BGC (BGC)


Market Price (8/10/2026): $10.35 | Market Cap: $4.9 BilSector: Financials | Industry: Investment Banking & Brokerage

BGC (BGC)


Market Price (8/10/2026): $10.35
Market Cap: $4.9 Bil
Sector: Financials
Industry: Investment Banking & Brokerage

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0

Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 39%

Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 13%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 11%

Attractive yield
FCF Yield is 7.1%

Low stock price volatility
Vol 12M is 31%

Megatrend and thematic drivers
Megatrends include Fintech & Digital Payments, Digital & Alternative Assets, and Smart Buildings & Proptech. Themes include Wealth Management Technology, Show more.

Weak multi-year price returns
2Y Excs Rtn is -23%

Significant share based compensation
SBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 11%

Key risks
BGC key risks include [1] potential stagnation and ongoing decline from its failure to distinguish itself as a sector leader in offerings or technology.

0 Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 39%
1 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 13%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 11%
2 Attractive yield
FCF Yield is 7.1%
3 Low stock price volatility
Vol 12M is 31%
4 Megatrend and thematic drivers
Megatrends include Fintech & Digital Payments, Digital & Alternative Assets, and Smart Buildings & Proptech. Themes include Wealth Management Technology, Show more.
5 Weak multi-year price returns
2Y Excs Rtn is -23%
6 Significant share based compensation
SBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 11%
7 Key risks
BGC key risks include [1] potential stagnation and ongoing decline from its failure to distinguish itself as a sector leader in offerings or technology.

BGC in ETFs

Weight = BGC's share of each fund

IWM0.14%
IJR0.21%
VB0.05%
IAI0.38%
SLYG0.26%
IJT0.26%
IWO0.25%
VIOV0.17%
+11 more covered ETFs

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Updated on 8/6/2026

BGC (BGC) stock has lost about 10% since 4/30/2026 because of the following key factors:

1. Lowered Fiscal Q3 2026 Revenue Guidance.

Despite BGC Group reporting record revenues of $845.5 million for fiscal Q2 2026 (ended June 30, 2026), which surpassed analyst expectations of $812.77 million, the company's forward-looking guidance for fiscal Q3 2026 revenue was set at a range of $775 million to $835 million. This anticipated sequential decline in revenue, indicating potentially softer growth prospects, likely contributed to investor caution and the stock's subsequent decline after the earnings announcement on July 30, 2026. While adjusted EPS for Q2 2026 also beat consensus at $0.35 versus $0.34, the reduced outlook for the upcoming quarter overshadowed the positive current results.

2. Impact of Geopolitical Disruptions on Energy and Commodities Segment.

BGC Group's Energy, Commodities, and Shipping (ECS) revenues, a key segment, experienced growth of 5.3% to $275.5 million in fiscal Q2 2026. However, this growth was partially offset by lower volumes in oil and refined products, directly attributed to disruptions caused by the Strait of Hormuz closure. This specific external geopolitical event highlighted the company's vulnerability to global supply chain and regional stability issues, creating a drag on an otherwise performing segment.

Show more
Updated on 8/6/2026

BGC (BGC) stock has lost about 10% since 4/30/2026 because of the following key factors:

1. Lowered Fiscal Q3 2026 Revenue Guidance.

Despite BGC Group reporting record revenues of $845.5 million for fiscal Q2 2026 (ended June 30, 2026), which surpassed analyst expectations of $812.77 million, the company's forward-looking guidance for fiscal Q3 2026 revenue was set at a range of $775 million to $835 million. This anticipated sequential decline in revenue, indicating potentially softer growth prospects, likely contributed to investor caution and the stock's subsequent decline after the earnings announcement on July 30, 2026. While adjusted EPS for Q2 2026 also beat consensus at $0.35 versus $0.34, the reduced outlook for the upcoming quarter overshadowed the positive current results.

2. Impact of Geopolitical Disruptions on Energy and Commodities Segment.

BGC Group's Energy, Commodities, and Shipping (ECS) revenues, a key segment, experienced growth of 5.3% to $275.5 million in fiscal Q2 2026. However, this growth was partially offset by lower volumes in oil and refined products, directly attributed to disruptions caused by the Strait of Hormuz closure. This specific external geopolitical event highlighted the company's vulnerability to global supply chain and regional stability issues, creating a drag on an otherwise performing segment.

3. Heightened Market Volatility and Investor Caution.

The broader financial technology and brokerage sector in which BGC Group operates is highly sensitive to overall market sentiment and macroeconomic conditions. Discussions surrounding BGC's fiscal Q2 2026 earnings call referenced "market correction risks, volatility spikes, and downside pressure," suggesting an overarching environment of investor caution and uncertainty. These macroeconomic headwinds likely dampened the stock's performance, as market participants weighed potential systemic risks against company-specific positive developments.

