TPG RE Finance Trust, Inc. (TRTX) Income Statement
TRTX 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsTRTX revenue and net income
Where TRTX's revenue goes
2025Each bar shows an amount and its share of revenue. TRTX kept 18.1% of revenue as net income.
TRTX profit margins
TRTX growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | −5.2% | +2.8% | — | +15.7% |
| Gross profit | −6.4% | −1.4% | — | +13.1% |
| Operating income | −12.1% | +40.3% | — | +8.4% |
| Net income | −18.9% | — | — | +0.2% |
| EPS (diluted) | +1.0% | −3.8% | — | −6.0% |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
TRTX quarterly EPS vs estimates
TPG RE Finance beat the analyst EPS estimate in 4 of the last 8 quarters. Next report: November 26, 2026 (estimate $0.23).
TRTX income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $332.6M | $350.9M | $390.2M | $305.7M | $169.8M | $0 | $164.9M | $138.2M | $119.3M | $154.0M |
| Cost of revenue | $68.8M | $69.1M | $33.3M | $30.6M | $15.8M | $22.0M | $34.3M | $29.6M | $24.9M | $78.7M |
| Gross profit | $263.7M | $281.8M | $356.8M | $275.1M | $154.0M | −$27.7M | $164.9M | $138.2M | $119.3M | $75.4M |
| Research & development | — | — | $0 | $0 | $1 | $2 | $0 | $0 | $0 | $0 |
| Sales, general & admin | $32.8M | $32.2M | $42.3M | $9.5M | $10.2M | $9.4M | $5.6M | $4.0M | $3.2M | $3.0M |
| Total operating expenses | $21.1M | $5.6M | $205.0M | $187.2M | −$30.2M | −$108.9M | −$38.0M | $34.0M | $28.0M | $5.4M |
| Operating income | $242.7M | $276.2M | $151.9M | $87.9M | $139.6M | −$136.5M | $126.9M | $233.3M | $172.8M | $70.0M |
| Interest income | $290.2M | $307.1M | $378.8M | $302.9M | $240.2M | $283.7M | $339.8M | $265.6M | $198.9M | $153.6M |
| Interest expense | $189.0M | $201.5M | $275.3M | $160.8M | $85.1M | $107.2M | $174.8M | $126.0M | $78.3M | $61.6M |
| Income before taxes | $60.7M | $74.7M | −$116.4M | −$59.5M | $139.6M | −$136.5M | $126.9M | $107.3M | $94.5M | $70.0M |
| Income taxes | $378,000 | $399,000 | $259,000 | $530,000 | $1.1M | $305,000 | $579,000 | $340,000 | $146,000 | −$5,000 |
| Net income | $60.3M | $74.3M | −$116.6M | −$60.1M | $138.6M | −$136.8M | $126.3M | $106.9M | $94.4M | $70.0M |
| EBITDA | $262.4M | $291.9M | $162.4M | $116.2M | $148.3M | −$147.6M | $126.9M | $233.3M | $172.8M | $70.0M |
| EPS (diluted) | $0.97 | $0.96 | −$3.39 | $1.09 | $1.10 | −$1.40 | $1.77 | $1.71 | $1.98 | $1.14 |
| Gross margin | 79.3% | 80.3% | 91.5% | 90.0% | 90.7% | — | 100.0% | 100.0% | 100.0% | 48.9% |
| Operating margin | 73.0% | 78.7% | 38.9% | 28.8% | 82.2% | — | 77.0% | 168.8% | 144.9% | 45.4% |
| Net margin | 18.1% | 21.2% | −29.9% | −19.6% | 81.6% | — | 76.6% | 77.4% | 79.1% | 45.4% |
| 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 | $84.4M | $85.8M | $84.0M | $86.7M | $82.2M | $78.9M | $78.8M | $88.5M | $89.7M | $94.0M | $94.3M | $97.5M |
| Cost of revenue | $12.9M | $16.7M | $12.6M | $16.9M | $19.9M | $16.8M | $18.3M | $16.6M | $17.5M | $16.8M | $8.6M | $9.9M |
| Gross profit | $71.5M | $69.1M | $71.5M | $69.8M | $62.4M | $62.1M | $60.5M | $71.9M | $72.1M | $77.2M | $85.7M | $87.6M |
| Sales, general & admin | $4.4M | $2.4M | $2.8M | $2.8M | $2.6M | $3.1M | $7.9M | $2.9M | $8.5M | $2.7M | $4.2M | $1.9M |
