v3.26.1
Segment and Geographic Information
 3 Months Ended
Mar. 31, 2026
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 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 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,
20262025
Revenues:
ECS$329,970 $149,937 
Rates256,223 200,945 
FX131,033 110,035 
Credit94,078 86,936 
Equities84,523 62,936 
Total brokerage revenues895,827 610,789 
Fees from related parties4,296 4,422 
Data, network and post-trade34,468 32,500 
Interest and dividend income1
10,579 11,629 
Other revenues10,311 4,900 
Total other revenues
59,654 53,451 
Total revenues
$955,481 $664,240 
Expenses:
Compensation and employee benefits$537,339 $341,648 
Equity-based compensation and allocations of net income to limited partnership units83,441 75,323 
Total compensation and employee benefits620,780 416,971 
Other segment items2
251,237 193,840 
Consolidated net income (loss)
$83,464 $53,429 
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1    For the three months ended March 31, 2026 and 2025, Interest income was $10.6 million and $11.6 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, 2026 and 2025, Fixed asset depreciation and intangible asset amortization was $25.8 million and $21.9 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 March 31,
20262025
Revenues:
EMEA1
$535,829 $341,961 
Americas2
320,496 246,639 
APAC99,156 75,640 
Total revenues$955,481 $664,240 
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1For the three months ended March 31, 2026 and 2025, the U.K. accounted for 10% or more of total revenues. U.K. revenues for the three months ended March 31, 2026 and 2025 were $363.0 million and $228.2 million, respectively.
2For the three months ended March 31, 2026 and 2025, the U.S. accounted for 10% or more of total revenues. U.S. revenues for the three months ended March 31, 2026 and 2025 were $298.1 million and $229.5 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, 2026December 31, 2025
Long-lived assets:
EMEA1
$442,171 $416,597 
Americas2
319,301 297,554 
APAC
87,111 88,010 
Total long-lived assets$848,583 $802,161 
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1As of March 31, 2026 and December 31, 2025, the U.K. accounted for 10% or more of total long-lived assets. U.K. long-lived assets as of March 31, 2026 and December 31, 2025 were $306.2 million and $286.7 million, respectively.
2As of March 31, 2026 and December 31, 2025, the U.S. accounted for 10% or more of total long-lived assets. U.S. long-lived assets as of March 31, 2026 and December 31, 2025 were $311.4 million and $289.7 million, respectively.