Executive Summary

BGC delivered record Q3 revenue of $736.8M (+31.3% y/y) and post-tax Adjusted EPS of $0.29 (+11.5% y/y); sequentially, revenue and EPS declined from Q2’s records on mix and expense step-up from the OTC acquisition . Versus S&P Global consensus, BGC posted a small EPS beat ($0.29 vs $0.28*) and essentially in-line revenue ($736.8M vs $736.2M*), with limited sell-side coverage (EPS: 2 ests; Revenue: 1 est) [GetEstimates]*.
Fenics/FMXX momentum remained the primary growth engine: U.S. Treasuries market share reached a record 37% (from 35% in Q2 and 29% a year ago), UST ADV was $59.4B (+12% y/y), and SOFR futures ADV/open interest more than tripled sequentially; FMX FX ADV rose 44% y/y to $13.1B .
Q4 2025 guidance calls for $720–$770M revenue (≈30% y/y at the midpoint) and $152.5–$167.5M pre-tax Adjusted Earnings (≈24% y/y at the midpoint); FY25 Adjusted tax rate maintained at 10–12% .
Capital allocation remains active: $400M repurchase authorization reapproved and the company plans to repay $300M senior notes due Dec 15; liquidity stood at $924.7M at quarter-end . Key stock catalysts include continued FMX share gains, delivery on the $25M cost reduction program by year-end, and Q4 execution vs guidance .

What Went Well and What Went Wrong

What Went Well
- Record Q3 revenue and Adjusted EPS with broad-based growth across assets and geographies; “Our U.S. Treasury market share grew to an all-time high of 37%” (Co-CEO) .
- FMX outperformance: UST market share reached 37%; SOFR futures ADV/OI more than tripled sequentially; FMX FX ADV up 44% y/y to $13.1B .
- ECS strength with OTC integration: ECS revenues up 114% y/y to $241.6M; ex-OTC ECS up 21.8% y/y, showing organic momentum .
What Went Wrong
- Margin compression: Adjusted EBITDA fell to $167.6M (−21% q/q), with EBITDA margin declining to ~22.8% vs ~27.2% in Q2, reflecting higher compensation and non-comp expenses from OTC onboarding .
- Credit growth modest: Credit revenues rose just 1.6% y/y to $69.1M; management highlighted ongoing work to launch new electronic credit protocols and a new global buy-side platform .
- Limited estimate coverage: Only 1 revenue estimate and 2 EPS estimates may reduce “headline” beat impact and raises variability in consensus comparisons [GetEstimates]*.

Financial Results

Key P&L and margins (oldest → newest):

Metric	Q3 2024	Q2 2025	Q3 2025
Revenue ($M)	$561.1	$784.0	$736.8
Post-tax Adjusted EPS ($)	$0.26	$0.31	$0.29
Adjusted EBITDA ($M)	$151.4	$213.3	$167.6
Adjusted EBITDA Margin (%)	27.0%	27.2%	22.8%
Pre-tax Adjusted Earnings ($M)	$126.7	$173.6	$155.1
Pre-tax Adjusted Earnings Margin (%)	22.6%	22.2%	21.1%
GAAP Diluted EPS ($)	$0.03	$0.11	$0.06

Segment revenue breakdown ($M):

Segment	Q3 2024	Q2 2025	Q3 2025
ECS (Energy, Commodities & Shipping)	$112.9	$261.6	$241.6
Rates	$174.3	$200.6	$195.3
Foreign Exchange	$92.1	$108.5	$106.7
Credit	$68.0	$75.3	$69.1
Equities	$53.3	$73.9	$60.4
Total Brokerage Revenues	$500.6	$719.9	$673.1
Data, Network & Post-trade	$32.7	$35.5	$34.3
Interest/Dividends/Fees/Other	$27.8	$28.6	$29.4
Total Revenues	$561.1	$784.0	$736.8

Selected KPIs (FMX/Fenics; sequential view):

KPI	Q2 2025	Q3 2025
FMX UST ADV ($B)	68.0	59.4
FMX UST Market Share (%)	>35%	37%
FMX FX ADV ($B)	15.6	13.1
Fenics Revenues ($M)	162.9	160.0
• Fenics Markets ($M)	134.1	134.1
• Fenics Growth Platforms ($M)	28.7	25.9

Expense and balance sheet highlights:

Comp & benefits (GAAP): $400.3M (+47.5% y/y); Non-comp (GAAP): $230.9M (+20.9% y/y), both largely reflecting OTC .
Liquidity: $924.7M (cash + financial instruments) vs $897.8M YE’24 . Fully diluted shares for Adjusted Earnings: 494.2M (−1.2% q/q) .

