BGC Group reaffirmed its revenue and pre‑tax adjusted earnings guidance for the quarter ending December 31, 2025, keeping the revenue range at $720 million to $770 million and the pre‑tax adjusted earnings range at $152.5 million to $167.5 million. The company’s guidance matches the figures it set in its Q3 2025 earnings release, indicating confidence that the business will continue to grow despite a mixed macro environment.
The Q3 2025 results that preceded the guidance update were a key driver of the company’s optimism. Total revenue rose 31.3 % year‑over‑year to $737 million, while pre‑tax adjusted earnings climbed 22.4 % to $152.5 million. The surge was largely powered by the Fenics ecosystem, which delivered record revenue across its market‑data and exchange segments, and by the integration of OTC Global Holdings, which added a high‑margin energy and commodities layer to the business. Operating margin expanded to 28.5 % from 27.8 % in the prior year, reflecting the higher mix of Fenics and FMX transactions and disciplined cost management.
BGC’s cost‑reduction program, launched in Q3 2025, is expected to deliver $25 million in savings by year‑end. The program focuses on streamlining back‑office operations and optimizing technology spend, and management believes it will lift net income margins in Q4. In addition, the company is managing integration costs from the OTC Global acquisition, which is projected to be accretive to earnings in the fourth quarter and beyond. The combination of a high‑margin platform, a disciplined cost structure, and a growing market‑share position in U.S. Treasury and foreign‑exchange markets underpins the company’s guidance confidence.
Co‑Chief Executive Officer John Abularrage emphasized the company’s resilience, noting that “BGC delivered another outstanding quarter, with record third‑quarter revenues of $737 million, up 31 % from $561 million a year ago. Our ability to deliver strong growth in a mixed macro environment demonstrates the strength and scale of our global platform.” He added that the firm’s focus on technology‑driven trading and data services continues to drive margin expansion and market‑share gains.
The reaffirmation of guidance signals that BGC expects the momentum from its Fenics and FMX platforms to persist into Q4, while the cost‑reduction program and OTC Global integration are positioned to support profitability. The company’s strategic focus on high‑margin electronic trading and data services, coupled with disciplined cost management, suggests a solid near‑term outlook and a continued competitive advantage in the electronic trading space.
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