Financial Data and Key Metrics Changes - BGC Group reported record-breaking revenues for both the fourth quarter and full year 2025, with increases of 32% and 30% respectively, approaching $3 billion in total revenues [4] - Adjusted EPS grew by 24% under GAAP and 19% for adjusted earnings, with adjusted EPS rising by 71% to $1.18 per share since 2022 [4][7] - Pre-tax adjusted earnings grew by 24.5% to $161.3 million, representing a pre-tax margin of 21.3% [18] - Post-tax adjusted earnings increased by 21.1% to $149.6 million, resulting in a post-tax adjusted earnings per share of $0.31 [18] Business Line Data and Key Metrics Changes - Total brokerage revenues grew by 34.6% to $694.6 million, with ECS revenues increasing by 92% to $257.5 million, driven by the acquisition of OTC and strong organic growth [9] - Rates revenues increased by 16.4% to $197.4 million, while foreign exchange revenues rose by 9.8% to $102.8 million [10] - Fenics revenues increased by 15.4% to a record $163.9 million, driven by higher electronic volumes across rates products [11] - FMX UST generated record fourth quarter average daily volume of $58.7 billion, increasing market share to a record 39% [12] Market Data and Key Metrics Changes - EMEA revenue increased by 39.2%, Americas revenues increased by 25.7%, and Asia Pacific revenues increased by 24.2% [16] - FMX Futures Exchange saw record volumes in open interest, with ADV and open interest increasing 82% and 97% respectively compared to the previous quarter [12] Company Strategy and Development Direction - The company completed the first phase of its cost reduction program, expected to realize $25 million of annualized savings in 2026 [5][17] - BGC aims to focus on higher growth areas within its portfolio, having sold lower growth businesses to enhance shareholder value [28] - The company is positioned for continued success in 2026, with guidance indicating a revenue growth expectation of approximately 34% for the first quarter [20] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's growth trajectory, citing strong market share gains and a favorable trading environment [25] - The outlook assumes no material acquisitions or dispositions, with expectations subject to change based on macroeconomic factors [3] - Management highlighted the importance of volatility in driving business growth, particularly in the energy sector [39] Other Important Information - The company anticipates pre-tax adjusted earnings for the first quarter of 2026 to be in the range of $202 million to $222 million, representing over 32% earnings growth [20] - Liquidity as of December 31 was $979.1 million, compared to $897.8 million at year-end 2024 [19] Q&A Session Summary Question: Inquiry about first quarter guidance and organic revenue growth - Management noted that core revenue growth has been consistent, driven by market share gains and a favorable trading environment [25] Question: Discussion on the sale of KACE and future divestitures - Management indicated that the sale was driven by shareholder value considerations and that they remain open to future divestitures if they do not meet growth expectations [28] Question: Inquiry about new client growth in the energy segment - Management confirmed an increase in new players entering the energy market, contributing to growth in the ECS business [34] Question: Question regarding FMX futures revenue recognition and treasury futures - Management stated that changes in fee structures for FMX futures will occur in the summer, and treasury futures will follow the success of SOFR [42][43] Question: Inquiry about additional fixed income products within Lucera - Management indicated that Lucera is expanding into credit markets, which could significantly contribute to future revenue growth [48]

