Bgc Group, Inc. · NASDAQ:BGC
Bgc — Q4 2025 Earnings Presentation
37 slides from Bgc's earnings presentation, Feb 12, 2026
Slide 1: BGC Group, Inc. Earnings Presentation Q4 2025
BGC GROUP, INC. NASDAQ: BGC E A R N I N G S P R E S E N TAT I O N Q 4 2 0 2 5
Slide 2: Disclaimer
2 DISCLAIMER DISCUSSION OF FORWARD-LOOKING STATEMENTS ABOUT BGC Statements in this document regarding BGC that are not historical facts are “forward-looking statements” that involve risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statem
Slide 3: Q4 2025 & FY 2025 Performance
Q4 2025 & FY 2025 PERFORMANCE Highlights of Consolidated Results Q4 2025 BUSINESS HIGHLIGHTS Q4 2025 Q4 2024 Change FY 2025 FY 2024 Change (USD millions) Revenues $756.4 $572.3 32.2% $2,941.5 $2,262.8 30.0% $756mm Record Q4 Revenue1 Revenues (excluding OTC) 641.9 572.3 12.2% 2,599.8 2,262.8 14.9% +3
Slide 4: BGC Group Overview
4 BGC GROUP OVERVIEW BGC is a leading marketplace for OTC products that don’t trade on an exchange and provides critical liquidity for listed products that trade on exchange, as well as operating a fully regulated U.S. interest rate futures exchange. BUSINESS MODEL BGC REVENUE REVENUE DRIVERS DRIVER
Slide 5: Revenue by Asset Class
REVENUE BY ASSET CLASS (USD millions) 8% Data, Network & Post- Revenue By Asset Class trade and Other1 Q4 2025 Q4 2024 Change FY 2025 FY 2024 Change (USD millions) 10% Equities ECS (“Energy, Commodities, and Shipping”) $257.5 $134.1 92.0% $910.7 $483.2 88.4% 34% ECS 8% $756 Rates 197.4 169.6 16.4% 7
Slide 6: Revenue by Geography
REVENUE BY GEOGRAPHY (USD millions) Revenue By Geography Q4 2025 Q4 2024 100 Change FY 2025 FY 2024 Change (USD millions) EMEA $392.5 $281.9 39.2% $1,539.9 $1,146.6 34.3% 36% AMERICAS $756 Americas 272.9 217.2 25.7% 1,060.6 820.6 29.2% 52% EMEA Q4 2025 Asia Pacific 91.0 73.3 24.2% 341.0 295.6 15.4%
Slide 7: BGC's Platform Is Built to Perform in All Market Conditions
7 BGC’S PLATFORM IS BUILT TO PERFORM IN ALL MARKET CONDITIONS GEOGRAPHIC DIVERSIFICATION CLIENT DIVERSIFICATION BGC is significantly more global than its exchange / trading platform peers1 BGC client base has become increasingly more diverse % Non-Bank Clients 64% ~35% ~50% 36% Q4 Q4 2020 2025 BGC E
Slide 8: Front Office Productivity
FRONT OFFICE PRODUCTIVITY FRONT OFFICE HEADCOUNT AND PRODUCTIVITY Period–end Front Office Headcount $1.2 million FY Front Office Productivity (in USD 000s)1 $1,184 Record Full Year Front Office $1,018 Productivity $957 $861 $811 $750 ~330 headcount increase related 2,510 to OTC 2,297 2,111 2,104 2,1
Slide 9: Consistent Earnings Growth
9 CONSISTENT EARNINGS GROWTH PRE-TAX ADJUSTED EARNINGS POST-TAX ADJUSTED EARNINGS & ADJUSTED EPS Pre-tax Adjusted Earnings Post-tax Adjusted Earnings (USD millions) $1.18 Adjusted EPS $650mm $0.99 $587mm $0.82 $517mm $488mm $0.69 $443mm $0.65 $411mm $377mm $373mm $350mm $344mm FY 2021 FY 2022 FY 202
