Operating margins remain highly erratic, fluctuating between -5.8% and 27.2% over the last ten quarters, reflecting a cost structure sensitive to integration and compensation overhead.
| Sales/Revenue | 3.53B | - | - | - | - | - | - | - |
| Revenue Growth % | - | - | - | - | - | - | - | - |
| Cost of Goods Sold | 0 | - | - | - | - | - | - | - |
| COGS % of Revenue | - | - | - | - | - | - | - | - |
| Gross Profit | 2.93B | 4.52B | 2.54B | 1.82B | 1.48B | 5.56B | 2.25B | 2.14B |
| Gross Margin % | 83.02% | 96.9% | 96.66% | 97.92% | 98.56% | 99.69% | 99.13% | 99.17% |
| Gross Profit Growth % | - | 78.35% | 39.55% | 22.55% | -73.35% | 147.69% | 5.14% | - |
| Operating Expenses | 2.51B | 3.84B | 2.56B | 1.73B | 1.51B | 899.53M | 797.84M | 950.68M |
| OpEx % of Revenue | - | 82.23% | 97.61% | 93.42% | 100.14% | 16.12% | 35.21% | 44.12% |
| Selling, General & Admin | 685.8M | 702.17M | 583.73M | 483.63M | 372.23M | 298.61M | 267.99M | 356.69M |
| SG&A % of Revenue | - | 15.04% | 22.25% | 26.06% | 24.74% | 5.35% | 11.83% | 16.55% |
| Research & Development | 0 | - | - | - | - | - | - | - |
| R&D % of Revenue | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | - | - | - | - | - | - | - |
| Operating Income | 563.9M | 685.07M | -24.82M | 83.65M | -23.75M | 4.67B | 1.45B | 1.19B |
| Operating Margin % | 15.99% | 14.68% | -0.95% | 4.51% | -1.58% | 83.58% | 63.92% | 55.05% |
| Operating Income Growth % | - | 2859.7% | -129.68% | 452.19% | -100.51% | 222.01% | 22.14% | - |
| EBITDA | 610.54M | 822.7M | 110.56M | 131.33M | 9.24M | 4.69B | 1.46B | 1.2B |
| EBITDA Margin % | 17.31% | 17.63% | 4.21% | 7.08% | 0.61% | 83.96% | 64.24% | 55.48% |
| EBITDA Growth % | 193.85% | 644.11% | -15.81% | 1321.58% | -99.8% | 221.89% | 21.78% | - |
| D&A (Non-Cash Add-back) | 154.63M | 137.63M | 135.39M | 47.67M | 32.99M | 21.22M | 7.14M | 9.3M |
| EBIT | 564.08M | 687.92M | -24.82M | 83.65M | -23.75M | 4.67B | 1.45B | 1.19B |
| Net Interest Income | 26.74M | 93.62M | -4.77M | 4.09M | -12.44M | -10.57M | -11.59M | 1.2M |
| Interest Income | 84.37M | 93.62M | 82.74M | 42.62M | 9.17M | 6.46M | 8.12M | 18.99M |
| Interest Expense | 90.37M | 0 | 87.51M | 38.53M | 21.61M | 17.03M | 19.71M | 17.8M |
| Other Income/Expense | 0 | - | - | - | - | - | - | - |
| Pretax Income | 431.68M | 666.58M | -24.82M | 83.65M | -23.75M | 4.67B | 1.45B | 1.19B |
| Pretax Margin % | 12.24% | 14.28% | -0.95% | 4.51% | -1.58% | 83.58% | 63.92% | 55.05% |
| Income Tax | 43.2M | 66.99M | 52.09M | 60.27M | 32.48M | 9.04M | 9.78M | 5.69M |
| Effective Tax Rate % | 10.01% | 10.05% | -209.84% | 72.05% | -136.76% | 0.19% | 0.68% | 0.48% |
| Net Income | 18.08M | 184.59M | 23.48M | 80.09M | 92.43M | 2.18B | 927.58M | 480.51M |
| Net Margin % | 0.51% | 3.95% | 0.9% | 4.32% | 6.14% | 39.07% | 40.93% | 22.3% |
| Net Income Growth % | -45.8% | 686.05% | -70.68% | -13.35% | -95.76% | 135.12% | 93.04% | - |
| Net Income (Continuing) | 388.48M | 599.59M | -76.92M | 23.39M | -56.23M | 4.66B | 1.44B | 1.18B |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 2.59B | 2.95B | 2.81B | 2.78B | 2.58B | 5.65B | 3.06B | 2.24B |
| EPS (Diluted) | 0.05 | 1.21 | 0.06 | 0.22 | -0.19 | 65.75 | 20.84 | 17.10 |
| EPS Growth % | 348.41% | 1778.88% | -70.73% | 215.79% | -100.29% | 215.5% | 21.87% | - |
| EPS (Basic) | - | 1.33 | 0.23 | 0.89 | 1.10 | 65.75 | 20.84 | 17.10 |
| Diluted Shares Outstanding | 383.71M | 152.81M | 364.73M | 317.94M | 308.91M | 70.81M | 69.04M | 69.04M |
