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TPG (TPG) Q3 2026 Earnings Report
TPG Q3 2026 EPS Results
- Actual EPS
- $0.72
- Consensus EPS
- $0.62
- Beat/Miss
- Beat by +$0.10
- One Year Ago EPS
- $0.53
TPG Q3 2026 Revenue Results
- Actual Revenue
- $1.34B
- Expected Revenue
- $624.66M
- Beat/Miss
- Beat by +$717.44M
- YoY Revenue Growth
- +9.61%
Earnings Announcement Details
- Quarter
- Q3 2026
- Date
- 10/29/2026
- Time
- Before Open
- Conference Call
- Thursday, October 29, 2026
TPG Upcoming Earnings
TPG's next earnings date is estimated for February 16, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
TPG Q3 2026 Earnings Call
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Q3 2026 Earnings Slide Deck
Q3 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call was strongly positive overall. TPG reported broad-based fundraising, AUM, deployment, revenue, earnings and portfolio value-creation growth, raised its 2026 fundraising and FRE margin guidance, and described substantial momentum across private equity, credit, real estate, technology and private wealth. The main challenges were the higher-rate and volatile macro environment, real estate financing and valuation pressure, lower quarterly performance allocations, transaction-fee variability and risks in parts of AI infrastructure financing.
Company Guidance
TPG now expects to raise more than $55 billion for the full year in 2026, exceeding its original target of fundraising more than $50 billion, and has raised approximately $42 billion year-to-date; full-year 2026 FRE margin guidance is approximately 48%, representing nearly 300 basis points of expansion compared to 2025, while the fourth-quarter tax rate is expected to step up into the high teens to low 20s. TPG expects realized performance allocations to pick up in the fourth quarter and into 2027, the cadence of realizations to accelerate towards the end of this year and into 2027, its first TRECO fund to be fully committed by mid next year, to launch a multi-strategy credit internal fund and a non-traded REIT next year, and to double credit AUM to $200 billion by the end of 2029; over the long term, it remains highly confident in expanding FRE margin into the 50s, although it is not putting an exact time line on that expansion.
- Strong Third-Quarter Earnings and DividendTPG reported GAAP net income attributable to TPG Inc. of $100 million and after-tax distributable earnings of $265 million, or $0.65 per Class A common share. The company declared a $0.55 per-share dividend, payable November 23, 2026.
- Broad-Based Capital Formation MomentumTPG raised more than $15 billion in the third quarter and nearly $42 billion year-to-date. The company now expects to raise more than $55 billion for full-year 2026, above its original target of more than $50 billion.
- Record Assets Under Management and Dry PowderTotal AUM reached $346 billion at quarter-end, up 21% year-over-year, while fee-bearing AUM grew 16% year-over-year to $190 billion. Dry powder reached a record $86 billion, representing 45% of fee-paying AUM.
- Private Equity Fundraising ProgressPrivate equity raised $8.5 billion during the quarter and more than $21 billion year-to-date. The second Rise Climate Fund and Global South initiative reached aggregate commitments of $10.4 billion across the two funds and related vehicles, a 44% increase over the inaugural fund, with 31% of commitments from investors new to TPG.
- Progress Across Core and Adjacent StrategiesTPG Capital X and Healthcare Partners III raised an additional $1.7 billion, bringing total commitments to nearly $16 billion. TECA, the Asia growth equity strategy, surpassed its target with $1.3 billion raised for its inaugural fund. Tech Adjacencies III closed $1.6 billion during the quarter, bringing total commitments to $2.5 billion, while Peppertree raised $2.2 billion since launching its XI Fund, with more than 50% of commitments from investors new to the strategy.
- Credit Fundraising and Growth PlansCredit raised $5.8 billion in the quarter and nearly $16 billion year-to-date. Essential Housing IV held a first close of $2 billion, already exceeding the size of its predecessor. Advantage Direct Lending raised an additional $550 million, bringing total capital raised to $1.4 billion and approximately $3 billion of buying power including target leverage. TPG expects to double credit AUM to $200 billion by the end of 2029.
- Real Estate Fundraising LaunchTPG held the first close for its real estate opportunistic strategy, raising approximately $5 billion for TREP V and related vehicles. Management described this as one of the strongest starts to a fundraise across the firm's system and said it expects strong follow-through.
- Private Wealth Channel ExpansionT-POP inflows were approximately $400 million in the quarter, bringing AUM to $3.5 billion, with annualized inception-to-date returns of 31%. TCAP generated $134 million of gross inflows, bringing AUM to $5.6 billion, more than four times its size when Angelo Gordon was acquired. TCAP redemption requests declined to 1.2% of shares outstanding, and the strategy has generated positive net flows every quarter since inception.
- Growing Wealth Distribution and Product PipelineTPG added several international distribution partners and reported accelerating subscriptions in the RIA channel. T-POP and related strategies were running at approximately $200 million of flows per month after the quarter, and the firm expects to launch a multi-strategy credit interval fund and a non-traded REIT in 2027.
