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): $10.35Market Cap: $4.9 BilSector: FinancialsIndustry: Investment Banking & Brokerage
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 39% Attractive cash flow generationCFO/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 yieldFCF Yield is 7.1% Low stock price volatilityVol 12M is 31% Megatrend and thematic driversMegatrends include Fintech & Digital Payments, Digital & Alternative Assets, and Smart Buildings & Proptech. Themes include Wealth Management Technology, Show more. | Weak multi-year price returns2Y Excs Rtn is -23% | Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 11% Key risksBGC key risks include [1] potential stagnation and ongoing decline from its failure to distinguish itself as a sector leader in offerings or technology. |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 39% |
| Attractive cash flow generationCFO/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 yieldFCF Yield is 7.1% |
| Low stock price volatilityVol 12M is 31% |
| Megatrend and thematic driversMegatrends include Fintech & Digital Payments, Digital & Alternative Assets, and Smart Buildings & Proptech. Themes include Wealth Management Technology, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -23% |
| Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 11% |
| Key risksBGC key risks include [1] potential stagnation and ongoing decline from its failure to distinguish itself as a sector leader in offerings or technology. |
Qualitative Assessment
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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.
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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 $275.5 million in fiscal Q2 2026. However, this growth was partially offset by lower volumes in oil and refined products, directly attributed to disruptions caused by the Strait of Hormuz closure. This specific external geopolitical event highlighted the company's vulnerability to global supply chain and regional stability issues, creating a drag on an otherwise performing segment.
3. Heightened Market Volatility and Investor Caution.
The broader financial technology and brokerage sector in which BGC Group operates is highly sensitive to overall market sentiment and macroeconomic conditions. Discussions surrounding BGC's fiscal Q2 2026 earnings call referenced "market correction risks, volatility spikes, and downside pressure," suggesting an overarching environment of investor caution and uncertainty. These macroeconomic headwinds likely dampened the stock's performance, as market participants weighed potential systemic risks against company-specific positive developments.
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Stock Movement Drivers
Fundamental Drivers
The -7.7% change in BGC stock from 4/30/2026 to 8/9/2026 was primarily driven by a -21.8% change in the company's P/E Multiple.| (LTM values as of) | 4302026 | 8092026 | Change |
|---|---|---|---|
| Stock Price ($) | 11.21 | 10.35 | -7.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,888 | 3,180 | 10.1% |
| Net Income Margin (%) | 5.4% | 5.8% | 7.8% |
| P/E Multiple | 34.1 | 26.7 | -21.8% |
| Shares Outstanding (Mil) | 472 | 474 | -0.6% |
| Cumulative Contribution | -7.7% |
