BGC GROUP, INC. NASDAQ: BGC EARNINGS PRESENTATION Q1 2025 DISCLAIMER DISCUSSION OF FORWARD-LOOKING STATEMENTS ABOUT BGC NOTE REGARDING FINANCIAL TABLES AND METRICS Excel versions of certain tables in this document are available for download online. The Excel tables may include other useful information that may not be contained herein, including certain of BGC's financial results and metrics from the current period to as far back as the first quarter of 2023. These excel tables are accessible at https://ir.b ...

[Financial Highlights & CEO Commentary](index=1&type=section&id=Financial%20Highlights%20%26%20CEO%20Commentary) [Highlights of Consolidated Results](index=1&type=section&id=Highlights%20of%20Consolidated%20Results) BGC Group achieved record Q1 2025 revenues of **$664.2 million**, up **14.8%** YoY, with GAAP net income rising **13.8%** - The CEO highlighted record quarterly revenues of over **$664 million**, a **15% increase** from the previous year's record first quarter, driven by organic growth across Voice/Hybrid and Fenics businesses[3](index=3&type=chunk) - The acquisition of OTC Global Holdings was completed on April 1st, positioning BGC as the world's largest Energy, Commodities, and Shipping (ECS) broker, with the acquisition expected to be immediately accretive[4](index=4&type=chunk) Highlights of Consolidated Results (USD millions) | Highlights of Consolidated Results (USD millions) | 1Q25 | 1Q24 | Change | | --- | --- | --- | --- | | Revenues | $664.2 | $578.6 | 14.8% | | GAAP income from operations before income taxes | 80.0 | 71.1 | 12.5% | | GAAP net income for fully diluted shares | 52.8 | 46.4 | 13.8% | | Post-tax Adjusted Earnings | 143.0 | 123.2 | 16.1% | | Adjusted EBITDA | 199.8 | 208.4 | (4.1)% | | **Per Share Results** | **1Q25** | **1Q24** | **Change** | | GAAP fully diluted earnings per share | $0.11 | $0.10 | 10.0% | | Post-tax Adjusted Earnings per share | $0.29 | $0.25 | 16.0% | [Detailed Financial Performance](index=2&type=section&id=Detailed%20Financial%20Performance) [Consolidated Revenues](index=2&type=section&id=Consolidated%20Revenues) Q1 2025 total revenues rose **14.8%** to **$664.2 million**, driven by strong brokerage growth and Americas leading regional growth Consolidated Revenues by Segment (USD millions) | Consolidated Revenues (USD millions) | 1Q25 | 1Q24 | Change | | --- | --- | --- | --- | | Rates | $200.9 | $175.1 | 14.8% | | ECS ("Energy, Commodities, and Shipping") | 149.9 | 118.5 | 26.6% | | Foreign Exchange | 110.0 | 84.0 | 31.0% | | Credit | 86.9 | 87.6 | (0.7)% | | Equities | 62.9 | 62.9 | 0.1% | | **Total Brokerage Revenues** | **$610.8** | **$528.0** | **15.7%** | | Data, Network, and Post-trade | 32.5 | 30.9 | 5.2% | | Interest and dividend income, Fees from related parties and Other revenues | 21.0 | 19.7 | 6.4% | | **Total Revenues** | **$664.2** | **$578.6** | **14.8%** | - Revenue growth was observed across all geographic regions: **Americas (+23.3%)**, **EMEA (+12.2%)**, and **APAC (+2.4%)**[9](index=9&type=chunk) - Data, Network, and Post-trade revenues increased by **5.2%**, and excluding the impact of the Capitalab business sale, revenues in this segment grew by approximately **10%** year-over-year[11](index=11&type=chunk) - Adjusted EBITDA decreased by **4.1%** to **$199.8 million**, attributed to a **$36.6 million** mark-to-market gain in the prior-year period, but would have increased by **16.3%** excluding this gain[9](index=9&type=chunk) [Fenics](index=3&type=section&id=Fenics) Fenics achieved record revenues of **$172.7 million**, up **15.6%** YoY, driven by strong growth in Fenics Markets and Growth Platforms Fenics Revenues (USD millions) | Fenics Revenues (USD millions) | 1Q25 | 1Q24 | Change | | --- | --- | --- | --- | | Fenics Markets | $145.5 | $127.4 | 14.2% | | Fenics Growth Platforms | 27.1 | 21.9 | 23.7% | | **Total Fenics Revenues** | **$172.7** | **$149.3** | **15.6%** | - FMX UST