BGC Group (BGC) Company Report

BGC Group reported record-breaking revenues for both the fourth quarter and full year 2025, with Q4 revenues increasing 32.2% to $756.4 million and full year revenues approaching $3 billion.
For the full year 2025, GAAP EPS grew by 24% and Adjusted Earnings EPS grew by 19%, with Adjusted EPS reaching $1.18 per share.
The company provided strong guidance for Q1 2026, expecting revenues between $860 million and $920 million (midpoint representing 34% growth) and pre-tax Adjusted Earnings between $202 million and $222 million (midpoint representing over 32% growth).
Strategic highlights include becoming the world's largest energy broker following the acquisition of OTC, achieving a 39% market share for FMX UST in Q4 2025, and completing the first phase of a cost reduction program expected to realize $25 million of annualized savings in 2026.
BGC Group also sold its KACE business for up to $119 million in Q4 2025.

Feb 12, 2026, 3:00 PM

Transcript

BGC Group Reports Record Q4 and Full Year 2025 Results with Strong Growth and Positive Q1 2026 Guidance

BGC

Earnings

Revenue Acceleration/Inflection

M&A

BGC Group achieved record-breaking revenues for both the fourth quarter and full year 2025, with increases of 32.2% to $756.4 million and 30% to nearly $3 billion, respectively.
Full year 2025 Adjusted EPS grew by 19% to $1.18 per share, and the company completed the first phase of a cost reduction program, targeting $25 million in annualized savings for 2026.
The company provided strong guidance for Q1 2026, expecting revenues between $860 million and $920 million, representing approximately 34% growth at the midpoint.
Strategic moves included the acquisition of OTC, which drove ECS revenues up 92% to $257.5 million, and the divestiture of the KACE business for up to $119 million.
FMX UST achieved a record 40% market share by year-end 2025, and the FMX Futures Exchange's SOFR futures average daily volumes and open interest increased 82% and 97% respectively from the prior quarter, with January 2026 ADV exceeding 1% market share.

Feb 12, 2026, 3:00 PM

Transcript

BGC Group Reports Record Q4 and Full Year 2025 Results, Provides Strong Q1 2026 Guidance

BGC

Earnings

Guidance Update

M&A

BGC Group reported record-breaking revenues for both the fourth quarter and full year 2025, with increases of 32% and 30% respectively, and full-year revenues approaching $3 billion.
The company achieved 19% growth in Adjusted EPS for the full year 2025, reaching $1.18 per share, and became the world's largest energy broker following strong organic growth and the acquisition of OTC.
BGC completed the first phase of a cost reduction program, expected to realize $25 million of annualized savings in 2026, and sold its KACE business for up to $119 million.
For the first quarter of 2026, BGC expects revenues between $860 million and $920 million, representing approximately 34% revenue growth at the midpoint, and pre-tax Adjusted Earnings between $202 million-$222 million, indicating over 32% earnings growth at the midpoint.

Feb 12, 2026, 3:00 PM

Transcript

BGC Group Reports Record Q4 and Full-Year 2025 Financial Results

BGC

Earnings

Revenue Acceleration/Inflection

New Projects/Investments

BGC Group reported record Q4 2025 revenue of $756.4 million, a 32.2% increase year-over-year, and record full-year 2025 revenue of $2,941.5 million, up 30.0% year-over-year.
Post-tax Adjusted Earnings per share for Q4 2025 was $0.31, and for FY 2025 was $1.18.
The Energy, Commodities, and Shipping (ECS) segment demonstrated significant growth, with Q4 2025 revenue increasing 92.0% year-over-year to $257.5 million and FY 2025 revenue growing 88.4% to $910.7 million.
Fenics revenue reached $164 million in Q4 2025, a 15% year-over-year increase, and $660 million for FY 2025, up 16% year-over-year.
FMX UST achieved a record Q4 volume of $59 billion Average Daily Volume (ADV) and increased its market share to 39% in Q4 2025, an 800bps improvement year-over-year.

Feb 12, 2026, 3:00 PM

Presentation

BGC Group, Inc. Reports Record Q4 and Full-Year 2025 Financial Results

BGC

Earnings

Revenue Acceleration/Inflection

Dividends

BGC Group, Inc. reported record-breaking revenues for both the fourth quarter and full year ended December 31, 2025, with revenues increasing 32 percent to $756.4 million in Q4 2025 and 30 percent to $2,941.5 million for the full year.
For the full year 2025, GAAP fully diluted earnings per share grew by 24 percent to $0.31, and Post-tax Adjusted Earnings per share increased by 19.2 percent to $1.18.
The company significantly expanded its market share, completed its second-largest acquisition (OTC), and became the world's largest energy broker; its FMX U.S. Treasury business achieved 40 percent market share by the end of 2025.
BGC completed the first phase of a cost reduction program, targeting $25 million of annualized savings in 2026, and provided Q1 2026 guidance for Revenues between $860 million and $920 million and Pre-tax Adjusted Earnings between $202 million and $222 million.
A quarterly cash dividend of $0.02 per share was declared on February 11, 2026, payable on March 18, 2026.

