Segment and Geographic Information

3 Months Ended

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 income1	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 items2	193,840		142,650
Consolidated net income (loss)	$	53,429	$	49,041

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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:
EMEA1	$	341,961	$	304,740
Americas2	246,639		200,029
APAC	75,640		73,845
Total revenues	$	664,240	$	578,614

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1For 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.

2For 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:
EMEA1	$	357,503	$	346,198
Americas2	274,817		261,297
APAC	84,219		81,276
Total long-lived assets	$	716,539	$	688,771

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1As 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.

2As 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.