Filing Flows › BGC Group (BGC) › Q2 2025
BGC Group (BGC) Q2 2025 earnings results (second quarter 2025)
10-Q filed Aug 11, 2025
BGC Group (BGC) reported revenue of $784M for the second quarter 2025 (Q2 2025), +42% from a year earlier and +18% from the quarter before. Operating margin was 9.6%, net earnings $57.5M (7.3% of revenue).
BGC Group, Q2 2025: revenue $784M (+42% year over year), operating margin 9.6%, net earnings $57.5M, operating cash flow $71.2M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $784M | +18% | +42% |
| Operating profit | $75.3M | -6% | +36% |
| Net earnings | $57.5M | +4% | +52% |
| Operating cash flow | $71.2M | 85× | — |
| Free cash flow | $65.0M | — | — |
What changed
Revenue was $784.0M in Q2 2025, up 42% year over year and up 18% from the previous quarter. Commissions was the largest line at 76% of revenue. Commissions added $204.4M year over year (up 52%), 88% of the total change.
Operating profit was $75.3M, a 9.6% margin (down 0.4 points year over year). Of the extra revenue versus a year earlier, 9% reached operating profit, below the 10% margin then. Total costs grew 43% against revenue growth of 42%. The fastest-growing cost line was Sales & marketing (+63%). Net earnings were $57.5M, up 52% year over year ($56.2M including minority interests, which bore $1.3M of losses). The effective tax rate was 25.3%.
Operating cash flow was $71.2M, 127% of net income including minority interests. Non-cash charges added back $25.9M of depreciation and amortization. Working capital and other items used $10.9M. Capital expenditures of $6.3M left free cash flow of $65.0M.
Questions
What was BGC Group's revenue in the second quarter 2025?
BGC Group (BGC) reported revenue of $784M for the second quarter 2025 (Q2 2025), +42% from a year earlier and +18% from the quarter before.
Was BGC Group profitable in the second quarter 2025?
Operating profit was $75.3M (9.6% of revenue) and net earnings $57.5M.
Source: BGC Group 10-Q on SEC EDGAR.