Feb 12, 2026, 1:17 PM

8-K

BGC Group Completes Sale of kACE Financial

BGC

M&A

BGC Group completed the sale of kACE Financial, a provider of real-time pricing and advanced analytics platforms for FX derivatives, to smartTrade Technologies SAS.
The transaction is valued at up to $119 million.
The payment structure includes an initial payment of $80 million and up to an additional $39 million in contingent cash consideration, with some expected in 2026.
Gains associated with the sale are expected to be included in BGC's consolidated results under U.S. GAAP but excluded from the Company's Adjusted Earnings.

Jan 6, 2026, 1:00 PM

Press Release

BGC Group Announces Agreement to Sell kACE Financial

BGC

M&A

BGC Group has entered into a definitive agreement to sell its kACE Financial business, a provider of real-time pricing and advanced analytics platforms for complex FX derivatives, to smartTrade Technologies SAS.
The transaction is valued at up to $119 million, which includes an initial payment of $80 million and up to an additional $39 million in contingent cash consideration based on defined performance metrics.
The sale is expected to close by the end of 2025 and is intended to deliver significant value for shareholders and allow BGC to focus on expanding its high-margin, technology-driven Fenics platforms.

Dec 11, 2025, 1:00 PM

Press Release

BGC Announces Strong Q3 2025 Results and Positive Outlook

BGC

Earnings

Guidance Update

M&A

BGC reported record Q3 2025 revenues of $736.8 million, a 31.3% increase year-over-year.
GAAP net income for fully diluted shares grew 88.6% to $26.8 million, resulting in $0.06 GAAP fully diluted EPS, while Post-tax Adjusted Earnings increased 11.5% to $141.1 million, or $0.29 per share.
The Energy, Commodities, & Shipping (ECS) segment achieved record Q3 revenue of $242 million, up 114% year-over-year, significantly driven by the $325 million OTC acquisition completed on April 1, 2025, which is immediately accretive.
For Q4 2025, BGC projects revenues between $720 million and $770 million and Pre-tax Adjusted Earnings of $152.5 million to $167.5 million. The full-year 2025 outlook includes revenues of $2,905 million to $2,955 million and Pre-tax Adjusted Earnings of $641 million to $656 million.

Nov 6, 2025, 3:00 PM

Presentation

BGC Group Reports Record Q3 2025 Revenues and Provides Q4 2025 Guidance

BGC

Earnings

Guidance Update

Share Buyback

BGC Group reported record third quarter 2025 revenues of $737 million, marking a 31% increase from the prior year, with revenues excluding OTC also reaching a record of $628 million, up 12%.
Pre-tax adjusted earnings grew by 22.4% to $155.1 million, and post-tax adjusted earnings per share was $0.29 for Q3 2025.
The company's FMX platform continued to outperform, with U.S. Treasury market share growing to an all-time high of 37% and SOFR Futures average daily volume and open interest increasing more than threefold versus the previous quarter.
BGC Group reapproved a $400 million share repurchase authorization and expects to complete a $25 million cost reduction program by year-end 2025.
For the fourth quarter of 2025, BGC Group expects revenues between $720 million and $770 million and pre-tax adjusted earnings between $152.5 million and $167.5 million.

Nov 6, 2025, 3:00 PM

Transcript

BGC Group Reports Record Q3 2025 Revenues and Provides Q4 2025 Guidance

BGC

Earnings

Guidance Update

Share Buyback

BGC Group reported record third quarter 2025 revenues of $737 million, marking a 31% increase year-over-year, and achieved pre-tax adjusted earnings of $155.1 million, up 22.4%.
The company's FMX platform demonstrated strong performance, with its US Treasury market share reaching an all-time high of 37% and FMX UST average daily volume hitting a record $59.4 billion in Q3 2025.
For the fourth quarter of 2025, BGC Group anticipates revenues between $720 million and $770 million, representing approximately 30% growth at the midpoint, and expects pre-tax adjusted earnings in the range of $152.5 million to $167.5 million.
BGC's board reapproved a share repurchase authorization for up to $400 million on November 5, 2025, with plans to further reduce the full-year share count in Q4 2025.