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Mar 31
BGC Group Q1 2025 Earnings Report
BGC Group reported strong financial results for the first quarter of 2025, with record revenues and significant increases in key profitability metrics.
Key Takeaways
BGC Group delivered record quarterly revenues of over $664 million, a 14.8% increase year-over-year, driven by robust organic growth in both Voice / Hybrid and Fenics businesses. FMX achieved its best quarter ever with record volumes and market share. The transformative acquisition of OTC Global Holdings is expected to add over $400 million in annualized revenue and be immediately accretive.
Record quarterly revenues of $664.2 million, a 14.8% increase compared to the prior year's first quarter.
Pre-tax Adjusted Earnings increased by 18.4% to $160.2 million.
Post-tax Adjusted Earnings per share rose by 16.0% to $0.29.
FMX achieved record average daily volume in UST and FX platforms, with UST market share reaching approximately 33%.
BGC Group
BGC Group
BGC Group Revenue by Segment
Revenue by Segment
ECS Revenue
CapyFin.comRates Revenue
CapyFin.comForeign Exchange Revenue
CapyFin.comCredit Revenue
CapyFin.comEquities Revenue
CapyFin.comData, Network, and Post-trade Revenue
CapyFin.comInterest and dividend income, Fees from related parties and Other revenues Revenue
CapyFin.com Forward Guidance
BGC Group provided guidance for the second quarter of 2025, expecting revenues between $715 million and $765 million, and pre-tax Adjusted Earnings between $156 million and $171 million.
Positive Outlook
- Expected revenue growth for Q2 2025, with a midpoint of $740 million, up from $550.8 million in Q2 2024.
- Anticipated increase in pre-tax Adjusted Earnings for Q2 2025, with a midpoint of $163.5 million, up from $125.8 million in Q2 2024.
- FMX is expected to continue integrating more FCMs, leading to meaningfully accelerated ADV and open interest on the Exchange.
- Lucera plans to launch new Foreign Exchange and Rates products throughout 2025, driving new growth opportunities.
- The acquisition of OTC Global Holdings is expected to be immediately accretive and generate meaningful shareholder value.
Challenges Ahead
- Certain equity-based compensation charges may be determined at management's discretion, impacting GAAP results.
- Unusual, non-ordinary, or non-recurring items are difficult to forecast with precision.
- The impact of gains or losses on marketable securities and associated mark-to-market movements are unpredictable.
- Non-cash asset impairment charges are not known until after period-end.
- Acquisitions, dispositions, and resolutions of litigation, disputes, investigations, or enforcement matters are fluid and unpredictable.