Market Drivers
4/30/2026 to 8/9/2026| Return | Correlation | |
|---|---|---|
| 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) | 1312026 | 8092026 | Change |
|---|---|---|---|
| Stock Price ($) | 9.07 | 10.35 | 14.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,704 | 3,180 | 17.6% |
| Net Income Margin (%) | 6.1% | 5.8% | -5.7% |
| P/E Multiple | 26.0 | 26.7 | 2.7% |
| Shares Outstanding (Mil) | 475 | 474 | 0.1% |
| Cumulative Contribution | 14.1% |
Market Drivers
1/31/2026 to 8/9/2026| Return | Correlation | |
|---|---|---|
| BGC | 14.1% | |
| 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) | 7312025 | 8092026 | Change |
|---|---|---|---|
| Stock Price ($) | 9.19 | 10.35 | 12.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,290 | 3,180 | 38.8% |
| Net Income Margin (%) | 5.8% | 5.8% | -0.3% |
| P/E Multiple | 33.1 | 26.7 | -19.5% |
| Shares Outstanding (Mil) | 479 | 474 | 1.0% |
| Cumulative Contribution | 12.6% |
Market Drivers
7/31/2025 to 8/9/2026| Return | Correlation | |
|---|---|---|
| BGC | 12.6% | |
| 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) | 7312023 | 8092026 | Change |
|---|---|---|---|
| Stock Price ($) | 4.65 | 10.35 | 122.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,798 | 3,180 | 76.9% |
| Net Income Margin (%) | 2.3% | 5.8% | 149.3% |
| P/E Multiple | 41.8 | 26.7 | -36.2% |
| Shares Outstanding (Mil) | 375 | 474 | -20.9% |
| Cumulative Contribution | 122.7% |
Market Drivers
7/31/2023 to 8/9/2026| Return | Correlation | |
|---|---|---|
| BGC | 122.7% | |
| Market (SPY) | 74.9% | 37.6% |
| Sector (XLF) | 70.4% | 46.4% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| BGC Return | - | - | 48% | 26% | -1% | 18% | 120% |
| Peers Return | 20% | -28% | 22% | 28% | -2% | 10% | 45% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 13% | 105% |
Monthly Win Rates [3] | |||||||
| BGC Win Rate | - | - | 83% | 58% | 50% | 75% | |
| Peers Win Rate | 52% | 43% | 58% | 58% | 52% | 45% | |
| S&P 500 Win Rate | 75% | 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
| Event | BGC | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -21.6% | -18.8% |
| % Gain to Breakeven | 27.5% | 23.1% |
| Time to Breakeven | 42 days | 79 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -12.0% | -6.7% |
| % Gain to Breakeven | 13.7% | 7.1% |
| Time to Breakeven | 27 days | 31 days |
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
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Asset Allocation
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| Event | BGC | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -21.6% | -18.8% |
| % Gain to Breakeven | 27.5% | 23.1% |
| Time to Breakeven | 42 days | 79 days |
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.
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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:
- 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.
- 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.
- 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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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.
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| BGC Earnings Notes | 12/28/2026 | |
