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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.
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Q2 2025 earnings summary31 Jul, 2025

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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Frequently asked questions

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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