TPG Operating Group II, L.P. 6.950% Fixed-Rate Junior Subordinated Notes due 2064 (TPGXL) Financials
Newest figures come from the 10-Q for Q2 FY2026, filed Aug 4, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the TPGXL SEC filings page.
TPG Operating Group II, L.P. 6.950% Fixed-Rate Junior Subordinated Notes due 2064 (TPGXL) reported $5.1B in revenue over the twelve months to Jun 30, 2026, up 30.1% from the prior twelve months. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 6 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
The reported entity expanded its balance sheet and cash generation, but distributions and borrowing grew faster than accounting earnings.
In FY2025, operating cash flow reached$1.0B against net income of$184.6M , indicating that working-capital or other non-earnings cash effects were materially important. The same cash-over-earnings pattern existed in FY2024, so reported profit alone understates the year's cash movement.
Because this security is a fixed-rate junior subordinated note, the useful lens is the issuer's balance-sheet structure rather than product margins. Assets reached
The reported distribution burden was unusually large relative to earnings: FY2025 distributions were
Financial Health Signals
TPG Operating Group II, L.P. 6.950% Fixed-Rate Junior Subordinated Notes due 2064 does not currently provide enough eligible data for a peer-relative financial health score, so none is published. The signals and metrics below are current.
TPG Operating Group II, L.P. 6.950% Fixed-Rate Junior Subordinated Notes due 2064 passes 5 of 6 computable financial strength tests (3 of the nine could not be computed from available data). All 4 profitability signals pass (positive income, cash flow, and earnings quality), no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), the one computable operating efficiency signal (asset turnover improving) passes.
For every $1 of reported earnings, TPG Operating Group II, L.P. 6.950% Fixed-Rate Junior Subordinated Notes due 2064 generates $5.59 in operating cash flow ($1.0B OCF vs $184.6M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Key Financial Metrics
Earnings & Revenue
TPG Operating Group II, L.P. 6.950% Fixed-Rate Junior Subordinated Notes due 2064 generated $1.8B in revenue in Q2 2026. This represents an increase of 100.0% from the same quarter a year earlier. Against the prior quarter it is up 268.3%.
TPG Operating Group II, L.P. 6.950% Fixed-Rate Junior Subordinated Notes due 2064 reported $93.4M in net income in Q2 2026. This represents an increase of 525.3% from the same quarter a year earlier. The change from the prior quarter is not meaningful, because that quarter’s figure was zero or negative.
TPG Operating Group II, L.P. 6.950% Fixed-Rate Junior Subordinated Notes due 2064 earned $0.39 per diluted share (EPS) in Q2 2026. The change from the same quarter a year earlier is not meaningful, because that figure was zero or negative.
Not reported for Q2 2026.
Cash & Balance Sheet
TPG Operating Group II, L.P. 6.950% Fixed-Rate Junior Subordinated Notes due 2064 held $944.7M in cash against $2.3B in long-term debt as of Q2 2026.
TPG Operating Group II, L.P. 6.950% Fixed-Rate Junior Subordinated Notes due 2064 paid $0.59 per share in dividends in Q2 2026. This represents an increase of 43.9% from the same quarter a year earlier.
Not reported for Q2 2026.
Margins & Returns
TPG Operating Group II, L.P. 6.950% Fixed-Rate Junior Subordinated Notes due 2064's net profit margin was 5.1% in Q2 2026, showing the share of revenue converted to profit. This is up 3.5 percentage points from the same quarter a year earlier. Against the prior quarter it is up 5.4 percentage points.
TPG Operating Group II, L.P. 6.950% Fixed-Rate Junior Subordinated Notes due 2064's quarterly ROE was 7.6% in Q2 2026: one quarter's net income over shareholder equity, not annualized. This is up 6.0 percentage points from the same quarter a year earlier. Against the prior quarter it is up 7.7 percentage points.
Not reported for Q2 2026.
Not reported for Q2 2026.
Capital Allocation
None of these metrics is reported for Q2 2026.