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Stock Movement Drivers

Fundamental Drivers

The -7.7% change in BGC stock from 4/30/2026 to 8/9/2026 was primarily driven by a -21.8% change in the company's P/E Multiple.
(LTM values as of)43020268092026Change
Stock Price ($)11.2110.35-7.7%
Change Contribution By: 
Total Revenues ($ Mil)2,8883,18010.1%
Net Income Margin (%)5.4%5.8%7.8%
P/E Multiple34.126.7-21.8%
Shares Outstanding (Mil)472474-0.6%
Cumulative Contribution-7.7%

LTM = Last Twelve Months as of date shown

Market Drivers

4/30/2026 to 8/9/2026
ReturnCorrelation
BGC-7.7% 
Market (SPY)7.6%-17.1%
Sector (XLF)10.5%38.0%

Fundamental Drivers

The 14.1% change in BGC stock from 1/31/2026 to 8/9/2026 was primarily driven by a 17.6% change in the company's Total Revenues ($ Mil).
(LTM values as of)13120268092026Change
Stock Price ($)9.0710.3514.1%
Change Contribution By: 
Total Revenues ($ Mil)2,7043,18017.6%
Net Income Margin (%)6.1%5.8%-5.7%
P/E Multiple26.026.72.7%
Shares Outstanding (Mil)4754740.1%
Cumulative Contribution14.1%

LTM = Last Twelve Months as of date shown

Market Drivers

1/31/2026 to 8/9/2026
ReturnCorrelation
BGC14.1% 
Market (SPY)12.1%5.0%
Sector (XLF)8.3%33.4%

Fundamental Drivers

The 12.6% change in BGC stock from 7/31/2025 to 8/9/2026 was primarily driven by a 38.8% change in the company's Total Revenues ($ Mil).
(LTM values as of)73120258092026Change
Stock Price ($)9.1910.3512.6%
Change Contribution By: 
Total Revenues ($ Mil)2,2903,18038.8%
Net Income Margin (%)5.8%5.8%-0.3%
P/E Multiple33.126.7-19.5%
Shares Outstanding (Mil)4794741.0%
Cumulative Contribution12.6%

LTM = Last Twelve Months as of date shown

Market Drivers

7/31/2025 to 8/9/2026
ReturnCorrelation
BGC12.6% 
Market (SPY)23.4%15.2%
Sector (XLF)11.3%38.3%

Fundamental Drivers

The 122.7% change in BGC stock from 7/31/2023 to 8/9/2026 was primarily driven by a 149.3% change in the company's Net Income Margin (%).
(LTM values as of)73120238092026Change
Stock Price ($)4.6510.35122.7%
Change Contribution By: 
Total Revenues ($ Mil)1,7983,18076.9%
Net Income Margin (%)2.3%5.8%149.3%
P/E Multiple41.826.7-36.2%
Shares Outstanding (Mil)375474-20.9%
Cumulative Contribution122.7%

LTM = Last Twelve Months as of date shown

Market Drivers

7/31/2023 to 8/9/2026
ReturnCorrelation
BGC122.7% 
Market (SPY)74.9%37.6%
Sector (XLF)70.4%46.4%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
BGC Return--48%26%-1%18%120%
Peers Return20%-28%22%28%-2%10%45%
S&P 500 Return27%-19%24%23%16%13%105%

Monthly Win Rates [3]
BGC Win Rate--83%58%50%75% 
Peers Win Rate52%43%58%58%52%45% 
S&P 500 Win Rate75%42%67%75%67%50% 

Max Drawdowns [4]
BGC Max Drawdown----25%-24%-17% 
Peers Max Drawdown-20%-41%-22%-18%-24%-30% 
S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 


[1] Cumulative total returns since the beginning of 2021
[2] Peers: TW, MKTX, VIRT, CME, ICE.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 8/7/2026 (YTD)

How Low Can It Go

EventBGCS&P 500
2025 US Tariff Shock
  % Loss-21.6%-18.8%
  % Gain to Breakeven27.5%23.1%
  Time to Breakeven42 days79 days
2023 SVB Regional Banking Crisis
  % Loss-12.0%-6.7%
  % Gain to Breakeven13.7%7.1%
  Time to Breakeven27 days31 days

Compare to TW, MKTX, VIRT, CME, ICE

In The Past

BGC's stock fell -21.6% during the 2025 US Tariff Shock. Such a loss loss requires a 27.5% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

EventBGCS&P 500
2025 US Tariff Shock
  % Loss-21.6%-18.8%
  % Gain to Breakeven27.5%23.1%
  Time to Breakeven42 days79 days

Compare to TW, MKTX, VIRT, CME, ICE

In The Past

BGC's stock fell -21.6% during the 2025 US Tariff Shock. Such a loss loss requires a 27.5% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About BGC (BGC)

BGC Group, Inc. (BGC) is a global financial brokerage and technology company that plays a crucial role in facilitating transactions across a broad spectrum of financial markets. The company provides both electronic and hybrid brokerage solutions, offering trade execution, connectivity, and an integrated platform designed to enable efficient price discovery and transaction processing for both over-the-counter (OTC) and exchange-executed trades.

