TPG Inc. (TPG) Income Statement
TPG 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsTPG revenue and net income
Where TPG's revenue goes
2025Each bar shows an amount and its share of revenue. TPG kept 4.0% of revenue as net income.
TPG profit margins
TPG growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +77.9% | +45.8% | +15.5% | — |
| Gross profit | +78.3% | +45.0% | +15.0% | — |
| Operating income | — | — | −13.9% | — |
| Net income | +686.0% | +25.9% | −27.6% | — |
| EPS (diluted) | −4.2% | +66.9% | −34.8% | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
TPG quarterly EPS vs estimates
TPG beat the analyst EPS estimate in 3 of the last 8 quarters. Next report: October 29, 2026 (estimate $0.66).
TPG income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | $4.67B | $2.62B | $1.86B | $1.50B | $5.58B | $2.27B | $2.15B | $1.58B |
| Cost of revenue | $144.5M | $87.5M | $38.5M | $21.6M | $17.0M | $19.7M | $17.8M | $11.4M |
| Gross profit | $4.52B | $2.54B | $1.82B | $1.48B | $5.56B | $2.25B | $2.14B | $1.57B |
| Research & development | — | — | $0 | $0 | $1 | $1 | $1 | $1 |
| Sales, general & admin | $702.2M | $583.7M | $484.7M | $375.5M | $298.6M | $268.0M | $356.7M | $360.6M |
| Total operating expenses | $3.84B | $2.56B | $1.73B | $1.51B | $899.5M | $797.8M | $950.7M | $853.7M |
| Operating income | $685.1M | −$24.8M | $83.7M | −$23.8M | $4.67B | $1.45B | $1.19B | $719.1M |
| Interest income | $93.6M | $82.7M | $42.6M | $9.2M | $6.5M | $8.1M | $0 | $0 |
| Interest expense | $112.1M | $87.5M | $38.5M | $21.6M | $17.0M | $19.7M | $17.8M | $11.4M |
| Income before taxes | $666.6M | −$24.8M | $83.7M | −$23.8M | $4.67B | $1.45B | $1.19B | $719.1M |
| Income taxes | $67.0M | $52.1M | $60.3M | $32.5M | $9.0M | $9.8M | $5.7M | $8.2M |
| Net income | $184.6M | $23.5M | $80.1M | $92.4M | $2.18B | $927.6M | $480.5M | $264.5M |
| EBITDA | $832.5M | $110.6M | $131.3M | $9.2M | $4.69B | $1.46B | $1.20B | $730.3M |
| EPS (diluted) | $1.58 | $1.65 | $1.33 | $0.34 | $1.38 | $13.44 | — | — |
| Gross margin | 96.9% | 96.7% | 97.9% | 98.6% | 99.7% | 99.1% | 99.2% | 99.3% |
| Operating margin | 14.7% | −0.9% | 4.5% | −1.6% | 83.6% | 63.9% | 55.1% | 45.4% |
| Net margin | 4.0% | 0.9% | 4.3% | 6.1% | 39.1% | 40.9% | 22.3% | 16.7% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.84B | $496.2M | $1.49B | $840.0M | $696.0M | $743.3M | $744.5M | $636.0M | $607.6M | $635.3M | $672.9M | $290.5M |
| Cost of revenue | $36.2M | $83.5M | $41.3M | $32.3M | $25.3M | $24.1M | $23.1M | $21.8M | $21.5M | $21.1M | $14.8M | $7.8M |
| Gross profit | $1.81B | $412.6M | $1.45B | $807.7M | $670.7M | $719.3M | $721.4M | $614.2M | $586.1M | $614.2M | $658.1M | $282.7M |
| Sales, general & admin | $174.4M | $147.9M | $189.3M | $166.2M | $182.3M | $164.3M | $120.7M | $141.3M | $184.5M | $151.6M | $171.6M | $101.8M |
| Total operating expenses | $1.38B | $533.0M | $1.15B | $579.6M | $631.4M | $625.1M | $698.9M | $621.7M | $621.3M | $618.8M | $588.9M | $369.2M |
