Research Reports

Key takeaways

Revenue declined 51.7% to $500.0M from $1.0B as performance allocation swings dominated results

Net income swung to -$1.5M loss (-105.7%) from $25.4M profit, reflecting capital allocation-based income variability

Diluted EPS was -$0.22 versus $0.00 prior year amid GAAP performance allocation impacts

Net cash from operating activities was $176.5M, down slightly from $198.2M, supporting ongoing operations

Distributable Earnings increased due to higher fee-related earnings and realized performance allocations, net, despite higher interest expense

Full analysis

GAAP revenue fell 51.7% to $500.0 million in Q1 FY2026 from $1.0 billion in the prior year, primarily because swings in performance allocations overwhelmed other components. Net income shifted to a $1.5 million loss from a $25.4 million profit, with diluted EPS at -$0.22 versus $0.00, as these allocations—transferred historically to RemainCo—created volatility under GAAP accounting. This reflects the nature of TPG's business, where fee revenues provide stability but capital allocation-based income fluctuates with realizations and unrealized marks, leading to compensation charges over current and future periods.

TPG · TPG Inc.

Summary

Key takeaways

Full analysis