BGC BGC Group, Inc.

Overview and Growth

Fiscal 2025 results for BGC Group, Inc. combined $2.94B of revenue with net income of $154.96M and an operating cash inflow of $394.35M. At $2.94B, the top line establishes the operating scale supporting the company’s profit and cash-flow profile. Compared with $2.26B in fiscal 2024, revenue recorded a 30.0% year-over-year increase. The company reported diluted EPS of $0.31, adding a shareholder-level measure to the absolute income figures considered below. The per-share result recorded a 24.0% increase from fiscal 2024 diluted EPS of $0.25. At period end, total assets were $4.41B, framing the scale of the company’s operating and financing commitments. Asset turnover was 0.67x, relating the company’s annual revenue directly to the total assets reported at the period end.

Profitability

Net income came to $154.96M, completing the progression from revenue through gross and operating profitability to the final reported result. The final earnings result represented 5.3% of revenue, connecting the absolute net income figure with the company’s top-line scale. The earnings statement records $213.75M of pretax income, the profit base against which the reported tax provision can be assessed. The pretax margin was 7.3%, relating income before taxes directly to revenue. The company recognized $67.21M of income tax for the period, completing the transition from pretax income to net income. The effective relationship between income tax and positive pretax income was 31.4%, without assuming a statutory-rate comparison. Return on period-end equity was 13.5%, relating annual net income to the equity capital on the balance sheet. Return on period-end assets was 3.5%, connecting net income with the company’s total asset base. Against $123.23M in fiscal 2024, the current $154.96M bottom line finished above the prior-year result in absolute terms.

Liquidity and Capital Structure

The company held $4.41B of assets against $3.27B of liabilities and $1.15B of equity, revealing how the asset base was financed. The company held $851.50M in cash and equivalents, a narrower liquidity measure than total current assets. Total debt was $1.80B, establishing the amount of borrowing carried within the company’s capital structure. The debt-to-equity relationship was 1.57x, showing how much debt the company carried for each unit of book equity. Relative to total assets, debt measured 40.7%, showing how much of the asset base was matched by borrowing. The liabilities-to-assets relationship was 74.0%, placing reported obligations against the full positive asset balance. Measured against total assets, cash and equivalents represented 19.3%, a balance-sheet composition measure rather than a liquidity forecast. Compared with $3.59B in fiscal 2024, the current asset base moved 22.8% and finished higher. Reported equity changed 6.1% from $1.08B in fiscal 2024, placing the current capital base higher year over year. Cash and equivalents were 19.7% higher than fiscal 2024 cash of $711.58M, showing the year-over-year change in liquid resources.

Cash Flow and Earnings Quality

Cash flow from operations was $394.35M, a reported cash inflow that can be compared directly with net income and capital spending. Operating cash flow equaled 2.54x of net income, showing how strongly accounting earnings converted into cash from operations. The cash-flow statement records $21.49M of capital expenditures, the investment amount considered after operating cash generation. Capital spending absorbed 5.4% of operating cash flow, quantifying the share of cash from operations directed to investment. After capital spending, free cash flow was $372.87M, leaving cash available for debt reduction, shareholder returns, or further investment. The free-cash-flow margin was 12.7%, measuring cash remaining after capital spending against revenue. Measured against total assets, free cash flow represented 8.5%, showing the cash productivity of the company’s assets.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Oct 21, 2026.