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Segment and Geographic Information
 6 Months Ended
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,
2025202420252024
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 parties5,241 4,643 9,663 9,064 
Data, software, and post-trade35,462 30,812 67,962 61,715 
Interest and dividend income1
15,268 17,145 26,897 26,909 
Other revenues8,134 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 items2
227,400 175,389 421,240 318,039 
Consolidated net income (loss)
$56,215 $37,175 $109,644 $86,216 
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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,
2025202420252024
Revenues:
EMEA1
$419,511 $279,074 $761,472 $583,814 
Americas2
278,658 198,594 525,297 398,623 
APAC85,835 73,093 161,475 146,938 
Total revenues$784,004 $550,761 $1,448,244 $1,129,375 
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1For 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.
2For 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, 2025December 31, 2024
Long-lived assets:
EMEA1
$406,305 $346,198 
Americas2
326,570 261,297 
APAC
104,336 81,276 
Total long-lived assets$837,211 $688,771 
____________________________
1As 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.
2As 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.