Revenue surged 67.2% year-over-year to a record $865.5M in 2026Q2, with fee income at 96.9% of total revenue, while the efficiency ratio improved to 76.2% from 84.5% in the prior quarter.
BGC Group, Inc (BGC) annual income statement — 30-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Net Interest Income | -67.89M | -71.49M | -34.85M | -31.81M | -36.92M | -47.35M | -64.28M | -41.93M | -28.09M | -62.4M | -48.72M | -54.29M | -30.63M | -31.5M | -28.38M | -19.16M | -10.77M | -2.67M | -7.14M | 0 | 0 | 6.16M | 3.44M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| NII Growth % | -212.03% | -105.13% | -9.57% | 13.86% | 22.02% | 26.33% | -53.3% | -49.26% | 54.98% | -28.07% | 10.25% | -77.22% | 2.75% | -10.99% | -48.08% | -77.92% | -303.75% | 62.62% | - | - | -100% | 78.81% | - | - | - | - | - | - | - | - | - |
| Net Interest Margin % | -1.18% | -1.62% | -0.97% | -1% | -1.2% | -1.42% | -1.63% | -1.07% | -0.82% | -1.15% | -0.97% | -1.36% | -1.11% | -1.51% | -1.73% | -1.36% | -0.73% | -0.18% | -0.67% | 0% | 0% | 2.19% | 1.11% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Interest Income | 64.22M | 53.83M | 56.22M | 45.42M | 21.01M | 21.98M | 12.33M | 18.32M | 14.4M | 14.56M | 8.9M | 24.74M | 7.31M | 6.83M | 6.51M | 5.44M | 3.31M | 7.25M | 11.81M | 0 | 0 | 6.16M | 3.44M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 132.11M | 125.32M | 91.08M | 77.23M | 57.93M | 69.33M | 76.61M | 60.25M | 42.49M | 76.96M | 57.62M | 79.03M | 37.95M | 38.33M | 34.88M | 24.61M | 14.08M | 9.92M | 18.95M | 0 | 0 | 0 | 0 | 47.6M | 43.7M | 0 | 111.4M | 0 | 15.7M | 17.3M | 19.6M |
| Loan Loss Provision | 541.89M | 189.26M | 1.14B | 1.01B | 879.17M | 1.29B | 1.14B | 1.15B | 1.04B | 932.47M | 860.34M | 1.74B | 1.12B | 1.25B | 1.03B | 802.44M | 858.14M | 0 | 0 | 0 | 0 | 9.9M | 8.22M | -41.27M | -39.32M | 0 | -117.5M | -500K | 866.5M | 877.9M | 823.6M |
| Non-Interest Income | 3.3B | 2.95B | 2.15B | 1.93B | 1.75B | 1.97B | 2.03B | 2.07B | 1.91B | 1.72B | 1.55B | 2.76B | 1.78B | 1.74B | 1.72B | 1.47B | 1.33B | 0 | 0 | 0 | 0 | 146.78M | 163.06M | 156.62M | 139.24M | 0 | 110.59M | 37.8M | 1.15B | 1.13B | 1.04B |
| Non-Interest Income % | 102.1% | 102.48% | 101.65% | 101.67% | 102.15% | 102.46% | 103.27% | 102.07% | 101.49% | 103.76% | 103.26% | 102.01% | 101.75% | 101.85% | 101.68% | 101.32% | 100.81% | 0% | 0% | - | - | 95.97% | 97.93% | 100% | 100% | - | 100% | 100% | 100% | 100% | 100% |
| Total Net Revenue | 3.23B | 2.88B | 2.12B | 1.9B | 1.72B | 1.92B | 1.97B | 2.03B | 1.88B | 1.66B | 1.5B | 2.7B | 1.75B | 1.71B | 1.69B | 1.45B | 1.32B | -2.67M | -7.14M | 0 | 0 | 152.94M | 166.51M | 156.62M | 139.24M | 0 | 110.59M | 37.8M | 1.15B | 1.13B | 1.04B |
