BGC Group, Inc.
For the period ended Jun 30, 2026. Filed Aug 10, 2026.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2026 · Filed Aug 10, 2026
BGC$10.48+0.2%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-03-31; filed 2026-05-11.
0001628280-26-033499
ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-06-30; filed 2026-08-10.
0001628280-26-055187
ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 285 previous paragraphs and 347 current paragraphs.
170 unchanged; 95 reworded; 77 added; 18 removed; 2 previous and 5 current paragraphs rearranged.
Tables are not compared: 8 previous and 8 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (77)
Current report
•FMX Futures Exchange delivered another quarter of significant growth, with ADV of approximately 54,000 contracts in the second quarter of 2026, up from over 3,000 contracts from a year ago. SOFR ADV rebounded strongly in June, following reduced Iran-driven volatility, achieving a monthly record of more than 59,000 contracts. FMX’s U.S. Treasury futures continued to scale in the second quarter, averaging more than 15,000 contracts per day. Total open interest ended at more than 140,000 contracts, up from approximately 22,000 contracts a year ago.
Current report
•PortfolioMatch ADV grew by 82% in the second quarter to $431 million. This strong growth was driven by new and deepening connectivity with clients, and strong adoption of the platform’s newest trading tools.
Current report
We had no gains or losses from divestitures or sales of investments during the three and six months ended June 30, 2025.
Current report
Strategic Partnership with Fanatics
Current report
On July 27, 2026, we announced that we entered into an agreement to sell Water Street Labs, LLC and CX Clearinghouse L.P. to Fanatics which will enable Fanatics to offer its own federally regulated prediction market exchange and expand its market offerings on Fanatics Markets. By harnessing BGC’s expertise in institutional market infrastructure and trading, BGC and Fanatics will connect retail-focused prediction markets with the institutional marketplace. We will partner with Fanatics to build a prediction market ecosystem that serves both retail and institutional participants. The partnership is intended to bring together BGC’s established market data and analytics capabilities to enable the development of new data products.
Current report
On August 5, 2026, we completed the sale of Water Street Labs, LLC and CX Clearinghouse L.P. to Fanatics. These entities are separate from FMX’s CFTC-registered DCM, which we continue to own and control. We are currently evaluating the impact of the transaction on future operations, including the amount of any gain that may be recognized during the three months ending September 30, 2026.
Current report
•ECS increased $13.8 million, or 5.3%;
Current report
•Rates increased $21.3 million, or 10.6%;
Current report
•FX increased $10.2 million, or 9.4%;
Current report
•Credit increased $4.0 million, or 5.4%; and
Current report
•Equities increased $2.1 million, or 2.8%.
Current report
Total expenses increased $62.0 million, or 8.7%, to $773.6 million compared to the prior year period. Total compensation and employee benefits expenses increased by $25.1 million, which was primarily due to higher commissionable revenues during the three months ended June 30, 2026.
Current report
The $36.8 million increase in non-compensation expenses was primarily driven by an increased accrual related to the U.K. Tax Matter, increased selling and promotion, and commissions and floor brokerage expense related to higher client activity.
Current report
Total other income (losses), net increased $24.1 million, or 813.5%, to $27.0 million, primarily due to a $20.0 million gain from contingent consideration realized and earned during the three months ended June 30, 2026, in connection with the sale of kACE in the fourth quarter of 2025.
Current report
For the six months ended June 30, 2026 compared to the six months ended June 30, 2025
Current report
Income from operations before income taxes was $214.4 million compared to $155.3 million for the same period in the prior year.
Current report
Total revenues increased $352.8 million compared to the prior year period, or 24.4%, to $1,801.0 million. Excluding OTC Global, revenues grew by $225.6 million, or 17.0%. Brokerage revenues increased by $336.6 million, or 25.3% due to overall growth across all asset classes:
Current report
•Rates increased $76.6 million, or 19.1%;
Current report
•FX increased $31.2 million, or 14.3%;
Current report
•Credit increased $11.2 million, or 6.9%; and
Current report
•Equities increased $23.7 million, or 17.3%.
Current report
Interest and dividend income increased $10.4 million, or 38.6%, primarily due to dividend income from investments. This increase was partially offset by lower interest income due to lendings to Cantor under the BGC Credit Agreement in the second quarter of 2025. In addition, there was an increase of $3.2 million, or 4.7%, in Data, network and post-trade revenues, primarily driven by Fenics Market Data and Lucera. This increase was partially offset by decreased revenues from software solutions following the sale of the kACE business in the fourth quarter of 2025. Additionally, there was an increase of $2.5 million, or 19.3%, in Other revenues, principally due to increased consulting income.
Current report
Total other income (losses), net increased $28.8 million, or 551.1%, to $34.0 million, primarily due to a $20.0 million gain from contingent consideration realized and earned during the six months ended June 30, 2026, in connection with the sale of kACE in the fourth quarter of 2025.
Current report
Our ECS revenues increased by $13.8 million, or 5.3%, to $275.5 million for the three months ended June 30, 2026 as compared to the three months ended June 30, 2025, driven by strong growth across our shipping, environmental, and commodities businesses, partially offset by lower oil and refined products volumes due to disruptions caused by the Strait of Hormuz closure.
Current report
Our Rates revenues increased by $21.3 million, or 10.6%, to $221.9 million for the three months ended June 30, 2026 as compared to the three months ended June 30, 2025, reflecting higher volumes across all major Rates products during the quarter.