The company’s core business involves brokering a diverse array of financial products. These include fixed income instruments such as government and corporate bonds, various debt instruments, and related interest rate and credit derivatives. BGC also specializes in equities, energy and commodities, shipping, insurance, and futures and options. Beyond brokerage, BGC delivers essential post-trade services like clearing, trade compression, and back-office support, complemented by its offerings in market data and advanced financial technology solutions.

BGC primarily serves a sophisticated and diverse client base within the financial industry. Its main customers include large banks, broker-dealers, investment banks, trading firms, and hedge funds. Furthermore, the company extends its services to governments, corporations, and various investment firms, providing them with critical infrastructure and services vital for their trading and operational needs.

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Here are 1-3 brief analogies for BGC:

  • Like **Bloomberg L.P.** for institutional trading.
  • Like **Nasdaq** for institutional multi-asset brokerage.

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  • Brokerage Services: Facilitates the buying and selling of a wide range of financial instruments including fixed income, equities, energy, commodities, shipping, insurance, futures, and options.
  • Financial Technology Solutions: Provides electronic and hybrid brokerage platforms, connectivity solutions, and other technological tools for trade execution and processing.
  • Post-Trade Services: Offers essential services such as clearing, trade compression, and other back-office support to streamline and finalize transactions.
  • Market Data and Information Services: Supplies critical financial market data and related information to support client decision-making.

AI Analysis | Feedback

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BGC Group, Inc. (BGC) primarily serves other companies and institutions. Its major customers fall into the following categories:

  • Banks
  • Broker-dealers
  • Investment banks
  • Trading firms
  • Hedge funds
  • Governments
  • Corporations
  • Investment firms
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John Abularrage, Co-Chief Executive Officer

Mr. Abularrage joined BGC Group in 2021, bringing over 20 years of financial services experience. Prior to his current role, he held various senior positions at TP ICAP, including Head of Global Broking and Chief Executive Officer of the Americas. Before that, he served as the Chief Executive Officer of North America at Collins Stewart, where he was also the Head of Equities.

JP Aubin, Co-Chief Executive Officer

Mr. Aubin joined BGC in 2005 and has served as Co-Global Head of Brokerage and Chief Executive Officer of EMEA for BGC Group. He was instrumental in developing BGC's voice and electronic broking services in listed products, including equity derivatives, commodities, cash equity, futures and options on futures, and structured products. He also helped drive the company's rapid expansion in Europe, which included the acquisitions of ETC Pollak in 2005 and Aurel in 2006. He was also Global Head for Listed Products and President of Aurel BGC.

Sean Windeatt, Co-Chief Executive Officer and Chief Operating Officer

Mr. Windeatt has been with the company for over 27 years, having joined Cantor Fitzgerald in 1997 in the Finance Department. Following the events of September 11, 2001, he was instrumental in stabilizing and rebuilding the firm's brokerage operations. With BGC's establishment as an independent company in 2004, he became an integral part of its growth and development. He was appointed Chief Operating Officer in 2009 and served as Interim Chief Financial Officer from December 2018 until December 31, 2019. Since 2012, he has also held the role of Chief Executive Officer of BGC's UK business, and in 2023, he was appointed Co-Global Head of Brokerage.

Stephen Merkel, Chairman of the Board of Directors, Executive Vice President and General Counsel

Mr. Merkel was named Chairman of the Board of Directors of BGC Group, Inc. in February 2025, and also retains his roles as Executive Vice President and General Counsel. He has been with BGC since its founding and also serves as Executive Vice Chairman, Executive Managing Director, and General Counsel for the Cantor Fitzgerald, L.P. group of companies, which includes BGC Group, Inc., Cantor Fitzgerald & Co., and Newmark Group, Inc. Before joining Cantor Fitzgerald in 1993, he was Vice President and Assistant General Counsel at Goldman Sachs & Co., dedicated to the J. Aron Division, and prior to that, an associate with Paul, Weiss, Rifkind, Wharton & Garrison. He also served as a law clerk for the Honorable Irving R. Kaufman of the U.S. Court of Appeals for the Second Circuit.

Jason W. Hauf, Chief Financial Officer

Mr. Hauf was appointed Chief Financial Officer of BGC Group, Inc. in June 2022, where he oversees the company's financial operations, including financial and regulatory reporting, financial planning & analysis, treasury management, risk, and investor relations. He joined BGC with over 30 years of financial management and public accounting experience in international organizations. Prior to BGC, he served as Managing Director and CFO of Exos Technology and Financial Partners, where he helped establish an investment bank and technology company. He also held the position of Managing Director and CFO of Royal Bank of Scotland, Corporate and Institutional Banking Division, Americas, and was previously Vice President at AIG Financial Products Corp. He began his career at Coopers & Lybrand.