| Basic Shares Outstanding | 159.64M | 138.88M | 100.22M | 80.33M | 79.26M | 70.81M | 69.04M | 69.04M |
| Dividend Payout Ratio | - | 665.83% | 3545.08% | 803.13% | 717.13% | 48.91% | 32.19% | 51.66% |
Performance fee realization volatility
As reported in recent financial statements, TPG maintains a high gross margin profile near 96.9%, yet operating margins remain significantly constrained, fluctuating between -5.8% and 27.2% over the last ten quarters, suggesting that the firm's cost structure is highly sensitive to integration and compensation-related overhead.
The disparity between the firm's elevated gross margins and its thin operating margins indicates that TPG is currently absorbing substantial costs to scale its platform. Investors should monitor whether these expenses are temporary integration costs from the Angelo Gordon acquisition or a permanent feature of the firm's compensation-heavy operating model.
Based on the provided income statement data, TPG has struggled to demonstrate consistent operating leverage, as operating income frequently failed to scale alongside gross profit, evidenced by the negative operating margins observed in multiple quarters throughout the 2024 fiscal period before a recent recovery in late 2025.
The lack of consistent operating leverage suggests that the firm's SG&A expenses are not yet scaling efficiently with revenue growth. This may imply that the firm is prioritizing aggressive talent acquisition and platform expansion over immediate bottom-line profitability, which warrants further investigation into the sustainability of these overhead levels.
According to recent SEC filings, TPG's net income is frequently impacted by significant stock-based compensation charges, such as the $415.5 million recorded in 2025Q2, which creates substantial volatility in reported EPS and complicates the assessment of the firm's underlying core profitability for public shareholders.
The periodic spikes in stock-based compensation suggest that the firm's reported GAAP earnings may not fully reflect the cash-generative capacity of the business. Analysts should focus on adjusted earnings metrics that normalize for these non-cash charges to better understand the true economic value being generated for equity holders.
While TPG has successfully expanded its AUM through inorganic means, the firm's historical income statement data reveals a vulnerability to exit environments, as evidenced by the erratic net income performance and the recent 2026Q1 net loss of $123.3 million, which highlights the inherent risk of performance-fee dependency.
Short-sellers might focus on the firm's reliance on realized performance allocations, which are inherently cyclical and currently pressured by a challenging exit environment. If the firm cannot transition toward a more stable fee-related earnings base, the current valuation may be susceptible to downward revisions during periods of market volatility.
Quick answers to the most common questions about buying TPG stock.
TPG Inc. (TPG) is profitable, generating $184.6M in net income for the fiscal year ending 2025 with a net profit margin of 4.0%.
TPG Inc. (TPG) reported an operating income of $685.1M, resulting in an operating profit margin of 14.7%. This margin reflects the operational efficiency of the business before interest and taxes.
TPG Inc. (TPG) generated $4.52B in gross profit for the year, representing a gross profit margin of 96.9%. This demonstrates the company's core pricing power and production efficiency.