The present paper theoretically investigates characteristics of moment balance of a tilting-pad thrust bearing. Pressure of lubricant film of the bearing was computed using the finite element method, and average film temperature was estimated from the heat balance over a pad. From the investigation, it has been found that different two sets of tilt angles satisfy moment equilibrium of the pad about the pivot for a given pivot location. The tilt angles converged depend upon initial tilt angles assumed. Quite different bearing performance, including load capacity, film thickness, and temperature, is shown to be obtained based on choice of the initial tilt angles.