$BGC

BGC Group, Inc.

CIK:0001094831|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenues:
Commissions	$ 649,171	$ 599,496	$ 1,402,106	$ 1,094,207
Principal transactions	122,257	120,403	265,149	236,481
Fees from related parties	5,493	5,241	9,789	9,663
Data, network and post-trade	36,677	35,462	71,145	67,962
Interest and dividend income	26,713	15,268	37,292	26,897
Other revenues	5,234	8,134	15,545	13,034
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 units	75,557	83,926	158,998	159,249
Total compensation and employee benefits	525,503	500,389	1,146,283	917,360
Occupancy and equipment	47,272	46,478	95,003	89,047
Fees to related parties	9,721	10,409	17,794	18,759
Professional and consulting fees	17,266	15,796	34,186	31,465
Communications	38,212	34,659	76,901	65,288
Selling and promotion	37,448	28,810	66,579	48,251
Commissions and floor brokerage	20,434	16,690	42,090	34,182
Interest expense	32,799	33,801	65,251	58,455
Other expenses	44,988	24,654	76,538	35,401
Total expenses	773,643	711,686	1,620,625	1,298,208
Other income (losses), net:
Gains (losses) on divestitures and sale of investments	20,000	0	20,000	0
Gains (losses) on equity method investments	5,727	2,379	10,312	4,737
Other income (loss)	1,314	581	3,677	483
Total other income (losses), net	27,041	2,960	33,989	5,220
Income (loss) from operations before income taxes	98,943	75,278	214,390	155,256
Provision (benefit) for income taxes	30,106	19,063	62,089	45,612
Consolidated net income (loss)	68,837	56,215	152,301	109,644
Less: Net income (loss) attributable to noncontrolling interest in subsidiaries	(3,650)	(1,330)	(4,334)	(3,065)
Net income (loss) available to common stockholders	72,487	57,545	156,635	112,709
Basic earnings (loss) per share
Net income (loss) attributable to common stockholders	$ 69,585	$ 55,117	$ 150,151	$ 107,905
Basic earnings (loss) per share (in dollars per share)	$ 0.15	$ 0.11	$ 0.32	$ 0.22
Basic weighted-average shares of common stock outstanding (in shares)	475,565	480,138	474,886	479,655
Fully diluted earnings (loss) per share
Net income (loss) for fully diluted shares	$ 69,603	$ 55,136	$ 150,201	$ 107,950
Fully diluted earnings (loss) per share (in dollars per share)	$ 0.15	$ 0.11	$ 0.31	$ 0.22
Fully diluted weighted-average shares of common stock outstanding (in shares)	478,965	484,636	479,090	485,090