Current report
Our Equities revenues increased by $2.1 million, or 2.8%, to $76.0 million for the three months ended June 30, 2026 as compared to the three months ended June 30, 2025, reflecting strong U.S. equities volumes, partially offset by lower European equity derivative activity.
Current report
Other revenues decreased by $2.9 million, or 35.7%, to $5.2 million for the three months ended June 30, 2026 as compared to the three months ended June 30, 2025, primarily driven by a decrease in consulting income.
Current report
Occupancy and equipment expense increased by $0.8 million, or 1.7%, to $47.3 million for the three months ended June 30, 2026 as compared to the three months ended June 30, 2025. This increase was primarily driven by increases in software licensing and maintenance costs and rent expenses.
Current report
Interest expense decreased by $1.0 million, or 3.0%, to $32.8 million for the three months ended June 30, 2026 as compared to the three months ended June 30, 2025, which was primarily driven by the repayments in full of the $288.2 million outstanding aggregate principal amount of BGC Group 4.375% Senior Notes and the $11.8 million outstanding aggregate principal amount of BGC Partners 4.375% Senior Notes on December 15, 2025. This was partially offset by an increase in interest expense incurred on the Revolving Credit Agreement due to a higher average outstanding balance.
Current report
Other expenses increased by $20.3 million, or 82.5%, to $45.0 million for the three months ended June 30, 2026 as compared to the three months ended June 30, 2025, which was primarily due to an increased accrual related to the U.K. Tax Matter.
Current report
Gains (Losses) on Divestitures and Sale of Investments
Current report
Gains (losses) on divestitures and sale of investments increased by $20.0 million, for the three months ended June 30, 2026, related to contingent consideration realized and earned in connection with the sale of kACE in the fourth quarter of 2025, as compared to no such gains or losses during the three months ended June 30, 2025.
Current report
Other income (loss) increased by $0.7 million to income of $1.3 million for the three months ended June 30, 2026 as compared to income of $0.6 million for the three months ended June 30, 2025, which was primarily driven by present value adjustments to contingent consideration liabilities from previous acquisitions.
Current report
Six Months Ended June 30, 2026 compared to Six Months Ended June 30, 2025
Current report
Revenues
Current report
Brokerage Revenues
Current report
Total brokerage revenues increased by $336.6 million, or 25.3%, to $1,667.3 million for the six months ended June 30, 2026 as compared to the six months ended June 30, 2025. Commissions revenues increased by $307.9 million, or 28.1%, to $1,402.1 million for the six months ended June 30, 2026 as compared to the six months ended June 30, 2025. Principal transactions revenues increased by $28.7 million, or 12.1%, to $265.1 million for the six months ended June 30, 2026 as compared to the six months ended June 30, 2025.
Current report
Our ECS revenues increased by $193.9 million, or 47.1%, to $605.4 million for the six months ended June 30, 2026, as compared to the six months ended June 30, 2025, which was driven by OTC Global and strong organic growth across our shipping, environmental and commodities businesses. While heightened volatility across energy markets associated with the Iran conflict during the first quarter 2026 contributed incrementally to customer activity, revenue growth was principally driven by the aforementioned factors. These benefits were partially offset by lower oil and refined product volumes in the second quarter of 2026 due to disruptions caused by the Strait of Hormuz closure. Excluding OTC Global, ECS revenues grew by 23.0% for the six months ended June 30, 2026 as compared to the six months ended June 30, 2025.
Current report
Our Rates revenues increased by $76.6 million, or 19.1%, to $478.1 million for the six months ended June 30, 2026, as compared to the six months ended June 30, 2025, reflecting higher volumes across all major interest rate products.
Current report
Our FX revenues increased by $31.2 million, or 14.3%, to $249.7 million for the six months ended June 30, 2026, as compared to the six months ended June 30, 2025, which was primarily due to strong growth in emerging market currencies.
Showing the first 40 of 77 passages. Open the source sections for the rest.
Removed paragraphs (18)
Previous report
•FMX Futures Exchange delivered another quarter of significant growth. SOFR ADV climbed to more than 39,000 contracts in the first quarter of 2026, up from 2,200 contracts from a year ago, while quarter-end open interest reached approximately 143,000 contracts, compared to 8,000 in the prior year period. FMX’s U.S. Treasury futures developed momentum in April, with volume building throughout the month to a new high of approximately 30,000 contracts on April 29, 2026.
Previous report
•PortfolioMatch ADV grew by 42% in the first quarter, setting a new all-time quarterly high. Growth was driven by higher client activity across U.S. and EMEA corporate credit, reflecting new and deepening customer relationships and positive impact from the adoption of recently launched trading functionalities. Average trade size grew to record levels, supported by an increase in the platform’s global maximum trade size. PortfolioMatch continues to capture market share in this critically important part of the Credit market.
Previous report
On July 4, 2025, President Trump signed the OBBBA into law, which, among other things, introduced a broad range of changes to existing tax rules, including significant modifications to certain incentives previously introduced or expanded by the Inflation Reduction Act of 2022, as well as extensions and modifications of certain provisions of the Tax Act.
Previous report
The OBBBA did not have a material impact on our unaudited Condensed Consolidated Statements of Financial Condition as of, or results of operations or cash flows for the three months ended March 31, 2026. Management will continue to assess the potential impact the OBBBA may have on our future financial condition, results of operations or liquidity.
