BGC Group (BGCP) Q4 2025 earnings summary

Executive summary

• Achieved record Q4 and full-year 2025 revenues, up 32% and 30% year-over-year, respectively, driven by double-digit organic growth and the OTC acquisition, with GAAP EPS up 24%.

• Pre-tax Adjusted Earnings reached record highs, increasing 24.5% in Q4 and 25.7% for the full year; Adjusted EPS rose 19.2% to $1.18 per share.

• Expanded market share, completed the second-largest acquisition, and became the world's largest energy broker.

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

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

Financial highlights

• Q4 2025 revenues: $756.4M (+32.2% YoY); FY 2025 revenues: $2,941.5M (+30.0% YoY).

• Q4 2025 GAAP net income: $13.9M (-42.6% YoY); FY 2025 GAAP net income: $148.7M (+22.6% YoY).

• Q4 Adjusted EBITDA: $190.6M (-0.8% YoY, impacted by cost reduction charges); FY 2025: $771.4M (+8.0% YoY).

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

• EMEA revenue up 39.2%, Americas up 25.7%, Asia Pacific up 24.2%.

Outlook and guidance

• Q1 2026 revenue guidance: $860–$920 million, up 29–39% year-over-year; excluding OTC, expected growth is ~15%.

• Q1 2026 pre-tax Adjusted Earnings guidance: $202–$222 million, up 26–39% year-over-year.

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

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