TPG Inc.

Listed Company

TPGXLCIK 0001880661NasdaqLarge AcceleratedInvestment AdviceDelawareFY ends Dec 31

Period

FY 2025

Revenue

$4.67B

Net Income

$184.59M

Total Assets

$13.49B

Equity

$4.14B

Shares Out

—

Op. Cash Flow

$1.03B

Business

TPG Inc. is a global alternative asset manager that provides investment management and advisory services across multiple asset classes. The firm offers private equity, credit, real estate, growth equity, impact investing, market solutions, public market strategies, capital markets advisory, GP-led secondaries and related fund management and advisory services. Its business is organized into six multi-strategy investment platforms — Capital, Growth, Impact, TPG Angelo Gordon, Real Estate and Market Solutions — each composed of complementary products and funds. TPG distributes its products to institutional and other investors worldwide through a global office network, digital channels and dedicated distribution teams.

Summary from filing dated 2025-02-18

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2022 2022-01-31
Fees and other	2,424	2,087	1,535	1,247	—
Capital allocation-based income	2,246	1,413	855	756	—
Total revenues	4,670	3,500	2,390	2,003	—
Cash-based compensation and benefits	894	835	547	474	—
Equity-based compensation	814	1,006	655	628	—
Performance allocation compensation	1,427	930	592	417	—
Total compensation and benefits	3,136	2,772	1,794	1,518	—
General, administrative and other	702	584	484	369	—
Depreciation and amortization	145	135	48	33	—
Interest expense	112	88	39	22	—
Total expenses	4,094	3,578	2,364	1,945	—
Net (losses) gains from investment activities	−3	−29	7	−110	—
Interest, dividends and other	94	83	43	9	—
Total investment income	91	53	58	−82	—
Income (loss) before income taxes	667	−25	84	−24	—
Income tax expense	67	52	60	32	—
Net income (loss)	600	−77	23	−62	6
Net income attributable to redeemable equity in Public SPACs	0	0	12	15	−517,000
Net income (loss) attributable to non-controlling interests in TPG Operating Group	51	−176	−92	−181	—
Net income attributable to other non-controlling interests	364	76	24	11	966,000
Net income attributable to TPG Inc.	185	23	80	92	—
Basic (in usd per share)	0.89	0	0.89	1.1	—
Diluted (in usd per share)	0.45	−0.42	−0.04	−0.19	—
Basic (in shares)	139	100	80	79	—
Diluted (in shares)	374	365	318	309	—

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	826	808	665	1,107	973
Restricted cash	13	13	13	13	13
Due from affiliates	574	447	419	203	—
Investments (includes assets pledged of $603,322 and $720,933 as of December 31, 2025 and December 31, 2024, respectively(1))	9,212	7,503	6,724	5,330	6,109
Intangible assets, net	660	534	650	136	—
Goodwill	498	436	436	230	230
Right-of-use assets	552	209	—	—	—
Deferred tax assets	861	353	—	—	—
Other assets	297	232	463	263	657
Total assets	13,493	10,535	9,370	7,942	8,962
Accounts payable and accrued expenses	231	212	172	98	134
Due to affiliates	695	465	143	140	—
Debt obligations	1,723	1,282	945	445	—
Accrued performance allocation compensation	5,400	4,377	4,096	3,270	0
Operating lease liabilities	605	223	—	—	—
Other liabilities	705	384	652	—	—
Total liabilities	9,357	6,943	6,009	4,202	1,701
Commitments and contingencies (Note 16)	—	—	—	—	—
Preferred stock, $0.001 par value, 25,000,000 shares authorized (0 issued and outstanding as of December 31, 2025 and December 31, 2024)	0	0	0	0	—
Additional paid-in-capital	1,476	971	613	507	—
Accumulated deficit	−292	−187	−35	3	—
Non-controlling interests	2,951	2,808	2,782	2,576	—
Total equity	4,136	3,592	3,361	3,086	—
Total liabilities and equity	13,493	10,535	9,370	7,942	8,962

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Non-cash lease expense	56	37	23	—	—
Other non-cash activities	1	7	29	−3	46
Purchases of investments	−1,123	−863	−303	—	—
Proceeds from investments	2,292	1,461	798	—	—
Due from affiliates	−119	−19	41	−42	−43
Accounts payable and accrued expenses	−5	53	−232	−14	51
Due to affiliates	62	27	−162	−13	11
Accrued performance allocation compensation	−804	−647	−505	−672	0
Net cash provided by operating activities	1,032	532	721	1,376	1,475
Purchases of fixed assets	−29	−28	−17	−2	−2
Net cash used in investing activities	−264	−44	−374	−3	−38
Proceeds from debt obligations	1,339	1,389	651	30	200
Repayment of debt obligations	−891	−1,038	−150	−30	−50
Issuance costs on debt obligations	−9	−17	−900,000	0	−520,000
Withholding taxes paid on net settlement of equity-based awards	−191	−68	−7	0	0
Contributions from holders of other non-controlling interests	258	221	22	—	—
Dividends/Distributions	−1,229	−832	−643	−663	0
Settlement of contingent liabilities	−19	0	0	—	—
Tax receivable agreement payments	−10	0	0	−355	−1,067
Redemption of redeemable equity	0	0	−661	−352	−305
Net cash used in financing activities	−750	−345	−789	−1,238	−1,323
Net change in cash, cash equivalents and restricted cash	18	143	−442	135	115
Cash paid for income taxes	30	42	51	48	9
Cash paid for interest	92	65	34	18	16

Filings

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