Filing Flows › GCM Grosvenor (GCMG) › Q2 2026 › vs Q2 2025
GCM Grosvenor (GCMG) Q2 2026 vs Q2 2025 (year over year)
GCM Grosvenor's revenue rose $14.7M (+12%) from $120M in Q2 2025 to $134M in Q2 2026. The biggest changes: Total management fees +$12.8M (+13%); Total incentive fees +$1.3M (+8%); Other operating income +$510K (+35%). Operating margin 26.4% against 16.1% (+10.3 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 Q2 2025, the increases inside each band.
Margins
| Q2 2026 | Q2 2025 | Change | |
|---|---|---|---|
| Operating margin | 26.4% | 16.1% | +10.3 pts |
| Net margin | 7.1% | 12.9% | -5.8 pts |
| Free cash flow margin | 27.0% | 34.1% | -7.1 pts |
Every line
| Line | Q2 2026 | Q2 2025 | Change | % |
|---|---|---|---|---|
| Management fees, net | $109M | $97.9M | $11.5M | +12% |
| Carried interest | $16.2M | $14.8M | $1.4M | +9% |
| Fund expense reimbursement revenue | $5.4M | $4.0M | $1.4M | +34% |
| Performance fees | $1.4M | $1.4M | −$19K | -1% |
| Total management fees | $115M | $102M | $12.8M | +13% |
| Total incentive fees | $17.6M | $16.3M | $1.3M | +8% |
| Other operating income | $2.0M | $1.5M | $510K | +35% |
| Revenue | $134M | $120M | $14.7M | +12% |
| Operating profit | $35.5M | $19.2M | $16.2M | +84% |
| Costs & expenses | $98.9M | $100M | −$1.6M | -2% |
| Pre-tax earnings | $35.5M | $39.7M | −$4.1M | -10% |
| SG&A | $27.7M | $25.5M | $2.1M | +8% |
| Other operating costs | $71.2M | $74.9M | −$3.7M | -5% |
| Net earnings | $9.6M | $15.4M | −$5.9M | -38% |
| Minority interests | $22.3M | $24.5M | −$2.2M | -9% |
| Income tax | $3.7M | −$202K | $3.9M | — |
| Depreciation & amortization | $1.0M | $1.2M | −$118K | -10% |
| Share-based compensation | $10.7M | $6.8M | $3.9M | +57% |
| Working capital & other | $16.9M | $18.6M | −$1.7M | -9% |
| Operating cash flow | $38.1M | $42.0M | −$3.9M | -9% |
| Free cash flow (OCF − capex) | $36.3M | $40.8M | −$4.5M | -11% |
| Capital expenditures | $1.9M | $1.2M | $633K | +52% |
Questions
How much did GCM Grosvenor's revenue grow year over year in Q2 2026?
GCM Grosvenor's revenue rose $14.7M (+12%) from $120M in Q2 2025 to $134M in Q2 2026.
What drove GCM Grosvenor's revenue change in Q2 2026?
Total management fees +$12.8M (+13%); Total incentive fees +$1.3M (+8%); Other operating income +$510K (+35%).