Operating cash flow is robust, averaging 3.99 times net income in 2026Q2, with cumulative OCF of $422.7M over ten quarters, supporting $62.6M in dividends and $50.6M in buybacks.
GCM Grosvenor Inc. (GCMG) cash flow statement — 8-year operating, investing & financing cash flows
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 |
|---|
| Cash from Operations | 198.14M | 183.54M | 148.77M | 92.06M | 216.51M | 178.8M | 68.17M | 96.19M | 117.03M |
| Operating CF Growth % | 36.74% | 23.37% | 61.6% | -57.48% | 21.09% | 162.29% | -29.13% | -17.8% | - |
| Net Income | 44.5M | 45.37M | 36.6M | 12.77M | 19.82M | 21.48M | 4.05M | 60M | 63.69M |
| Depreciation & Amortization | 4.21M | 4.42M | 3.32M | 2.7M | 7.71M | 4.02M | 9.82M | 10.34M | 11.66M |
| Deferred Taxes | 5.05M | 4.08M | 7.76M | 2.83M | 5.84M | 5.69M | 629K | 0 | 0 |
| Other Non-Cash Items | 36.56M | 111.73M | 86.63M | -41.16M | 122.27M | 87.89M | 109.63M | 44.77M | 4.06M |
| Working Capital Changes | -13.96M | -28.11M | -16.9M | -11.77M | 28.81M | 12.23M | -60.52M | -18.91M | 16.34M |
| Cash from Investing | -78.6M | -120.5M | -31.83M | -18.84M | -10.07M | -28.11M | -5.53M | 6.13M | 7.96M |
| Purchase of Investments | -81.81M | -131.82M | -26.24M | -27.64M | -29.44M | -40.33M | -23.91M | -21.5M | -23.21M |
| Sale/Maturity of Investments | 4.61M | 19.82M | 0 | 0 | 21.93M | 14.93M | 19.69M | 31.63M | 32.04M |
| Net Investment Activity | -77.2M | -112M | -26.24M | -27.64M | -7.5M | -25.4M | -4.22M | 10.13M | 8.83M |
| Acquisitions | 0 | 0 | 0 | 0 | -21.93M | -14.93M | -18.38M | 0 | 0 |
| Other Investing | 4.71M | 0 | 11.14M | 12.56M | 20.14M | 12.79M | 18.38M | 0 | 0 |
| Cash from Financing | -116.87M | 89.13M | -70.38M | -113.66M | -215.07M | -251.27M | 54.76M | -90.87M | -153.77M |
| Dividends Paid | -30.02M | -25.34M | -20.55M | -20.32M | -18.43M | -14.53M | -153.67M | 0 | -82.25M |
| Share Repurchases | -50.32M | -30.66M | -12.75M | -4.48M | -26.39M | -887K | -6.75M | 0 | 0 |
| Stock Issued | 166.79M | 169.55M | 0 | 0 | 0 | 0 | 6.75M | 0 | 0 |
| Net Stock Activity | 116.47M | 138.89M | -12.75M | -4.48M | -26.39M | -887K | 0 | 0 | 0 |
| Debt Issuance (Net) | -4M | -1000K | 1000K | -1000K | -1000K | 1000K | -1000K | 1000K | -1000K |
| Other Financing | -133.94M | -20.05M | -83.89M | -84.86M | -163.68M | -285.67M | 317.88M | -108.55M | -44.08M |
| Net Change in Cash | 1.07M | 152.66M | 45.1M | -40.81M | -11.02M | -101.96M | 118.28M | 11.77M | -28.96M |
| Exchange Rate Effect | -1.59M | 492K | -1.46M | -372K | -2.4M | -1.38M | 884K | 314K | -182K |
| Cash at Beginning | 164.39M | 89.45M | 44.35M | 85.16M | 96.19M | 198.15M | 79.87M | 68.1M | 97.06M |
| Cash at End | 137.41M | 242.12M | 89.45M | 44.35M | 85.16M | 96.19M | 198.15M | 79.87M | 68.1M |
| Interest Paid | 20.12M | 28.61M | 32.27M | 30.02M | 18.41M | 13.78M | 21.46M | 22.67M | 23.59M |
| Income Taxes Paid | 1.34M | 6.5M | 5.02M | 3.45M | 8.54M | 4.37M | 3.16M | 1.74M | 1.35M |
| Free Cash Flow | 192.03M | 175.04M | 132.04M | 88.3M | 215.73M | 178.23M | 66.86M | 92.2M | 116.16M |
| FCF Growth % | 11.6% | 32.56% | 49.54% | -59.07% | 21.04% | 166.56% | -27.48% | -20.63% | - |
Quick answers to the most common questions about buying GCMG stock.
