BGC

Let’s dig into the relative performance of BGC (NASDAQ:BGC) and its peers as we unravel the now-completed Q2 investment banking & brokerage earnings season. Investment banks and brokerages facilitate capital raises, mergers and acquisitions, and securities trading. The sector benefits from corporate activity during economic expansion, increased retail trading participation, and advisory opportunities in emerging sectors. Headwinds include economic cycle vulnerability affecting deal flow, compressed trading commissions due to electronic platforms, and regulatory capital requirements constraining certain higher-risk activities. The 15 investment banking & brokerage stocks we track reported a strong Q2. As a group, revenues beat analysts’ consensus estimates by 4.5% while next quarter’s revenue guidance was 1.1% below. In light of this news, share prices of the companies have held steady. On average, they are relatively unchanged since the latest earnings results. Tracing its roots back to 1945 and named after founder Bernard Gerald Cantor, BGC Group (NASDAQ:BGC) operates a global brokerage and financial technology platform that facilitates trading across fixed income, foreign exchange, equities, energy, and commodities markets. BGC reported revenues of $812.7 million, up 8.3% year on year. This print was in line with analysts’ expectations, and overall, it was a satisfactory quarter for the company with a beat of analysts’ EPS estimates. Even though it had a relatively good quarter, the market seems discontent with the results. The stock is down 11% since reporting and currently trades at $10.48. Is now the time to buy BGC? Access our full analysis of the earnings results here, it’s free. Founded in 1869 as a small commercial paper business in New York City, Goldman Sachs (NYSE:GS) is a global financial institution that provides investment banking, securities, asset management, and consumer banking services to corporations, governments, and individuals. Goldman Sachs reported revenues of $20.34 billion, up 39.5% year on year, outperforming analysts’ expectations by 23.7%. The business had an incredible quarter with a beat of analysts’ EPS estimates. Goldman Sachs delivered the biggest analyst estimate beat and fastest revenue growth among its peers. However, the results were likely priced into the stock as it’s traded sideways since reporting. Shares currently sit at $1,037. Is now the time to buy Goldman Sachs? Access our full analysis of the earnings results here, it’s free. Founded in 1972 and known for its expertise in complex financial situations, Houlihan Lokey (NYSE:HLI) is a global investment bank specializing in mergers and acquisitions, capital markets, financial restructurings, and valuation advisory services. Houlihan Lokey reported revenues of $511 million, down 15.6% year on year, falling short of analysts’ expectations by 16.3%. It was a disappointing quarter as it posted a significant miss of analysts’ EBITDA estimates and a significant miss of analysts’ EPS estimates. Houlihan Lokey delivered the weakest performance against analyst estimates and slowest revenue growth of the whole group. As expected, the stock is down 8.2% since the results and currently trades at $127.62. Read our full analysis of Houlihan Lokey’s results here. Tracing its roots back to 1962 and rebranded from Leucadia National Corporation in 2018, Jefferies Financial Group (NYSE:JEF) is a global investment banking and capital markets firm that provides advisory services, securities trading, and asset management to corporations, institutions, and wealthy individuals. Jefferies reported revenues of $2.21 billion, up 35% year on year. This print missed analysts’ expectations by 3.1%. Overall, it was a softer quarter as it also logged a significant miss of analysts’ EPS estimates and a miss of analysts’ EBITDA estimates. The stock is down 5.5% since reporting and currently trades at $56.38. Read our full, actionable report on Jefferies here, it’s free. Spun off from Blackstone in 2015 and founded by former Morgan Stanley executive Paul J. Taubman, PJT Partners (NYSE:PJT) is an advisory-focused investment bank that provides strategic advice, restructuring services, and fundraising solutions to corporations, boards, and investment firms. PJT reported revenues of $486.3 million, up 19.5% year on year. This number surpassed analysts’ expectations by 14.3%. Overall, it was an incredible quarter as it also logged a beat of analysts’ EPS estimates and an impressive beat of analysts’ EBITDA estimates. The stock is up 2.3% since reporting and currently trades at $172.77. Read our full, actionable report on PJT here, it’s free. Over the past year, investors have been forced to repeatedly answer the same question: what is the market’s biggest risk? The answer has changed several times, and each shift has reshaped market leadership. Late in 2025 and early 2026, artificial intelligence became the market’s primary uncertainty. Investors questioned whether AI would erode software pricing power and weaken competitive moats as AI made it easier to replicate once-differentiated products. By the spring, technology took a back seat to geopolitics. The U.S. conflict with Iran briefly became the market’s dominant narrative, raising concerns about oil prices, inflation, and global growth. But as energy markets remained orderly and fears of a prolonged supply disruption faded, investors quickly turned their focus back to fundamentals. Want to invest in winners with rock-solid fundamentals? Check out our Top 6 Stocks and add them to your watchlist. These companies are poised for growth regardless of the political or macroeconomic climate.