Slide 10: ECS (Energy, Commodities, & Shipping) Overview
ECS (“ENERGY, COMMODITIES, & SHIPPING”) OVERVIEW BUSINESS HIGHLIGHTS REVENUE BREAKDOWN REVENUE GROWTH (USD millions) Commodities, Metals & Other $257mm Environmental & Energy Transition Shipping Record Q4 Revenue & Freight $911 (Q4 2025 Revenue) Q4 2025 +92% +10% Revenue Growth Revenue Growth (Q4 20
Slide 11: Fenics Q4 2025 and FY 2025 Overview
Q4 2025 OVERVIEW FY 2025 OVERVIEW FENICS REVENUE BY ASSET CLASS (USD millions) (USD millions) $164mm $660mm Q4 2025 Revenue FY 2025 Revenue 41% 18% +15% +16% Rates Foreign Exchange Growth yr/yr Growth yr/yr $660 $660mm $164mm $142mm $27mm $522mm $23mm FY 2025 $401mm $119mm $137mm $278mm 18% $223mm 2
Slide 12: FMX Futures Volume
12 $61bn +25% $15bn +66% +97% +82% Record FY Volume ADV Growth Record FY Volume ADV Growth OI Growth ADV Growth (FY 2025 ADV) (FY 2025 yr/yr) (FY 2025 ADV) (FY 2025 yr/yr) (Q4 2025 q/q) (Q4 2025 q/q) 147.8k $61bn $15bn $49bn 75.1k $38bn $9bn $6bn 21.6k 8.1k 21.3k 11.7k 3.2k FY 2023 FY 2024 FY 2025 F
Slide 13: FMX Volume and Open Interest
13 FMX Volume and Open Interest Open Interest FMX surpasses 1% Rolling-Monthly ADV market share in SOFR Futures 200k 40k FMX adds Block Trading functionality CME 150k 30k Outage ▪ FMX onboards 4 additional FCMs, totaling 9 FCMs FMX surpasses 2 million total SOFR contracts Open Interest ▪ Tariff Anno
Slide 14: FMX UST Volume & Market Share
BUSINESS HIGHLIGHTS FMX UST VOLUME & MARKET SHARE UST MARKET VOLUME $59bn 37% 39% Q4 2025 Record Q4 Volume 35% (ADV yr/yr change) (Q4 2025 ADV) 33% 12% 30% 30% 29% $68bn 28% 26% $60bn 3%2 $59bn $59bn +12% $53bn $52bn $47bn $45bn $41bn FMX UST ADV Growth (Q4 2025 yr/yr) 39% (24%) Q4 2025 FMX UST Mark
Slide 15: Data, Network & Post-Trade
DATA, NETWORK & POST-TRADE BUSINESS HIGHLIGHTS KEY BUSINESSES SALE OF KACE $37mm +13% Provider and generator of data across global Record Q4 Revenue Growth yr/yr financial and commodity markets, supported by (Q4 2025 Revenue) BGC’s deep wholesale liquidity pools A provider of real-time pricing and a
Slide 16: Outlook
16 OUTLOOK Q1 2026 OUTLOOK Guidance Actual Yr/Yr % Change Metric (USD million) Q1 2026 Q1 2025 Low Mid High Revenues $860 - $920 $664.2 29% 34% 39% (Revenues excl. OTC Acquisition) $740 - $790 $664.2 11% 15% 19% Pre-tax Adjusted Earnings $202 - $222 $160.2 26% 32% 39% BGC expects to update its quart
Slide 17: GAAP Financial Results
GAAP FINANCIAL RESULTS
Slide 18: Balance Sheet
18 BALANCE SHEET BGC GROUP, INC. CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (IN THOUSANDS, EXCEPT PER SHARE DATA) (UNAUDITED) (UNDER GAAP) Dec 31, 2025 Dec 31, 2024 Dec 31, 2025 Dec 31, 2024 Assets Liabilities and Equity Cash and cash equivalents $ 851,502 $ 711,584 Short-term borrowin
Slide 19: Income Statement
19 INCOME STATEMENT BGC GROUP, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (IN THOUSANDS, EXCEPT PER SHARE DATA) (UNAUDITED) (UNDER GAAP) Three Months Ended Dec 31, Full Year Ended Dec 31, Three Months Ended Dec 31, Full Year Ended Dec 31, 2025 2024 2025 2024 2025 2024 2025 2024 Revenues: O
