BGC Group, Inc. reported its financial results for the fourth quarter and full year ended December 31, 2025.

Sean Windeatt, Co-Chief Executive Officer: “BGC delivered record-breaking revenues for both the fourth quarter and full-year 2025, with increases of 32 percent and 30 percent, respectively.1 This strong growth extended across all asset classes and geographies, driven by double-digit organic growth and our acquisition of OTC.

We achieved the strongest annual results in our history with revenues approaching $3 billion, and EPS growing by 24 percent under GAAP and 19 percent for Adjusted Earnings. BGC significantly expanded its market share, completed its second-largest acquisition, and became the world’s largest energy broker. We completed the first phase of our cost reduction program that will realize $25 million of annualized savings in 2026, with more savings targeted throughout the year.

FMX produced another record year with our U.S. Treasury business ending 2025 with 40 percent market share. Our FMX Futures Exchange continued its rapid growth, with SOFR futures average daily volume and open interest increasing 82 percent and 97 percent, respectively, from the previous quarter. This strong momentum has continued into 2026 with volumes, open interest, and market share setting new daily highs.”

SUMMARY RESULTS

Record fourth quarter revenues, including:

■ Total revenues of $756.4 million, a 32.2 percent increase versus last year.

▪ Excluding OTC, revenues were $641.9 million, up 12.2 percent — also a fourth quarter record.

■ Fenics revenues of $163.9 million, an increase of 15.4 percent.

■ EMEA, Americas, and APAC revenue growth of 39.2 percent, 25.7 percent, and 24.2 percent, respectively. Record fourth quarter Adjusted Earnings, including:

■ Pre-tax Adjusted Earnings of $161.3 million, up 24.5 percent, with a pre-tax margin of 21.3 percent.

▪ Pre-tax Adjusted Earnings margin of approximately 23.7 percent, excluding the impact of OTC and the weaker U.S. Dollar.

■ Post-tax Adjusted Earnings of $149.6 million, up 21.1 percent, resulting in post-tax Adjusted Earnings per share of $0.31, a 24.0 percent improvement.

■ Adjusted EBITDA of $190.6 million, 0.8 percent lower due to charges related to the execution of the cost reduction program. GAAP income from operations before income taxes decreased 8.0% to $25.0 million. This included $54.8 million of charges from the cost reduction program, the cash impact of which was $28.1 million.

Source: BGC