TPG's earnings call reflected strong fundraising and deployment activities, along with significant growth in assets under management. The company's portfolio performance and strategic initiatives in private equity, credit, and real estate were highlighted as key strengths. However, the limited performance-related earnings and increased net debt were noted as areas of concern.

Company Guidance

During the TPG's Third Quarter 2025 Earnings Call, the company provided guidance highlighting several key metrics. TPG reported a GAAP net income of $67 million and after-tax distributable earnings of $214 million, or $0.53 per share of Class A common stock. They declared a dividend of $0.45 per share of Class A common stock, to be paid on December 1, 2025. The firm's total assets under management (AUM) grew by 20% year-over-year, with fee-related earnings increasing by 18%. They raised nearly $18 billion of capital in the quarter, up 60% from the previous quarter, and have raised over $35 billion year-to-date, exceeding their full-year 2024 fundraising. In the credit sector, they closed $4.8 billion of capital, with a record $3 billion continuation vehicle in middle market direct lending. Their private equity segment raised $12.3 billion, primarily from their flagship buyout funds. TPG's total dry powder reached a record $73 billion, and they reported a fee-related earnings margin of 44%. The company continues to focus on expanding its presence in private wealth and insurance distribution channels, with significant growth in capital from insurance clients and the successful launch of their perpetually offered private equity product, T-POP, which has raised approximately $900 million since its launch.

Strong Fundraising Performance

TPG raised a near-record $18 billion in capital during the third quarter, marking a 60% increase from the second quarter and a 75% year-over-year increase. Year-to-date, the company has raised over $35 billion, surpassing its total fundraising for 2024.

Growth in Assets Under Management

Total assets under management grew 20% year-over-year to $286 billion, with fee-earning AUM increasing 15% to $163 billion. The company ended the quarter with a record $73 billion in dry powder.

Record Deployment Activity

TPG deployed a record $15 billion in the third quarter, representing a 70% year-over-year increase. The deployment was well diversified across the firm.

Positive Portfolio Performance

The private equity portfolio appreciated 3% in the quarter and 11% over the last 12 months, with EBITDA growth of approximately 20%. The real estate portfolio appreciated 3.5% in the quarter and nearly 16% over the last 12 months.

TPG (TPG) Earnings, Revenues Date & History

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TPG Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Nov 04, 2025	2025 (Q3)	0.56 / -	0.45	―	―	―
Aug 06, 2025	2025 (Q2)	0.45 / 0.69	0.49	40.82% (+0.20)
May 07, 2025	2025 (Q1)	0.46 / 0.48	0.49	-2.04% (-0.01)
Feb 11, 2025	2024 (Q4)	0.52 / 0.62	0.51	21.57% (+0.11)
Nov 04, 2024	2024 (Q3)	0.45 / 0.45	0.56	-19.64% (-0.11)
Aug 06, 2024	2024 (Q2)	0.43 / 0.49	0.26	88.46% (+0.23)
May 08, 2024	2024 (Q1)	0.43 / 0.49	0.24	104.17% (+0.25)
Feb 13, 2024	2023 (Q4)	0.40 / 0.51	0.59	-13.56% (-0.08)
Nov 07, 2023	2023 (Q3)	0.35 / 0.56	0.3	86.67% (+0.26)
Aug 08, 2023	2023 (Q2)	0.32 / 0.26	0.46	-43.48% (-0.20)

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

TPG Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Nov 04, 2025	$54.38	$52.99	-2.56%
Aug 06, 2025	$56.31	$59.20	+5.13%
May 07, 2025	$45.05	$45.11	+0.13%
Feb 11, 2025	$60.28	$58.75	-2.54%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.