Previous report
The onset of the Iran conflict on February 28 contributed to heightened volatility across energy, interest rate, and foreign exchange markets. Prior to the conflict, our revenues were already tracking up 41% year-over-year through February 27, and finished the quarter with total revenues increasing 43.8%. This highlights the strong underlying performance of our business, with the conflict only contributing incrementally. Management continues to monitor evolving geopolitical conditions and their potential impact on operations and market exposures.
Previous report
•Rates increased $55.3 million, or 27.5%;
Previous report
•FX increased $21.0 million, or 19.1%;
Previous report
•Credit increased $7.1 million, or 8.2%; and
Previous report
•Equities increased $21.6 million, or 34.3%.
Previous report
Our ECS revenues increased by $180.0 million, or 120.1%, to $330.0 million for the three months ended March 31, 2026 as compared to the three months ended March 31, 2025, driven by OTC Global and strong organic growth across our broader energy complex and shipping businesses.
Previous report
Our Rates revenues increased by $55.3 million, or 27.5%, to $256.2 million for the three months ended March 31, 2026 as compared to the three months ended March 31, 2025, reflecting strong growth across listed futures and options, interest rate swaps, and government bonds, supported by continued FMX UST market share gains.
Previous report
Our Equities revenues increased by $21.6 million, or 34.3%, to $84.5 million for the three months ended March 31, 2026 as compared to the three months ended March 31, 2025, reflecting strong market share gains across all major geographies and global equity volatility.
Previous report
1 Includes Fenics Integrated.
Previous report
At December 31, 2019, we completed the calculation of the one-time transition tax on the deemed repatriation of foreign subsidiaries’ earnings pursuant to the Tax Act and previously recorded a net cumulative tax expense of $28.6 million, net of foreign tax credits. During the second quarter of 2024, we settled our 2017 audit with the Internal Revenue Service which included the transition tax. The revised net cumulative transition tax expense is $25.3 million, net of foreign tax credits, resulting in a net adjustment of the payable balance by $3.3 million. An installment election can be made to pay the taxes over eight years with 40% paid in equal installments over the first five years and the remaining 60% to be paid in installments of 15%, 20% and 25% in years six, seven and eight, respectively. The cumulative remaining balance as of March 31, 2026 was $4.0 million. The remaining balance was subsequently repaid, and there was no cumulative remaining balance as of May 8, 2026.
Previous report
On August 27, 2025, we launched an SEC-registered exchange offer in which holders of the BGC Group 6.150% Senior Notes, issued in a private placement on April 2, 2025, could exchange such notes for new registered notes with substantially identical terms. The exchange offer expired on October 3, 2025, and the tendered BGC Group 6.150% Senior Notes were exchanged for new registered notes with substantially identical terms.
Previous report
Discussion of the three months ended March 31, 2026
Previous report
Discussion of the three months ended March 31, 2025
Previous report
LEGAL PROCEEDINGS
Reworded paragraphs (95)
Previous wording
The objective of this Management’s Discussion and Analysis is to allow investors to view the Company from management’s perspective, considering items that have had and could have a material impact on future operations. This discussion summarizes the significant factors affecting our results of operations and financial condition as of and during the three months ended March 31, 2026 and 2025. This discussion is provided to increase the understanding of, and should be read in conjunction with, our unaudited Condensed Consolidated Financial Statements and the notes thereto included elsewhere in this report.
Current wording
The objective of this Management’s Discussion and Analysis is to allow investors to view the Company from management’s perspective, considering items that have had and could have a material impact on future operations. This discussion summarizes the significant factors affecting our results of operations and financial condition as of and during the three and six months ended June 30, 2026 and 2025. This discussion is provided to increase the understanding of, and should be read in conjunction with, our unaudited Condensed Consolidated Financial Statements and the notes thereto included elsewhere in this report.
Previous wording
Our clients include many of the world’s largest banks, broker-dealers, trading firms, hedge funds, governments, corporations, investment firms, commodity trading firms and end users, such as producers and consumers. BGC is a global company with offices across all major geographies, including New York and London, as well as in Beijing, Bogota, Brisbane, Cape Town, Chicago, Copenhagen, Dubai, Dublin, Frankfurt, Geneva, Hong Kong, Houston, Johannesburg, Madrid, Manila, Melbourne, Mexico City, Miami, Milan, Monaco, Nyon, Palm Beach, Paris, Perth, Rio de Janeiro, Santiago, São Paulo, Seoul, Shanghai, Singapore, Sydney, Tel Aviv, Tokyo, Toronto, Wellington and Zurich.
Current wording
Our clients include many of the world’s largest banks, broker-dealers, trading firms, hedge funds, governments, corporations, investment firms, commodity trading firms and end users, such as producers and consumers. BGC is a global company with offices across all major geographies, including New York and London, as well as in Bogota, Brisbane, Cape Town, Chicago, Copenhagen, Dubai, Dublin, Frankfurt, Geneva, Hong Kong, Houston, Johannesburg, Madrid, Manila, Melbourne, Mexico City, Miami, Milan, Monaco, Nyon, Palm Beach, Paris, Perth, Rio de Janeiro, Santiago, São Paulo, Seoul, Shanghai, Singapore, Sydney, Tel Aviv, Tokyo, Toronto, Wellington and Zurich.
Previous wording
As of March 31, 2026, we had 2,487 brokers, salespeople, managers, and other front-office personnel across our businesses.