| Total operating expenses | $7.9M | $1.6M | $15.9M | −$1.1M | $2.4M | $4.6M | $5.0M | $477,000 | −$3.9M | $4.1M | $22.8M | $77.6M |
| Operating income | $63.6M | $67.5M | $55.5M | $70.9M | $59.9M | $57.5M | $55.5M | $71.4M | $76.0M | $73.1M | $62.8M | $10.0M |
| Interest income | $74.1M | $74.2M | $74.4M | $77.1M | $70.7M | $68.0M | $69.0M | $77.9M | $78.1M | $82.2M | $84.1M | $90.0M |
| Interest expense | $50.4M | $48.5M | $51.5M | $48.8M | $46.1M | $43.7M | $45.0M | $49.2M | $51.2M | $56.0M | $63.4M | $71.2M |
| Income before taxes | $13.2M | $19.1M | $4.1M | $22.1M | $20.8M | $13.8M | $10.5M | $22.3M | $24.8M | $17.1M | $6.4M | −$61.2M |
| Income taxes | $101,000 | $112,000 | $85,000 | $109,000 | $128,000 | $56,000 | −$157,000 | $66,000 | $100,000 | $390,000 | $65,000 | $5,000 |
| Net income | $13.1M | $18.9M | $4.0M | $22.0M | $20.6M | $13.7M | $10.7M | $22.2M | $24.7M | $16.7M | $6.4M | −$61.2M |
| EBITDA | $63.6M | $70.1M | $58.1M | $73.6M | $70.2M | $61.5M | $59.7M | $74.6M | $80.2M | $77.0M | $70.9M | $11.3M |
| EPS (diluted) | $0.17 | $0.25 | $0.24 | $0.25 | $0.24 | $0.24 | $0.10 | $0.28 | $0.28 | $0.30 | −$2.05 | −$1.33 |
| Gross margin | 84.8% | 80.5% | 85.1% | 80.5% | 75.8% | 78.8% | 76.7% | 81.3% | 80.5% | 82.1% | 90.9% | 89.9% |
| Operating margin | 75.4% | 78.7% | 66.1% | 81.8% | 72.9% | 72.9% | 70.5% | 80.7% | 84.8% | 77.8% | 66.6% | 10.2% |
| Net margin | 15.6% | 22.1% | 4.7% | 25.4% | 25.1% | 17.4% | 13.6% | 25.1% | 27.6% | 17.8% | 6.8% | −62.8% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in TRTX's financial statements (latest annual report filed February 17, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
TRTX financial results
In fiscal year 2025 (ended December 31, 2025), TPG RE Finance reported revenue of $332.6 million, down 5.2% from the year before. It had net income of $60.3 million (down 18.9%), a net profit margin of 18.1%. Diluted earnings per share came to $0.97.
See the TRTX stock overview for the latest quote and news, or the TRTX chart for price history and technical indicators.
TRTX income statement FAQ
What is TPG RE Finance's annual revenue?
TPG RE Finance reported total revenue of $332.6 million for fiscal year 2025, which ended on December 31, 2025. That was down 5.2% from $350.9 million the previous year.
Is TPG RE Finance profitable?
Yes. TPG RE Finance reported net income of $60.3 million in fiscal 2025, a net profit margin of 18.1%; its operating margin was 73.0%.
What is TPG RE Finance's gross margin?
TPG RE Finance's gross margin was 79.3% in fiscal 2025: for every $100 of revenue, TPG RE Finance kept $79 after the direct cost of its products and services.
What are TPG RE Finance's earnings per share?
TPG RE Finance earned $0.97 per diluted share in fiscal 2025, compared with $0.96 a year earlier.
When will TPG RE Finance report its next earnings?
TPG RE Finance is expected to report results for the quarter ending September 30, 2026 on November 26, 2026 after the market closes.
When does TPG RE Finance's fiscal year end?
TPG RE Finance's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 17, 2026.