BGC Group, Inc. (BGC): Results of Operations and Financial Condition
BGC Group, Inc. (BGC) filed an SEC Form 8-K — Results of Operations and Financial Condition. BGC GROUP, INC. Second Quarter 2026 Results EXHIBIT 99.1 BGC Group Reports Second Quarter 2026 Financial Results NEW YORK – July 30, 2026 – BGC Group, Inc. (Nasdaq: BGC) today reported its financial results for the quarter ended June 30, 2026. 1 “We produced revenues of $846 mill
How this was made
The 30-second read
Why it matters
Traders can update near-term valuation assumptions using the reported revenue growth, profitability metrics, and FMX market-share/volume indicators, plus a new Fanatics partnership tied to prediction-market ecosystem development.
Market read
Record 2Q26 revenues and higher GAAP and adjusted profitability, alongside FMX UST market-share gains, provide a concrete earnings and operating-metrics update for BGC.
What to watch
The excerpt mentions a sale of kACE and a separate Fanatics partnership, but does not quantify any one-time impacts or provide full liquidity/cash-flow context, which could affect quality of earnings.
BGC Group Reports Second Quarter 2026 Financial Results
Record second-quarter revenues grew across all asset classes, while GAAP pre-tax income, net income for fully diluted shares, adjusted earnings, Adjusted EBITDA, and both reported per-share measures increased year over year. Expense growth, including a UK tax-related reserve, outpaced revenue growth under GAAP, and APAC revenues declined.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| Revenuesother | $845.5 million | – | 7.8% |
| GAAP income from operations before income taxesGAAP | $98.9 million | – | 31.4% |
| GAAP net income for fully diluted sharesGAAP | $69.6 million | – | 26.2% |
| Adjusted Earnings before noncontrolling interest in subsidiaries and taxesnon-GAAP | $192.9 million | – | 11.1% |
| Post-tax Adjusted Earningsnon-GAAP | $171.0 million | – | 11.2% |
| Adjusted EBITDAnon-GAAP | $228.7 million | – | 7.2% |
| GAAP fully diluted earnings per shareGAAP | $0.15 | – | 36.4% |
| Post-tax Adjusted Earnings per sharenon-GAAP | $0.35 | – | 12.9% |
| Compensation and employee benefits under GAAPGAAP | $449.9 million | – | 8.0% |
| Equity-based compensation and allocations of net income to limited partnership unitsGAAP | $75.6 million | – | (10.0)% |
| Non-compensation expenses under GAAPGAAP | $248.1 million | – | 17.4% |
| Total expenses under GAAPGAAP | $773.6 million | – | 8.7% |
| Compensation and employee benefits for Adjusted Earningsnon-GAAP | $443.3 million | – | 7.7% |
| Non-compensation expenses for Adjusted Earningsnon-GAAP | $209.6 million | – | 5.2% |
| Total expenses for Adjusted Earningsnon-GAAP | $652.9 million | – | 6.9% |
| GAAP provision for income taxesGAAP | $30.1 million | – | 57.9% |
| Provision for income taxes for Adjusted Earningsnon-GAAP | $25.6 million | – | 20.7% |
| Fully diluted weighted-average share count under GAAPGAAP | 479.0 million | (0.1)% | (1.2)% |
| Fully diluted weighted-average share count for Adjusted Earningsnon-GAAP | 495.4 million | —% | (1.0)% |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| ECS (“Energy, Commodities, and Shipping”)Strong growth across shipping, environmental, and commodities businesses was partially offset by lower oil and refined product volumes due to disruptions caused by the Strait of Hormuz closure. | $275.5 million | – | 5.3% |
| RatesHigher volumes across all major Rates products during the quarter. | $221.9 million | – | 10.6% |
| Foreign ExchangeStrong volume growth in emerging market and G10 products, and precious metals. | $118.7 million | – | 9.4% |
| CreditPortfolioMatch, along with higher European and emerging market credit volumes. | $79.3 million | – | 5.4% |
| EquitiesStrong U.S. equities volumes were partially offset by lower European equity derivative activity. | $76.0 million | – | 2.8% |
| Total Brokerage RevenuesGrowth across all asset classes. | $771.4 million | – | 7.2% |
| Data, Network, and Post-tradeLucera and Fenics Market Data, partially offset by kACE, which BGC sold in the fourth quarter of 2025. | $36.7 million | – | 3.4% |