achieved record average daily volume (ADV) over **$60 billion**, a **33% increase** YoY, with market share growing to approximately **33%**[16](index=16&type=chunk) - FMX FX more than **doubled** its ADV to a record **$14.5 billion** in the first quarter[16](index=16&type=chunk) - PortfolioMatch ADV **doubled** due to strong growth in U.S. and European credit volumes, while Lucera's revenue increased by more than **15%**[21](index=21&type=chunk) [Consolidated Expenses and Taxes](index=4&type=section&id=Consolidated%20Expenses%20and%20Taxes) Total GAAP expenses increased **7.0%** to **$586.5 million**, driven by a **17.5%** rise in compensation expenses due to higher revenues Consolidated Expenses (USD millions) | Consolidated Expenses (USD millions) | 1Q25 | 1Q24 | Change | | --- | --- | --- | --- | | Compensation and employee benefits under GAAP | $341.6 | $290.8 | 17.5% | | Non-compensation expenses under GAAP | 169.6 | 161.1 | 5.2% | | **Total expenses under GAAP** | **$586.5** | **$548.1 | **7.0%** | | Compensation and employee benefits for Adjusted Earnings | $341.6 | $290.8 | 17.5% | | Non-compensation expenses for Adjusted Earnings | 162.9 | 152.9 | 6.6% | | **Total expenses for Adjusted Earnings** | **$504.6** | **$443.7** | **13.7%** | Taxes (USD millions) | Taxes (USD millions) | 1Q25 | 1Q24 | Change | | --- | --- | --- | --- | | GAAP provision for income taxes | $26.5 | $22.1 | 20.4% | | Provision for income taxes for Adjusted Earnings | 19.0 | 12.3 | 54.3% | [Consolidated Share Count](index=5&type=section&id=Consolidated%20Share%20Count) Q1 2025 fully diluted weighted-average share count was **485.5 million** (GAAP) and **501.5 million** (Adjusted Earnings), up **1.6%** and **1.3%** YoY Consolidated Share Count (millions) | Consolidated Share Count (millions) | 1Q25 | 1Q24 | Change | 4Q24 | Change (QoQ) | | --- | --- | --- | --- | --- | --- | | Fully diluted weighted-average share count under GAAP | 485.5 | 478.0 | 1.6% | 479.1 | 1.3% | | Fully diluted weighted-average share count for Adjusted Earnings | 501.5 | 495.0 | 1.3% | 495.5 | 1.2% | [Outlook and Dividends](index=5&type=section&id=Outlook%20and%20Dividends) [Outlook](index=5&type=section&id=Outlook) BGC forecasts Q2 2025 revenues between **$715-$765 million** and Pre-tax Adjusted Earnings between **$156-$171 million** Q2 2025 Guidance (USD millions) | Metric (USD millions) | Guidance 2Q 2025 | Actual 2Q 2024 | | --- | --- | --- | | Revenues | $715 - $765 | $550.8 | | Pre-tax Adjusted Earnings | $156 - $171 | $125.8 | [Dividend Information](index=5&type=section&id=Dividend%20Information) The Board declared a quarterly cash dividend of **$0.02 per share**, doubling the prior year's dividend, payable June 10, 2025 - A quarterly qualified cash dividend of **$0.02 per share** was declared, payable on June 10, 2025, to stockholders of record as of May 27, 2025[24](index=24&type=chunk) - The Q1 2025 dividend of **$0.02 per share** is **double** the **$0.01 per share** dividend declared in Q1 2024[68](index=68&type=chunk) [Condensed Consolidated Financial Statements](index=6&type=section&id=Condensed%20Consolidated%20Financial%20Statements) [Condensed Consolidated Statements of Financial Condition](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Financial%20Condition) As of March 31, 2025, total assets reached **$4.88 billion**, with liabilities at **$3.74 billion** and equity at **$1.14 billion** Key Balance Sheet Items (in thousands) | | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Cash and cash equivalents | $ 966,357 | $ 711,584 | | Total assets | $ 4,884,476 | $ 3,591,967 | | Total liabilities | $ 3,741,525 | $ 2,512,728 | | Total equity | $ 1,142,951 | $ 1,079,239 | [Condensed Consolidated Statements of Operations](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Q1 2025 total revenues were **$664.2 million**, with net income of **$55.2 million** and GAAP fully diluted EPS of **$0.11** Key