Analyst Consensus ?
ConsensusBuy18 ratings
Bullish1266.7%
Neutral633.3%
Bearish00.0%
TPG Inc. · TPG · FY2026 Q1 · Calendar Q2 2026
TPG Q1 2026: Fee Growth, Fundraising and AI Focus
TPG's current analysis supports a constructive but conditional growth thesis: fee-related earnings, AUM growth, fundraising momentum, AI-related software opportunities and private-credit capacity provide multiple expansion avenues, while valuation, redemption, macro and execution risks remain material.
Reported Before market openNASDAQFinancial Services
$17.89B market cap
100quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$0.70
Consensus $0.59
EPS surprise
+18.2%
Reported versus consensus
Reported revenue
$637.8M
Consensus $608.1M
Revenue surprise
+4.9%
Reported versus consensus
Market reaction
prior-close to event-session close
Stock move
+1.4%
Event window
SPY move
+0.3%
Same window
Abnormal move
+1.1%
Stock minus SPY
Volume
1.6×
Versus trailing sessions
Subsequent drift
-2.1%
Up to 20 sessions
TPGSPY benchmark
Ask FN2 about TPG FY2026 Q1
Transcript, numbers and history already loaded
Why did TPG rise 1.4% after beating EPS estimates in FY2026 Q1?What changed in TPG's guidance and outlook in FY2026 Q1?Give me the bull and bear case for TPG after FY2026 Q1 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
Compared with the prior analysis, TPG's fee-related earnings had moved from 25% growth to 36% year over year, AUM had reached $306 billion, and Q1 capital raised was $56 billion. The current analysis also emphasizes $19 billion of private-credit dry powder and continued expansion through new funds and partnerships.
Guidance delta
Management guidance sentiment was maintained. The analysis also notes a 2026 fundraising target above $50 billion.
Key takeaways
- Fee-related earnings rose 36% year over year and exceeded $1 billion on an LTM basis for the first time.
- AUM increased 22% year over year to $306 billion, supported by $56 billion of new capital and fund performance.
- Management highlighted AI-focused software growth, private-credit dry powder, and multiple planned fund launches.
Management priorities
- Complete planned capital raises across private equity, credit, infrastructure, sports and growth equity.
- Expand credit capabilities, including asset-based finance, structured credit and a multi-strategy credit interval fund.
- Continue AI integration across the firm and portfolio companies while scaling climate-infrastructure and data-center projects.
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Try FN2 freeEarnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$46.68Current
$31Low
$61.9Average
$87High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Nov 1, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| Wells Fargo | Equal Weight | Equal Weight | Maintain | Oct 30, 2026 |
| TD Cowen | Buy | Buy | Maintain | Oct 30, 2026 |
| RBC Capital | Outperform | Outperform | Maintain | Oct 30, 2026 |
| Evercore ISI Group | In Line | In Line | Maintain | Oct 30, 2026 |
| Barclays | Overweight | Overweight | Maintain | Oct 30, 2026 |
| BMO Capital | Outperform | Outperform | Maintain | Oct 27, 2026 |
| UBS | Buy | Buy | Maintain | Aug 5, 2026 |
| Keefe, Bruyette & Woods | Outperform | Outperform | Maintain | Aug 5, 2026 |
| Morgan Stanley | Equal Weight | Equal Weight | Maintain | Jul 21, 2026 |
| Citizens | Market Outperform | Market Outperform | Maintain | Jul 9, 2026 |
| Goldman Sachs | Buy | Buy | Maintain | Apr 7, 2026 |
| JP Morgan | Overweight | Overweight | Maintain | Nov 5, 2025 |