StoneX Group Inc. (SNEX reported third-quarter fiscal 2026 earnings of $1.00 per share, which handily surpassed the Zacks Consensus Estimate of 76 cents. The bottom line jumped 85.2% year over year.Operating revenues increased 43.3% to $1.47 billion. The top line beat the consensus mark of $1.32 billion by 11.57%. Shares fell 1.6% in after-hours trading.Results benefited from broad-based strength across Commercial and Institutional segments, with higher volatility and increased demand supporting client activity. However, weakness in the Self-Directed/Retail segment and higher expenses were the headwinds.Net income more than doubled to $127.9 million from $63.4 million. Net operating revenues rose 47% year over year to $719.7 million. Listed derivatives net operating revenues increased 113% to $121.2 million, while over-the-counter derivatives advanced 73% to $101.9 million.Securities net operating revenues grew 36% to $171.3 million. Physical contracts surged 162% to $87.4 million, and interest and fees earned on client balances increased 51% to $111.9 million. However, FX and contracts-for-difference revenues declined 19% to $62.4 million. Commercial operating revenues jumped 97% to $452.2 million. Segment income more than doubled to $181.4 million from $82.7 million in the prior-year quarter. Growth was broad-based. Listed derivatives operating revenues rose 110% to $152.5 million, OTC derivatives increased 73% to $101.8 million and physical contracts climbed 106% to $115.4 million. Average client equity in listed derivatives soared 162% to $4.54 billion.Institutional operating revenues increased 40% to $875.3 million, while segment income rose 49% to $129.9 million. Net operating revenues for the segment jumped 56% to $312.3 million. Listed derivatives operating revenues surged 145% to $131.8 million, supported by an 83% increase in contract volume. Securities revenues grew 26% to $573.8 million as average daily volume (ADV) increased 33% to $12.26 billion. The R.J. O’Brien acquisition contributed 27 million listed derivatives contracts during the quarter.Self-Directed/Retail operating revenues declined 13% to $96.3 million. Segment income fell 36% to $24.9 million, reflecting pressure from lower FX and CFD activity. FX and CFD operating revenues decreased 19% to $64.7 million as ADV plunged 27% to $6.81 billion. Securities revenues provided a partial offset, rising 3% to $30.4 million. Revenue per million for FX and CFD contracts improved 11% to $147.Payments operating revenues rose 13% to $60.3 million, while segment income increased 22% to $34.4 million. Net operating revenues grew 12% to $56.4 million. Segment’s ADV increased 20% to $96 million. Revenue per million declined 7% to $9,915, indicating that stronger activity levels more than offset lower revenue capture. Total fixed compensation and other expenses increased 22% year over year to $314.2 million. Fixed compensation and benefits rose 21% to $149.8 million, while non-trading technology and support costs climbed 43% to $30.1 million.Variable compensation and benefits jumped 70% to $244 million. Transaction-based clearing expenses increased 52% to $144.3 million, and introducing broker commissions rose 87% to $93.1 million. As of June 30, 2026, return on equity improved to 18.4% from 13.1%, while return on tangible book value increased to 25% from 13.8%. Adjusted EBITDA rose 70% to $229.5 million.Cash and cash equivalents totaled $2.19 billion as of June 30, 2026, compared with $1.61 billion at fiscal 2025-end. Total stockholders’ equity increased to $2.84 billion from $2.38 billion. Management highlighted continued integration benefits from R.J. O’Brien, which has strengthened StoneX’s futures commission merchant position. A volatile operating backdrop continues to aid StoneX, with growth in client assets, average client funds, securities clearing, prime brokerage, digital assets and metals providing stable recurring income. Its broad product ecosystem, geographic reach, acquisitions, scaling equities and payments via automation and AI, and large addressable market will support growth. However, operating margin risk, higher credit costs and a premium valuation leave little room for execution missteps or unfavorable market conditions. StoneX Group Inc. price-consensus-eps-surprise-chart | StoneX Group Inc. Quote Currently, SNEX carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. BGC Group, Inc.’s BGC second-quarter 2026 adjusted earnings of 35 cents per share surpassed the Zacks Consensus Estimate by a penny. The bottom line improved 12.9% from the prior-year quarter.Results were aided by an improvement in revenues to record levels, primarily driven by higher brokerage revenues. An increase in Fenics revenues was another positive. However, higher total expenses hurt BGC Group results to some extent.Interactive Brokers Group’s IBKR second-quarter 2026 adjusted earnings per share of 69 cents surpassed the Zacks Consensus Estimate of 64 cents. The bottom line reflected a rise of 35.3% from the prior-year quarter.Results primarily benefited from an increase in revenues, growth in customer accounts and a rise in daily average revenue trades. However, higher expenses were the undermining factor for Interactive Brokers. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report StoneX Group Inc. (SNEX) : Free Stock Analysis Report BGC Group, Inc. (BGC) : Free Stock Analysis Report Interactive Brokers Group, Inc. (IBKR) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

BGC Group, Inc.’s BGC second-quarter 2026 adjusted earnings of 35 cents per share surpassed the Zacks Consensus Estimate by a penny. The bottom line improved 12.9% from the prior-year quarter.Results were aided by an improvement in revenues to record levels, primarily driven by higher brokerage revenues. An increase in Fenics revenues was another positive. However, higher total expenses hurt the results to some extent. Probably due to this, shares of the company have lost 2.1% following the earnings release on July 30.Net income available to common shareholders (GAAP basis) was $72.5 million, up 26% year over year. Quarterly revenues were a record $845.5 million, up 7.8% year over year. The rise was driven by an increase in total brokerage revenues, fees from related parties, data, network and post-trade fees, and interest and dividend income. The top line beat the Zacks Consensus Estimate of $814.9 million.Fenics revenues increased 14.3% year over year to $186.2 million. Fenics Markets revenues of $152.8 million increased 12.6%, driven by higher electronic trading volumes across Rates, Credit, and Foreign Exchange, and increased Fenics Market Data revenues. Fenics Growth Platforms generated revenues of $33.4 million, a 22.9% increase, primarily driven by FMX, PortfolioMatch and Lucera.Total expenses increased 8.7% from the prior-year quarter to $773.6 million. Total compensation and employee benefits expenses increased 5%, while total non-compensation expenses grew 17.4%.Total net other income was $27 million, up significantly from $3 million in the prior-year quarter. As of June 30, 2026, total assets were $5.75 billion, up from $4.41 billion as of Dec. 31, 2025. Total stockholders’ equity was $1.11 billion, up from $972.5 million.As of June 30, 2026, cash and cash equivalents (including cash segregated under regulatory requirements) were $786.6 million compared with $873.7 million as of Dec. 31, 2025. Management expects revenues to be $775-$835 million (whereas it reported $736.8 million in the third quarter of 2025).Pre-tax adjusted earnings are expected to be $172-$190 million (suggesting a rise from the $155.1 million registered in the prior-year quarter). BGC Group’s structural electronification and diversified growth underpin scalable margins despite cyclical markets globally. However, an elevated expense base despite planned cost-saving efforts is concerning. BGC Group, Inc. price-consensus-eps-surprise-chart | BGC Group, Inc. Quote Currently, BGC carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. Evercore Inc.’s EVR second-quarter 2026 adjusted earnings of $2.91 per share missed the Zacks Consensus Estimate of $3.02. The bottom line compared favorably with adjusted earnings of $2.42 in the prior-year quarter.EVR’s results were hurt by higher expenses. However, an increase in revenues and higher assets under management balance in the Wealth Management business supported the results to an extent.Tradeweb Markets Inc.’s TW second-quarter 2026 adjusted earnings of 97 cents per share surpassed the Zacks Consensus Estimate by a penny. The bottom line increased 11.5% year over year.TW’s results were primarily aided by higher revenues, partly offset by a slight increase in expenses. