Filing Flows › GCM Grosvenor (GCMG) › Q4 2025
GCM Grosvenor (GCMG) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 19, 2026
GCM Grosvenor (GCMG) reported revenue of $177M for the fourth quarter 2025 (Q4 2025), +7% from a year earlier and +31% from the quarter before. Operating margin was 30.9%, net earnings $19.0M (10.7% of revenue).
GCM Grosvenor, Q4 2025: revenue $177M (+7% year over year), operating margin 30.9%, net earnings $19.0M, operating cash flow $28.5M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $177M | +31% | +7% |
| Operating profit | $54.7M | +24% | +25% |
| Net earnings | $19.0M | +81% | +149% |
| Operating cash flow | $28.5M | -64% | -25% |
| Free cash flow | $23.9M | -69% | -35% |
What changed
Revenue was $177.1M in Q4 2025, up 7% year over year and up 31% from the previous quarter. Management fees, net was the largest line at 59% of revenue.
Operating profit was $54.7M, a 30.9% margin (up 4.5 points year over year). Of the extra revenue versus Q4 2024, 94% reached operating profit, above the 26% margin then. Total costs grew 1% against revenue growth of 7%. Net earnings were $19.0M, up 149% year over year. The effective tax rate was 9.2%.
Operating cash flow was $28.5M (down 25% year over year), 49% of net income including minority interests. Non-cash charges added back $1.1M of depreciation and amortization and $12.5M of share-based compensation. Working capital and other items used $43.3M. Capital expenditures of $4.6M left free cash flow of $23.9M.
Questions
What was GCM Grosvenor's revenue in the fourth quarter 2025?
GCM Grosvenor (GCMG) reported revenue of $177M for the fourth quarter 2025 (Q4 2025), +7% from a year earlier and +31% from the quarter before.
Was GCM Grosvenor profitable in the fourth quarter 2025?
Operating profit was $54.7M (30.9% of revenue) and net earnings $19.0M.
Source: GCM Grosvenor 10-K on SEC EDGAR.