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Segment and Geographic Information | 6 Months Ended
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Jun. 30, 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. The Company’s Chief Operating Decision Maker (“CODM”) is its Co-Chief Executive Officers. 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 June 30, |  | Six Months Ended June 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Revenues |  |  |  |  |  |  |
ECS | $ | 261,640 |  |  | $ | 117,743 |  |  | $ | 411,577 |  |  | $ | 236,207 |
Rates | 200,579 |  |  | 166,044 |  |  | 401,524 |  |  | 341,129 |
FX | 108,452 |  |  | 88,946 |  |  | 218,487 |  |  | 172,969 |
Credit | 75,282 |  |  | 69,381 |  |  | 162,218 |  |  | 156,973 |
Equities | 73,946 |  |  | 51,406 |  |  | 136,882 |  |  | 114,263 |
Total brokerage revenues | 719,899 |  |  | 493,520 |  |  | 1,330,688 |  |  | 1,021,541 |
Fees from related parties | 5,241 |  |  | 4,643 |  |  | 9,663 |  |  | 9,064 |
Data, software, and post-trade | 35,462 |  |  | 30,812 |  |  | 67,962 |  |  | 61,715 |
Interest and dividend income 1 | 15,268 |  |  | 17,145 |  |  | 26,897 |  |  | 26,909 |
Other revenues | 8,134 |  |  | 4,641 |  |  | 13,034 |  |  | 10,146 |
Total other revenues | 64,105 |  |  | 57,241 |  |  | 117,556 |  |  | 107,834 |
Total revenues | $ | 784,004 |  |  | $ | 550,761 |  |  | $ | 1,448,244 |  |  | $ | 1,129,375 |
Expenses |  |  |  |  |  |  |
Compensation and employee benefits | $ | 416,463 |  |  | $ | 271,990 |  |  | $ | 758,111 |  |  | $ | 562,832 |
Equity-based compensation and allocations of net income to limited partnership units and FPUs | 83,926 |  |  | 66,207 |  |  | 159,249 |  |  | 162,288 |
Total compensation and employee benefits | $ | 500,389 |  |  | $ | 338,197 |  |  | $ | 917,360 |  |  | $ | 725,120 |
Other segment items 2 | 227,400 |  |  | 175,389 |  |  | 421,240 |  |  | 318,039 |
Consolidated net income (loss) | $ | 56,215 |  |  | $ | 37,175 |  |  | $ | 109,644 |  |  | $ | 86,216 |
_______________________________________ 1 For the three months ended June 30, 2025 and 2024, Interest income was $14.6 million and $11.2 million, respectively. For the six months ended June 30, 2025 and 2024, interest income was $26.2 million and $21.0 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 June 30, 2025 and 2024, Fixed asset depreciation and intangible asset amortization was $25.9 million and $20.6 million, respectively. For the six months ended June 30, 2025 and 2024, Fixed asset depreciation and intangible asset amortization was $47.7 million and $40.9 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 June 30, |  | Six Months Ended June 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Revenues: |  |  |  |  |  |  |
EMEA 1 | $ | 419,511 |  |  | $ | 279,074 |  |  | $ | 761,472 |  |  | $ | 583,814 |
Americas 2 | 278,658 |  |  | 198,594 |  |  | 525,297 |  |  | 398,623 |
APAC | 85,835 |  |  | 73,093 |  |  | 161,475 |  |  | 146,938 |
Total revenues | $ | 784,004 |  |  | $ | 550,761 |  |  | $ | 1,448,244 |  |  | $ | 1,129,375 |
____________________________ 1 For the three months ended June 30, 2025 and 2024, the U.K. accounted for 10% or more of total revenues. U.K. revenues for the three months ended June 30, 2025 and 2024 were $285.8 million and $192.2 million, respectively. For the six months ended June 30, 2025 and 2024, the U.K. accounted for 10% or more of total revenues. U.K. revenues for the six months ended June 30, 2025 and 2024 were $513.9 million and $401.8 million, respectively. 2 For the three months ended June 30, 2025 and 2024, the U.S. accounted for 10% or more of total revenues. U.S. revenues for the three months ended June 30, 2025 and 2024 were $259.9 million and $180.6 million, respectively. U.S. revenues for the six months ended June 30, 2025 and 2024 accounted for 10% or more of total revenues. U.S. revenues for the six months ended June 30, 2025 and 2024 were $489.4 million and $362.6 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):
| June 30, 2025 |  | December 31, 2024
Long-lived assets: |  |  |
EMEA 1 | $ | 406,305 |  |  | $ | 346,198 |
Americas 2 | 326,570 |  |  | 261,297 |
APAC | 104,336 |  |  | 81,276 |
Total long-lived assets | $ | 837,211 |  |  | $ | 688,771 |
____________________________ 1 As of June 30, 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 June 30, 2025 and December 31, 2024 were $289.9 million and $251.9 million, respectively. 2 As of June 30, 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 June 30, 2025 and December 31, 2024 were $320.5 million and $255.5 million, respectively.

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- Definition The entire disclosure for reporting segments including data and tables. 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