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report BGC Group, Inc. (BGC) : Free Stock Analysis Report Tradeweb Markets Inc. (TW) : Free Stock Analysis Report Evercore Inc (EVR) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Financial brokerage and technology company BGC Group (NASDAQ:BGC) beat Wall Street’s revenue expectations in Q2 CY2026, with sales up 12.7% year on year to $845.5 million. On the other hand, next quarter’s revenue guidance of $805 million was less impressive, coming in 1.1% below analysts’ estimates. Its non-GAAP profit of $0.35 per share was 4.5% above analysts’ consensus estimates. Is now the time to buy BGC? Find out in our full research report (it’s free). Revenue: $845.5 million vs analyst estimates of $812.8 million (12.7% year-on-year growth, 4% beat) Adjusted EPS: $0.35 vs analyst estimates of $0.34 (4.5% beat) Adjusted EBITDA: $228.7 million vs analyst estimates of $228.2 million (27% margin, in line) Revenue Guidance for Q3 CY2026 is $805 million at the midpoint, below analyst estimates of $814.3 million Operating Margin: 11.7%, in line with the same quarter last year Market Capitalization: $5.60 billion BGC Group’s second quarter saw revenue and non-GAAP profit outpace Wall Street expectations, as broad-based growth across asset classes fueled the company’s performance. Management pointed to continued momentum in its electronic trading platforms and brokerage businesses, with notable strength in rates, foreign exchange, and credit. CEO Sean A. Windeatt highlighted the company’s “broad-based growth across every asset class,” while John Joseph Abularrage, Co-CEO, emphasized rising market share in U.S. treasury and futures trading. The quarter benefited from increased client activity and robust execution in BGC’s Fenics electronic platform, contributing to improved operational leverage. Looking forward, BGC’s guidance for next quarter reflects a more cautious outlook, with revenue expectations slightly below consensus. Management attributed this to typical seasonality and a conservative approach given ongoing geopolitical uncertainties and summer market slowdowns. Co-CEO Sean A. Windeatt explained, “Q3 is always an interesting one to guide for because you have the summer months of July and August and the biggest month of this quarter is of course, September.” The company remains focused on scaling its electronic trading platforms, expanding its FMX futures exchange offerings, and leveraging new business partnerships to support long-term growth. Management attributed the quarter’s growth to diversification across asset classes, expansion of electronic trading, and new business initiatives, while highlighting the value of recent partnerships and platform launches. Electronic trading expansion: Fenics, BGC’s electronic trading platform, achieved a 14% increase in revenues, driven by higher trading volumes in rates, credit, and foreign exchange. Management noted a significant market share gain in U.S. treasury trading, with FMX UST reaching 42% market share, a new high. Partnership with Fanatics: BGC announced a new partnership with Fanatics to develop a prediction market ecosystem, combining BGC’s client network with Fanatics’ large retail database. Management expects this collaboration to unlock new data products and enhance the company’s reach, especially into retail channels. Asset class diversification: Total brokerage revenues grew across all asset classes, including shipping, commodities, and environmental products. Management credited the ECS (energy, commodities, and shipping) business for offsetting lower oil volumes caused by the Strait of Hormuz closure, demonstrating the resilience of BGC’s diversified model. New product launches: The launch of BGC Compute Infrastructure Markets, a secondary market for compute and memory capacity, was highlighted as a logical extension of the power business. Management believes this market will be driven by increasing demand for standardized brokerage of over-the-counter (OTC) trades in the AI ecosystem. Operational efficiency gains: The company delivered improved operational leverage, with compensation and non-compensation expenses rising at a slower pace than revenues. Management highlighted cost discipline and incremental margin improvement as key contributors to profitability. BGC’s outlook for the next quarter is shaped by expectations for steady electronic platform growth, new product initiatives, and cautious positioning due to seasonal and geopolitical factors. Seasonal and geopolitical caution: Management acknowledged that Q3 typically experiences slower activity due to summer months and highlighted sustained geopolitical tensions as factors influencing guidance. The company is maintaining a cautious stance in its revenue outlook, despite ongoing strength in key asset classes. Electronic platform scaling: The company aims to further expand its FMX futures exchange by listing additional U.S. treasury contract tenors in August, which management believes will support higher trading volumes and open interest. Continued onboarding of buy-side clients and accelerated adoption by institutional participants are expected to drive future growth. New market opportunities: BGC sees significant long-term potential in the compute infrastructure market and prediction market partnership with Fanatics. Although still early, management expects these initiatives to contribute to revenue diversification and create new data-driven products for both retail and institutional clients. Looking ahead, the StockStory team will be monitoring (1) the rollout and adoption of additional U.S. treasury futures contracts on FMX in August, (2) early revenue contributions from the newly launched compute infrastructure markets and the Fanatics partnership, and (3) ongoing growth in electronic trading volumes and market share. Execution on these initiatives will provide insights into BGC’s ability to sustain diversification and capitalize on new product opportunities. BGC currently trades at $11.68, in line with $11.77 just before the earnings. Is the company at an inflection point that warrants a buy or sell? Find out in our full research report (it’s free for active Edge members). ONE MORE THING: Top 5 Growth Stocks. The biggest stock winners almost always had one thing in common before they ran. Revenue growing like crazy. Meta. CrowdStrike. Broadcom. Our AI flagged all three. They returned 315%, 314%, and 455%, respectively. Find out which 5 stocks it’s flagging this month — FREE. Get Our Top 5 Growth Stocks for Free HERE. Stocks that have made our list include now familiar names such as Nvidia (+1,460% between June 2020 and June 2025) as well as under-the-radar businesses like the once-micro-cap company Tecnoglass (+1,552% between June 2020 and June 2025). Find your next big winner with StockStory today.

