BGC Group, Inc. (BGC) Q3 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

As a reminder, this concert is being recorded. It is now my pleasure to introduce your host, Jason Kwisikas, Head of Investor Relations. Thank you, sir. You may begin. Thank you. And hello, everyone. This morning, we issued BGC's third quarter 2025 financial results, which can be found at ir.bgcg.com. Any historical results provided on today's call compare only the third quarter of 2025 with the prior year periods, unless otherwise specified. All references on today's call to historic and record results are to BGC standalone financial results, excluding Newmark prior to the spinoff in November 2018. We will be referring to our results on a non-GAAP basis, which include the terms adjusted earnings and adjusted EBITDA. Please refer to today's investment materials on our website for additional details on our financial results and for a complete and updated definition of any non-GAAP terms, reconciliations of these items to GAAP results, and how, when, and why management uses them, as well as relevant industry and economic statistics. The outlook discussed today assumes no material acquisitions or dispositions. Our expectations are subject to change based on various macroeconomic, social, political, and or other factors. Information on this call contains forward-looking statements, including without limitation statements about our economic outlook and business. These statements are subject to risks and uncertainties, which could cause actual results to differ from expectations. Except as required by law, we undertake no obligation to update any forward-looking statements. or information on factors that could cause actual results to differ from forward-looking statements, and a complete discussion of the risks and other factors that may impact these forward-looking statem...