BGC Group Posts Record Q3 Revenue
BGC Group reported record third-quarter revenue of $832.6m, up 13.0% from $736.8m a year earlier, with foreign exchange among the areas of growth. Co-Chief Executive Officer John Abularrage said: “We delivered record third quarter revenues of $833 million, up 13 percent, led by double-digit growth in ECS, Rates, Foreign Exchange and Equities.”
FX revenues rose 13.9% to $121.5m from $106.7m. BGC attributed that “primarily due to strong volume growth in emerging markets, G10 forwards, and Macro Hive”. Total brokerage revenues reached $772.8m, up 14.8%.
The clearest signal for FX operators and liquidity buyers is FMX, BGC’s electronic markets platform. FMX FX average daily volume (ADV) rose 43% to $18.7bn, driven by spot FX and NDFs (non-deliverable forwards, cash-settled FX contracts). FMX revenues rose more than 35% to $30.5m. BGC is an interdealer broker, an intermediary that matches trades between banks and dealers, so the growth suggests more interdealer FX flow is moving onto its electronic venue.
Profit needs more care. GAAP (US accounting standards) net income for fully diluted shares rose 156.7% to $68.7m from $26.8m, and diluted earnings per share more than doubled to $0.14 from $0.06. That includes a gain on divestiture and sale of investments of $34,964k, about $35.0m, against nil a year earlier. GAAP income before income taxes was $98.1m, up from $33.5m.
Adjusted Earnings, a non-GAAP measure of profit excluding certain gains and charges, gives the steadier picture. Pre-tax Adjusted Earnings rose 20.9% to $187.5m from $155.1m, and post-tax Adjusted Earnings rose 17.5% to $165.9m. Post-tax Adjusted EPS was $0.34 against $0.29.
For the fourth quarter, BGC guided to revenues of $805m to $865m and pre-tax Adjusted Earnings of $178m to $196m. The fourth quarter of 2025 delivered $756.4m and $161.3m respectively.
Leadership is also changing. Abularrage said: “As we announced earlier this week, JP Aubin will become Vice Chairman and will step down as Co-Chief Executive Officer at year-end.”
