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Financial data & stock exchanges · Financial Services · Fiscal year ends Dec 31
BGC reported revenue of $2.4B in the fiscal year ended Dec 2025, up 34.7% from the year before. Operating income was $339M, an operating margin of 13.9%, and net income was $155M. Operating cash flow of $394M less capital expenditure of $21M left free cash flow of $373M. Net debt was $944M.
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Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 1,664 | 1,407 | 1,607 | 1,813 | 2,442 |
| Operating incomederived: pre-tax income + interest | 246 | 155 | 135 | 264 | 339 |
| Interest expense | 69.3 | 57.9 | 77.2 | 91.1 | 125 |
| Pre-tax income | 177 | 97.5 | 57.7 | 173 | 214 |
| Income tax | 23.0 | 38.6 | 18.9 | 49.9 | 67.2 |
| Net income | 153 | 58.9 | 38.8 | 123 | 155 |
| Diluted EPS | 0.32 | 0.13 | 0.07 | 0.25 | 0.31 |
| Diluted shares | 540 | 499 | 490 | 479 | 481 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 554 | 485 | 656 | 712 | 852 |
| Net PP&E | 190 | 183 | 178 | 190 | 182 |
| Goodwill | 487 | 487 | 506 | 540 | 649 |
| Total assets | 3,342 | 3,075 | 3,176 | 3,592 | 4,412 |
| Deferred revenue | 9.2 | 12.5 | 14.7 | 20.0 | 17.9 |
| Short-term debt | 3.6 | 1.9 | – | 0.0 | 20.0 |
| Long-term debt | 1,053 | 1,049 | 1,184 | 1,338 | 1,776 |
| Total liabilities | 2,660 | 2,326 | 2,278 | 2,513 | 3,267 |
| Shareholders' equity | 620 | 670 | 885 | 899 | 972 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 417 | 224 | 405 | 315 | 394 |
| Capital expenditure | 10.1 | 10.6 | 14.9 | 29.6 | 21.5 |
| Free cash flow | 407 | 214 | 390 | 286 | 373 |
| Depreciation & amortisation | 81.9 | 75.1 | 80.4 | 81.4 | 103 |
| Acquisitions | 0.0 | 0.0 | 39.8 | 64.2 | 281 |
| Share buybacks | 365 | 104 | 115 | 262 | 282 |
| Dividends paid | 15.1 | 14.9 | 17.4 | 34.2 | 39.0 |
| Dividend per share | 0.04 | 0.04 | 0.04 | 0.07 | 0.08 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | −15.4% | 14.3% | 12.8% | 34.7% |
| Operating income growth (YoY) | – | −36.8% | −13.2% | 95.8% | 28.3% |
| EPS growth (YoY) | – | −59.4% | −46.2% | 257.1% | 24.0% |
| Operating margin | 14.8% | 11.0% | 8.4% | 14.6% | 13.9% |
| Net margin | 9.2% | 4.2% | 2.4% | 6.8% | 6.3% |
| Return on equityBlank when equity is negative | 24.8% | 8.8% | 4.4% | 13.7% | 15.9% |
| Free cash flow margin | 24.5% | 15.2% | 24.3% | 15.8% | 15.3% |
| Cash conversion (CFO ÷ net income) | 2.72x | 3.81x | 10.5x | 2.56x | 2.54x |
| Interest cover | 3.55x | 2.68x | 1.75x | 2.90x | 2.71x |
| Debt ÷ equity | 1.70x | 1.57x | 1.34x | 1.49x | 1.85x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 503 | 566 | 528 | 626 | 944 |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.