Image source: The Motley Fool. Thursday, July 30, 2026 at 11:00 a.m. ET Co-Chief Executive Officer - Sean A. Windeatt Co-Chief Executive Officer - John Joseph Abularrage Co-Chief Executive Officer - Jean-Pierre Aubin Chief Financial Officer - Jason Williams Hauf Head of Investor Relations - Jason Chryssicas Operator: Thank you for standing by. Today's presentation will begin momentarily. Greetings, and welcome to the BGC Group Second Quarter 26 Earnings Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. If anyone should require operator assistance, please press star 0 on your telephone keypad. As a reminder, this conference is being recorded. It is now my pleasure to introduce Jason Chryssicas, head of investor relations. Please go ahead. Jason Chryssicas: Hello, everyone. This morning, we issued BGC's financial results, which will be found at ir.bgcg.com. Any historical results provided on today's call compare only the current period with the prior year period unless otherwise specified. All references on today's call to record or all time high results are to BGC standalone financial results, excluding Newmark prior to the spin off in November 2018. We will be referring to our results on a non GAAP basis, which include the terms adjusted EBITDA and adjusted earnings. Please refer to today's investor materials on our website for additional details on our financial results relevant economic and industry statistics, for the complete and updated definitions of any non GAAP terms, reconciliations of these items to corresponding GAAP results, and how, when, and why management uses them. The outlook discussed today assumes no material acquisitions or dispositions Our expectations are subject to change based on various macroeconomic, social political, and or other factors. Information on this call contains forward looking statements, including without limitation, statements about our economic outlook and business. These statements are subject to risks and uncertainties, which could cause our actual results to differ from expectations. Except as required by law, we undertake no obligation to update any forward looking statements. For information on factors that could cause actual results to differ from forward looking statements and a complete discussion of the risks and other factors that may impact these forward looking statements, see our SEC filings, including, but not limited to, the risk factors and disclosures within these documents. With that, I am now happy to turn the call over to Sean A. Windeatt, co chief executive officer of BGC Group. Sean A. Windeatt: Thank you, Jason. Good morning, and welcome to our second quarter 26 conference call. With me today are my fellow co chief executive officers, John Joseph Abularrage and Jean-Pierre Aubin. Along with our chief financial officer, Jason Williams Hauf. We produce revenues of $846 million, a second quarter record up 8% versus last year. This growth was broad based across every asset class reflecting the durability diversification, and the strength of our global platform. Our revenues for the first half of 2026 were up more than 24% to $1.8 billion the highest ever through the first 2 quarters of the year. Since 2022 and the return of interest rates, we have grown our revenues double digits every year since. And our half year revenues in 2026 were greater than our full year revenues of just 3 years ago. FMX once again saw market share gains across its cash, US treasury, and futures businesses. FMXUST market share grew to 42%, a new all time high. And FMX SOFR and US treasury futures also reached new market share highs for the month of June. With that, I would like to turn the call over to John to discuss our exciting new partnership with Fanatics and the quarterly results of the business in more detail. John Joseph Abularrage: Thank you, Sean. Earlier this week, we announced our partnership with Fanatics, a global sports platform to build a prediction market ecosystem that serves both retail and new institutional participants. Combining BGC's extensive client network and Fanatics database of over 100 million customers. Together, BGC and Fanatics will also deliver unique market data in this innovative and rapidly growing asset class. This partnership brings together BGC's established market data and analytics capabilities to enable the development of new data products. Prediction markets are a gauge of sentiments, which predict outcomes as opposed to our traditional data which reflects past events. Merging these 2 together will allow us to offer new and exciting datasets to our clients. As part of this agreement, BDC will receive upfront consideration and a performance based earn out as well as a license to the exchange's data. This is entirely separate from FMX's CFTC registered DCM which BGC continues to own and control. Similar to the sale of Case and Capital Labs, this transaction once again underscores the tremendous value of the assets that BGC owns. Assets that we believe are worth significantly more what is currently reflected in the market. Now turning to our second quarter results. We delivered record second quarter revenues of $845.5 million, a 7.8% increase versus last year. Our total brokerage revenues grew by 7.2% to $771.4 million driven by growth across all asset classes. ECS revenues grew by 5.3% to $275.5 million driven by strong growth across our shipping, environmental, and commodities businesses, partially offset by lower oil and refined product volumes due to disruptions caused by the Strait of Hormuz closure. Additionally, we announced the launch of BGC compute infrastructure markets during the second quarter. A logical extension of our existing power business. This is a new business focused on developing the secondary market for compute and memory capacity. Race revenues increased by 10.6% to $221.9 million, reflecting higher volumes across all major rates products during the quarter. Foreign exchange revenues were up 9.4% to $118.7 million primarily due to strong volume growth in emerging market and G10 products and precious metals. Credit revenues increased by 5.4% to $79.3 million, driven by portfolio match, along with higher European and emerging market credit volumes. Equities grew by 2.8% to $76 million, reflecting strong US equity volumes partially offset by lower European equity derivative activity. Data, network, and post trade revenues grew by 18.6% to $36.7 million, excluding case, which we sold in the fourth quarter of 25. Now turning to Fenics. Fenics revenues increased by 14.3% to a second-quarter record of $186.2 million. Fenics Markets generated revenues of $152.8 million, an increase of 16.5%, excluding case. This growth was driven by higher electronic trading volumes across rates, credit, foreign exchange, and increased Fenics market data revenues. Fenics Growth Platform's revenues grew to $33.4 million, a 22.9% increase. Primarily driven by FMX, PortfolioMatch, and Lucera. FMX UST generated record second quarter ADV of $79.4 billion, 17% higher compared to last year. FMXUST continued to grow its market share to 42% in the second quarter, up from 41% last quarter and 35% a year ago. FMX futures exchange delivered another quarter of significant growth. With second quarter ADV of approximately 54 thousand contracts. More than 16 fold higher than a year ago. DELFER ADV rebounded strongly in June following reduced Iran driven volatility, achieving a monthly record of more than 59 thousand contracts. US treasury futures continued to scale in the second quarter averaging more than 15 thousand contracts per day, and total open interest ended at more than 140 thousand contracts, up from approximately 22 thousand contracts a year ago. As you know, we currently list only the 2- and 5-year US treasury future contracts. But we will be listing the remaining tenors across the full curve on August 3, 2026, supporting further growth in trading volumes and open interest on the exchange. FMX FX average daily volumes increased by 16% to $18 billion, driven by continued growth across spot FX and NDF volumes, resulting in continued market share gains. Portfolio match ADV grew 82% to a new quarterly record of $431 million significantly outpacing the broader credit market. Lucera, Fenics network business providing real time trading infrastructure to the capital markets grew its revenues by 15%. And with that, would now like to turn the call over to Jason. Jason Williams Hauf: Thank you, John. And hello, everyone. BGC generated revenues of $845.5 million during the second quarter. EMEA and Americas grew revenues by 11.2% and 6.1%, respectively. While Asia Pacific revenues decreased by 2.9%. Turning to expenses. Compensation and employee benefits for adjusted earnings increased by 7.7%. The increase was related to higher commissionable revenues during the period. Non compensation expenses for adjusted earnings increased by 5.2%, primarily due to increased selling and promotion, along with commissions and floor brokerage expenses related to higher client activity. Moving on to our record second quarter adjusted earnings. Our pretax adjusted earnings grew by 11.1% to $192.9 million, representing a pretax incremental margin of 31.3%. Post tax adjusted earnings increased by 11.2% to $171 million, resulting in a post tax adjusted earnings per share of $0.35, 12.9% higher versus last year. Adjusted EBITDA increased by 7.2% to $228.7 million. Turning to share count. BDC's fully diluted weighted average share count for adjusted earnings was 495.4 million shares during the period. Approximately flat compared to last quarter and a 1% decrease compared to last year. As of June 30, our liquidity was $861.4 million, compared with $979.1 million as of year end 2025. We recently received upgraded credit ratings from both Kroll and JCRA to BBB+ and A-, respectively, due to the continued strong performance of our business. With that, I would like to turn the call back to Sean to go over our third quarter outlook. Sean A. Windeatt: Thank you, Jason. I am pleased to provide the following guidance for the third quarter of 26. We expect to generate revenues of between $775 million and $835 million compared to $737 million in the third quarter of 25. Which at the midpoint of our guidance would represent just over 9% revenue growth for the third quarter and 19% revenue growth for the first 9 months of the year. Anticipate pretax adjusted earnings to be in the range of $172 million to $190 million versus $155.1 million last year. Which at the midpoint of guidance represent 17% earnings growth for the third quarter and 24% earnings growth for the first 9 months of the year. We expect our adjusted earnings tax rate to be between 11% and 14% for the full year 2026. Before we open the call for questions, I am excited to announce that we will be hosting our first ever FMX Investor Day on October 13. With further details to follow. I am also excited to share that our keynote speaker will be Geoffrey Hinton, the godfather of AI. Who won the 2024 Nobel Prize and the 2018 Turing Award for his work with artificial and deep neural networks. And with that, operator, we would now like to open the call for questions. Operator: We will now be conducting a question-and-answer session. 1 moment, while we poll for questions. Our first question is from Patrick Moley with Piper Sandler. Patrick Moley: Yes. Good morning, gentlemen. I want to start off with a question on the BGC Compute Infrastructure markets. You launched that in June. I know this is being positioned by, you know, yourselves and others in the industry as kind of a you know, compute memory capacity being an emerging commodity market. So I was hoping you could maybe just, like, walk us through the growth opportunity there, and the monetization model. Is this you know, primarily a brokerage of OTC blocks between some of the participants in the AI ecosystem? Is there a--is there a market data or benchmarking opportunity And then, ultimately, I guess, how are you thinking about the maturity curve here? When should we expect you know, revenues, I guess, from this business to maybe be reflected in the financials? And then I have a follow-up. Thanks. John Joseph Abularrage: Hey, Patrick. it is John. A bunch of questions. So I will do my best, but remind me if I skip 1. I mean, I the obvious point is CapEx is going to be close to $1 trillion globally. You know, we obviously look at it and think, there has not been an effective market that is formed to hedge risk. And so the focus so far has been on cleared futures. But I think for BGC, the real opportunity is going to be on the OTC market. So cash settled derivatives to hedge exposure and OTC delivered trades when you know, counterparties want actual physical delivery. So, you know, we are number 1 in ECS. I think it is a natural extension of our power markets. And where we are going with it is to drive standardization across you know, what is a highly fragmented market needs a broker in it. And so, you know, when we see revenues, I would assume, you know, we will start to trade relatively soon, but I you know, it is early and too nascent a market for us to give, you know, financial guidance at the moment. But I think we have you know, a group of some of our best ECS brokers who are doing this. I think we have connectivity to the hyperscalers, the neos, and, you know, the traditional client base. So I think we are uniquely positioned to enter the market and help standardize things. And, you know, on the back of that, I think we will you know, we are very excited about potential opportunity. So I hope that answers the question. Patrick Moley: No. Definitely. Thanks for that. And then just to follow-up on the 3Q guidance and margins, I think pretty impressive revenue guide on the margin side. This quarter, I think it was up 100 basis points year over year pretax adjusted margin. I think that is gonna accelerate this quarter based on the midpoint of the guide to maybe a 150 basis point. step-up year over year. So could you maybe just talk about the longer term realistic multiyear margin destination, how you are thinking about that today, and what is really driving that incremental margin step up year over year? Thanks. Sean A. Windeatt: Yes. Certainly, Patrick. it is Sean here. I think you have actually you frame it quite correctly. You know, we what you are seeing is the gearing that we have always spoken about. And that is why in the prepared notes, we did not just point out the quarter, but pointed out the 9 month you know, assuming the midpoint. You know, what you are seeing is you are seeing that in that guidance for Q3, you are seeing the flow through know, just under 40 percentage points And that is a mixture of, of course, the incremental business, the incremental growth, and the cost savings that we have identified and executed on during the year. I think as you quite rightly say, look, we are incredibly excited, you know, going forward because what you have is we have a model where the gearing is in place, you are seeing, yeah, even on the sort of 22 ish percent margin, you are seeing that but on incremental, it is it is well in excess of 30. Of course, leading into 2027 and beyond, you know, we still have our electronic platforms and our FMX business which will, of course, once up to full speed, dwarf the margins of our of our existing business. And so I think our, you know, our runway remains incredibly positive. Alright. Thank you all. that is, that is it for me. Operator: As a reminder, if you would like to ask a question, please press star 1. Our next question is from Eli Abboud with Bank of America. Eli Abboud: Good morning, everyone. Thanks for taking the question. I wanted to ask if you were seeing any impacts down from the SLR reforms, which took place or took effect at certain banks earlier this year. I appreciate that your rates revenue is broadly strong here, up 19% in aggregate in the first half. But are you seeing any outsized contribution coming from the bank channel