Binah Capital Group Reports Results for Third Quarter of 2026
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Rhea-AI Summary
Binah Capital Group (NASDAQ: BCG) reported third-quarter 2026 revenue of $50.6 million, alongside higher earnings and assets under management. For the quarter ended September 30, revenue compared with $46.2 million a year earlier. GAAP net income rose to $2.646 million from $1.760 million, while diluted earnings per share increased to $0.13 from $0.08. Assets under management grew 5.0% year over year to $31.4 billion.
Non-GAAP gross profit rose to $10.0 million from $9.0 million. EBITDA, earnings before interest, taxes, depreciation and amortization, increased to $4.7 million from $2.7 million; adjusted EBITDA reached $4.9 million versus $2.9 million. Nine-month revenue rose to $145.778 million from $136.632 million, and net income reached $4.885 million versus $2.141 million. At September 30, cash, cash equivalents and restricted cash totaled $13.242 million; outstanding long-term debt was $16.7 million.
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Positive
- Moderate pointThird-quarter revenue increased to $50.561 million from $46.198 million a year earlier.
- Moderate pointThird-quarter GAAP net income increased to $2.646 million from $1.760 million a year earlier.
- Moderate pointAssets under management increased 5.0% year over year to $31.4 billion at September 30, 2026.
- Minor pointThird-quarter diluted earnings per share increased to $0.13 from $0.08 a year earlier.
- Minor pointThird-quarter non-GAAP gross profit increased to $10.0 million from $9.0 million a year earlier.
17 minor points
- Minor pointThird-quarter non-GAAP EBITDA increased to $4.7 million from $2.7 million a year earlier.
- Minor pointThird-quarter non-GAAP adjusted EBITDA increased to $4.9 million from $2.9 million a year earlier.
- Minor pointNine-month revenue increased to $145.778 million from $136.632 million in 2025.
- Minor pointNine-month GAAP net income increased to $4.885 million from $2.141 million in 2025.
- Minor pointNine-month diluted earnings per share increased to $0.22 from $0.06 in 2025.
- Minor pointNine-month non-GAAP EBITDA increased to $9.1 million from $5.0 million in 2025.
- Minor pointNine-month non-GAAP adjusted EBITDA increased to $9.8 million from $5.6 million in 2025.
- Minor pointCommission revenue rose to $41.259 million quarterly and $119.074 million year-to-date, versus $37.370 million and $112.506 million.
- Minor pointAdvisory fees rose to $8.145 million quarterly and $22.805 million year-to-date, versus $7.407 million and $20.948 million.
- Minor pointNine-month interest and other income increased to $3.899 million from $3.178 million in 2025.
- Minor pointProfessional fees fell to $138,000 quarterly and $1.118 million year-to-date, versus $558,000 and $1.807 million.
- Minor pointInterest expense fell to $507,000 quarterly and $1.542 million year-to-date, versus $534,000 and $1.643 million.
- Minor pointNine-month rent and occupancy expense fell to $841,000 from $857,000 in 2025.
- Minor pointNine-month depreciation and amortization fell to $457,000 from $537,000 in 2025.
- Minor pointOther expense fell to negative $679,000 quarterly and $2.218 million year-to-date, versus $71,000 and $2.551 million.
- Minor pointCash, cash equivalents and restricted cash rose to $13.242 million from $10.716 million at December 31, 2025.
- Minor pointNotes payable, net of debt issuance costs, fell to $16.267 million from $17.679 million at December 31, 2025.
Negative
- Minor pointThird-quarter interest and other income declined to $1.157 million from $1.421 million a year earlier.
- Minor pointCommissions and fees rose to $40.567 million quarterly and $115.736 million year-to-date, versus $37.202 million and $110.240 million.
- Minor pointEmployee compensation rose to $4.728 million quarterly and $14.369 million year-to-date, versus $4.679 million and $13.956 million.
- Minor pointTechnology fees rose to $776,000 quarterly and $2.370 million year-to-date, versus $751,000 and $2.194 million.
- Minor pointIncome tax expense rose to $1.400 million quarterly and $2.242 million year-to-date, versus $190,000 and $706,000.