| With BGC Stock Surging, Have You Considered The Downside? | 10/17/2025 | |
| Better Bet Than BGC Stock: Pay Less Than BGC To Get More From MU, BMRN | 08/12/2025 | |
| BGC (BGC) Operating Cash Flow Comparison | 08/08/2025 | |
| BGC (BGC) Debt Comparison | 08/08/2025 | |
| BGC (BGC) Net Income Comparison | 08/08/2025 | |
| BGC (BGC) EBITDA Comparison | 08/08/2025 | |
| BGC (BGC) Tax Expense Comparison | 08/08/2025 | |
| BGC (BGC) Revenue Comparison | 08/08/2025 | |
| ARTICLES | ||
| Small Cap Stocks Trading At 52-Week High | 06/18/2026 |
Research & Analysis
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 126.46 |
| Mkt Cap | 13.8 |
| Rev LTM | 3,630 |
| Op Inc LTM | 1,562 |
| FCF LTM | 777 |
| FCF 3Y Avg | 717 |
| CFO LTM | 877 |
| CFO 3Y Avg | 796 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 10.5% |
| Rev Chg 3Y Avg | 16.8% |
| Rev Chg Q | 9.8% |
| QoQ Delta Rev Chg LTM | 2.4% |
| Op Inc Chg LTM | 22.0% |
| Op Inc Chg 3Y Avg | 21.7% |
| Op Mgn LTM | 42.7% |
| Op Mgn 3Y Avg | 40.8% |
| QoQ Delta Op Mgn LTM | -0.3% |
| CFO/Rev LTM | 32.0% |
| CFO/Rev 3Y Avg | 38.5% |
| FCF/Rev LTM | 25.5% |
| FCF/Rev 3Y Avg | 31.9% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Energy, Commodities, and Shipping (ECS) | 911 | 483 | 386 | 292 | 296 |
| Rates | 794 | 686 | 610 | 550 | 559 |
| Foreign Exchange (FX) | 428 | 356 | 315 | 300 | 301 |
| Credit | 296 | 288 | 285 | 271 | 288 |
| Equities | 270 | 225 | 237 | 234 | 248 |
| Data, software and post-trade | 139 | 127 | 111 | ||
| Interest and dividend income | 54 | 56 | 45 | ||
| Other revenues | 32 | 21 | 20 | ||
| Fees from related parties | 19 | 21 | 16 | ||
| All other revenues | 149 | 146 | |||
| Insurance | 0 | 178 | |||
| Total | 2,941 | 2,263 | 2,025 | 1,795 | 2,015 |
| $ Mil | 2015 | 2014 | 2013 | 2012 |
|---|---|---|---|---|
| Financial Services | 3,297 | 2,319 | 1,802 | 1,358 |
| Real Estate Services | 695 | 433 | 277 | 281 |
| Total | 3,991 | 2,751 | 2,079 | 1,639 |
Price Behavior
| Market Price | $10.35 | |
| Market Cap ($ Bil) | 4.9 | |
| First Trading Date | 12/10/1999 | |
| Distance from 52W High | -18.2% | |
| 50 Days | 200 Days | |
| DMA Price | $11.23 | $10.02 |
| DMA Trend | up | indeterminate |
| Distance from DMA | -7.8% | 3.2% |
| 3M | 1YR | |
| Volatility | 38.2% | 31.3% |
| Downside Capture | 25.99 | 67.78 |
| Upside Capture | -19.67 | 54.92 |
| Correlation (SPY) | -14.6% | 16.0% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.34 | -0.44 | -0.40 | 0.19 | 0.42 | 0.87 |
| Up Beta | -0.56 | -1.27 | -1.09 | -0.12 | 0.48 | 0.87 |
| Down Beta | 0.70 | -0.80 | -0.63 | -0.83 | -0.15 | 0.88 |
| Up Capture | 107% | 26% | -4% | 82% | 57% | 89% |
| Bmk +ve Days | 11 | 22 | 35 | 67 | 138 | 427 |
| Stock +ve Days | 13 | 25 | 32 | 67 | 127 | 385 |
| Down Capture | -9% | -40% | -22% | 42% | 66% | 92% |
| Bmk -ve Days | 11 | 21 | 28 | 59 | 114 | 326 |
| Stock -ve Days | 9 | 17 | 30 | 57 | 120 | 347 |
[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 | |
|---|---|---|---|---|
| BGC | 5.4% | 31.2% | 0.19 | - |
| Sector ETF (XLF) | 12.3% | 14.6% | 0.57 | 39.5% |
| Equity (SPY) | 23.3% | 12.8% | 1.36 | 15.7% |
| 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% | 0.72 | 24.1% |
| Bitcoin (BTCUSD) | -43.7% | 43.0% | -1.21 | 16.7% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with BGC | |
|---|---|---|---|---|
