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GCM Grosvenor (GCMG) earnings and revenue breakdown
Latest: Q2 2026 · 10-Q filed Aug 10, 2026 · GCM Grosvenor (GCMG) Q2 2026 earnings results →
Q2 2026 Revenue up 12% year over year to $134M · 7¢ of every $1 of revenue kept as net profit · operating margin 26.4%
GCM Grosvenor made $134M in Q2 2026 (+12% Y/Y): Total management fees $115M, Total incentive fees $17.6M, Other operating income $2.0M. Operating margin 26.4%, net earnings $9.6M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Aug 10, 2026.
Drawing the Sankey…
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What changed this quarter
Revenue was $134.3M in Q2 2026, up 12% year over year and up 8% from the previous quarter. Management fees, net was the largest line at 81% of revenue. Management fees, net added $11.5M year over year (up 12%), 78% of the total change. Performance fees declined 1%.
Operating profit was $35.5M, a 26.4% margin (up 10.3 points year over year). Of the extra revenue versus Q2 2025, 111% reached operating profit, above the 16% margin then. Total costs fell 2% while revenue rose 12%. Net earnings were $9.6M, down 38% year over year. The effective tax rate was 10.4%.
Operating cash flow was $38.1M (down 9% year over year), 120% of net income including minority interests. Non-cash charges added back $1.0M of depreciation and amortization and $10.7M of share-based compensation. Working capital and other items used $5.4M. Capital expenditures of $1.9M left free cash flow of $36.3M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q2 2026 | 10-Q | Aug 10, 2026 | $134M | +12% | 26.4% | $9.6M | $38.1M |
| Q1 2026 | 10-Q | May 7, 2026 | $125M | -0.8% | 16.4% | $5.5M | $51.7M |
| Q4 2025 | 10-K | Feb 19, 2026 | $177M | +7% | 30.9% | $19.0M | $28.5M |
| Q3 2025 | 10-Q | Nov 5, 2025 | $135M | +10% | 32.7% | $10.5M | $79.8M |
| Q2 2025 | 10-Q | Aug 7, 2025 | $120M | +2% | 16.1% | $15.4M | $42.0M |
| Q1 2025 | 10-Q | May 8, 2025 | $126M | +16% | 12.2% | −$1.1M | $33.3M |
| Q4 2024 | 10-K | Feb 21, 2025 | $165M | +42% | 26.4% | $7.6M | $38.1M |
Charts
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💵Where each $1 goesinteractive
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🌏Named in Asian annual reportsinteractive
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🔄Rotation against the market and its industry (RRG)interactive
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🔍Earnings qualityinteractive
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⚖️Fair value by methodinteractive
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🔭Outlook & guidanceinteractive
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📈Investments: gains and what it boughtinteractive
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🏭Its industry’s money flow (input-output)interactive
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About GCM Grosvenor
Over our 54-year history we have prided ourselves on our client-centric approach to alternative asset management. As a leading global solutions provider, we invest across all major alternative investment strategies and are highly flexible in how we structure our solutions, so that we can work to meet each client’s specific needs. As of December 31, 2025, we had $90.9 billion in AUM. Our central objectives are to provide our clients with choice, deliver innovative alternative investment offerings and generate competitive risk-adjusted returns. We partner with our institutional and individual clients to invest on their behalf across the private and public markets, either through portfolios customized to meet a client’s specific objectives or through specialized funds that are developed to meet broad market demands for strategies and risk-return objectives.
In its own words, from its 10-K, filed Feb 19, 2026.
GCM Grosvenor against its Investment Advice peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +12% against the peers' median +6%. Operating margin: 26.4% against the peers' median 26.4%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| GCMG GCM Grosvenor | Q2 2026 | $134M | +12% | 26.4% |
| KKR KKR | Q2 2026 | $5.7B | +12% | 24.0% |
| AMP Ameriprise Financial | Q3 2026 | $5.2B | +6% | 28.9% |
| APO Apollo Global Management | Q3 2026 | $4.7B | -52% | -30.9% |
| BX Blackstone | Q3 2026 | $3.1B | -0.8% | 46.9% |
| BEN Franklin Templeton | Q4 FY26 | $2.4B | +4% | 14.6% |
| TROW Price T Rowe Group | Q3 2026 | $2.0B | +6% | 38.4% |
| IVZ Invesco | Q3 2026 | $1.9B | +14% | 23.3% |
| BAM Brookfield Asset Management | Q2 2026 | $1.8B | +61% | 62.4% |
Source: GCM Grosvenor 10-Q on SEC EDGAR · CIK 1819796 · Investment Advice
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More on GCMG
History
Every quarter: Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results · Q4 2024 results
- GCM Grosvenor operating margin by quarter
- GCM Grosvenor net income by quarter
- GCM Grosvenor free cash flow by quarter
- GCM Grosvenor capital expenditures by quarter
- GCM Grosvenor Total management fees revenue by quarter
- GCM Grosvenor Total incentive fees revenue by quarter
- GCM Grosvenor Other operating income revenue by quarter