Filing Flows › GCM Grosvenor (GCMG) › Q2 2026 › vs Q1 2026
GCM Grosvenor (GCMG) Q2 2026 vs Q1 2026 (quarter over quarter)
GCM Grosvenor's revenue rose $9.6M (+8%) from $125M in Q1 2026 to $134M in Q2 2026. The biggest changes: Total incentive fees +$5.6M (+47%); Total management fees +$3.9M (+4%); Other operating income +$70K (+4%). Operating margin 26.4% against 16.4% (+10.0 pts).
GCM Grosvenor, Q2 2026: revenue $134M (+12% year over year), operating margin 26.4%, net earnings $9.6M, operating cash flow $38.1M. The chart draws each line against Q1 2026, the increases inside each band.
Margins
| Q2 2026 | Q1 2026 | Change | |
|---|---|---|---|
| Operating margin | 26.4% | 16.4% | +10.0 pts |
| Net margin | 7.1% | 4.4% | +2.7 pts |
| Free cash flow margin | 27.0% | 38.4% | -11.4 pts |
Every line
| Line | Q2 2026 | Q1 2026 | Change | % |
|---|---|---|---|---|
| Management fees, net | $109M | $105M | $4.2M | +4% |
| Carried interest | $16.2M | $6.5M | $9.7M | +149% |
| Fund expense reimbursement revenue | $5.4M | $5.7M | −$304K | -5% |
| Performance fees | $1.4M | $5.5M | −$4.1M | -74% |
| Total management fees | $115M | $111M | $3.9M | +4% |
| Total incentive fees | $17.6M | $12.0M | $5.6M | +47% |
| Other operating income | $2.0M | $1.9M | $70K | +4% |
| Revenue | $134M | $125M | $9.6M | +8% |
| Operating profit | $35.5M | $20.5M | $15.0M | +73% |
| Costs & expenses | $98.9M | $104M | −$5.4M | -5% |
| Pre-tax earnings | $35.5M | $20.9M | $14.7M | +70% |
| SG&A | $27.7M | $28.9M | −$1.3M | -4% |
| Other operating costs | $71.2M | $75.4M | −$4.2M | -6% |
| Net earnings | $9.6M | $5.5M | $4.1M | +75% |
| Minority interests | $22.3M | $12.3M | $10.0M | +82% |
| Income tax | $3.7M | $3.1M | $552K | +18% |
| Depreciation & amortization | $1.0M | $920K | $113K | +12% |
| Share-based compensation | $10.7M | $23.0M | −$12.3M | -54% |
| Working capital & other | $16.9M | $22.4M | −$5.5M | -25% |
| Operating cash flow | $38.1M | $51.7M | −$13.6M | -26% |
| Free cash flow (OCF − capex) | $36.3M | $47.9M | −$11.6M | -24% |
| Capital expenditures | $1.9M | $3.8M | −$2.0M | -52% |
Questions
How much did GCM Grosvenor's revenue grow quarter over quarter in Q2 2026?
GCM Grosvenor's revenue rose $9.6M (+8%) from $125M in Q1 2026 to $134M in Q2 2026.
What drove GCM Grosvenor's revenue change in Q2 2026?
Total incentive fees +$5.6M (+47%); Total management fees +$3.9M (+4%); Other operating income +$70K (+4%).