Filing Flows › BGC Group (BGC) › Q3 2025
BGC Group (BGC) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 10, 2025
BGC Group (BGC) reported revenue of $737M for the third quarter 2025 (Q3 2025), +31% from a year earlier and -6% from the quarter before. Operating margin was 4.5%, net earnings $27.9M (3.8% of revenue).
BGC Group, Q3 2025: revenue $737M (+31% year over year), operating margin 4.5%, net earnings $27.9M, operating cash flow $142M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $737M | -6% | +31% |
| Operating profit | $33.5M | -56% | +70% |
| Net earnings | $27.9M | -52% | +89% |
| Operating cash flow | $142M | +99% | +61% |
| Free cash flow | $137M | +111% | +74% |
What changed
Revenue was $736.8M in Q3 2025, up 31% year over year and down 6% from the previous quarter. Commissions was the largest line at 78% of revenue. Commissions added $166.1M year over year (up 41%), 94% of the total change. Fees from related parties declined 13%.
Operating profit was $33.5M, a 4.5% margin (up 1.0 points year over year). Of the extra revenue versus a year earlier, 8% reached operating profit, above the 4% margin then. Total costs grew 30% against revenue growth of 31%. The fastest-growing cost line was Sales & marketing (+52%). Net earnings were $27.9M, up 89% year over year ($26.1M including minority interests, which bore $1.8M of losses). The effective tax rate was 22.2%.
Operating cash flow was $141.9M (up 61% year over year), 544% of net income including minority interests. Non-cash charges added back $27.4M of depreciation and amortization. Working capital and other items added $88.4M. Capital expenditures of $4.7M left free cash flow of $137.2M.
Questions
What was BGC Group's revenue in the third quarter 2025?
BGC Group (BGC) reported revenue of $737M for the third quarter 2025 (Q3 2025), +31% from a year earlier and -6% from the quarter before.
Was BGC Group profitable in the third quarter 2025?
Operating profit was $33.5M (4.5% of revenue) and net earnings $27.9M.
Source: BGC Group 10-Q on SEC EDGAR.