Income Statement Items (in thousands) | | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :--- | :--- | :--- | | Total brokerage revenues | $ 610,789 | $ 528,021 | | Total revenues | $ 664,240 | $ 578,614 | | Total expenses | $ 586,522 | $ 548,068 | | Income from operations before income taxes | $ 79,978 | $ 71,098 | | Net income available to common stockholders | $ 55,164 | $ 49,210 | Per Share Data | | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :--- | :--- | :--- | | Basic earnings per share | $ 0.11 | $ 0.10 | | Fully diluted earnings per share | $ 0.11 | $ 0.10 | [Non-GAAP Financial Measures and Reconciliations](index=11&type=section&id=Non-GAAP%20Financial%20Measures%20and%20Reconciliations) [Definition of Non-GAAP Measures](index=11&type=section&id=Definition%20of%20Non-GAAP%20Measures) The company uses non-GAAP measures like Adjusted Earnings and EBITDA for clearer insight into core operating performance - Adjusted Earnings calculations primarily exclude certain non-cash items, such as equity-based compensation and amortization of intangibles, and other expenses that do not involve the outlay of cash or dilute existing stockholders[38](index=38&type=chunk)[39](index=39&type=chunk)[44](index=44&type=chunk) - Adjusted EBITDA is defined as GAAP net income available to common stockholders, with add-backs for items such as taxes, interest expense, depreciation & amortization, and equity-based compensation, to evaluate operating performance by eliminating the effects of financing and capital spending[57](index=57&type=chunk)[60](index=60&type=chunk) - Constant Currency revenue is a non-GAAP metric used to eliminate the impacts of foreign currency fluctuations between comparative periods, providing a clearer comparison of underlying operating performance[64](index=64&type=chunk) [Reconciliation of GAAP to Adjusted Earnings](index=19&type=section&id=Reconciliation%20of%20GAAP%20to%20Adjusted%20Earnings) Q1 2025 GAAP income of **$80.0 million** reconciled to **$160.2 million** pre-tax Adjusted Earnings, with Post-tax Adjusted EPS at **$0.29** Reconciliation of GAAP Income to Adjusted Earnings (in thousands) | | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | GAAP income from operations before income taxes | $ 79,978 | $ 71,098 | | Equity-based compensation adjustment | 75,323 | 96,081 | | Total Non-Compensation adjustments | 6,606 | 8,287 | | Total other income (losses), net adjustments | (1,660) | (40,116) | | **Adjusted Earnings before noncontrolling interest and taxes** | **$ 160,247** | **$ 135,350** | Reconciliation of GAAP EPS to Post-Tax Adjusted EPS | | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | GAAP fully diluted earnings per share | $ 0.11 | $ 0.10 | | Post-tax adjusted earnings per share | $ 0.29 | $ 0.25 | [Reconciliation of GAAP Net Income to Adjusted EBITDA](index=23&type=section&id=Reconciliation%20of%20GAAP%20Net%20Income%20to%20Adjusted%20EBITDA) Q1 2025 Adjusted EBITDA was **$199.8 million**, reconciled from GAAP net income of **$55.2 million**, with a **4.1%** YoY decrease Reconciliation to Adjusted EBITDA (in thousands) | | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | GAAP net income available to common stockholders | $ 55,164 | $ 49,210 | | Add back: Provision for income taxes | 26,549 | 22,057 | | Add back: Interest expense | 24,654 | 20,136 | | Add back: Fixed asset depreciation and intangible asset amortization | 21,870 | 20,689 | | Add back: Equity-based compensation | 75,323 | 96,081 | | **Adjusted EBITDA** | **$ 199,839** | **$ 208,423** | [Constant Currency Revenue Reconciliation](index=24&type=section&id=Constant%20Currency%20Revenue%20Reconciliation) Total revenues grew **16.2%** YoY on a constant currency basis, exceeding reported **14.8%** growth, indicating negative FX impact Total Revenues Growth (in millions) | | 1Q25 | 1Q24 | Change | Constant Currency Change | | :--- | :--- | :--- | :--- | :--- | | Total