v3.26.3
Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Sep. 30, 2026
Sep. 30, 2025
Operating activities:        
Net income $ 263,845 $ 199,230 $ 460,242 $ 317,169
Adjustments to reconcile net income to net cash provided by operating activities:        
Equity-based compensation 213,632 158,382 700,498 573,836
Performance allocation compensation 334,553 419,420 1,045,070 951,562
Net (gains) losses from investment activities (120,991) (212) (110,807) 2,666
Capital allocation-based income (508,369) (627,018) (1,524,808) (1,469,902)
Depreciation and amortization 40,327 41,035 123,420 103,225
Non-cash lease expense     49,686 42,081
Other non-cash activities     58,051 14,124
Changes in operating assets and liabilities:        
Purchases of investments     (706,549) (565,334)
Proceeds from investments     1,092,083 1,660,787
Due from affiliates     (69,267) (37,171)
Other assets     (4,321) (35,548)
Accounts payable and accrued expenses     212,374 207,938
Due to affiliates     (19,104) 50,919
Accrued performance allocation compensation     (508,822) (686,917)
Other liabilities     (24,960) (53,337)
Net cash provided by operating activities     772,786 1,076,098
Investing activities:        
Acquisition of Peppertree     0 (235,154)
Purchase of Jackson common stock     (500,000) 0
Purchases of fixed assets     (79,894) (19,480)
Net cash used in investing activities     (579,894) (254,634)
Financing activities:        
Proceeds from debt obligations     1,306,000 1,284,000
Repayment of debt obligations     (746,000) (766,000)
Issuance costs on debt obligations     (5,202) (8,972)
Withholding taxes paid on net settlement of equity-based awards     (217,282) (184,562)
Contributions from holders of non-controlling interests     364,249 132,449
Dividends/Distributions     (865,687) (977,718)
Settlement of contingent liabilities     (25,154) (18,646)
Tax Receivable Agreement payments     (29,931) (9,620)
Net cash used in financing activities     (219,007) (549,069)
Effect of exchange rate changes     (120) 0
Net change in cash, cash equivalents and restricted cash     (26,235) 272,395
Cash, cash equivalents and restricted cash, beginning of period     839,271 821,192
Cash, cash equivalents and restricted cash, end of period 813,036 1,093,587 813,036 1,093,587
Supplemental disclosures of other cash flow information:        
Cash paid for income taxes     32,717 27,379
Cash paid for interest     94,376 70,292
Purchases of fixed assets included in accounts payable and accrued expenses     16,362 0
Reconciliation of cash, cash equivalents and restricted cash, end of period:        
Cash and cash equivalents 799,786 1,080,304 799,786 1,080,304
Restricted cash 13,250 [1] 13,283 13,250 [1] 13,283
Cash, cash equivalents and restricted cash, end of period $ 813,036 $ 1,093,587 $ 813,036 $ 1,093,587
[1] The Company’s consolidated total assets and liabilities as of September 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.