BGC Group (BGCP) investor relations material

Executive summary

• Achieved record revenues for Q4 and full year 2025, up 32% and 30% year-over-year, respectively, driven by organic growth and the OTC acquisition, with EPS growing 24% under GAAP and 19% for adjusted earnings.

• Pre-tax adjusted earnings reached record highs, increasing 24.5% in Q4 and 25.7% for the full year; significant market share expansion and established as the world's largest energy broker.

• FMX UST business ended 2025 with a 40% market share; FMX Futures Exchange saw SOFR futures ADV and open interest rise 82% and 97% sequentially.

• Business model leverages a global, diversified product and client base, with strong electronic trading and regulatory compliance.

• Completed the first phase of a cost reduction program, targeting $25 million in annualized savings for 2026.

Financial highlights

• Q4 2025 revenues: $756.4M (+32.2% YoY); FY 2025 revenues: $2,941.5M (+30.0% YoY); Q4 GAAP net income: $13.9M (-42.6% YoY); FY 2025 GAAP net income: $148.7M (+22.6% YoY).

• Q4 adjusted earnings before tax: $161.3M (+24.5% YoY); FY 2025: $650.3M (+25.7% YoY); Q4 adjusted EBITDA: $190.6M (-0.8% YoY); FY 2025: $771.4M (+8.0% YoY).

• Q4 GAAP EPS: $0.03 (-40% YoY); FY 2025 GAAP EPS: $0.31 (+24% YoY); Q4 post-tax adjusted EPS: $0.31 (+24% YoY); FY 2025: $1.18 (+19.2% YoY).

• Total brokerage revenues grew 34.6% to $694.6M; ECS revenues surged 92% to $257.5M (up 10% excluding OTC); Fenics Q4 revenues rose 15.4% to $163.9M.

• Liquidity at year-end: $979.1M, up from $897.8M a year earlier.

Outlook and guidance

• Q1 2026 revenue guidance: $860–$920M, up 29–39% year-over-year; pre-tax adjusted earnings guidance: $202–$222M, up 26–39% YoY.

• Adjusted earnings tax rate projected between 11% and 14% for full year 2026.

• Ongoing cost reduction initiatives expected to yield further savings in 2026.