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BGC Group (BGCP) investor relations material
BGC Group Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Achieved record Q2 2025 revenues of $784M, up 42% year-over-year, with strong growth across all asset classes and geographies, and 21% growth excluding OTC acquisition.
Completed the $325M OTC acquisition, making ECS the largest asset class and the company the world's largest ECS broker.
Launched a cost reduction program post-acquisition, targeting $25M in annualized savings by year-end 2025.
FMX and Fenics platforms delivered record volumes and double-digit revenue growth, with FMX UST ADV up 45% and FX ADV nearly doubling.
Significant leadership changes included the appointment of three Co-CEOs following the former CEO's confirmation as U.S. Secretary of Commerce.
Financial highlights
ECS revenues surged 122.2% to $261.6M, with 27% growth excluding OTC; total brokerage revenues grew 45.9% to $719.9M.
Rates revenues rose 20.8% to $200.6M; FX up 21.9% to $108.5M; Credit up 8.5% to $75.3M; Equities up 43.8% to $73.9M.
Data, network, and post-trade revenues grew 15.1% to $35.5M, led by Lucera and Fenics Market Data.
Adjusted EBITDA rose 31.4% to $213.3M; post-tax adjusted earnings reached $153.7M, up 34% year-over-year.
GAAP net income for fully diluted shares was $57.5M, up 52.9% year-over-year; GAAP EPS was $0.11, up 37.5%.
Outlook and guidance
Q3 2025 revenue guidance: $715M–$765M, representing 27–36% year-over-year growth; excluding OTC, Q3 revenues expected to grow 8–15%.
Pretax adjusted earnings guidance for Q3 2025: $150M–$165M, up 18–30% year-over-year.
Full-year adjusted earnings tax rate expected between 10% and 12%; no material impact from recent global tax policy changes.
Quarterly dividend of $0.02 per share declared for Q2 2025.
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