BGC Group, Inc.

Listed Company

BGCCIK 0001094831NasdaqLarge AcceleratedSecurity & Commodity Brokers, Dealers, Exchanges & ServicesFY ends Dec 31

Period

FY 2025

Revenue

$2.94B

Net Income

$154.96M

Total Assets

—

Equity

—

Shares Out

—

Op. Cash Flow

$394.35M

Business

BGC Group, Inc. is a global marketplace, data and financial technology company that specializes in trade execution and brokerage across a broad range of financial and commodity products. It offers brokerage and execution services for fixed income, interest rate and credit derivatives, foreign exchange, energy, commodities, shipping, equities, futures and options, as well as market data, network, connectivity and post-trade services. Its business is organized around its Fenics electronic trading and data platforms, FMX exchange offerings, ECS energy and commodities brokerage and related brokerage desks. BGC distributes services to wholesale financial and commodity market participants worldwide via proprietary electronic platforms, APIs, FIX connectivity, a private global network, third-party networks and traditional voice and hybrid brokerage channels.

Summary from filing dated 2025-03-03

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Commissions	2,258	1,649	1,465	1,281	1,542
Principal transactions	441	389	368	366	328
Fees from related parties	19	21	16	15	15
Data, network and post-trade	139	127	111	96	90
Interest and dividend income	54	56	45	21	22
Other revenues	32	21	20	16	19
Total revenues	2,941	2,263	2,025	1,795	2,015
Compensation and employee benefits	1,656	1,124	993	853	1,271
Equity-based compensation and allocations of net income to limited partnership units and FPUs	330	369	355	251	256
Total compensation and employee benefits	1,986	1,493	1,348	1,104	1,528
Occupancy and equipment	184	169	163	157	188
Fees to related parties	38	33	33	26	24
Professional and consulting fees	67	65	60	69	68
Communications	136	121	114	108	118
Selling and promotion	105	70	62	49	38
Commissions and floor brokerage	70	71	62	58	65
Interest expense	125	91	77	58	—
Other expenses	105	70	74	87	81
Total expenses	2,817	2,182	1,993	1,717	2,178
Gains (losses) on divestitures and sale of investments	67	39	0	−1	313
Gains (losses) on equity method investments	8	8	9	11	7
Other income (loss)	14	45	16	9	20
Total other income (losses), net	89	93	25	19	339
Income (loss) from operations before income taxes	214	173	58	98	177
Provision (benefit) for income taxes	67	50	19	39	23
Consolidated net income (loss)	147	123	39	59	153
Less: Net income (loss) attributable to noncontrolling interest in subsidiaries	−8	−4	3	10	29
Net income (loss) available to common stockholders	155	127	36	49	124
Net income (loss) attributable to common stockholders	149	121	34	49	124
Basic earnings (loss) per share (in dollars per share)	0.31	0.26	0.08	0.13	0.33
Basic weighted-average shares of common stock outstanding (in shares)	476	473	426	372	379
Net income (loss) for fully diluted shares	149	121	34	63	174
Fully diluted earnings (loss) per share (in dollars per share)	0.31	0.25	0.07	0.13	0.32
Fully diluted weighted-average shares of common stock outstanding (in shares)	481	479	490	499	540

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	852	712	656	485	554
Cash segregated under regulatory requirements	22	22	17	17	13
Financial instruments owned, at fair value	128	186	46	39	41
Receivables from broker-dealers, clearing organizations, customers and related broker-dealers	468	365	350	560	782
Accrued commissions and other receivables, net	482	324	306	288	296
Loans, forgivable loans and other receivables from employees and partners, net	436	360	368	320	287
Fixed assets, net	182	190	178	183	190
Investments	38	39	38	39	33
Goodwill	649	540	506	487	487
Other intangible assets, net	428	241	211	193	208
Receivables from related parties	5	7	3	1	—
Other assets	723	605	497	463	445
Total assets	4,412	3,592	3,176	3,075	3,342
Short-term borrowings from related parties	20	0	—	—	—
Accrued compensation	364	228	206	177	214
Payables to broker-dealers, clearing organizations, customers and related broker-dealers	306	225	202	405	656
Payables to related parties	29	29	17	11	—
Accounts payable, accrued and other liabilities	772	693	668	683	679
Notes payable and other borrowings	1,776	1,338	1,184	1,049	1,053
Total liabilities	3,267	2,513	2,278	2,326	2,660
Commitments, contingencies and guarantees (Note 19)	—	—	—	—	—
Additional paid-in capital	2,532	2,311	2,105	2,559	2,451
Treasury stock, at cost: 81,745,750 and 50,064,152 shares of Class A common stock at December 31, 2025 and December 31, 2024, respectively	−615	−332	−67	—	—
Retained deficit	−910	−1,026	−1,119	−1,138	−1,172
Accumulated other comprehensive income (loss)	−41	−60	−39	−45	−41
Total stockholders equity	972	899	885	670	620
Noncontrolling interest in subsidiaries	173	181	13	64	44
Total equity	1,145	1,079	898	733	663
Total liabilities and equity	4,412	3,592	3,176	3,075	3,342

