TPG Q3 2026: Revenue doubles estimates as fee earnings surge 43%
As seen on the 24/7 Wall St. homepage on October 29, 2026.
Fee-related earnings rose 43% to $321 million, and management now expects to exceed its $50 billion 2026 fundraising target with nearly $42 billion already raised.
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Third-quarter 2026 revenue of $1.22 billion came in at more than double the $608.9 million analysts projected, with adjusted earnings per share of $0.65 beating expectations.
Fee-related earnings rose 43% to $321 million, lifting the FRE margin to 50% and showing the fee engine, not deal realizations, is carrying results.
Assets under management grew 21% to $345.7 billion, and CEO Jon Winkelried said the firm expects to exceed its $50 billion 2026 fundraising target.
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Quarterly capital raised declined to $15.2 billion from $18.1 billion a year earlier, a pace worth monitoring alongside the TPG Peppertree integration.
After a loss of $0.05 per share in Q1 2026, this quarter reinforces a more durable fee-revenue base heading into year-end.