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Here are the key risks to BGC Group, Inc.'s business:

  1. Competition and Sustaining FMX Growth: BGC Group's strategy heavily relies on the success and continued expansion of its FMX platform, particularly in the US treasury bond market, where it has gained significant market share. However, the company faces intense competition from established players like CME Group, and sustaining this growth requires ongoing financial incentives and technological investments. If trading volumes stabilize or decline, these investments could negatively impact profitability, especially as the current valuation reflects high investor expectations for FMX's continued success.
  2. Regulatory and Compliance Risks: As a global financial brokerage and technology company, BGC Group operates in a highly regulated environment across multiple jurisdictions. Changes in financial laws and regulations, particularly those related to mandatory central clearing, can lead to increased compliance costs and operational complexities, potentially affecting the company's profitability.
  3. Technological and Cybersecurity Risks: BGC Group's operations are heavily dependent on its technology infrastructure and electronic platforms. Defects, disruptions, or failures in these systems, along with the constant threat of cybersecurity breaches, malicious attacks, or data theft, pose significant risks. Such incidents could severely damage the company's reputation, result in substantial financial losses, and lead to regulatory penalties.

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The emergence of advanced AI-driven platforms and fully autonomous trading systems that enable financial institutions to execute complex transactions and manage post-trade services directly, thereby disintermediating traditional brokerage functions and reducing reliance on hybrid or electronic intermediary services like those offered by BGC.

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Here are the addressable market sizes for BGC Group, Inc.'s main products and services:

  • Fixed Income Brokerage: The global bond market, a key component of fixed income, was valued at approximately $141.34 trillion in 2024 and is projected to reach $166.81 trillion by 2030, growing at a CAGR of 2.8%. Another estimate valued the global fixed income market at $153.39 trillion in 2025, expected to reach $198.58 trillion by 2030. The total debt outstanding in the global bond market exceeded US$156 trillion as of August 2025. The United States represents the largest share, valued at over $51 trillion in 2024.
  • Equities Brokerage: The global stock market was valued at USD 124 trillion based on a five-year historical analysis. More recently, the global stock market had a total value of $127 trillion as of August 2025, with nearly half ($62.2 trillion) concentrated in America. The global stockbroking market size was valued at USD 49.65 billion in 2024 and is expected to grow to USD 124.96 billion by 2033, with a CAGR of 10.80%.
  • Energy and Commodities Brokerage: The global commodity trading services market was valued at US$ 5.009 billion in 2025 and is anticipated to reach US$ 6.787 billion by 2032, with a CAGR of 4.5%. Another report indicates the global commodity services market size was estimated at USD 3.56 billion in 2024 and is projected to surpass approximately USD 8.16 billion by 2034, with a CAGR of 8.65%. The commodity trading industry's gross margin surpassed $100 billion in 2022.
  • Shipping Brokerage: The global shipbroking market size was valued at USD 2.91 billion in 2025 and is projected to grow to USD 4.08 billion by 2034, exhibiting a CAGR of 3.90%. Another estimate for the global shipbroking market size is USD 9.1 billion in 2025, expected to reach USD 14.3 billion by 2032, with a CAGR of 6.2%. The global freight brokerage market, a related service, was estimated at USD 54.87 billion in 2024 and is predicted to increase to approximately USD 98.73 billion by 2034, growing at a CAGR of 6.05%.
  • Insurance Brokerage: The global insurance brokerage market was valued at $259.7 billion in 2022 and is projected to reach $628.3 billion by 2032, with a CAGR of 9.3%. Other sources estimate the market at USD 287.40 billion in 2023, projected to reach USD 524.80 billion by 2030, growing at a CAGR of 9.2%. The global insurance brokers and agents market is expected to rise from US$467.3 billion in 2024 to US$496.3 billion in 2025.
  • Futures and Options Brokerage (Derivatives): The total volume of trading in global listed derivatives (futures and options) reached 137.3 billion contracts in 2023. The global derivatives market size was recorded at $32.57 billion in 2025 and is projected to reach $66.16 billion by 2033, with a CAGR of 9.263%.
  • Financial Brokerage Services (General): The global financial brokerage market was valued at USD 4 billion based on a five-year historical analysis. It is projected to grow from $294.474 billion in 2021 to $1.396 trillion by 2033, at a CAGR of 13.848%. The global brokerage services market, in general, is projected to expand from $39.16 billion in 2025 to $69.23 billion by 2033, with a CAGR of 7.381%.
  • Electronic Brokerage (E-brokerage): The global e-brokerages market size was valued at USD 15.76 billion in 2025 and is projected to grow to USD 35.86 billion by 2034, exhibiting a CAGR of 9.57%. Another estimate places the e-brokerage market size at USD 14.1 billion in 2024, projected to grow to USD 34.6 billion by 2034, at a CAGR of 9.4%.
  • Financial Technology (FinTech) Solutions: The global FinTech market size was valued at USD 395.38 billion in 2025 and is projected to account for a CAGR of 16.3% between 2026 and 2034. Another source projects the FinTech market size to grow to USD 882.30 billion by 2030, exhibiting a CAGR of 17% (2023-2030). The global fintech market reached USD 320.81 billion in 2025 and is forecasted to climb to USD 652.80 billion by 2030, reflecting a 15.27% CAGR.

