GCM Grosvenor (GCMG) financial statements
GCM Grosvenor reported revenue of $558M in fiscal 2025, up 5.7% a year over 7 years.
Net income was $45M and the operating margin 23.9%, against 19.8% in 2018.
Free cash flow was $175M, and the company returned $31M in net buybacks.
The diluted share count rose 7% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from GCM Grosvenor's 10-K filings with the SEC.
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $378M | $416M | $430M | $532M | $447M | $445M | $514M | $558M |
| Selling, general and admin | $93M | $88M | $85M | $88M | $89M | $101M | $104M | $105M |
| Operating income | $75M | $85M | -$43M | $109M | $80M | -$12M | $73M | $133M |
| Interest expense | $26M | $26M | $23M | $20M | $23M | $24M | $24M | $23M |
| Pre-tax income | $65M | $62M | -$79M | $153M | $89M | -$22M | $50M | $155M |
| Income tax | $1M | $2M | $5M | $11M | $10M | $8M | $14M | $13M |
| Net income | $0 | $0 | $4M | $21M | $20M | $13M | $19M | $45M |
| EPS (diluted) | $0.00 | $0.00 | -$0.58 | $0.28 | $0.28 | -$0.28 | $0.03 | $0.42 |
| Diluted shares | 0M | 0M | 184M | 189M | 189M | 187M | 191M | 197M |
| Operating margin | 19.8% | 20.4% | -10.0% | 20.6% | 18.0% | -2.7% | 14.3% | 23.9% |
| Net margin | 0.0% | 0.0% | 0.9% | 4.0% | 4.4% | 2.9% | 3.6% | 8.1% |
Balance sheet
Fiscal years, from GCM Grosvenor's 10-K filings with the SEC.
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $68M | $80M | $198M | $96M | $85M | $44M | $89M | $242M |
| Property, plant and equipment | — | $9M | $8M | $5M | $5M | $7M | $23M | $30M |
| Goodwill | — | $29M | $29M | $29M | $29M | $29M | $29M | $29M |
| Total assets | — | $373M | $632M | $582M | $489M | $505M | $613M | $814M |
| Total liabilities | — | $587M | $599M | $637M | $583M | $616M | $703M | $686M |
| Shareholders' equity | — | — | -$29M | -$26M | -$20M | -$28M | -$28M | $27M |
| Net debt | -$68M | -$80M | -$198M | -$96M | -$85M | -$44M | -$89M | -$242M |
Cash flow
Fiscal years, from GCM Grosvenor's 10-K filings with the SEC.
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $117M | $96M | $68M | $179M | $217M | $92M | $149M | $184M |
| Capital spending | $868,000 | $4M | $1M | $577,000 | $782,000 | $4M | $17M | $8M |
| Free cash flow | $116M | $92M | $67M | $178M | $216M | $88M | $132M | $175M |
| Stock-based compensation | — | $0 | $0 | $44M | $31M | $51M | $48M | $46M |
| Share buybacks (net) | — | $0 | $0 | -$887,000 | -$26M | -$4M | $0 | -$31M |
| Free cash flow margin | 30.7% | 22.1% | 15.5% | 33.5% | 48.3% | 19.8% | 25.7% | 31.4% |
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Open GCMG in InvestinglyQuestions
What was GCM Grosvenor's revenue in 2025?
$558M in fiscal 2025, from its 10-K filing.
How much free cash flow does GCM Grosvenor generate?
$175M in fiscal 2025 (operating cash flow minus capital spending).
From GCM Grosvenor's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.