Current wording
As of June 30, 2026, we had 2,467 brokers, salespeople, managers, and other front-office personnel across our businesses.
Previous wording
On September 23, 2024, FMX Futures Exchange launched the trading of SOFR futures, the largest notional futures contract in the world. On May 18, 2025, FMX Futures Exchange also launched the trading of U.S. Treasury futures contracts, initially with 2-year and 5-year contracts.
Current wording
On September 23, 2024, FMX Futures Exchange launched the trading of SOFR futures, the largest notional futures contract in the world. On May 18, 2025, FMX Futures Exchange also launched the trading of U.S. Treasury futures contracts, initially with 2-year and 5-year contracts, and on August 3, 2026, we listed the remaining tenors across the full curve, supporting further growth in trading volumes and open interest on the exchange.
Previous wording
We expect to benefit from the trend towards electronic trading, increased demand for market data, and the need for increased connectivity, automation, and post-trade services. We continue to onboard new customers as the opportunities created by electronic and algorithmic trading continue to transform our industry. We continue to roll out our next-generation Fenics execution platforms across more products and geographies with the goal of seamlessly integrating the liquidity of voice transactions with customer electronic orders either by a GUI, API, or web-based interface.
Current wording
We expect to benefit from the continued trend towards electronic trading, increased demand for market data, and the need for greater connectivity, automation, and post-trade services. We continue to onboard new customers as the opportunities created by electronic and algorithmic trading continue to transform our industry. We continue to roll out our next-generation Fenics execution platforms across more products and geographies with the goal of seamlessly integrating the liquidity of voice transactions with customer electronic orders either by a GUI, API, or web-based interface.
Previous wording
Revenues in our Fenics businesses increased 19.8%, to $206.9 million, for the three months ended March 31, 2026, as compared to the prior year period.
Current wording
Revenues in our Fenics businesses increased 14.3% to $186.2 million, and 17.2% to $393.1 million, for the three and six months ended June 30, 2026, respectively, as compared to the prior year periods.
Previous wording
Within our Fenics businesses, Fenics Markets revenue grew to $176.7 million, in the first quarter of 2026, driven by higher electronic trading volumes across Rates, Credit, and Foreign Exchange and increased Fenics Market Data revenues. Excluding kACE, Fenics Markets grew by 24.1% in the first quarter of 2026 as compared to the prior year period.
Current wording
Within our Fenics businesses, Fenics Markets revenue grew to $152.8 million in the second quarter of 2026, driven by higher electronic trading volumes across Rates, Credit, and Foreign Exchange and increased Fenics Market Data revenues. Excluding kACE, Fenics Markets grew by 16.5% in the second quarter of 2026 as compared to the prior year period.
Previous wording
Fenics Growth Platforms revenue grew to $30.2 million in the first quarter of 2026, primarily driven by FMX, PortfolioMatch, and Lucera.
Current wording
Fenics Growth Platforms revenue grew to $33.4 million in the second quarter of 2026, primarily driven by FMX, PortfolioMatch, and Lucera.
Previous wording
We continue to invest in our Fenics Growth Platforms, and notable highlights for the first quarter of 2026 compared to the prior year period include:
Current wording
We continue to invest in our Fenics Growth Platforms, and notable highlights for the second quarter of 2026 compared to the prior year period include:
Previous wording
•FMX UST generated record quarterly ADV of $89.7 billion, 51% higher compared to last year. FMX UST grew its first-quarter central limit order book market share to 41%, up from 39% last quarter and 33% a year ago. In March, ADV reached $107.0 billion, the highest monthly ADV in FMX UST’s history.
Current wording
•FMX UST generated record second quarter ADV of $79.4 billion, 17% higher compared to last year. FMX UST grew its second-quarter central limit order book market share to 42%, up from 41% last quarter and 35% in the prior year period.
Previous wording
•FMX FX ADV increased by 42% to a record $20.5 billion driven by strong growth across spot FX and non-deliverable forward volumes, resulting in continued market share gains.
Current wording
•FMX FX ADV increased by 16% to $18.0 billion in the second quarter of 2026, driven by continued growth across spot FX and non-deliverable forward volumes, resulting in continued market share gains.
Previous wording
•Lucera, Fenics’ network business providing critical real-time trading infrastructure to the capital markets, grew revenues by 22.8% in the first quarter. Growth was led by continued momentum in its FX offering and increasing client adoption across Fixed Income solutions, including U.S. Treasuries and Futures. Looking ahead, a pipeline of new products across both FX and Fixed Income is set to come online, which is expected to provide meaningful sources of new incremental growth.
Current wording
•Lucera, Fenics’ network business providing critical real-time trading infrastructure to the capital markets, grew revenues by 15% in the second quarter, led by continued momentum in its FX offering and the onboarding of several large new clients.
Previous wording
Data, network and post-trade revenues increased by 6.1% compared to the first quarter of 2025 to $34.5 million. This growth was primarily driven by Lucera and Fenics Market Data, partially offset by lower revenues due to the sale of BGC’s kACE business in the fourth quarter of 2025. Excluding kACE, Data, network and post-trade revenues grew by 23.2%.
Current wording
Data, network and post-trade revenues increased by 3.4% compared to the second quarter of 2025 to $36.7 million. This growth was primarily driven by Lucera and Fenics Market Data, partially offset by lower revenues due to the sale of BGC’s kACE business in the fourth quarter of 2025. Excluding kACE, Data, network and post-trade revenues grew by 18.6%.
