Segment and Geographic Information

12 Months Ended

Dec. 31, 2024

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 December 31, 2024, the Company has identified the Chairman of the Board and Chief Executive Officer as the Chief Operating Decision Maker (“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 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,
	2024		2023		2022
Revenues:
Rates	$	686,342	$	610,451	$	549,503
ECS	483,232		386,206		291,665
FX	355,833		314,706		299,721
Credit	287,812		284,744		271,419
Equities	225,027		236,517		234,493
Total brokerage revenues	2,038,246		1,832,624		1,646,801
Fees from related parties	20,728		15,968		14,734
Data, software and post-trade	126,963		111,470		96,389
Interest and dividend income1	56,223		45,422		21,007
Other revenues	20,658		19,917		16,371
Total other revenues	224,572		192,777		148,501
Total revenues	2,262,818		2,025,401		1,795,302
Expenses:
Compensation and employee benefits	1,123,747		992,603		853,165
Equity-based compensation and allocations of net income to limited partnership units and FPUs	369,143		355,378		251,071
Total compensation and employee benefits	1,492,890		1,347,981		1,104,236
Other segment items2	646,700		638,645		632,199
Consolidated net income (loss)	$	123,228	$	38,775	$	58,867

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1    For the years ended December 31, 2024, 2023, and 2022, Interest income was $49.5 million, $40.2 million and $15.5 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, 2024, 2023, and 2022, Fixed asset depreciation and intangible asset amortization was $81.4 million, $80.4 million and $75.1 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,
	2024		2023		2022
Revenues:
EMEA1	$	1,146,602	$	1,022,988	$	912,941
Americas2	820,608		727,204		610,683
APAC	295,608		275,209		271,678
Total revenues	$	2,262,818	$	2,025,401	$	1,795,302

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1For the years ended December 31, 2024, 2023, and 2022, the U.K. accounted for 10% or more of total revenues. U.K. revenues for the years ended December 31, 2024, 2023, and 2022 were $780.2 million, $730.8 million, and $647.9 million, respectively.

2For the years ended December 31, 2024, 2023, and 2022, the U.S. accounted for 10% or more of total revenues. U.S. revenues for the years ended December 31, 2024, 2023, and 2022 were $752.6 million, $652.9 million, and $542.7 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, 2024		December 31, 2023
Long-lived assets:
EMEA1	$	346,198	$	385,210
Americas2	261,297		225,950
APAC	81,276		75,496
Total long-lived assets	$	688,771	$	686,656

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1As of December 31, 2024 and 2023, the U.K. accounted for 10% or more of total long-lived assets. U.K. long-lived assets as of December 31, 2024 and 2023 were $251.9 million and $306.1 million, respectively.

2As of December 31, 2024 and 2023, the U.S. accounted for 10% or more of total long-lived assets. U.S. long-lived assets as of December 31, 2024 and 2023 were $255.5 million and $220.1 million, respectively.