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]

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Core Natural Resources (NYSE:CEIX) Q4 2025 Earnings call February 12, 2026 10:00 AM ET Company ParticipantsBob Braithwaite - Senior Vice President of Marketing and SalesDeck Slone - Senior Vice President of Strategy and Public PolicyJimmy Brock - Chairman and CEOMitesh Thakkar - President and CFOPaul Lang - Chief Operating OfficerConference Call ParticipantsChris LaFemina - Equity Research AnalystGeorge Eadie - Mining AnalystNathan Martin - Senior Equity Research AnalystNick Giles - Sebior Research AnalystO ...

Crane NXT (NYSE:CXT) Q4 2025 Earnings call February 12, 2026 10:00 AM ET Company ParticipantsAaron Saak - CEOChristina Cristiano - CFOMatt Roache - VP of Investor RelationsConference Call ParticipantsBobby Brooks - Equity Research AnalystIan Zaffino - Equity Research AnalystMatt Summerville - Equity Research AnalystMichael Halloran - Equity Research AnalystRobert Labick - Equity Research AnalystOperatorGood day, everyone, and welcome to Crane NXT fourth quarter and full year 2025 earnings call. At this time ...

Genesis Energy (NYSE:GEL) Q4 2025 Earnings call February 12, 2026 10:00 AM ET Company ParticipantsDwayne Morley - VP of Investor RelationsGrant Sims - CEOMichael Blum - Managing DirectorConference Call ParticipantsElvira Scotto - Managing Director and Equity Research Analyst of Energy InfrastructureWade Suki - Senior Equity Research AnalystOperatorGreetings, and welcome to the Genesis Energy Fourth Quarter 2025 Earnings Conference Call and Webcast. At this time, all participants are in listen-only mode. A q ...

Gates Industrial (NYSE:GTES) Q4 2025 Earnings call February 12, 2026 10:00 AM ET Company ParticipantsBrooks Mallard - CFOIvo Jurek - CEORich Kwas - VP of Investor RelationsConference Call ParticipantsAndy Kaplowitz - AnalystDavid Raso - AnalystDeane Dray - AnalystJeff Hammond - AnalystJerry Revich - AnalystJulian Mitchell - AnalystMike Halloran - AnalystNigel Coe - AnalystStephen Volkmann - AnalystTomo Sano - AnalystOperatorLadies and gentlemen, thank you for standing by. Welcome to the Gates Corporation fo ...

Essential Properties Realty Trust (NYSE:EPRT) Q4 2025 Earnings call February 12, 2026 10:00 AM ET Speaker12Good morning, ladies and gentlemen, and welcome to Essential Properties Realty Trust's fourth quarter 2025 earnings conference call. This conference call is being recorded, and a replay of the call will be available 3 hours after the completion of the call for the next 2 weeks. The dial-in details for the replay can be found in yesterday's press release. Additionally, there will be an audio webcast ava ...

Ameren (NYSE:AEE) Q4 2025 Earnings call February 12, 2026 10:00 AM ET Speaker5Good day, everyone. My name is Abigail, and I will be your conference operator today. At this time, I would like to welcome you to the Ameren Corporation Fourth Quarter 2025 Earnings Call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question during this time, and if you have joined via the webinar, please us ...

MSA Safety (NYSE:MSA) Q4 2025 Earnings call February 12, 2026 10:00 AM ET Speaker5Good day, and welcome to the MSA Safety Fourth Quarter and Full Year 2025 Earnings Conference Call. All participants will be in a listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star, then one on your touchtone phone. To withdraw your question ...

CSP (NasdaqGM:CSPI) Q1 2026 Earnings call February 12, 2026 10:00 AM ET Speaker5Greetings. Welcome to the CSPi's first quarter fiscal year 2026 conference call. 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 during the conference, please press star zero on your telephone keypad. Please note this conference is being recorded. I will now turn the conference over to your host, Michael Poly ...