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TPG Nasdaq Russell 1000 Earnings call

TPG Inc. (TPG) · Q2 2026 results and valuation

Share price: $49.03 · 2026-11-11

Results Q2 2026 vs Q1 2026 · previous quarter · published 4 Aug 2026 and 1 May 2026

Net income turned to a profit from a loss last quarter, guidance raised. Management sounded upbeat, in its script and in answers to analysts.

Only a basic analysis is available for this company at the moment.

1 · Numbers

Turned profit

Net income vs Q1 2026

Guidance raised

Net income 93.4M vs -1.5M

Revenue +268.3%

2 · How management spoke

Upbeat

More upbeat than 71% of company calls

Answers to analysts: upbeat, in line with the script.

Similar to last call.

3 · What stood out

Key theme

Capital markets revenue was driven by more than 20 transactions across 14 strategies, contributing to transaction and monitoring fees growing at a…

Valuation

Is TPG Inc. undervalued?

Reverse DCF on net income from the last full fiscal year (no meaningful free cash flow: a bank, insurer or a year of negative cash flow) (2025-12-31), grown for 10 years, discounted back, plus a terminal value. “Implied growth” is the rate the current price assumes.

At 10.0% growth a year (3-year revenue growth), the model's fair value is $3.79 a share — the stock trades 1194% above it. Today's price assumes 36.7% growth a year.

Current price

$49.03

close of 2026-11-11

Market implies growth of iThe yearly free-cash-flow growth, for the next 10 years, that today’s share price already assumes. If you believe the company grows faster than this, the stock is cheap under this model; slower, and it is expensive.

+36.7% for 10 yrs

Fair value / share

$3.79

Buy below

$2.84

Price vs fair value

Overvalued >200%

Price vs buy-below price

Overvalued >200%

Official channels

The company's own website and social media accounts.

Read between the lines

  1. Guidance ↑

    TPG raised its margin guidance for the year because it expected more robust capital markets.

    Source quote
    “So I would say what would cause us to increase our margin guidance for the year is if we start to have visibility on more robust capital markets...”
  2. Guidance

    The company expects its tax rate to remain in the high single digits in the third quarter and then step up in the fourth quarter after fully utilizing specific tax benefits.

    Source quote
    “We expect our tax rate to remain in the high single digits in the third quarter and then step up in the fourth quarter after we fully utilize...”
  3. Figure

    Fee-related revenue grew 27% year-over-year to $628 million, driven by a step-up in management fees and becoming the second highest quarter.

    Source quote
    “Fee-related revenue grew 27% year-over-year to $628 million, driven by a step-up in management fees and our second highest quarter...”
  4. Fading

    Tax rate expected to remain in high single digits in Q3, then step up in Q4 after full utilization.

    Source quote
    “And last week, we closed the Jackson rated note feature in our middle-market direct lending business. We received $2 billion of initial commitments into our asset-based finance business, which we've started to deploy. Looking ahead, we're focused on continuing to expand our credit capabilities across the return spectrum to reserve our broader base of clients.”

Tone

How upbeat the language was, compared with other companiesiTone counts positive minus negative finance words, adjusted for length. Executives mostly speak positively, so the labels compare each call with every company's latest call: “typical” is the middle third, “very upbeat” the top tenth, “cautious” the bottom tenth.. Dot: Q2 2026. Ring: Q1 2026.

Prepared remarks Upbeat (was upbeat)
Answers to analysts Upbeat (was typical)

Script and answers carried a similar tone, so the script's message held up under questioning.

Sentences that drove the tone
“Across our capital, growth and impact platforms, LTM revenue and EBITDA grew in the mid- to high teens, continuing to outperform the broader market.”
“Its AI transformation is focused on automating bill intake and exception resolution as well as improving quality control through machine learning, resulting in greater growth and efficiency.”
“Our strong top line growth and increasing operating leverage drove a 43% year-over-year increase in fee-related earnings to $350 million $315 million in the second quarter, resulting in a 50%...”

Full figures

USD · SEC EDGAR XBRL (10-Q, period end 2026-06-30)

Metric Q2 2026period end 2026-06-30 Q1 2026period end 2026-03-31 Change Q2 2025 YoY
Revenue 1.84B 500.0M +268.3% 920.5M +100.0%
Net income 93.4M -1.5M Turned profit 14.9M +525.3%
EPS 0.39 -0.22 Turned profit -0.05 Turned profit
P/E today 66.4 60.5 176.1 −115.6 12-mo loss —

Topics

Most discussed now

  • New Along those lines, and this is probably for Jon as well, it probably makes sense just to take a little...
  • Looking briefly at its results for the second quarter, TPG reported GAAP net income attributable to TPG Inc.
  • Its capital markets business continues to be a powerful revenue driver as TPG further embed its capabilities across each of...
  • As this environment drives a wider dispersion of performance across its industry, TPG believes TPG is well positioned to continue...
  • Over the past several months, I've had the opportunity to spend time with teams across the organization and have developed...

Faded since Q1 2026

  • Fading It's been very consistent, steady and spreads generally quite compressed in the market.
  • Fading Its long-duration capital base provides earnings stability and embedded growth, and TPG has delivered some of its best-performing vintages…
  • Fading On the capital markets side, TPG's revenue opportunity has continued to grow due to its robust deployment pace as well...
  • Fading Its credit platform generally earns fees on deployment, and TPG has visibility into approximately $140 million of annual revenue…

Latest announcements

Official filings, newest first.

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