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GCM Grosvenor (GCMG) Q4 2024 earnings results (fourth quarter 2024)

10-K filed Feb 21, 2025

GCM Grosvenor (GCMG) reported revenue of $165M for the fourth quarter 2024 (Q4 2024), +42% from a year earlier and +34% from the quarter before. Operating margin was 26.4%, net earnings $7.6M (4.6% of revenue).

Revenue$165M
Year over year+42%
Quarter over quarter+34%
Operating margin26.4%
Net earnings$7.6M

GCM Grosvenor, Q4 2024: revenue $165M (+42% year over year), operating margin 26.4%, net earnings $7.6M, operating cash flow $38.1M. The chart follows the revenue to costs, profit and cash.

Q4 2024AmountQ/QY/Y
Revenue$165M+34%+42%
Operating profit$43.6M+74%+232%
Net earnings$7.6M+83%+134%
Operating cash flow$38.1M-45%+43%
Free cash flow$37.0M-41%+53%

What changed

Revenue was $165.3M in Q4 2024, up 42% year over year and up 34% from the previous quarter. Management fees, net was the largest line at 63% of revenue.

Operating profit was $43.6M, a 26.4% margin (up 15.1 points year over year). Of the extra revenue versus a year earlier, 63% reached operating profit, above the 11% margin then. Total costs grew 18% against revenue growth of 42%. The fastest-growing cost line was Other operating costs (+21%). Net earnings were $7.6M, up 134% year over year. The effective tax rate was 16.5%.

Operating cash flow was $38.1M (up 43% year over year), 125% of net income including minority interests. Non-cash charges added back $1.0M of depreciation and amortization and $13.4M of share-based compensation. Working capital and other items used $6.8M. Capital expenditures of $1.1M left free cash flow of $37.0M.

Questions

What was GCM Grosvenor's revenue in the fourth quarter 2024?

GCM Grosvenor (GCMG) reported revenue of $165M for the fourth quarter 2024 (Q4 2024), +42% from a year earlier and +34% from the quarter before.

Was GCM Grosvenor profitable in the fourth quarter 2024?

Operating profit was $43.6M (26.4% of revenue) and net earnings $7.6M.

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Source: GCM Grosvenor 10-K on SEC EDGAR.