that is worth calling out? Jean-Pierre Aubin: Hello, Eli, GP here. Yes. it is early stage, but we did notice a strong activity from the banks linked to the SLR So, yes, it is positive. Definitely. You know, a strong market share with sub banks provide us the ability to notice on various underlyings the positive aspect of the SLR reform. Got it. Eli Abboud: And I have a couple here for you on FMX as well. Can you talk about how the progress is coming in hooking up the buy side clients Can and if I mean, to the extent that you have seen ops obstacles there, can you give us any details into what pushback you guys are getting from that client channel? John Joseph Abularrage: Sure, Eli. it is John. I would say that the onboarding of the buy side is accelerating. I would say that we are happy with the progress. I would say that the pipeline of buy side participants and new participants that are coming on the exchange is happening at least as fast as we had hoped, and the new participants certainly will drive the number of contracts going forward. So I do not think we have had a problem at all I think it was, as we told you before, kind of going into the progression in Year 3 of FMX, the buy side is taking notice and starting to trade more actively. So we are pretty happy with where we are. Eli Abboud: Got it. And just bigger picture on FMX for a second. I know year 3 was kind of always framed as all about market share. that is when the big market share push was going to be. So, I guess, we come across that the 3 year anniversary very shortly here, What should our expectations be? Where do you expect to end year 3 in terms of market share? Can you just, like, like, give us a baseline expectation? John Joseph Abularrage: Higher would be the answer. So, you know, we have avoided, as you know, giving direct targets you know, because it is a it is a new exchange, and, you know, we are constantly in building mode. So we are not gonna change that now. In terms of giving an exact number, but I am pretty confident that the number going into year 3 and the end of year 3 would be higher than where you see our averages now. Got it. Eli Abboud: And then just last 1 for me here. Can you walk us through some of the assumptions that you were baking into that 3Q 26 revenue guide? It looks like listed energy futures volumes are up quarter to date versus 2Q. Energy is your largest segment, so I would have anticipated that your revenue would also be headed higher. Sequentially. So is there maybe some conservatism baked into that guide? Or is maybe some softer areas in other asset classes Any detail there would be helpful. Sean A. Windeatt: Sure. So look, I mean, as you know, Eli, we always guide what we see. Right? And, they would have been fairly consistent that we would have expected sort of the, you know, circa the 10% for this year. Obviously, we have exceeded that. If Q3 is always an interesting 1 to guide for because you have the summer months of July and August and the biggest month of this quarter is of course, September. You know? And that is why that is why we give a range. You are right to say that, the biggest asset class we have is ECS, you know, run about 36%. You know, we have we have others. there is nothing that we are seeing to cause any concern whatsoever. But look, you know, I think with the sustained geopolitical tensions that, that exist I think that is why we have given the range but no certainly no challenges. I think a mid guide of you know, mid guide at sort of just under 10% and a higher end of 13.5%, you know, seems pretty good to us. Got it. Thanks, everyone. Operator: Thank you. Thank you. Our next question is from Patrick Moley with Piper Sandler. Patrick Moley: Yes. Thanks for taking the follow-up. Maybe just a broad 1 on the Fanatics partnership. Could you maybe just elaborate on how that came together maybe just some of some of the, you know, nuances of the partnership in terms of, you know, the revenue share, what you are getting out of that? And then why do you think Fanatics was the right partner for you? I know that they are you know, I think more of a sports oriented platform. I would think your customers are maybe more focused on, you know, economic indicators and you know, maybe interest rate prediction markets and things like that. So how do you kind of marry that and, yeah, any kind of color you can just give on that on how that came together? Thanks. John Joseph Abularrage: Sure. I think the genesis of it was that we had a DCO, and the DCO was kind of active by a few trades a year. So we knew we had that asset And when these things started trading in the market, we looked at how we would best capitalize So I think we have shown from our prior acquisitions and disposal that our focus is on maximizing shareholder value. So the conversation happened internally about what to do with the DCO. Then our general counsel introduced me to a gentleman who is an expert in the field, and we talked about what to do with it. And we thought the real value was in applying for a DCM and putting the 2 of them together, so we did that. Started that process. And then I fortuitously got introduced to a great partner named Michael Ruben who runs the Fanatics Sports and Exchange business. And from the beginning of that, I think we thought this was a perfect marriage. So to your last question, yes, current Fanatics is a sports related business, but their reach in terms of consumers and retail is over a 100 million customers in their database. That is something that, you know, since I have come into this industry has been a relative criticism where we have no reach into retail. So we have solved that problem by partnering with Fanatics. I think that all you need to do in terms of realizing that the right this is the right partner to get our shareholders long term great shareholder value is attend Fanatics Fest, which is mind boggling in terms of its reach and the people that are there. And I think we are incredibly excited about this partnership. And, of course, you know, Fanatics does more at the moment than sports. In terms of their current listing, but we will be helping bring the institutional market that BGC is known for to that retail market. And combining those 2 things, on contracts that you quite rightly point out our client base will be more interested in will take prediction markets where it needs to go. On the back of that, you will see predictive data. So as we said in the opening remarks, the vast majority the data that we currently sell is backward looking. And now you get predictive data, and you will get all new client interest in new datasets. And so for us, partnering with Michael, Michael Ruben, Glenn Schiffman and the team over at Fanatics is an absolute grand slam for us. And we are, you know, we are incredibly happy about it, and we will do our very best to deliver shareholder value as we always do. Patrick Moley: Okay. And then I apologize if I missed it. We have been juggling a few calls this morning, so it might be in the deck. But anything you have disclosed or willing to disclose on the economics of that partnership Not yet. John Joseph Abularrage: I mean, I think, you know, what we said was that there is a upfront consideration, again, we are always focused on delivering shareholder value. There is an earn out associated with the exchange volume. And finally, there is a true partnership on the data side. So, you know, that where, you know, we are. So there is a gentleman called Arran Rowsell on our side. he is running the project for us. And, you know, we will you know, endeavor to you know, again, to the right shareholder value through that. Patrick Moley: Alright. Great, John. Thanks for that color. And, I look forward to your October FMX Analyst Day. It is a day after my wedding anniversary, but I am gonna try to make it work. So I will see you guys soon. John Joseph Abularrage: We can extend an extra invitation to your wife. Yeah. Have a good 1, guys. Operator: Thanks. Thank you. There are no further questions at this time. Would like to hand the floor back over to Mr. Windeatt for any closing remarks. This concludes today's conference. You may disconnect your lines at this time. Thank you for your participation. Before you buy stock in Bgc Group, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Bgc Group wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $397,081!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,166,221!* Now, it’s worth noting Stock Advisor’s total average return is 889% — a market-crushing outperformance compared to 203% for the S&P 500. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built by individual investors for individual investors. See the 10 stocks » *Stock Advisor returns as of July 30, 2026. This article is a transcript of this conference call produced for The Motley Fool. While we strive for our Foolish Best, there may be errors, omissions, or inaccuracies in this transcript. As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. BGC (BGC) Q2 2026 Earnings Call Transcript was originally published by The Motley Fool

