At a glance
BGC Group Inc. is worth $5.44B, about 37 times its fiscal 2025 earnings. Revenue grew 30.0% to $2.94B in fiscal 2025, with 5.3% kept as profit; over 5 years it has grown 7.4% a year. It pays a 0.7% dividend yield, and returned $1.25B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +24.4% over the past year with dividends reinvested, against +11.5% for the S&P 500.
The business in plain English
BGC Group runs wholesale marketplaces where big institutions trade with each other. Its customers include many of the world's largest banks, broker-dealers, hedge funds, trading firms, governments, corporations and commodity producers and consumers. BGC's brokers arrange trades in government and corporate bonds, interest rate and credit derivatives (contracts whose value depends on another asset or rate), currencies, equities, oil, environmental and energy-transition products, and ship chartering. It earns commissions and fees on those trades. It also provides market data, network connections and post-trade services. As of December 31, 2025, it had 2,510 brokers, salespeople, managers and other front-office staff.
Most revenue still comes from Voice and Hybrid brokerage, where human brokers arrange trades by phone, often with electronic tools. BGC is moving that work to Fenics, its higher-margin electronic business, which produced 22.4% of revenue in fiscal 2025. Fenics includes FMX, which runs an exchange for U.S. Treasury and SOFR futures (SOFR is a benchmark short-term U.S. interest rate), plus platforms for trading Treasury bonds and currencies. In April 2024, banks and trading firms including J.P. Morgan, Goldman Sachs and Citi invested $171.7 million for a 25.75% stake in FMX.
Revenue reached about $2.94 billion in fiscal 2025, up 30%. Europe, the Middle East and Africa (EMEA) supplied 52.4%, the Americas 36.1% and Asia-Pacific 11.6%.
Price history
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BGC +24.4% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By geography
| EMEA | $1.54B | 52.4% |
| Americas | $1.06B | 36.1% |
| APAC | $341.0M | 11.6% |
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $845.5M, up 7.8% from a year earlier, and net income was $72.5M (+26.0%).
- For fiscal 2025, revenue was $2.94B (+30.0% year over year; +7.4% a year from FY2020 to FY2025) with a 5.3% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +7.4% good |
|---|---|
| Free cash flow margin | 12.7% good |
| Return on equity (FY2025) | 15.9% good |
| Return on assets (FY2025) | 3.5% watch |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $2.06B | $50.9M | $271.8M |
| FY2021 | $2.02B | $153.5M | $407.1M |
| FY2022 | $1.80B | $58.9M | $213.8M |
| FY2023 | $2.03B | $38.8M | $390.3M |
| FY2024 | $2.26B | $123.2M | $285.7M |
| FY2025 | $2.94B | $155.0M | $372.9M |
Valuation snapshot
| Market value | $5.44B |
|---|---|
| P/E ratio | 36.9 |
| Dividend yield | 0.7% |
Rank among 1514 US companies
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| BGC price data to Oct 28, 2026 | +28.8% | +24.4% | +26.6% | — | — |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +28.9% |
| 2025 | -0.6% |
| 2024 | +26.4% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (14 read): 0 open-market purchases and 1 sales ($96K).
| Date | Insider | Type | Value |
|---|---|---|---|
| Mar 5, 2026 | Jean-Pierre Aubin Co-Chief Executive Officer | sell | $96K |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 14.2% | Sep 30, 2025 |
| Rubric Capital Management LP | 5.84% | Dec 31, 2025 |
ETFs with the most weight in BGC
| RSMC Rockefeller U.S. Small-Mid Cap ETF | 2.41% |
| KCE SPDR S&P Capital Markets ETF | 1.73% |
| PSCF Invesco S&P SmallCap Financials ETF | 0.98% |
| SURE AdvisorShares Insider Advantage ETF | 0.95% |
| EES WisdomTree U.S. SmallCap Fund | 0.63% |
| OASC OneAscent Small Cap Core ETF | 0.51% |
| QVMS Invesco S&P SmallCap 600 QVM Multi-factor ETF | 0.32% |
| VIOG Vanguard S&P Small-Cap 600 Growth ETF | 0.3% |
What could go wrong
- Cantor and Brandon Lutnick hold voting control. Cantor and CFGM, controlled by Brandon Lutnick, hold voting control through Class B shares. Their interests may conflict with those of ordinary Class A holders, and deals with Cantor may be less favorable than terms with outsiders.
