BGC Group
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BGC Group (BGCP) investor relations material

BGC Group Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary12 Feb, 2026

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.

OTC acquisition's strategic impact on BGC?
FMX's market share trajectory and growth drivers?
Cost reduction program's net impact on expenses?
FMX Futures revenue recognition timeline?
Impact of OTC on ECS market share synergy
Lucera's credit market expansion potential
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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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