Loading...
•
Sep 30
BGC Group Q3 2025 Earnings Report
BGC Group reported a strong third quarter in 2025, with record revenues and significant growth across various segments, driven by strong performance in brokerage revenues and FMX.
Key Takeaways
BGC Group achieved record third quarter revenues of $736.8 million, a 31.3% increase year-over-year, with strong growth across all asset classes and geographies. The company also reported record pre-tax Adjusted Earnings and Adjusted EBITDA, alongside significant increases in GAAP net income and EPS.
Total revenues reached a record $736.8 million, up 31.3% from the previous year, with revenues excluding OTC also hitting a record.
Brokerage revenues grew by 34.4%, primarily driven by a 114.0% increase in ECS revenues due to OTC and strong organic growth in the energy complex.
FMX continued to outperform, setting new records in SOFR futures and U.S. Treasuries, with SOFR futures ADV and open interest increasing more than 3-fold sequentially.
GAAP net income for fully diluted shares increased by 88.6% to $26.8 million, and post-tax Adjusted Earnings grew by 11.5% to $141.1 million.
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 anticipates continued strong performance for the fourth quarter of 2025, with projected revenues between $720 million and $770 million and pre-tax Adjusted Earnings between $152.5 million and $167.5 million.
Positive Outlook
- Anticipated revenue growth for Q4 2025, with guidance of $720 - $770 million, compared to $572.3 million in Q4 2024.
- Expected increase in pre-tax Adjusted Earnings for Q4 2025, with guidance of $152.5 - $167.5 million, up from $129.5 million in Q4 2024.
- Completion of the $25 million cost reduction program by year-end 2025, expected to enhance profitability and margins.
- Commitment to reducing full-year share count further in Q4 2025 through share repurchases.
- Reapproval of Share Repurchase Authorization for up to $400 million, indicating confidence in future performance and shareholder value.
Challenges Ahead
- The company does not anticipate providing an outlook for other GAAP results due to difficulty in forecasting certain items with precision.
- Unusual, non-ordinary, or non-recurring items could impact GAAP results, which are difficult to predict.
- The impact of gains or losses on marketable securities and associated mark-to-market movements are not known until after period-end.
- Non-cash asset impairment charges are calculated based on period-end values and may not be known until after period-end.
- Acquisitions, dispositions, and/or resolutions of litigation, disputes, investigations, or enforcement matters are fluid and unpredictable in nature, potentially affecting results.