Bgc Group, Inc. · NASDAQ:BGC
Bgc — Q1 2026 Earnings Presentation
38 slides from Bgc's earnings presentation, May 7, 2026
Slide 1: BGC Group, Inc. Q1 2026 Earnings Presentation
NASDAQ: BGC BGC Group, Inc. Q1 2026 Earnings Presentation
Slide 2: Disclaimer
BGC BGG CR O GURPO U P 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 f
Slide 3: Financial Highlights
BGC BGG CR O GURPO U P Financial Highlights Q1 2026 RESULTS $955mm $817mm Highlights of Consolidated Results Q1 2026 Q1 2025 Change (USD millions) Revenues $955.5 $664.2 43.8% Record Total Revenues1 Excl. OTC, Record Revenue Quarter1 Revenues (excluding OTC) 817.1 664.2 23.0% Q1 2026 Q1 2026 GAAP in
Slide 4: BGC Group Overview
BGC BGG CR O GURPO U P BGC Group Overview 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 REVENUE DRIVERS High
Slide 5: Revenue by Asset Class
BGC BGG CR O GURPO U P Revenue by Asset Class REVENUE GROWTH ACROSS ALL ASSET CLASSES Q1 2026 6% Revenue By Asset Class Q1 2026 Q1 2025 Change (USD millions) Data, Network & Post-trade and Other1 9% ECS $330.0 $149.9 120.1% Equities Rates 256.2 200.9 27.5% 35% Foreign Exchange 131.0 110.0 19.1% 10%
Slide 6: Revenue by Geography
BGC BGG CR O GURPO U P Revenue by Geography STRONG REVENUE GROWTH ACROSS ALL GEOGRAPHIES Q1 2026 Revenue By Geography Q1 2026 Q1 2025 Change (USD millions) EMEA $535.8 $342.0 56.7% Americas 320.5 246.6 29.9% 34% AMERICAS Asia Pacific 99.2 75.6 31.1% 56% EMEA Total Revenue $955.5 $664.2 43.8% Revenue
Slide 7: BGC's Diverse Global Platform
BGC BGG CR O GURPO U P BGC’s Diverse Global Platform BUILT TO PERFORM IN ALL MARKET CONDITIONS GEOGRAPHICAL DIVERSIFICATION CLIENT DIVERSIFICATION BGC is significantly more global than its exchange / trading platform peers1 BGC client base has become increasingly more diverse % Non-Bank Clients3 67%
Slide 8: Record Productivity Driven by Technology & Automation
BGC BGG CR O GURPO U P Record Productivity Driven by Technology & Automation FRONT OFFICE HEADCOUNT AND PRODUCTIVITY $1.3mm Period–end Front Office Headcount LTM Front Office Productivity (in USD 000s)1 $1,264 $1,051 FRONT OFFICE PRODUCTIVITY $962 LTM Q1 2026 $881 $825 $755 Increased use of technolo
Slide 9: Adjusted Earnings & EPS Performance
BGC BGG CR O GURPO U P Adjusted Earnings & EPS Performance CONSISTENT EARNINGS GROWTH $232mm PRE-TAX ADJUSTED EARNINGS (“AE”)1 Pre-tax AE (USD millions) 24.1% 24.3% Pre-tax AE Margin 23.4% 23.4% Pre-Tax Adjusted Earnings: +45% yr/yr 22.3% $232 Q1 2026 $160 $125 $135 $113 $201mm Q1 2022 Q1 2023 Q1 20
Slide 10: BGC – The World's Largest Listed Products Broker
BGC BGG CR O GURPO U P BGC – The World’s Largest Listed Products Broker DRIVING A MEANINGFUL SHARE OF BLOCK AND CROSS TRADE VOLUME ON MAJOR EXCHANGES RATES1 ECS (EXCL. OTC)1 BGC Listed Rates Revenue BGC (excl. OTC) Listed ECS Revenue CME Interest Rate Futures & Options ADV CME ECS Futures & Options
Slide 11: ECS - Energy, Commodities and Shipping
BGC BGG CR O GURPO U P ECS - Energy, Commodities and Shipping THE WORLD’S LARGEST ECS BROKER – CONTINUING TO CAPTURE MARKET SHARE $330mm ECS REVENUE TREND (USD millions) $330 Record ECS Revenue Q1 2026 $150 $118 +120% $90 Q1 2023 Q1 2024 Q1 2025 Q1 2026 Revenue Growth yr/yr Q1’26 REVENUE BY PRODUCT
Slide 12: Fenics – Record Quarterly Revenues
BGC GROUP Fenics – Record Quarterly Revenues BGC’S TECHNOLOGY-DRIVEN BUSINESSES $207mm FENICS REVENUE TREND (USD millions) Record Q1 Fenics Revenues $207 $173 Q1 2026 $149 $140 $125 +23% Q1 2022 Q1 2023 Q1 2024 Q1 2025 Q1 2026 Revenue Growth excl. kACE1 yr/yr FENICS REVENUE BY ASSET CLASS FENICS REV
