TPG (TPG) Q4 2025 earnings summary

Executive summary

• Achieved record fundraising and deployment in 2025, raising over $51 billion and deploying $52 billion, driving AUM to $303 billion, up 23% year-over-year.

• Entered 2026 with $72 billion in dry powder, significant scale, and diversification, positioning for continued growth and flexibility.

• Expanded product offerings and distribution channels, including private wealth and insurance, and completed strategic acquisitions such as Peppertree.

• Declared a quarterly dividend of $0.61 per share, totaling $2.06 per share for FY'25, payable March 2026.

• Business performance marked by double-digit value creation across nearly all platforms and increased scale and diversification.

Financial highlights

• Net income for FY'25 was $599.6 million; after-tax distributable earnings for FY'25 were $973 million.

• Fee-Related Revenues for 4Q'25 were $628 million, up 36% year-over-year; Fee-Related Earnings for 2025 were $953 million, up 25% from 2024.

• Full-year fee-related revenue reached $2.1 billion, up 36% year-over-year; management fees for Q4 were $475 million, up 18%.

• Transaction and monitoring fees for 2025 totaled $249 million, up nearly 70% year-over-year.

• Operating profit margin for 4Q'25 was 18.9%, up from 1.0% in 4Q'24.

Outlook and guidance

• Expects 2026 capital raising to exceed $50 billion, with robust fundraising across real estate, credit, private equity, insurance, and private wealth.

• Anticipates full-year 2026 FRE margin of approximately 47%, up from 45% in 2025.

• Forecasts continued strong realization activity and performance revenue, with over $50 million expected in Q1 2026.

• Management anticipates sustained growth and differentiated value for clients and shareholders, leveraging increased scale and diversification.

• Plans to expand private wealth offerings, including new credit and real estate products, and deepen global distribution.