BGC Group (BGCP) Q4 2024 earnings summary

Executive summary

• Achieved record Q4 and full-year revenues, with Q4 up 10.8% to $572.3 million and full-year up 11.7% to $2.26 billion, driven by ECS, Rates, and Foreign Exchange businesses.

• Full-year GAAP net income for fully diluted shares rose 257.3% to $121.3 million; Q4 GAAP net income increased 28.3% to $24.2 million.

• Adjusted EBITDA for FY 2024 reached $714.3 million, up 24.5% year-over-year; Q4 Adjusted EBITDA was $192.0 million, up 26.7%.

• Leadership transition underway as CEO nominated for U.S. Secretary of Commerce; co-CEOs to continue growth trajectory.

• Recent acquisitions (Sage Energy Partners closed, OTC Holdings expected) to add over $450 million in annual revenue and reinforce ECS leadership.

Financial highlights

• Q4 total revenues grew 10.8% to $572.3 million; full-year revenues reached $2,262.8 million, up 11.7% year-over-year.

• Q4 brokerage revenues up 11.8% to $516.1 million; Q4 Adjusted EBITDA margin was 33.6%.

• Q4 pre-tax Adjusted Earnings reached $129.5 million, up 16.9% year-over-year; full-year pre-tax Adjusted Earnings were $517.4 million, up 16.8%.

• Q4 post-tax Adjusted Earnings per share increased 19% to $0.25; full-year post-tax Adjusted EPS up 20.7% to $0.99.

• Liquidity at year-end was $897.8 million, up from $701.4 million a year earlier.

Outlook and guidance

• Q1 2025 revenue guidance: $610–$660 million, representing 5–14% year-over-year growth.

• Q1 2025 pre-tax Adjusted Earnings guidance: $145–$161 million, up 7–19% year-over-year.

• Acquisitions expected to contribute 1–2 percentage points to revenue growth in Q4 and Q1.

• Trading volumes in early 2025 are outpacing prior year records.

• Quarterly outlook to be updated towards the end of March 2025.