| BGC | 16.7% | 35.0% | 0.77 | - |
| Sector ETF (XLF) | 11.4% | 18.4% | 0.48 | 46.0% |
| Equity (SPY) | 13.5% | 17.2% | 0.61 | 37.3% |
| Gold (GLD) | 18.6% | 18.6% | 0.81 | 3.8% |
| Commodities (DBC) | 8.2% | 19.6% | 0.31 | 1.8% |
| Real Estate (VNQ) | 2.3% | 18.9% | 0.02 | 30.6% |
| Bitcoin (BTCUSD) | 9.0% | 53.0% | 0.36 | 21.2% |
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 | |
|---|---|---|---|---|
| BGC | 8.0% | 35.0% | 0.77 | - |
| Sector ETF (XLF) | 13.6% | 22.1% | 0.56 | 46.0% |
| Equity (SPY) | 15.4% | 17.9% | 0.73 | 37.3% |
| Gold (GLD) | 12.1% | 16.2% | 0.61 | 3.8% |
| Commodities (DBC) | 7.4% | 18.0% | 0.33 | 1.8% |
| Real Estate (VNQ) | 4.8% | 20.7% | 0.20 | 30.6% |
| Bitcoin (BTCUSD) | 58.4% | 66.2% | 0.98 | 21.2% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 8/10/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 7/30/2026 | -0.8% | -6.9% | |
| 5/7/2026 | 3.7% | 2.5% | -0.1% |
| 2/12/2026 | 9.1% | 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 | |||
| # Positive | 3 | 8 | 9 |
| # Negative | 10 | 5 | 3 |
| Median Positive | 9.1% | 6.4% | 4.5% |
| Median Negative | -2.3% | -2.7% | -3.3% |
| Max Positive | 10.9% | 17.7% | 15.2% |
| Max Negative | -4.6% | -9.6% | -3.5% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 7/30/2026 | -0.8% | -6.9% | |
| 5/7/2026 | 3.7% | 2.5% | -0.1% |
| 2/12/2026 | 9.1% | 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% |
| 8/2/2023 | 10.9% | 8.6% | 4.5% |
| SUMMARY STATS | |||
| # Positive | 3 | 8 | 9 |
| # Negative | 10 | 5 | 3 |
| Median Positive | 9.1% | 6.4% | 4.5% |
| Median Negative | -2.3% | -2.7% | -3.3% |
| Max Positive | 10.9% | 17.7% | 15.2% |
| Max Negative | -4.6% | -9.6% | -3.5% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/11/2026 | 10-Q |
| 12/31/2025 | 03/02/2026 | 10-K |
| 09/30/2025 | 11/10/2025 | 10-Q |
| 06/30/2025 | 08/11/2025 | 10-Q |
| 03/31/2025 | 05/12/2025 | 10-Q |
| 12/31/2024 | 03/03/2025 | 10-K |
| 09/30/2024 | 11/08/2024 | 10-Q |
| 06/30/2024 | 08/08/2024 | 10-Q |
| 03/31/2024 | 05/09/2024 | 10-Q |
| 12/31/2023 | 02/29/2024 | 10-K |
| 09/30/2023 | 11/09/2023 | 10-Q |
| 06/30/2023 | 08/09/2023 | 10-Q |
| 03/31/2023 | 05/09/2023 | 10-Q |
| 12/31/2022 | 03/01/2023 | 10-K |
| 09/30/2022 | 11/08/2022 | 10-Q |
| 06/30/2022 | 08/08/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/11/2026 | 10-Q |
| 12/31/2025 | 03/02/2026 | 10-K |
| 09/30/2025 | 11/10/2025 | 10-Q |
| 06/30/2025 | 08/11/2025 | 10-Q |
| 03/31/2025 | 05/12/2025 | 10-Q |
| 12/31/2024 | 03/03/2025 | 10-K |
| 09/30/2024 | 11/08/2024 | 10-Q |
| 06/30/2024 | 08/08/2024 | 10-Q |
| 03/31/2024 | 05/09/2024 | 10-Q |
| 12/31/2023 | 02/29/2024 | 10-K |
| 09/30/2023 | 11/09/2023 | 10-Q |
| 06/30/2023 | 08/09/2023 | 10-Q |
| 03/31/2023 | 05/09/2023 | 10-Q |
| 12/31/2022 | 03/01/2023 | 10-K |
| 09/30/2022 | 11/08/2022 | 10-Q |
| 06/30/2022 | 08/08/2022 | 10-Q |
| 03/31/2022 | 05/09/2022 | 10-Q |
| 12/31/2021 | 02/28/2022 | 10-K |
| 09/30/2021 | 11/08/2021 | 10-Q |
| 06/30/2021 | 08/06/2021 | 10-Q |
| 03/31/2021 | 05/07/2021 | 10-Q |
| 12/31/2020 | 03/01/2021 | 10-K |
| 09/30/2020 | 11/06/2020 | 10-Q |
| 06/30/2020 | 08/10/2020 | 10-Q |
| 03/31/2020 | 05/08/2020 | 10-Q |
| 12/31/2019 | 02/28/2020 | 10-K |
| 09/30/2019 | 11/08/2019 | 10-Q |
| 06/30/2019 | 08/08/2019 | 10-Q |