4 minor points
- Minor pointThird-quarter depreciation and amortization increased to $187,000 from $167,000 a year earlier.
- Minor pointThird-quarter rent and occupancy expense increased to $291,000 from $286,000 a year earlier.
- Minor pointCommon shares outstanding increased to 17,060,131 from 16,716,000 at December 31, 2025, diluting existing holders.
- Minor pointRedeemable Series A convertible preferred shares increased to 1,681,000 from 1,626,000 at December 31, 2025.
News Explained
Binah Capital reports third-quarter results; its common shares issued and outstanding numbered 17,060,131 on
Key Figures
- Assets under management
- $31.4 billion, +5.0% year over year
- At September 30, 2026; compared with $29.9 billion
- Total revenue
- Approximately $50.6 million, +9.4%
- Third quarter 2026; compared with $46.2 million in the prior-year period
- GAAP net income
- $2.6 million, +44.4%
- Third quarter 2026; compared with $1.8 million in the prior-year quarter
- GAAP diluted EPS
- $0.13, +62.5%
- Third quarter 2026; compared with $0.08 in the prior-year quarter
- EBITDA
- $4.7 million, +74.1%
- Third quarter 2026; compared with $2.7 million in the prior-year quarter
- Adjusted EBITDA
- $4.9 million, +69.0%
- Third quarter 2026; compared with $2.9 million in the prior-year quarter
- Gross profit
- $10.0 million, +11.1%
- Third quarter 2026; compared with $9.0 million in the prior-year period
Previous Earnings Reports
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Revenue and assets grew year over year; net income turned positive from a loss.
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Profitability improved and assets under management grew while revenue was broadly stable.
-
Comparable Q3 revenue, assets under management and net income increased year over year.
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Key Terms
ebitda financial
adjusted ebitda financial
gaap financial
non-gaap financial measures financial
AI-generated analysis. How Rhea-AI works. Not financial advice.
- Assets Under Management (“AuM”) Increased
- Increased Net Income to
- Increased EBITDA[*] to
- Increased Total Revenue to
NEW YORK, Nov. 13, 2026 (GLOBE NEWSWIRE) -- Binah Capital Group, Inc. (“Binah”, “Binah Capital” or the “Company”) (NASDAQ: BCG; BCGWW), a leading financial services enterprise that owns and operates a network of industry-leading firms empowering independent financial advisors, today announced results for the third quarter and nine months ended September 30, 2026.
"Our third quarter results underscore Binah’s momentum in accelerating its growth in wealth management by leveraging our differentiated platform,” stated Craig Gould, Chief Executive Officer of Binah Capital. “Our continued progress this quarter is visible in the improved performance across all our key metrics on a year over year basis, particularly total revenue growth, higher net income and EBITDA and increased assets under management. We are very pleased with the solid operational resilience that our teams demonstrated as they effectively address customer needs, and we remain focused on taking advantage of additional opportunities to bolster our growth this year.”
Third Quarter 2026 Key Highlights
- Total advisory and brokerage assets under management as of September 30, 2026, grew
5.0% year-over-year to$31.4 billion , compared to$29.9 billion in last year’s third quarter. - Total revenue was approximately
$50.6 million , a9.4% increase from$46.2 million in the same period in 2025. - GAAP net income rose to
$2.6 million , a44.4% increase compared to GAAP net income of$1.8 million in the third quarter of 2025. - Gross profit* was
$10.0 million , an increase of11.1% compared to$9.0 million in the prior-year period. - GAAP diluted EPS was
$0.13 compared to a GAAP net income per share of$0.08 in the prior year quarter, up62.5% . - EBITDA* of
$4.7 million grew74.1% as compared to EBITDA of$2.7 million in the prior year quarter, driven by the increase in GAAP net income. - Adjusted EBITDA* of
$4.9 million increased69.0% compared to$2.9 million in the prior year quarter.
* Non-GAAP Financial Measures.Gross profit is a non-GAAP financial measure defined as total revenue net of commissions paid to financial advisors and registered representatives and other fees that generate the revenue.. EBITDA and Adjusted EBITDA are non-GAAP financial measures defined as net income (loss) adjusted for depreciation expense, amortization expense, interest expense, share-based compensation and income tax. See the section captioned “Non-GAAP Financial Measures” below for a detailed description and reconciliation of such non-GAAP financial measures to their most directly comparable GAAP financial measures, as required by Regulation G.
