GCM Grosvenor (GCMG) Cash Flow: Operating & Free Cash Flow

GCM Grosvenor (GCMG) Cash Flow Statement

In fiscal 2025 (fiscal year ended Dec 31, 2025), GCM Grosvenor generated $183.54M of operating cash flow and spent $8.50M on capital expenditures. That left free cash flow of $175.04M, up 32.6% from $132.04M a year earlier, or 31.6% of revenue. It returned $56.00M to shareholders through $25.34M in dividends and $30.66M in share buybacks.

GCM Grosvenor Cash Flow Statement Analysis

Values in millions USD

Income Statement Balance Sheet Cash Flow Ratios

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Cash flow statement showing operating, investing, and financing activities for GCM Grosvenor Inc. (GCMG) - Annual data in millions USD
Breakdown	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019	FY 2018
Period ending	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020	Dec 2019	Dec 2018
Operating Activities
Net Income	142.04	36.60	-29.21	19.82	21.48	4.05	60.00	63.69
Depreciation & Amortization	4.42	3.32	2.70	7.71	4.02	9.82	10.34	11.66
Deferred Income Tax	4.08	7.76	2.83	5.84	5.69	0.63	0.00	0.00
Stock Based Compensation	40.40	31.37	22.76	32.06	43.76	4.56	0.00	21.28
Change in Working Capital	-28.11	-16.90	-11.77	28.81	12.23	-60.52	-18.91	16.34
Change in Accounts Receivable	-10.96	-34.41	-17.10	77.93	-29.38	-49.25	-5.58	6.09
Change in Other Working Capital	66.28	93.58	-5.14	-49.12	52.16	-11.28	-13.34	10.26
Other Operating Activities	66.28	93.58	3.65	122.27	52.16	109.63	44.77	4.06
Net Cash from Operating Activities	183.54	148.77	92.07	216.51	178.80	68.17	96.19	117.03
Investing Activities
Capital Expenditures	-8.50	-16.73	-3.76	-0.78	-0.58	-1.31	-4.00	-0.87
Acquisitions	0.00	0.00	0.00	-21.93	-14.93	-18.38	0.00	0.00
Purchases of Investments	-34.68	-26.24	-27.64	-29.44	-40.33	-23.91	-21.51	-23.21
Sales/Maturities of Investments	16.67	11.14	12.56	21.93	14.93	19.69	31.63	32.04
Other Investing Activities	0.00	11.14	12.56	20.15	12.80	18.38	0.00	0.00
Net Cash from Investing Activities	-26.51	-31.83	-18.84	-10.07	-28.11	-5.53	6.13	7.96
Financing Activities
Debt Repayment	-4.38	-3.19	-4.00	-4.00	-53.26	-116.20	17.68	-27.45
Common Stock Issued	49.83	0.00	0.00	0.00	0.00	6.75	0.00	0.00
Common Stock Repurchased	-30.66	-12.75	-14.70	-26.39	-0.89	-6.75	0.00	0.00
Dividends Paid	-25.34	-20.55	-20.32	-18.43	-14.53	-153.67	0.00	-82.25
Other Financing Activities	-97.78	-83.89	-74.64	-166.24	-308.87	317.88	-108.55	-44.08
Net Cash from Financing Activities	-4.86	-70.38	-113.66	-215.07	-251.27	54.76	-90.87	-153.77
Summary
Effect of Forex Changes on Cash	0.49	-1.46	-0.37	-2.40	-1.38	0.88	0.31	-0.18
Net Change in Cash	152.66	45.10	-40.81	-11.02	-100.59	118.28	11.77	-28.96
Cash at Beginning of Period	89.45	44.35	85.16	96.19	198.15	79.87	68.10	97.06
Cash at End of Period	242.12	89.45	44.35	85.16	96.19	198.15	79.87	68.10
Free Cash Flow	175.04	132.05	88.30	215.73	178.23	66.86	92.20	116.16
Supplemental Disclosures
Interest Paid	-	32.27	30.03	18.41	13.78	-	-	-
Income Taxes Paid	-	5.02	3.45	8.54	4.37	-	-	-

Source: Company financial statements from annual and quarterly filings. Data as of Jun 30, 2026. Data sources and methodology

Frequently Asked Questions About GCM Grosvenor Cash Flow

What is GCM Grosvenor's free cash flow?

GCM Grosvenor generated free cash flow of $175.04M in fiscal 2025 (fiscal year ended Dec 31, 2025), operating cash flow of $183.54M minus $8.50M of capital expenditures. That was up 32.6% from $132.04M a year earlier. Free cash flow equaled 31.6% of revenue.

How much does GCM Grosvenor spend on capital expenditures?

GCM Grosvenor spent $8.50M on capital expenditures in fiscal 2025, compared with $16.73M a year earlier. That equals 4.6% of operating cash flow.

Does GCM Grosvenor pay dividends or buy back shares?

Yes. In fiscal 2025 GCM Grosvenor returned $25.34M in dividends and $30.66M in share buybacks to shareholders, according to its cash flow statement.

What is free cash flow?

Free cash flow is operating cash flow minus capital expenditures. It is the cash a company has left for dividends, buybacks, debt repayment or acquisitions after funding its operations and investment. Full definition