BGC Group, Inc.BGC
BGC Group, Inc. Segments Disclosure
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 to assess financial performance and allocate resources. In evaluating performance and making operating decisions, the CODM reviews Consolidated net income (loss) to set budgets, evaluate margins, review actual results, and make decisions regarding reinvestment in the business, acquisitions, dividends, and other capital deployment activities. 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 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:
| Year Ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| Revenues: | |||||||||||||||||
ECS | $ | 910,650 | $ | 483,232 | $ | 386,206 | |||||||||||
| Rates | 794,204 | 686,342 | 610,451 | ||||||||||||||
FX | 428,000 | 355,833 | 314,706 | ||||||||||||||
| Credit | 295,587 | 287,812 | 284,744 | ||||||||||||||
| Equities | 269,942 | 225,027 | 236,517 | ||||||||||||||
| Total brokerage revenues | 2,698,383 | 2,038,246 | 1,832,624 | ||||||||||||||
| Fees from related parties | 18,713 | 20,728 | 15,968 | ||||||||||||||
| Data, software and post-trade | 138,980 | 126,963 | 111,470 | ||||||||||||||
Interest and dividend income1 | 53,825 | 56,223 | 45,422 | ||||||||||||||
| Other revenues | 31,559 | 20,658 | 19,917 | ||||||||||||||
Total other revenues | 243,077 | 224,572 | 192,777 | ||||||||||||||
| Total revenues | $ | 2,941,460 | $ | 2,262,818 | $ | 2,025,401 | |||||||||||
| Expenses: | |||||||||||||||||
Compensation and employee benefits | $ | 1,656,011 | $ | 1,123,747 | $ | 992,603 | |||||||||||
| Equity-based compensation and allocations of net income to limited partnership units and FPUs | 329,588 | 369,143 | 355,378 | ||||||||||||||
| Total compensation and employee benefits | 1,985,599 | 1,492,890 | 1,347,981 | ||||||||||||||
Other segment items2 | 809,322 | 646,700 | 638,645 | ||||||||||||||
| Consolidated net income (loss) | $ | 146,539 | $ | 123,228 | $ | 38,775 | |||||||||||
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1 For the years ended December 31, 2025, 2024, and 2023, Interest income was $53.1 million, $49.5 million and $40.2 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 Consolidated Statements of Operations. Also included in Other segment items is Fixed asset depreciation and intangible asset amortization. For the years ended December 31, 2025, 2024, and 2023, Fixed asset depreciation and intangible asset amortization was $103.3 million, $81.4 million and $80.4 million, respectively.
Refer to the Company’s 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 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):
| Year Ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| Revenues: | |||||||||||||||||
EMEA1 | $ | 1,539,879 | $ | 1,146,602 | $ | 1,022,988 | |||||||||||
Americas2 | 1,060,560 | 820,608 | 727,204 | ||||||||||||||
APAC | 341,021 | 295,608 | 275,209 | ||||||||||||||
| Total revenues | $ | 2,941,460 | $ | 2,262,818 | $ | 2,025,401 | |||||||||||
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1For the years ended December 31, 2025, 2024, and 2023, the U.K. accounted for 10% or more of total revenues. U.K. revenues for the years ended December 31, 2025, 2024, and 2023 were $1,057.5 million, $780.2 million, and $730.8 million, respectively.
2For the years ended December 31, 2025, 2024, and 2023, the U.S. accounted for 10% or more of total revenues. U.S. revenues for the years ended December 31, 2025, 2024, and 2023 were $986.5 million, $752.6 million, and $652.9 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):
| December 31, 2025 | December 31, 2024 | ||||||||||
| Long-lived assets: | |||||||||||
EMEA1 | $ | 416,597 | $ | 346,198 | |||||||
Americas2 | 297,554 | 261,297 | |||||||||
APAC | 88,010 | 81,276 | |||||||||
| Total long-lived assets | $ | 802,161 | $ | 688,771 | |||||||
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1As of December 31, 2025 and 2024, the U.K. accounted for 10% or more of total long-lived assets. U.K. long-lived assets as of December 31, 2025 and 2024 were $286.7 million and $251.9 million, respectively.
2As of December 31, 2025 and 2024, the U.S. accounted for 10% or more of total long-lived assets. U.S. long-lived assets as of December 31, 2025 and 2024 were $289.7 million and $255.5 million, respectively.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 2, 2026 | Showing above |
| 2024 | Mar 3, 2025 | |
| 2023 | Feb 29, 2024 | |
| 2022 | Mar 1, 2023 | |
| 2021 | Feb 28, 2022 | |
| 2020 | Mar 1, 2021 | |
| 2019 | Feb 28, 2020 | |
| 2018 | Mar 1, 2019 | |
| 2017 | Feb 22, 2018 | |
| 2016 | Feb 28, 2017 | |
| 2015 | Feb 29, 2016 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.