees, modest fee-rate mix shifts as the firm scales into new markets, and industry-wide retail flow volatility. On balance, the positive growth drivers, significant fundraising and deployment activity, and improving accrued carry materially outweigh the documented short-term timing and market uncertainties.Company Guidance
Strong Top-Line and FRE Growth
Fee-related revenue increased 27% year-over-year to $628 million; fee-related earnings (FRE) were $315 million in the quarter (up 43% y/y) with a 50% FRE margin. LTM FRE has grown at a 31% annualized rate since IPO and margins have expanded by over 1,000 basis points.
Robust Fundraising Momentum
TPG raised $16 billion in Q2 and more than $26 billion year-to-date, with a 2026 target to raise over $50 billion. Private equity fundraising was $8 billion in Q2 (up 39% y/y); credit fundraising totaled $5.6 billion in the quarter, including $2.5 billion of new multiyear commitments from Jackson Financial.
Significant AUM Growth
Total assets under management reached $327 billion, up 25% year-over-year. Fee-earning AUM grew 24% y/y to $181 billion. AUM subject to fee earning growth was $52 billion (including $39 billion not yet earning fees), representing an approximate $290 million annualized revenue opportunity.
Accelerated Investment and Deployment
TPG invested approximately $14 billion in Q2 (up 33% y/y) and a record $62 billion over the last 12 months. Private equity deployments were $7.2 billion in the quarter (up 60% y/y); credit deployments totaled $4.4 billion; real estate deployment was $2.3 billion (up 47% y/y).
AI and Strategic Partnerships
TPG made direct investments in leading LLMs (OpenAI, Anthropic) and is the lead founding partner in DeployCo with over $4 billion of initial committed capital to commercialize AI deployment for enterprises — expected to accelerate deal sourcing and operational value creation across the portfolio.
Strong Realizations and Accrued Carry Build
Realizations were $5 billion in the quarter and nearly $14 billion year-to-date (up 28% y/y). Net accrued carry increased 15% to $1.4 billion at quarter-end, doubling over the past four years and positioning the firm for meaningful PRE in coming years.
Private Wealth and Retail Momentum
T-POP (perpetual private equity product) had ~$450 million of inflows in the quarter and $2.9 billion AUM with annualized inception-to-date returns of 34%. TCAP (non-traded BDC) reported gross inflows of $193 million, low redemptions (2.1% of shares) and a 1-year total net return of 9.9% (~420 bps outperformance vs. leveraged loans).
TPG Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed