TPG announces Q3 earnings per share of 20 cents compared to a loss of 8 cents last year.
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Nov 04 2025
0mins
Should l Buy TPG?
Q3 Revenue Growth: TPG reported a Q3 revenue of $1.22 billion, a significant increase from $855.4 million in the same period last year.
Capital Formation and Deployment: The firm raised over $18 billion in capital during the quarter and deployed nearly $15 billion, marking a 70% year-over-year increase in investment activity.
CEO's Statement: Jon Winkelried, CEO, highlighted the strong performance driven by robust capital formation and a record quarter for deployment, emphasizing the firm's diversified investment strategy.
Future Outlook: TPG's scale and diversification are expected to support accelerated growth and long-term value for shareholders as they approach the end of 2025.
Trade with 70% Backtested Accuracy
Stop guessing "Should I Buy TPG?" and start using high-conviction signals backed by rigorous historical data.
Sign up today to access powerful investing tools and make smarter, data-driven decisions.
Analyst Views on TPG
Wall Street analysts forecast TPG stock price to rise
10 Analyst Rating
7 Buy
3 Hold
0 Sell
Moderate Buy
Current: 42.340
Low
55.00
Averages
70.10
High
82.00
Current: 42.340
Low
55.00
Averages
70.10
High
82.00
About TPG
TPG Inc. is an alternative asset management company. The Company invests in a diversified set of strategies, including private equity, impact, credit, real estate, and market solutions. It consists of multi-strategy investment platforms: Capital, Growth, Impact, TPG Angelo Gordon, Real Estate, and Market Solutions. Its Capital platform focuses on control-oriented private equity investments. Its Capital platform products include TPG Capital, and TPG Healthcare Partners. Its Growth platform products include TPG Growth and TPG Digital Media. Its Impact platform products include The Rise Funds and TPG NEXT. Its TPG Angelo Gordon platform products include TPG AG Credit Solutions and TPG AG Net Lease. Its Real Estate platform products include TPG Real Estate Partners and Real Estate Credit. Its Market Solutions products include Public Market Investing and Capital Markets. Its TPG Peppertree focuses on wireless communications towers and related critical communications assets.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
Key Wall Street Rating Changes Overview
- Morgan Stanley Upgrade: Morgan Stanley upgraded Booking Holdings from equal weight to overweight, citing the online travel company's stock as undervalued, with expectations that it will continue to dominate the travel market and leverage robust customer data to drive high-margin direct business.
- JPMorgan's View on Domino's: JPMorgan upgraded Domino's from neutral to overweight, based on its steady market share and value-driven business model, indicating a good buying opportunity at the current stock price of approximately $400.
- RBC's Assessment of Blackstone: RBC initiated coverage on Blackstone with an outperform rating, highlighting the private equity firm's dual benefits from retail growth and an improving real estate cycle, which are expected to drive nearly 20% earnings growth.
- UBS Upgrade for America Movil: UBS upgraded America Movil from neutral to buy, revising its price target from $23.60 to $30.00, reflecting the upside potential in the Latin American telecommunications market.
See More
Private Credit Faces Serious Test Amid $3 Trillion Boom
- Crisis Signals: The private credit market, having experienced a $3 trillion boom, is facing systemic risks as Blue Owl Capital's decision to permanently halt redemptions for its $1.6 billion OBDC II fund exposes vulnerabilities, indicating not just corporate issues but a warning for the entire non-bank financial ecosystem.
- Bankruptcy Wave: The bankruptcies of Tricolor and First Brands in September 2025 heightened concerns over private credit's exposure to highly leveraged borrowers, leading banks like UBS and Jefferies to face hundreds of millions in losses, which intensified market worries about liquidity risks.
- Increased Regulatory Pressure: With Tricolor executives charged for systematic fraud, scrutiny over lending practices has intensified, as JPMorgan CEO Jamie Dimon highlighted that corporate lending practices have become too lax over the past decade, indicating a pressing need for improved risk management in the market.
- Uncertain Future Outlook: Despite facing numerous challenges, including rising default rates and redemption pressures, global private credit fundraising still grew to $224.25 billion in 2025, suggesting that capital remains active and the growth phase of the industry is not over, potentially leading to better liquidity management strategies in the future.
See More
U.S. Stocks Rise Following Landmark Supreme Court Ruling
- Supreme Court Ruling Impact: The U.S. Supreme Court's 6-3 decision invalidates significant portions of Trump's tariff agenda, ruling that the executive branch lacks the authority to impose such levies unilaterally, which may reshape future trade policies and boost market confidence in economic recovery.
- Weak Economic Data: U.S. Q4 GDP growth was only 1.4%, significantly below the expected 2.8%, indicating signs of economic slowdown, while the core PCE price index rose to 2.7%, exceeding expectations of 2.6%, which may lead the Fed to maintain interest rates in upcoming meetings.
- Corporate Earnings Performance: Over 75% of S&P 500 companies have reported earnings, with 74% exceeding market expectations, indicating resilience in corporate profitability, and Q4 earnings growth is projected to reach 8.4%, providing support for the stock market.
- Market Volatility and Investor Sentiment: Despite the overall rise in U.S. stocks, investor sentiment remains cautious due to geopolitical risks and mixed economic signals, with the market pricing in only a 6% chance of a rate cut at the next Fed meeting.
See More
TPG Prices $500M Senior Notes Offering at 4.875%
- Offering Size: TPG Operating Group II announced a $500 million senior notes offering priced at 4.875%, expected to close on February 26, 2026, which will enhance the company's capital structure and provide funding for future investments.
- Interest Payment Structure: The notes will accrue interest at an annual rate of 4.875%, with payments scheduled semi-annually on May 15 and November 15, starting November 15, 2026, thereby providing investors with a stable cash flow.
- Use of Proceeds: The net proceeds from this offering will be utilized to repay borrowings under the revolving credit facility and for general corporate purposes, aiming to optimize the company's financial position and enhance liquidity to support long-term strategic goals.
- Market Reaction: TPG's notes offering reflects market confidence in its financial health, expected to attract investor interest and further enhance the company's image and financing capabilities in the capital markets.
See More
TPG Prices $500 Million Senior Notes Offering
- Bond Offering Size: TPG has announced a $500 million offering of 4.875% senior notes, expected to close on February 26, 2026, reflecting the company's strong capital market capabilities aimed at optimizing its capital structure.
- Interest Payment Structure: The notes will bear an annual interest rate of 4.875%, with interest payable semi-annually on May 15 and November 15, starting November 15, 2026, ensuring a stable income stream for investors.
- Clear Use of Proceeds: TPG intends to use the net proceeds from the offering to pay down outstanding debt under its revolving credit facility and for general corporate purposes, indicating prudent financial management and flexibility that enhances overall financial health.
- Strong Underwriter Lineup: The offering is being jointly managed by several prominent financial institutions, including Goldman Sachs, Morgan Stanley, and BofA Securities, demonstrating market confidence in TPG and its strong reputation among investors.
See More
TPG Announces $500 Million Senior Notes Offering
- Offering Size: TPG Operating Group II, L.P. announced a $500 million public offering of senior notes at a 4.875% interest rate, expected to close on February 26, 2026, reflecting the company's active engagement in capital markets and financing capabilities.
- Interest Payment Schedule: The notes will pay interest semi-annually on May 15 and November 15, with the first payment scheduled for November 15, 2026, ensuring a stable cash flow for investors and enhancing market confidence.
- Use of Proceeds: The net proceeds will be used to pay down outstanding debt under the revolving credit facility and for general corporate purposes, indicating the company's strategic intent to optimize its capital structure and enhance financial flexibility.
- Underwriter Lineup: A consortium of top financial institutions, including Goldman Sachs, Morgan Stanley, and BofA Securities, serves as joint book-running managers, demonstrating strong market trust in TPG and its solid reputation among investors.
See More
Key Wall Street Rating Changes Overview
- Morgan Stanley Upgrade: Morgan Stanley upgraded Booking Holdings from equal weight to overweight, citing the online travel company's stock as undervalued, with expectations that it will continue to dominate the travel market and leverage robust customer data to drive high-margin direct business.
- JPMorgan's View on Domino's: JPMorgan upgraded Domino's from neutral to overweight, based on its steady market share and value-driven business model, indicating a good buying opportunity at the current stock price of approximately $400.
- RBC's Assessment of Blackstone: RBC initiated coverage on Blackstone with an outperform rating, highlighting the private equity firm's dual benefits from retail growth and an improving real estate cycle, which are expected to drive nearly 20% earnings growth.
- UBS Upgrade for America Movil: UBS upgraded America Movil from neutral to buy, revising its price target from $23.60 to $30.00, reflecting the upside potential in the Latin American telecommunications market.
See More
Private Credit Faces Serious Test Amid $3 Trillion Boom
- Crisis Signals: The private credit market, having experienced a $3 trillion boom, is facing systemic risks as Blue Owl Capital's decision to permanently halt redemptions for its $1.6 billion OBDC II fund exposes vulnerabilities, indicating not just corporate issues but a warning for the entire non-bank financial ecosystem.