| Data, Network, and Post-trade (excluding kACE)Excludes kACE, which BGC sold in the fourth quarter of 2025. | $36.7 million | – | 18.6% |
| Interest and dividend income, Fees from related parties & Other revenuesHigher dividend income during the period, partially offset by lower interest income and other revenues. | $37.4 million | – | 30.7% |
| Fenics MarketsHigher electronic trading volumes across Rates, Credit, and Foreign Exchange, and increased Fenics Market Data revenues. | $152.8 million | – | 12.6% |
| Fenics Markets (excluding kACE)Excludes kACE Financial, which BGC sold on December 31, 2025. | $152.8 million | – | 16.5% |
| Fenics Growth PlatformsPrimarily driven by FMX, PortfolioMatch, and Lucera. | $33.4 million | – | 22.9% |
| Fenics RevenuesFenics Markets and Fenics Growth Platforms increased. | $186.2 million | – | 14.3% |
| Fenics Revenues (excluding kACE)Excludes kACE Financial, which BGC sold on December 31, 2025. | $186.2 million | – | 17.6% |
3Q 2026 outlook
- Revenue$775 - $835 million
- NotePre-tax Adjusted Earnings: $172 - $190 million
Capital returns
- On July 29, 2026, BGC’s Board of Directors declared a quarterly qualified cash dividend of $0.02 per share payable on September 2, 2026 to Class A and Class B common stockholders.
What drove it
- EMEA and Americas grew revenues by 11.2 percent and 6.1 percent, respectively, while APAC revenues decreased by 2.9 percent.
- FMX UST generated record second quarter ADV of $79.4 billion and second quarter market share of 42 percent.
- FMX Futures Exchange delivered second quarter ADV of approximately 54,000 contracts, while total open interest ended at more than 140,000 contracts.
- FMX FX ADV increased by 16 percent to $18.0 billion.
- PortfolioMatch ADV grew 82 percent to $431 million.
- Lucera revenues grew by 15 percent, led by momentum in its FX offering and onboarding of several large new clients.
- BGC announced a partnership with Fanatics to build a prediction market ecosystem serving retail and institutional participants.
Concerns
- APAC revenues decreased by 2.9 percent.
- ECS growth was partially offset by lower oil and refined product volumes due to disruptions caused by the Strait of Hormuz closure.
- Equities growth was partially offset by lower European equity derivative activity.
- Non-compensation expenses under GAAP increased by 17.4 percent, primarily driven by an increased reserve related to a UK tax matter, increased selling and promotion, and commissions and floor brokerage expenses related to higher client activity.
- Data, Network, and Post-trade growth was partially offset by kACE, which BGC sold in the fourth quarter of 2025.
What to watch
- FMX plans to list the remaining tenors across the full U.S. Treasury futures curve on August 3, 2026.
- FMX UST market share was 42 percent, up from 41 percent last quarter and 35 percent a year ago.
- SOFR ADV achieved a monthly record of more than 59,000 contracts in June.
- The development of new data products combining prediction market sentiment with traditional financial market data through the Fanatics partnership.
- 3Q 2026 guidance for revenues of $775 - $835 million and Pre-tax Adjusted Earnings of $172 - $190 million.
Analysis
BGC reported record second-quarter revenues of $845.5 million, up 7.8% from $784.0 million. Growth was broad-based across every reported brokerage asset class, led by Rates, Foreign Exchange, Credit, ECS, and Equities. EMEA and Americas revenue growth offset a 2.9 percent decrease in APAC revenues. Total brokerage revenues increased 7.2% to $771.4 million, while interest and dividend income, fees from related parties and other revenues grew 30.7% to $37.4 million.
Fenics revenues increased 14.3% to $186.2 million, with Fenics Growth Platforms up 22.9% to $33.4 million. FMX, PortfolioMatch, and Lucera were identified as the principal growth-platform contributors. FMX UST reached $79.4 billion of second-quarter ADV and 42 percent market share, while PortfolioMatch ADV grew 82 percent to $431 million. Data, Network, and Post-trade revenue growth was 3.4%, but was 18.6% excluding kACE following the sale of that business in the fourth quarter of 2025.