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BGC Group, Inc. (BGC) is expected to drive future revenue growth over the next two to three years through several key initiatives: * Strategic Acquisitions and Market Share Expansion in Energy, Commodities, and Shipping (ECS): BGC Group has significantly expanded its market share, particularly in the Energy, Commodities, and Shipping (ECS) sector, largely due to strategic acquisitions. The acquisition of OTC Global Holdings in April 2025 immediately boosted earnings and is projected to add over $400 million in annualized revenue, establishing BGC as the world's largest energy broker. This has contributed to substantial growth in ECS revenues. The earlier acquisition of Sage Energy Partners in October 2024 further strengthened BGC's energy brokerage services in the U.S., expanding its offerings in oil and refined products, biofuels, and environmental products. The company anticipates continued market share gains in ECS and other asset classes. * Rapid Growth and Expansion of FMX Futures Exchange: The FMX Futures Exchange, formed in partnership with major investment banks, is a significant driver of growth. This platform has shown rapid growth in SOFR futures average daily volumes and open interest. By the end of 2025, FMX's U.S. Treasury (UST) business achieved a 40% market share, with this strong momentum continuing into 2026. The FMX Futures Exchange is strategically targeting the multi-trillion dollar interest rate futures market by offering lower fees and advanced technology to attract order flow. Additionally, the launch of new products, such as U.S. Treasury Futures in May 2025, is expected to contribute to its expansion. * Technological Advancement and Product Innovation within Fenics: BGC Group is undergoing a strategic shift towards electronic platforms under its Fenics brand, moving away from traditional voice brokerage, which is leading to higher profitability. Lucera, a component of the Fenics Network, saw its revenues grow by 24.1%, propelled by increased demand for FX and rate solutions and ongoing international expansion. BGC plans to launch additional fixed income products through Lucera in 2026. Continuous investment in the Fenics platform and the enhancement of FMX Futures Exchange capabilities are core technological initiatives. The acquisition of Macro Hive in October 2025 further enhances BGC's agency business by integrating AI-driven technology into its Rates and FX markets. * Geographic Expansion into Emerging Markets: BGC is actively expanding its global footprint, particularly in emerging markets. This includes growing Lucera's international presence and establishing regional hubs in Riyadh and Singapore. These hubs are designed to access capital flows in the Middle East and Asia-Pacific, aiming to increase market share in these regions and support cross-asset market making and clearing services. The company targets over 20% year-over-year revenue growth from its Asia-Pacific and Middle East operations through 2026.

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Share Repurchases

  • BGC Group's Board re-approved a $400.0 million share repurchase authorization on November 5, 2025, following a similar re-approval on October 30, 2024.
  • As of September 30, 2025, $136.5 million remained from the existing share repurchase authorization.
  • In May 2025, BGC agreed to repurchase 16,452,850 shares of its Class A common stock from its former Chairman and CEO, Howard W. Lutnick, for approximately $151.5 million, in line with U.S. government ethics obligations.

Share Issuance

  • As of September 30, 2025, BGC Group had not sold any shares of its Class A common stock under a July 2023 Sales Agreement that authorized the sale of up to $300.0 million in shares.
  • As of March 31, 2025, the company had 431,386,582 shares of Class A common stock issued and 378,134,216 shares outstanding.

Inbound Investments

  • FMX Equity Partners contributed $172 million for a 25.75% ownership stake in BGC Group's FMX transaction, with potential for an additional 10.3% ownership tied to volume targets.

Outbound Investments

  • BGC completed the acquisition of OTC Global Holdings, LP, an energy and commodities brokerage firm, for $325 million in an all-cash transaction on April 1, 2025. This acquisition is expected to be immediately accretive.
  • In October 2025, BGC acquired Macro Hive Limited, a provider of global macro market analytics and strategy, to expand its agency business with AI-driven technology.
  • BGC announced the sale of its kACE financial business for up to $119 million in Q4 2025, which includes an $80 million initial payment and up to $39 million in contingent consideration based on performance metrics, as part of its portfolio optimization strategy.

Capital Expenditures

  • BGC Group invested $5.3 million in capital expenditures during Q4 2025.
  • Annual capital expenditures were approximately $72 million in 2025 and $54 million in 2024.
  • The primary focus of capital expenditures in 2025 included strategic initiatives such as the OTC acquisition and ongoing investments in electronic trading capabilities, particularly the FMX platform.

