10-Q · May 11, 2026
BGC Group reported strong Q1 2026 results with revenues reaching $955.5 million, marked by a 43.8% increase year-over-year. EPS stood at $0.41, in line with consensus expectations, supported by significant growth across…
Earnings analysis · 10-Q
BGC earnings analysis
Filed August 10, 2026 · Our reading of the company's report
The latest report
BGC delivered a strong Q2 2026, with revenue of $845.5 million and diluted EPS of $0.35, both higher than the prior quarter and prior-year period and above supplied consensus estimates. The filing supports continued…
Read full summary
BGC delivered a strong Q2 2026, with revenue of $845.5 million and diluted EPS of $0.35, both higher than the prior quarter and prior-year period and above supplied consensus estimates. The filing supports continued capital returns through $10.206 million of share repurchases, while leverage, market exposures and operational resilience remain important risks. No new quantitative guidance or material risk-factor changes were provided in the 10-Q.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.35
What stood out
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Record Revenue and Estimate Beat
Q2 2026 revenue was $845.5 million, up 6.8% from $792 million in Q1 2026 and 10.0% from $769 million in Q2 2025. Revenue exceeded the supplied consensus estimate of $813.7 million by approximately $31.8 million.
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EPS Improved Sharply
Diluted EPS was $0.35 versus $0.17 in Q1 2026 and $0.11 in Q2 2025, representing sequential and year-over-year increases of $0.18 and $0.24, respectively. EPS exceeded the supplied $0.34 consensus estimate by $0.01.
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Meaningful Share Repurchases
BGC repurchased 10.206 million shares during Q2 2026 at a weighted-average price of $11.01, leaving approximately $274.569 million available under the authorization.
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Disclosure Controls Effective
Disclosure controls and procedures were concluded to be effective as of June 30, 2026. Management reported no changes in internal controls other than the permitted exclusion of Macro Hive and AMCOM from the current-year assessment.
What to watch
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Equity and Principal Market Exposure
BGC held $94.6 million of financial instruments owned at fair value, including publicly traded equity securities. The filing states that market volatility and inadequate hedging could materially adversely affect these holdings and results.
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Debt and Interest-Rate Sensitivity
The company had $1,549.5 million of fixed-rate debt and $240.0 million outstanding under its revolving credit agreement as of June 30, 2026. A 1% increase in interest rates was estimated to reduce consolidated net earnings by $0.6 million for the quarter and $1.2 million for the six-month period.
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Foreign Currency Exposure
A 10% strengthening of the U.S. dollar against both the euro and pound sterling was estimated to have a negative $1.7 million impact on net income as of June 30, 2026.
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Growing Settlement Risk
Matched-principal trading activity has continued to grow, and the filing notes that unforeseen circumstances could impair settlement even though substantially all transactions have historically settled at contracted amounts.
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Cybersecurity and Operational Risk
The filing identifies cybersecurity, information-technology, communications, electrical and other infrastructure failures as potential sources of operational disruption. It also states that systems may be unable to accommodate increasing transaction volumes, constraining expansion.
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No Formal Risk-Factor Update
There were no material changes to the risk factors disclosed in the December 31, 2025 Form 10-K; however, the filing continues to identify cyber and third-party systems exposure as a potential threat to operations.
Management's outlook
The 10-Q does not provide new quantitative revenue or EPS guidance. The prior outlook for Q2 2026 was $785 million to $845 million, but this filing does not explicitly reaffirm or change that range.
Earlier filings 4
10-K · April 28, 2026
BGC's 2025 10-K highlights a strategic focus on enhancing fully electronic marketplaces, significant quarter-to-quarter revenue fluctuations, and a consistent free cash flow generation. In Q4 2025, BGC surpassed…
10-K · March 2, 2026
BGC’s 2025 10-K emphasizes continued strategic investment in fully electronic marketplaces (Fenics, FMX) while showing material quarter-to-quarter revenue and margin volatility. The company reported a Q4 2025 revenue of…
10-Q · November 8, 2024
BGC’s 10-Q highlights continued strong growth in its higher‑margin Fenics businesses (Fenics revenue up 13.3% to $142.1M in Q3) and notable market share and volume gains at FMX (FMX UST ADV $53B, +40% YoY). Management…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.