Slide 13: FMX – Strength Across Rates, FX, and Futures
BGC GROUP FMX – Strength Across Rates, FX, and Futures FMX TECHNOLOGY · FAST, RELIABLE, AND GLOBALLY CONNECTED $90bn 39k $20bn $60bn $14bn 21k $45bn $7bn 12k 3k Q1 2024 Q1 2025 Q1 2026 Q1 2024 Q1 2025 Q1 2026 Q2 2025 Q3 2025 Q4 2025 Q1 2026 $90bn +51% yr/yr $20bn +42% yr/yr 39k Contracts +84% q/q Re
Slide 14: FMX Futures Exchange
BGC GROUP FMX Futures Exchange FMX SOFR VOLUME AND MARKET SHARE 50k Iran conflict 1.5% FMX adds volatility Rolling-Monthly ADV Block Trading Market Share1 functionality 40k 1.2% FMX onboards 4 additional FCMs, totaling 9 FCMs FMX surpasses 2 SOFR MARKET SHARE1 million total SOFR Tariff Announcem
Slide 15: FMX UST
BGC GROUP FMX UST BUSINESS HIGHLIGHTS · VOLUME & MARKET SHARE U.S. TREASURY MARKET VOLUME CHANGE $90bn +51% 41% 51% Record Volume ADV Growth yr/yr Market Share1 Q1 2026 ADV Q1 2026 Q1 2026 FMX UST VOLUME & MARKET SHARE · +270bps q/q · +990bps yr/yr 41% 16%2 Average Daily Volume (“ADV”) 37% 39% CLOB
Slide 16: Data, Network, & Post-Trade
BGC GROUP Data, Network, & Post-Trade BUSINESS HIGHLIGHTS $34mm DATA, NETWORK & POST-TRADE REVENUE TREND (USD millions) Total Revenue $34 $33 Q1 2026 $31 $27 $24 +23% Q1 2022 Q1 2023 Q1 2024 Q1 2025 Q1 2026 Revenue Growth excl. kACE1 yr/yr KEY BUSINESSES Q1 2026 Fenics Market Data Provider and gener
Slide 17: Outlook
BGC BGG CR O GURPO U P Outlook SECOND QUARTER 2026 GUIDANCE Guidance Actual Yr/Yr % Change Q2 2026 Outlook Metric (USD million) Q2 2026 Q2 2025 Low Mid High Revenues $785 - $845 $784.0 0.1% 4% 8% Pre-tax Adjusted Earnings $178 - $196 $173.6 3% 8% 13% Guidance Actual Yr/Yr % Change H1 2026 Outlook Me
Slide 18: GAAP Financial Results
GAAP FINANCIAL RESULTS Q1 2026
Slide 19: Balance Sheet
BGC BGG CR O GURPO U P Balance Sheet BGC Group, Inc. Condensed Consolidated Statements of Financial Condition (In thousands, except per share data) (Unaudited) (Under GAAP) March 31, December 31, March 31, December 31, 2026 2025 2026 2025 Assets Liabilities and Equity Cash and cash equivalents $ 780
Slide 20: Income Statement
BGC BGG CR O GURPO U P Income Statement BGC Group, Inc. Condensed Consolidated Statements of Operations (In thousands, except per share data) (Unaudited) (Under GAAP) Three Months Ended Three Months Ended March 31, March 31, 2026 2025 2026 2025 Revenues: Other income (losses), net: Commissions $ 752
Slide 21: Appendix
APPENDIX Q1 2026
Slide 22: BGC Product Offering
BGC BGG CR O GURPO U P BGC Product Offering ECS Rates Foreign Exchange Products Revenue Products Revenue Products Revenue Q1 2026 Q1 2026 Q1 2026 Government Bonds Environmental & Energy Spot FX Transition Products 35% OTC & Listed Interest FX Forwards Rate Derivatives Oil & Refined Produ
Slide 23: Fenics Ecosystem
BGC GROUP Fenics Ecosystem FENICS REVENUE: $694MM (LTM Q1 2026) · +17% YR/YR 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 FENICS MARKE
Slide 24: Fenics Platforms
BGC GROUP Fenics Platforms FENICS TRADING PLATFORMS DATA, NETWORK & 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 Wholesale FX trading platfor
Slide 25: Fully Diluted Weighted-Average Share Count Summary
BGC BGG CR O GURPO U P Fully Diluted Weighted-Average Share Count Summary Fully Diluted PUBLIC OWNERSHIP Q1 2026 Fully Diluted Weighted-Average Share Count Weighted-Average Ownership (%) (% OF FULLY-DILUTED SHARE COUNT FOR ADJUSTED EARNINGS) Summary For Adjusted Earnings Shares (millions) PUBLIC 359
