Monitor future fundraising and fee-related earnings growth trajectory; GAAP revenue decline signals headwinds in incentive fees and catch-up fees. Continued AUM expansion supports long-term fee income.
Price Chart
Executive Summary
GCM Grosvenor reported Q1 2026 adjusted EPS of $0.18, in line with consensus, but GAAP revenue of $124.8M missed estimates of $130.1M, declining 1% YoY. Fee-related revenue grew only 1% YoY, though AUM and FPAUM continued to grow at double-digit rates.
Key Financial Metrics
Key Facts
- Adjusted Net Income per share of $0.18, flat YoY and in line with consensus
- GAAP total operating revenue $124.8M, down 1% YoY (missed consensus of $130.1M)
- Fee-Related Revenue $106.7M, up 1% YoY; excluding catch-up fees grew 8%
- AUM rose to $91.5B, up 12% YoY; FPAUM $73.5B, up 11% YoY
- Raised $1.5B in new capital in Q1 2026
- Unrealized carried interest surpassed $1B for the first time
- Quarterly dividend of $0.12 per share maintained
Financial Impact
GAAP revenue miss of ~$5.3M relative to consensus, offset by stable adjusted earnings
Risk Factors
- GAAP revenue decline may pressure near-term stock sentiment
- Slowing fee-related revenue growth (1% YoY) versus prior quarters' trends
- Dependence on capital raising pace to sustain AUM growth
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 7 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001819796-26-000019 |
| Document: gcm-20260507.htm | 0001819796-26-000019 |
| Document: gcmgrosvenorfirstquarter20.htm | 0001819796-26-000019 |
| Document: 0001819796-26-000019-index-headers.html | 0001819796-26-000019 |
| Document: 0001819796-26-000019-index.html | 0001819796-26-000019 |
| Document: 0001819796-26-000019.txt | 0001819796-26-000019 |
| 8-K Data (Synthetic) | 0001819796-26-000019 |
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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