Better Bets vs. BGC (BGC)

Recent Active Movers

Peer Comparisons

Peers to compare with:

Financials

BGCTWMKTXVIRTCMEICEMedian
NameBGC Tradeweb.MarketAx.Virtu Fi.CME Intercon. 
Mkt Price10.35102.62162.5355.85263.66150.30126.46
Mkt Cap4.921.85.74.995.184.813.8
Rev LTM3,1802,2068704,0806,77313,4263,630
Op Inc LTM3619743522,1514,4095,5481,562
FCF LTM3481,0761434784,2134,641777
FCF 3Y Avg3049162555173,9374,022717
CFO LTM4141,1962005584,3095,514877
CFO 3Y Avg3701,0083135844,0254,777796

Growth & Margins

BGCTWMKTXVIRTCMEICEMedian
NameBGC Tradeweb.MarketAx.Virtu Fi.CME Intercon. 
Rev Chg LTM38.8%14.0%3.9%20.8%5.1%6.9%10.5%
Rev Chg 3Y Avg21.5%22.0%5.9%23.4%9.0%12.0%16.8%
Rev Chg Q44.8%9.0%-0.5%19.0%0.8%10.7%9.8%
QoQ Delta Rev Chg LTM10.1%2.1%-0.1%4.9%0.2%2.7%2.4%
Op Inc Chg LTM56.2%28.2%1.5%31.7%4.8%15.8%22.0%
Op Inc Chg 3Y Avg32.6%29.6%2.8%40.9%11.9%13.7%21.7%
Op Mgn LTM11.4%44.1%40.5%52.7%65.1%41.3%42.7%
Op Mgn 3Y Avg9.4%40.7%41.0%48.6%64.4%39.4%40.8%
QoQ Delta Op Mgn LTM0.9%1.2%-0.2%-1.6%-0.5%-0.4%-0.3%
CFO/Rev LTM13.0%54.2%23.0%13.7%63.6%41.1%32.0%
CFO/Rev 3Y Avg15.3%53.4%38.1%18.5%63.4%38.8%38.5%
FCF/Rev LTM11.0%48.7%16.4%11.7%62.2%34.6%25.5%
FCF/Rev 3Y Avg12.5%48.6%31.1%16.4%62.1%32.7%31.9%

Valuation

BGCTWMKTXVIRTCMEICEMedian
NameBGC Tradeweb.MarketAx.Virtu Fi.CME Intercon. 
Mkt Cap4.921.85.74.995.184.813.8
P/S1.59.96.61.214.06.36.4
P/Op Inc13.622.416.22.321.615.315.8
P/EBIT12.816.815.32.316.513.814.6
P/E26.724.318.78.922.221.021.6
P/CFO11.918.228.68.822.115.416.8
Total Yield4.5%4.6%7.3%18.8%8.8%6.1%6.7%
Dividend Yield0.8%0.5%2.0%7.6%4.3%1.3%1.7%
FCF Yield 3Y Avg6.7%3.8%3.8%16.9%4.8%4.9%4.9%
D/E0.40.00.02.20.00.20.1
Net D/E0.2-0.1-0.02.00.00.20.1

Returns

BGCTWMKTXVIRTCMEICEMedian
NameBGC Tradeweb.MarketAx.Virtu Fi.CME Intercon. 
1M Rtn-4.0%4.9%42.7%-15.1%9.7%11.1%7.3%
3M Rtn-9.0%-5.6%10.8%9.4%-5.8%-3.2%-4.4%
6M Rtn16.0%-8.2%1.1%46.5%-10.2%-10.4%-3.6%
12M Rtn2.6%-23.9%-11.5%34.7%-2.9%-18.3%-7.2%
3Y Rtn107.0%27.4%-28.4%227.4%46.4%35.9%41.2%
1M Excs Rtn-8.5%2.8%39.8%-19.3%7.2%8.4%5.0%
3M Excs Rtn-13.9%-12.7%1.3%7.5%-13.3%-9.1%-10.9%
6M Excs Rtn3.0%-20.2%-13.3%33.6%-22.9%-24.2%-16.7%
12M Excs Rtn-16.8%-47.1%-33.6%12.4%-24.9%-41.3%-29.3%
3Y Excs Rtn33.2%-43.5%-107.0%167.2%-21.7%-36.2%-29.0%

Comparison Analyses

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Financials

Segment Financials

Revenue by Segment
$ Mil20252024202320222021
Energy, Commodities, and Shipping (ECS)911483386292296
Rates794686610550559
Foreign Exchange (FX)428356315300301
Credit296288285271288
Equities270225237234248
Data, software and post-trade139127111  
Interest and dividend income545645  
Other revenues322120  
Fees from related parties192116  
All other revenues   149146
Insurance   0178
Total2,9412,2632,0251,7952,015


Assets by Segment
$ Mil2015201420132012
Financial Services3,2972,3191,8021,358
Real Estate Services695433277281
Total3,9912,7512,0791,639


Price Behavior

Price Behavior
Market Price$10.35 
Market Cap ($ Bil)4.9 
First Trading Date12/10/1999 
Distance from 52W High-18.2% 
   50 Days200 Days
DMA Price$11.23$10.02
DMA Trendupindeterminate
Distance from DMA-7.8%3.2%
 3M1YR
Volatility38.2%31.3%
Downside Capture25.9967.78
Upside Capture-19.6754.92
Correlation (SPY)-14.6%16.0%
BGC Betas & Captures as of 7/31/2026

