Filing Flows › GCM Grosvenor (GCMG) › How it makes money
How GCM Grosvenor (GCMG) makes money
GCM Grosvenor (GCMG) made $134M of revenue in the second quarter 2026 (Q2 2026), +12% from a year earlier. Total management fees brought in $115M (85%); Total incentive fees brought in $17.6M (13%); Other operating income brought in $2.0M (1%). Of every dollar of revenue, 26¢ was left as operating profit, 7¢ was left as net earnings.
Drawing the Sankey…
Revenue by segment, Q2 2026
| Segment | Revenue | Share | Q/Q | Y/Y |
|---|---|---|---|---|
| Total management fees | $115M | 85.4% | +4% | +13% |
| ↳ Management fees, net | $109M | 81.4% | +4% | +12% |
| ↳ Fund expense reimbursement revenue | $5.4M | 4.0% | -5% | +34% |
| Total incentive fees | $17.6M | 13.1% | +47% | +8% |
| ↳ Carried interest | $16.2M | 12.0% | +149% | +9% |
| ↳ Performance fees | $1.4M | 1.1% | -74% | -1% |
| Other operating income | $2.0M | 1.5% | +4% | +35% |
Where each dollar of revenue goes
| Line | Q2 2026 | % of revenue |
|---|---|---|
| Revenue | $134M | 100.0% |
| Operating profit | $35.5M | 26.4% |
| Income tax | $3.7M | 2.7% |
| Net earnings | $9.6M | 7.1% |
| Operating cash flow | $38.1M | 28.4% |
| Free cash flow | $36.3M | 27.0% |
Revenue, quarter by quarter
| Quarter | Revenue | Y/Y |
|---|---|---|
| Q2 2026 | $134M | +12% |
| Q1 2026 | $125M | -0.8% |
| Q4 2025 | $177M | +7% |
| Q3 2025 | $135M | +10% |
| Q2 2025 | $120M | +2% |
| Q1 2025 | $126M | +16% |
| Q4 2024 | $165M | +42% |
From GCM Grosvenor's 10-Q filed Aug 10, 2026 (on EDGAR).
Questions
How does GCM Grosvenor make money?
GCM Grosvenor (GCMG) made $134M of revenue in the second quarter 2026 (Q2 2026), +12% from a year earlier. Total management fees brought in $115M (85%); Total incentive fees brought in $17.6M (13%); Other operating income brought in $2.0M (1%). Of every dollar of revenue, 26¢ was left as operating profit, 7¢ was left as net earnings.
What is GCM Grosvenor's biggest business?
Total management fees: $115M in the second quarter 2026, 85% of revenue, +13% from a year earlier.
What is GCM Grosvenor's profit margin?
Net earnings were $9.6M, 7.1% of revenue, in the second quarter 2026; the operating margin was 26.4%.
Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.