Revenues | $664.2 | $578.6 | 14.8% | 16.2% | Fenics Revenues Growth (in millions) | | 1Q25 | 1Q24 | Change | Constant Currency Change | | :--- | :--- | :--- | :--- | :--- | | Fenics Revenues | $172.7 | $149.3 | 15.6% | 16.1% | [Company Information](index=26&type=section&id=Company%20Information) [About BGC Group, Inc.](index=26&type=section&id=About%20BGC%20Group%2C%20Inc.) BGC Group is a global marketplace and financial technology company offering diverse products and services to major financial institutions - BGC Group is a global marketplace and financial technology company for products such as fixed income, foreign exchange, energy, commodities, shipping, and equities[90](index=90&type=chunk) - BGC has partnered with global investment banks to create FMX, which includes a U.S. interest rate futures exchange, a spot foreign exchange platform, and a U.S. cash treasuries platform[91](index=91&type=chunk)

Here at Zacks, we focus on our proven ranking system, which places an emphasis on earnings estimates and estimate revisions, to find winning stocks. But we also understand that investors develop their own strategies, so we are constantly looking at the latest trends in value, growth, and momentum to find strong companies for our readers.Considering these trends, value investing is clearly one of the most preferred ways to find strong stocks in any type of market. Value investors rely on traditional forms of ...

Core Viewpoint - BGC Group Inc. is positioned as a leader in digital transformation within capital markets, with upcoming first-quarter 2025 results expected to reflect strong performance driven by brokerage revenue growth in key sectors [1][2]. Financial Performance - BGC's fourth-quarter 2024 results showed strong brokerage revenue growth in Energy, Commodities and Shipping (ECS), Rates, and Foreign Exchange, contributing to a decent performance overall [2]. - The Zacks Consensus Estimate for BGC's sales is $635.1 million, indicating a year-over-year growth of 9.8%, while earnings are expected to rise by 16% to 29 cents [5][10]. - The total brokerage revenues are estimated at $576.3 million, reflecting a 9.1% increase from the prior year, driven by higher rates and foreign exchange revenues [9][10]. Revenue Estimates - The consensus estimate for rates is $182.3 million (4.1% growth), foreign exchange revenues are projected at $103.3 million (23% growth), and ECS revenues at $153.5 million (29.6% growth) [10][11]. - BGC Group anticipates total revenues between $610 million and $660 million, up from $578.6 million in the prior year [12]. Investment Strategy - BGC Group has focused on enhancing its electronic trading operations through its proprietary Fenics platform, which supports faster transactions and improved market data analytics [23]. - Recent acquisitions, including OTC Global Holdings and Sage Energy Partners, are expected to contribute over $450 million in annual revenues, solidifying BGC's position in the energy sector [24][27]. - The company has prioritized share repurchases, with a recent authorization of a $400 million buyback program, indicating a commitment to returning value to shareholders [29]. Market Position - BGC Group's stock has performed well, rising 3.3% year-to-date, outperforming the industry average of 1.4% and Interactive Brokers' 2.8% increase [15]. - The current price-to-tangible book (P/TB) ratio of 15.05X is below its three-year median of 18.90X, suggesting potential for value despite being at a premium compared to peers [19][22]. Future Outlook - The company is well-positioned to benefit from ongoing trends in energy transition and consistent global demand for oil, with a projected revenue CAGR of 1.5% from 2019 to 2024 [27]. - Despite potential challenges such as tariff uncertainties and regulatory pressures, BGC Group's strategic initiatives and market positioning suggest promising prospects for growth and returns [30][31].

