Filing Flows › GCM Grosvenor (GCMG) › Q3 2026 › vs Q3 2025
GCM Grosvenor (GCMG) Q3 2026 vs Q3 2025 (year over year)
GCM Grosvenor's revenue rose $10.6M (+8%) from $135M in Q3 2025 to $146M in Q3 2026. The biggest changes: Total management fees +$12.8M (+12%); Other operating income −$1.6M (-43%); Total incentive fees −$709K (-3%). Operating margin 32.2% against 32.7% (-0.5 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 Q3 2025, the increases inside each band.
Margins
| Q3 2026 | Q3 2025 | Change | |
|---|---|---|---|
| Operating margin | 32.2% | 32.7% | -0.5 pts |
| Net margin | 8.4% | 7.8% | +0.6 pts |
| Free cash flow margin | 63.2% | 58.0% | +5.2 pts |
Every line
| Line | Q3 2026 | Q3 2025 | Change | % |
|---|---|---|---|---|
| Management fees, net | $114M | $101M | $12.4M | +12% |
| Carried interest | $22.7M | $24.1M | −$1.4M | -6% |
| Fund expense reimbursement revenue | $4.9M | $4.4M | $436K | +10% |
| Performance fees | $2.0M | $1.3M | $707K | +53% |
| Total management fees | $119M | $106M | $12.8M | +12% |
| Total incentive fees | $24.8M | $25.5M | −$709K | -3% |
| Other operating income | $2.0M | $3.6M | −$1.6M | -43% |
| Revenue | $146M | $135M | $10.6M | +8% |
| Other income, net | $4.0M | $4.5M | −$517K | -11% |
| Operating profit | $46.9M | $44.2M | $2.8M | +6% |
| Costs & expenses | $98.6M | $90.8M | $7.8M | +9% |
| Pre-tax earnings | $50.9M | $48.7M | $2.2M | +5% |
| SG&A | $27.1M | $24.7M | $2.4M | +10% |
| Other operating costs | $71.5M | $66.1M | $5.5M | +8% |
| Net earnings | $12.3M | $10.5M | $1.8M | +17% |
| Minority interests | $33.7M | $34.6M | −$889K | -3% |
| Income tax | $5.0M | $3.6M | $1.4M | +38% |
| Depreciation & amortization | $1.0M | $1.2M | −$113K | -10% |
| Share-based compensation | $7.8M | $6.0M | $1.8M | +30% |
| Working capital & other | $71.3M | $62.2M | $9.2M | +15% |
| Operating cash flow | $92.4M | $79.8M | $12.6M | +16% |
| Free cash flow (OCF − capex) | $91.9M | $78.3M | $13.7M | +17% |
| Capital expenditures | $455K | $1.5M | −$1.1M | -71% |
Questions
How much did GCM Grosvenor's revenue grow year over year in Q3 2026?
GCM Grosvenor's revenue rose $10.6M (+8%) from $135M in Q3 2025 to $146M in Q3 2026.
What drove GCM Grosvenor's revenue change in Q3 2026?
Total management fees +$12.8M (+12%); Other operating income −$1.6M (-43%); Total incentive fees −$709K (-3%).