Fubotv earnings beat by $0.10, revenue topped estimates
Introduction & Market Context
BGC Group, Inc. (NASDAQ:BGC) delivered exceptional financial results in its Q2 2025 earnings presentation released on July 31, 2025. The company reported record-breaking revenues of $784 million, representing a 42.3% increase compared to the same period last year. This substantial growth was driven by the successful integration of the OTC acquisition, which transformed BGC into the world’s largest energy and commodities broker, alongside strong organic growth across all business segments.
The impressive Q2 performance significantly exceeded the guidance provided during the Q1 2025 earnings call, where management had projected Q2 revenues between $715-$765 million. The company’s strategic focus on expanding its electronic trading platforms and diversifying its global product offerings has positioned it well in an increasingly competitive marketplace.
Quarterly Performance Highlights
BGC Group achieved record financial results across all key metrics in Q2 2025. Revenue surged 42.3% year-over-year to $784 million, while pre-tax adjusted earnings grew 38.0% to $173.6 million. Post-tax adjusted earnings increased 34.0% to $153.7 million, with adjusted EBITDA rising 31.4% to $213.3 million. On a per-share basis, GAAP fully diluted EPS improved 37.5% to $0.11, while post-tax adjusted EPS grew 34.8% to $0.31.
As shown in the following comprehensive overview of BGC’s Q2 2025 financial performance:
Even excluding the impact of the OTC acquisition, BGC’s revenue grew 20.9% year-over-year to $666 million, demonstrating strong organic growth across the company’s core businesses. This performance builds upon the momentum reported in Q1 2025, when the company achieved 15% year-over-year revenue growth to $664.2 million.
Detailed Financial Analysis
BGC’s revenue growth was broad-based across all asset classes, with particularly strong performance in the Energy, Commodities, & Shipping (ECS) segment, which grew 122.2% year-over-year following the OTC acquisition. Rates and Foreign Exchange segments also showed robust growth of 20.8% and 21.9%, respectively. The Equities segment delivered impressive growth of 43.8%, while Credit grew 8.5%.
The following chart illustrates BGC’s revenue distribution by asset class for Q2 2025:
Geographically, BGC saw strong performance across all regions, with EMEA leading at 53% of total revenue, followed by the Americas at 36% and Asia Pacific at 11%. Revenue growth was particularly strong in EMEA, which increased 50.3% year-over-year to $419.5 million, while the Americas grew 40.3% to $278.7 million and Asia Pacific increased 17.4% to $85.8 million.
The company’s geographic revenue distribution is illustrated in the following breakdown:
BGC’s front office productivity reached record levels in Q2 2025, with productivity per employee exceeding $1.1 million on a last twelve months basis. This represents a significant improvement from $977,000 in Q2 2024 and reflects the company’s successful efforts to enhance operational efficiency through technology and automation.
As demonstrated in the following chart tracking BGC’s front office productivity:
Strategic Initiatives
The acquisition of OTC Global Holdings, completed in Q2 2025, has transformed BGC’s Energy, Commodities, & Shipping (ECS) segment, making the company the world’s largest ECS broker. This strategic move has significantly expanded BGC’s product offerings and global reach in this high-growth segment.
The ECS segment achieved record revenue of $262 million in Q2 2025, representing 122% year-over-year growth. Even excluding the OTC acquisition, the segment delivered strong organic growth of 27% year-over-year.
As shown in the following overview of BGC’s ECS segment:
BGC continues to make significant progress with its electronic trading platforms. Fenics, the company’s electronic trading division, generated revenue of $163 million in Q2 2025, up 19% year-over-year. The platform now accounts for a substantial portion of BGC’s total revenue, with particularly strong contributions from Rates (42%), Data, Network & Post-Trade (22%), and Foreign Exchange (17%).
The following chart provides a detailed breakdown of Fenics’ performance:
FMX, BGC’s electronic trading platform for U.S. Treasuries, achieved record volume of $68 billion average daily volume (ADV) in Q2 2025, representing 45% year-over-year growth. The platform’s market share increased to 35.1% in Q2 2025, up 250 basis points quarter-over-quarter and 530 basis points year-over-year, demonstrating its growing competitive position against established players like CME BrokerTec.
The following slide illustrates FMX’s impressive growth trajectory:
Forward-Looking Statements
For Q3 2025, BGC expects revenue between $715 million and $765 million, representing growth of 27-36% compared to Q3 2024. Excluding the OTC acquisition, organic revenue growth is projected at 8-15%. Pre-tax adjusted earnings are expected to be between $150 million and $165 million, up 18-30% year-over-year.
The company’s Q3 2025 outlook is summarized in the following guidance table:
BGC maintains a strong financial position with $826.5 million in cash and cash equivalents as of June 30, 2025, up from $711.6 million at the end of 2024. The company has an investment grade credit rating of BBB- with a stable outlook from both Fitch and S&P, reflecting its solid financial foundation. During Q2 2025, BGC issued $700 million of 6.150% Senior Notes due April 2, 2030, further strengthening its capital structure.
BGC’s consistent earnings growth over the past several years demonstrates the company’s successful execution of its strategic initiatives and its ability to capitalize on market opportunities. The company has delivered five consecutive quarters of year-over-year growth in pre-tax adjusted earnings, with Q2 2025 marking a new record at $174 million.
As illustrated in the following chart tracking BGC’s earnings growth:
With its expanded product offerings, growing electronic trading platforms, and improved operational efficiency, BGC Group appears well-positioned to continue its strong performance in the coming quarters, building on the momentum established in the first half of 2025.
Full presentation:
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