BGC Group(DE:ESD)
€10.00+0.30 (+3.09%)
DE:ESD
BGC Group earnings date
€10.00
At close:+0.30 (+3.09%)
BGC Group (ESD) Q3 2026 Earnings Report
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DE:ESD Q3 2026 EPS Results
- Actual EPS
- EUR 0.30
- Consensus EPS
- EUR 0.30
- Beat/Miss
- Beat by +EUR 0.00
- One Year Ago EPS
- EUR 0.26
DE:ESD Q3 2026 Revenue Results
- Actual Revenue
- EUR 745.24M
- Expected Revenue
- EUR 738.51M
- Beat/Miss
- Beat by +EUR 6.73M
- YoY Revenue Growth
- +13.03%
Earnings Announcement Details
- Quarter
- Q3 2026
- Date
- 11/05/2026
- Time
- Before Open
- Conference Call
- Thursday, November 5, 2026
DE:ESD Upcoming Earnings
BGC Group's next earnings date is estimated for February 18, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
DE:ESD Q3 2026 Earnings Call
0:00 / 0:00
Q3 2026 Earnings Slide Deck
Q3 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call was strongly positive, characterized by record revenue and earnings, double-digit growth across most major businesses, significant FMX volume and market-share gains, AI and technology milestones, upgraded credit ratings, and guidance for continued double-digit growth. These positives were partly tempered by declines in credit and other revenue, higher expenses, lower liquidity versus year-end, weaker refined-product volumes, and the early-stage nature of the compute opportunity.
Company Guidance
For the fourth quarter and full year 2026, BGC expects revenues of between $805 million and $865 million, compared to $756.4 million in the fourth quarter of 2025, which at the midpoint of guidance would represent 10% revenue growth for the fourth quarter and 18% revenue growth for the full year; pre-tax Adjusted Earnings are expected to be in the range of $178 million-$196 million, versus $161.3 million last year, which at the midpoint of guidance would represent 16% earnings growth for the fourth quarter and 23% earnings growth for the full year; the Adjusted Earnings tax rate is expected to be between 11% and 14% for the full year 2026, and the outlook assumes no material acquisitions or dispositions.
- Record Third-Quarter Revenue and EarningsThird-quarter revenue reached a record $832.6 million, up 13% year over year, with total brokerage revenue growing 14.8% to $772.8 million. GAAP and adjusted earnings reached all-time highs for the third quarter and first nine months of the year.
- Strong ECS PerformanceECS revenue increased 18.8% to $287.1 million, supported by strong growth in shipping, environmental, crude oil, biodiesel, and fats and greases businesses. Management said the breadth and scale of ECS positioned it to perform across multiple market conditions.
- Rates, Foreign Exchange, and Equities GrowthRates revenue increased 12.4% to $219.6 million, driven by higher volumes across G10 government bonds, inflation products, and emerging-market rates. Foreign exchange revenue rose 13.9% to $121.5 million, primarily due to strong emerging-market, G10 forwards, and Macro Hive volumes. Equities revenue grew 28% to $77.3 million, reflecting strong growth across U.S. and European equities and private markets.
- Record Fenics Revenue and Growth PlatformsFenics revenue increased 13.3% to a third-quarter record of $181.3 million. Fenics Markets revenue rose 11.9%, excluding KACE, driven by higher electronic trading volumes across rates and credit and increased market-data revenue. Fenics Growth Platforms revenue grew 39.8% to $36.2 million, primarily driven by FMX, PortfolioMatch, and Lucera.
- FMX UST and Futures Exchange MomentumFMX revenue increased more than 35% to $30.5 million, driven by rates, FX, and market data. FMX UST generated record third-quarter average daily volume of $83 billion, up 40% year over year, and market share increased to 42% from 37% a year ago. FMX Futures Exchange delivered record quarterly average daily volume of more than 80,000 contracts, nearly sevenfold higher than a year ago, reaching 112,000 contracts per day in September after the August listing of the full U.S. Treasury futures curve.
