BGC Reports Record Quarter With 31% Jump in Revenue and Strong Earnings

BGC Group reported record third-quarter results for 2025, with revenues climbing 31% year over year, driven by strong performance across its FMX and Fenics trading platforms. Growth spanned all major regions and asset classes.

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Total revenue for the quarter reached $736.8 million, up 31.3% from the previous year. Excluding OTC, revenue rose 11.9% to $627.9 million, marking another quarterly record.

Regional results showed broad-based gains, with EMEA revenue up 37%, Americas up 28%, and APAC up 17%. Pre-tax adjusted earnings climbed 22.4% to $155.1 million, while post-tax adjusted earnings rose 11.5% to $141.1 million, or $0.29 per share. Adjusted EBITDA increased 10.7% to $167.6 million.

“We delivered another outstanding quarter, with record third quarter revenues of $737 million, up 31 percent from $561 million a year ago,” John Abularrage, the Co-Chief Executive Officer, commented. “Revenues of $628 million, excluding OTC, was also a record, driven by growth across every asset class and geography.”

Record Revenues Across All Segments

FMX’s U.S. Treasury segment achieved average daily volumes (ADV) of $59.4 billion, up 12% year-on-year, lifting market share to an all-time high of 37%, compared with 35% in the prior quarter and 29% a year earlier.

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SOFR futures trading also accelerated, with both ADV and open interest tripling compared to the previous quarter. BGC expects similar adoption in its U.S. Treasury futures offering set for 2026. FMX’s FX segment advanced 44% to a third-quarter record $13.1 billion in ADV, reflecting product expansion and new market participants.

The company’s Fenics division reported $160 million in revenue, up 12.7% from the prior year. Fenics Markets revenue rose 12.5% to $134.1 million, driven by higher electronic trading volumes in rates and FX, along with strong demand for Fenics Market Data.

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Fenics Growth Platforms, which includes FMX, PortfolioMatch, and Lucera, generated $25.9 million, a 13.5% rise. Excluding the sale of Capitalab last year, revenue in this segment grew 24.2%.

PortfolioMatch saw its average daily volume more than double, supported by greater algorithmic trading adoption and larger trade sizes. Lucera, which provides real-time trading infrastructure, posted double-digit growth and continued its expansion into EMEA and Asia.

Broad-Based Strength Across Asset Classes

Total brokerage revenue rose 34.4% to $241.6 million. Energy and commodities revenue led the way, climbing 114%, helped by OTC performance and strong organic growth. Rates revenue increased 12% to $195.3 million, FX rose 15.9% to $106.7 million, credit edged up 1.6%, and equities advanced 13.2% to $60.4 million.

BGC’s board and audit committee reapproved a $400 million share repurchase program on November 5, 2025. The firm also confirmed plans to repay $300 million in senior notes maturing in December.