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Fixed asset depreciation and intangible asset amortization	103	81	80	75	82
Employee loan amortization and reserves on employee loans	140	59	51	50	218
Equity-based compensation and allocations of net income to limited partnership units and FPUs	330	369	355	251	256
Deferred compensation expense	762,000	51,000	54,000	−542,000	347,000
Losses (gains) on equity method investments	−8	−8	−9	−11	−7
Unrealized/realized losses (gains) on financial instruments owned, at fair value and other investments	−8	−39	−4	1	—
Amortization of discount (premium) on notes payable	5	1	4	3	4
Impairment of fixed assets, intangible assets and investments	3	746,000	3	6	11
Deferred tax provision (benefit)	−15	−70	−61	−15	−12
Change in estimated acquisition earn-out payables	5	1	1	1	4
Forfeitures of Class A common stock	−528,000	−1	−1	−263,000	−553,000
Loss (gain) on divestiture	−67	−39	0	1	0
Other	2	11	0	−2	−5
Consolidated net income (loss), adjusted for non-cash and non-operating items	637	490	459	418	392
Financial instruments owned, at fair value	60	−143	−5	2	18
Receivables from broker-dealers, clearing organizations, customers and related broker-dealers	−98	−22	212	223	−483
Accrued commissions receivable, net	−66	−21	−6	6	−101
Loans, forgivable loans and other receivables from employees and partners, net	−154	−20	−77	−61	−39
Receivables from related parties	541,000	−4	−1	4	8
Other assets	−44	−11	20	−8	2
Accrued compensation	43	20	18	−25	18
Payables to broker-dealers, clearing organizations, customers and related broker-dealers	81	23	−204	−252	477
Payables to related parties	−361,000	12	24	−44	19
Accounts payable, accrued and other liabilities	−66	−9	−35	−38	107
Net cash provided by (used in) operating activities	394	315	405	224	417
Proceeds from disposal of subsidiary	78	46	0	512,000	0
Purchases of fixed assets	−21	−30	−15	−11	−10
Capitalization of software development costs	−45	−42	−45	−48	−43
Purchase of equity method investments	−750,000	−2	0	−588,000	−1
Proceeds from equity method investments	9	9	9	6	10
Payments for acquisitions, net of cash acquired	−281	−64	−40	0	0
Purchase of investment carried under measurement alternative	−21	−13	0	0	—
Loan to related parties	−120	−180	0	0	—
Proceeds from repayment of related parties loan	120	180	0	0	—
Purchase of other assets	−953,000	−627,000	−475,000	−612,000	0
Net cash provided by (used in) investing activities	−283	−97	−91	−53	121
Repayments of long-term debt borrowings	−1,005	−815	−623	−6	−566
Issuance of long-term debt, net of deferred issuance costs	1,438	965	754	−75,000	298
Earnings distributions to limited partnership interests and other noncontrolling interests	−470,000	−8	−19	−29	−52
Redemption and repurchase of equity awards	−109	−139	−118	−76	−111
Dividends to stockholders	−39	−34	−17	−15	−15
Repurchase of Class A common stock	−282	−262	−115	−104	−365
Proceeds from sale of Cantor units in BGC Holdings	0	0	12	1	8
Proceeds from noncontrolling interests	0	172	0	0	—
Payments on acquisition earn-outs	−1	−1	−19	−4	−11
Other	0	−27	0	0	—
Net cash provided by (used in) financing activities	21	−149	−147	−233	−820
Effect of exchange rate changes on Cash and cash equivalents, and Cash segregated under regulatory requirements	7	−9	3	−3	−5
Net increase (decrease) in Cash and cash equivalents, and Cash segregated under regulatory requirements including Cash and Cash segregated under regulatory requirements	140	60	171	−65	−287
Cash paid during the period for taxes	148	104	71	36	43
Cash paid during the period for interest	109	88	81	54	66
Issuance of Class A common stock upon exchange of limited partnership interests	0	0	46	35	158
Issuance of Class A and contingent Class A common stock and limited partnership interests for acquisitions	7	9	7	3	1
ROU assets and liabilities	98	20	27	44	7

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