Core Viewpoint - The U.S. stock market is experiencing volatility, with the S&P 500 declining 0.8% in April, marking its third consecutive monthly drop, while GDP shrank 0.3%, the first decline since early 2022. However, strong consumer spending and a stable job market indicate underlying confidence in the economy [1]. Group 1: Investment Strategy - In uncertain market conditions, a relative price strength strategy can help investors identify stocks that outperform their peers, thus staying aligned with market momentum [2]. - Stocks that show better performance than their industry or benchmark should be included in investment portfolios, as they are more likely to yield significant returns [4]. - It is essential to assess whether a stock has upside potential, particularly those that have outperformed the S&P 500 over the past 1 to 3 months and possess solid fundamentals [5]. Group 2: Screening Parameters - The screening criteria for identifying potential stocks include positive relative price changes over 12 weeks, 4 weeks, and 1 week, as well as positive current-quarter estimate revisions [7]. - Stocks must have a Zacks Rank of 1 (Strong Buy), a current price of at least $5, and an average 20-day trading volume of at least 50,000 to ensure adequate liquidity [8]. Group 3: Featured Stocks - **Kaiser Aluminum Corporation (KALU)**: Expected earnings growth of 66.1% for 2025, with a market cap of $1.1 billion. The Zacks Consensus Estimate for 2025 earnings has increased by 35.4% over the past 30 days, although shares have decreased by 29.3% in the past year [10][11]. - **Sprouts Farmers Market, Inc. (SFM)**: Anticipated earnings growth of 30.7% for 2025, with shares rising 131.9% in the past year. The company has consistently beaten earnings estimates, with a trailing four-quarter earnings surprise of approximately 16.5% [12][13]. - **BGC Group, Inc. (BGC)**: Projected EPS growth rate of 23.2% year-over-year for 2025, with a favorable expected growth rate of 24.7% over the next three to five years compared to the industry average of 13.8%. Shares have gained 7% in the past year [14][15]. - **ODDITY Tech Ltd. (ODD)**: Expected earnings growth of 3.1% for 2025, with shares increasing by 95.8% in the past year. The company has a trailing four-quarter earnings surprise of about 32.8% [16][17].

Core Viewpoint - In times of market volatility, value investing becomes a preferred strategy as investors seek to buy undervalued stocks when others are selling at lower prices [1][2]. Value Investing Strategy - Value investors capitalize on market uncertainty by purchasing stocks at discounted prices when other investors sell [1]. - The strategy can lead to "value traps" if not understood properly, where stocks underperform due to persistent issues rather than temporary problems [3]. Importance of PEG Ratio - The PEG ratio, defined as (Price/Earnings)/Earnings Growth Rate, is a crucial metric for value investors, as a low PEG ratio indicates better value [5]. - Unlike P/E alone, the PEG ratio helps identify a stock's intrinsic value, although it has limitations regarding changing growth rates [5]. Screening Criteria for Value Stocks - Effective screening for value stocks includes criteria such as: - PEG Ratio less than industry median - P/E Ratio less than industry median - Zacks Rank 1 (Strong Buy) or 2 (Buy) - Market Capitalization greater than $1 billion - Average 20-Day Volume greater than 50,000 - Percentage Change in F1 Earnings Estimate Revisions greater than 5% - Value Score of A or B combined with a Zacks Rank of 1, 2, or 3 [6]. Selected Stocks - **Barrick Gold (GOLD)**: A leading gold mining company with 3.9 million ounces of gold and 195,000 tons of copper produced in 2024, holding 89 million ounces of proven and probable gold reserves. It has a Zacks Rank 2 and a Value Score of A, with a five-year expected growth rate of 33.5% [8][9]. - **StoneCo (STNE)**: A financial technology company in Brazil providing various financial services. It has a Zacks Rank 1 and a Value Score of B, with a long-term expected growth rate of 26.3% [9][10]. - **Synovus Financial (SNV)**: A diverse financial services company with a Zacks Rank 2 and a Value Score of A, boasting a five-year expected growth rate of 10.2% [11][12]. - **BGC Group, Inc. (BGC)**: A financial brokerage and technology company with a long-term expected earnings growth rate of 24.7%, holding a Value Score of B and a Zacks Rank of 1 [12][13].

