TPG financial statements

The full income statement, balance sheet, and cash-flow statement for TPG Inc. (TPG), plus valuation ratios — straight from SEC filings. Switch between annual, quarterly, and trailing-twelve-month figures, pick how far back to look, and flip the time order. Every line has a trend sparkline.

Shares outstanding (point-in-time)

2024-06 364.8M2024-09 365.0M2024-12 369.5M2025-03 369.6M2025-06 377.9M2025-09 378.1M2025-12 384.2M2026-03 384.3M2026-06 384.5M+5.4% over 8 periods

SEC-filed end-of-period counts (cover pages and balance sheets, split-adjusted) — the series realized buyback yield is computed from. The weighted-average share lines in the statements below lag these by design: an average over the year sits near the midpoint of an ongoing buyback.

PeriodRangeOrderChangeYoYQoQFiguresAs-reported fiscal years.

Line item	FY2025	FY2024	FY2023	FY2022	FY2021
Income Statement	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Revenue	4.67B YoY+33.4%	3.50B YoY+46.5%	2.39B YoY+91.7%	1.25B YoY-74.9%	4.98B YoY+135.3%
	4.09B YoY+14.4%	3.58B YoY+51.4%	2.36B YoY+21.5%	1.94B YoY+112.2%	917M YoY+12.1%
Selling, general & administrative	702M YoY+20.3%	584M YoY+20.7%	484M YoY+31.1%	369M YoY+32.4%	279M YoY+6.8%
General & administrative	702M YoY+20.3%	584M YoY+20.7%	484M YoY+31.1%	369M YoY+32.4%	279M YoY+6.8%
Amortization of intangibles	125M YoY+7.8%	116M YoY+181.1%	41.2M YoY+45.1%	28.4M YoY+43.4%	19.8M YoY+19700.0%
Interest expense	102M YoY+32.7%	77.1M YoY+142.5%	31.8M YoY+67.4%	19.0M YoY+32.9%	14.3M YoY-8.9%
Interest & investment income	93.6M YoY+13.1%	82.7M YoY+94.1%	42.6M YoY+364.9%	9.17M YoY+1733.6%	500K YoY+0.0%
Other non-operating income	90.8M YoY+69.9%	53.4M YoY-7.2%	57.5M YoY+170.3%	-81.8M YoY-113.5%	605M YoY+299.7%
Equity-method income	-838K YoY+31.1%	-1.22M YoY+6.8%	-1.31M YoY-262.8%	802K YoY-99.7%	230M YoY+641.9%
Gain (loss) on equity securities	218K YoY+105.6%	-3.90M YoY+47.3%	-7.39M YoY+91.4%	-85.8M YoY-210.6%	77.6M YoY+1752.4%
Pre-tax income	667M YoY+2785.2%	-24.8M YoY-129.7%	83.7M	—	—
Income tax	67.0M YoY+28.6%	52.1M YoY-13.6%	60.3M YoY+85.5%	32.5M YoY+259.4%	9.04M YoY-7.6%
	185M YoY+686.0%	23.5M YoY-70.7%	80.1M YoY-13.3%	92.4M	0.00
Net income to non-controlling interest	364M YoY+382.2%	75.5M YoY+219.2%	23.7M	—	—
Preferred dividends	-44.1M YoY-128.6%	155M YoY+86.4%	82.9M YoY-43.7%	147M	—
Net income to common	124M YoY+40417.3%	-307K YoY-100.4%	71.2M YoY-18.5%	87.4M	—
	$0.45 YoY+207.1%	-$0.42 YoY-950.0%	-$0.04 YoY+78.9%	-$0.19	$0.00
EPS (basic)	$0.89	$0.00 YoY-100.0%	$0.89 YoY-19.1%	$1.10	$0.00
	139M YoY+38.6%	100M YoY+24.8%	80.3M YoY+1.4%	79.3M	—
	374M YoY+2.6%	365M YoY+14.7%	318M YoY+2.9%	309M	—
Dividends per share	$1.98 YoY+20.0%	$1.65 YoY+17.9%	$1.40 YoY+28.4%	$1.09	—
Balance Sheet	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Cash & equivalents	826M YoY+2.2%	808M YoY+21.5%	665M YoY-39.9%	1.11B YoY+13.9%	973M YoY+13.3%
	13.5B YoY+28.1%	10.5B YoY+12.4%	9.37B YoY+18.0%	7.94B YoY-11.4%	8.96B
Property, plant & equipment	98.6M YoY+10.3%	89.5M YoY+9.5%	81.7M YoY+239.6%	24.1M YoY-8.6%	26.3M
Operating lease right-of-use	552M YoY+164.9%	209M YoY-8.4%	228M YoY+74.6%	130M YoY-17.2%	157M
Goodwill	498M YoY+14.2%	436M YoY+0.0%	436M YoY+89.4%	230M YoY+0.0%	230M
