Filing Flows › GCM Grosvenor (GCMG) › Q1 2025
GCM Grosvenor (GCMG) Q1 2025 earnings results (first quarter 2025)
10-Q filed May 8, 2025
GCM Grosvenor (GCMG) reported revenue of $126M for the first quarter 2025 (Q1 2025), +16% from a year earlier and -24% from the quarter before. Operating margin was 12.2%, net loss $1.1M (0.9% of revenue).
GCM Grosvenor, Q1 2025: revenue $126M (+16% year over year), operating margin 12.2%, net loss $1.1M, operating cash flow $33.3M. The chart follows the revenue to costs, profit and cash.
| Q1 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $126M | -24% | +16% |
| Operating profit | $15.3M | -65% | — |
| Net earnings | −$1.1M | -114% | — |
| Operating cash flow | $33.3M | -13% | +37% |
| Free cash flow | $32.1M | -13% | +60% |
What changed
Revenue was $125.8M in Q1 2025, up 16% year over year and down 24% from the previous quarter. Management fees, net was the largest line at 83% of revenue. Management fees, net added $12.7M year over year (up 14%), 75% of the total change. Other operating income declined 49%.
Operating profit was $15.3M, a 12.2% margin (up 26.8 points year over year). Total costs fell 11% while revenue rose 16%. The fastest-growing cost line was SG&A (+12%). The quarter ended with a net loss of $1.1M, after a profit of $30.4M the previous quarter. Minority interests bore $1.6M of it: to shareholders the quarter was a profit of $463K. Net interest and other expense of $12.8M was the main reason.
Operating cash flow was $33.3M (up 37% year over year). Non-cash charges added back $1.0M of depreciation and amortization and $20.3M of share-based compensation. Working capital and other items added $13.0M. Capital expenditures of $1.2M left free cash flow of $32.1M.
Questions
What was GCM Grosvenor's revenue in the first quarter 2025?
GCM Grosvenor (GCMG) reported revenue of $126M for the first quarter 2025 (Q1 2025), +16% from a year earlier and -24% from the quarter before.
Was GCM Grosvenor profitable in the first quarter 2025?
Operating profit was $15.3M (12.2% of revenue) and net loss $1.1M.
Source: GCM Grosvenor 10-Q on SEC EDGAR.