Filing Flows › GCM Grosvenor (GCMG) › Q1 2026 › vs Q1 2025
GCM Grosvenor (GCMG) Q1 2026 vs Q1 2025 (year over year)
GCM Grosvenor's revenue fell $1.1M (-0.8%) from $126M in Q1 2025 to $125M in Q1 2026. The biggest changes: Total incentive fees −$3.1M (-20%); Total management fees +$1.6M (+1%); Other operating income +$452K (+31%). Operating margin 16.4% against 12.2% (+4.2 pts).
GCM Grosvenor, Q1 2026: revenue $125M (-0.8% year over year), operating margin 16.4%, net earnings $5.5M, operating cash flow $51.7M. The chart draws each line against Q1 2025, the increases inside each band.
Margins
| Q1 2026 | Q1 2025 | Change | |
|---|---|---|---|
| Operating margin | 16.4% | 12.2% | +4.2 pts |
| Net margin | 4.4% | 0.4% | +4.0 pts |
| Free cash flow margin | 38.4% | 25.5% | +12.9 pts |
Every line
| Line | Q1 2026 | Q1 2025 | Change | % |
|---|---|---|---|---|
| Management fees, net | $105M | $105M | $572K | +0.5% |
| Carried interest | $6.5M | $11.2M | −$4.8M | -42% |
| Fund expense reimbursement revenue | $5.7M | $4.7M | $983K | +21% |
| Performance fees | $5.5M | $3.8M | $1.7M | +44% |
| Total management fees | $111M | $109M | $1.6M | +1% |
| Total incentive fees | $12.0M | $15.1M | −$3.1M | -20% |
| Other operating income | $1.9M | $1.5M | $452K | +31% |
| Revenue | $125M | $126M | −$1.1M | -0.8% |
| Other income, net | $398K | −$12.8M | $13.2M | — |
| Operating profit | $20.5M | $15.3M | $5.2M | +34% |
| Costs & expenses | $104M | $111M | −$6.2M | -6% |
| Pre-tax earnings | $20.9M | $2.5M | $18.4M | +735% |
| SG&A | $28.9M | $28.3M | $652K | +2% |
| Other operating costs | $75.4M | $82.2M | −$6.9M | -8% |
| Net earnings | $5.5M | $463K | $5.0M | 12× |
| Minority interests | $12.3M | −$1.6M | $13.8M | — |
| Income tax | $3.1M | $3.6M | −$455K | -13% |
| Depreciation & amortization | $920K | $1.0M | −$90K | -9% |
| Share-based compensation | $23.0M | $20.3M | $2.7M | +13% |
| Working capital & other | $22.4M | $11.5M | $10.9M | +95% |
| Operating cash flow | $51.7M | $33.3M | $18.5M | +55% |
| Free cash flow (OCF − capex) | $47.9M | $32.1M | $15.8M | +49% |
| Capital expenditures | $3.8M | $1.2M | $2.7M | +229% |
Questions
How much did GCM Grosvenor's revenue grow year over year in Q1 2026?
GCM Grosvenor's revenue fell $1.1M (-0.8%) from $126M in Q1 2025 to $125M in Q1 2026.
What drove GCM Grosvenor's revenue change in Q1 2026?
Total incentive fees −$3.1M (-20%); Total management fees +$1.6M (+1%); Other operating income +$452K (+31%).