BGC Group (BGCP) Q1 2026 earnings summary

Executive summary

• Achieved record quarterly revenues of $955.5 million in Q1 2026, up 43.8% year-over-year, with growth across all asset classes and geographies, supported by the integration of OTC Global.

• Pre-tax earnings reached an all-time high, increasing 44.9% year-over-year to $232.1 million; adjusted EBITDA rose 26.7% to $253.2 million.

• Net income available to common stockholders increased 52.5% to $84.1 million, with diluted EPS of $0.17, up from $0.11 in Q1 2025.

• ECS revenues more than doubled to $330 million, reinforcing leadership in energy brokerage and reflecting both organic growth and the OTC acquisition.

• Cost reduction initiatives expanded to $35 million in annualized savings, with further initiatives planned.

Financial highlights

• Total brokerage revenues grew 46.7% to $895.8 million.

• GAAP net income for fully diluted shares was $80.7 million, up 52.7% year-over-year.

• Fenics revenues rose 19.8% to $206.9 million; Fenics Markets up 20.3% to $176.7 million.

• Compensation and employee benefits rose 57.3% to $537.3 million, mainly due to the OTC acquisition and higher commissionable revenues.

• Liquidity at quarter-end was $878.4 million.

Outlook and guidance

• Q2 2026 revenue guidance: $785–$845 million, implying up to 8% year-over-year growth; pre-tax adjusted earnings guidance: $178–$196 million.

• H1 2026 revenue guidance is $1.74–$1.8 billion, up to 24% year-over-year.

• Full-year 2026 adjusted earnings tax rate expected between 11% and 14%.

• Cost reduction program projected to yield $35 million in annualized savings.

• Share repurchases expected to increase through the remainder of the year.