BGC Group (BGC) FY2025 results: revenue $2.9 billion, up 30.0% on the year
BGC Group, Inc. (BGC) reported revenue of $2.9 billion for fiscal 2025, the year ended 31 December 2025, up 30.0% on the year before. Net income was $155 million, up 25.8%, and diluted earnings per share $0.31. The figures are the company's own, from the 10-K it filed with the SEC on 2 March 2026.
Revenue
$2.9 billion
+30.0% on the year
FY2018FY2025
Operating margin
4.2%
3.6% a year earlier
FY2018FY2025
Net income
$155 million
+25.8% on the year
FY2018FY2025
Diluted EPS
$0.31
+24.0% on the year
FY2018FY2025
this yearthe year beforeHover a bar for its figure.
The year in brief
What management said about the year
Guidance figures: 2 new, 1 kept.
Revenue rose 32.2 percent: Total revenues were $756.4 million, up from $572.3 million. Excluding OTC, revenues were $641.9 million, up 12.2 percent, also a fourth quarter record.
Full-year revenue near $3 billion: Full-year revenues were $2,941.5 million, up 30.0 percent, and post-tax Adjusted EPS was $1.18 against $0.99, up 19.2 percent.
ECS up on OTC and energy: ECS revenues rose 92.0 percent to $257.5 million with OTC included. Excluding OTC, ECS revenues grew 10.0 percent.
FMX UST volume and share up: FMX UST average daily volume was $58.7 billion, more than 12 percent higher than a year earlier. Fourth quarter market share was 39 percent, up from 37 percent last quarter.
FMX Futures volume and open interest up: FMX Futures Exchange ADV and open interest rose 82 percent and 97 percent versus the third quarter, led by SOFR futures.
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Operating cash flow
394
315
405
+25.1%
Capital expenditure
21.5
29.6
14.9
-27.5%
Free cash flow
373
286
390
+30.5%
Free cash flow margin
12.7%
12.6%
19.3%
Cash from investing
-283
-97.0
-90.7
Cash from financing
21.2
-149
-147
Depreciation and amortisation
103
81.4
80.4
+26.9%
Buybacks
282
262
115
+7.4%
Dividends paid
39.0
34.2
17.4
+14.1%
Dividend per share
$0.08
$0.07
$0.04
+14.3%
Diluted shares, weighted
481m
479m
490m
+0.4%
Balance sheet
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Shareholders' equity
972
899
885
+8.2%
Non-controlling interest
173
181
13.1
-4.4%
Redeemable equity
n/a
0.0
0.0
Debt
1,796
1,338
1,184
+34.3%
Other liabilities
1,471
1,175
1,094
+25.2%
Total liabilities and equity
4,412
3,592
3,176
+22.8%
Goodwill
649
540
506
+20.0%
Intangible assets
428
241
211
+77.6%
Cash and equivalents
852
712
656
+19.7%
Other assets
2,484
2,099
1,803
+18.3%
Total assets
4,412
3,592
3,176
+22.8%
10-K for the year ended 31 December 2025, filed 2 March 2026: the filing.