Filing Flows › GCM Grosvenor (GCMG) › Q1 2026 › vs Q4 2025
GCM Grosvenor (GCMG) Q1 2026 vs Q4 2025 (quarter over quarter)
GCM Grosvenor's revenue fell $52.3M (-30%) from $177M in Q4 2025 to $125M in Q1 2026. The biggest changes: Total incentive fees −$54.7M (-82%); Total management fees +$2.2M (+2%); Other operating income +$162K (+9%). Operating margin 16.4% against 30.9% (-14.5 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 Q4 2025, the increases inside each band.
Margins
| Q1 2026 | Q4 2025 | Change | |
|---|---|---|---|
| Operating margin | 16.4% | 30.9% | -14.5 pts |
| Net margin | 4.4% | 10.7% | -6.3 pts |
| Free cash flow margin | 38.4% | 13.5% | +24.9 pts |
Every line
| Line | Q1 2026 | Q4 2025 | Change | % |
|---|---|---|---|---|
| Management fees, net | $105M | $104M | $1.3M | +1% |
| Carried interest | $6.5M | $5.1M | $1.4M | +28% |
| Fund expense reimbursement revenue | $5.7M | $4.7M | $945K | +20% |
| Performance fees | $5.5M | $61.7M | −$56.2M | -91% |
| Total management fees | $111M | $109M | $2.2M | +2% |
| Total incentive fees | $12.0M | $66.7M | −$54.7M | -82% |
| Other operating income | $1.9M | $1.8M | $162K | +9% |
| Revenue | $125M | $177M | −$52.3M | -30% |
| Other income, net | $398K | $9.3M | −$8.9M | -96% |
| Operating profit | $20.5M | $54.7M | −$34.2M | -63% |
| Costs & expenses | $104M | $122M | −$18.1M | -15% |
| Pre-tax earnings | $20.9M | $64.0M | −$43.2M | -67% |
| SG&A | $28.9M | $26.3M | $2.7M | +10% |
| Other operating costs | $75.4M | $96.1M | −$20.8M | -22% |
| Net earnings | $5.5M | $19.0M | −$13.5M | -71% |
| Minority interests | $12.3M | $39.2M | −$26.9M | -69% |
| Income tax | $3.1M | $5.9M | −$2.8M | -47% |
| Depreciation & amortization | $920K | $1.1M | −$184K | -17% |
| Share-based compensation | $23.0M | $12.5M | $10.4M | +83% |
| Working capital & other | $22.4M | −$4.1M | $26.5M | — |
| Operating cash flow | $51.7M | $28.5M | $23.2M | +82% |
| Free cash flow (OCF − capex) | $47.9M | $23.9M | $24.0M | +100% |
| Capital expenditures | $3.8M | $4.6M | −$709K | -16% |
Questions
How much did GCM Grosvenor's revenue grow quarter over quarter in Q1 2026?
GCM Grosvenor's revenue fell $52.3M (-30%) from $177M in Q4 2025 to $125M in Q1 2026.
What drove GCM Grosvenor's revenue change in Q1 2026?
Total incentive fees −$54.7M (-82%); Total management fees +$2.2M (+2%); Other operating income +$162K (+9%).