Financial Data and Key Metrics Changes - BGC delivered record-breaking revenues for both the fourth quarter and full year 2025, with increases of 32% and 30% respectively, approaching $3 billion in revenues [4] - Adjusted EPS grew by 24% under GAAP and 19% for adjusted earnings [4] - Pre-tax adjusted earnings grew by 24.5% to $161.3 million, representing a pre-tax margin of 21.3% [18] - Post-tax adjusted earnings increased by 21.1% to $149.6 million, resulting in a post-tax adjusted earnings per share of $0.31 [18] Business Line Data and Key Metrics Changes - Total brokerage revenues grew by 34.6% to $694.6 million, driven by growth across all asset classes [9] - ECS revenues grew by 92% to $257.5 million, with strong organic growth across the broader energy complex and shipping business [9] - Rates revenues increased by 16.4% to $197.4 million, reflecting strong growth in G-10 interest rate products [10] - Foreign exchange revenues were up 9.8% to $102.8 million, primarily due to strong growth in emerging market currencies [10] - Fenics revenues increased by 15.4% to a fourth quarter record of $163.9 million [11] Market Data and Key Metrics Changes - EMEA revenue increased by 39.2%, Americas revenues increased by 25.7%, and Asia Pacific revenues increased by 24.2% [16] - FMX UST business ended 2025 with a 40% market share, with average daily volume increasing by 12% compared to last year [12] - FMX Futures Exchange saw record volumes in open interest, with ADV and open interest increasing 82% and 97% respectively [12] Company Strategy and Development Direction - The company completed the first phase of its cost reduction program, realizing $25 million of annualized savings in 2026 [5] - BGC aims to focus on higher growth areas within its portfolio, having sold lower growth businesses to enhance shareholder value [28] - The company is positioned for continued success as it moves into 2026, with a record-breaking start to the year [7] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's growth trajectory, with guidance for first quarter 2026 revenues expected to be between $860 million and $920 million, representing approximately 34% revenue growth [20] - The company anticipates pre-tax adjusted earnings to be in the range of $202 million to $222 million, indicating over 32% earnings growth [20] - Management noted that the trading environment remains strong, contributing to organic revenue growth [25] Other Important Information - The company achieved the strongest annual results in its history, significantly expanding its market share and becoming the world's largest energy broker [4] - The liquidity as of December 31 was $979.1 million, compared to $897.8 million at year-end 2024 [19] Q&A Session Summary Question: About the first quarter guidance and organic revenue growth - Management indicated that the strong growth is driven by a combination of a favorable trading environment and sustainable growth drivers across the business [25] Question: Thoughts on the sale of KACE and future divestitures - Management stated that the sale was driven by a focus on shareholder value and that they remain open to future divestitures if they do not align with growth objectives [28] Question: New logo growth in the energy space - Management confirmed that there is a proliferation of new players in the ECS business, benefiting from the current market environment [34] Question: Market share of ECS exceeding combined market share of BGC and OTC - Management confirmed that the benefits of acquiring OTC have become evident, with strong positioning in key asset classes [36] Question: Timetable for recognizing revenue related to FMX futures - Management indicated that changes in fee structures will occur in the summer, and the launch of Treasury futures will follow the success of SOFR [42][43] Question: Additional fixed income products within Lucera - Management mentioned that Lucera is moving into credit markets, which could represent a significant portion of future revenue if successful [49]

BGC Group (NasdaqGS:BGC) Q4 2025 Earnings call February 12, 2026 10:00 AM ET Speaker5Greetings, and welcome to the BGC Group fourth quarter, full year 2025 earnings call. All participants. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. If anyone should require operator assistance, please press star zero on your telephone keypad. As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Jason C ...

BGC Group (BGC) came out with quarterly earnings of $0.31 per share, beating the Zacks Consensus Estimate of $0.29 per share. This compares to earnings of $0.25 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of +6.90%. A quarter ago, it was expected that this brokerage company would post earnings of $0.28 per share when it actually produced earnings of $0.29, delivering a surprise of +3.57%.Over the last four quarters, the compa ...

BGC GROUP, INC. NASDAQ: BGC EARNINGS PRESENTATION Q4 2025 DISCLAIMER DISCUSSION OF FORWARD-LOOKING STATEMENTS ABOUT BGC Statements in this document regarding BGC that are not historical facts are "forward-looking statements" that involve risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements. These include statements about the Company's business, results, financial position, liquidity and outlook, which may constitute forward-looking statem ...

