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BGC Group (BGC) Q2 2026 Earnings Report
BGC Q2 2026 EPS Results
- Actual EPS
- $0.35
- Consensus EPS
- $0.34
- Beat/Miss
- Beat by +$0.01
- One Year Ago EPS
- $0.31
BGC Q2 2026 Revenue Results
- Actual Revenue
- $845.09M
- Expected Revenue
- $812.77M
- Beat/Miss
- Beat by +$32.32M
- YoY Revenue Growth
- +8.13%
Earnings Announcement Details
- Quarter
- Q2 2026
- Date
- 07/30/2026
- Time
- Before Open
- Conference Call
- Thursday, July 30, 2026
BGC Group's next earnings date is estimated for November 5, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
The call emphasized strong, broad-based revenue growth, record results in multiple areas (Q2 revenue, Fenics, FMX market share and volumes), improved profitability and margin expansion, and strategic initiatives (Fanatics partnership, compute markets). Key negatives included a regional revenue decline in Asia Pacific, geopolitical-driven volume disruptions in ECS (Strait of Hormuz), a notable decline in reported liquidity versus year-end, and higher operating expenses. Management provided constructive Q3 guidance and highlighted long-term optionality from electronic/FM X growth and strategic partnerships, while acknowledging some nascent-business uncertainty and near-term geopolitical/seasonal conservatism in guidance.
For the third quarter of FY26 BGC guided revenues of $775 million to $835 million (versus $737 million in 3Q25), with the midpoint implying just over 9% revenue growth in the quarter and roughly 19% revenue growth for the first nine months of 2026; management expects pretax adjusted earnings of $172 million to $190 million (versus $155.1 million in 3Q25), with the midpoint implying ~17% earnings growth for the quarter and ~24% earnings growth for the first nine months, and reiterated a full‑year adjusted earnings tax rate of 11%–14%.
- Record Quarter and Strong Year-to-Date GrowthQ2 revenues of $845.5 million, a second-quarter record and up 7.8% year-over-year. First half 2026 revenues rose more than 24% to $1.8 billion, the highest first-half result in company history; management noted double-digit revenue growth each year since 2022.
- Broad-Based Brokerage Growth by Asset ClassTotal brokerage revenues grew 7.2% to $771.4 million. Key segment performance: ECS $275.5M (+5.3%), Rates $221.9M (+10.6%), Foreign Exchange $118.7M (+9.4%), Credit $79.3M (+5.4%), Equities $76.0M (+2.8%), Data/network/post-trade $36.7M (+18.6%, excluding Case).
- Fenics MomentumFenics revenues rose 14.3% to a second-quarter record $186.2 million. Fenics Markets revenue increased 16.5% to $152.8M (ex-Case) and Fenics Growth Platform grew 22.9% to $33.4M. Lucera (network infrastructure) revenues grew 15%.
- FMX Market Share Gains and Rapid Volume GrowthFMX UST market share reached a new all-time high of 42% (up from 35% a year ago and 41% last quarter). FMX UST ADV was $79.4 billion (+17% YoY). FMX futures ADV ~54,000 contracts in Q2 (~16x year-ago level). FMX FX ADV increased 16% to $18 billion. US Treasury futures average >15,000 contracts/day and total open interest rose to >140,000 contracts from ~22,000 a year ago.
- Profitability and Margin ExpansionPretax adjusted earnings rose 11.1% to $192.9 million with a pretax incremental margin of 31.3%. Post-tax adjusted earnings increased 11.2% to $171.0 million; adjusted EPS was $0.35 (+12.9% YoY). Adjusted EBITDA rose 7.2% to $228.7 million.
- Positive Guidance and Event RoadmapQ3 revenue guidance of $775M–$835M (prior year Q3: $737M) — midpoint implies ~9% YoY growth. Q3 pretax adjusted earnings guide $172M–$190M (prior year Q3: $155.1M) — midpoint implies ~17% YoY growth. Full-year adjusted tax rate expected 11%–14%. Company announced FMX Investor Day (Oct 13) with Geoffrey Hinton as keynote.
- Strategic Partnership and New Product LaunchesAnnounced partnership with Fanatics to build a prediction market ecosystem combining BGC's client network and Fanatics' 100M+ customer database; terms include upfront consideration, performance-based earnout, and a data license. Launched BGC Compute Infrastructure markets (secondary market for compute/memory capacity) to extend power business exposure.
- Balance Sheet and Credit RecognitionLiquidity of $861.4 million as of June 30, 2026. Company received upgraded credit ratings from Kroll (BBB+) and JCRA (A-) citing continued strong performance.
BGC Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Nov 05, 2026 | 2026 (Q3) | 0.34- | 0.29 | ― | ― |
| Jul 30, 2026 | 2026 (Q2) | 0.340.35 | 0.31 | 12.90% (+0.04) | |
| May 07, 2026 | 2026 (Q1) | 0.410.41 | 0.29 | 41.38% (+0.12) | |
| Feb 12, 2026 | 2025 (Q4) | 0.290.31 | 0.25 | 24.00% (+0.06) | |
| Nov 06, 2025 | 2025 (Q3) | 0.280.29 | 0.26 | 11.54% (+0.03) | |
| Jul 31, 2025 | 2025 (Q2) | 0.310.31 | 0.23 | 34.78% (+0.08) | |
| May 07, 2025 | 2025 (Q1) | 0.280.29 | 0.25 | 16.00% (+0.04) | |
| Feb 14, 2025 | 2024 (Q4) | 0.250.25 | 0.21 | 19.05% (+0.04) | |
| Oct 31, 2024 | 2024 (Q3) | 0.230.26 | 0.19 | 36.84% (+0.07) | |
| Jul 30, 2024 | 2024 (Q2) | 0.230.23 | 0.2 | 15.00% (+0.03) |
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
