What is the market's earnings forecast for BGC Group next quarter?

What were the key takeaways from BGC Group’s earnings call?

What is BGC Group's gross profit margin?

What guidance did BGC Group's management provide for the next earnings period?

Did BGC Group beat or miss consensus estimates last quarter?

What does BGC Group do and what are its main business segments?

What factors drove the changes in BGC Group's revenue and profit?

What is the revenue and EPS growth rate for BGC Group year over year?

- **Revenue Record**: Q3 2025 revenues hit $737 million (+31% YoY), driven by cross-asset growth and FMX's SOFR Futures leadership (ADV +3x QoQ, 37% U.S. Treasury market share).
- **Cost Efficiency**: $25M cost reduction program to boost margins, with 22.4% pretax earnings growth to $155.1 million.
- **Strategic Momentum**: FMX UST ADV at $59.4B (+12% YoY), new electronic credit platform live globally, and energy business expanding into hyperscale data centers.

**【CEO Summary Section】**
- **Record Revenue Growth**: Q3 2025 revenues reached $737 million, up 31% YoY, driven by growth across all asset classes and geographies. Excluding OTC, revenues grew 12% to $628 million, also a record.
- **FMX Dominance**: SOFR Futures ADV and open interest tripled QoQ, with U.S. Treasury market share hitting 37%, up from 29% YoY. FMX UST ADV reached $59.4 billion, up 12% YoY.
- **Cost Efficiency**: A $25 million cost reduction program to be completed by year-end, enhancing profitability and margins.

**【CFO Financial Commentary】**
- **Earnings Performance**: Adjusted EBITDA rose 10.7% to $167.6 million. Pretax adjusted earnings increased 22.4% to $155.1 million, with EPS of $0.29.
- **Expense Management**: Compensation expenses grew 47.5% (GAAP) and 42.1% (adjusted) due to higher commissionable revenues. Non-compensation expenses increased 20.9% (GAAP) and 19.2% (adjusted), driven by OTC acquisition.
- **Liquidity & Share Buyback**: $924.7 million in liquidity as of Q3. Board reapproved $400 million share repurchase program, with plans to reduce share count further in Q4.

**【Q&A Key Highlights】**
- **Market Share Growth**: Outperformed industry slowdowns through targeted hiring (150+ new brokers) and platform innovation, achieving 21% organic ECS growth (excluding OTC).
- **FMX Expansion**: Onboarded 11 FCMs in year 1, with SOFR Futures adoption accelerating. 2026 focus on U.S. Treasury futures, leveraging LCH clearing and aggregator integrations.
- **Electronic Credit Strategy**: Launched new fully electronic global credit platform for institutional clients, complementing PortfolioMatch's 50% YoY average trade size growth.
- **Energy & Cloud Traction**: Energy procurement business benefits from Newmark's hyperscaler relationships, with data centers as a growing client channel.

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