v3.25.4
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Operating activities:      
Net income (loss) $ 599,585 $ (76,915) $ 23,385
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Equity-based compensation 813,741 1,006,312 654,922
Performance allocation compensation 1,427,458 930,053 591,676
Net losses (gains) from investment activities 2,847 29,326 (6,564)
Capital allocation-based income (2,246,074) (1,413,006) (855,285)
Depreciation and amortization 144,542 135,386 47,673
Non-cash lease expense 56,471 36,573 23,207
Other non-cash activities 1,351 7,283 29,081
Changes in operating assets and liabilities:      
Purchases of investments (1,122,810) (862,821) (303,118)
Proceeds from investments 2,291,806 1,460,532 798,478
Due from affiliates (118,555) (18,862) 41,268
Accounts payable and accrued expenses (4,906) 52,610 (231,542)
Due to affiliates 62,271 26,635 (161,833)
Accrued performance allocation compensation (803,609) (647,128) (505,024)
Net cash provided by operating activities 1,032,395 532,146 720,518
Investing activities:      
Purchases of fixed assets (28,802) (28,131) (16,728)
Net cash used in investing activities (263,956) (44,465) (373,563)
Financing activities:      
Proceeds from debt obligations 1,339,000 1,388,500 651,000
Repayment of debt obligations (891,000) (1,037,500) (150,000)
Issuance costs on debt obligations (8,972) (16,632) (900)
Withholding taxes paid on net settlement of equity-based awards (190,563) (67,671) (6,878)
Contributions from holders of other non-controlling interests 258,461 220,934 21,769
Dividends/Distributions (1,229,045) (832,491) (643,224)
Settlement of contingent liabilities (18,646) 0 0
Tax receivable agreement payments (9,595) 0 0
Redemption of redeemable equity 0 0 (661,001)
Net cash used in financing activities (750,360) (344,860) (789,234)
Net change in cash, cash equivalents and restricted cash 18,079 142,821 (442,279)
Cash, cash equivalents and restricted cash, beginning of period 821,192 678,371 1,120,650
Cash, cash equivalents and restricted cash, end of period 839,271 821,192 678,371
Supplemental disclosures of other cash flow information:      
Cash paid for income taxes 30,286 42,293 51,130
Cash paid for interest 92,117 65,371 33,549
Reconciliation of cash, cash equivalents and restricted cash, end of period:      
Cash and cash equivalents 826,105 808,017 665,188
Restricted cash 13,166 [1] 13,175 [1] 13,183
Cash, cash equivalents and restricted cash, end of period 839,271 821,192 678,371
Consolidated Entity, Excluding VIE      
Changes in operating assets and liabilities:      
Other assets (66,632) (25,063) (44,475)
Other liabilities (5,091) (108,769) (40,283)
Variable Interest Entity, Not Primary Beneficiary      
Changes in operating assets and liabilities:      
Assets and liabilities, net related to consolidated Public SPACs 0 0 658,952
Peppertree      
Investing activities:      
Acquisition (235,154) 0 0
Angelo Gordon      
Investing activities:      
Acquisition $ 0 $ (16,334) $ (356,835)
[1] The Company’s consolidated total assets and liabilities as of December 31, 2025 and December 31, 2024 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, 10 and 11 to the Consolidated Financial Statements.