Filing Flows › BGC Group (BGC) › Q4 2025
BGC Group (BGC) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Mar 2, 2026
BGC Group (BGC) reported revenue of $756M for the fourth quarter 2025 (Q4 2025), +32% from a year earlier and +3% from the quarter before. Operating margin was 3.3%, net earnings $14.4M (1.9% of revenue).
BGC Group, Q4 2025: revenue $756M (+32% year over year), operating margin 3.3%, net earnings $14.4M, operating cash flow $180M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $756M | +3% | +32% |
| Operating profit | $25.0M | -25% | -8% |
| Net earnings | $14.4M | -48% | -33% |
| Operating cash flow | $180M | +27% | -28% |
| Free cash flow | $175M | +28% | -29% |
What changed
Revenue was $756.4M in Q4 2025, up 32% year over year and up 3% from the previous quarter.
Operating profit was $25.0M, a 3.3% margin (down 1.4 points year over year). Operating profit fell $2.2M even though revenue rose $184.0M versus a year earlier, so costs grew faster than sales. Total costs grew 34% against revenue growth of 32%. The fastest-growing cost line was Sales & marketing (+64%). Net earnings were $14.4M, down 33% year over year ($10.8M including minority interests, which bore $3.5M of losses). The effective tax rate was 56.7%.
Operating cash flow was $180.4M (down 28% year over year), 1665% of net income including minority interests. Non-cash charges added back $28.1M of depreciation and amortization. Working capital and other items added $141.5M. Capital expenditures of $5.3M left free cash flow of $175.1M.
Questions
What was BGC Group's revenue in the fourth quarter 2025?
BGC Group (BGC) reported revenue of $756M for the fourth quarter 2025 (Q4 2025), +32% from a year earlier and +3% from the quarter before.
Was BGC Group profitable in the fourth quarter 2025?
Operating profit was $25.0M (3.3% of revenue) and net earnings $14.4M.
Source: BGC Group 10-K on SEC EDGAR.