| Citigroup | Buy | Buy | Maintain | Oct 13, 2025 |
| B of A Securities | Buy | Buy | Maintain | Oct 3, 2025 |
| JMP Securities | Market Perform | Market Perform | Maintain | Feb 13, 2025 |
| Deutsche Bank | Buy | Buy | Maintain | Nov 11, 2024 |
| Jefferies | Hold | Hold | Maintain | May 9, 2024 |
| Credit Suisse | Neutral | Neutral | Maintain | May 19, 2023 |
Named analyst price targets
Upside is calculated against the persisted current price $46.68. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Evercore ISI | Glenn Schorr | $52 | $47.94 | +11.4% | Oct 30, 2026 |
| BMO Capital | Brennan Hawken | $52 | $44.84 | +11.4% | Oct 27, 2026 |
| Barclays | Benjamin Budish | $60 | $44.51 | +28.5% | Oct 8, 2026 |
| Wells Fargo | Analyst unavailable | $47 | $44.73 | +0.7% | Oct 1, 2026 |
| Deutsche Bank | Analyst unavailable | $62 | $48.1 | +32.8% | Aug 5, 2026 |
| UBS | Michael Brown | $65 | $48.67 | +39.2% | Aug 5, 2026 |
| Evercore ISI | Analyst unavailable | $50 | $48.76 | +7.1% | Aug 5, 2026 |
| RBC Capital | Bart Dziarski | $65 | $48.76 | +39.2% | Aug 5, 2026 |
| Barclays | Benjamin Budish | $64 | $48.98 | +37.1% | Aug 5, 2026 |
| Morgan Stanley | Analyst unavailable | $54 | $43 | +15.7% | Jul 21, 2026 |
| BMO Capital | Analyst unavailable | $50 | $42.27 | +7.1% | Jul 13, 2026 |
| Goldman Sachs | Analyst unavailable | $61 | $45.03 | +30.7% | May 5, 2026 |
| UBS | Michael Brown | $59 | $46.23 | +26.4% | May 4, 2026 |
| Deutsche Bank | Analyst unavailable | $55 | $45.96 | +17.8% | May 4, 2026 |
| Barclays | Benjamin Budish | $58 | $44.22 | +24.3% | May 4, 2026 |
| Morgan Stanley | Michael Cyprys | $60 | $46.2 | +28.5% | Apr 21, 2026 |
| Evercore ISI | Analyst unavailable | $47 | $46.07 | +0.7% | Apr 21, 2026 |
| RBC Capital | Analyst unavailable | $59 | $42.34 | +26.4% | Feb 23, 2026 |
| UBS | Michael Brown | $60 | $44.24 | +28.5% | Feb 20, 2026 |
| Evercore ISI | Analyst unavailable | $56 | $54.22 | +20.0% | Feb 6, 2026 |
| Barclays | Analyst unavailable | $69 | $53.54 | +47.8% | Feb 6, 2026 |
| Barclays | Benjamin Budish | $78 | $59.84 | +67.1% | Jan 28, 2026 |
| Morgan Stanley | Analyst unavailable | $67 | $60.88 | +43.5% | Jan 27, 2026 |
| Evercore ISI | Analyst unavailable | $62 | $63.72 | +32.8% | Jan 22, 2026 |
| UBS | Analyst unavailable | $83 | $66.07 | +77.8% | Jan 13, 2026 |
| Wolfe Research | Analyst unavailable | $80 | $66.74 | +71.4% | Jan 7, 2026 |
| Goldman Sachs | Alexander Blostein | $80 | $67.65 | +71.4% | Jan 6, 2026 |
| UBS | Michael Brown | $82 | $67.53 | +75.7% | Dec 11, 2025 |
| Morgan Stanley | Analyst unavailable | $63 | $56.52 | +35.0% | Oct 21, 2025 |
| UBS | Analyst unavailable | $78 | $58.51 | +67.1% | Oct 6, 2025 |
| BMO Capital | Etienne Ricard | $73 | $67.67 | +56.4% | Dec 19, 2024 |
| BMO Capital | Etinenne Ricard | $60 | $60.88 | +28.5% | Nov 5, 2024 |
| Goldman Sachs | Alexander Blostein | $63 | $58.44 | +35.0% | Oct 3, 2024 |
| Goldman Sachs | Alexander Blostein | $60 | $53.95 | +28.5% | Sep 13, 2024 |
| Morgan Stanley | Michael Cyprys | $52 | $44.1 | +11.4% | May 10, 2024 |
| BMO Capital | Keith Bachman | $87 | $29.55 | +86.4% | Aug 1, 2023 |
| Wells Fargo | Analyst unavailable | $32 | $32.46 | -31.4% | Jan 11, 2023 |
| BMO Capital | Analyst unavailable | $40 | $35.84 | -14.3% | Nov 17, 2022 |
| Deutsche Bank | Analyst unavailable | $49 | $39.01 | +5.0% | Nov 15, 2022 |
| UBS | Analyst unavailable | $48 | $38.52 | +2.8% | Nov 15, 2022 |
| Morgan Stanley | Analyst unavailable | $30 | $40.35 | -35.7% | Nov 14, 2022 |
| Morgan Stanley | Analyst unavailable | $28 | $32.87 | -40.0% | Aug 15, 2022 |