| Operating income | $421.6M | −$120.3M | $296.4M | $228.1M | $39.3M | $94.2M | $22.5M | −$7.5M | −$35.2M | −$4.6M | $69.2M | −$86.5M |
| Interest income | $21.0M | $9.0M | $38.9M | $35.7M | $9.7M | $9.2M | $43.4M | $12.7M | $13.8M | $12.9M | $13.7M | $11.0M |
| Interest expense | $36.2M | $32.7M | $30.4M | $32.3M | $25.3M | $24.1M | $23.1M | $21.8M | $21.5M | $21.1M | $14.8M | $7.8M |
| Income before taxes | $415.1M | −$140.7M | $304.9M | $228.1M | $39.3M | $94.2M | $22.5M | −$7.5M | −$35.2M | −$4.6M | $69.2M | −$86.5M |
| Income taxes | $95.4M | −$17.4M | $22.5M | $28.9M | $9.2M | $6.3M | $11.4M | $13.9M | $22.4M | $4.4M | $26.8M | $8.2M |
| Net income | $93.4M | −$1.5M | $77.1M | $49.3M | $14.9M | $25.4M | $13.0M | $9.0M | −$14.0M | $15.5M | $13.2M | $14.7M |
| EBITDA | $463.0M | −$66.2M | $337.9M | $269.2M | $70.1M | $125.6M | $60.5M | $24.9M | −$3.1M | $28.3M | $92.6M | −$78.8M |
| EPS (diluted) | $0.69 | −$0.05 | $0.29 | $0.53 | $0.69 | $0.07 | $0.62 | $0.04 | $0.49 | $0.50 | $0.51 | $0.56 |
| Gross margin | 98.0% | 83.2% | 97.2% | 96.2% | 96.4% | 96.8% | 96.9% | 96.6% | 96.5% | 96.7% | 97.8% | 97.3% |
| Operating margin | 22.9% | −24.3% | 19.9% | 27.2% | 5.7% | 12.7% | 3.0% | −1.2% | −5.8% | −0.7% | 10.3% | −29.8% |
| Net margin | 5.1% | −0.3% | 5.2% | 5.9% | 2.1% | 3.4% | 1.7% | 1.4% | −2.3% | 2.4% | 2.0% | 5.0% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in TPG's financial statements (latest annual report filed February 17, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
TPG financial results
In fiscal year 2025 (ended December 31, 2025), TPG reported revenue of $4.7 billion, up 77.9% from the year before. It had net income of $184.6 million (up 686.0%), a net profit margin of 4.0%. Diluted earnings per share came to $1.58. Over five years revenue grew at an average rate of 15.5% a year.
See the TPG stock overview for the latest quote and news, or the TPG chart for price history and technical indicators.
TPG income statement FAQ
What is TPG's annual revenue?
TPG reported total revenue of $4.7 billion for fiscal year 2025, which ended on December 31, 2025. That was up 77.9% from $2.6 billion the previous year.
Is TPG profitable?
Yes. TPG reported net income of $184.6 million in fiscal 2025, a net profit margin of 4.0%; its operating margin was 14.7%.
What is TPG's gross margin?
TPG's gross margin was 96.9% in fiscal 2025: for every $100 of revenue, TPG kept $97 after the direct cost of its products and services.
How fast is TPG growing?
Revenue grew 15.5% a year on average over the last five fiscal years, from $2.3 billion to $4.7 billion.
What are TPG's earnings per share?
TPG earned $1.58 per diluted share in fiscal 2025, compared with $1.65 a year earlier.
When will TPG report its next earnings?
TPG is expected to report results for the quarter ending September 30, 2026 on October 29, 2026 before the market opens.
When does TPG's fiscal year end?
TPG's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 17, 2026.