Our analysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here. Achieved record second-quarter revenues of $845.5 million, driven by broad-based growth across every asset class and the continued benefit of the higher interest rate environment. FMX market share reached new all-time highs, with FMXUST capturing 42% of the market and futures volumes increasing more than 16-fold year-over-year. Formed a strategic partnership with Fanatics to build a prediction market ecosystem, combining BGC's institutional network with Fanatics' database of over 100 million retail customers. Launched BGC compute infrastructure markets to standardize the secondary market for compute and memory capacity, targeting an estimated $1 trillion in global CapEx. Energy and Commodities (ECS) growth of 5.3% was partially tempered by oil and refined product volume disruptions resulting from the Strait of Hormuz closure. Management emphasized that the sale of assets like Case and the Fanatics partnership underscore a corporate value significantly higher than current market reflections. Operational gearing and cost-saving executions drove a 31.3% pretax incremental margin, demonstrating the scalability of the global platform. Third-quarter revenue guidance of $775 million to $835 million assumes typical summer seasonality and continued geopolitical tensions impacting market volatility. FMX is scheduled to list the remaining tenors across the full US treasury futures curve on August 3, 2026, to further scale trading volumes and open interest. Management expects the onboarding of buy-side clients to FMX to accelerate as the platform enters its third year of operation. The partnership with Fanatics is expected to generate new revenue streams through upfront consideration, performance-based earn-outs, and the sale of predictive data products. Long-term margin expansion is expected to be driven by the FMX business, which management anticipates will eventually dwarf the margins of the existing brokerage business. Received credit rating upgrades from Kroll (BBB+) and JCRA (A-) following sustained strong operational performance. The Strait of Hormuz closure was identified as a specific headwind for oil and refined product volumes within the ECS segment during the quarter. The Fanatics transaction is entirely separate from FMX's CFTC-registered DCM, which BGC continues to own and control. The company will host its first FMX Investor Day on October 13, 2026, featuring AI pioneer Geoffrey Hinton as the keynote speaker. One stock. Nvidia-level potential. 30M+ investors trust Moby to find it first. Get the pick. Tap here. Management views compute and memory as an emerging commodity market requiring standardized OTC cash-settled derivatives for risk hedging. The business will leverage existing ECS connectivity to hyperscalers and neos to facilitate physical and derivative trades. While too nascent for specific financial guidance, management expects trading activity to commence relatively soon. Management noted early-stage positive impacts from SLR reforms, observing strong activity from banks across various underlying assets. The company has observed positive impacts from the SLR reform due to its strong market share with banks. Buy-side participation is accelerating as the exchange enters its third year, with a strong pipeline of new participants. Management declined to give specific market share percentage targets but expressed confidence that share will be higher by the end of year three. The partnership solves BGC's lack of retail reach by accessing Fanatics' 100 million customer database. The deal includes upfront consideration, an earn-out based on exchange volume, and a joint venture for predictive data products. Management believes combining institutional and retail markets will evolve prediction markets into a significant new asset class.

BGC Group (BGC) came out with quarterly earnings of $0.35 per share, beating the Zacks Consensus Estimate of $0.34 per share. This compares to earnings of $0.31 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of +2.94%. A quarter ago, it was expected that this brokerage company would post earnings of $0.41 per share when it actually produced earnings of $0.41, delivering no surprise. Over the last four quarters, the company has surpassed consensus EPS estimates three times. BGC Group, which belongs to the Zacks Financial - Investment Bank industry, posted revenues of $845.55 million for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 3.76%. This compares to year-ago revenues of $784 million. The company has topped consensus revenue estimates four times over the last four quarters. The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call. BGC Group shares have added about 31.8% since the beginning of the year versus the S&P 500's gain of 6.9%. While BGC Group has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock? There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately. Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions. Ahead of this earnings release, the estimate revisions trend for BGC Group was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.33 on $801.6 million in revenues for the coming quarter and $1.41 on $3.39 billion in revenues for the current fiscal year. Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Financial - Investment Bank is currently in the top 9% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1. Marex Group PLC (MRX), another stock in the broader Zacks Finance sector, has yet to report results for the quarter ended June 2026. The results are expected to be released on August 12. This company is expected to post quarterly earnings of $1.36 per share in its upcoming report, which represents a year-over-year change of +33.3%. The consensus EPS estimate for the quarter has been revised 4.8% higher over the last 30 days to the current level. Marex Group PLC's revenues are expected to be $589 million, up 17.8% from the year-ago quarter. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report BGC Group, Inc. (BGC) : Free Stock Analysis Report Marex Group PLC (MRX) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