- Bankruptcy Wave: The bankruptcies of Tricolor and First Brands in September 2025 heightened concerns over private credit's exposure to highly leveraged borrowers, leading banks like UBS and Jefferies to face hundreds of millions in losses, which intensified market worries about liquidity risks.
- Increased Regulatory Pressure: With Tricolor executives charged for systematic fraud, scrutiny over lending practices has intensified, as JPMorgan CEO Jamie Dimon highlighted that corporate lending practices have become too lax over the past decade, indicating a pressing need for improved risk management in the market.
- Uncertain Future Outlook: Despite facing numerous challenges, including rising default rates and redemption pressures, global private credit fundraising still grew to $224.25 billion in 2025, suggesting that capital remains active and the growth phase of the industry is not over, potentially leading to better liquidity management strategies in the future.
See More
U.S. Stocks Rise Following Landmark Supreme Court Ruling
- Supreme Court Ruling Impact: The U.S. Supreme Court's 6-3 decision invalidates significant portions of Trump's tariff agenda, ruling that the executive branch lacks the authority to impose such levies unilaterally, which may reshape future trade policies and boost market confidence in economic recovery.
- Weak Economic Data: U.S. Q4 GDP growth was only 1.4%, significantly below the expected 2.8%, indicating signs of economic slowdown, while the core PCE price index rose to 2.7%, exceeding expectations of 2.6%, which may lead the Fed to maintain interest rates in upcoming meetings.
- Corporate Earnings Performance: Over 75% of S&P 500 companies have reported earnings, with 74% exceeding market expectations, indicating resilience in corporate profitability, and Q4 earnings growth is projected to reach 8.4%, providing support for the stock market.
- Market Volatility and Investor Sentiment: Despite the overall rise in U.S. stocks, investor sentiment remains cautious due to geopolitical risks and mixed economic signals, with the market pricing in only a 6% chance of a rate cut at the next Fed meeting.
See More
TPG Prices $500M Senior Notes Offering at 4.875%
- Offering Size: TPG Operating Group II announced a $500 million senior notes offering priced at 4.875%, expected to close on February 26, 2026, which will enhance the company's capital structure and provide funding for future investments.
- Interest Payment Structure: The notes will accrue interest at an annual rate of 4.875%, with payments scheduled semi-annually on May 15 and November 15, starting November 15, 2026, thereby providing investors with a stable cash flow.
- Use of Proceeds: The net proceeds from this offering will be utilized to repay borrowings under the revolving credit facility and for general corporate purposes, aiming to optimize the company's financial position and enhance liquidity to support long-term strategic goals.
- Market Reaction: TPG's notes offering reflects market confidence in its financial health, expected to attract investor interest and further enhance the company's image and financing capabilities in the capital markets.
See More
TPG Prices $500 Million Senior Notes Offering
- Bond Offering Size: TPG has announced a $500 million offering of 4.875% senior notes, expected to close on February 26, 2026, reflecting the company's strong capital market capabilities aimed at optimizing its capital structure.
- Interest Payment Structure: The notes will bear an annual interest rate of 4.875%, with interest payable semi-annually on May 15 and November 15, starting November 15, 2026, ensuring a stable income stream for investors.
- Clear Use of Proceeds: TPG intends to use the net proceeds from the offering to pay down outstanding debt under its revolving credit facility and for general corporate purposes, indicating prudent financial management and flexibility that enhances overall financial health.
- Strong Underwriter Lineup: The offering is being jointly managed by several prominent financial institutions, including Goldman Sachs, Morgan Stanley, and BofA Securities, demonstrating market confidence in TPG and its strong reputation among investors.
See More
TPG Announces $500 Million Senior Notes Offering
- Offering Size: TPG Operating Group II, L.P. announced a $500 million public offering of senior notes at a 4.875% interest rate, expected to close on February 26, 2026, reflecting the company's active engagement in capital markets and financing capabilities.
- Interest Payment Schedule: The notes will pay interest semi-annually on May 15 and November 15, with the first payment scheduled for November 15, 2026, ensuring a stable cash flow for investors and enhancing market confidence.
- Use of Proceeds: The net proceeds will be used to pay down outstanding debt under the revolving credit facility and for general corporate purposes, indicating the company's strategic intent to optimize its capital structure and enhance financial flexibility.
- Underwriter Lineup: A consortium of top financial institutions, including Goldman Sachs, Morgan Stanley, and BofA Securities, serves as joint book-running managers, demonstrating strong market trust in TPG and its solid reputation among investors.
See More
