Financial Performance - BGC Group reported record GAAP revenue of $784.0 million for Q2 2025, exceeding analyst estimates of $768.7 million, representing a year-over-year increase of 42.3% from $550.8 million in Q2 2024 [1][2] - Non-GAAP earnings per share (EPS) matched expectations at $0.31, a significant increase of 34.8% from $0.23 in the prior year [2] - Adjusted EBITDA rose to $213.3 million, up 31.4% from $162.4 million in Q2 2024 [2] - GAAP net income for fully diluted shares increased by 52.9% to $55.1 million compared to $36.1 million in the same quarter last year [2] Business Segments and Growth Drivers - The Energy, Commodities, and Shipping (ECS) segment revenue surged by 122.2% to $261.6 million, significantly aided by the acquisition of OTC Global Holdings, with organic ECS revenue still climbing 27% [5] - The Fenics division, focusing on electronic trading platforms, saw revenues grow by 18.6% year over year to $162.9 million, with Fenics Growth Platforms increasing by 29.6% [6] - The Equities segment experienced a 43.8% rise to $73.9 million, driven by strong market share gains in EMEA and the Americas [7] - Rates and Foreign Exchange segments also reported over 20% growth, while Data, Network, and Post-trade services increased by 15.1% [7] Expense and Debt Management - Compensation and employee benefits under GAAP rose by 53.1% year over year, while non-compensation expenses increased by 30.5%, reflecting integration costs from the OTC acquisition [8] - Total debt rose to $1.92 billion as of June 30, 2025, up from $1.34 billion at the end of 2024, indicating funding for acquisitions and growth initiatives [8] - Liquidity increased to $965.9 million, showcasing a strong cash position [8] Regulatory Compliance and Dividend Policy - The company reported no major compliance issues during the period, continuing to invest in meeting regulatory requirements [9] - The quarterly dividend remained consistent at $0.02 per share, reflecting a stable dividend policy [10] Future Guidance and Strategic Focus - Management provided revenue guidance of $715–$765 million for Q2 2025, indicating around 30.0% growth at the midpoint compared to the previous year [11] - Key areas for future focus include the ramp-up of new products like treasury futures, integration of OTC Global Holdings, and achieving targeted annualized cost synergies of $25 million by year-end 2025 [12]

Financial Data and Key Metrics Changes - BGC Group reported record revenues of $784 million, a 42% increase compared to the previous year [4] - Adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) increased by 31.4% to $213.3 million [15] - Post-tax adjusted earnings rose by 34% to a record $153.7 million, with adjusted earnings per share improving by 34.8% to 31 cents [15] Business Line Data and Key Metrics Changes - ECS revenues grew by 122.2% to a record $261.6 million, driven by OTC and strong organic growth [7] - Rates revenues increased by 20.8% to $200.6 million, reflecting higher volumes across major interest rate products [7] - Foreign exchange revenues were up 21.9% to $108.5 million, attributed to strong growth in FX options and emerging market currencies [7] - Credit revenues increased by 8.5% to $75.3 million, driven by higher US and emerging market credit volumes [8] - Equities revenues grew by 43.8% to $73.9 million, with notable strength in EMEA and Americas [8] - Fenics revenues improved by 18.6% to $162.9 million, with Fenics Markets reporting revenues of $134.1 million, a 16.5% increase [10] Market Data and Key Metrics Changes - EMEA revenues increased by 50.3%, Americas revenues by 40.3%, and Asia Pacific revenues by 17.4% [13] - FMX UST generated record average daily volume of $68 billion, a 45% increase compared to last year [11] - FMX FX nearly doubled its average daily volume to a record $15.6 billion [11] Company Strategy and Development Direction - The company aims to enhance profitability through a cost reduction program expected to deliver at least $25 million in annualized savings [5] - BGC Group is focused on integrating the recent OTC acquisition and closing the margin gap between OTC and BGC [6][25] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth trajectory, expecting total revenues for Q3 2025 to be between $715 million and $765 million, representing approximately 32% growth year-over-year [17] - The adjusted earnings tax rate is anticipated to be between 10% and 12% for the full year 2025 [17] Other Important Information - The company acknowledged a tragic shooting incident near one of its offices, expressing condolences to the victims' families [19] Q&A Session Summary Question: How does the company view the growth algorithm and margin trajectory post-acquisition? - Management indicated that the acquisition of OTC has not changed the growth trajectory, with a focus on reducing the margin gap through a cost reduction program [24][25] Question: Can you elaborate on the traction in the futures business? - Management reported record volumes and increasing open interest in the futures market, with a strong focus on client engagement [29][30] Question: Are there any complexities with treasury futures compared to SOFR? - Management stated there are no additional impediments, and they expect US treasury futures to follow the success of SOFR [37] Question: What is the outlook for the FX business? - Management noted that the FX business is experiencing structural growth, with volumes in the FMX FX platform growing significantly compared to peers [41] Question: Why has the voice portion of the FX business outperformed the electronic franchise recently? - Management explained that clients have opted for voice trading during periods of volatility, but they expect a gradual shift back to electronic trading as the market stabilizes [42]

BGC GROUP, INC. NASDAQ: BGC EARNINGS PRESENTATION Q2 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 ...

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 ...