Core Viewpoint - Growth stocks are appealing due to their potential for above-average financial growth, but identifying strong candidates involves navigating inherent risks and volatility [1] Group 1: Company Overview - BGC Group is highlighted as a recommended growth stock based on the Zacks Growth Style Score system, which evaluates real growth prospects beyond traditional metrics [2] - The company currently holds a favorable Growth Score and a top Zacks Rank, indicating strong investment potential [2] Group 2: Earnings Growth - BGC Group has a historical EPS growth rate of 11.6%, but the projected EPS growth for this year is significantly higher at 22.7%, surpassing the industry average of 9% [4] Group 3: Asset Utilization - The asset utilization ratio for BGC Group is 0.54, indicating that the company generates $0.54 in sales for every dollar in assets, which is substantially higher than the industry average of 0.09 [5] Group 4: Sales Growth - The company's sales are expected to grow by 20.4% this year, compared to the industry average of 5.4%, showcasing strong sales growth potential [6] Group 5: Earnings Estimate Revisions - The current-year earnings estimates for BGC Group have been revised upward, with the Zacks Consensus Estimate increasing by 5.2% over the past month, indicating positive momentum [8] Group 6: Investment Conclusion - BGC Group's combination of a Zacks Rank 1 and a Growth Score of B suggests it is a potential outperformer and a solid choice for growth investors [10]

Here are three stocks with buy ranks and strong growth characteristics for investors to consider today, April 21:M-tron Industries, Inc. (MPTI) : This company that manufactures frequency and spectrum control products carriesa Zacks Rank #1, and has witnessed the Zacks Consensus Estimate for its current year earnings increasing 13.8% over the last 60 days.M-tron Industries has a PEG ratio of 0.68 compared with 1.31 for the industry. The company possesses a Growth Score of B.Sterling Infrastructure, Inc. (STR ...

Investors looking for stocks in the Financial - Investment Bank sector might want to consider either BGC Group (BGC) or Tradeweb Markets (TW) . But which of these two companies is the best option for those looking for undervalued stocks? Let's take a closer look.The best way to find great value stocks is to pair a strong Zacks Rank with an impressive grade in the Value category of our Style Scores system. The Zacks Rank favors stocks with strong earnings estimate revision trends, and our Style Scores highli ...

Core Viewpoint - The current market environment poses challenges for both Interactive Brokers (IBKR) and BGC Group (BGC), with expectations of subdued trading activity impacting their income potential. However, BGC is positioned to deliver stronger growth and returns compared to IBKR, making it a more attractive investment option [2][3][29]. Group 1: Company Overview - Interactive Brokers is recognized for its advanced electronic trading platforms and global market access, while BGC Group specializes in a wide range of brokerage services, including fixed-income and derivatives trading [2][12]. - Both companies have seen increased trading activities due to market turmoil, but future trading activity is expected to weaken as market participants anticipate lasting economic damage from tariffs [2][3]. Group 2: Financial Performance - IBKR's stock has decreased by 9.7% this year, while BGC's shares have fallen by 6.6% [3]. - IBKR has maintained low compensation expenses relative to net revenues, achieving 14.8% in 2022, 12.1% in 2023, and 11.1% in 2024, with a further reduction to 9.3% in Q1 2025 [6]. - BGC Group's revenues have recorded a CAGR of 1.5% over the past five years, while IBKR's client accounts, total client Daily Average Revenue Trades (DARTs), and net revenues have seen CAGRs of 37%, 26%, and 22%, respectively, from 2019 to 2024 [10][15]. Group 3: Growth Initiatives - IBKR has expanded its global presence with initiatives such as launching a prediction markets hub in Canada and introducing IBKR GlobalTrader for mobile stock trading [7]. - BGC Group has focused on technology-driven services post its spin-off of Newmark, enhancing margins and reducing reliance on traditional models [13]. - BGC has made strategic acquisitions, including OTC Global Holdings for $325 million, which is expected to contribute over $450 million in annual revenues [14]. Group 4: Valuation and Comparisons - IBKR is trading at a 12-month trailing price-to-tangible book (P/TB) of 1.00X, while BGC is at 13.60X, with BGC's premium valuation justified by its superior growth trajectory [20][21]. - BGC's return on equity (ROE) stands at 47.55%, significantly higher than IBKR's 4.97% and the industry average of 11.95% [24]. - BGC's dividend yield is 0.95%, compared to IBKR's 0.63% [26]. Group 5: Future Outlook - The Zacks Consensus Estimate for IBKR's revenue growth is projected at 4.5% for 2025 and 6.1% for 2026, while BGC's revenue growth is expected to be 20.4% and 14% for the same years [18]. - Analysts are more optimistic about BGC's earnings, forecasting a 23.3% increase for 2025 and 18.4% for 2026, with estimates remaining unchanged [18].