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
CASH FLOWS FROM OPERATING ACTIVITIES:
Consolidated net income (loss)	$ 152,301	$ 109,644
Adjustments to reconcile consolidated net income (loss) to net cash provided by (used in) operating activities:
Fixed asset depreciation and intangible asset amortization	51,381	47,749
Employee loan amortization and reserves on employee loans	45,302	36,208
Equity-based compensation and allocations of net income to limited partnership units	158,998	159,249
Deferred compensation expense	1,347	286
Losses (gains) on equity method investments	(10,312)	(4,737)
Unrealized/realized losses (gains) on financial instruments owned, at fair value and other investments	(3,146)	(775)
Amortization of discount (premium) on notes payable	2,455	2,533
Impairment of fixed assets, intangible assets and investments	1,220	1,603
Deferred tax provision (benefit)	723	2,639
Change in estimated acquisition earn-out payables	1,629	3,863
Forfeitures of Class A common stock	(442)	(152)
Losses (gains) on divestitures	(20,000)	0
Other	(104)	0
Consolidated net income (loss), adjusted for non-cash and non-operating items	381,352	358,110
Decrease (increase) in operating assets:
Financial instruments owned, at fair value	34,776	48,828
Receivables from broker-dealers, clearing organizations, customers and related broker-dealers	(1,250,966)	(580,427)
Accrued commissions receivable, net	(109,596)	(107,293)
Loans, forgivable loans and other receivables from employees and partners, net	(102,454)	(113,225)
Receivables from related parties	(401)	(4,847)
Other assets	(26)	(48,210)
Increase (decrease) in operating liabilities:
Accrued compensation	(30,146)	(4,861)
Payables to broker-dealers, clearing organizations, customers and related broker-dealers	1,197,598	551,778
Payables to related parties	17,678	(28,125)
Accounts payable, accrued and other liabilities	43,976	350
Net cash provided by (used in) operating activities	181,791	72,078
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of fixed assets	(9,703)	(11,523)
Capitalization of software development costs	(18,077)	(18,379)
Purchase of equity method investments	0	(750)
Proceeds from equity method investments	2,092	1,119
Payments for acquisitions, net of cash acquired	0	(263,381)
Purchase of investment carried under measurement alternative	(3,474)	0
Loan to related parties	0	(120,000)
Proceeds from repayment of related parties loan	0	120,000
Purchase of other assets	(223)	(674)
Net cash provided by (used in) investing activities	(29,385)	(293,588)
CASH FLOWS FROM FINANCING ACTIVITIES:
Issuance of long-term debt, net of deferred issuance costs	70,695	1,197,762
Repayments of long-term debt borrowings	(75,000)	(620,000)
Earnings distributions to limited partnership interests and other noncontrolling interests	0	(470)
Payments for tax obligations related to equity awards	(80,611)	(62,021)
Dividends to stockholders	(19,378)	(19,564)
Repurchase of Class A common stock	(114,706)	(171,635)
Payments on acquisition earn-outs	(639)	(775)
Net cash provided by (used in) financing activities	(239,639)	323,297
Effect of exchange rate changes on Cash and cash equivalents, and Cash segregated under regulatory requirements	128	7,019
Net increase (decrease) in Cash and cash equivalents, and Cash segregated under regulatory requirements	(87,105)	108,806
Cash and cash equivalents, and Cash segregated under regulatory requirements at beginning of period	873,673	733,273
Cash and cash equivalents, and Cash segregated under regulatory requirements at end of period	786,568	842,079
Supplemental cash information:
Cash paid during the period for taxes	64,460	87,762
Cash paid during the period for interest	63,290	45,730
Supplemental non-cash information:
Issuance of Class A and contingent Class A common stock for acquisitions	3,903	6,028
ROU assets and liabilities	44,922	47,242
Related Party
CASH FLOWS FROM FINANCING ACTIVITIES:
Repayment of short-term borrowings from related parties	$ (20,000)	$ 0

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Assets
Cash and cash equivalents	$ 766,854	$ 851,502
Cash segregated under regulatory requirements	19,714	22,171
Financial instruments owned, at fair value	94,550	127,614
Receivables from broker-dealers, clearing organizations, customers and related broker-dealers	1,719,595	468,035
Accrued commissions and other receivables, net	590,622	482,013
Loans, forgivable loans and other receivables from employees and partners, net	498,539	436,082
Fixed assets, net	179,993	182,080
Investments	52,019	37,765
Goodwill	646,848	648,616
Other intangible assets, net	410,800	427,950
Receivables from related parties	5,867	5,006
Other assets	765,655	723,155
Total assets	5,751,056	4,411,989
Liabilities
Short-term borrowings from related parties	0	20,000
Accrued compensation	338,558	364,016
Payables to broker-dealers, clearing organizations, customers and related broker-dealers	1,504,217	306,364
Payables to related parties	46,277	28,599
Accounts payable, accrued and other liabilities	814,042	771,963
Notes payable and other borrowings	1,774,054	1,775,705
Total liabilities	4,477,148	3,266,647
Commitments, contingencies and guarantees (Note 19)
Stockholders’ equity:
Additional paid-in capital	2,642,974	2,532,497
Retained deficit	(773,134)	(910,391)
Accumulated other comprehensive income (loss)	(39,413)	(40,641)
Total stockholders’ equity	1,105,550	972,483
Noncontrolling interest in subsidiaries	168,358	172,859
Total equity	1,273,908	1,145,342
Total liabilities and equity	5,751,056	4,411,989
Class A Common Stock
Stockholders’ equity:
Common stock value	4,552	4,449
Treasury stock, at cost: 91,922,990 and 81,745,750 shares of Class A common stock at June 30, 2026 and December 31, 2025, respectively	(730,524)	(614,526)
Class B Common Stock
Stockholders’ equity:
Common stock value	$ 1,095	$ 1,095