TPG (TPG) Q4 2025 earnings summary

Executive summary

• Achieved record fundraising of over $51 billion and deployed $52 billion in 2025, driving AUM to $303 billion, up 23% year-over-year, and entering 2026 with $72 billion in dry powder and strong momentum.

• Expanded product offerings and platforms, including new strategies in credit, private equity, and real estate, and increased scale and diversification.

• Declared a quarterly dividend of $0.61 per share, totaling $2.06 per share for FY'25, payable March 5, 2026.

Financial highlights

• Net income for FY'25 was $599.6 million; 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 fee-related earnings were $326 million, up 72% year-over-year.

• Fourth quarter FRE margin reached a record 52%; full-year FRE margin was 45%, up 340 bps from 2024.

• Ended 2025 with $303 billion in AUM, $170 billion in fee-earning AUM, and $72 billion in dry powder.

• Transaction and monitoring fees for 2025 totaled $249 million, up nearly 70% year-over-year.

Outlook and guidance

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

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

• Management expects continued momentum in 2026, leveraging increased scale, diversification, and substantial available capital to drive growth and value creation.