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Dec 31, 2025
BGC Group Q4 2025 Earnings Report
BGC Group reported record fourth quarter 2025 revenues with strong growth across asset classes, while GAAP net income declined year over year due to higher compensation-related expenses.
Key Takeaways
For Q4 2025, BGC generated record revenues of 756367000, up 32.2% year over year, driven by significant growth in Energy, Commodities and Shipping (ECS). GAAP net income available to common stockholders was 14371000, resulting in diluted EPS of 0.03, while Adjusted EBITDA was 190593000.
Total revenues increased 32.2% year over year to 756367000.
ECS revenues surged 92.0% year over year to 257500000.
GAAP net income available to common stockholders was 14371000, with diluted EPS of 0.03.
Adjusted EBITDA was 190593000 for the quarter.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
For Q1 2026, BGC expects revenues between 860000000 and 920000000 and pre-tax Adjusted Earnings between 202000000 and 222000000, reflecting continued strong momentum including the impact of the OTC acquisition.
Positive Outlook
- Q1 2026 revenue guidance of 860000000 to 920000000, implying strong year-over-year growth.
- Pre-tax Adjusted Earnings guidance of 202000000 to 222000000.
- Continued contribution from OTC acquisition.
- Strong growth trajectory in ECS and electronic platforms.
- Ongoing expansion of FMX and futures offerings.
Challenges Ahead
- Seasonality in trading volumes can impact quarterly revenues.
- Exposure to market volatility and macroeconomic uncertainty.
- Integration risks related to recent acquisitions.
- Higher compensation and restructuring-related expenses.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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