BGC Posts Record Q2 Revenue, FMX Market Share Hits 42%, Guides Q3 Above Consensus
BGC sits 45% above its 52-week low of $8.265.
Summary
BGC Group reported record Q2 2026 revenue of $845.5 million, up 7.8% year-over-year, with FMX UST market share reaching 42%. The company guided Q3 revenue to $775–$835 million and pre-tax Adjusted Earnings to $172–$190 million, both above consensus.
Key Events · Earnings and Guidance · BGC
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Record Q2 Revenue of $845.5M
Revenue grew 7.8% YoY to a second-quarter record, with growth across all asset classes. Total brokerage revenues rose 7.2% to $771.4M, and Fenics revenues increased 14.3% to $186.2M.
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FMX UST Market Share Hits 42%
FMX UST cash market share reached an all-time high of 42%, up from 35% a year ago. FMX Futures ADV surged to ~54,000 contracts, more than 16x higher than Q2 2025, with SOFR ADV hitting a monthly record of >59,000 contracts in June.
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Fanatics Partnership and Legacy Exchange Sale
BGC partnered with Fanatics to build a prediction market ecosystem and sold its legacy CFTC-registered DCM and DCO to Fanatics. The sale generated a $20M gain and is separate from FMX's exchange, which BGC retains.
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Q3 Guidance Above Consensus
BGC guided Q3 2026 revenue to $775–$835M and pre-tax Adjusted Earnings to $172–$190M, both above consensus estimates. This follows record first-half revenue of $1.8B, up >24% YoY.
Analysis · BGC · Crypto Assets
Broad-based strength across asset classes propelled BGC to a second-quarter revenue record of $846 million, an 8% increase. The electronic platform FMX captured an all-time high 42% of the U.S. Treasury cash market, while futures volumes surged more than 16-fold year-over-year. A new partnership with Fanatics aims to build a prediction market ecosystem, and the sale of a legacy exchange to Fanatics further streamlines the business. Third-quarter guidance implies continued momentum, though a $24.5 million litigation reserve for a UK tax matter stands out as a one-time headwind. Underlying operating trends remain robust.
At the time of this filing, BGC was trading at $11.97 on NASDAQ in the Crypto Assets sector, with a market capitalization of approximately $5.6B. The 52-week trading range was $8.27 to $12.89. This filing was assessed with positive market sentiment and an importance score of 8 out of 10.