Bgc Group Inc

bgcg.com

What Do They Do?

Brokers financial, energy and commodity products and provides trade execution, market-data and post-trade services to banks, broker-dealers and institutional trading firms.

How Do They Make Money?

BGC earns revenue primarily from brokerage commissions and the spread between buy and sell prices on matched-principal trades; it also earns fees from related parties and data, network and post-trade services.

revenue

Segment	Share	Revenue
Commissions	92%
Data, network and post-trade	5.7%
Fees from related parties	0.8%
Total other revenues	1.1% FY2022: 8.3%

Who Are Their Customers?

Banks and broker-dealers, trading and investment firms, and energy and commodity producers and consumers use BGC’s brokerage and market-data services. Brokers and salespeople sell directly, while data is also offered through direct feeds and third-party platforms.

Do Revenues Turn Into Profits?

Yes. It kept 5 cents of every revenue dollar as net income in FY2025 and turned 13 cents into free cash flow.

Net income, FY2025

5% of revenue

▲ +26% vs FY2024 ($123.2M, 5%)

Free cash flow, FY2025

13% of revenue

▲ +30% vs FY2024 ($285.7M, 13%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▲ +8%; vs $784M in Q2 FY2025
Net income: ▲ +26%; vs $57.5M in Q2 FY2025

Commissions share of total revenues from contracts with customers vs 92.5% in Q2 FY2025

Growing. Revenue grew 46% in 4 years, from $2B in FY2021 to $2.9B in FY2025, about 10% a year.

Revenue over time

Commissions Data, network and post-trade Fees from related parties Total other revenues Credit FX Energy and Commodities Equities Insurance1 Rates

$2.5B$1.3B$0

FY2021 FY2022 FY2023 FY2024 FY2025

Who Do They Compete With?

Competes with TP ICAP, Tradition, Tradeweb, Marex Group, StoneX Group, Clarksons, Bloomberg, LSEG Data & Analytics, Pico, ION Group, ICE, CME, and MarketAxess

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