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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
TPG
TPG (TPG) investor relations material
TPG Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary29 Oct, 2026
Executive summary
AUM reached $345.7B, up 21% YoY; fee-earning AUM was $189.5B and record dry powder was $85.6B.
Q3 net income rose to $263.8M from $199.2M, while revenue was nearly flat as higher fees offset lower capital allocation-based income.
Raised $41.6B in 9M; FY 2026 fundraising guidance increased to above $55B, with major flagship fund closes expected in Q4.
Financial highlights
Q3 revenue was $1.221B vs. $1.224B YoY; fees and other rose 19% to $712.7M while capital allocation-based income fell 19% to $508.4M.
Net income was $263.8M vs. $199.2M; net income attributable to TPG Inc. was $99.6M vs. $67.1M.
FRR rose 25% to $638.1M, FRE increased 43% to $321.4M, and after-tax distributable earnings were $264.8M, or $0.65 per Class A share.
Q3 transaction fees were $55M; realized performance allocations were $6.7M as fund mix and proceeds largely returning cost basis weighed on realizations.
Declared a $0.55 per-share dividend, payable Nov. 23, 2026, to holders of record Nov. 9.
Outlook and guidance
FY 2026 fundraising guidance rose above $55B, partly reflecting closes pulled forward from 2027; Q4 is expected to include major flagship fund closes.
FY 2026 FRE margin guidance increased to ~48%; long-term target is expansion into the 50s, with no timing specified.
Realized performance allocations are expected to increase in Q4 and into 2027 as realization cadence accelerates toward year-end.
Credit AUM is targeted to double to $200B by end-2029; planned 2027 launches include a multi-strategy credit interval fund and non-traded REITs.
AUM subject to fee-earning growth was $53.8B; associated potential annual fee-related revenue was estimated at $330M.
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Latest events from TPG
- AI-driven growth, global fundraising, and platform expansion position the firm for sustained margin gains.TPG
Barclays 24th Annual Global Financial Services Conference - Record Q2 2026 results: $327B AUM, $0.59 dividend, and strong growth across all platforms.TPGQ2 2026
- Strong investment, robust fundraising, and AI-driven growth amid macro volatility and strategic exits.TPGMorgan Stanley US Financials Conference 2026
- All proposals, including board elections and auditor ratification, were approved by stockholders.TPGAGM 2026
- Fee-related earnings and AUM surged, with a $0.59 dividend declared despite a GAAP net loss.TPGQ1 2026
- AUM reached $303B (+23% YoY) with record fundraising, $72B dry powder, and strong 2026 outlook.TPGQ4 2025
- Q3 2025 net income rose to $199.2M, AUM hit $286.4B, and $18B was raised and deployed.TPGQ3 2025
- AUM surged 76% to $239.1B, with strong earnings and a $0.38 dividend declared.TPGQ3 2024
- Strong Q1 results, $251B AUM, $660M Peppertree deal, and $0.41 dividend amid volatility.TPGQ1 2025
Next TPG earnings date
Q4 20264 Feb, 2027
TPG
Next TPG earnings date
Q4 20264 Feb, 2027
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Frequently asked questions
TPG Inc. is a global alternative asset management firm specializing in private equity, growth capital, real estate, impact investing, and public market strategies. The company manages a diversified portfolio of investments across industries such as technology, healthcare, consumer goods, and financial services. TPG provides capital and strategic expertise to support the growth and transformation of its portfolio companies. TPG is headquartered in Fort Worth, Texas, and San Francisco, California, and its shares are listed on the NASDAQ.