TPG (TPG) Q4 2025 earnings summary

Executive summary

• Achieved record fundraising and deployment in 2025, raising over $51 billion and deploying $52 billion, driving AUM to over $303 billion, up 23% year-over-year.

• Entered 2026 with $72 billion in dry powder, significant scale, and diversification, positioning for continued growth and flexibility.

• Expanded product offerings and distribution, including new strategies in credit, real estate, and private wealth.

• Declared a quarterly dividend of $0.61 per share, totaling $2.06 per share for FY'25, payable March 2026.

• Business performance marked by double-digit value creation across nearly all platforms.

Financial highlights

• Net income for FY'25 was $599.6 million; Q4 net income was $282 million, up from $11 million in Q4'24.

• After-tax Distributable Earnings for FY'25 were $973 million; Q4 after-tax DE was $304 million.

• Fee-related revenue for FY'25 reached $2.1 billion, up 36% year-over-year; Q4 management fees were $475 million, up 18%.

• Fee-Related Earnings for 2025 were $953 million, up 25% from 2024; Q4 FRE margin was 52%, full-year FRE margin was 45%.

• Ended 2025 with $303 billion in AUM and $170 billion in fee-earning AUM.

Outlook and guidance

• Expects 2026 capital raising to exceed $50 billion, with robust fundraising across real estate, credit, private equity, insurance, and private wealth.

• Anticipates a full-year FRE margin of approximately 47% in 2026, up from 45% in 2025.

• Management expects continued momentum in 2026, leveraging increased scale, diversification, and substantial available capital.

• Pipeline of signed monetizations expected to generate over $50 million in realized performance revenue for Q1 2026.

• Plans to expand private wealth offerings, including new credit and real estate products.