10-Q · August 4, 2026
TPG delivered a strong Q2 recovery, with GAAP revenue rising 100% year over year to $1.841B, fee-related revenue increasing 27% to $628.2M, and diluted GAAP EPS improving to $0.39 from a $0.05 loss. Growth was supported…
Earnings analysis · 10-Q
TPG earnings analysis
Filed November 3, 2026 · Our reading of the company's report
The latest report
TPG reported Q3 2026 revenue of $638.072 million and diluted EPS of $0.65, beating consensus by 5.55% and $0.02, respectively. However, revenue fell 65.3% sequentially and 47.5% year over year, while EPS improved from…
Read full summary
TPG reported Q3 2026 revenue of $638.072 million and diluted EPS of $0.65, beating consensus by 5.55% and $0.02, respectively. However, revenue fell 65.3% sequentially and 47.5% year over year, while EPS improved from $0.39 in Q2 2026 and $0.20 in Q3 2025. The extracted 10-Q provides no quantitative guidance, segment detail, margin data, cash flow data, or balance-sheet figures; risk factors were incorporated by reference to the 2025 Form 10-K.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.65
What stood out
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Revenue beat estimates but fell sequentially
Third-quarter revenue was $638.072 million, exceeding the $604.509 million consensus estimate by 5.55%. Revenue declined 65.3% from $1.84 billion in Q2 2026 and 47.5% from $1.22 billion in Q3 2025.
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EPS beat and improved year over year
Diluted EPS was $0.65, $0.02 above the $0.63 consensus estimate and up from $0.39 in Q2 2026 and $0.20 in Q3 2025.
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Disclosure controls remained effective
Management concluded that disclosure controls and procedures were effective as of September 30, 2026, and reported no material changes in internal control over financial reporting during the quarter.
What to watch
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Investment valuation and market exposure
The company states that its primary market-risk exposure relates to fair-value movements in investments held by TPG funds. It reported no material change in market risks during the three months ended September 30, 2026, except for the functional-currency change described in the filing.
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International currency exposure
On April 1, 2026, certain international subsidiaries changed their functional currency from the U.S. dollar to local currency. The company said the change had no material impact on the condensed consolidated financial statements, but foreign-currency translation exposure is an ongoing risk.
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Regulatory and litigation exposure
The filing identifies extensive regulation and potential regulatory proceedings as a continuing risk, while referring investors to the 2025 Form 10-K for the full risk-factor discussion. The company also states that an adverse outcome in certain proceedings could materially affect results in a particular period.
Management's outlook
The extracted 10-Q does not provide quantitative revenue or EPS guidance; no outlook or guidance change is disclosed.
Earlier filings 4
10-Q · May 1, 2026
TPG's Q1 2026 report reveals a slight increase in revenue to $557.18 million, above the $555.61 million estimate, and an EPS of $0.70, surpassing the anticipated $0.64. However, performance allocation losses…
10-K · February 17, 2026
TPG’s 2025 10-K emphasizes scale via organic growth and acquisitions, reporting $303.0 billion of AUM as of December 31, 2025 (up 166.4% from $113.6 billion in 2021) and describing a multi-platform franchise across…
10-Q · May 7, 2025
TPG reported a materially stronger quarter: total revenues of $1,034,876,000 in Q1 2025 (vs. $824,071,000 in Q1 2024) and net income attributable to TPG Inc. of $25,393,000 (vs. $15,519,000). Operating cash flow was…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.