Revenue is heavily reliant on non-interest income (97.4% of total in 2026Q2), with net interest income swinging to -$0.96M, while the efficiency ratio improved to 73.6% from 83.8% in the prior quarter.
GCM Grosvenor Inc. (GCMG) annual income statement — 8-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 |
|---|
| Net Interest Income | 1.62M | 958K | 1.92M | -3.25M | -18.67M | 25.41M | -16.93M | -25.85M | -26.47M |
| NII Growth % | 715.78% | -50.05% | 159.11% | 82.62% | -173.49% | 250.05% | 34.48% | 2.35% | - |
| Net Interest Margin % | 0.24% | 0.12% | 0.31% | -0.64% | -3.82% | 4.37% | -2.68% | -6.93% | -7.12% |
| Interest Income | 17.11M | 16.26M | 15.59M | 11.64M | 10.11M | 52.49M | 10.74M | 0 | 0 |
| Interest Expense | 15.48M | 15.3M | 13.67M | 14.88M | 28.78M | 27.09M | 27.68M | 25.85M | 26.47M |
| Loan Loss Provision | -11.27M | -10.88M | -10.35M | -12.19M | -17.21M | -23.07M | -17.86M | -15.51M | -26.47M |
| Non-Interest Income | 547.68M | 533.82M | 487.93M | 424.5M | 441.89M | 486.1M | 423.47M | 416.56M | 378.5M |
| Non-Interest Income % | 99.7% | 99.82% | 99.61% | 100.77% | 104.41% | 95.03% | 104.17% | 106.62% | 107.52% |
| Total Net Revenue | 549.3M | 534.78M | 489.85M | 421.25M | 423.22M | 511.51M | 406.54M | 390.71M | 352.03M |
| Revenue Growth % | 7.7% | 9.17% | 16.28% | -0.46% | -17.26% | 25.82% | 4.05% | 10.99% | - |
| Non-Interest Expense | 400.99M | 397.95M | 453.29M | 452.72M | 328.63M | 408.38M | 485.17M | 326.5M | 303.37M |
| Efficiency Ratio | 73% | 74.41% | 92.54% | 107.47% | 77.65% | 79.84% | 119.34% | 83.57% | 86.18% |
| Operating Income | 159.57M | 147.7M | 46.91M | -19.28M | 111.8M | 126.19M | -60.77M | 79.72M | 75.13M |
| Operating Margin % | 29.05% | 27.62% | 9.58% | -4.58% | 26.42% | 24.67% | -14.95% | 20.4% | 21.34% |
| Operating Income Growth % | - | 214.85% | 343.36% | -117.24% | -11.41% | 307.65% | -176.23% | 6.11% | - |
| Pretax Income | 169.17M | 154.94M | 50.16M | -21.51M | 89.09M | 153.06M | -78.7M | 62.32M | 65.08M |
| Pretax Margin % | 30.8% | 28.97% | 10.24% | -5.11% | 21.05% | 29.92% | -19.36% | 15.95% | 18.49% |
| Income Tax | 16.34M | 12.9M | 13.56M | 7.69M | 9.61M | 10.99M | 4.51M | 2.32M | 1.4M |
| Effective Tax Rate % | 9.66% | 8.33% | 27.03% | -35.75% | 10.79% | 7.18% | -5.73% | 3.72% | 2.14% |
| Net Income | 44.5M | 45.37M | 18.7M | 12.77M | 19.82M | 21.48M | 4.05M | 0 | 0 |
| Net Margin % | 8.1% | 8.48% | 3.82% | 3.03% | 4.68% | 4.2% | 1% | 0% | 0% |
| Net Income Growth % | 60.83% | 142.69% | 46.35% | -35.55% | -7.74% | 430.55% | - | - | - |
| Net Income (Continuing) | 152.84M | 142.04M | 36.6M | -29.21M | 79.48M | 142.07M | -83.2M | 60M | 63.69M |
| EPS (Diluted) | 0.22 | 0.42 | 0.03 | -0.28 | 0.28 | 0.49 | 0.18 | 1.50 | 1.60 |
| EPS Growth % | 254.02% | 1124.49% | 112.25% | -200% | -42.86% | 172.22% | -88% | -6.25% | - |
| EPS (Basic) | - | 0.87 | 0.42 | -1.23 | 0.45 | 0.49 | 0.10 | 1.50 | 1.60 |
| Diluted Shares Outstanding | 203.58M | 197.3M | 190.59M | 187.43M | 188.57M | 43.77M | 39.98M | 39.91M | 39.91M |
Quick answers to the most common questions about buying GCMG stock.
For fiscal year 2025, GCM Grosvenor Inc. (GCMG) reported total revenue of $534.8M. This represents a 51.9% increase compared to $352.0M in 2018.