GAAP income from operations before income taxes increased 31.4% to $98.9 million, GAAP net income for fully diluted shares rose 26.2% to $69.6 million, and GAAP fully diluted EPS increased to $0.15 from $0.11. Post-tax Adjusted Earnings increased 11.2% to $171.0 million and Adjusted EBITDA increased 7.2% to $228.7 million. GAAP expenses rose 8.7% to $773.6 million, exceeding the reported revenue growth rate, driven in part by a UK tax-related reserve and higher selling, promotion, commissions, and floor brokerage costs. Adjusted total expenses increased 6.9% to $652.9 million.
The company declared a quarterly qualified cash dividend of $0.02 per share payable on September 2, 2026. Fully diluted weighted-average share counts declined year over year under both GAAP and Adjusted Earnings. No repurchase activity, operating cash flow, free cash flow, cash balance, or debt balance was included in the provided filing text.
For 3Q 2026, BGC guided to revenues of $775 - $835 million and Pre-tax Adjusted Earnings of $172 - $190 million. Execution points include the planned August 3 listing of remaining U.S. Treasury futures tenors, continued FMX market-share and open-interest growth, and the Fanatics partnership to develop prediction-market data products. The reported outlook provides no gross-margin, operating-expense, or tax-rate guidance.
Management, verbatim
We produced revenues of $846 million, a second quarter record, up 8 percent versus last year. This growth was broad-based across every asset class, reflecting the durability, diversification, and strength of our global platform. Our revenues for the first half of 2026 were up more than 24 percent to $1.8 billion, the highest ever through the first two quarters of the year. FMX once again saw market share gains across its cash U.S. Treasury and futures businesses. FMX UST market share grew to 42 percent, a new all-time high, and FMX SOFR and U.S. Treasury futures also reached new market share highs in June 2026. Earlier this week, we announced our partnership with Fanatics, a global sports platform, to build a prediction market ecosystem serving both retail and institutional participants. Together, BGC and Fanatics will deliver unique market data across this innovative asset class, which we believe will create long-term shareholder value.
Sean Windeatt, Co-Chief Executive Officer
Not in the filing
stated, not guessed- Gross profit and gross margin
- GAAP operating income line item
- GAAP net income attributable to common stockholders line item
- Operating cash flow
- Free cash flow
- Cash and cash equivalents
- Debt
- Share repurchases
- Dividend record date, which is truncated in the provided filing text
- 3Q 2026 gross-margin guidance
- 3Q 2026 operating-expense guidance
- 3Q 2026 tax-rate guidance
- Prior-period outlook for comparison
AlphAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
BGC filed an 8-K (Item 2.02) with Exhibit 99.1 reporting second quarter 2026 results for the quarter ended June 30, 2026.
Ticker impact
BGC reported 2Q26 revenues of $845.5 million, up 7.8% YoY, and highlighted record FMX UST market share at 42%.
Near-term bias modestly positive, with traders likely focusing on FMX market-share strength and growth breadth across asset classes.
This is a primary SEC filing with multiple quantified datapoints (revenue, GAAP and adjusted profitability, segment growth, and FMX UST share). However, the excerpt does not include full guidance or balance-sheet/liquidity details, limiting conviction on forward earnings power.
Market effects
Supports the view that electronic trading and market-data/network revenue streams remain resilient for brokerage platforms.
Americas and EMEA revenue growth (6.1% and 11.2%) suggests strength is not confined to one region.
Partnership-driven prediction-market ecosystem narrative may broaden demand for market data and analytics globally.
Counterpoint
Growth is partly offset by APAC revenue decline and ECS volume headwinds from Strait of Hormuz disruptions, so results may not be uniformly strong across macro regimes.
Key entities
- companyBGC Group, Inc.
Nasdaq-listed brokerage and market infrastructure provider reporting 2Q26 financial results and segment performance.
- business_partnerFanatics
Partnered with BGC to build a prediction market ecosystem and to receive BGC’s legacy CFTC-registered DCM/DCO.
- business_segmentFMX
BGC’s futures exchange platform referenced for UST market share and ADV/contract metrics.
