v3.26.1
Segment and Geographic Information
 6 Months Ended
Jun. 30, 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 (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Revenues:
ECS$275,471 $261,640 $605,441 $411,577 
Rates221,917 200,579 478,140 401,524 
FX118,687 108,452 249,720 218,487 
Credit79,319 75,282 173,397 162,218 
Equities76,034 73,946 160,557 136,882 
Total brokerage revenues771,428 719,899 1,667,255 1,330,688 
Fees from related parties5,493 5,241 9,789 9,663 
Data, network and post-trade36,677 35,462 71,145 67,962 
Interest and dividend income1
26,713 15,268 37,292 26,897 
Other revenues5,234 8,134 15,545 13,034 
Total other revenues
74,117 64,105 133,771 117,556 
Total revenues
$845,545 $784,004 $1,801,026 $1,448,244 
Expenses:
Compensation and employee benefits$449,946 $416,463 $987,285 $758,111 
Equity-based compensation and allocations of net income to limited partnership units75,557 83,926 158,998 159,249 
Total compensation and employee benefits525,503 500,389 1,146,283 917,360 
Other segment items2
251,205 227,400 502,442 421,240 
Consolidated net income (loss)
$68,837 $56,215 $152,301 $109,644 
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1    For the three months ended June 30, 2026 and 2025, interest income was $11.8 million and $14.6 million, respectively. For the six months ended June 30, 2026 and 2025, interest income was $22.4 million and $26.2 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, 2026 and 2025, Fixed asset depreciation and intangible asset amortization was $25.6 million and $25.9 million, respectively. For the six months ended June 30, 2026 and 2025, Fixed asset depreciation and intangible asset amortization was $51.4 million and $47.7 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 June 30,Six Months Ended June 30,
2026202520262025
Revenues:
EMEA1
$466,533 $419,511 $1,002,362 $761,472 
Americas2
295,664 278,658 616,160 525,297 
APAC83,348 85,835 182,504 161,475 
Total revenues$845,545 $784,004 $1,801,026 $1,448,244 
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1For the three months ended June 30, 2026 and 2025, the U.K. accounted for 10% or more of total revenues. U.K. revenues for the three months ended June 30, 2026 and 2025 were $315.7 million and $285.8 million, respectively. For the six months ended June 30, 2026 and 2025, the U.K. accounted for 10% or more of total revenues. U.K. revenues for the six months ended June 30, 2026 and 2025 were $678.7 million and $513.9 million, respectively.
2For the three months ended June 30, 2026 and 2025, the U.S. accounted for 10% or more of total revenues. U.S. revenues for the three months ended June 30, 2026 and 2025 were $273.9 million and $259.9 million, respectively. For the six months ended June 30, 2026 and 2025, the U.S. accounted for 10% or more of total revenues. U.S. revenues for the six months ended June 30, 2026 and 2025 were $571.9 million and $489.4 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):

June 30, 2026December 31, 2025
Long-lived assets:
EMEA1
$474,075 $416,597 
Americas2
327,750 297,554 
APAC
77,048 88,010 
Total long-lived assets$878,873 $802,161 
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1As of June 30, 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 June 30, 2026 and December 31, 2025 were $325.2 million and $286.7 million, respectively.
2As of June 30, 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 June 30, 2026 and December 31, 2025 were $320.5 million and $289.7 million, respectively.