v3.26.1
Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Operating activities:        
Net income $ 319,672 $ 30,111 $ 196,397 $ 117,939
Adjustments to reconcile net income to net cash provided by operating activities:        
Equity-based compensation 231,730 209,622 486,866 415,454
Performance allocation compensation 776,665 233,437 710,517 532,142
Net losses from investment activities 9,053 791 10,184 2,878
Capital allocation-based income (1,136,455) (351,463) (1,016,439) (842,884)
Depreciation and amortization 41,342 30,808 83,093 62,190
Non-cash lease expense     32,931 28,110
Other non-cash activities     4,488 15,837
Changes in operating assets and liabilities:        
Purchases of investments     (588,336) (398,101)
Proceeds from investments     1,001,557 1,041,245
Due from affiliates     16,514 (75,389)
Other assets     (1,839) (14,602)
Accounts payable and accrued expenses     135,777 126,659
Due to affiliates     (41,419) 18,039
Accrued performance allocation compensation     (477,767) (398,897)
Other liabilities     (28,290) (46,565)
Net cash provided by operating activities     524,234 584,055
Investing activities:        
Purchase of Jackson common stock     (500,000) 0
Purchases of fixed assets     (35,721) (9,431)
Net cash used in investing activities     (535,721) (9,431)
Financing activities:        
Proceeds from debt obligations     1,216,000 479,000
Repayment of debt obligations     (591,000) (151,000)
Issuance costs on debt obligations     (5,202) 0
Withholding taxes paid on net settlement of equity-based awards     (210,978) (181,704)
Contributions from holders of non-controlling interests     360,668 93,716
Dividends/Distributions     (583,573) (482,363)
Settlement of contingent liabilities     (25,154) (18,646)
Tax Receivable Agreement payments     (29,931) (9,619)
Net cash provided by (used in) financing activities     130,830 (270,616)
Effect of exchange rate changes     (787) 0
Net change in cash, cash equivalents and restricted cash     118,556 304,008
Cash, cash equivalents and restricted cash, beginning of period     839,271 821,192
Cash, cash equivalents and restricted cash, end of period 957,827 1,125,200 957,827 1,125,200
Supplemental disclosures of other cash flow information:        
Cash paid for income taxes     28,450 25,131
Cash paid for interest     52,715 46,001
Reconciliation of cash, cash equivalents and restricted cash, end of period:        
Cash and cash equivalents 944,663 1,112,027 944,663 1,112,027
Restricted cash 13,164 [1] 13,173 13,164 [1] 13,173
Cash, cash equivalents and restricted cash, end of period $ 957,827 $ 1,125,200 $ 957,827 $ 1,125,200
[1] The Company’s consolidated total assets and liabilities as of June 30, 2026 and December 31, 2025 include assets and liabilities of variable interest entities (“VIEs”). These assets can be used only to satisfy obligations of the VIEs, and the creditors of the VIEs have recourse only to these assets, and not to TPG Inc. See Notes 2, 7 and 8 to the Condensed Consolidated Financial Statements.