Previous wording
Fenics brokerage revenues increased by 23.1% to $172.5 million in the first quarter of 2026 over the prior year period driven by higher electronic trading volumes across Rates, Credit, and Foreign Exchange.
Current wording
Fenics brokerage revenues increased by 17.4% to $149.5 million in the second quarter of 2026 over the prior year period driven by higher electronic trading volumes across Rates, Credit, and Foreign Exchange.
Previous wording
We did not complete any acquisitions during either the three months ended March 31, 2026 or 2025.
Current wording
We did not complete any acquisitions during the six months ended June 30, 2026. There was one acquisition completed by the Company during the six months ended June 30, 2025.
Previous wording
On October 1, 2025, we completed the acquisition of Macro Hive, a provider of global macro market analytics and strategy. The acquisition of Macro Hive expands BGC’s growing agency business that services institutional clients by integrating Macro Hive’s artificial intelligence-driven technology across our Rates and FX markets within our global broking and execution platform.
Current wording
On October 1, 2025, we completed the acquisition of Macro Hive, a provider of global macro market analytics and strategy. The acquisition of Macro Hive expands BGC’s growing agency business that services institutional clients by integrating Macro Hive’s AI-driven technology across our Rates and FX markets within our global broking and execution platform.
Previous wording
On April 1, 2025, we completed the acquisition of OTC Global. OTC Global generated revenues of over $400 million for the year ended December 31, 2024, representing an acquisition multiple of approximately 0.75 times revenue. With the integration of OTC Global’s complementary product suite, ECS became our largest asset class, positioning us as the world’s largest ECS broker by revenue and making BGC a more comprehensive and diversified company. The amount of revenue from OTC Global included in our unaudited Condensed Consolidated Statements of Operations during thethree months ended March 31, 2026 is$138.4 million.
Current wording
On April 1, 2025, we completed the acquisition of OTC Global. OTC Global generated revenues of over $400 million for the year ended December 31, 2024, representing an acquisition multiple of approximately 0.75 times revenue. With the integration of OTC Global’s complementary product suite, ECS became our largest asset class, establishing us as the world’s largest ECS broker by revenue and making BGC a more comprehensive and diversified company.
Previous wording
On December 31, 2025, we sold kACE, a leading provider of real-time pricing and advanced analytics platforms for complex FX derivatives, to smartTrade. smartTrade acquired kACE for up to $119.0 million, subject to limited post-closing adjustments. This includes initial consideration of $80.0 million, with up to an additional $39.0 million in contingent cash consideration. The $39.0 million in contingent cash consideration was excluded from the initial gain on the divestiture and will be recognized in income when it is realized and earned. As a result of this sale, we recognized a $66.7 million gain, which is included in “Gains (losses) on divestitures and sales of investments” in our audited Consolidated Statements of Operations during the year ended December 31, 2025.
Current wording
On December 31, 2025, we sold kACE, a leading provider of real-time pricing and advanced analytics platforms for complex FX derivatives, to smartTrade. smartTrade acquired kACE for up to $119.0 million, subject to limited post-closing adjustments. This includes initial consideration of $80.0 million, with up to an additional $39.0 million in contingent cash consideration. The up to $39.0 million in contingent cash consideration was excluded from the initial gain on the divestiture and will be recognized in income if and when it is realized and earned. During the three and six months ended June 30, 2026, we recognized a $20.0 million gain in connection with the contingent cash consideration from the sale of kACE that was realized and earned during the period.
Previous wording
We built on last year’s $25 million cost reduction program, which is now expected to result in approximately $35 million of annualized cost savings. We will continue to identify and execute cost savings throughout 2026. These expected savings are subject to risks and uncertainties, and actual results may differ. We will continue to monitor the impact of this program on our financial position and results of operations. In connection with the cost reduction program, the Company recorded compensation charges of $16.3 million for the three months ended March 31, 2026. These charges primarily relate to the termination or modification of certain employment contracts and the accelerated expense recognition of certain employee loans. These charges are reflected in “Compensation and employee benefits” in our unaudited Condensed Consolidated Statements of Operations for the three months ended March 31, 2026. During the three months ended March 31, 2026, we made cash payments totaling $11.1 million in connection with the cost reduction program, representing a portion of the $16.3 million of charges recognized during the period.
Current wording
Our cost reduction program is expected to result in approximately $35 million of annualized cost savings. We will continue to identify and execute cost savings throughout 2026. These expected savings are subject to risks and uncertainties, and actual results may differ. We will continue to monitor the impact of this program on our financial position and results of operations. In connection with the cost reduction program, we recorded compensation charges of $18.7 million for the six months ended June 30, 2026. These charges primarily relate to the termination or modification of certain employment contracts and the accelerated expense recognition of certain employee loans. These charges are reflected in “Compensation and employee benefits” in our unaudited Condensed Consolidated Statements of Operations for the six months ended June 30, 2026. During the six months ended June 30, 2026, we made cash payments totaling $12.3 million in connection with the cost reduction program, representing a portion of the $18.7 million of charges recognized during the period.
Previous wording
In February 2022, the U.S., U.K., EU, and other countries imposed sanctions on Russian counterparties, and as a result, we ceased trading with those clients. During both the three months ended March 31, 2026 and 2025, the Company did not record any additional reserves associated with potential losses associated with Russia’s Invasion of Ukraine.
