📈 Price History

Ratio Health

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— Good

— Average

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By Category

📊 Sector Averages

About

BGC Group, Inc. operates as a financial brokerage and technology company in the United States, Europe, the Middle East, Africa, and the Asia Pacific.

Key Ratios Snapshot

📈 Growth Pattern

⚡ Latest Quarter —

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📊 Quick Scorecard

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⭐ Superinvestors Holding BGC

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Manager	Shares	Value	% of Fund	Period
Jim Simons Renaissance Technologies LLC	880.7K	$8.6M	0.01%	Mar 2026
Steve Cohen Point72 Asset Management	430.7K	$4.2M	0.01%	Mar 2026

SEC Form 13F data. 45-day lag from quarter end.

🔍 Concall Decoded

🎙 Management Tone Tracker Confident Specific → Stable 4 quarters analysed

Q2 2025

Confident Specific

Management used strong positive language such as 'historic results', 'record revenues of $784 million', '42% increase', 'best ever quarter', and provided specific guidance for Q3 with revenue and earnings ranges.

Q3 2025

Confident Specific

Management used strong positive language like 'outstanding quarter', 'record third quarter revenues', 'strong growth across every asset class', and provided specific figures: revenues up 31% to $737M, FMX UST market share at 37%, SOFR Futures ADV up threefold, and gave detailed Q4 guidance.

Q4 2025

Confident Specific

Management repeatedly used superlatives like 'record-breaking', 'strongest annual results', 'best positioned', and 'record-breaking start'. Specific numbers were cited: 32% revenue growth, 30% full-year growth, approaching $3B revenue, 40% FMX UST market share, and 71% EPS increase over three years.

Q1 2026 latest

Confident Specific

Management repeatedly used superlatives (record, all-time high), quantified the Iran conflict impact as roughly $20M incremental, provided specific growth percentages (44% revenue growth, 120% in ECS), and gave explicit Q2 guidance numbers. Language was direct and data-heavy with no hedging.

Guidance Reliability Pending · <3Q data

Investor Lens

The investment thesis appears stronger after this call. Record revenue and earnings growth were broad-based, and management credibly quantified the Iran conflict impact as small (~$20M), indicating strong underlying organic momentum. FMX UST market share reaching 41% and continued momentum in ECS (post-OTC integration) are structural positives. The Q2 guidance showing only 4% revenue growth at midpoint is a deceleration, but management logically explained it with tough comparisons (Liberation Day 2025, $20M one-time in Q1 2026, and lost revenue from KACE/logistics closure). The cost reduction program was expanded 40% to $35M. Key items to watch next quarter: whether organic growth ex-one-offs re-accelerates, FMX futures open interest recovery, and any further cost savings announcements.

AI-generated concall tone analysis · Updated 2026-06-08 · Not investment advice

🎙 Management Tone Confident Specific → Stable 4 quarters Full tone analysis in Intelligence →

📊 MIXED BGC Q1 2026 record revenues $955M, up 44%, ECS revenues double to $330M

Revenue & Profitability

Record total revenues of $955.5 million, up 43.8%. Pre-tax adjusted earnings hit an all-time high of $232.1 million, up 44.9%, representing a pre-tax margin of 24.3%. Post-tax adjusted earnings were $201.1 million, up 40.6%, with adjusted EPS of $0.41. Adjusted EBITDA was $253.2 million, up 26.7%. Guidance for Q2 2026: revenues between $785 million and $845 million, pre-tax adjusted earnings between $178 million and $196 million.

Outlook

Management noted that elevated volatility from the Iran conflict contributed only incrementally (~$20 million) to Q1 revenues, with the majority of growth driven by underlying business. Q2 2026 guidance implies ~4% revenue growth at the midpoint, reflecting tough comparisons to the tariff-driven 'Liberation Day' in April 2025. For the first half, organic growth is expected at about 13%. Trading levels normalized after April.

Growth Drivers

ECS revenues more than doubled to $330 million, driven by the OTC acquisition and organic growth. FMX UST ADV rose 51% to a record $89.7 billion. FMX Futures saw SOFR ADV climb to over 39,000 contracts. FMX FX ADV increased 42% to $20.5 billion. PortfolioMatch ADV grew 42% to a new high. Lucera revenues grew 22.8%, led by FX and fixed income solutions. All geographies grew: EMEA up 56.7%, Americas up 29.9%, Asia Pacific up 31.1%.

Balance Sheet & CapEx

Not discussed in this earnings call.

Margins

Pre-tax adjusted earnings margin was 24.3% in Q1 2026. The cost reduction program was increased from $25 million to $35 million in annualized savings, primarily in compensation. Adjusted compensation expenses rose 51.5% due to OTC, higher commissionable revenues, and a weaker U.S. dollar. Non-compensation adjusted expenses grew 27.4% (12.7% excluding OTC). Management expects further margin expansion from ongoing cost initiatives.

Key Risks

Management flagged the normalization of geopolitical volatility (Iran conflict) as a risk, which contributed only ~$20 million incremental revenue in Q1. Open interest on FMX futures declined due to a risk-off market environment. Q2 2026 guidance reflects headwinds from lapping the tariff-driven April 2025 volumes. The sale of KACE and closure of a non-profitable logistics business reduced quarterly revenue by ~$10 million.

Generated by AI · Q1 2026 results · Not investment advice

✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter

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📞 Earnings Call Transcripts (5)

Q2 2026 Q2 2026 2026-07-30

Second-quarter revenues hit a record $845.5 million, up 7.8% year-over-year, with broad-based growth and strong performance in FMX and FENICS. Guidance for Q3 2026 anticipates continued revenue and margin expansion, supported by new partnerships and product launches.

Q1 2026 Q1 2026 2026-05-07

Record quarterly revenues and earnings driven by broad-based growth across asset classes and geographies, with ECS and FMX segments posting standout results. Cost reduction initiatives expanded, and guidance anticipates continued revenue and earnings growth, despite some normalization of volatility.

Q4 2025 Q4 2025 2026-02-12

Record 2025 revenues and EPS growth were driven by strong organic expansion, the OTC acquisition, and market share gains across all segments. Guidance for Q1 2026 points to continued double-digit growth, with cost efficiencies and strategic divestitures supporting future performance.

Q3 2025 Q3 2025 2025-11-06

Record Q3 revenues rose 31% year-over-year, driven by broad-based growth and FMX platform outperformance. Market share in U.S. Treasuries hit 37%, and guidance points to continued double-digit revenue and earnings growth in Q4.

Q2 2025 Q2 2025 2025-07-31

Record Q2 2025 revenues of $784M marked a 42% year-over-year increase, with strong growth across all asset classes and geographies. Guidance for Q3 anticipates up to 32% revenue growth, supported by cost synergies from a recent acquisition and robust performance in FMX and Fenics platforms.

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