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Segment and Geographic Information | 3 Months Ended
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Mar. 31, 2025
Segment Reporting [Abstract] |
Segment and Geographic Information | Segment and Geographic Information Segment Information The Company currently operates in one reportable segment, brokerage services, which is managed on a consolidated basis. The Company provides brokerage services to the financial markets, through integrated Voice, Hybrid and Fully Electronic brokerage in a broad range of products, including fixed income (Rates and Credit), FX, Equities, ECS, and Futures and Options. BGC also delivers a wide range of services, including trade execution, brokerage, clearing, post-trade, information, consulting, and other back-office services to a broad range of financial and non-financial institutions. As of March 31, 2025, the Company has identified its Co-Chief Executive Officers as the Chief Operating Decision Makers (collectively, “CODM”). Consolidated net income (loss) is the measure of segment profit (loss) most consistent with U.S. GAAP that is regularly reviewed by the CODM. The Company’s business is based on the products and services provided and reflects the manner in which financial information is evaluated by the CODM. Significant expense categories included in Consolidated net income (loss) that are regularly provided to the CODM include Compensation and employee benefits expense and Equity-based compensation and allocations of net income to limited partnership units and FPUs expense. Refer to the Company’s unaudited Condensed Consolidated Statements of Operations for additional information. Information regarding revenues from external customers, other revenues, significant segment expenses, other segment items and Consolidated net income (loss) is as follows:
| Three Months Ended March 31,
| 2025 |  | 2024
Revenues |  |  |
Rates | $ | 200,945 |  |  | $ | 175,085 |
ECS | 149,937 |  |  | 118,464 |
FX | 110,035 |  |  | 84,023 |
Credit | 86,936 |  |  | 87,592 |
Equities | 62,936 |  |  | 62,857 |
Total brokerage revenues | 610,789 |  |  | 528,021 |
Fees from related parties | 4,422 |  |  | 4,421 |
Data, software, and post-trade | 32,500 |  |  | 30,903 |
Interest and dividend income 1 | 11,629 |  |  | 9,764 |
Other revenues | 4,900 |  |  | 5,505 |
Total other revenues | 53,451 |  |  | 50,593 |
Total revenues | $ | 664,240 |  |  | $ | 578,614 |
Expenses |  |  |
Compensation and employee benefits | 341,648 |  | 290,842
Equity-based compensation and allocations of net income to limited partnership units and FPUs | 75,323 |  | 96,081
Total compensation and employee benefits | 416,971 |  | 386,923
Other segment items 2 | 193,840 |  | 142,650
Consolidated net income (loss) | $ | 53,429 |  |  | $ | 49,041 |
_______________________________________ 1 For the three months ended March 31, 2025 and 2024, Interest income was $11.6 million and $9.8 million, respectively. 2 Other segment items include Occupancy and equipment expense, Fees to related parties expense, Professional and consulting fees expense, Communications expense, Selling and promotion expense, Commissions and floor brokerage expense, Interest expense, Other expenses, Gains (losses) on divestitures and sales of investments, Gains (losses) on equity method investments, Other income (loss), and Provision (benefit) for income taxes, each of which are presented on the Company’s unaudited Condensed Consolidated Statements of Operations. Also included in Other segment items is Fixed asset depreciation and intangible asset amortization. For the three months ended March 31, 2025 and 2024, Fixed asset depreciation and intangible asset amortization was $21.9 million and $20.6 million, respectively. Refer to the Company’s unaudited Condensed Consolidated Statements of Financial Condition for the segment’s total assets. Refer to Note 14—“Investments” for the Company’s investment in equity method investees. Total expenditures for additions to long-lived assets are reported on the Company’s unaudited Condensed Consolidated Statements of Cash Flows. Geographic Information The Company offers products and services in EMEA, the Americas and APAC. Revenues and long-lived assets are attributed to geographic areas based on the location of the particular subsidiary. Information regarding revenues is as follows (in thousands):
| Three Months Ended March 31, |  |
| 2025 |  | 2024 |  |  |  |
Revenues: |  |  |  |  |  |  |
EMEA 1 | $ | 341,961 |  |  | $ | 304,740 |  |  |  |  |
Americas 2 | 246,639 |  |  | 200,029 |  |  |  |  |
APAC | 75,640 |  |  | 73,845 |  |  |  |  |
Total revenues | $ | 664,240 |  |  | $ | 578,614 |  |  |  |  |
____________________________ 1 For the three months ended March 31, 2025 and 2024, the U.K. accounted for 10% or more of total revenues. U.K. revenues for the three months ended March 31, 2025 and 2024 were $228.2 million and $209.6 million, respectively. 2 For the three months ended March 31, 2025 and 2024, the U.S. accounted for 10% or more of total revenues. U.S. revenues for the three months ended March 31, 2025 and 2024 were $229.5 million and $182.1 million, respectively. Information regarding long-lived assets (defined as: loans, forgivable loans and other receivables from employees and partners, net; fixed assets, net; ROU assets; certain other investments; rent and other deposits; excluding goodwill and other intangible assets, net) in the applicable geographic area is as follows (in thousands):
| March 31, 2025 |  | December 31, 2024
Long-lived assets: |  |  |
EMEA 1 | $ | 357,503 |  |  | $ | 346,198 |
Americas 2 | 274,817 |  |  | 261,297 |
APAC | 84,219 |  |  | 81,276 |
Total long-lived assets | $ | 716,539 |  |  | $ | 688,771 |
____________________________ 1 As of March 31, 2025 and December 31, 2024, the U.K. accounted for 10% or more of total long-lived assets. U.K. long-lived assets as of March 31, 2025 and December 31, 2024 were $252.2 million and $251.9 million, respectively. 2 As of March 31, 2025 and December 31, 2024, the U.S. accounted for 10% or more of total long-lived assets. U.S. long-lived assets as of March 31, 2025 and December 31, 2024 were $268.8 million and $255.5 million, respectively.

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