 1M2M3M6M1Y3Y
Beta0.34-0.44-0.400.190.420.87
Up Beta-0.56-1.27-1.09-0.120.480.87
Down Beta0.70-0.80-0.63-0.83-0.150.88
Up Capture107%26%-4%82%57%89%
Bmk +ve Days11223567138427
Stock +ve Days13253267127385
Down Capture-9%-40%-22%42%66%92%
Bmk -ve Days11212859114326
Stock -ve Days9173057120347

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with BGC
BGC5.4%31.2%0.19-
Sector ETF (XLF)12.3%14.6%0.5739.5%
Equity (SPY)23.3%12.8%1.3615.7%
Gold (GLD)28.5%28.4%0.87-5.9%
Commodities (DBC)32.9%19.8%1.32-14.0%
Real Estate (VNQ)14.2%13.8%0.7224.1%
Bitcoin (BTCUSD)-43.7%43.0%-1.2116.7%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with BGC
BGC16.7%35.0%0.77-
Sector ETF (XLF)11.4%18.4%0.4846.0%
Equity (SPY)13.5%17.2%0.6137.3%
Gold (GLD)18.6%18.6%0.813.8%
Commodities (DBC)8.2%19.6%0.311.8%
Real Estate (VNQ)2.3%18.9%0.0230.6%
Bitcoin (BTCUSD)9.0%53.0%0.3621.2%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with BGC
BGC8.0%35.0%0.77-
Sector ETF (XLF)13.6%22.1%0.5646.0%
Equity (SPY)15.4%17.9%0.7337.3%
Gold (GLD)12.1%16.2%0.613.8%
Commodities (DBC)7.4%18.0%0.331.8%
Real Estate (VNQ)4.8%20.7%0.2030.6%
Bitcoin (BTCUSD)58.4%66.2%0.9821.2%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date7152026
Short Interest: Shares Quantity12.3 Mil
Short Interest: % Change Since 630202636.4%
Average Daily Volume2.6 Mil
Days-to-Cover Short Interest4.7 days
Basic Shares Quantity474.2 Mil
Short % of Basic Shares2.6%

Earnings Returns History

Updated 8/10/2026
Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
7/30/2026-0.8%-6.9% 
5/7/20263.7%2.5%-0.1%
2/12/20269.1%11.5%10.1%
11/6/2025-0.1%0.5%-3.3%
7/31/2025-4.6%1.9%2.8%
5/7/2025-1.9%-1.6%0.8%
2/14/2025-1.6%-2.7%-3.5%
10/31/2024-1.9%17.7%2.2%
...
SUMMARY STATS   
# Positive389
# Negative1053
Median Positive9.1%6.4%4.5%
Median Negative-2.3%-2.7%-3.3%
Max Positive10.9%17.7%15.2%
Max Negative-4.6%-9.6%-3.5%
Collapse to Preview
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
7/30/2026-0.8%-6.9% 
5/7/20263.7%2.5%-0.1%
2/12/20269.1%11.5%10.1%
11/6/2025-0.1%0.5%-3.3%
7/31/2025-4.6%1.9%2.8%
5/7/2025-1.9%-1.6%0.8%
2/14/2025-1.6%-2.7%-3.5%
10/31/2024-1.9%17.7%2.2%
7/30/2024-3.9%-9.6%7.0%
4/30/2024-4.3%7.0%2.2%
2/14/2024-2.9%-2.7%15.2%
10/30/2023-2.8%5.9%13.3%
8/2/202310.9%8.6%4.5%
SUMMARY STATS   
# Positive389
# Negative1053
Median Positive9.1%6.4%4.5%
Median Negative-2.3%-2.7%-3.3%
Max Positive10.9%17.7%15.2%
Max Negative-4.6%-9.6%-3.5%

SEC Filings

Expand for More
Report DateFiling DateFiling
03/31/202605/11/202610-Q
12/31/202503/02/202610-K
09/30/202511/10/202510-Q
06/30/202508/11/202510-Q
03/31/202505/12/202510-Q
12/31/202403/03/202510-K
09/30/202411/08/202410-Q
06/30/202408/08/202410-Q
03/31/202405/09/202410-Q
12/31/202302/29/202410-K
09/30/202311/09/202310-Q
06/30/202308/09/202310-Q
03/31/202305/09/202310-Q
12/31/202203/01/202310-K
09/30/202211/08/202210-Q
06/30/202208/08/202210-Q
Collapse to Preview
Report DateFiling DateFiling
03/31/202605/11/202610-Q
12/31/202503/02/202610-K
09/30/202511/10/202510-Q
06/30/202508/11/202510-Q
03/31/202505/12/202510-Q
12/31/202403/03/202510-K
09/30/202411/08/202410-Q
06/30/202408/08/202410-Q
03/31/202405/09/202410-Q
12/31/202302/29/202410-K
09/30/202311/09/202310-Q
06/30/202308/09/202310-Q
03/31/202305/09/202310-Q
12/31/202203/01/202310-K
09/30/202211/08/202210-Q
06/30/202208/08/202210-Q
03/31/202205/09/202210-Q
12/31/202102/28/202210-K
09/30/202111/08/202110-Q
06/30/202108/06/202110-Q
03/31/202105/07/202110-Q
12/31/202003/01/202110-K
09/30/202011/06/202010-Q
06/30/202008/10/202010-Q
03/31/202005/08/202010-Q
12/31/201902/28/202010-K
09/30/201911/08/201910-Q
06/30/201908/08/201910-Q

