TPG

MKT CAP:$17B

TPG Inc.

Market Cap

$17B

Financial Services·Asset Management·🇺🇸 United States·NASDAQ

Financials·Asset Management·🇺🇸·NASDAQ

Stock Price

$44.98-$20.77 (-31.59%)

Apr 17, 2026

Company Details

TPG Inc. operates as an alternative asset manager worldwide. It offers investment management services to unconsolidated funds, collateralized loan obligations, and other vehicles; monitoring services to portfolio companies; advisory service...

CEO

Jon Winkelried

IPO Date

Jan 13, 2022

Website

www.tpg.com

Key Metrics TTM

Revenue

$3.2B

— YoY

Net Income

$90M

EPS (Diluted)

$0.43

Free Cash Flow

$127M

Revenue / Share

$20.85

Gross Margin

97.4%

Operating Margin

11.2%

Net Margin

2.8%

FCF Margin

4.0%

P/S

5.2x

P/E

186.5x

Earnings Reports

Q1 2026

May 6, 2026

PENDING

FY 2025

Feb 17, 2026

$4.7BEPS $1.21

Q4 2025

Feb 17, 2026

$1.5BEPS $0.50

Q3 2024

Nov 4, 2024

$636MEPS -$0.08

Q4 2023

Feb 23, 2024

$673M+74.0%EPS $0.04

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 21	$1.4B	$1.4B	$1.2B
Q2 21	$2.3B	$2.3B	$2.1B
Q3 21	$746M	$741M	$522M
Q4 22	$387M	$380M	-$799.0K
Q4 23	$673M	$658M	$69M
Q3 24	$636M	$614M	-$8M
Q4 25	$1.5B	$1.4B	$296M

Valuation

Quarter	P/S	P/E
Q1 21	—	—
Q2 21	—	—
Q3 21	—	—
Q4 22	3.5x	4.4x
Q4 23	4.0x	6.3x
Q3 24	6.8x	31.3x
Q4 25	5.2x	186.5x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 21	$241M	$241M
Q2 21	-$306M	-$306M
Q3 21	$1.1B	$1.1B
Q4 22	$587M	$587M
Q4 23	-$512M	-$518M
Q3 24	$69M	$58M
Q4 25	$0	$0

Capital Expenditures

Quarter	CapEx
Q1 21	$0
Q2 21	$136.0K
Q3 21	$1M
Q4 22	$120.0K
Q4 23	$6M
Q3 24	$11M
Q4 25	$0

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 23	-50.5%	+210.2%
Q3 24	-72.8%	+223.8%
Q4 25	+99.9%	+432.9%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 21	$0	0.0%
Q2 21	$0	0.0%
Q3 21	$0	0.0%
Q4 22	$297M	76.7%
Q4 23	$0	0.0%
Q3 24	$0	0.0%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	G&A
Q1 21	$61M
Q2 21	$64M
Q3 21	$81M
Q4 22	$94M
Q4 23	$172M
Q3 24	$141M
Q4 25	$189M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$1.5B	$0	$1.5B
Q2 22	$1.2B	$0	$1.2B
Q3 22	$1.1B	$0	$1.1B
Q4 22	$1.1B	$0	$1.1B
Q1 23	$936M	$0	$936M
Q2 23	$898M	$0	$898M
Q3 23	$1.2B	$0	$1.2B
Q4 23	$665M	$0	$665M
Q1 24	$1.1B	$0	$1.1B
Q2 24	$1.1B	$0	$1.1B
Q3 24	$1.2B	$0	$1.2B
Q4 24	$808M	$0	$808M
Q1 25	$822M	$0	$822M
Q2 25	$1.1B	$0	$1.1B
Q3 25	$1.1B	$0	$1.1B
Q4 25	$826M	$0	$826M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 21	77M	—	—
Q2 21	77M	0.0%	—
Q3 21	77M	0.0%	—
Q4 22	309M	+299.7%	—
Q4 23	344M	+11.3%	+344.9%
Q3 24	365M	+6.1%	+372.0%
Q4 25	153M	-58.1%	+97.7%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 21	—	—
Q2 21	—	—
Q3 21	—	—
Q4 22	$348.4K	1K
Q4 23	$363.7K	2K
Q3 24	$343.8K	2K
Q4 25	$784.8K	2K

Revenue / Employee