| BMO Capital | Analyst unavailable | $37 | $32.56 | -20.7% | Aug 10, 2022 |
| Morgan Stanley | Analyst unavailable | $27 | $26.46 | -42.2% | Jul 19, 2022 |
| Wells Fargo | Analyst unavailable | $26 | $24.42 | -44.3% | Jul 13, 2022 |
| J.P. Morgan | Analyst unavailable | $31 | $25.4 | -33.6% | Jul 8, 2022 |
| Deutsche Bank | Analyst unavailable | $42 | $25.92 | -10.0% | May 19, 2022 |
| Morgan Stanley | Analyst unavailable | $34 | $28.26 | -27.2% | Apr 20, 2022 |
| Wells Fargo | Analyst unavailable | $30 | $28.23 | -35.7% | Apr 19, 2022 |
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Start freeCompany context
Snapshot as of publicationTPG Inc. operates globally as a specialized manager of alternative investments. The firm delivers a suite of services, including investment management for diverse pooled vehicles such as unconsolidated funds and collateralized loan obligations. Additionally, TPG provides comprehensive oversight and strategic advisory services to its portfolio companies, encompassing capital structuring, facilitating debt and equity arrangements, and general consultation. It also assists with underwriting and placing securities. TPG allocates capital across various asset classes, with significant investments in private equity funds, real estate funds, credit funds, and funds of hedge funds. Established in 1992, TPG Inc. maintains its headquarters in Fort Worth, Texas, and functions as a subsidiary of TPG GP A, LLC.
Historical context
All TPG earningsFinancial Services peers this season
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|---|---|---|---|---|
| CBOE Cboe Global Markets, Inc. | FY2026 Q3 · Calendar Q4 2026 | +5.8% | +6.8% | Cboe posts strong Q3 as options growth and new products advance |
| NWG NatWest Group plc | FY2026 Q3 · Calendar Q4 2026 | +2.0% | -9.0% | NatWest maintains guidance as Q3 growth and capital remain strong |
| ERIE Erie Indemnity Company | FY2026 Q3 · Calendar Q4 2026 | +2.1% | +5.3% | Erie pairs resilient demand initiatives with thin underwriting margins |
| COIN Coinbase Global, Inc. | FY2026 Q3 · Calendar Q4 2026 | +1189.2% | -10.6% | Coinbase offsets lower spot trading with prediction markets and AI agents |
| AJG Arthur J. Gallagher & Co. | FY2026 Q3 · Calendar Q4 2026 | +0.3% | +2.9% | AJG: Q3 growth and AssuredPartners synergies support outlook |
Latest beats and misses
Who reports nextBeat on EPS
- CHDFY2026 Q3 · October 30, 2026+2.2% EPS+1.2% move
- AZNFY2026 Q3 · October 30, 2026+7.3% EPS+7.0% move
- FRTFY2026 Q3 · October 30, 2026+3.9% EPS-1.1% move
- CVXFY2026 Q3 · October 30, 2026+8.4% EPS+1.8% move
- BTSGFY2026 Q3 · October 30, 2026+14.2% EPS+11.1% move
- EXCFY2026 Q3 · October 30, 2026+10.4% EPS+0.5% move
Missed on EPS
- GLPIFY2026 Q3 · October 29, 2026-11.5% EPS-1.3% move
- LYBFY2026 Q3 · October 30, 2026-1.2% EPS+5.0% move
- CCJFY2026 Q3 · October 30, 2026-101.4% EPS-7.9% move
- VALEFY2026 Q3 · October 29, 2026-24.6% EPS+1.9% move
- DLR-PLFY2026 Q3 · October 29, 2026-8.4% EPS— move
- DLR-PKFY2026 Q3 · October 29, 2026-8.4% EPS— move
Get the TPG recap when the next report posts
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Sources
- Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
- FN2 earnings calendar · 2026-07-26T00:37:12.209961+00:00
- Polygon adjusted daily market bars · 2026-11-01T18:40:42.264025+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-11-01T18:40:42.261127+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated · As of 2026-11-01. For educational purposes only; not investment advice.