Slide 26: Strongly Capitalized & Investment Grade Credit Profile
BGC BGG CR O GURPO U P Strongly Capitalized & Investment Grade Credit Profile BGC Group, Inc. (in $’000s) As of 3/31/2026 Cash and cash equivalents $780,984 INVESTMENT GRADE RATING Financial instruments owned, at fair value 97,406 Investment Grade Credit Rated: Total Liquidity $878,390 • Fitch: BB
Slide 27: BGC Revenue Correlation & Industry Volumes
BGC BGG CR O GURPO U P BGC Revenue Correlation & Industry Volumes BGC’S ASSET CLASS REVENUES ARE GENERALLY CORRELATED TO RELEVANT INDUSTRY SECONDARY MARKET TRADING VOLUMES Q1 2026 vs Q1 2025 Brokerage revenues are driven by secondary Asset Class Revenue to Industry Volume Correlation Correlation1 In
Slide 28: Shareholder Value Creation
BGC BGG CR O GURPO U P Shareholder Value Creation BGC HAS A STRONG HISTORY OF CREATING VALUE FOR SHAREHOLDERS THROUGH ORGANIC GROWTH, ACQUISITIONS & INVESTMENTS IN TECHNOLOGY 2025 – Completed 1999 – eSpeed, leading electronic UST OTC Acquisition platform, IPOs becoming the world’s 2023 – Completed l
Slide 29: Non-GAAP Definitions and Reconciliation Tables
NON-GAAP DEFINITIONS AND RECONCILIATION TABLES Q1 2026
Slide 30: Reconciliation of GAAP to Adjusted Earnings
BGC BGG CR O GURPO U P 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 Three Months Ended M
Slide 31: Reconciliation of GAAP to Adjusted Earnings Footnotes
BGC BGG CR O GURPO U P Reconciliation of GAAP to Adjusted Earnings Footnotes FOOTNOTES (1) The components of equity-based compensation and allocations of net income to limited partnership units are as follows (in thousands): Three Months Ended March 31, 2026 2025 Issuance of common stock and grants
Slide 32: Other Select Financial Data
BGC BGG CR O GURPO U P Other Select Financial Data Reconciliation of GAAP net income (loss) available to Fully diluted weighted-average share count common stockholders to Adjusted EBITDA (In thousands) (Unaudited) (In thousands) (Unaudited) Three Months Ended Three Months Ended March 31, March 31, 2
Slide 33: Differences between Non-GAAP and GAAP Consolidated Results
BGC BGG CR O GURPO U P Differences between Non-GAAP and GAAP Consolidated Results NON-GAAP FINANCIAL MEASURES The Company has clarified certain language in the following definitions of non-GAAP financial measures related to the treatment of equity-based compensation for clarity and consistency, incl
Slide 34: Differences between Non-GAAP and GAAP Consolidated Results
BGC BGG CR O GURPO U P Differences between Non-GAAP and GAAP Consolidated Results (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
Slide 35: Differences between Non-GAAP and GAAP Consolidated Results
BGC BGG CR O GURPO U P Differences between Non-GAAP and GAAP Consolidated Results (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 defin
Slide 36: Differences between Non-GAAP and GAAP Consolidated Results
BGC BGG CR O GURPO U P Differences between Non-GAAP and GAAP Consolidated Results (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 t
Slide 37: Differences between Non-GAAP and GAAP Consolidated Results
BGC BGG CR O GURPO U P Differences between Non-GAAP and GAAP Consolidated Results (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
Slide 38: Investor Contact
BGC BGG CR O GURPO U P 38 Investor Contact: Jason Chryssicas +1 212-610-2426 Media Contact: Danielle Popper +1 212-610-2419 ir.bgcg.com twitter.com/bgcgroupinc linkedin.com/company/bgc_group