TPGXL Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-K | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Revenue | $1.8B+100.0% | $500.0M-51.7% | $1.5B+38.5% | $1.2B+43.0% | $920.5M+23.7% | $1.0B+25.6% | $1.1B+38.5% | $855.4M+133.6% |
| SG&A Expenses | $174.4M-4.4% | $147.9M-10.0% | $189.3M+56.9% | $166.2M+17.7% | $182.3M+7.1% | $164.3M+8.4% | $120.7M-30.1% | $141.3M+39.0% |
| Interest Expense | $35.3M+46.5% | $31.2M+39.3% | $27.6M+32.1% | $28.2M+43.9% | $24.1M+23.6% | $22.4M+31.0% | $20.9M+72.7% | $19.6M+206.3% |
| Income Tax | $36.3M+293.9% | -$17.4M-374.8% | $22.5M+96.9% | $28.9M+108.2% | $9.2M-58.8% | $6.3M+44.8% | $11.4M-57.3% | $13.9M+68.4% |
| Net Income | $93.4M+525.3% | -$1.5M-105.7% | $77.1M+494.1% | $67.1M+649.2% | $14.9Mn/m | $25.4M+63.6% | $13.0M-1.5% | $9.0M-38.9% |
| EPS (Basic) | $0.44+1366.7% | -$0.05-162.5% | $0.46+1050.0% | $0.33+725.0% | $0.03n/m | $0.08-11.1% | $0.04-75.0% | $0.04-71.4% |
| EPS (Diluted) | $0.39n/m | -$0.22n/m | $0.30 | $0.20n/m | -$0.05n/m | $0.00n/m | N/A | -$0.08n/m |
| Diluted Shares (Avg) | 385M+4.1% | 384M+3.9% | N/A | 378M+3.7% | 370M+1.5% | 369M+1.4% | N/A | 365M+18.0% |
Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, R&D Expenses, Operating Income, EBITDA.
TPGXL Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-K | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $14.0B+17.2% | $13.3B+17.6% | $13.5B+28.1% | $13.0B+23.7% | $12.0B+18.8% | $11.3B+13.8% | $10.5B+12.4% | $10.5B+42.5% |
| Cash & Equivalents | $944.7M-15.1% | $851.4M+3.6% | $826.1M+2.2% | $1.1B-7.2% | $1.1B-0.8% | $822.0M-24.6% | $808.0M+21.5% | $1.2B-4.9% |
| Goodwill | $498.2M+14.2% | $498.2M+14.2% | $498.2M+14.2% | $498.2M+14.2% | $436.1M0.0% | $436.1M0.0% | $436.1M0.0% | $436.1M |
| Total Liabilities | $10.3B-6.3% | $9.6B-8.7% | $12.3B+26.2% | $11.9B+21.2% | $11.0B+17.3% | $10.5B+13.8% | $9.8B+10.9% | $9.8B+43.1% |
| Long-Term Debt | $2.3B+45.5% | $2.3B+58.0% | $1.7B+34.4% | $1.8B+34.8% | $1.6B+31.0% | $1.5B+20.7% | $1.3B+35.7% | $1.3B+199.6% |
| Total Equity | $1.2B+24.6% | $1.1B+37.7% | $1.2B+51.2% | $1.1B+58.1% | $991.9M+38.9% | $823.1M+14.3% | $784.1M+35.4% | $723.2M+35.1% |
| Retained Earnings | -$406.3Mn/m | -$397.7Mn/m | -$291.6Mn/m | -$294.4Mn/m | -$267.4Mn/m | -$227.1Mn/m | -$187.0Mn/m | -$156.7Mn/m |
Not reported in any period shown, so not listed: Current Assets, Short-Term Investments, Inventory, Accounts Receivable, Long-Term Investments, Current Liabilities, Non-Current Liabilities.