GCM Grosvenor Inc. (GCMG) generated $183.5M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
GCM Grosvenor Inc. (GCMG) generated $175.0M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
GCM Grosvenor Inc. (GCMG) spent $8.5M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, GCM Grosvenor Inc. (GCMG) returned $25.3M to shareholders via cash dividends and spent $30.7M on share repurchases. This shows the company's commitment to returning capital to its equity investors.
Key Metrics
Top Statement Risk
Elevated leverage and EPS miss
Metrics are mathematically derived from official filings.
Cash Generation Outpaces Net Income
According to quarterly filings, GCMG's operating cash flow averaged 3.99 times net income in 2026Q2, indicating strong cash generation despite volatile earnings, with cumulative OCF of $422.7M over ten quarters.
The consistently high OCF/NI ratio, ranging from 1.50 to 71.84, suggests that reported net income understates the firm's cash-generating ability, likely due to non-cash charges like equity compensation and depreciation. This cash generation supports internal funding of growth initiatives and capital returns, but the wide fluctuation in the ratio indicates earnings volatility that investors should monitor.
Securities Portfolio Shows Net Selling
As reported in financial statements, GCMG's investment purchases outpaced sales in most quarters, with net purchases of $10.6M in 2026Q2, but cumulative net sales of $32.0M in 2026Q1 suggest active portfolio repositioning.
The pattern of alternating net purchases and sales across quarters indicates tactical management of the investment securities portfolio, possibly to fund loan growth or manage liquidity. The net selling in 2026Q1 and 2025Q4 may reflect a strategy to realize gains or reallocate assets, but the lack of consistent direction makes it difficult to discern a clear trend. Investors should monitor whether this activity signals a shift in asset allocation or simply opportunistic trading.
Loan Growth Funded by Operating Cash
Based on reported figures, GCMG's loan loss provisions were consistently negative, averaging -$2.8M per quarter, while operating cash flow remained strong, suggesting that loan growth is being funded internally without reliance on external debt.
The negative provisions indicate credit quality improvements or reserve releases, which have boosted pre-tax income but are not core to the asset management business. The absence of significant long-term debt issuance (only $1.0M in 2024Q2) and stable short-term debt at zero suggests that the firm is not leveraging its balance sheet to fund loan growth, which is prudent. However, the elevated debt-to-equity ratio of 3.77 reported in recent context flags warrants monitoring for potential leverage-driven risks.
Dividends and Buybacks Consume Cash
According to recent SEC filings, GCMG paid dividends totaling $62.6M and repurchased $50.6M of stock over ten quarters, with buybacks concentrated in 2025Q4 and 2026Q1, indicating a commitment to returning capital despite earnings volatility.
The dividend has grown steadily from $4.7M in 2024Q1 to $9.2M in 2026Q2, reflecting management's confidence in cash flow sustainability. Buybacks were sporadic, with significant activity in 2025Q4 ($30.7M) and 2026Q1 ($17.5M), possibly to offset dilution from equity compensation. However, the total capital returned ($113.2M) exceeds cumulative net income ($78.7M) over the period, suggesting that distributions are partly funded by operating cash flow rather than earnings, which may not be sustainable if cash generation weakens.
Deposit Flows Not Directly Observable
As per financial statements, GCMG's cash flow statement does not separately disclose deposit inflows or outflows, but the stable operating cash flow and lack of short-term debt suggest that deposit funding is not a primary source of liquidity.
Given the asset management business model, deposits are not a typical funding source; instead, the firm relies on fee income and investment returns. The absence of deposit-related line items in the cash flow data indicates that traditional deposit beta analysis is not applicable. Investors should focus on the firm's ability to generate organic cash flow from operations, which has been robust, as evidenced by the high OCF/NI ratios.
What the Cash Flow Statement Hides
Based on reported figures, GCMG's cash flow statement does not reveal the impact of non-controlling interests or equity-based compensation, which may obscure true cash generation and shareholder value, as highlighted in the company intelligence.
The firm's SPAC-led public debut introduced a complex capital structure with significant non-controlling interests, meaning that a portion of operating cash flow may be attributable to minority shareholders. Additionally, equity-based compensation is a non-cash expense that inflates OCF relative to net income, but it represents a real economic cost through dilution. The cash flow statement also does not capture off-balance-sheet commitments, such as undrawn credit lines or GP capital commitments, which could require future cash outflows. Investors should adjust for these items to assess the true cash-generating capacity available to common shareholders.