Recent Forward Guidance
Updated 7/31/2026Latest: Q2 2026 Earnings Reported 7/30/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q3 2026 Revenues | 775.00 Mil | 805.00 Mil | 835.00 Mil | -1.2% | Lower New | Guidance: 815.00 Mil for Q2 2026 | |
| Q3 2026 Pre-tax Adjusted Earnings | 172.00 Mil | 181.00 Mil | 190.00 Mil | -3.2% | Lower New | Guidance: 187.00 Mil for Q2 2026 | |
Prior: Q1 2026 Earnings Reported 5/7/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q2 2026 Revenue | 785.00 Mil | 815.00 Mil | 845.00 Mil | -8.4% | Lower New | Guidance: 890.00 Mil for Q1 2026 | |
| Q2 2026 Pre-tax Adjusted Earnings | 178.00 Mil | 187.00 Mil | 196.00 Mil | -11.8% | Lower New | Guidance: 212.00 Mil for Q1 2026 | |
Q4 2025 Earnings Reported 2/12/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q1 2026 Revenue | 860.00 Mil | 890.00 Mil | 920.00 Mil | 19.5% | Higher New | Actual: 745.00 Mil for Q4 2025 | |
| Q1 2026 Pre-tax Adjusted Earnings | 202.00 Mil | 212.00 Mil | 222.00 Mil | 32.5% | Higher New | Actual: 160.00 Mil for Q4 2025 | |
| 2026 Annualized Cost Savings | 25.00 Mil | ||||||
Q3 2025 Earnings Reported 11/6/2025
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q4 2025 Revenue | 720.00 Mil | 745.00 Mil | 770.00 Mil | 0.7% | Higher New | Guidance: 740.00 Mil for Q3 2025 | |
| Q4 2025 Pre-tax Adjusted Earnings | 152.50 Mil | 160.00 Mil | 167.50 Mil | 1.6% | Higher New | Guidance: 157.50 Mil for Q3 2025 | |
Insider Activity
Updated 4/26/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Aubin, Jean-Pierre | Co-Chief Executive Officer | Direct | Sell | 3092026 | 9.55 | 10,000 | 95,500 | 10,711,672 | Form |
| 2 | Cf, Group Management Inc | See footnote | Buy | 10062025 | 9.21 | 8,973,721 | 82,631,818 | 942,129,598 | Form | |
| 3 | Cantor, Fitzgerald, L P | Direct | Buy | 10062025 | 9.21 | 8,973,721 | 82,631,818 | 942,129,598 | Form | |
| 4 | Lutnick, Howard W | See Footnotes | Sell | 10062025 | 0.00 | 100,259,150 | Form | |||
| 5 | Lutnick, Howard W | See Footnotes | Sell | 10062025 | 0.00 | 600,939 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Aubin, Jean-Pierre | Co-Chief Executive Officer | Direct | Sell | 3092026 | 9.55 | 10,000 | 95,500 | 10,711,672 | Form |
| 2 | Cf, Group Management Inc | See footnote | Buy | 10062025 | 9.21 | 8,973,721 | 82,631,818 | 942,129,598 | Form | |
| 3 | Cantor, Fitzgerald, L P | Direct | Buy | 10062025 | 9.21 | 8,973,721 | 82,631,818 | 942,129,598 | Form | |
| 4 | Lutnick, Howard W | See Footnotes | Sell | 10062025 | 0.00 | 100,259,150 | Form | |||
| 5 | Lutnick, Howard W | See Footnotes | Sell | 10062025 | 0.00 | 600,939 | Form | |||
| 6 | Lutnick, Howard W | Direct | Sell | 10062025 | 9.21 | 8,973,721 | Form | |||
| 7 | Lutnick, Brandon | See Footnotes | Buy | 10062025 | 0.76 | 109,232,871 | 82,631,818 | 82,762,714 | Form | |
| 8 | Lutnick, Brandon | See Footnotes | Buy | 10062025 | 0.00 | 600,938 | Form | |||
| 9 | Hauf, Jason W | Chief Financial Officer | Direct | Sell | 8222025 | 9.86 | 29,023 | 286,167 | 761,153 | Form |
| 10 | Mbanefo, Arthur U | Direct | Sell | 6122025 | 9.77 | 18,151 | 177,335 | 188,649 | Form |
Investor Activity (13F)
Updated Aug 10, 2026Active 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 Manager |
|---|
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