Core management-fee earnings continue to compound at a mid-teens CAGR while AUM growth remains strong at 13% YoY. The GAAP net income decline is driven by non-cash mark-to-market and prior-year warrant gains, not business deterioration. With $9.7B of contracted-not-yet-fee-paying AUM set to convert into revenue over the next few years, the growth trajectory appears well-supported. Monitor capital deployment in direct-oriented strategies and ARS fundraising momentum.
Price Chart
Executive Summary
GCM Grosvenor reported Q2 2026 earnings with GAAP revenue of $134.3M (+12% YoY), GAAP net income attributable to the firm of $9.6M (-38% YoY), and Adjusted Net Income per share of $0.19 (+19% YoY). Fee-Related Revenue grew 11% YoY to $110.8M, Fee-Related Earnings rose 21% YoY to $50.3M, and total AUM reached ~$97B (+13% YoY). The firm raised $2.3B in new capital during the quarter. The headline GAAP net income decline appears driven by non-operating items, while the core management-fee business continues to grow steadily.
Key Financial Metrics
Key Facts
- GAAP total revenue of $134.3M for Q2 2026, +12% vs $119.7M in Q2 2025
- GAAP net income attributable to GCM Grosvenor Inc. of $9.6M, -38% vs $15.4M in Q2 2025
- Fee-Related Revenue of $110.8M, +11% vs $100.0M in Q2 2025
- Fee-Related Earnings of $50.3M, +21% vs $41.6M in Q2 2025
- Adjusted Net Income of $39.2M, +22% vs $32.1M in Q2 2025
- Adjusted Net Income per share of $0.19, +19% vs $0.16 in Q2 2025
- Total AUM of approximately $97B as of June 30, 2026, +13% vs $85.9B a year ago
- Fee-Paying AUM of $78.1B, +13% YoY; Absolute Return Strategies FPAUM grew 22% YoY to $28.8B
- Raised $2.3B of new capital in Q2 2026; last twelve months fundraising of $9.3B
- Board declared $0.12 per share dividend payable September 15, 2026
- Repurchased 1.6M shares for $17.1M during Q2; $55M remaining in buyback authorization
Financial Impact
Fee-Related Revenue increased 11% YoY to $110.8M; Fee-Related Earnings increased 21% YoY to $50.3M; Adjusted Net Income of $39.2M up 22% YoY
Risk Factors
- GAAP net income declined 38% YoY, driven by non-cash items including change in fair value of warrant liabilities and higher deferred tax provisions
- Private Markets management fees grew only 10% YoY, below the 13% overall FPAUM growth rate, reflecting mix shift toward lower-fee customized separate accounts
- Cash and cash equivalents declined to $140M from $242M at year-end 2025, driven by $17.1M buybacks and incentive fee payouts; interest coverage should remain healthy
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 7 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001819796-26-000026 |
| Document: gcm-20260810.htm | 0001819796-26-000026 |
| Document: gcmgrosvenorsecondquarter2.htm | 0001819796-26-000026 |
| Document: 0001819796-26-000026-index-headers.html | 0001819796-26-000026 |
| Document: 0001819796-26-000026-index.html | 0001819796-26-000026 |
| Document: 0001819796-26-000026.txt | 0001819796-26-000026 |
| 8-K Data (Synthetic) | 0001819796-26-000026 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 10, 2026 11w ago | 8-K | $13.82 $13.18 | ▼ −4.63% | ▼ −3.72% | $12.10 (−12.45%) |
Aug 10, 2026 11w ago | Press Release | $13.82 $13.18 | ▼ −4.63% | ▼ −3.72% | $12.10 (−12.45%) |
May 7, 2026 24w ago | 8-K | $11.16 $9.98 | ▼ −10.57% | ▼ −13.71% | $12.10 (+8.42%) |
May 7, 2026 24w ago | Press Release | $11.16 $9.98 | ▼ −10.57% | ▼ −13.71% | $12.10 (+8.42%) |
Apr 24, 2026 26w ago | DEFA14A | $10.82 $10.89 | ▲ +0.65% | ▼ −4.31% | $12.10 (+11.83%) |
US Market Status
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