TPGXL Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-K | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $347.7M-9.9% | $176.5M-10.9% | -$43.7Mn/m | $492.0M+613.8% | $385.9M+79.8% | $198.2M-54.6% | -$188.1Mn/m | $68.9M-90.0% |
| Depreciation & Amortization | $41.3M+34.2% | $41.8M+33.0% | $41.3M+8.9% | $41.0M+26.7% | $30.8M-4.0% | $31.4M-4.8% | $37.9M+61.8% | $32.4M+320.7% |
| Stock-Based Compensation | $231.7M+10.5% | $255.1M+24.0% | N/A | $158.4M-34.7% | $209.6M-7.9% | $205.8M-9.7% | N/A | $242.4M+77.4% |
| Investing Cash Flow | -$19.5Mn/m | -$516.3Mn/m | -$9.3Mn/m | -$245.2Mn/m | -$3.1Mn/m | -$6.3Mn/m | -$1.5Mn/m | -$10.6Mn/m |
| Financing Cash Flow | -$234.3Mn/m | $365.1Mn/m | -$201.3Mn/m | -$278.5Mn/m | -$92.8Mn/m | -$177.8M-1343.5% | -$167.1M-152.9% | -$14.8Mn/m |
| Dividends Paid | $280.1M-0.3% | $326.9M+16.7% | $208.3M+4.6% | $518.6M+137.3% | $281.1M+52.7% | $280.2M+21.0% | $199.1M | $218.6M |
Not reported in any period shown, so not listed: Capital Expenditures, Free Cash Flow, Share Buybacks.
TPGXL Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-K | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Net Margin | 5.1%+3.5pp | -0.3%-2.7pp | 5.2%+4.0pp | 5.5%+4.4pp | 1.6%+3.5pp | 2.5%+0.6pp | 1.2%-0.5pp | 1.1%-3.0pp |
| Return on Equity | 7.6%+6.0pp | -0.1%-3.2pp | 6.5%+4.9pp | 5.9%+4.6pp | 1.5%+3.5pp | 3.1%+0.9pp | 1.7%-0.6pp | 1.2%-1.5pp |
| Return on Assets | 0.7%+0.6pp | 0.0%-0.2pp | 0.6%+0.5pp | 0.5%+0.4pp | 0.1%+0.3pp | 0.2%+0.1pp | 0.1%0.0pp | 0.1%-0.1pp |
| Debt-to-Equity | 1.90+0.3x | 2.07+0.3x | 1.45-0.2x | 1.57-0.3x | 1.62-0.1x | 1.80+0.1x | 1.640.0x | 1.84+1.0x |
| Liabilities-to-Equity | 8.32-2.7x | 8.45-4.3x | 10.38-2.1x | 10.39-3.2x | 11.06-2.0x | 12.75-0.1x | 12.44-2.7x | 13.55+0.8x |
| Asset Turnover | 0.13+0.1x | 0.04-0.1x | 0.110.0x | 0.090.0x | 0.080.0x | 0.090.0x | 0.100.0x | 0.080.0x |
Not reported in any period shown, so not listed: Gross Margin, Operating Margin, Current Ratio, FCF Margin.
Where TPG Operating Group II, L.P. 6.950% Fixed-Rate Junior Subordinated Notes due 2064 Ranks
Frequently Asked Questions
What is TPG Operating Group II, L.P. 6.950% Fixed-Rate Junior Subordinated Notes due 2064's annual revenue?
TPG Operating Group II, L.P. 6.950% Fixed-Rate Junior Subordinated Notes due 2064 (TPGXL) reported $4.7B in total revenue for fiscal year 2025. This represents a 33.4% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is TPG Operating Group II, L.P. 6.950% Fixed-Rate Junior Subordinated Notes due 2064's revenue growing?
TPG Operating Group II, L.P. 6.950% Fixed-Rate Junior Subordinated Notes due 2064 (TPGXL) revenue grew by 33.4% year-over-year, from $3.5B to $4.7B in fiscal year 2025.
Is TPG Operating Group II, L.P. 6.950% Fixed-Rate Junior Subordinated Notes due 2064 profitable?
Yes, TPG Operating Group II, L.P. 6.950% Fixed-Rate Junior Subordinated Notes due 2064 (TPGXL) reported a net income of $236.2M over the trailing 12 months to June 30, 2026. In fiscal year 2025 it reported a net income of $184.6M, with a net profit margin of 4.0%.
What is TPG Operating Group II, L.P. 6.950% Fixed-Rate Junior Subordinated Notes due 2064's earnings per share (EPS)?
