BGC Group, Inc. (BGC) Q4 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Greetings and welcome to the BGC Group fourth quarter full year 2025 earnings call. At this time, all participants are in a listen-only mode. A question and answer session will follow the formal presentation. If anyone should require operator assistance, please press star zero on your telephone keypad. As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Jason Krasickas, Head of Investor Relations. Thank you. You may begin. Hello, everyone. This morning we issued BGC's fourth quarter and full year 2025 financial results, which can be found at ir.bgcg.com. Any historical results provided on today's call compare only the fourth quarter of 2025 with the prior year period unless otherwise stated. All references to record and or strongest results are compared to BGC's 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 investor materials on our website for additional details on our financial results and for complete and updated definitions of any non-GAAP terms, reconciliations of these items to the corresponding 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 can take forward-looking statements, including without limitation, statements about our economic outlook and business. These statements are subject to risks and uncertainties, which could cause our actual results to differ ...