GCM Grosvenor (GCMG) Q3 2025 earnings summary

Executive summary

• Delivered strong Q3 2025 results with double-digit growth in fee-related earnings, adjusted EBITDA, and net income, driven by higher management and incentive fees and robust AUM growth.

• Achieved record assets under management (AUM) of $87.0 billion as of September 30, 2025, a 9% increase year-over-year, with fee-paying AUM reaching $70.2 billion.

• Fundraising momentum continued, with $9.5 billion raised over the last 12 months, up 52% year-over-year, and year-to-date fundraising up 49%.

• Operating income and margins improved, supported by disciplined expense management and higher investment income.

• Board approved a $0.12 per share dividend payable December 15, 2025, reflecting confidence in growth and cash flow.

Financial highlights

• Q3 2025 GAAP revenue was $135.0 million, up 10% year-over-year; nine-month revenue was $380.5 million, up 9%.

• Q3 2025 GAAP net income attributable to the company was $10.5 million, up 153% year-over-year; nine-month net income was $26.4 million, up 138%.

• Adjusted EBITDA for the nine months ended September 30, 2025 was $158.9 million, up 17% year-over-year.

• Fee-related earnings margin reached 45% in Q3 2025, up from 41% in Q3 2024.

• Management fees rose 7% in Q3 and 8% for the nine months, driven by growth in private markets and absolute return strategies.

Outlook and guidance

• Management expects continued growth in AUM and fee-paying AUM, supported by strong fundraising, new client commitments, and market appreciation.

• Targeting to double 2023 fee-related earnings to over $280 million by 2028 and adjusted net income per share to over $1.20.

• The company anticipates stable operating margins and ongoing capital return to shareholders through dividends and share repurchases.

• No material impact expected from recent U.S. tax law changes.

• Forward-looking statements caution that results are subject to market, regulatory, and economic risks.