Financial Performance - BGC reported record revenues of $756.4 million for Q4 2025, a 32.2% increase year-over-year, and $2.94 billion for FY 2025, up 30.0% from FY 2024[3]. - Adjusted Earnings before noncontrolling interest increased by 24.5% to $161.3 million in Q4 2025, with a pre-tax margin of 21.3%[9]. - The company achieved a GAAP net income of $13.9 million in Q4 2025, a decrease of 42.6% compared to Q4 2024, while EPS grew by 24.0% to $0.31 for FY 2025[3]. - BGC's total revenues for Q4 2025 were $756.4 million, a 32.2% increase from $572.3 million in Q4 2024[32]. - The company reported a consolidated net income of $10.8 million for Q4 2025, down from $23.3 million in Q4 2024, representing a 53.6% decrease[32]. - BGC's basic earnings per share for FY 2025 were $0.31, compared to $0.26 in FY 2024, indicating a 19.2% increase[35]. - GAAP net income for Q4 2025 was $14.371 million, a decrease of 43.2% from $25.203 million in Q4 2024; FY 2025 net income increased to $154.962 million from $126.988 million in FY 2024[86]. - Adjusted EBITDA for FY 2025 was $771.362 million, up from $714.273 million in FY 2024, reflecting a growth of 8.0%[86]. Revenue Growth - ECS revenues grew by 92.0% to $257.5 million in Q4 2025, driven by the acquisition of OTC and strong organic growth[14]. - Fenics revenues increased by 15.4% to $163.9 million in Q4 2025, with Fenics Markets revenues growing by 15.1%[12]. - Total brokerage revenues increased by 34.6% to $695 million[91]. - The foreign exchange segment saw a revenue increase of 9.8% to $103 million in Q4 2025, compared to $94 million in Q4 2024[91]. - The company anticipates continued growth in its Fenics Growth Platforms, which reported a revenue increase of 16.5% to $27 million in Q4 2025[93]. Expenses and Liabilities - Total expenses under GAAP rose by 38.8% to $813.4 million in Q4 2025, primarily due to increased compensation and employee benefits[16]. - Total liabilities rose to $3.26 billion in 2025, compared to $2.51 billion in 2024, reflecting a 29.9% increase[30]. - Compensation and employee benefits expenses for Q4 2025 were $497.6 million, a 71.8% increase from $289.6 million in Q4 2024[32]. - Interest expense for FY 2025 was $125.318 million, significantly higher than $91.075 million in FY 2024, indicating increased borrowing costs[86]. Future Guidance - For Q1 2026, BGC expects revenues to be between $860 million and $920 million, compared to $664.2 million in Q1 2025[25]. - Pre-tax Adjusted Earnings guidance for Q1 2026 is projected to be between $202 million and $222 million, up from $160.2 million in Q1 2025[25]. Shareholder Returns - The company declared a quarterly cash dividend of $0.02 per share, payable on March 18, 2026[26]. - The company declared dividends of $0.02 per share for both Q4 2025 and Q4 2024, with total dividends declared for FY 2025 at $0.08, up from $0.07 in FY 2024[69]. Market Position and Strategy - The company completed its second-largest acquisition, significantly expanding its market share and becoming the world's largest energy broker[2]. - BGC's U.S. Treasury business ended 2025 with a market share of 40%, and FMX Futures Exchange saw average daily volume and open interest increase by 82% and 97%, respectively, from the previous quarter[3][20]. - BGC Group, Inc. is expanding its market presence through partnerships to enhance its offerings in financial technology services, including the FMX Futures Exchange[96]. Adjusted Earnings and Tax Provisions - Adjusted Earnings calculations exclude non-cash items and expenses that do not involve cash outlay, aiming to reflect the underlying operating performance of BGC[39]. - Adjusted Earnings and Adjusted EBITDA exclude all GAAP charges related to equity-based compensation, including amortization of RSUs and other equity awards[40]. - BGC's non-GAAP provision for income taxes for Q4 2025 was $15.2 million, compared to $7.9 million in Q4 2024, with full-year provisions of $71.2 million for 2025 versus $33.1 million for 2024[78]. - The effective tax rate on pre-tax Adjusted Earnings is influenced by equity-based compensation charges, which are deductible under tax laws[50]. Liquidity - BGC's cash and cash equivalents as of December 31, 2025, were $851.502 million, an increase from $711.584 million at the end of 2024, indicating improved liquidity[84]. - The company reported total liquidity of $1.830 billion as of December 31, 2025, compared to $897.781 million in 2024, reflecting a significant increase in financial flexibility[84].

