The beat on the Street's key metric (After-tax DE per share) combined with record AUM and a strong $76B dry powder position supports a bullish thesis on TPG's fee income trajectory. Monitor the pace of deployment and realizations in coming quarters, as the large uncalled capital base represents a significant future revenue opportunity.
Price Chart
Executive Summary
TPG reported strong Q2 2026 results with After-tax Distributable Earnings per share of $0.69, beating the $0.57 consensus by 21%. Fee-Related Earnings (FRE) grew 43% YoY to $315M, driven by a 27% increase in Fee-Related Revenues and margin expansion to 50%. AUM reached a record $327B, up 25% YoY, with $76B in dry powder, signaling continued growth momentum in the alternative asset management franchise.
Key Financial Metrics
Key Facts
- After-tax DE per share of $0.69 beat consensus of $0.57 by 21%
- FRE of $315M in Q2 2026, up 43% YoY from $220M in Q2 2025
- FRE margin expanded to 50% from 44% in the prior year quarter
- Total AUM reached a record $326.8B, up 25% year-over-year
- Available capital (dry powder) stood at $76.2B, providing a strong deployment pipeline
- Quarterly dividend declared at $0.59 per share, consistent with the prior quarter
- Capital raised of $16.1B in Q2 2026, up 43% YoY from $11.3B
Financial Impact
After-tax DE of $280M in Q2 2026, up 4.5% from $268M in Q2 2025; FRE of $315M, up 43% YoY
Risk Factors
- Realized performance allocations declined to $35M in Q2 2026 from $87M in Q2 2025, indicating lumpy carry income
- Net debt increased to $2.2B from $1.6B at year-end 2025, driven by a $500M senior notes offering
- Interest expense, net rose to $29.8M in Q2 2026 from $17.2M in Q2 2025, pressuring Distributable Earnings growth
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 7 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001880661-26-000046 |
| Document: tpg-20260804.htm | 0001880661-26-000046 |
| Document: tpg2q26pressrelease.htm | 0001880661-26-000046 |
| Document: 0001880661-26-000046-index-headers.html | 0001880661-26-000046 |
| Document: 0001880661-26-000046-index.html | 0001880661-26-000046 |
| Document: 0001880661-26-000046.txt | 0001880661-26-000046 |
| 8-K Data (Synthetic) | 0001880661-26-000046 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 4, 2026 8w ago | 8-K | $48.98 $52.41 | ▲ +7.00% | ▲ +8.24% | $44.73 (−8.68%) |
Jun 22, 2026 14w ago | 8-K | $41.19 $43.74 | ▲ +6.19% | ▲ +6.34% | $44.73 (+8.59%) |
May 5, 2026 21w ago | Court Ruling | $45.01 $42.39 | ▼ −5.81% | ▼ −10.77% | $44.73 (−0.62%) |
US Market Status
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