Filing Flows › GCM Grosvenor (GCMG) › Q3 2026 › vs Q2 2026
GCM Grosvenor (GCMG) Q3 2026 vs Q2 2026 (quarter over quarter)
GCM Grosvenor's revenue rose $11.2M (+8%) from $134M in Q2 2026 to $146M in Q3 2026. The biggest changes: Total incentive fees +$7.2M (+41%); Total management fees +$4.0M (+3%); Other operating income +$38K (+2%). Operating margin 32.2% against 26.4% (+5.8 pts).
GCM Grosvenor, Q3 2026: revenue $146M (+8% year over year), operating margin 32.2%, net earnings $12.3M, operating cash flow $92.4M. The chart draws each line against Q2 2026, the increases inside each band.
Margins
| Q3 2026 | Q2 2026 | Change | |
|---|---|---|---|
| Operating margin | 32.2% | 26.4% | +5.8 pts |
| Net margin | 8.4% | 7.1% | +1.3 pts |
| Free cash flow margin | 63.2% | 27.0% | +36.2 pts |
Every line
| Line | Q3 2026 | Q2 2026 | Change | % |
|---|---|---|---|---|
| Management fees, net | $114M | $109M | $4.5M | +4% |
| Carried interest | $22.7M | $16.2M | $6.5M | +40% |
| Fund expense reimbursement revenue | $4.9M | $5.4M | −$503K | -9% |
| Performance fees | $2.0M | $1.4M | $635K | +45% |
| Total management fees | $119M | $115M | $4.0M | +3% |
| Total incentive fees | $24.8M | $17.6M | $7.2M | +41% |
| Other operating income | $2.0M | $2.0M | $38K | +2% |
| Revenue | $146M | $134M | $11.2M | +8% |
| Other income, net | $4.0M | $56K | $4.0M | 72× |
| Operating profit | $46.9M | $35.5M | $11.4M | +32% |
| Costs & expenses | $98.6M | $98.9M | −$235K | -0.2% |
| Pre-tax earnings | $50.9M | $35.5M | $15.4M | +43% |
| SG&A | $27.1M | $27.7M | −$605K | -2% |
| Other operating costs | $71.5M | $71.2M | $370K | +0.5% |
| Net earnings | $12.3M | $9.6M | $2.7M | +28% |
| Minority interests | $33.7M | $22.3M | $11.4M | +51% |
| Income tax | $5.0M | $3.7M | $1.3M | +35% |
| Depreciation & amortization | $1.0M | $1.0M | $11K | +1% |
| Share-based compensation | $7.8M | $10.7M | −$2.9M | -27% |
| Working capital & other | $71.3M | $16.9M | $54.5M | +323% |
| Operating cash flow | $92.4M | $38.1M | $54.3M | +142% |
| Free cash flow (OCF − capex) | $91.9M | $36.3M | $55.7M | +154% |
| Capital expenditures | $455K | $1.9M | −$1.4M | -75% |
Questions
How much did GCM Grosvenor's revenue grow quarter over quarter in Q3 2026?
GCM Grosvenor's revenue rose $11.2M (+8%) from $134M in Q2 2026 to $146M in Q3 2026.
What drove GCM Grosvenor's revenue change in Q3 2026?
Total incentive fees +$7.2M (+41%); Total management fees +$4.0M (+3%); Other operating income +$38K (+2%).