BGC Declares Quarterly Dividend of 2 Cents Conference Call to Discuss Results Scheduled for 11:00 AM ET Today NEW YORK, July 30, 2026--(BUSINESS WIRE)--BGC Group, Inc. (Nasdaq: BGC) today reported its financial results for the second quarter ended June 30, 2026. A complete financial results press release, including information about today’s conference call and BGC’s most recent dividend declaration, is available at http://ir.bgcg.com/, along with BGC’s earnings presentation and supplemental financial tables. About BGC Group, Inc.BGC Group, Inc. (Nasdaq: BGC) is a leading global marketplace, data, and financial technology services company for a broad range of products, including fixed income, foreign exchange, energy, commodities, shipping, equities, and now includes the FMX Futures Exchange. BGC’s clients are many of the world’s largest banks, broker-dealers, investment banks, trading firms, hedge funds, governments, corporations, and investment firms. BGC and leading global investment banks and market making firms have partnered to create FMX, part of the BGC Group of companies, which includes a U.S. interest rate futures exchange, spot foreign exchange platform and the world’s fastest growing U.S. cash treasuries platform. For more information about BGC, please visit www.bgcg.com. Discussion of Forward-Looking Statements about BGCStatements in this document regarding BGC that are not historical facts are "forward-looking statements" that involve risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements. These include statements about the Company’s business, results, financial position, liquidity and outlook, which may constitute forward-looking statements and are subject to the risk that the actual impact may differ, possibly materially, from what is currently expected. Except as required by law, BGC undertakes no obligation to update any forward-looking statements. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see BGC’s Securities and Exchange Commission ("SEC") filings, including, but not limited to, the risk factors and Special Note on Forward-Looking Information set forth in these filings and any updates to such risk factors and Special Note on Forward-Looking Information contained in subsequent reports on Form 10-K, Form 10-Q or Form 8-K. View source version on businesswire.com: https://www.businesswire.com/news/home/20260729508156/en/ Contacts Investor Contact: Jason [email protected] +1 212-610-2426Media Contact: Danielle [email protected] +1 212-610-2419

This article first appeared on GuruFocus. Release Date: July 30, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Record second-quarter revenues of $845.5 million, up 7.8% year-over-year, driven by broad-based growth across all asset classes. FMX US Treasury market share reached a new all-time high of 42%, with FMX SOFR and US Treasury futures also hitting record market share highs in June. Announced a strategic partnership with Fanatics to build a prediction market ecosystem, combining BGC's client network with Fanatics' 100 million customer database. Pre-tax adjusted earnings grew 11.1% to $192.9 million, with a strong incremental margin of 31.3%. Received upgraded credit ratings from Kroll and JCRA to BBB+ and A-, respectively, reflecting continued strong business performance. Asia Pacific revenues decreased by 2.9% during the quarter, underperforming other regions. ECS revenues were partially offset by lower oil and refined product volumes due to disruptions from the Strait of Hormuz closure. Equities revenue growth was modest at 2.8%, held back by lower European equity derivative activity. Liquidity declined to $861.4 million from $979.1 million at year-end 2025, a decrease of 12%. The new BGC compute infrastructure markets business is in early stages, with no financial guidance yet, posing uncertainty for near-term revenue contribution. Here are the key highlights from the BGC Group Inc (NASDAQ:BGC) Q2 2026 earnings call, focusing on the most significant Q&A exchanges. Warning! GuruFocus has detected 7 Warning Signs with BGC. Is BGC fairly valued? Test your thesis with our free DCF calculator. Q: Can you elaborate on the new partnership with Fanatics? How did it come together, what are the economics, and why was Fanatics the right partner? A: (John Aboulraj, Co-CEO) The genesis was our existing DCO asset. We realized the real value was in applying for a DCM and combining the two. We then fortuitously met Matt King from Fanatics. Fanatics' reach of over 100 million retail customers solves a long-standing criticism of BGCour lack of retail access. This partnership combines BGC's institutional market with Fanatics' retail base to take prediction markets where they need to go. On the back of this, we will also create new predictive data sets, which is a major opportunity as most of our current data is backward-looking. Regarding economics, there is upfront consideration, a performance-based earnout tied to exchange volume, and a true partnership on the data side. We view this partnership as a "grand slam" for delivering shareholder value. Q: Can you walk us through the growth opportunity and monetization model for the new BGC Compute Infrastructure Markets business? When should we expect revenues? A: (John Aboulraj, Co-CEO) With global CapEx approaching $1 trillion, there hasn't been an effective market to hedge risk. While the focus has been on clearing futures, the real opportunity for BGC is in the OTC marketcash-settled derivatives and physical delivery trades. It's a natural extension of our power markets. We aim to drive standardization in a highly fragmented market that needs a broker. We expect to start trading relatively soon, but it is too early to give financial guidance. We have some of our best ECS brokers on it and connectivity to hyperscalers, making us uniquely positioned. Q: The Q3 guidance implies a nice step-up in margins year-over-year. Can you talk about the longer-term, multi-year margin destination and what is driving the incremental margin improvement? A: (Sean Wendiet, Co-CEO) You are seeing the gearing we have always spoken about. The Q3 guidance shows a flow-through of just under 40 percentage points, a mix of incremental growth and cost savings. Even on our current ~22% margin, the incremental is well in excess of 30%. Looking into 2027 and beyond, our electronic platforms and FMX business, once at full speed, will dwarf the margins of our existing business. The runway remains incredibly positive. Q: Are you seeing any downstream impacts from the SLR reforms that took effect earlier this year? A: (JPO Ban, Co-CEO) It is early stage, but we did notice strong activity from the banks linked to the SLR. It is definitely positive. Our strong market share with the top banks allows us to notice the positive aspects of the SLR. Q: How is the progress coming in hooking up buy-side clients to FMX? Are there any obstacles or pushback? A: (John Aboulraj, Co-CEO) The onboarding of the buy side is accelerating, and we are happy with the progress. The pipeline of new participants is happening at least as fast as we had hoped. As we progressed into year three of FMX, the buy side is taking notice and starting to trade more actively. We have not had a problem at all. Q: Year three of FMX was framed as the big market share push. What should our expectations be for where market share ends up by the end of year three? A: (John Aboulraj, Co-CEO) The answer is "higher." We have avoided giving direct targets because we are constantly in building mode, so we won't change that now. However, I am pretty confident that the number at the end of year three will be higher than where you see our averages now. Q: Can you walk us through the assumptions baked into the Q3 2026 revenue guide? With listed energy futures volumes up quarter-to-date, why isn't revenue headed higher sequentially? A: (Sean Wendiet, Co-CEO) We always guide what we see. Q3 is an interesting quarter to guide for because you have the summer months of July and August, and the biggest month of the quarter is September, which is why we give a range. While ECS is our biggest asset class at ~36%, there are others. There is nothing causing concern, but with sustained geopolitical tensions, we gave a range. A mid-guide of just under 10% growth and a high end of 13.5% seems pretty good to us. Q: Have you disclosed or are you willing to disclose the specific economics of the Fanatics partnership? A: (John Aboulraj, Co-CEO) Not yet. As we said, there is upfront consideration, an earn-out associated with exchange volume, and a true partnership on the data side. We will endeavor to deliver the right shareholder value through that. For the complete transcript of the earnings call, please refer to the full earnings call transcript.