Filing Flows › GCM Grosvenor (GCMG) › Q2 2025
GCM Grosvenor (GCMG) Q2 2025 earnings results (second quarter 2025)
10-Q filed Aug 7, 2025
GCM Grosvenor (GCMG) reported revenue of $120M for the second quarter 2025 (Q2 2025), +2% from a year earlier and -5% from the quarter before. Operating margin was 16.1%, net earnings $15.4M (12.9% of revenue).
GCM Grosvenor, Q2 2025: revenue $120M (+2% year over year), operating margin 16.1%, net earnings $15.4M, operating cash flow $42.0M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $120M | -5% | +2% |
| Operating profit | $19.2M | +26% | -8% |
| Net earnings | $15.4M | 33× | +222% |
| Operating cash flow | $42.0M | +26% | +140% |
| Free cash flow | $40.8M | +27% | +218% |
What changed
Revenue was $119.7M in Q2 2025, up 2% year over year and down 5% from the previous quarter. Management fees, net was the largest line at 82% of revenue. Carried interest added $3.1M year over year (up 27%), 116% of the total change. Performance fees declined 67%.
Operating profit was $19.2M, a 16.1% margin (down 1.7 points year over year). Operating profit fell $1.6M even though revenue rose $2.7M versus a year earlier, so costs grew faster than sales. Total costs grew 4% against revenue growth of 2%. The fastest-growing cost line was Other operating costs (+10%). Net earnings were $15.4M, up 222% year over year. The effective tax rate was -0.5%. Non-operating items added $20.4M, 52% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $42.0M (up 140% year over year), 105% of net income including minority interests. Non-cash charges added back $1.2M of depreciation and amortization and $6.8M of share-based compensation. Working capital and other items used $5.8M. Capital expenditures of $1.2M left free cash flow of $40.8M.
Questions
What was GCM Grosvenor's revenue in the second quarter 2025?
GCM Grosvenor (GCMG) reported revenue of $120M for the second quarter 2025 (Q2 2025), +2% from a year earlier and -5% from the quarter before.
Was GCM Grosvenor profitable in the second quarter 2025?
Operating profit was $19.2M (16.1% of revenue) and net earnings $15.4M.
Source: GCM Grosvenor 10-Q on SEC EDGAR.