TPG Inc. (TPG) Revenue History
Annual and quarterly revenue from 2019 to present
TPG Revenue Over Time (2019–2025)
TPG Revenue Growth History
5 of 6 years with positive growth- FY2019 revenue growth
- N/A
- FY2020 revenue growth
- +5.2%
- FY2021 revenue growth
- +146.3%
- FY2022 revenue growth
- -73.0%
- FY2023 revenue growth
- +23.3%
- FY2024 revenue growth
- +41.4%
- FY2025 revenue growth
- +77.9%
| Quarter | Revenue | YoY |
|---|---|---|
| Q1 2026 | $500.0M | — |
| Q4 2025 | $1.49B | — |
| Q3 2025 | $840.0M | — |
| Q2 2025 | $696.0M | — |
| Q1 2025 | $743.3M | — |
| Q4 2024 | $744.5M | — |
| Q3 2024 | $636.0M | — |
| Q2 2024 | $607.6M | — |
Multi-year avg. share of annual revenue by fiscal quarter
Revenue Breakdown (FY 2025)
TPG's revenue distribution by segment and geography for fiscal year 2025
By Product/Segment
TPG Revenue Analysis (2019–2025)
Current Revenue & Growth
As of June 22, 2026, TPG Inc. (TPG) generated trailing twelve-month (TTM) revenue of $3.53 billion, reflecting significant decline in growth of -32.7% year-over-year. The most recent quarter (Q1 2026) recorded $500.0 million in revenue, down 66.5% sequentially.
Historical Growth Trajectory
TPG's 5-year compound annual growth rate (CAGR) stands at +15.5%, indicating consistent double-digit revenue growth. The 3-year CAGR of +45.8% exceeds the 5-year average, indicating an acceleration in the most recent period. TPG Inc.'s highest annual revenue of $5.58 billion was recorded in 2021.
Revenue by Segment
TPG's revenue is primarily driven by Management fees (75%), Expense Reimbursements And Other (12%), and Transaction Fees (10%). With over half of revenue concentrated in Management fees, the company has a focused business model while developing other growth vectors.
Peer Comparison
Compared to Financial Services sector peers — including KKR, CG, and APO. Compare TPG vs KKR →
TPG Revenue vs Peers
Revenue metrics vs comparable public companies
| Company | TTM Revenue | YoY Growth | 5Y CAGR | Op. Margin | Compare |
|---|---|---|---|---|---|
| TPGCurrent | $3.5B | -32.7% | +15.5% | 14.7% | |
 KKR | $19.3B | - | - | 2.4% | |
 CG | $4.9B | - | - | 26.2% | |
 APO | $30.3B | - | - | 34.4% | |
 BX | $13.8B | - | - | 51.9% | |
 ARES | $6.5B | - | - | 27.2% |
TPG Historical Revenue Data (2019–2025)
| Year | Revenue | YoY % | Gross Profit | Gross Margin | Op. Income | Op. Margin |
|---|---|---|---|---|---|---|
| 2025 | $4.67B | - | $4.52B | 96.9% | $685.1M | 14.7% |
| 2024 | $2.62B | - | $2.54B | 96.7% | $-24,824,000 | -0.9% |
| 2023 | $1.86B | - | $1.82B | 97.9% | $83.7M | 4.5% |
| 2022 | $1.50B | - | $1.48B | 98.6% | $-23,752,000 | -1.6% |
| 2021 | $5.58B | - | $5.56B | 99.7% | $4.67B | 83.6% |
| 2020 | $2.27B | - | $2.25B | 99.1% | $1.45B | 63.9% |
| 2019 | $2.15B | - | $2.14B | 99.2% | $1.19B | 55.1% |
Full Stock Analysis
Deep dive into TPG consensus models and risk factors.
Intrinsic Valuation
DCF models, multiple analysis, and analyst estimates.
Historical Returns
7+ years return with dividends reinvested.
DCA Calculator
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Peer Comparison
Compare growth, multiples, and margins vs sector.
TPG — Frequently Asked Questions
Quick answers to the most common questions about buying TPG stock.
Is TPG's revenue growth accelerating or slowing?
TPG revenue is declining -32.7% year-over-year. TTM revenue fell to $3.5B, contrasting with the 5-year CAGR of +15.5%. The reversal reflects either macro headwinds or company-specific challenges.
What is TPG's revenue history from 2019 to 2026?
TPG Inc. (TPG) revenue history spans 2019 to 2026. TTM revenue as of 2026 is $3.5B, growing at -32.7% YoY. The 5-year CAGR is +15.5%. Complete annual and quarterly revenue figures are available on this page, including gross profit, operating income, and margin trends.
What is TPG's long-term revenue growth rate (CAGR)?
TPG Inc.'s 5-year revenue CAGR of +15.5% reflects the variable nature of its business expansion. As of 2026, the current YoY growth rate of -32.7% is below this long-term average. CAGR is the most reliable measure of sustained revenue momentum for TPG.
Why does TPG's quarterly revenue fluctuate?
TPG quarterly revenue can fluctuate significantly between periods. A quarter-over-quarter (QoQ) change does not always indicate a trend; comparing the same quarter year-over-year (YoY) is a more reliable signal for underlying growth. TPG Inc.'s revenue data from 2019 to 2026 shows full historical quarterly detail on this page.
How is TPG's revenue distributed by segment?
TPG reports revenue broken down by product line and geographic region. The segment breakdown on this page shows which business units contribute the most to total revenue as of the latest fiscal year. Concentration in a single segment above 50% indicates category dependence, while a diversified mix signals more resilient revenue streams.
How does TPG's revenue compare to industry peers?
TPG Inc. (TPG) with TTM revenue of $3.5B and -32.7% YoY growth can be benchmarked against sector peers using the comparison table on this page. Revenue growth relative to peers indicates market share gains or losses. The peer section shows TTM revenue, YoY growth, and operating margin for direct comparisons.