Intangible assets	660M YoY+23.6%	534M YoY-17.8%	650M YoY+376.9%	136M YoY-17.2%	165M
Deferred tax assets	861M YoY+143.9%	353M YoY+1365.4%	24.1M	—	—
	9.36B YoY+34.8%	6.94B YoY+15.6%	6.01B YoY+43.0%	4.20B YoY+147.1%	1.70B
Long-term debt	1.72B YoY+34.4%	1.28B YoY+35.7%	945M YoY+112.6%	445M	—
Operating lease liability (total)	605M YoY+171.0%	223M YoY-5.3%	236M YoY+59.3%	148M	—
	4.14B YoY+15.2%	3.59B YoY+6.9%	3.36B YoY+8.9%	3.09B YoY-50.7%	6.26B
Preferred stock	0.00	0.00	0.00	0.00	—
Additional paid-in capital	1.48B YoY+52.1%	971M YoY+58.2%	613M YoY+21.1%	507M	—
Retained earnings	-292M YoY-56.0%	-187M YoY-439.2%	-34.7M YoY-1373.2%	2.72M	—
Accumulated other comprehensive income	0.00	—	—	—	—
Non-controlling interest	2.95B YoY+5.1%	2.81B YoY+0.9%	2.78B YoY+8.0%	2.58B	—
Total equity incl. non-controlling	4.14B YoY+15.2%	3.59B YoY+6.9%	3.36B YoY+8.9%	3.09B YoY-50.7%	6.26B
Total liabilities & equity	13.5B YoY+28.1%	10.5B YoY+12.4%	9.37B YoY+18.0%	7.94B YoY-11.4%	8.96B
	531M YoY+11.9%	474M YoY+7.1%	443M YoY+43.4%	309M	—
Cash Flow	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	1.03B YoY+94.0%	532M YoY-26.1%	721M YoY-47.6%	1.38B YoY-6.7%	1.47B YoY+1446.0%
Depreciation & amortization	145M YoY+6.8%	135M YoY+184.0%	47.7M YoY+44.5%	33.0M YoY+55.4%	21.2M YoY+197.4%
Intangible amortization	125M YoY+7.8%	116M YoY+181.1%	41.2M YoY+45.1%	28.4M YoY+43.4%	19.8M YoY+19700.0%
Deferred income taxes	29.8M YoY+456.6%	5.36M YoY-73.3%	20.1M YoY+174.0%	-27.1M YoY-21987.1%	124K YoY+114.4%
	-264M YoY-493.6%	-44.5M YoY+88.1%	-374M YoY-12302.5%	-3.01M YoY+92.0%	-37.7M YoY+65.1%
Acquisitions	0.00 YoY-100.0%	16.3M YoY-95.4%	357M	0.00 YoY+100.0%	-24.8M
	-750M YoY-117.6%	-345M YoY+56.3%	-789M YoY+36.3%	-1.24B YoY+6.4%	-1.32B YoY-628.3%
Long-term debt issued	0.00	0.00	0.00	0.00	0.00
Long-term debt repaid	0.00	0.00	0.00	0.00	0.00
Common stock issued	0.00	0.00	0.00 YoY-100.0%	49.8M	0.00
Common stock repurchased	0.00	0.00	0.00	0.00	0.00
Dividends paid	—	—	—	—	0.00
Net change in cash	18.1M YoY-87.3%	143M YoY+132.3%	-442M YoY-428.1%	135M YoY+17.7%	115M YoY-51.8%
Interest paid	92.1M YoY+40.9%	65.4M YoY+94.9%	33.5M YoY+82.8%	18.4M YoY+16.7%	15.7M YoY+5.9%
Income taxes paid	30.3M YoY-28.4%	42.3M YoY-17.3%	51.1M YoY+5.8%	48.3M YoY+465.4%	8.55M YoY+25.9%
Valuation Ratios	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Market cap	33.9B YoY+13.7%	29.8B YoY+77.1%	16.8B YoY+95.8%	8.60B	—
P/E	183.5× YoY-85.5%	1268.9× YoY+582.8%	185.8×	—	—
P/S	7.3× YoY-14.8%	8.5× YoY-36.9%	13.5× YoY+681.5%	1.7×	—
P/B	8.2× YoY-1.3%	8.3× YoY+49.8%	5.5× YoY+100.7%	2.8×	—
	0.54% YoY+591.5%	0.08% YoY-85.4%	0.54%	—	—
	3.1% YoY+18.1%	2.6% YoY-19.0%	3.2% YoY-17.2%	3.9%	—
Source filing	10-K	10-K	10-K	10-K	10-K

About this data

Source: TPG's SEC filings (10-K / 10-Q). Annual columns are as-reported fiscal years; quarterly columns are as-reported fiscal quarters (Q4 derived as full-year minus the first three quarters where a company doesn't file a standalone Q4); TTM (quarterly) rolls the trailing four quarters at every quarter end, TTM (yearly) samples that one year apart; balance-sheet rows show the period-end balance. Valuation ratios are sampled as of each period end. View all TPG filings on SEC EDGAR → Not investment advice.