Liquidity and Capital
The Company had cash and cash equivalents of
About Binah Capital Group
Binah Capital Group (“Binah Capital”, “Binah” or the “Company”), is a financial services enterprise that owns and operates a network of industry-leading firms that empower independent financial advisors. Binah specializes in delivering value through its innovative hybrid-friendly model, making it an optimal platform for RIAs navigating today’s complex financial landscape. Binah’s portfolio companies are built to help advisors run, manage, and execute commission-based business seamlessly while providing best in class resources to support their advisory practice. We don’t just offer tools—we cultivate partnerships. Binah Capital Group stands alongside RIAs as a trusted ally, delivering the structure, flexibility, and cutting-edge solutions they need to succeed in an increasingly competitive marketplace.
For more information, please visit: www.binahcap.com.
Contact:
Binah Capital Investor Relations
Mary T. Conway
Conway Communications
mtconway@conwaycommsir.com
Binah Capital Media Relations
Donald Cutler or Lorene Yue
Haven Tower Group
(424) 317-4864 or (424) 317-4854
binah@haventower.com
Non-GAAP Financial Measures
EBITDA is a non-GAAP financial measure defined as net income plus interest expense, provision for income taxes, and depreciation and amortization. Adjusted EBITDA is defined as EBITDA, a non-GAAP measure, plus share-based compensation costs. The Company presents EBITDA and Adjusted EBITDA because management believes that it can be a useful financial metric in understanding the Company’s earnings from operations. EBITDA and Adjusted EBITDA are not measures of the Company’s financial performance under GAAP and should not be considered as an alternative to net income or any other performance measure derived in accordance with GAAP. Additionally, Adjusted EBITDA is used in connection with the Company’s credit agreements, specifically in the calculation of financial-related covenants.
Gross profit is a non-GAAP financial measure defined as total revenue less commissions paid to financial advisors and registered representatives and other fees that generate the revenue. We consider our gross profit amounts to be non-GAAP financial measures that may not be comparable to those of others in our industry. We believe that gross profit amounts can provide investors with useful insight into our core operating performance before other costs that are general and administrative in nature.
A reconciliation of our non-GAAP financial measures to their most directly comparable GAAP financial measures appears below in the footnotes to the table of our key operating, business and financial metrics.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended that are intended to be subject to the "safe harbor" created by those sections and other applicable laws. These forward-looking statements rely on a number of assumptions concerning future events and are subject to a number of uncertainties and factors that could cause actual results to differ materially from such statements, many of which are outside the control of Binah. Forward-looking statements include, but are not limited to statements regarding: Binah’s financial and operational outlook; Binah’s operational and financial strategies, including planned growth initiatives and the benefits thereof, Binah’s ability to successfully effect those strategies, and the expected results therefrom. These forward-looking statements generally are identified by the words “believe,” “project,” “estimate,” “expect,” ”intend,” “anticipate,” “goals,” “prospects,” “will,” “would,” “will continue,” “will likely result,” and similar expressions (including the negative versions of such words or expressions).
While Binah believes that the assumptions concerning future events are reasonable, it cautions that there are inherent difficulties in predicting certain important factors that could impact the future performance or results of its business. The factors that could cause results to differ materially from those indicated by such forward-looking statements include, but are not limited to: our ability to comply with supervisory and regulatory compliance obligations, the risk we may be held liable for misconduct by our advisors; poor performance of our investment products and services; our ability to effectively maintain and enhance our brand and reputation; our ability to expand and retain our customer base; our future capital requirements and sources and uses of cash; the risk that an increase in government regulation of the industries and markets in which we operate could negatively impact our business; the impact of worldwide and regional political, military or economic conditions, including declines in foreign currencies in relation to the value of the U.S. dollar, hyperinflation, devaluation and significant political or civil disturbances in international markets; and the effectiveness of Binah’s control environment, including the identification of control deficiencies.
