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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.Q3 2025 earnings summary6 Nov, 2025
Executive summary
Achieved record Q3 2025 revenues of $736.8 million, up 31.3% year-over-year, with broad-based growth across all asset classes and geographies, driven by the OTC Global acquisition and organic expansion.
GAAP net income for fully diluted shares rose 88.6% to $26.8 million compared to Q3 2024, with net income available to common stockholders at $27.9 million.
FMX platform set new records in SOFR futures and U.S. Treasuries, with SOFR futures ADV and open interest more than tripling sequentially and U.S. Treasury market share reaching an all-time high of 37%.
$25 million cost reduction program underway, expected to complete by year-end 2025 to enhance profitability.
Leadership changes included the appointment of three Co-CEOs following the former CEO's confirmation as U.S. Secretary of Commerce.
Financial highlights
Brokerage revenues increased 34.4% year-over-year to $673.1 million, with ECS up 114% to $241.6 million, Rates up 12.1% to $195.3 million, FX up 15.9% to $106.7 million, Credit up 1.6% to $69.1 million, and Equities up 13.2% to $60.4 million.
Adjusted EBITDA reached $167.6 million, up 10.7% year-over-year, with an adjusted EBITDA margin of approximately 22.8%.
Post-tax Adjusted Earnings were $141.1 million, up 11.5%, with post-tax Adjusted EPS of $0.29.
Compensation and employee benefits were 54.3% of total revenues in Q3 2025, rising 47.5% due to higher commissionable revenues and the OTC acquisition.
Liquidity as of September 30, 2025 was $924.7 million.
Outlook and guidance
Fourth quarter 2025 revenue guidance is $720–$770 million, representing up to 35% year-over-year growth, with pre-tax Adjusted Earnings guidance of $152.5–$167.5 million.
FY 2025 revenue guidance: $2,905–$2,955 million, up 28–31% from FY 2024.
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.
No material impact is expected from recent tax law changes (OBBBA and Pillar 2) on future financial condition or liquidity.
FMX US Treasury market share growth drivers
Expected impact of $25M cost reduction program
Capital allocation strategy for share count reduction
FMX UST Futures 2026 growth drivers
Energy segment's AI/cloud adoption leverage
Electronic credit growth vs. peers long-term
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BGC Group Inc is a global financial services company providing brokerage, financial technology, and real estate services. The company offers trading and market data services in fixed income, foreign exchange, and derivatives, and operates real estate advisory through its Newmark subsidiary. The company is headquartered in New York, New York, and its shares are listed on the NASDAQ.
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