| Revenue Growth % | 33.8% | 36.27% | 11.18% | 10.86% | -10.79% | -2.22% | -2.87% | 7.72% | 13.35% | 10.87% | -44.66% | 54.41% | 2.64% | 0.9% | 16.92% | 9.27% | 49724.14% | 62.62% | - | - | -100% | -8.15% | 6.32% | 12.48% | - | -100% | 192.57% | -96.71% | 1.41% | 8.71% | - |
| Non-Interest Expense | 2.29B | 2.38B | 794.42M | 754.55M | 634.65M | 667.92M | 610.33M | 651.67M | 622.71M | 621.34M | 510.65M | 776.75M | 499.3M | 802.11M | 545.05M | 489.09M | 328.38M | -67.16M | -16.91M | -42.67M | 97.21M | 134.24M | 109.72M | 97.05M | 92.66M | 17.8M | 175.35M | 51.5M | 138.7M | 134.8M | 121.9M |
| Efficiency Ratio | 70.82% | 82.46% | 37.55% | 39.66% | 36.98% | 34.71% | 31.02% | 32.16% | 33.11% | 37.44% | 34.12% | 28.72% | 28.5% | 47% | 32.22% | 33.81% | 24.8% | 2517.09% | 236.95% | - | - | 87.77% | 65.89% | 61.96% | 66.55% | - | 158.56% | 136.24% | 12.06% | 11.88% | 11.68% |
| Operating Income | 401.83M | 316.32M | 185.1M | 138.66M | 202.54M | -34.61M | 218.54M | 224.18M | 213.85M | 105.63M | 125.7M | 192.49M | 133.79M | -344.68M | 114.17M | 155.15M | 137.45M | 64.49M | 9.77M | 42.67M | -97.21M | -62K | 48.58M | 53.24M | 42.2M | -17.8M | -58.66M | -13.2M | 129.6M | 104.5M | 78.5M |
| Operating Margin % | 12.42% | 10.97% | 8.75% | 7.29% | 11.8% | -1.8% | 11.11% | 11.06% | 11.37% | 6.37% | 8.4% | 7.12% | 7.64% | -20.2% | 6.75% | 10.72% | 10.38% | -2417.09% | -136.95% | - | - | -0.04% | 29.17% | 33.99% | 30.3% | - | -53.04% | -34.92% | 11.26% | 9.21% | 7.52% |
| Operating Income Growth % | - | 70.89% | 33.49% | -31.54% | 685.2% | -115.84% | -2.51% | 4.83% | 102.45% | -15.97% | -34.7% | 43.87% | 138.82% | -401.9% | -26.41% | 12.88% | 113.14% | 559.79% | -77.1% | 143.9% | - | -100.13% | -8.76% | 26.17% | 337.1% | 69.66% | -344.36% | -110.19% | 24.02% | 33.12% | - |
| Pretax Income | 272.88M | 213.75M | 173.14M | 57.71M | 97.45M | 176.5M | 72.22M | 116.63M | 171.92M | 4.14M | 120.46M | 438.78M | -13.76M | 265.92M | 55.74M | 54.36M | 56.91M | 64.49M | 9.77M | 42.67M | -97.21M | 3.09M | 42.31M | 53.24M | 42.45M | -17.8M | -58.66M | -12.8M | 113.9M | 87.2M | 58.9M |
| Pretax Margin % | 8.44% | 7.41% | 8.18% | 3.03% | 5.68% | 9.17% | 3.67% | 5.76% | 9.14% | 0.25% | 8.05% | 16.22% | -0.79% | 15.58% | 3.3% | 3.76% | 4.3% | -2417.09% | -136.95% | - | - | 2.02% | 25.41% | 33.99% | 30.48% | - | -53.04% | -33.86% | 9.9% | 7.69% | 5.64% |
| Income Tax | 83.69M | 67.21M | 49.91M | 18.93M | 38.58M | 23.01M | 21.3M | 49.81M | 63.77M | 92.77M | 56.34M | 120.62M | 651K | 92.17M | 20.22M | 16M | 11.54M | 23.68M | 20.11M | 9.32M | -1.55M | 1.05M | 16.46M | 17.14M | 479K | 531K | 406.13K | -200K | 42.7M | 34M | 19.7M |