Current wording
In February 2022, the U.S., U.K., EU, and other countries imposed sanctions on Russian counterparties, and as a result, we ceased trading with those clients. During both the three and six months ended June 30, 2026, we did not record any additional provision for expected credit losses associated with Russia’s Invasion of Ukraine. During both the three and six months ended June 30, 2025, we recognized a benefit of $4.4 million from the release of previously recorded allowances for expected credit losses associated with Russia’s Invasion of Ukraine, which was included in “Other expenses” in our unaudited Condensed Consolidated Statements of Operations. See Note 25—“Current Expected Credit Losses (CECL)” for additional information.
Previous wording
Management performed Pillar 2 calculations for the necessary jurisdictions for the first quarter of 2026 and determined that the minimum global effective tax did not have a material impact on our first quarter 2026 tax rate.
Current wording
Management performed Pillar 2 calculations for the necessary jurisdictions for the second quarter of 2026 and determined that the minimum global effective tax did not have a material impact on our second quarter 2026 tax rate.
Previous wording
During the three months ended March 31, 2026, industry volumes were generally higher across ECS, Rates, FX, Credit, and Equities compared to the prior year period. BGC’s brokerage revenues were up by 46.7% year-over-year in the quarter, reflecting growth across all asset classes and geographies.
Current wording
During the three months ended June 30, 2026, industry volumes were generally higher across Credit and Equities compared to the prior year period. Secondary market trading volumes were mixed across Rates and Foreign Exchange and generally lower across ECS. BGC’s brokerage revenues were up by 7.2% year-over-year in the quarter, reflecting growth across all asset classes.
Previous wording
ECS volumes were higher during the first quarter of 2026 compared to the prior year period. CME and ICE energy futures and options volumes were up 37% and 32%, respectively, compared to the prior year period. In comparison, BGC’s ECS revenues increased 120.1%, compared to the prior year period, to $330.0 million, driven by OTC Global and strong organic growth across the broader energy complex and shipping businesses. Excluding OTC Global, ECS revenues grew by 31.1% compared to the prior year period.
Current wording
ECS volumes were lower during the second quarter of 2026 compared to the prior year period. CME’s and ICE energy futures and options volumes were down 13% and 21%, respectively, compared to the prior year period. In comparison, BGC’s ECS revenues increased 5.3%, compared to the prior year period, to $275.5 million, driven by strong organic growth across our shipping, environmental, and commodities businesses, partially offset by lower oil and refined product volumes due to disruptions caused by the Strait of Hormuz closure.
Previous wording
Rates volumes were higher during the first quarter of 2026 compared to the prior year period. According to Bloomberg and the Federal Reserve Bank of New York, the Primary Dealer average daily volume of U.S. Government Securities was up 16% compared to the prior year period. Over the same time period, listed products on CME were up 24%, and OTC interest rate derivative volumes traded on SEF were up 32% compared to the first quarter of 2025, according to Clarus. In comparison, our overall Rates revenues were up 27.5% as compared to a year earlier, to $256.2 million.
Current wording
Rates volumes were mixed during the second quarter of 2026 compared to the prior year period. According to Bloomberg and the Federal Reserve Bank of New York, the Primary Dealer average daily volume of U.S. Government Securities was up 5% compared to the prior year period. Over the same time period, listed products on CME and ICE were down 6% and up 24%, respectively, and OTC interest rate derivative volumes traded on SEF were up 22% compared to the second quarter of 2025, according to Clarus. In comparison, our overall Rates revenues were up 10.6% as compared to a year earlier, to $221.9 million.
Previous wording
Global foreign exchange volumes were higher during the first quarter of 2026 compared to the prior year period. Volumes for CME EBS spot FX and Cboe FX were up 8% and 34%, respectively. Volumes for FX Options were up 1% compared to the prior year period, according to Clarus. In comparison, our overall FX revenues increased by 19.1%, compared to the prior year period, to $131.0 million.
Current wording
Global foreign exchange volumes were mixed during the second quarter of 2026 compared to the prior year period. Volumes for CME EBS spot FX were down 9% and Cboe FX increased by 6%, respectively. Volumes for FX Options were up 3% compared to the prior year period, according to Clarus. In comparison, our overall FX revenues increased by 9.4%, compared to the prior year period, to $118.7 million.
Previous wording
Our Credit business is impacted by the level of global corporate bond issuance and interest rates. Credit volumes were higher during the first quarter of 2026 compared to the prior year period. FINRA TRACE average daily volume for U.S. Investment Grade was up 18% and U.S. High Yield was up 9% according to Bloomberg, compared to the prior year period. In comparison, our overall Credit revenues increased by 8.2%, compared to the prior year period, to $94.1 million.
Current wording
Our Credit business is impacted by the level of global corporate bond issuance and interest rates. Credit volumes were higher during the second quarter of 2026 compared to the prior year period. FINRA TRACE average daily volume for U.S. Investment Grade was up 13% and U.S. High Yield was up 1% according to Bloomberg, compared to the prior year period. In comparison, our overall Credit revenues increased by 5.4%, compared to the prior year period, to $79.3 million.
Previous wording
Global equity volumes were generally higher during the first quarter of 2026 compared to the prior year period. According to the Securities Industry and Financial Markets Association, the average daily volume of U.S. cash equities was up 27% as compared to a year earlier. Over the same timeframe, the average daily volume of U.S. options was up 18%, according to the OCC, however, Eurex average daily volumes of equity and equity index derivatives were down 2%. Our Equities business primarily consists of equity derivatives and our overall revenues from Equities increased by 34.3%, compared to the prior year period, to $84.5 million.
