TPG (TPG) Q3 2026 earnings summary

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.