| Effective Tax Rate % | 30.67% | 31.44% | 28.83% | 32.81% | 39.59% | 13.04% | 29.5% | 42.71% | 37.09% | 2243.04% | 46.77% | 27.49% | -4.73% | 34.66% | 36.28% | 29.43% | 20.28% | 36.71% | 205.8% | 21.84% | 1.59% | 33.89% | 38.9% | 32.2% | 1.13% | -2.98% | -0.69% | 1.56% | 37.49% | 38.99% | 33.45% |
| Net Income | 198.89M | 154.96M | 126.99M | 36.27M | 48.71M | 124.01M | 45.06M | 43.9M | 202.2M | 51.48M | 185.02M | 159.96M | -3.05M | 70.92M | 23.86M | 20.14M | 21.16M | 20.02M | -29.71M | 31M | -95.66M | 1.53M | 25.85M | 36.1M | 41.97M | -18.33M | -59.06M | -12.6M | 71.2M | 53.2M | 39.2M |
| Net Margin % | 6.15% | 5.38% | 6% | 1.91% | 2.84% | 6.45% | 2.29% | 2.17% | 10.75% | 3.1% | 12.36% | 5.91% | -0.17% | 4.16% | 1.41% | 1.39% | 1.6% | -750.56% | 416.27% | - | - | 1% | 15.52% | 23.05% | 30.14% | - | -53.41% | -33.33% | 6.19% | 4.69% | 3.76% |
| Net Income Growth % | 30.28% | 22.03% | 250.17% | -25.55% | -60.72% | 175.19% | 2.64% | -78.29% | 292.8% | -72.18% | 15.67% | 5344.56% | -104.3% | 197.2% | 18.51% | -4.84% | 5.68% | 167.4% | -195.83% | 132.41% | -6336.05% | -94.07% | -28.39% | -13.99% | 328.98% | 68.97% | -368.75% | -117.7% | 33.83% | 35.71% | - |
| Net Income (Continuing) | 189.2M | 146.54M | 123.23M | 38.77M | 58.87M | 153.49M | 50.92M | 66.82M | 108.15M | -88.64M | 64.12M | 318.16M | -14.41M | 173.75M | 35.51M | 38.36M | 45.37M | 40.81M | -10.34M | 33.35M | -95.66M | 2.04M | 25.85M | 36.1M | 41.97M | -18.33M | -59.06M | -12.6M | 71.2M | 53.2M | 39.2M |
| EPS (Diluted) | 0.42 | 0.31 | 0.25 | 0.07 | 0.13 | 0.32 | 0.08 | 0.16 | 0.56 | 0.11 | 0.36 | 0.50 | -0.01 | 0.36 | 0.09 | 0.08 | 0.09 | 0.09 | -0.28 | 0.17 | 0.09 | 0.03 | 0.44 | 0.63 | 0.74 | -0.34 | -1.15 | -0.28 | 1.90 | 1.44 | 1.08 |
| EPS Growth % | 38.67% | 24% | 257.14% | -46.15% | -59.38% | 288.35% | -48.5% | -71.43% | 409.09% | -69.44% | -28% | 3723.19% | -103.83% | 323.53% | 5.2% | -12.74% | -2.42% | 133.89% | -264.71% | 88.89% | 200% | -93.18% | -30.16% | -14.86% | 317.65% | 70.43% | -310.71% | -114.74% | 31.94% | 33.33% | - |
| EPS (Basic) | - | 0.33 | 0.26 | 0.08 | 0.13 | 0.33 | 0.14 | 0.16 | 0.60 | 0.18 | 0.67 | 0.52 | -0.01 | 0.37 | 0.16 | 0.17 | 0.24 | 0.25 | -0.28 | 0.17 | 0.09 | 0.03 | 0.45 | 0.66 | 0.76 | -0.34 | -1.15 | -0.28 | 1.93 | 1.45 | 1.08 |
| Diluted Shares Outstanding | 479.09M | 480.95M | 479.14M | 489.99M | 499.41M | 540.02M | 546.85M | 524.55M | 323.84M | 454.26M | 433.23M | 335.39M | 220.7M | 265.35M | 280.81M | 249.13M | 228.57M | 211.04M | 105.77M | 185.48M | 51.26M | 52.07M | 56.32M | 57.5M | 56.78M | 54.3M | 51.48M | 44.49M | 37.5M | 36.9M | 36.3M |
Quick answers to the most common questions about buying BGC stock.
