BGC Group, Inc.

BGC Group operates brokerage, electronic marketplaces, data and financial technology businesses. It serves banks, trading firms, corporations and other institutions across interest rates, currencies, commodities, shipping, credit and equities. Its Class A shares trade as BGC on Nasdaq.

Comparable quarterly results

Adjusted Earnings exclude specified stock compensation, amortization, impairment and other costs, along with sale and investment-valuation gains. Adjusted EBITDA retains the $35.0 million Fanatics sale gain and $10.1 million investment gain. The current $22.6 million asset-impairment charge is removed from both adjusted measures.

The current fully diluted share count is 476.3 million under GAAP and 492.2 million for Adjusted Earnings. GAAP per-share income also includes allocation adjustments, so the common-income row is not the direct diluted-EPS numerator.

Earlier expectations and the next quarter

July's Q3 forecast called for revenue of $775 million to $835 million and pretax Adjusted Earnings of $172 million to $190 million. Both ranges were reaffirmed September 28. Actual revenue of $832.6 million and earnings of $187.5 million were within them.

Pretax Adjusted Earnings growth accelerated from 11.1% in Q2 to 20.9% in Q3. Q4 guidance is $805 million to $865 million of revenue and $178 million to $196 million of pretax Adjusted Earnings. The full-year Adjusted Earnings tax-rate forecast is 11% to 14%.

FMX and the wider brokerage business

Brokerage revenue rose 14.8% to $772.8 million. Growth in commodities and shipping, interest rates, foreign exchange and equities outweighed weaker credit trading.

FMX revenue reached $30.5 million across rates, foreign exchange and market data. It is included in Fenics, rather than an additional revenue segment to add to it. Futures activity averaged more than 80,000 contracts a day during Q3 and 112,000 in September following August's full Treasury futures launch.

Liquidity and debt

The September debt table includes $234.8 million of revolving-credit debt, $346.0 million of Group notes due in 2028, $2.3 million of separate Partners notes due in 2028, $497.3 million due in 2029 and $694.9 million due in 2030. These are carrying amounts.

The latest available half-year cash-flow statement showed operating cash of $181.8 million for the six months ended June 30, compared with $72.1 million a year earlier. First-half fixed-asset purchases were $9.7 million, with a separate $18.1 million of capitalized software spending.

Completed transaction and leadership

BGC completed the sale of Water Street Labs and CX Clearinghouse to Fanatics on August 5, 2026, following the July partnership announcement. The entities sold are separate from the FMX futures exchange, which BGC retained. The $35 million gain is an accounting profit on the sale, rather than the sale price.

Jean-Pierre Aubin is moving from Co-Chief Executive Officer to Vice Chairman at year-end, as announced November 3. The current call describes a continuing working role. John J. Abularrage and Sean A. Windeatt remain Co-Chief Executive Officers. The next operating tests are the durability of brokerage growth and the conversion of FMX's higher volumes into revenue.