BGC Reports Fourth Quarter and Full Year 2025 Financial ResultsFeb 12, 2026 8:12 AM Eastern Standard Time# BGC Reports Fourth Quarter and Full Year 2025 Financial ResultsShare---BGC Declares Quarterly Dividend of 2 CentsConference Call to Discuss Results Scheduled for 10:00 AM ET TodayNEW YORK-- ([BUSINESS WIRE])--BGC Group, Inc. (Nasdaq: BGC) today reported its financial results for the fourth quarter and full year ended December 31, 2025.A complete financial results press release, including information ab ...

Group 1 - BGC Group, Inc. is recognized as one of the best undervalued stocks under $10, with recent developments enhancing its market position [1] - The company has been authorized as a U.K. registered benchmark administrator by the U.K. Financial Conduct Authority, allowing it to offer regulated benchmark reference data to clients [1][2] - The approved benchmark offerings include swaps pricing in EUR IRS, GBP IRS, XCCY swaps, and EU and U.K. Inflation swaps, which improve data quality and provide a strong alternative benchmark solution [1] Group 2 - The registration enables BGC Group to support valuation and risk management activities across key rate markets [2] - Piper Sandler has reiterated a Buy rating on BGC Group, setting a price target of $14, indicating positive market sentiment [2] - BGC Group provides a range of brokerage and financial technology services, specializing in various sectors including Foreign Exchange, Fixed Income, Equities, Shipping, Energy, Commodities, and Futures [3]

Core Viewpoint - BGC Group, Inc. has received authorization as a U.K. registered benchmark administrator from the U.K. Financial Conduct Authority, enhancing its benchmark offerings and supporting clients' issuance activities with regulated reference data [1][2][3]. Group 1: Benchmark Authorization - BGC Brokers L.P. is now authorized as a U.K. registered benchmark administrator licensee under the U.K. Benchmarks Regulation [1]. - This registration allows BGC to provide clients with regulated benchmark reference data that supports valuation and risk management activities across key rates markets [3]. Group 2: Approved Benchmark Offerings - BGC's approved benchmark offerings include swaps pricing in EUR IRS, GBP IRS, cross-currency swaps, and EU and U.K. Inflation swaps [2]. - The enhancement provides clients with an FCA regulated reference page, improved data quality, and a strong alternative benchmark solution for their issuance activities [2]. Group 3: Commitment to Standards - BGC emphasizes its commitment to the highest standards of benchmark administration, integrity, transparency, and resiliency for clients [3]. - The company looks forward to expanding its benchmark offerings into other products and markets [3]. Group 4: Company Overview - BGC Group, Inc. is a leading global marketplace and financial technology services company, serving a broad range of products including fixed income, foreign exchange, energy, and commodities [4]. - The company partners with major global investment banks and market-making firms to create innovative platforms, including the FMX Futures Exchange [4].

Core Viewpoint - BGC Group, Inc. (NASDAQ:BGC) is identified as a stock with high potential under $10, with analysts projecting over 60% upside from current levels as the company approaches its fiscal Q4 2025 results [1]. Financial Performance - BGC Group, Inc. expects revenue for Q4 2025 to be between $720 million and $770 million, with pre-tax adjusted earnings projected between $152.5 million and $167.5 million [2]. Recent Developments - The company completed the sale of its subsidiary, kACE Financial, to SmartTrade Technologies for approximately $119 million, which includes $80 million in upfront cash and up to $39 million in contingent consideration [3]. Company Overview - BGC Group, Inc. operates as a global marketplace and financial technology company, focusing on brokerage, trade execution, and data services in energy, commodities, shipping (ECS), and broader financial markets [4].