TPG (TPG) Q1 2026 earnings summary

Executive summary

• Reported GAAP net loss of $123 million for Q1 2026, with after-tax distributable earnings of $282 million ($0.70 per share), and a net loss attributable to controlling interests of $1.5 million.

• Fee-related earnings grew 36% year-over-year to $247 million, and total AUM increased 22% to $306 billion.

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

• Achieved strong capital formation, deployment, and realization activity, with robust fundraising momentum and platform expansion.

• Business model described as resilient and well-positioned for long-term growth despite macro uncertainty.

Financial highlights

• Fee-related revenue was $557 million, up 17% year-over-year, driven by management and transaction fees.

• After-tax distributable earnings increased to $282 million from $187 million in Q1 2025.

• FRE margin expanded to 44.3% in Q1 2026, up from 38% in Q1 2025; full-year margin target is 47%.

• Realized performance allocations reached $68 million, exceeding guidance, while performance allocations overall swung to a loss of $138.4 million due to unrealized losses.

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

Outlook and guidance

• Management expects to raise over $50 billion in capital in 2026, with fundraising weighted to the back half of the year.

• FRE margin guidance for 2026 is 47%.

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

• Forward-looking statements caution about uncertainties and risks, including market volatility, geopolitical risks, and inflationary pressures.

• Private wealth inflows projected to accelerate, with new products and expanded distribution.