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Segment and Geographic Information
 9 Months Ended
Sep. 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 September 30,Nine Months Ended September 30,
2025202420252024
Revenues
ECS
$241,622 $112,921 $653,199 $349,128 
Rates
195,328 174,313 596,852 515,442 
FX
106,672 92,076 325,159 265,045 
Credit
69,085 68,000 231,303 224,973 
Equities
60,403 53,336 197,285 167,599 
Total brokerage revenues
673,110 500,646 2,003,798 1,522,187 
Fees from related parties4,453 5,106 14,116 14,170 
Data, software, and post-trade34,349 32,661 102,311 94,376 
Interest and dividend income1
14,039 16,944 40,936 43,853 
Other revenues10,898 5,754 23,932 15,900 
Total other revenues
63,739 60,465 181,295 168,299 
Total revenues
$736,849 $561,111 $2,185,093 $1,690,486 
Expenses
Compensation and employee benefits
$400,262 $271,307 $1,158,373 $834,139 
Equity-based compensation and allocations of net income to limited partnership units and FPUs
74,447 85,690 233,696 247,978 
Total compensation and employee benefits
$474,709 $356,997 $1,392,069 $1,082,117 
Other segment items2
236,078 190,401 657,318 508,440 
Consolidated net income (loss)
$26,062 $13,713 $135,706 $99,929 
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1    For the three months ended September 30, 2025 and 2024, Interest income was $14.0 million and $16.1 million, respectively. For the nine months ended September 30, 2025 and 2024, interest income was $40.3 million and $37.1 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 September 30, 2025 and 2024, Fixed asset depreciation and intangible asset amortization was $27.4 million and $19.9 million, respectively. For the nine months ended September 30, 2025 and 2024, Fixed asset depreciation and intangible asset amortization was $75.2 million and $60.7 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 September 30,Nine Months Ended September 30,
2025202420252024
Revenues:
EMEA1
$385,939 $280,883 $1,147,411 $864,697 
Americas2
262,378 204,811 787,675 603,434 
APAC88,532 75,417 250,007 222,355 
Total revenues$736,849 $561,111 $2,185,093 $1,690,486 
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1For the three months ended September 30, 2025 and 2024, the U.K. accounted for 10% or more of total revenues. U.K. revenues for the three months ended September 30, 2025 and 2024 were $266.6 million and $189.6 million, respectively. For the nine months ended September 30, 2025 and 2024, the U.K. accounted for 10% or more of total revenues. U.K. revenues for the nine months ended September 30, 2025 and 2024 were $780.5 million and $591.3 million, respectively.
2For the three months ended September 30, 2025 and 2024, the U.S. accounted for 10% or more of total revenues. U.S. revenues for the three months ended September 30, 2025 and 2024 were $243.4 million and $187.7 million, respectively. U.S. revenues for the nine months ended September 30, 2025 and 2024 accounted for 10% or more of total revenues. U.S. revenues for the nine months ended September 30, 2025 and 2024 were $732.7 million and $550.4 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):

September 30, 2025December 31, 2024
Long-lived assets:
EMEA1
$425,185 $346,198 
Americas2
334,110 261,297 
APAC
101,062 81,276 
Total long-lived assets$860,357 $688,771 
____________________________
1As of September 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 September 30, 2025 and December 31, 2024 were $293.8 million and $251.9 million, respectively.
2As of September 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 September 30, 2025 and December 31, 2024 were $325.9 million and $255.5 million, respectively.