BGC Group, Inc. (BGC) · Nov 5, 2026 · Earnings

BGC earnings hit records as FMX growth offsets a mixed quarter

In line — Post-tax adjusted EPS $0.34 vs ~$0.34 consensus; revenue $832.6M vs ~$833M consensus

BGC earnings reached third-quarter records, with FMX and Fenics driving growth. Results were broadly in line with expectations, while Q4 guidance stayed solid.

BGC is in the middle of shifting from a traditional brokerage toward a broader electronic-market infrastructure business built around Fenics, FMX, data, and post-trade services. Before this release, FMX was already gaining traction: second-quarter U.S. Treasury market share had reached 42%, while futures volumes were scaling from a small base.

The quarter was operationally strong but not a major surprise. Revenue reached $832.6 million, up 13%, while post-tax adjusted EPS rose to $0.34. That was essentially in line with the published revenue consensus of roughly $833 million and EPS consensus of $0.34, so the headline result does not materially reset expectations.

Metric	3Q26	3Q25	Consensus / guidance
Revenue (Financial Highlights)	$832.6M (+13.0%)	$736.8M	~$833M consensus
Post-tax adjusted EPS (Per Share Results)	$0.34 (+17.2%)	$0.29	~$0.34 consensus
Pre-tax adjusted earnings (Financial Highlights)	$187.5M (+20.9%)	$155.1M	$172M–$190M guidance
Adjusted EBITDA (Financial Highlights)	$249.5M (+48.9%)	$167.6M
4Q revenue guidance (Outlook)	$805M–$865M	$756.4M

FMX and the electronic platform are doing the strategic work. Fenics revenue grew 13.3%, with Fenics Growth Platforms up 39.8%; FMX revenue rose more than 35% to $30.5 million, Treasury average daily volume reached $83.0 billion, and futures average daily volume approached 80,000 contracts. Those figures strengthen the underlying technology-and-market-infrastructure story even though the consolidated earnings result itself was expected.

Growth was broad, but not uniformly clean. ECS, Rates, Foreign Exchange, and Equities all grew at double-digit rates, while Credit revenue declined 2.5% and miscellaneous revenue fell 19.7%. Compensation rose 14.7% on the adjusted basis, broadly tracking revenue growth, which limits the evidence of major operating leverage despite the sharp increase in adjusted EBITDA. 〔0〕

GAAP profit got help from non-operating items, so adjusted results are the cleaner read. GAAP pre-tax income included a $35.0 million gain from selling Water Street Labs and CX Clearinghouse to Fanatics, while the quarter also carried a $22.6 million impairment charge and $9.9 million of cost-reduction charges. The underlying adjusted earnings growth remains solid, but the headline 192.7% GAAP pre-tax increase overstates the improvement in recurring operations.

The outlook keeps the story moving without upgrading it. Fourth-quarter revenue guidance of $805 million to $865 million and pre-tax adjusted earnings guidance of $178 million to $196 million point to continued year-over-year growth, but the filing does not show a raised range or a new step-change in expectations. The guidance is confirmation of a healthy trajectory, not a fresh acceleration.

Bottom line: BGC delivered a healthy, broad-based quarter and continued evidence that FMX and Fenics are gaining scale. But because the core earnings numbers were already expected and GAAP benefited from a divestiture gain, this advances the existing story modestly rather than rewriting it.

What to watch next

Q4 earnings report, early February 2027

Original filing on SEC EDGAR

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AllSight · BlackBerry Q2 FY27

Revenue $163.3M vs ~$144M expected; adjusted basic EPS $0.07 vs ~$0.04 consensus — a real upside surprise.Income statement
QNX revenue +27% to $80.3M; segment EBITDA $29.0M from $20.5M. “Record performance… core automotive.”Segment — QNX
Licensing jumped to $22.1M from $6.6M — it amplified the beat, but it's less recurring than QNX, so the quality sits in QNX.Segment — Licensing
FY27 guide lifted to $616–636M rev / $141–158M EBITDA, above the prior $594–621M / $119–139M framework.Guidance
QNX growth, margins, cash and a raised outlook all beat. But licensing amplified it and Secure Comms is flat — net retention 91% from 93%.Segment — Secure Comms

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Events/ANDE/8-K · Earnings

8-K · Item 2.02 · Earnings

The Andersons — a record Renewables quarter that beat profit expectations

Filed Aug 3, 2026ANDE · NASDAQ

AllSight readBeatPriced in▲ 1.8% since filed · reaction agrees

adj. EPS $2.15 vs ~$1.48 consensus

This filing tests whether The Andersons' sharp profit increase reflects broad operating improvement or a one-off renewable-fuels boost. It also separates strong adjusted earnings and cash generation from the quarter's legal and impairment charges.

The quarter was substantially stronger than both last year and the published earnings expectation. Adjusted EPS reached $2.15, versus $0.24 a year earlier and above the published consensus of about $1.48; reported EPS was $1.65. Adjusted EBITDA more than doubled to $140 million, while sales slipped modestly — the improvement came from margins and operating performance rather than higher revenue. Financial Highlights · Statements of Operations

Q2 ($M, exc. per-share)	Q2 2026	Q2 2025	YoY
Sales & merchandising revenue	3,097.7	3,135.9	−1%
Net income (attributable)	56.6	7.9	+48.7
Diluted EPS	1.65	0.23	+1.42
Adjusted EPS	2.15	0.24	+1.91
Adjusted EBITDA	140.3	65.2	+75.1
Agribusiness adj. pretax	20.3	16.8	+3.5
Renewables adj. pretax	88.4	9.6	+78.8
Cash from operations	487.9	299.3	+188.6
Cash from ops (pre-WC)	112.9	42.9	+70.1

Renewables drove nearly all of the upside — the operating backdrop was strong, but the result also benefited materially from tax credits. Renewables' adjusted pretax income rose to $88 million on record production, stronger ethanol margins and merchandising gains. It also received $24 million of 45Z producer tax credits, so this was not solely a repeatable plant-margin improvement; the company did cite healthy export and domestic ethanol demand as supportive. Renewables — Record Q2 · Segment Data

Agribusiness improved, but it was a supporting contributor rather than the main earnings engine. Adjusted pretax income increased to $20 million as fertilizer margins improved and merchandising benefited from commodity-price volatility, despite lower fertilizer volumes. Agribusiness — Improved Q2 · Segment Data

Cash generation improved and funding capacity is comfortable, while reported earnings still absorbed meaningful non-core costs. Operating cash flow was $488 million ($113 million before working-capital changes); capital spending was $76 million. Adjusted EPS excludes $0.50 of legal-settlement, impairment and transaction items, so the $2.15 adjusted result runs ahead of the $1.65 reported. Leverage stays below the <2.5× debt-to-EBITDA target; no new quantified full-year outlook was given. Cash & Liquidity · Adjusted Net Income

Community sentiment · 612 votes

58% bullish

Bull 58%Neu 27%Bear 15%

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BGC earnings hit records as FMX growth offsets a mixed quarter

What to watch next

More BGC Group, Inc. news

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