Slide 20: Appendix
APPENDIX
Slide 21: Diverse Global Product Offering
21 DIVERSE GLOBAL PRODUCT OFFERING ECS Rates Foreign Exchange Products Revenue Products Revenue Products Revenue FY 2025 FY 2025 FY 2025 ▪ Government Bonds ▪ Spot FX ▪ Environmental & Energy 31% Transition Products ▪ OTC & Listed Interest ▪ FX Forwards Rate Derivatives ▪ Oil & Refined Products $911m
Slide 22: Fenics Ecosystem
22 FENICS ECOSYSTEM DATA, NETWORK & RATES CREDIT FOREIGN EXCHANGE POST-TRADE KEY PRODUCTS: KEY PRODUCTS: KEY PRODUCTS: • Interest Rate Derivatives • Investment Grade Bonds (IG) • FX Spot • EGBs • High Yield Bonds (HY) • FX Options • GILTs • Sovereign Credit • Asian / LatAm NDFs FENICS MARKET DATA MA
Slide 23: Fenics Platforms At-a-Glance
FENICS PLATFORMS AT-A-GLANCE FENICS TRADING PLATFORMS DATA, NETWORK AND POST-TRADE Fenics MIDFX Asset Class: Foreign Exchange Asset Class: Data, Network and Post-trade – Market Data Products: Spot FX and NDFs Distributor of market data across global financial and commodity markets, ❑ Wholesale FX tr
Slide 24: BGC's Fully Diluted Weighted-Average Share Count Summary
24 BGC’S FULLY DILUTED WEIGHTED-AVERAGE SHARE COUNT SUMMARY Fully Diluted Q4 2025 Fully Diluted Weighted-Average Share Count Summary Weighted- Ownership (%) PUBLIC OWNERSHIP For Adjusted Earnings Average Shares (% OF FULLY-DILUTED SHARE COUNT FOR ADJUSTED EARNINGS) (millions) PUBLIC 359.7 73% 73% Cl
Slide 25: Strongly Capitalized & Investment Grade Credit Profile
25 STRONGLY CAPITALIZED & INVESTMENT GRADE CREDIT PROFILE BGC Group, Inc. (in $’000s) As of 12/31/2025 INVESTMENT GRADE CREDIT RATING Cash and cash equivalents $851,502 ▪ Investment Grade Credit Rated: Financial instruments owned, at fair value 127,614 • Fitch: BBB- (Outlook: Stable) Total Liquidity
Slide 26: BGC Revenue Correlation & Industry Volumes
26 BGC REVENUE CORRELATION & INDUSTRY VOLUMES BGC’S ASSET CLASS REVENUES ARE GENERALLY CORRELATED TO RELEVANT INDUSTRY SECONDARY MARKET TRADING VOLUMES Q4 2025 VS Q4 2024 Brokerage revenues are driven by secondary market trading volumes in the ASSET CLASS REVENUE TO INDUSTRY VOLUME CORRELATION1 INDU
Slide 27: Shareholder Value Creation
27 SHAREHOLDER VALUE CREATION BGC HAS A STRONG HISTORY OF CREATING VALUE FOR SHAREHOLDERS THROUGH ORGANIC GROWTH, ACQUISITIONS & INVESTMENTS IN TECHNOLOGY 2025 – Completed OTC Acquisition 1999 – eSpeed, leading electronic becoming the UST platform, IPOs world’s largest ECS 2023 – Completed 2004 – Ca
Slide 28: Non-GAAP Definitions and Reconciliation Tables
NON-GAAP DEFINITIONS AND RECONCILIATION TABLES
Slide 29: Reconciliation of GAAP to Adjusted Earnings
29 RECONCILIATION OF GAAP TO ADJUSTED EARNINGS RECONCILIATION OF GAAP INCOME (LOSS) FROM OPERATIONS BEFORE INCOME TAXES TO ADJUSTED EARNINGS & GAAP FULLY DILUTED EPS TO POST-TAX ADJUSTED EPS (IN THOUSANDS, EXCEPT PER SHARE DATA) (UNAUDITED) Three Months Ended Dec 31, Full Year Ended Dec 31, Three Mo
