Stocks TPG Financial statements
Financial statementsTPG Inc. financial statements
Income statement, balance sheet and cash flow statement for the last 6 fiscal years, taken from the XBRL data TPG Inc. files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
| FY2020 | FY2022 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|---|
| Revenue | 2,115 | 4,976 | 2,003 | 2,390 | 3,500 | 4,670 |
| General and administrative | 261 | 279 | 369 | 484 | 584 | 702 |
| Operating expenses | 818 | 917 | 1,945 | 2,364 | 3,578 | 4,094 |
| Interest expense | 15.7 | 14.3 | 19 | 31.8 | 77.1 | 102 |
| Other non-operating income | 151 | 605 | -81.8 | 57.5 | 53.4 | 90.8 |
| Pre-tax income | 83.7 | -24.8 | 667 | |||
| Income tax | 9.78 | 9.04 | 32.5 | 60.3 | 52.1 | 67 |
| Net income to minority interests | 11.3 | 23.7 | 75.5 | 364 | ||
| Net income | 0 | 0 | 92.4 | 80.1 | 23.5 | 185 |
| EPS, basic | 0.00 | 1.10 | 0.89 | 0.00 | 0.89 | |
| EPS, diluted | 0.00 | -0.19 | -0.04 | -0.42 | 0.45 | |
| Shares, basic (weighted) | 0 | 79.3 | 80.3 | 100 | 139 | |
| Shares, diluted (weighted) | 0 | 309 | 318 | 365 | 374 | |
| Dividend per share | 1.09 | 1.40 | 1.65 | 1.98 |
Balance sheet
| FY2020 | FY2022 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|---|
| Cash and equivalents | 858 | 973 | 1,107 | 665 | 808 | 826 |
| Property, plant and equipment | 26.3 | 24.1 | 81.7 | 89.5 | 98.6 | |
| Lease right-of-use assets | 157 | 130 | 228 | 209 | 552 | |
| Goodwill | 230 | 230 | 436 | 436 | 498 | |
| Intangible assets | 165 | 136 | 650 | 534 | 660 | |
| Total assets | 8,962 | 7,942 | 9,370 | 10,535 | 13,493 | |
| Total liabilities | 1,701 | 4,202 | 6,009 | 6,943 | 9,357 | |
| Total debt | 445 | 945 | 1,282 | 1,723 | ||
| Paid-in capital | 507 | 613 | 971 | 1,476 | ||
| Retained earnings | 2.72 | -34.7 | -187 | -292 | ||
| Other comprehensive income | 0 | |||||
| Minority interests | 2,576 | 2,782 | 2,808 | 2,951 | ||
| Total equity | 6,261 | 3,086 | 3,361 | 3,592 | 4,136 | |
| Total liabilities and equity | 8,962 | 7,942 | 9,370 | 10,535 | 13,493 |
Cash flow statement
| FY2020 | FY2022 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|---|
| Net income | 1,439 | 4,656 | -56.2 | 23.4 | -76.9 | 600 |
| Depreciation and amortization | 7.14 | 21.2 | 33 | 47.7 | 135 | 145 |
| Stock-based compensation | 0 | 0 | 628 | 655 | 1,006 | 814 |
| Deferred income tax | -0.86 | 0.12 | -27.1 | 20.1 | 5.36 | 29.8 |
| Change in payables | 42.1 | 51.1 | -14.2 | -232 | 52.6 | -4.91 |
| Cash from operations | 95.4 | 1,475 | 1,376 | 721 | 532 | 1,032 |
| Acquisitions | 0 | 24.8 | 0 | -357 | -16.3 | |
| Cash from investing | -108 | -37.7 | -3.01 | -374 | -44.5 | -264 |
| Stock issued | 0 | 0 | 49.8 | 0 | 0 | |
| Cash from financing | 250 | -1,323 | -1,238 | -789 | -345 | -750 |
| Net change in cash | 238 | 115 | 135 | -442 | 143 | 18.1 |
| Interest paid | 14.9 | 15.7 | 18.4 | 33.5 | 65.4 | 92.1 |
| Income taxes paid | 6.79 | 8.55 | 48.3 | 51.1 | 42.3 | 30.3 |
Key metrics
Profitability
| Metric | Value | How it is calculated |
|---|---|---|
| Net margin | 4.6% | Net income / revenue. |
| Operating cash flow margin | 18.8% | Cash from operations / revenue. |
| Return on assets (ROA) | 1.7% | Net income / average total assets. |
| Stock-based pay / revenue | 17.1% | Stock-based compensation (from the cash flow statement) / revenue. |
| D&A / revenue | 3.2% | Depreciation and amortization / revenue. |
Growth
| Metric | Value | How it is calculated |
|---|---|---|
| Revenue growth, 1y | 33.4% | Revenue vs the same period a year earlier. Only from a positive base. |
| Revenue CAGR, 3y | 32.6% | Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Revenue CAGR, 5y | 17.2% | Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Net income growth, 1y | 686.0% | Net income vs the same period a year earlier. Only from a positive base. |
| Net income CAGR, 3y | 25.9% | Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Operating cash flow growth, 1y | 94.0% | Operating cash flow vs the same period a year earlier. Only from a positive base. |
| Operating cash flow CAGR, 3y | -9.1% | Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Operating cash flow CAGR, 5y | 61.0% | Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Dividend per share growth, 1y | 20.0% | Dividend per share vs the same period a year earlier. Only from a positive base. |
| Dividend per share CAGR, 3y | 22.0% | Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Total assets growth, 1y | 28.1% | Total assets vs the same period a year earlier. Only from a positive base. |
| Total assets CAGR, 3y | 19.3% | Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Share count change, 1y | 2.6% | Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution. |
| Share count change per year, 3y | 6.6% | Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution. |
Balance sheet health
| Metric | Value | How it is calculated |
|---|---|---|
| Debt / assets | 16.7% | Total debt / total assets. |
| Liabilities / assets | 73.3% | Total liabilities / total assets. |
| Net debt | $1.40B | Total debt - cash - short-term investments. Negative means more cash than debt. |
| Goodwill and intangibles / assets | 7.7% | (Goodwill + intangible assets) / total assets. |
Efficiency
| Metric | Value | How it is calculated |
|---|---|---|
| Asset turnover | 0.37x | Revenue / average total assets. |
Per share
| Metric | Value | How it is calculated |
|---|---|---|
| EPS, diluted | $0.61 | Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS. |
| Revenue per share | $13.43 | Revenue / diluted weighted shares. |
| Operating cash flow per share | $2.52 | Cash from operations / diluted weighted shares. |
| Cash per share | $2.45 | (Cash + short-term investments) / shares outstanding. |
Valuation
| Metric | Value | How it is calculated |
|---|---|---|
| Market cap | $16.78B | Share price x shares outstanding. |
| Enterprise value | $18.17B | Market cap + total debt - cash - short-term investments. |
| P/E | 71.0x | Market cap / net income. Only when net income is positive. |
| P/S | 3.24x | Market cap / revenue. |
| P/OCF | 17.2x | Market cap / cash from operations, when positive. |
| EV/Sales | 3.51x | Enterprise value / revenue. |
| Earnings yield | 1.4% | Net income / market cap (the inverse of P/E). |
What was TPG Inc.'s revenue in fiscal 2025?
TPG Inc. reported revenue of $4.67B for fiscal 2025, 33.4% higher than the year before.
Was TPG Inc. profitable in fiscal 2025?
Yes. Net income was $184.6M, a net margin of 4%.