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Revenue ($M)	Q4 2025	n/a	$720 – $770	Introduced
Pre-tax Adjusted Earnings ($M)	Q4 2025	n/a	$152.5 – $167.5	Introduced
Adjusted Earnings Tax Rate	FY 2025	10%–12%	10%–12%	Maintained
Dividend per share	Next payable Dec 10, 2025	$0.02 (Q2 decl.)	$0.02 (Q3 decl.)	Maintained
Share Repurchase Authorization	Ongoing	n/a	Reapproved up to $400M	Reapproved
Debt	Dec 15, 2025 notes	n/a	Plan to repay $300M notes	New action

Earnings Call Themes & Trends

Topic	Previous Mentions (Q1 & Q2 2025)	Current Period (Q3 2025)	Trend
FMX buildout (SOFR/UST)	Q1: UST mkt share ~33%, FX ADV doubled; UST futures to launch May; connect FCMs . Q2: UST share >35%, 9 FCMs; target 12 by YE .	UST market share 37%; SOFR ADV/OI >3x seq; 11 FCMs onboarded; integrating into routers/aggregators; targeting similar adoption for UST futures in 2026 .	Upward adoption, scaling
ECS/OTC integration & costs	Q1: OTC closed Apr 1; accretive; $325M cash; margin gap to narrow . Q2: Launched $25M cost reduction, YE completion .	Program launched in Q3; to complete by YE; ECS +114% y/y; ex-OTC +21.8% .	Executing plan
Electronic credit & Portfolio Match	Q1: PM ADV doubled . Q2: PM nearly doubled; new protocols coming .	PM ADV more than doubled; avg IG trade size +~50% y/y; new fully electronic global buy-side credit platform live .	Mixed but improving
FX franchise	Q1: FX rev +31% to record; FMX FX ADV more than doubled . Q2: FX rev +21.9%; FMX FX ADV 15.6B .	FX rev +15.9%; FMX FX ADV 13.1B (+44% y/y) .	Strong, modest seq decel
Capital allocation	Q1: Expect increased buybacks . Q2: >16M shares repurchased; lower q/q share count expected; liquidity $965.9M .	$400M buyback reapproved; plan to repay $300M notes; liquidity $924.7M .	Active/ongoing
AI/Data centers & Energy	—	Involved via energy procurement for data centers through Newmark introductions; revenue impact modest today .	Early optionality

Management Commentary

“We delivered another outstanding quarter, with record third quarter revenues of $737 million… Our U.S. Treasury market share grew to an all-time high of 37%… Our $25 million cost reduction program will be completed by year-end” — John Abularrage, Co-CEO .
“FMX UST generated record third quarter average daily volume of $59.4 billion… market share to a record 37%… SOFR ADV and open interest each increased sequentially by more than threefold” — Company release .
“We… reapproved our share repurchase authorization for up to $400 million… [and] anticipate… repaying our $300 million senior notes due December 15” — Jason Hauf, CFO .

Q&A Highlights

Outperformance vs on-exchange proxies attributed to targeted ECS growth and ~150 broker hires over 18 months, plus strength in rates/FX/equities driving share gains .
FMX onboarding/integration: 11 FCMs onboarded; moving to BAU integration with aggregators/routers; target 12; focus shifts to UST futures in 2026 after SOFR scale-up .
FMX cash treasuries share gains broad-based across protocols; no single protocol driving outsized gains .
Electronic credit: management sees potential to grow at peer-like rates; launched fully electronic global buy-side credit platform; Portfolio Match gaining share .
AI/data centers: BGC’s energy procurement supports data center clients via Newmark introductions; narrative benefit more than near-term revenue driver .

Estimates Context

Q3 2025 vs S&P Global consensus: Revenue $736.8M actual vs $736.2M estimate*; Post-tax Adjusted EPS $0.29 vs $0.28 estimate*; EPS based on 2 estimates; revenue based on 1 estimate [GetEstimates]*.
Implication: Modest beat on EPS, essentially in-line revenue; low estimate count can mute “headline” surprise and indicates limited coverage breadth [GetEstimates]*.

Q3 2025 Actual vs Consensus

Metric	Actual	Consensus*	Surprise
Revenue ($M)	$736.8	$736.2*	+$0.6M / +0.1%
Post-tax Adjusted EPS ($)	$0.29	$0.28*	+$0.01 / +3.6%

*Values retrieved from S&P Global.

Key Takeaways for Investors

FMX is the core structural driver: record 37% UST market share, SOFR futures scaling rapidly, and FX ADVs up strongly; continued share gains are a key rerating lever .
Integration math: ECS/OTC lifted revenue sharply, but near-term margins compressed; execution on the $25M cost program by YE is critical to margin recovery through 2026 .
Q4 setup: Guidance implies ~30% y/y revenue growth at the midpoint and ~24% y/y pre-tax Adjusted Earnings growth; delivery vs guidance is the next catalyst .
Capital deployment: $400M buyback reapproved and planned $300M debt repayment provide support to per-share metrics and balance sheet optics heading into year-end .
Credit is a “work-in-progress” with green shoots: Portfolio Match growth and a new fully electronic buy-side credit platform could accelerate mix shift to higher-quality electronic revenues .
FX/EMEA momentum and UST share gains suggest outgrowth vs peers can persist even in mixed macro volumes .
Watch estimate breadth: Low coverage may limit consensus signal power; focus on company-reported KPIs and margin trajectory into 2026 [GetEstimates]*.

Appendix: Additional Data Points

Regional revenue growth (y/y): EMEA +37.4%; Americas +28.1%; APAC +17.4% .
Expenses (GAAP, y/y): Compensation +47.5%; Non-comp +20.9%; largely OTC-driven .
Liquidity: $924.7M at Sept 30, 2025; total assets $5.83B .
Share count (Adjusted Earnings, FD WASC): 494.2M (−1.2% q/q; −0.1% y/y) .

Sources: BGC Q3 2025 press release and Form 8-K (Ex. 99.1) ; Q3 2025 earnings call transcript ; Q2 2025 press release and 8-K ; Q2 2025 call –; Q1 2025 call –. Consensus estimates from S&P Global via tool output [GetEstimates]*.

BGC Group, Inc. (BGC)·Q3 2025 Earnings Summary