Slide 30: Reconciliation of GAAP to Adjusted Earnings Footnotes
30 RECONCILIATION OF GAAP TO ADJUSTED EARNINGS FOOTNOTES FOOTNOTES (1) The components of equity-based compensation and allocations of net income to limited partnership units and FPUs are as follows (in thousands): Three Months Ended Dec 31, Full Year Ended Dec 31, 2025 2024 2025 2024 Issuance of com
Slide 31: Other Select Financial Data
31 OTHER SELECT FINANCIAL DATA RECONCILIATION OF GAAP NET INCOME (LOSS) AVAILABLE TO COMMON FULLY DILUTED WEIGHTED-AVERAGE SHARE COUNT STOCKHOLDERS TO ADJUSTED EBITDA (IN THOUSANDS) (UNAUDITED) (IN THOUSANDS) (UNAUDITED) Three Months Ended Dec 31, Full Year Ended Dec 31, Three Months Ended Dec 31, F
Slide 32: Differences Between Non-GAAP and GAAP Consolidated Results
32 DIFFERENCES BETWEEN NON-GAAP AND GAAP CONSOLIDATED RESULTS NON-GAAP FINANCIAL MEASURES The non-GAAP definitions below include references to certain equity-based compensation instruments, such as restricted stock awards and/or restricted stock units (“RSUs”), that the Company has issued and outsta
Slide 33: Differences Between Non-GAAP and GAAP Consolidated Results 3
DIFFERENCES BETWEEN NON-GAAP AND GAAP CONSOLIDATED RESULTS 33 (CONTINUED) The amounts of certain quarterly equity-based compensation charges are based upon the Company’s estimate of such expected charges during the annual period, as described further below under “Methodology for Calculating Adjusted
Slide 34: Differences Between Non-GAAP and GAAP Consolidated Results 4
DIFFERENCES BETWEEN NON-GAAP AND GAAP CONSOLIDATED RESULTS 34 (CONTINUED) METHODOLOGY FOR CALCULATING ADJUSTED EARNINGS TAXES Although Adjusted Earnings are calculated on a pre-tax basis, BGC also reports post-tax Adjusted Earnings to fully diluted shareholders. The Company defines post-tax Adjusted
Slide 35: Differences Between Non-GAAP and GAAP Consolidated Results 5
DIFFERENCES BETWEEN NON-GAAP AND GAAP CONSOLIDATED RESULTS 35 (CONTINUED) MANAGEMENT RATIONALE FOR USING ADJUSTED EARNINGS BGC’s calculation of Adjusted Earnings excludes the items discussed above because they are either non-cash in nature, because the anticipated benefits from the expenditures are
Slide 36: Differences Between Non-GAAP and GAAP Consolidated Results 6
DIFFERENCES BETWEEN NON-GAAP AND GAAP CONSOLIDATED RESULTS 36 (CONTINUED) TIMING OF OUTLOOK FOR CERTAIN GAAP AND NON-GAAP ITEMS BGC anticipates providing forward-looking guidance for GAAP revenues and for certain non-GAAP measures from time to time. However, the Company does not anticipate providing
Slide 37: Investor and Media Contacts
37 37 Investor Contact: Jason Chryssicas +1 212-610-2426 Media Contact: ir.bgcg.com Danielle Popper twitter.com/bgcgroupinc +1 212-610-2419 linkedin.com/company/bgc_group