BGC Group Posts Record Third-Quarter Revenue

The Tip Desk · November 8, 2026 · 4 min read

Revenue reached $832.6 million as several brokerage lines posted double-digit growth and GAAP profit rose on a $35.0 million divestiture gain.

BGC Group, Inc. (BGC) reported third-quarter 2026 revenues of $832.6 million, up 13.0% from a year earlier, a standalone record that followed 7.8% growth in the second quarter.

The global broker said the increase was led by double-digit growth in Energy, Commodities and Shipping, Rates, Foreign Exchange and Equities, and that the growth took both GAAP and Adjusted Earnings to all-time highs for the third quarter and the first nine months. GAAP income from operations before income taxes was $98.1 million, up 192.7% from $33.5 million a year earlier, including a $35.0 million gain on divestiture and sale of investments that was zero a year earlier. GAAP fully diluted earnings were $68.7 million, or $0.14 a share, versus $26.8 million, or $0.06 a share, a year earlier.

Pre-tax Adjusted Earnings were $187.5 million, up 20.9% from $155.1 million. Post-tax Adjusted Earnings were $165.9 million, or $0.34 a share. Adjusted EBITDA was $249.5 million.

ECS revenues were $287.1 million, up 18.8% from $241.6 million a year earlier, after 5.3% growth in the second quarter. The company said the increase reflected strong growth across shipping, environmental and crude oil businesses, partially offset by lower refined product volumes. Rates revenues were $219.6 million, up 12.4%, reflecting higher volumes across G10 government bonds, inflation products and emerging market rates. Foreign Exchange revenues were $121.5 million, up 13.9%, primarily due to strong volume growth in emerging markets, G10 forwards and Macro Hive. Equities revenues were $77.3 million, up 28.0%, reflecting growth across U.S. and European equities and private markets.

Credit revenues were $67.4 million, down 2.5%, due to lower emerging market and European credit volumes, partially offset by strong CDS activity. Total brokerage revenues were $772.8 million, up 14.8%. Data, Network, and Post-trade revenues were $36.1 million, up 5.1%; excluding kACE, which BGC sold in the fourth quarter of 2025, the line was up 21.2%. Interest and dividend income, Fees from related parties and Other revenues were $23.6 million, down 19.7%, due to the wind-down of a non-core logistics business acquired as part of OTC and lower interest income.

EMEA, Americas and APAC grew revenues by 15.7%, 12.3% and 3.4%, respectively.

Fenics revenues were a third-quarter record $181.3 million, up 13.3%; excluding kACE, they were up 16.6%. Fenics Markets revenues were $145.1 million, up 8.1%, driven by higher electronic trading volumes across Rates and Credit and increased Fenics Market Data revenues. Fenics Growth Platforms generated $36.2 million, up 39.8%, primarily from FMX, PortfolioMatch and Lucera. FMX revenues increased by more than 35% to $30.5 million, driven by Rates, FX and Market Data.

FMX UST average daily volume grew 40% year over year to a third-quarter record of $83.0 billion, more than double the growth rate of U.S. Primary Dealer Treasury volumes. FMX UST’s third-quarter CLOB market share was 42%, up from 37% a year ago. FMX Futures Exchange delivered ADV of more than 80,000 contracts, nearly seven-fold higher than a year ago. Volumes averaged 112,000 contracts per day in September after the August listing of the full U.S. Treasury futures curve. FMX FX ADV increased 43% to $18.7 billion. PortfolioMatch ADV grew 34% to a third-quarter record of $419 million. Lucera generated record revenues that grew 28%.

GAAP compensation and employee benefits were $456.0 million, up 13.9%. Adjusted-Earnings compensation was $442.2 million, up 14.7%. GAAP non-compensation expenses were $254.3 million, up 10.1%, including a non-cash charge related to the write-off of certain capitalized assets. Adjusted-Earnings non-compensation expenses were $205.0 million, up 4.3%. GAAP total expenses were $783.5 million, up 11.0%. The GAAP tax provision was $28.0 million.

The fully diluted weighted-average share count for Adjusted Earnings was 492.2 million. Co-Chief Executive Officer John Abularrage said JP Aubin will become Vice Chairman and step down as Co-Chief Executive Officer at year-end. The board declared a quarterly cash dividend of $0.02 a share payable December 9, 2026.

BGC guides fourth-quarter 2026 revenues of $805 million to $865 million and pre-tax Adjusted Earnings of $178 million to $196 million.