TPG Operating Group II, L.P. 6.950% Fixed-Rate Junior Subordinated Notes due 2064 (TPGXL) reported diluted earnings per share of $0.45 for fiscal year 2025. The change from the previous fiscal year is not meaningful, because that year’s figure was zero or negative. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.
How much debt does TPG Operating Group II, L.P. 6.950% Fixed-Rate Junior Subordinated Notes due 2064 have?
As of fiscal year 2025, TPG Operating Group II, L.P. 6.950% Fixed-Rate Junior Subordinated Notes due 2064 (TPGXL) had $826.1M in cash and equivalents against $1.7B in long-term debt.
What is TPG Operating Group II, L.P. 6.950% Fixed-Rate Junior Subordinated Notes due 2064's net profit margin?
TPG Operating Group II, L.P. 6.950% Fixed-Rate Junior Subordinated Notes due 2064 (TPGXL) had a net profit margin of 4.0% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
Does TPG Operating Group II, L.P. 6.950% Fixed-Rate Junior Subordinated Notes due 2064 pay dividends?
Yes, TPG Operating Group II, L.P. 6.950% Fixed-Rate Junior Subordinated Notes due 2064 (TPGXL) paid $1.98 per share in dividends during fiscal year 2025.
What is TPG Operating Group II, L.P. 6.950% Fixed-Rate Junior Subordinated Notes due 2064's return on equity (ROE)?
TPG Operating Group II, L.P. 6.950% Fixed-Rate Junior Subordinated Notes due 2064 (TPGXL) has a return on equity of 15.6% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is TPG Operating Group II, L.P. 6.950% Fixed-Rate Junior Subordinated Notes due 2064's operating cash flow?
TPG Operating Group II, L.P. 6.950% Fixed-Rate Junior Subordinated Notes due 2064 (TPGXL) generated $1.0B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are TPG Operating Group II, L.P. 6.950% Fixed-Rate Junior Subordinated Notes due 2064's total assets?
TPG Operating Group II, L.P. 6.950% Fixed-Rate Junior Subordinated Notes due 2064 (TPGXL) had $13.5B in total assets as of fiscal year 2025, including both current and long-term assets.
What is TPG Operating Group II, L.P. 6.950% Fixed-Rate Junior Subordinated Notes due 2064's debt-to-equity ratio?
TPG Operating Group II, L.P. 6.950% Fixed-Rate Junior Subordinated Notes due 2064 (TPGXL) had a debt-to-equity ratio of 1.45 as of fiscal year 2025. We compute it as long-term debt divided by total shareholder equity, where long-term debt is the noncurrent part of the company's borrowings, so debt due within the next twelve months is not counted.
What is TPG Operating Group II, L.P. 6.950% Fixed-Rate Junior Subordinated Notes due 2064's liabilities-to-equity ratio?
TPG Operating Group II, L.P. 6.950% Fixed-Rate Junior Subordinated Notes due 2064 (TPGXL) had a liabilities-to-equity ratio of 10.38 as of fiscal year 2025, which is total liabilities divided by total shareholder equity. Total liabilities counts every obligation on the balance sheet (payables, deposits, insurance reserves and deferred taxes as well as borrowings), so this ratio usually runs well above debt-to-equity.
What is TPG Operating Group II, L.P. 6.950% Fixed-Rate Junior Subordinated Notes due 2064's return on assets (ROA)?
TPG Operating Group II, L.P. 6.950% Fixed-Rate Junior Subordinated Notes due 2064 (TPGXL) had a return on assets of 1.4% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is TPG Operating Group II, L.P. 6.950% Fixed-Rate Junior Subordinated Notes due 2064's Piotroski F-Score?
TPG Operating Group II, L.P. 6.950% Fixed-Rate Junior Subordinated Notes due 2064 (TPGXL) has a Piotroski F-Score of 5 out of 6 computable signals; 3 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are TPG Operating Group II, L.P. 6.950% Fixed-Rate Junior Subordinated Notes due 2064's earnings high quality?
TPG Operating Group II, L.P. 6.950% Fixed-Rate Junior Subordinated Notes due 2064 (TPGXL) has an earnings quality ratio of 5.59x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.