These forward-looking statements are also affected by the risk factors, forward-looking statements and challenges and uncertainties set forth in documents filed by Binah with the U.S. Securities and Exchange Commission from time to time, including the Annual Report on Form 10-K and Quarterly Reports on Form 10-Q and subsequent periodic reports. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Binah cautions you not to place undue reliance on the forward-looking statements contained in this press release. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Binah assumes no obligation and, except as required by law, does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. Binah does not give any assurance that it will achieve its expectations.
BINAH CAPITAL GROUP, INC.
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
SEPTEMBER 30, 2026 AND DECEMBER 31, 2025
(in thousands, except per share amounts)
| Unaudited | ||||||||
| September 30, 2026 | December 31, 2025 | |||||||
| ASSETS | ||||||||
| Assets: | ||||||||
| Cash, cash equivalents and restricted cash | $ | 13,242 | $ | 10,716 | ||||
| Receivables, net: | ||||||||
| Commission receivable | 11,001 | 10,441 | ||||||
| Due from clearing broker | 637 | 707 | ||||||
| Other | 1,177 | 1,261 | ||||||
| Property and equipment, net | 242 | 342 | ||||||
| Right of use assets | 3,125 | 3,097 | ||||||
| Intangible assets, net | 408 | 671 | ||||||
| Goodwill | 39,839 | 39,839 | ||||||
| Other assets | 3,459 | 3,141 | ||||||
| TOTAL ASSETS | $ | 73,130 | $ | 70,215 | ||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
| Liabilities: | ||||||||
| Accounts payable, accrued expenses and other liabilities | $ | 11,473 | $ | 13,103 | ||||
| Commissions payable | 13,377 | 12,632 | ||||||
| Operating lease liabilities | 3,237 | 3,221 | ||||||
| Notes payable, net of unamortized debt issuance costs of | 16,267 | 17,679 | ||||||
| Promissory notes-affiliates | 5,313 | 5,313 | ||||||
| TOTAL LIABILITIES | 49,667 | 51,948 | ||||||
| Mezzanine Equity: | ||||||||
| Redeemable Series A Convertible Preferred Stock, par value | 16,229 | 15,668 | ||||||
| Stockholders’ Equity: | ||||||||
| Series B Convertible Preferred Stock, par value | 1,500 | 1,500 | ||||||
| Common stock, | — | — | ||||||
| Additional paid-in-capital | 23,221 | 23,709 | ||||||
| Accumulated deficit | (17,612) | (22,496) | ||||||
| Accumulated other comprehensive income (loss) | 125 | (114) | ||||||
| Total Stockholders’ Equity and Mezzanine Equity | 23,463 | 18,267 | ||||||
| TOTAL LIABILITIES, MEZZANINE EQUITY AND STOCKHOLDERS’ EQUITY | $ | 73,130 | $ | 70,215 | ||||
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
BINAH CAPITAL GROUP, INC .
CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2026 AND 2025
(in thousands, except per share amounts)
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||
| Revenues: | |||||||||||||
| Revenue from Contracts with Customers: | |||||||||||||
| Commissions | $ | 41,259 | $ | 37,370 | $ | 119,074 | $ | 112,506 | |||||
| Advisory fees | 8,145 | 7,407 | 22,805 | 20,948 | |||||||||
| Total Revenue from Contracts with Customers | 49,404 | 44,777 | 141,879 | 133,454 | |||||||||
| Interest and other income | 1,157 | 1,421 | 3,899 | 3,178 | |||||||||
| Total revenues | 50,561 | 46,198 | 145,778 | 136,632 | |||||||||
| Expenses: | |||||||||||||
| Commissions and fees | 40,567 | 37,202 | 115,736 | 110,240 | |||||||||
| Employee compensation and benefits | 4,728 | 4,679 | 14,369 | 13,956 | |||||||||
| Rent and occupancy | 291 | 286 | 841 | 857 | |||||||||
| Professional fees | 138 | 558 | 1,118 | 1,807 | |||||||||
| Technology fees | 776 | 751 | 2,370 | 2,194 | |||||||||
| Interest | 507 | 534 | 1,542 | 1,643 | |||||||||
| Depreciation and amortization | 187 | 167 | 457 | 537 | |||||||||
| Other | (679) | 71 | 2,218 | 2,551 | |||||||||
| Total expenses | 46,515 | 44,248 | 138,651 | 133,785 | |||||||||
| Income before provision for income taxes | 4,046 | 1,950 | 7,127 | 2,847 | |||||||||
| Provision for income taxes | 1,400 | 190 | 2,242 | 706 | |||||||||
| Net income | $ | 2,646 | $ | 1,760 | $ | 4,885 | $ | 2,141 | |||||
| Net income per share basic | $ | 0.13 | $ | 0.08 | $ | 0.22 | $ | 0.06 | |||||
| Net income per share diluted | $ | 0.13 | $ | 0.08 | $ | 0.22 | $ | 0.06 | |||||
| Weighted average shares outstanding: basic | 17,060 | 16,709 | 16,875 | 16,638 | |||||||||
| Weighted average shares outstanding: diluted | 17,060 | 16,720 | 16,875 | 16,921 | |||||||||
Non-GAAP Financial Measures: Binah Capital Group Reconciliation of GAAP revenue to gross profit and GAAP net income to EBITDA and Adjusted EBITDA
Gross profit and EBITDA are non-GAAP financial measures. Gross profit is a non-GAAP financial measure defined as total revenue net of commissions paid to financial advisors and registered representatives and other fees that generate the revenue.. EDITDA is defined as net income plus interest expense, provision for income taxes, and depreciation and amortization. Adjusted EBITDA is defined as EBITDA, a non-GAAP measure, plus share-based compensation costs. The Company presents Gross Profit, EBITDA and Adjusted EBITDA because management believes that it can be a useful financial metric in understanding the Company’s total revenue and earnings from operations, respectively. Gross Profit, EBITDA and Adjusted EBITDA are not measures of the Company’s financial performance under GAAP and should not be considered as an alternative to total revenues, net income or any other performance measure derived in accordance with GAAP. Additionally, Adjusted EBITDA is used in connection with the Company’s credit agreements, specifically in the calculation of financial-related covenants.
A reconciliation of our non-GAAP financial measures to their most directly comparable GAAP financial measures appears below in the footnotes to the table of our key operating, business and financial metrics.
| For the three months ended September 30, | For the nine months ended September 30, | |||||||||||||||
| EBITDA Reconciliation | 2026 | 2025 | 2026 | 2025 | ||||||||||||
| Net income | $ | 2.6 | $ | 1.8 | $ | 4.9 | $ | 2.1 | ||||||||
| Interest expense | 0.5 | 0.5 | 1.5 | 1.6 | ||||||||||||
| Provision for income taxes | 1.4 | 0.2 | 2.2 | 0.8 | ||||||||||||
| Depreciation and amortization | 0.2 | 0.2 | 0.5 | 0.5 | ||||||||||||
| EBITDA | 4.7 | 2.7 | 9.1 | 5.0 | ||||||||||||
| Share-based compensation | 0.2 | 0.2 | 0.7 | 0.6 | ||||||||||||
| Adjusted EBITDA | $ | 4.9 | $ | 2.9 | $ | 9.8 | $ | 5.6 | ||||||||
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What were Binah Capital Group's third-quarter 2026 revenue and earnings?
Binah Capital Group reported $50.561 million in revenue and $2.646 million in GAAP net income for the three months ended September 30, 2026. A year earlier, revenue was $46.198 million and net income was $1.760 million. Diluted earnings per share increased to $0.13 from $0.08.
How much did Binah Capital Group's assets under management grow in the third quarter of 2026?
Binah Capital Group's advisory and brokerage assets under management increased 5.0% year over year to $31.4 billion as of September 30, 2026, compared with $29.9 billion in the prior-year third quarter.
How does Binah Capital Group calculate adjusted EBITDA?
Binah Capital Group calculates adjusted EBITDA by adding share-based compensation costs to EBITDA. EBITDA is net income plus interest expense, income tax expense, and depreciation and amortization. Adjusted EBITDA is also used to calculate financial covenants under the company's credit agreements.