Recent Forward Guidance

Updated 7/31/2026

Latest: Q2 2026 Earnings Reported 7/30/2026

Forward GuidanceGuidance Change
MetricLowMidHigh% Chg% DeltaChangePrior
Q3 2026 Revenues775.00 Mil805.00 Mil835.00 Mil-1.2% Lower NewGuidance: 815.00 Mil for Q2 2026
Q3 2026 Pre-tax Adjusted Earnings172.00 Mil181.00 Mil190.00 Mil-3.2% Lower NewGuidance: 187.00 Mil for Q2 2026

Prior: Q1 2026 Earnings Reported 5/7/2026

Forward GuidanceGuidance Change
MetricLowMidHigh% Chg% DeltaChangePrior
Q2 2026 Revenue785.00 Mil815.00 Mil845.00 Mil-8.4% Lower NewGuidance: 890.00 Mil for Q1 2026
Q2 2026 Pre-tax Adjusted Earnings178.00 Mil187.00 Mil196.00 Mil-11.8% Lower NewGuidance: 212.00 Mil for Q1 2026

Q4 2025 Earnings Reported 2/12/2026

Forward GuidanceGuidance Change
MetricLowMidHigh% Chg% DeltaChangePrior
Q1 2026 Revenue860.00 Mil890.00 Mil920.00 Mil19.5% Higher NewActual: 745.00 Mil for Q4 2025
Q1 2026 Pre-tax Adjusted Earnings202.00 Mil212.00 Mil222.00 Mil32.5% Higher NewActual: 160.00 Mil for Q4 2025
2026 Annualized Cost Savings 25.00 Mil    

Q3 2025 Earnings Reported 11/6/2025

Forward GuidanceGuidance Change
MetricLowMidHigh% Chg% DeltaChangePrior
Q4 2025 Revenue720.00 Mil745.00 Mil770.00 Mil0.7% Higher NewGuidance: 740.00 Mil for Q3 2025
Q4 2025 Pre-tax Adjusted Earnings152.50 Mil160.00 Mil167.50 Mil1.6% Higher NewGuidance: 157.50 Mil for Q3 2025

Insider Activity

Updated 4/26/2026
Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Aubin, Jean-PierreCo-Chief Executive OfficerDirectSell30920269.5510,00095,50010,711,672Form
2Cf, Group Management Inc See footnoteBuy100620259.218,973,72182,631,818942,129,598Form
3Cantor, Fitzgerald, L P DirectBuy100620259.218,973,72182,631,818942,129,598Form
4Lutnick, Howard W See FootnotesSell100620250.00100,259,150  Form
5Lutnick, Howard W See FootnotesSell100620250.00600,939  Form
Collapse to Preview
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Aubin, Jean-PierreCo-Chief Executive OfficerDirectSell30920269.5510,00095,50010,711,672Form
2Cf, Group Management Inc See footnoteBuy100620259.218,973,72182,631,818942,129,598Form
3Cantor, Fitzgerald, L P DirectBuy100620259.218,973,72182,631,818942,129,598Form
4Lutnick, Howard W See FootnotesSell100620250.00100,259,150  Form
5Lutnick, Howard W See FootnotesSell100620250.00600,939  Form
6Lutnick, Howard W DirectSell100620259.218,973,721  Form
7Lutnick, Brandon See FootnotesBuy100620250.76109,232,87182,631,81882,762,714Form
8Lutnick, Brandon See FootnotesBuy100620250.00600,938  Form
9Hauf, Jason WChief Financial OfficerDirectSell82220259.8629,023286,167761,153Form
10Mbanefo, Arthur UDirectSell61220259.7718,151177,335188,649Form

Investor Activity (13F)

Updated Aug 10, 2026
13F holdings as of Mar 31, 2026 (Q1 2026)

Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.

Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Muhlenkamp & Co Inc$14.1 Mil3.7%29TRIM -17.9%13F
AltraVue Capital, LLC$34.2 Mil2.9%49TRIM -64.3%13F
Active Manager
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
AltraVue Capital, LLC$34.2 Mil2.9%49TRIM -64.3%13F
Muhlenkamp & Co Inc$14.1 Mil3.7%29TRIM -17.9%13F
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
AltraVue Capital, LLC$34.2 Mil2.9%49TRIM -64.3%13F
Muhlenkamp & Co Inc$14.1 Mil3.7%29TRIM -17.9%13F
Core Cache Last Updated: 8/9/2026