BGC
BGC Group, Inc.8.92
+0.01+0.11%
Dec 16, 4:00:01 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
FY Q4 '25
Q&A details organic drivers, synergies
Q&A dissected the blowout Q1 guide, pinning 15% organic growth on market share grabs in ECS, rates, FX, and equities—not mere volatility. ECS sees new hedging logos and OTC synergies topping one-plus-one in oil, gas, and power. Fenics shed low-growth KACE for $119M to hone focus on 24%-growing Lucera and Portfolio Match; Lucera eyes credit products in 2026 for potentially a third of revenues. FMX futures fees flip this summer, Treasuries trail SOFR's 1% share. Divestitures prioritize shareholder value. Management exudes confidence; watch Fenics pipelines and FMX ramp.
Key Stats
Market Cap
4.24BP/E (TTM)
27.03Basic EPS (TTM)
0.33Dividend Yield
0.01%Recent Filings
10-K
FY2025 results
BGC Group delivered FY2025 results with total revenues up 30% y/y to $2.9B, driven by 32% brokerage growth to $2.7B as ECS surged 88% (OTC Global acquisition) while Rates (+16%), FX (+19%), Equities (+21%) and Credit (+3%) advanced; Q4 brokerage hit $695M, up 35% y/y with ECS at 37% mix. Margins held firm despite comp jumping 47% on higher production and cost program charges, yielding $214M pre-tax income (up 23%). Q4 accelerated: FMX UST ADV +12% q/q to record $59B (39% clob share), FMX Futures ADV +82% q/q. Debt refinanced accretively ($1.8B total); $400M buyback deployed $282M (30M shares); liquidity $979M. Year-end revolver $240M/$700M available. Risks: Global economic volatility could mute Q1 volumes.
8-K
Record revenues, OTC boost
BGC Group smashed records with Q4 revenues up 32% to $756.4M and full-year up 30% to $2.94B, fueled by OTC acquisition and organic growth across asset classes. ECS brokerage exploded 92% to $257.5M; first-phase cost cuts yield $25M annualized savings in 2026. Records keep falling. Q1 revenues eyed at $860M-$920M.
8-K
Annual meeting results approved
BGC Group stockholders at the November 12, 2025 annual meeting elected six directors—Stephen M. Merkel, Brandon G. Lutnick, David P. Richards, Arthur U. Mbanefo, Linda A. Bell, and William D. Addas—each with over 90% votes for amid 67-101M withheld. They ratified Ernst & Young as auditors for 2025 with 99.9% approval. Say yes to pay. Executive comp passed advisory vote, 93% in favor.
10-Q
Q3 FY2025 results
BGC Group crushed Q3 FY2025 with revenues up 31% y/y to $737M, fueled by OTC Global's ECS ramp-up and organic gains across rates (+12%), FX (+16%), and equities (+13%)—ECS alone soared 114% y/y. Operating income jumped to $33M from $20M y/y, diluted EPS held steady at $0.06 amid comp ramp. Cash hit $775M, FCF not disclosed in the 10-Q; total debt $1.8B (various senior notes, revolver dry). Closed OTC Global Apr 2025 for $309M (cash/stock), adding $112M goodwill and $219M intangibles (11.5-yr life). Yet competition sharpens in crowded brokerage fields.
IPO
Website
Employees
Sector
Industry
BCG
Binah Capital Group, Inc.
2.06+0.01
GS
Goldman Sachs Group, Inc. (The)
879.15-10.44
IBKR
Interactive Brokers Group, Inc.
63.06+0.19
JEF
Jefferies Financial Group Inc.
61.26-0.29
LGHL
Lion Group Holding Ltd.
3.57-0.08
MGHL
Morgan Group Holding Co.
1.95+0.00
MRX
Marex Group plc
38.55+0.48
NDAQ
Nasdaq, Inc.
92.93+0.00
TOP
TOP Financial Group Limited
1.10-0.01
VIRT
Virtu Financial, Inc.
33.85+0.47