Filing Flows › GCM Grosvenor (GCMG) › Q2 2026
GCM Grosvenor (GCMG) Q2 2026 earnings results (second quarter 2026)
10-Q filed Aug 10, 2026
GCM Grosvenor (GCMG) reported revenue of $134M for the second quarter 2026 (Q2 2026), +12% from a year earlier and +8% from the quarter before. Operating margin was 26.4%, net earnings $9.6M (7.1% of revenue).
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 follows the revenue to costs, profit and cash.
| Q2 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $134M | +8% | +12% |
| Operating profit | $35.5M | +73% | +84% |
| Net earnings | $9.6M | +75% | -38% |
| Operating cash flow | $38.1M | -26% | -9% |
| Free cash flow | $36.3M | -24% | -11% |
What changed
Revenue was $134.3M in Q2 2026, up 12% year over year and up 8% from the previous quarter. Management fees, net was the largest line at 81% of revenue. Management fees, net added $11.5M year over year (up 12%), 78% of the total change. Performance fees declined 1%.
Operating profit was $35.5M, a 26.4% margin (up 10.3 points year over year). Of the extra revenue versus Q2 2025, 111% reached operating profit, above the 16% margin then. Total costs fell 2% while revenue rose 12%. Net earnings were $9.6M, down 38% year over year. The effective tax rate was 10.4%.
Operating cash flow was $38.1M (down 9% year over year), 120% of net income including minority interests. Non-cash charges added back $1.0M of depreciation and amortization and $10.7M of share-based compensation. Working capital and other items used $5.4M. Capital expenditures of $1.9M left free cash flow of $36.3M.
Questions
What was GCM Grosvenor's revenue in the second quarter 2026?
GCM Grosvenor (GCMG) reported revenue of $134M for the second quarter 2026 (Q2 2026), +12% from a year earlier and +8% from the quarter before.
Was GCM Grosvenor profitable in the second quarter 2026?
Operating profit was $35.5M (26.4% of revenue) and net earnings $9.6M.
Source: GCM Grosvenor 10-Q on SEC EDGAR.