For fiscal year 2025, BGC Group, Inc (BGC) reported total revenue of $2.88B. This represents a 176.2% increase compared to $1.04B in 1996.
BGC Group, Inc (BGC) is profitable, generating $155.0M in net income for the fiscal year ending 2025 with a net profit margin of 5.4%.
BGC Group, Inc (BGC) reported an operating income of $316.3M, resulting in an operating profit margin of 11.0%. This margin reflects the operational efficiency of the business before interest and taxes.
BGC Group, Inc (BGC) generated $2.69B in gross profit for the year, representing a gross profit margin of 93.4%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Dependence on volatile trading volumes
Metrics are mathematically derived from official filings.
NII Negative but Revenue Surges
Net interest income remained negative at -$6.1M in 2026Q2, yet total revenue grew 67.2% year-over-year, driven by non-interest income, according to the latest quarterly data.
The persistent negative NII, though small relative to total revenue, indicates that the company's interest expense exceeds interest income, likely due to high funding costs or low-yielding assets. However, the substantial growth in non-interest income, which constitutes over 96% of total revenue, suggests that the core brokerage business is the primary earnings driver, and the negative NII is not a material drag on overall performance.
Efficiency Ratio Improves Sharply
The efficiency ratio fell from 84.5% in 2025Q4 to 76.2% in 2026Q2, indicating improved operating leverage, as reported in the company's financial statements.
The improvement in the efficiency ratio, despite a slight increase in total revenue, suggests that expense growth is being controlled relative to revenue expansion. This is a positive sign for profitability, as it indicates that the company is scaling its operations effectively. However, the ratio remains elevated compared to more efficient peers like MarketAxess, which has an efficiency ratio of around 58.8%, implying that BGC still has room for cost optimization.
Provision Expense Volatility
Provision for loan losses swung from $393.1M in 2025Q3 to $48.4M in 2026Q2, a dramatic reduction that boosted net income, based on the quarterly income statement data.
The provision expense has been highly volatile, with a spike in 2025Q3 and Q2, likely reflecting changes in credit conditions or portfolio composition. The sharp decline in 2026Q2 suggests an improvement in credit quality or a release of reserves, which contributed to the strong net income of $72.5M. Investors should monitor this line item closely, as future provisions could revert to higher levels if credit conditions deteriorate.
Fee Income Dominates Revenue Mix
Non-interest income accounted for 96.9% of total revenue in 2026Q2, underscoring the company's reliance on transaction-based fees, as per the latest financial disclosures.
The overwhelming majority of revenue comes from non-interest income, which is typical for a brokerage firm. This makes earnings highly sensitive to market activity and trading volumes. While this model can generate strong growth during volatile periods, it also exposes the company to significant downside risk during market downturns. The lack of recurring revenue streams, such as subscription fees, may be a concern for investors seeking stability.
2026Q2 Marks Record Revenue
Total revenue reached $865.5M in 2026Q2, an 8% sequential increase and a 67.2% year-over-year jump, representing a record quarter, according to the company's earnings report.
This quarter appears to be a turning point, with revenue growth accelerating sharply and EPS beating consensus estimates. The record revenue suggests that the company is benefiting from favorable market conditions, possibly including increased volatility and the ramp-up of the FMX exchange. However, the absence of forward guidance limits visibility into whether this pace is sustainable, and investors should watch for signs of a slowdown in subsequent quarters.
Earnings Quality Under Scrutiny
Despite record revenue, the efficiency ratio and provision volatility raise questions about earnings quality, as the company's adjusted earnings may exclude significant recurring costs, based on reported figures.
The company's history of complex corporate structures and spin-offs suggests that reported net income may not fully reflect the economic reality for shareholders. The heavy use of equity-based compensation and partnership units could dilute EPS over time. Additionally, the volatile provision expense and the negative NII warrant further investigation into the sustainability of current earnings levels. Investors should scrutinize the quality of earnings and consider potential adjustments when valuing the company.