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BGC Group (BGCP) investor relations material
BGC Group Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Achieved record third quarter revenues of $737 million, up 31.3% year-over-year, with broad-based growth across all asset classes and geographies.
FMX platform set new records in SOFR Futures and U.S. Treasuries, with SOFR Futures ADV and open interest more than tripling sequentially.
U.S. Treasury market share reached an all-time high of 37%, reflecting strong competitive positioning.
GAAP net income for fully diluted shares rose 88.6% to $26.8 million compared to Q3 2024.
$25 million cost reduction program underway, expected to complete by year-end to enhance profitability.
Financial highlights
ECS revenues grew 114% to $241.6 million, driven by OTC and organic growth.
Rates revenues increased 12.1% to $195.3 million; FX revenues up 15.9% to $106.7 million; Credit revenues up 1.6% to $69.1 million; Equities revenues up 13.2% to $60.4 million.
Adjusted EBITDA increased 10.7% to $167.6 million year-over-year.
Fenics revenues rose 12.7% to $160 million, with Fenics growth platforms up 24.2% excluding Capital Lab.
EMEA revenues up 37.4%, Americas up 28.1%, Asia-Pacific up 17.4%.
Outlook and guidance
Fourth quarter 2025 revenue guidance: $720–$770 million, representing up to 35% year-over-year growth.
Pre-tax adjusted earnings guidance: $152.5–$167.5 million, up to 29% growth year-over-year.
Adjusted earnings tax rate expected between 10%–12% for full year 2025.
Board declared a quarterly cash dividend of $0.02 per share, payable December 10, 2025.
FY 2025 revenue guidance: $2,905–$2,955 million, up 28–31% from FY 2024.
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