GCM Grosvenor Inc. (GCMG) is profitable, generating $45.4M in net income for the fiscal year ending 2025 with a net profit margin of 8.2%.
GCM Grosvenor Inc. (GCMG) reported an operating income of $147.7M, resulting in an operating profit margin of 26.9%. This margin reflects the operational efficiency of the business before interest and taxes.
GCM Grosvenor Inc. (GCMG) generated $545.7M in gross profit for the year, representing a gross profit margin of 99.2%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Elevated leverage and EPS miss
Metrics are mathematically derived from official filings.
Net Interest Income Volatility
Net interest income swung from -$1.5M to $3.7M over the past year, reflecting balance sheet volatility. According to quarterly filings, NII growth turned negative in 2026Q2 at -153.2%.
The negative NII in several quarters suggests that the firm's cash and investment balances are not generating consistent interest income, possibly due to low-yielding assets or timing of deployments. This volatility, however, is immaterial relative to the fee-based revenue, which constitutes over 94% of total revenue. Investors should focus on the stability of management fees rather than NII, as the latter is a minor component of the earnings model.
Fee-Driven Revenue Dominates
Non-interest income consistently represents over 94% of total revenue, with 2026Q2 at 97.4%. As reported in financial statements, this underscores the asset management fee model, making NIM analysis largely irrelevant.
The near-total reliance on fee income means that traditional bank margin analysis is not applicable. The firm's 'gross margin' is structurally 100%, and the operating margin of approximately 26% (based on 2026Q2 operating income of $34.1M on revenue of $133.0M) is the key profitability metric. This margin is below peers like HLNE (42.8%), suggesting room for improvement or a different cost structure.
Efficiency Ratio Fluctuates Sharply
Efficiency ratio ranged from 63.9% in 2025Q4 to 95.4% in 2025Q1, indicating volatile operating leverage. Based on reported figures, the latest quarter's 73.6% shows improvement but remains above the 60% target typical for asset managers.
The wide swings in the efficiency ratio reflect the variability of performance fees and the fixed nature of compensation costs. The 2025Q1 ratio of 95.4% was an outlier, likely due to low revenue, while the 2025Q4 ratio of 63.9% benefited from strong performance fees. The trend suggests that the firm has not achieved consistent operating leverage, and investors should monitor whether revenue growth can outpace compensation growth.
Negative Provision Releases Boost Earnings
Provision for loan losses has been consistently negative, with -$3.4M in 2026Q2. As per financial statements, these releases have added to pre-tax income, but they are not core to the asset management business.
The negative provisions indicate that the firm is releasing reserves, which may be due to improved credit quality or a shrinking loan portfolio. However, this is a minor line item relative to total revenue and should not be overemphasized. The firm's primary credit risk lies in its investment portfolio, not in traditional lending, so these provisions are not a meaningful indicator of credit cycle stress.
Recurring Fees Anchor Revenue
Fee income, primarily management fees, constitutes over 94% of total revenue each quarter, with 2026Q2 at 97.4%. According to recent earnings releases, this provides a stable base, but performance fees remain volatile.
The high proportion of recurring fees suggests a stable revenue stream, but the volatility in total revenue (ranging from $106.2M to $175.4M) indicates that performance fees and carried interest can cause significant swings. The 2025Q4 revenue spike of $175.4M likely included substantial performance fees, while 2026Q2's $133.0M reflects a normalization. Investors should assess the sustainability of performance fee generation, which is tied to realizations and market conditions.
2025Q4 Peak Performance
2025Q4 stands out with revenue of $175.4M and operating income of $62.3M, the highest in the series. Based on reported data, this quarter likely benefited from strong performance fees, but subsequent quarters have not sustained that level.
The sharp decline from 2025Q4 to 2026Q1 (revenue down to $123.4M) suggests that the performance fee spike was not recurring. This pattern highlights the lumpiness of earnings in alternative asset management. The 2026Q2 EPS of $0.12 missed estimates, indicating that the market expects more consistent earnings. The firm's ability to generate stable fee-related earnings (FRE) is crucial, and the recent miss may signal that cost growth is outpacing revenue growth.
Earnings Quality Under Scrutiny
Despite revenue growth, EPS missed estimates in 2026Q2 ($0.12 vs $0.18). As reported in the latest earnings call, this disconnect suggests that revenue growth is not translating to bottom-line results, possibly due to elevated costs.
The negative provisions and volatile performance fees may be masking underlying cost pressures. The efficiency ratio, though improved, remains high, and the firm's high leverage (Debt/Equity: 3.77) amplifies the impact of any earnings shortfall. The market may be pricing in a discount due to concerns about the sustainability of performance fees and the firm's ability to control compensation costs. Investors should monitor the compensation ratio and the realization cadence of carried interest.