- Leadership change after Howard Lutnick's exit. Howard Lutnick left as chairman and CEO on February 18, 2025, to become U.S. Secretary of Commerce. BGC named John Abularrage, JP Aubin and Sean Windeatt co-CEOs and warns the transition could hurt results.
- Reliance on a few markets and clients. BGC's brokerage leans heavily on interest rate products and on energy, commodity and shipping products, and a few large customers matter a lot. A downturn in those markets or the loss of a major client could seriously hurt results.
- Debt well above cash and investments. As of June 30, 2026, total debt was about $1.54 billion against $767 million in cash and investments. Credit rating downgrades could raise borrowing costs, and acquisitions paid for with borrowed money could add more debt.
- Revenue depends on trading activity. BGC earns fees when clients trade. Revenue and profit have historically fallen when trading volume is low, and the company says significant declines are likely in future slow periods.
- Industry consolidation and fee pressure. Mergers among banks, brokers and exchanges put more market share in fewer hands, and BGC says it may not be able to compete successfully. Pressure on commissions and fees could also shrink revenue.
Recent events
- Investor presentation or announcement
- Quarterly results released
- Investor presentation or announcement
- Major agreement signed; New debt or financial obligation; Other company announcement
- Quarterly results released
- Investor presentation or announcement
- Quarterly results released
- Investor presentation or announcement
- Shareholder vote results
- Quarterly results released
For income and retirement investors
BGC pays a small dividend: $0.08 a share in FY2025. The yield was 0.7% as of October 28, 2026, so the shares provide little spending income. The dividend fell from $0.17 in FY2020 to $0.04 in FY2021, stayed there through FY2023, then rose to $0.07 in FY2024 and $0.08 in FY2025, two straight increases. FY2025 dividends used 25.2% of earnings and 10.5% of free cash flow (cash left after capital spending). Buybacks are far larger: about $1.13 billion from FY2021 to FY2025, versus about $120 million in dividends. As a holding company, BGC says neither is assured.
Share price history under the BGC Group name covers only about 3.3 years. So it doesn't show how the shares fared in the 2008 financial crisis, the 2020 COVID crash or the 2022 market decline. The deepest drop over that span was 34.5%, as of October 28, 2026. Single stocks carry more risk than diversified funds.
Questions investors ask
How does BGC Group make money?
BGC earns commissions and fees by arranging trades between large institutions, such as banks, hedge funds, governments and commodity firms. It brokers bonds, interest rate and credit derivatives, currencies, equities, energy and shipping contracts. It also provides market data, network connections and post-trade services. Voice and Hybrid brokerage, led by human brokers, still brings in most revenue. Fenics, its higher-margin electronic business, made up 22.4% of the roughly $2.94 billion in fiscal 2025 revenue.
Does BGC Group pay a dividend?
Yes, but it is small. BGC paid $0.08 a share in FY2025, and the yield was 0.7% as of October 28, 2026. The dividend was cut from $0.17 in FY2020 to $0.04 in FY2021, then raised in FY2024 and FY2025. BGC returns more cash through buybacks: about $281.5 million in FY2025, against about $39 million in dividends. It says future dividends are not assured.
Who runs BGC Group after Howard Lutnick's departure?
Since February 18, 2025, co-CEOs John Abularrage, JP Aubin and Sean Windeatt have led BGC, with Stephen Merkel as chairman. Howard Lutnick stepped down as chairman and CEO that day after Senate confirmation as U.S. Secretary of Commerce. Howard Lutnick finished divesting all holdings in BGC on October 6, 2025. Brandon Lutnick, Howard Lutnick's son and a BGC director, controls Cantor and CFGM, which hold voting control of BGC through Class B shares.
What is FMX, and who owns it?
FMX is part of BGC's Fenics business, and major banks and trading firms own minority stakes in it. It includes a U.S. interest rate futures exchange plus electronic platforms for cash U.S. Treasuries and spot currencies. In April 2024, investors including Bank of America, Citi, Goldman Sachs and J.P. Morgan paid $171.7 million for 25.75%, valuing FMX at $666.7 million. They can earn another 10.3% by meeting trading volume targets. Futures on SOFR, a benchmark short-term interest rate, launched on September 23, 2024, and Treasury futures followed on May 18, 2025.
How has BGC Group stock performed?
The share price gained 103% over the three years to October 28, 2026, about 26.6% a year, and 24.4% over the last year. The path was uneven: up 26.43% in 2024, down 0.59% in 2025 and up 28.85% in 2026 through October 28. The deepest fall in those three years was 34.5%. The price-to-earnings ratio (share price divided by earnings per share) was 36.9, based on FY2025 earnings.