- Strong Deployment ActivityTPG invested more than $11 billion during the third quarter. The credit platform had its most active deployment quarter of the year, investing $7.7 billion, while private equity invested $2 billion in the quarter and $16 billion year-to-date.
- Credit Deployment and Origination StrengthTwin Brook generated $3.7 billion of gross originations, with add-ons accounting for more than 30% of quarterly volume. Asset-based finance deployed more than $2 billion, including six investment-grade transactions, and Credit Solutions deployed more than $5 billion of gross capital over the past two years, including recycled proceeds from early realizations.
- AI and Technology Investment ActivityTPG co-led a $3.9 billion Series F financing for Crusoe, an AI infrastructure platform, drawing on capabilities across TPG's technology, real estate and climate businesses. AI has become an important pillar of the Tech Adjacencies strategy, and TPG continues to provide clients with access to AI-related investment opportunities.
- Climate Strategy DeploymentThe Rise Climate and Global South funds were approximately 25% deployed at the time of the call. Deployment included utility services in the U.S., green data centers and wind in India, and data center equipment businesses across the U.S.
- Realizations and Liquidity GenerationTPG generated $6.6 billion of realizations in the third quarter and more than $20 billion year-to-date; management also cited $20.4 billion year-to-date in the Q&A, up 10% year-over-year. The company expects the cadence of realizations to accelerate toward the end of 2026 and into 2027, with five signed deals awaiting closing across private equity and real estate.
- Fee-Related Revenue and Earnings GrowthFee-related revenue was $638 million, up 25% year-over-year. Management fees reached $573 million, up 24% year-over-year, driven by strong fundraising, $62 million of catch-up fees primarily from Rise Climate and TPG Capital campaigns, and growing fee-earning credit deployment. Fee-related earnings rose 43% year-over-year to $321 million.
- Margin Expansion and Guidance IncreaseThird-quarter FRE margin was 50%, or approximately 47% excluding catch-up fees. TPG raised full-year 2026 FRE margin guidance to approximately 48%, representing nearly 300 basis points of expansion compared with 2025. Management said it remains confident in expanding FRE margin into the 50s over the long term.
- Positive Portfolio Value CreationPrivate equity appreciated 3% in the quarter and 10% over the last 12 months, credit appreciated 2% in the quarter and 11% over the last 12 months, and real estate appreciated 1% in the quarter and 8% over the last 12 months. Value creation was positive across each platform.
- Software and Credit Portfolio PerformanceRevenue and EBITDA growth across TPG's capital, growth and impact platforms tracked in the mid- to high teens. Aggregate bookings across TPG Capital and TPG Growth software companies grew more than 25% in the third quarter. Twin Brook portfolio companies had an average interest coverage ratio of approximately 2.3x, a 1.6% nonaccrual rate and a 2-basis-point annualized loss ratio since inception.
- Strong Credit Strategy ReturnsTPG's third Credit Solutions fund generated a 2% time-weighted net return in the third quarter and a 29% inception-to-date net IRR. Asset-based finance funds remained at or above target ranges and were generating a yield to maturity of more than 14%.
- Insurance Platform ExpansionInsurance partnerships and related AUM have more than doubled since the Angelo Gordon acquisition. TPG said its Jackson relationship continues to expand across investment-grade asset-based finance and direct lending, while the insurance platform is also opening opportunities in new investment-grade and lower-risk-return segments.
- Strategic Positioning and Client GrowthOver the last five years, TPG has more than tripled AUM and doubled annual capital formation. Fund sizes across the most recent fundraising cycle grew by 30% on average, and the firm welcomed more than 200 new clients since the beginning of 2025.
TPG Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Feb 16, 2027 | 2026 (Q4) | 0.76- | 0.71 | ― | ― |
| Oct 29, 2026 | 2026 (Q3) | 0.620.72 | 0.53 | 36.60% (+0.19) | |
| Aug 04, 2026 | 2026 (Q2) | 0.590.69 | 0.69 | 0.00% (+0.00) | |
| May 01, 2026 | 2026 (Q1) | 0.590.70 | 0.48 | 45.83% (+0.22) | |
| Feb 05, 2026 | 2025 (Q4) | 0.640.71 | 0.62 | 14.52% (+0.09) | |
| Nov 04, 2025 | 2025 (Q3) | 0.560.53 | 0.45 | 17.78% (+0.08) | |
| Aug 06, 2025 | 2025 (Q2) | 0.450.69 | 0.49 | 40.82% (+0.20) | |
| May 07, 2025 | 2025 (Q1) | 0.460.48 | 0.49 | -2.04% (-0.01) | |
| Feb 11, 2025 | 2024 (Q4) | 0.520.62 | 0.51 | 21.57% (+0.11) | |
| Nov 04, 2024 | 2024 (Q3) | 0.450.45 | 0.56 | -19.64% (-0.11) |
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
