Filing Flows › BGC Group (BGC) › Q1 2025
BGC Group (BGC) Q1 2025 earnings results (first quarter 2025)
10-Q filed May 12, 2025
BGC Group (BGC) reported revenue of $664M for the first quarter 2025 (Q1 2025), +15% from a year earlier and +16% from the quarter before. Operating margin was 12.0%, net earnings $55.2M (8.3% of revenue).
BGC Group, Q1 2025: revenue $664M (+15% year over year), operating margin 12.0%, net earnings $55.2M, operating cash flow $839K. The chart follows the revenue to costs, profit and cash.
| Q1 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $664M | +16% | +15% |
| Operating profit | $80.0M | +194% | +12% |
| Net earnings | $55.2M | +157% | +12% |
| Operating cash flow | $839K | -100% | -97% |
What changed
Revenue was $664.2M in Q1 2025, up 15% year over year and up 16% from the previous quarter. Commissions was the largest line at 74% of revenue. Commissions added $79.5M year over year (up 19%), 93% of the total change. Total other revenues declined 6%.
Operating profit was $80.0M, a 12.0% margin (down 0.2 points year over year). Of the extra revenue versus a year earlier, 10% reached operating profit, below the 12% margin then. Total costs grew 15% against revenue growth of 15%. The fastest-growing cost line was Sales & marketing (+16%). Net earnings were $55.2M, up 12% year over year ($53.4M including minority interests, which bore $1.7M of losses). The effective tax rate was 33.2%.
Operating cash flow was $839K (down 97% year over year), 2% of net income including minority interests. Non-cash charges added back $21.9M of depreciation and amortization. Working capital and other items used $74.5M. Capital expenditures of $5.3M exceeded it, leaving free cash flow of −$4.4M.
Questions
What was BGC Group's revenue in the first quarter 2025?
BGC Group (BGC) reported revenue of $664M for the first quarter 2025 (Q1 2025), +15% from a year earlier and +16% from the quarter before.
Was BGC Group profitable in the first quarter 2025?
Operating profit was $80.0M (12.0% of revenue) and net earnings $55.2M.
Source: BGC Group 10-Q on SEC EDGAR.