TPG (TPG) Q1 2026 earnings summary

Executive summary

• Achieved strong first quarter 2026 results with significant momentum in capital formation, deployment, and realizations, despite macroeconomic uncertainty.

• Fee-related earnings rose 36% year-over-year, and after-tax distributable earnings per share increased 46% compared to the prior year.

• Total AUM reached $306.2 billion, up 22% year-over-year, with robust performance in software, credit, and real estate portfolios.

• Reported a GAAP net loss attributable to the company of $123 million, with after-tax distributable earnings of $282 million or $0.70 per share.

• Declared a quarterly dividend of $0.59 per share, payable May 26, 2026.

Financial highlights

• Fee-related revenue was $557 million, up 17% year-over-year; fee-related earnings reached $247 million, up 36% year-over-year.

• Management fees increased 14% year-over-year to $479.4 million, supported by new fund activations and acquisitions.

• FRE margin expanded to 44.3%, up 620 basis points from the prior year quarter.

• Performance allocations swung to a loss of $138.4 million from income of $450.6 million in Q1 2025, reflecting unrealized losses in several funds.

• Net cash provided by operating activities was $176.5 million, with $516.3 million used in investing activities and $365.1 million provided by financing activities.

Outlook and guidance

• Management expects continued growth in fee-related revenues and AUM, supported by recent fundraising and platform expansion.

• FRE margin guidance for full-year 2026 is 47%.

• Anticipate continued growth in private wealth inflows and expansion of global distribution.

• Cautions that market volatility, geopolitical risks, and inflationary pressures may impact future performance and fundraising pace.

• Forward-looking statements caution about uncertainties and risks that may cause actual results to differ materially, including integration of acquisitions and changing market conditions.