EarningsQ2 2026 Earnings Report
DE:ESD Q2 2026 EPS Results
Actual EPS€0.31
Consensus EPS€0.30
Beat/MissBeat by +€0.01
One Year Ago EPS€0.28
DE:ESD Q2 2026 Revenue Results
Actual Revenue€754.24M
Expected Revenue€725.40M
Beat/MissBeat by +€28.84M
YoY Revenue Growth+8.13%
Earnings Announcement Details
QuarterQ2 2026
Date07/30/2026
TimeBefore Open
Conference CallThursday, July 30, 2026
DE:ESD Upcoming Earnings
BGC Group's next earnings date is estimated for November 4, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
DE:ESD Q2 2026 Earnings Call
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Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
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.Company Guidance
Record Quarter and Strong Year-to-Date Growth
Q2 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 Class
Total 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 Momentum
Fenics 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 Growth
FMX 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 Expansion
Pretax 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 Roadmap
Q3 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 Launches
Announced 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 Recognition
Liquidity of $861.4 million as of June 30, 2026. Company received upgraded credit ratings from Kroll (BBB+) and JCRA (A-) citing continued strong performance.
DE:ESD Earnings History
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.
Beat
Missed