Filing Flows › GCM Grosvenor (GCMG) › Q1 2026
GCM Grosvenor (GCMG) Q1 2026 earnings results (first quarter 2026)
10-Q filed May 7, 2026
GCM Grosvenor (GCMG) reported revenue of $125M for the first quarter 2026 (Q1 2026), -0.8% from a year earlier and -30% from the quarter before. Operating margin was 16.4%, net earnings $5.5M (4.4% of revenue).
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 follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $125M | -30% | -0.8% |
| Operating profit | $20.5M | -63% | +34% |
| Net earnings | $5.5M | -71% | 12× |
| Operating cash flow | $51.7M | +82% | +55% |
| Free cash flow | $47.9M | +100% | +49% |
What changed
Revenue was $124.8M in Q1 2026, down 1% year over year and down 30% from the previous quarter. Management fees, net was the largest line at 84% of revenue. Carried interest lost $4.8M year over year (down 42%), 446% of the total change.
Operating profit was $20.5M, a 16.4% margin (up 4.2 points year over year). Total costs fell 6% while revenue fell 1%. Net earnings were $5.5M, up 1081% year over year. The effective tax rate was 15.0%.
Operating cash flow was $51.7M (up 55% year over year), 291% of net income including minority interests. Non-cash charges added back $920K of depreciation and amortization and $23.0M of share-based compensation. Working capital and other items added $10.1M. Capital expenditures of $3.8M left free cash flow of $47.9M.
Questions
What was GCM Grosvenor's revenue in the first quarter 2026?
GCM Grosvenor (GCMG) reported revenue of $125M for the first quarter 2026 (Q1 2026), -0.8% from a year earlier and -30% from the quarter before.
Was GCM Grosvenor profitable in the first quarter 2026?
Operating profit was $20.5M (16.4% of revenue) and net earnings $5.5M.
Source: GCM Grosvenor 10-Q on SEC EDGAR.