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GCM Grosvenor cash flow, quarter by quarter

Latest: Q2 2026 · from the cash-flow statements filed with the SEC

Free cash flow$36.3M in Q2 2026 · $186M over twelve months

Operating cash flow$38.1M
Capital spending−$1.9M
Free cash flow+$36.3M
Cash / net income1.2×

Analysis

In Q2 2026, GCM Grosvenor generated $38.1M of operating cash flow and spent $1.9M on capital projects, leaving free cash flow of $36.3M. That is $4.5M less than in Q2 2025 ($40.8M).

Over the twelve months to Jun 30, 2026, operating cash flow was $198M; the largest uses were net borrowing (+) / repaid (−) ($69.4M), buybacks ($50.3M), dividends ($30.0M); besides operations, cash came from other financing ($23.4M); the cash balance rose by $3.3M.

Operating cash flow was $38.1M against net income of $31.9M — 1.2× profit, cash ran ahead of reported earnings. The largest differences: stock-based pay +$10.7M, accrued liabilities −$5.9M, deferred taxes +$4.3M.

Free cash flow

GCM Grosvenor: free cash flow by quarterGCM Grosvenor: free cash flow by quarter$62.2MQ3 2024$37.0MQ4 2024$32.1MQ1 2025$40.8MQ2 2025$78.3MQ3 2025$23.9MQ4 2025$47.9MQ1 2026$36.3MQ2 2026
Operating cash flow less capital spending.
GCM Grosvenor: operating cash flow against capital spendingGCM Grosvenor: operating cash flow against capital spendingOperating cash flowCapital spending$69.0M$6.7MQ3 2024$38.1M$1.1MQ4 2024$33.3M$1.2MQ1 2025$42.0M$1.2MQ2 2025$79.8M$1.5MQ3 2025$28.5M$4.6MQ4 2025$51.7M$3.8MQ1 2026$38.1M$1.9MQ2 2026
Latest (Q2 2026): Operating cash flow $38.1M, Capital spending $1.9M.

Capital allocation, year by year

GCM Grosvenor: where the cash came from (up) and went (down), by fiscal yearGCM Grosvenor: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingBuybacksDividendsFY2021: Operating cash flow $179MFY2021: Net borrowing $56.7MFY2021: Capital spending −$577KFY2021: Buybacks −$887KFY2021: Dividends −$14.5M$236MFY2021FY2022: Operating cash flow $217MFY2022: Net borrowing −$4.0MFY2022: Capital spending −$782KFY2022: Buybacks −$26.4MFY2022: Dividends −$18.4M$217MFY2022FY2023: Operating cash flow $92.1MFY2023: Net borrowing −$4.0MFY2023: Capital spending −$3.8MFY2023: Buybacks −$4.5MFY2023: Dividends −$20.3M$92.1MFY2023FY2024: Operating cash flow $149MFY2024: Net borrowing $46.8MFY2024: Capital spending −$16.7MFY2024: Dividends −$20.5M$196MFY2024FY2025: Operating cash flow $184MFY2025: Net borrowing −$4.4MFY2025: Shares issued $49.8MFY2025: Capital spending −$8.5MFY2025: Buybacks −$30.7MFY2025: Dividends −$25.3M$233MFY2025
Over these 5 years operating cash flow totalled $820M; the largest uses were dividends ($99.2M) and buybacks ($62.4M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$140M
Debt$362M
Net debt$222M
Due within a year$4.4M

GCM Grosvenor funds itself: free cash flow was $186M over the last twelve months, and $140M of cash and investments stands against $362M of debt ($4.4M due within a year, 31.9× covered by cash).

GCM Grosvenor: debt maturities by year (FY2025)GCM Grosvenor: debt maturities by year (FY2025)$4.4MYear 1$4.4MYear 2$4.4MYear 3$4.4MYear 4$414MYear 5
Principal due in each year as disclosed in the annual report, against $140M of cash and investments now.

Where the cash came from and went

GCM Grosvenor: sources (+) and uses (−) of cash, Q2 2026GCM Grosvenor: sources (+) and uses (−) of cash, Q2 2026Operating cash flow$38.1MCash drawn (+) / kept (−)$24.8MOther financing−$23.1MTaxes on employees’ shares−$14.9MDividends−$9.2MOther investing−$7.7MPartners−$2.5MBuybacks−$2.2MCapital spending−$1.9MNet borrowing (+) / repaid (−)−$1.1MExchange rates−$278K
GCM Grosvenor: sources (+) and uses (−) of cash, TTM to Q2 2026GCM Grosvenor: sources (+) and uses (−) of cash, TTM to Q2 2026Operating cash flow$198MNet borrowing (+) / repaid (−)−$69.4MBuybacks−$50.3MDividends−$30.0MOther investing−$27.1MOther financing$23.4MTaxes on employees’ shares−$16.8MCapital spending−$11.8MPartners−$11.2MCash drawn (+) / kept (−)−$3.3MExchange rates−$1.6MShares issued−$1K

From profit to cash

GCM Grosvenor: net income to operating cash flow, Q2 2026GCM Grosvenor: net income to operating cash flow, Q2 2026Net income$31.9MDepreciation & amortization$1.0MStock-based pay$10.7MDeferred taxes$4.3MOther non-cash$7KAccrued liabilities−$5.9MEmployee-related liabilities$813KPrepaid and other assets$839KOperating cash flow$38.1M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingBuybacksDividendsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q2 2026$38.1M−$1.9M−$2.2M−$9.2M−$1.1M—$24.8M$36.3M
Q1 2026$51.7M−$3.8M−$17.5M−$7.5M−$66.1M—$77.7M$47.9M
Q4 2025$28.5M−$4.6M—−$7.4M−$1.1M−$1K−$59.4M$23.9M
Q3 2025$79.8M−$1.5M—−$5.9M−$1.1M—−$46.4M$78.3M
Q2 2025$42.0M−$1.2M—−$7.0M−$1.1M—−$41.8M$40.8M
Q1 2025$33.3M−$1.2M—−$5.1M−$1.1M—−$5.0M$32.1M
Q4 2024$38.1M−$1.1M—−$4.9M−$1.1M—$9.0M$37.0M
Q3 2024$69.0M−$6.7M—−$5.3M−$1.1M—−$24.5M$62.2M

GCM Grosvenor: income statement and cash flow

GCM Grosvenor, Q2 2026: revenue $134M (+12% year over year), operating margin 26.4%. The chart follows the revenue to costs, profit and cash.

GCM Grosvenor: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.