Current wording
Global equity volumes were generally higher during the second quarter of 2026 compared to the prior year period. According to the Securities Industry and Financial Markets Association, the average daily volume of U.S. cash equities was up 10% as compared to a year earlier. Over the same timeframe, the average daily volume of U.S. options was up 27%, according to the OCC and Eurex average daily volumes of equity and equity index derivatives increased 10%. Our Equities business primarily consists of equity derivatives and our overall revenues from Equities increased by 2.8%, compared to the prior year period, to $76.0 million.
Previous wording
As of March 31, 2026, our front-office headcount was 2,487 brokers, salespeople, managers, and other front-office personnel, up 14.9% from 2,165 a year ago, primarily due to the acquisition of OTC Global. Compared to the prior year, average revenue per front-office employee for the three months ended March 31, 2026, increased by 25.6%, to $0.4 million.
Current wording
As of June 30, 2026, our front-office headcount was 2,467 brokers, salespeople, managers, and other front-office personnel, down 0.5% from 2,480 a year ago. Compared to the prior year, average revenue per front-office employee for the three months ended June 30, 2026, increased by 3.6%, to $0.3 million.
Previous wording
Income from operations before income taxes was $115.4 million compared to $80.0 million in the prior year period.
Current wording
Income from operations before income taxes was $98.9 million compared to $75.3 million in the prior year period.
Previous wording
Total revenues increased $291.2 million compared to the prior year period, or 43.8%, to $955.5 million. Excluding OTC Global, revenues grew by $152.9 million, or 23.0%.
Current wording
Total revenues increased $61.5 million compared to the prior year period, or 7.8%, to $845.5 million.
Previous wording
Brokerage revenues increased by $285.0 million, or 46.7%, due to overall growth across all asset classes:
Current wording
Brokerage revenues increased by $51.5 million, or 7.2%, due to overall growth across all asset classes:
Previous wording
Data, network and post-trade revenues increased by $2.0 million, or 6.1%, primarily driven by Lucera and Fenics Market Data. This increase was partially offset by decreased revenues from software solutions following the sale of the kACE business in the fourth quarter of 2025. Excluding kACE, Data, network and post-trade revenues grew by 23.2%. Other revenues increased $5.4 million, or 110.4%, mainly attributable to the operations of OTC Global and higher consulting income. Interest and dividend income decreased $1.1 million, or 9.0%, primarily due to a decrease in interest-earning balances.
Current wording
Interest and dividend income increased $11.4 million, or 75.0%, primarily due to dividend income from investments. This increase was partially offset by lower interest income due to lendings to Cantor under the BGC Credit Agreement in the second quarter of 2025. Data, network and post-trade revenues increased by $1.2 million, or 3.4%, primarily driven by Lucera and Fenics Market Data. This increase was partially offset by decreased revenues from software solutions following the sale of the kACE business in the fourth quarter of 2025. Excluding kACE, Data, network and post-trade revenues grew by 18.6%. Other revenues decreased $2.9 million, or 35.7%, mainly attributable to lower consulting income.
Previous wording
•ECS increased $180.0 million, or 120.1%, driven by the operations of OTC Global. Excluding OTC Global, ECS grew by $46.7 million, or 31.1%;
Current wording
•ECS increased $193.9 million, or 47.1%, driven by the operations of OTC Global. Excluding OTC Global, ECS grew by $68.6 million, or 23.0%;
Previous wording
The $56.7 million increase in non-compensation expenses was primarily driven by the operations of OTC Global and an increase in Interest expense related to the BGC Group 6.150% Senior Notes issued in April 2025. The increase in Interest expense was partially offset by a reduction of interest expense due to the repayments in full of the $288.2 million outstanding aggregate principal amount of BGC Group 4.375% Senior Notes and the $11.8 million outstanding aggregate principal amount of BGC Partners 4.375% Senior Notes on December 15, 2025. Non-compensation expenses also increased period over period, primarily due to higher Selling and promotion and Communication costs which were primarily driven by the operations of OTC Global.
Current wording
Total expenses increased $322.4 million, or 24.8%, to $1,620.6 million, compared to the prior year period, primarily driven by increases in total compensation and employee benefits and the operations of OTC Global, which we acquired on April 1, 2025. Total compensation and employee benefits expenses increased by $228.9 million primarily driven by higher commissionable revenues during the period and the operations of OTC Global. The $93.5 million increase in non-compensation expenses was primarily driven by the operations of OTC Global and increases in other expenses, due to an increased accrual related to the U.K. Tax Matter, selling and promotion, and increases in Interest expense related to the BGC Group 6.150% Senior Notes issued in April 2025. These higher Interest expenses were partially offset by a reduction of interest expense due to the repayments in full of the $288.2 million outstanding aggregate principal amount of BGC Group 4.375% Senior Notes and the $11.8 million outstanding aggregate principal amount of BGC Partners 4.375% Senior Notes on December 15, 2025.
Previous wording
Total brokerage revenues increased by $285.0 million, or 46.7%, to $895.8 million for the three months ended March 31, 2026 as compared to the three months ended March 31, 2025. Commissions revenues increased by $258.2 million, or 52.2%, to $752.9 million for the three months ended March 31, 2026 as compared to the three months ended March 31, 2025. Principal transactions revenues increased by $26.8 million, or 23.1%, to $142.9 million for the three months ended March 31, 2026 as compared to the three months ended March 31, 2025.