- Growth in FMX FX, PortfolioMatch, and LuceraFMX FX average daily volume increased 43% to $18.7 billion, driven by spot FX and NDFs, resulting in continued market share gains. PortfolioMatch average daily volume grew 34% to a third-quarter record of $419 million, outpacing the broader credit market and producing another quarter of market share gains. Lucera generated record revenue, up 28% in the quarter, driven by its foreign exchange and fixed-income offerings.
- AI-Brokered Trading Milestone and Continued AI InvestmentBGC completed its first fully AI-brokered institutional trade in listed equity derivatives in September, using autonomous AI-powered systems from price discovery through execution. Management said it is spending time and money on AI, expects AI to affect every part of the business, and is continuing to focus on safe implementation for clients and investors.
- Technology and Market Development InitiativesBGC highlighted its prediction-market partnership with Fanatics, its first fully AI-brokered institutional trade, and continued development of technology intended to shape the future of its markets. The company also hosted its first FMX Investor Day to present FMX's growth strategy and platform strength to market participants and regulators.
- Record Adjusted Earnings and EBITDAPre-tax adjusted earnings increased 20.9% to $187.5 million, representing a pre-tax incremental margin of 33.9%. Post-tax adjusted earnings rose 17.5% to $165.9 million, and adjusted earnings per share increased 17.2% to $0.34. Adjusted EBITDA increased 48.9% to $249.5 million.
- Improved Credit RatingsBGC received upgraded credit ratings from Kroll and JCRA to BBB+ and A-, respectively, with management attributing the upgrades to the continued strong performance of the business.
- Leadership Transition Positioned as Business ContinuityJP Aubin will become Vice Chairman and step down as Co-Chief Executive Officer at year-end. Management said the change is business as usual, that Aubin will continue focusing on markets and regions he knows best, and that the two-Co-CEO structure has worked incredibly well.
- Positive Fourth-Quarter and Full-Year 2026 OutlookFourth-quarter revenue is expected to be $805 million to $865 million versus $756.4 million in the fourth quarter of 2025; at the midpoint, this represents 10% revenue growth. Full-year revenue growth is expected to be 18% at the midpoint. Fourth-quarter pre-tax adjusted earnings are expected to be $178 million to $196 million versus $161.3 million last year; at the midpoint, this represents 16% quarterly earnings growth and 23% full-year earnings growth. The full-year adjusted earnings tax rate is expected to be between 11% and 14%.
- Emerging Compute Market OpportunityBGC reported more interest and connectivity from neoclouds and hyperscalers. Although compute is not yet a meaningful part of the business, management said it is onboarding and working with participants, views the opportunity as tremendous, and expects compute could become an important asset class over the next few years.
DE:ESD Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Feb 18, 2027 | 2026 (Q4) | 0.31- | 0.28 | ― | ― |
| Nov 05, 2026 | 2026 (Q3) | 0.300.30 | 0.26 | 17.24% (+0.04) | |
| Jul 30, 2026 | 2026 (Q2) | 0.300.31 | 0.28 | 12.90% (+0.04) | |
| May 07, 2026 | 2026 (Q1) | 0.360.37 | 0.26 | 41.38% (+0.11) | |
| Feb 12, 2026 | 2025 (Q4) | 0.260.28 | 0.22 | 24.00% (+0.05) | |
| Nov 06, 2025 | 2025 (Q3) | 0.250.26 | 0.23 | 11.54% (+0.03) | |
| Jul 31, 2025 | 2025 (Q2) | 0.280.28 | 0.21 | 34.78% (+0.07) | |
| May 07, 2025 | 2025 (Q1) | 0.260.26 | 0.22 | 16.00% (+0.04) | |
| Feb 14, 2025 | 2024 (Q4) | 0.220.22 | 0.19 | 19.05% (+0.04) | |
| Oct 31, 2024 | 2024 (Q3) | 0.210.23 | 0.17 | 36.84% (+0.06) |
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
