Key Highlights

  • Earnings per share of USD 0.72 beat the consensus estimate of USD 0.62, while GAAP diluted EPS was USD 0.41.
  • Fee-related revenues of USD 638.1 million rose 25% and topped the consensus estimate of USD 624.7 million.
  • Fee-related earnings climbed 43% to USD 321 million, and after-tax distributable earnings rose 24% to USD 265 million.
  • Assets under management reached USD 345.7 billion, up 21%, while available Capital hit a record USD 85.6 billion.

TPG Inc. (NASDAQ:TPG) reported third quarter 2026 Earnings Per Share of USD 0.72 against a consensus estimate of USD 0.62. GAAP diluted EPS was USD 0.41 compared with USD 0.20 a year earlier, and after-tax distributable earnings attributable to the company were USD 0.65 per share of Class A common stock. Net Income was USD 264 million against USD 199 million, and net income attributable to TPG Inc. rose to USD 99.6 million from USD 67.1 million.

Fee-related revenues were USD 638.1 million, above a consensus estimate of USD 624.7 million and up from USD 509.4 million a year earlier. GAAP total revenues were USD 1.22 billion, essentially flat with the prior year quarter, as capital allocation-based income eased to USD 508.4 million from USD 627.0 million while fees and other Revenue grew to USD 712.7 million.

Fee Growth and Distributable Earnings Detail

Management fees rose to USD 572.9 million from USD 461.3 million, and fee-related earnings reached USD 321 million compared with USD 225 million. The prior year figures include TPG Peppertree only from July 1, 2025, the date of that acquisition. After-tax distributable earnings were USD 265 million against USD 214 million, while realized performance allocations, net, shrank to USD 7 million from USD 30 million. Nine month fee-related earnings reached USD 883 million, and nine month after-tax distributable earnings reached USD 827 million.

Operating profit margin, defined as net income divided by total revenue, was 21.6% against 16.3% a year earlier. Fee-related earnings attributable to the company were USD 0.83 per share for the quarter.

Fundraising, Deployment and Dividend

Chief Executive Officer Jon Winkelried said the firm raised USD 15 billion in the quarter and nearly USD 42 billion year to date, and projects exceeding its fundraising target of USD 50 billion for the year. Capital raised in the quarter totaled USD 15.2 billion, led by USD 5.8 billion in the Credit platform, compared with USD 18.1 billion a year earlier. Capital invested was USD 11.5 billion against USD 14.9 billion, and realizations were USD 6.6 billion against USD 7.8 billion.

Total Assets under management rose 21% over twelve months to USD 345.7 billion, and fee-earning assets grew 16% to USD 189.5 billion. Dry powder reached a record of about USD 86 billion. The board declared a quarterly Dividend of USD 0.55 per share of Class A common stock, payable November 23, 2026 to holders of record on November 9, 2026, under a target payout of 85% of after-tax distributable earnings. Net Debt was USD 2.2 billion, with USD 2.3 billion of debt obligations and USD 112 million of cash.

Metrics to Track Into Year End

Four figures frame the next report. Year to date capital raised of USD 41.6 billion sits against the USD 50 billion full year fundraising target, which leaves roughly USD 8.4 billion to raise in the fourth quarter. Capital invested of USD 11.5 billion and realizations of USD 6.6 billion both declined from the prior year quarter, so their direction matters for realized performance allocations, which totaled only USD 7 million in the quarter. The dividend Record Date of November 9 and payment date of November 23 are the dated items, alongside the fee-earning asset base of USD 189.5 billion that drives management fees.