Filing Flows › GCM Grosvenor (GCMG) › Q3 2025
GCM Grosvenor (GCMG) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 5, 2025
GCM Grosvenor (GCMG) reported revenue of $135M for the third quarter 2025 (Q3 2025), +10% from a year earlier and +13% from the quarter before. Operating margin was 32.7%, net earnings $10.5M (7.8% of revenue).
GCM Grosvenor, Q3 2025: revenue $135M (+10% year over year), operating margin 32.7%, net earnings $10.5M, operating cash flow $79.8M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $135M | +13% | +10% |
| Operating profit | $44.2M | +130% | +77% |
| Net earnings | $10.5M | -32% | +153% |
| Operating cash flow | $79.8M | +90% | +16% |
| Free cash flow | $78.3M | +92% | +26% |
What changed
Revenue was $135.0M in Q3 2025, up 10% year over year and up 13% from the previous quarter. Management fees, net was the largest line at 75% of revenue. Management fees, net added $6.4M year over year (up 7%), 53% of the total change. Performance fees declined 51%.
Operating profit was $44.2M, a 32.7% margin (up 12.4 points year over year). Of the extra revenue versus a year earlier, 159% reached operating profit, above the 20% margin then. Total costs fell 7% while revenue rose 10%. Net earnings were $10.5M, up 153% year over year. The effective tax rate was 7.4%.
Operating cash flow was $79.8M (up 16% year over year), 177% of net income including minority interests. Non-cash charges added back $1.2M of depreciation and amortization and $6.0M of share-based compensation. Working capital and other items added $27.6M. Capital expenditures of $1.5M left free cash flow of $78.3M.
Questions
What was GCM Grosvenor's revenue in the third quarter 2025?
GCM Grosvenor (GCMG) reported revenue of $135M for the third quarter 2025 (Q3 2025), +10% from a year earlier and +13% from the quarter before.
Was GCM Grosvenor profitable in the third quarter 2025?
Operating profit was $44.2M (32.7% of revenue) and net earnings $10.5M.
Source: GCM Grosvenor 10-Q on SEC EDGAR.