BGC Group, Inc. — Third Quarter 2026 Earnings Summary

Financial Performance:

• Consolidated revenues reached $832.6 million, a 13.0% increase year-over-year from $736.8 million.
• GAAP income from operations before income taxes was $98.1 million, up 192.7% from $33.5 million.
• GAAP net income for fully diluted shares was $68.7 million, a 156.7% increase from $26.8 million.
• Adjusted Earnings before noncontrolling interest and taxes were $187.5 million, up 20.9% from $155.1 million.
• Post-tax Adjusted Earnings were $165.9 million, a 17.5% increase from $141.1 million.
• Adjusted EBITDA was $249.5 million, up 48.9% from $167.6 million.
• GAAP fully diluted earnings per share were $0.14, compared to $0.06 in the prior year period.
• Post-tax Adjusted Earnings per share were $0.34, up from $0.29.
• Total expenses under GAAP were $783.5 million, an 11.0% increase from $705.6 million.
• Compensation and employee benefits under GAAP were $456.0 million, up 13.9%.
• Non-compensation expenses under GAAP were $254.3 million, up 10.1%, driven by a non-cash charge for the write-off of capitalized assets.
• GAAP provision for income taxes was $28.0 million, compared to $7.4 million.
• Cash and cash equivalents were $822.1 million as of September 30, 2026, down from $851.5 million at December 31, 2025.
• Total liquidity (cash, cash equivalents, and financial instruments owned at fair value) was $917.3 million.
• Total assets were $5.76 billion, up from $4.41 billion at December 31, 2025.
• Total liabilities were $4.50 billion, up from $3.27 billion at December 31, 2025.
• Total stockholders' equity was $1.09 billion, up from $972.5 million.

Guidance and Future Outlook:

• Provided guidance for the fourth quarter of 2026 with revenues expected between $805 million and $865 million.
• Provided guidance for fourth quarter 2026 pre-tax Adjusted Earnings between $178 million and $196 million.
• Actual fourth quarter 2025 revenues were $756.4 million, and actual pre-tax Adjusted Earnings were $161.3 million.

Business Segments and Product Lines:

• ECS (Energy, Commodities, and Shipping): Revenues grew 18.8% to $287.1 million, driven by shipping, environmental, and crude oil businesses.
• Rates: Revenues increased 12.4% to $219.6 million, reflecting higher volumes in G10 government bonds, inflation products, and emerging market rates.
• Foreign Exchange: Revenues rose 13.9% to $121.5 million, driven by emerging markets, G10 forwards, and Macro Hive.
• Credit: Revenues decreased 2.5% to $67.4 million due to lower emerging market and European credit volumes.
• Equities: Revenues grew 28.0% to $77.3 million, driven by U.S. and European equities and private markets.
• Data, Network, and Post-trade: Revenues increased 5.1% to $36.1 million; excluding the sold kACE business, revenues grew 21.2%.
• Fenics Markets: Revenues grew 8.1% to $145.1 million, driven by electronic trading volumes in Rates and Credit and Market Data.
• Fenics Growth Platforms: Revenues surged 39.8% to $36.2 million, driven by FMX, PortfolioMatch, and Lucera.
• FMX: Revenues increased over 35% to $30.5 million; U.S. Treasury futures ADV reached a record $83.0 billion with a 42% market share.
• Lucera: Generated record revenues, growing 28%, driven by foreign exchange and fixed income offerings.
• PortfolioMatch: ADV grew 34% to a record $419 million.
• Completed the first AI-brokered institutional trade in listed equity derivatives in September.
• FMX listed the full U.S. Treasury futures curve in August, driving volumes to all-time highs.
• Sold kACE in the fourth quarter of 2025.

Market and Competitive Landscape:

• EMEA, Americas, and APAC geographies grew revenues by 15.7%, 12.3%, and 3.4%, respectively.
• FMX UST market share increased to 42% from 37% a year ago.
• FMX Futures Exchange delivered a record quarter with ADV of more than 80,000 contracts, nearly seven-fold higher than the prior year.
• FMX FX ADV increased 43% to $18.7 billion, resulting in continued market share gains.

Risks and Challenges:

• Non-compensation expenses included a non-cash charge related to the write-off of certain capitalized assets.
• Credit revenues declined due to lower emerging market and European credit volumes.
• Interest and dividend income, fees from related parties, and other revenues decreased 19.7% due to the wind-down of a non-core logistics business and lower interest income.
• GAAP expenses included $9.9 million in charges related to a cost reduction program and acquisition-related expenses.
• GAAP expenses included a $22.6 million non-cash impairment charge related to long-lived assets.
• GAAP expenses included $14.5 million in September 11th Charity Day contributions.

Management Commentary and Tone:

• John Abularrage, Co-Chief Executive Officer, stated the company delivered record third-quarter revenues and that strong growth drove GAAP and Adjusted Earnings to all-time highs.
• Management highlighted the development of technology shaping the future of markets, including the first AI-brokered institutional trade and the partnership with Fanatics.
• Announced that JP Aubin will become Vice Chairman and step down as Co-Chief Executive Officer at year-end.

Other Key Points:

• On November 4, 2026, the Board of Directors declared a quarterly qualified cash dividend of $0.02 per share, payable on December 9, 2026.
• Recorded a gain of $35.0 million associated with the sale of Water Street Labs, LLC and CX Clearinghouse L.P. to Fanatics.
• Fully diluted weighted-average share count for Adjusted Earnings was 492.2 million, down 0.4% year-over-year.
• Total brokerage revenues grew 14.8% to $772.8 million.
• Investor presentation and Excel financial tables are available at http://ir.bgcg.com.
• Conference call held on November 5, 2026, at 10:00 a.m. ET.