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

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WEBVTT 00:00:00.031 -- 00:00:06.097 Greetings and welcome to the BGC Group fourth quarter full year 2025 earnings call. 00:00:06.097 -- 00:00:09.961 At this time, all participants are in a listen-only mode. 00:00:09.961 -- 00:00:13.605 A question and answer session will follow the formal presentation. 00:00:13.605 -- 00:00:17.589 If anyone should require operator assistance, please press star zero on your telephone 00:00:17.589 -- 00:00:19.589 keypad. 00:00:19.971 -- 00:00:22.674 As a reminder, this conference is being recorded. 00:00:22.674 -- 00:00:27.139 It is now my pleasure to introduce your host, Jason Krasickas, Head of Investor Relations. 00:00:27.139 -- 00:00:30.001 Thank you. You may begin. 00:00:30.001 -- 00:00:34.747 Hello, everyone. This morning we issued BGC's fourth quarter and full year 2025 financial 00:00:34.747 -- 00:00:38.129 results, which can be found at ir.bgcg.com. 00:00:39.013 -- 00:00:42.497 Any historical results provided on today's call compare only the fourth quarter of 2025 00:00:42.497 -- 00:00:47.443 with the prior year period unless otherwise stated. 00:00:47.443 -- 00:00:51.509 All references to record and or strongest results are compared to BGC's standalone financial 00:00:51.509 -- 00:00:56.693 results, excluding Newmark prior to the spinoff in November 2018. 00:00:56.849 -- 00:01:00.335 We will be referring to our results on a non-GAAP basis, which include the terms adjusted 00:01:00.335 -- 00:01:03.159 earnings and adjusted EBITDA. 00:01:03.159 -- 00:01:06.224 Please refer to today's investor materials on our website for additional details on our 00:01:06.224 -- 00:01:11.593 financial results and for complete and updated definitions of any non-GAAP terms, reconciliations 00:01:11.593 -- 00:01:15.840 of these items to the corresp...