Current wording
Total brokerage revenues increased by $51.5 million, or 7.2%, to $771.4 million for the three months ended June 30, 2026 as compared to the three months ended June 30, 2025. Commissions revenues increased by $49.7 million, or 8.3%, to $649.2 million for the three months ended June 30, 2026 as compared to the three months ended June 30, 2025. Principal transactions revenues increased by $1.9 million, or 1.5%, to $122.3 million for the three months ended June 30, 2026 as compared to the three months ended June 30, 2025.
Previous wording
Our FX revenues increased by $21.0 million, or 19.1%, to $131.0 million for the three months ended March 31, 2026 as compared to the three months ended March 31, 2025, primarily due to strong volume growth in emerging market and G10 products.
Current wording
Our FX revenues increased by $10.2 million, or 9.4%, to $118.7 million for the three months ended June 30, 2026 as compared to the three months ended June 30, 2025, primarily due to strong volume growth in emerging market and G10 products, and precious metals.
Previous wording
Our Credit revenues increased by $7.1 million, or 8.2%, to $94.1 million for the three months ended March 31, 2026 as compared to the three months ended March 31, 2025, driven by higher emerging market credit, PortfolioMatch, and structured credit volumes.
Current wording
Our Credit revenues increased by $4.0 million, or 5.4%, to $79.3 million for the three months ended June 30, 2026 as compared to the three months ended June 30, 2025, driven by PortfolioMatch, along with higher European and emerging market credit volumes.
Previous wording
Fees from related parties decreased by $0.1 million, or 2.8%, to $4.3 million for the three months ended March 31, 2026 as compared to the three months ended March 31, 2025, primarily driven by a decrease in revenues in connection with services provided to Cantor, such as accounting, occupancy, and legal.
Current wording
Fees from related parties increased by $0.3 million, or 4.8%, to $5.5 million for the three months ended June 30, 2026 as compared to the three months ended June 30, 2025, primarily driven by an increase in revenues in connection with services provided to Cantor, such as accounting, occupancy, and legal.
Previous wording
Data, network and post-trade revenues increased by $2.0 million, or 6.1%, to $34.5 million for the three months ended March 31, 2026 as compared to the three months ended March 31, 2025. This growth was primarily driven by Lucera and Fenics Market Data, partially offset by lower revenues due to the sale of kACE in the fourth quarter of 2025. Excluding kACE, Data, network and post-trade revenues grew by 23.2% for the three months ended March 31, 2026 as compared to the three months ended March 31, 2025.
Current wording
Data, network and post-trade revenues increased by $1.2 million, or 3.4%, to $36.7 million for the three months ended June 30, 2026 as compared to the three months ended June 30, 2025. This growth was primarily driven by Lucera and Fenics Market Data, partially offset by lower revenues due to the sale of kACE in the fourth quarter of 2025. Excluding kACE, Data, network and post-trade revenues grew by 18.6% for the three months ended June 30, 2026 as compared to the three months ended June 30, 2025.
Previous wording
Interest and dividend income decreased by $1.1 million, or 9.0%, to $10.6 million for the three months ended March 31, 2026 as compared to the three months ended March 31, 2025. This was primarily driven by a decrease in interest-earning balances.
Current wording
Interest and dividend income increased by $11.4 million, or 75.0%, to $26.7 million for the three months ended June 30, 2026 as compared to the three months ended June 30, 2025. This was primarily driven by an increase in dividend income from investments, partially offset by a decrease in interest income from lendings to Cantor under the BGC Credit Agreement in the second quarter of 2025.
Showing the first 40 of 95 pairs. Open the source sections for the rest.
Rearranged current paragraphs (5)
Current report — wording carried from elsewhere
Selling and promotion expense increased by $8.6 million, or 30.0%, to $37.4 million for the three months ended June 30, 2026 as compared to the three months ended June 30, 2025, which was primarily driven by an increase in business related travel and client entertainment.
Current report — wording carried from elsewhere
Fees to related parties decreased by $1.0 million, or 5.1%, to $17.8 million for the six months ended June 30, 2026 as compared to the six months ended June 30, 2025. Fees to related parties are primarily allocations paid to Cantor for administrative and support services, such as accounting, occupancy and legal.
Current report — wording carried from elsewhere
Gains (Losses) on Equity Method Investments
Current report — wording carried from elsewhere
Provision (benefit) for income taxes increased by $16.5 million, or 36.1%, to $62.1 million for the six months ended June 30, 2026 as compared to the six months ended June 30, 2025. This increase was primarily driven by changes in the geographical and business mix of earnings, which can impact our consolidated effective tax rate from period to period.
Current report — wording carried from elsewhere
Net Income (Loss) Attributable to Noncontrolling Interest in Subsidiaries
Rearranged previous paragraphs (2)
Previous report — wording carried elsewhere
As of May 8, 2026, we have repurchased an additional 1.1 million shares of BGC Class A common stock during the second quarter of 2026 for aggregate consideration of $11.8 million, representing a weighted-average price per share of $11.27.
Previous report — wording carried elsewhere
On May 5, 2026, we repaid $25.0 million of the $240.0 million of borrowings outstanding under the Revolving Credit Agreement.