BGCMEDIUM SIGNALFINANCIAL10-K

BGC demonstrated strong growth across revenue (+30%) and operating metrics while strategically increasing debt levels by 34.7% to $1.5B, likely to fund expansion initiatives.

The substantial debt increase combined with higher interest expenses (+33.3%) suggests BGC is leveraging its balance sheet for growth opportunities, which aligns with the strong revenue growth but increases financial risk. The reduction in capital expenditures despite growth may indicate operational efficiency improvements or a shift in investment strategy that warrants monitoring.

Comparing 2026-03-02 vs 2025-03-03View on EDGAR →
FINANCIAL ANALYSIS

BGC showed robust operational performance with revenue growing 30% to $2.9B and operating cash flow increasing 25% to $394M, while net income grew a solid 22% to $155M. The company significantly expanded its balance sheet, with total assets up 23% to $4.4B and total debt increasing 35% to $1.5B, resulting in higher interest expenses that partially offset the revenue gains. The 28% decline in capital expenditures alongside strong cash generation suggests efficient capital allocation, though the substantial debt increase indicates BGC is positioning for growth while accepting higher leverage risk.

FINANCIAL STATEMENT CHANGES
Total Debt
Balance Sheet
+34.7%
$1.1B→$1.5B

Debt increased 34.7% — substantial leverage increase; assess whether deployed for growth or covering losses.

Interest Expense
P&L
+33.3%
$57.9M→$77.2M

Interest expense surged 33.3% — significant debt increase or rising rates materially impacting earnings.

Revenue
P&L
+30%
$2.3B→$2.9B

Strong top-line growth of 30% — accelerating demand or successful expansion into new markets.

Total Liabilities
Balance Sheet
+30%
$2.5B→$3.3B

Liabilities grew 30% — significant increase in debt or obligations, assess impact on financial flexibility.

Capital Expenditure
Cash Flow
-27.5%
$29.6M→$21.5M

Capex reduced 27.5% — investment cycle winding down or capital discipline; may improve near-term free cash flow.

Operating Cash Flow
Cash Flow
+25.1%
$315.4M→$394.4M

Operating cash flow grew 25.1% — strong conversion of earnings to cash, healthy business fundamentals.

Total Assets
Balance Sheet
+22.8%
$3.6B→$4.4B

Asset base grew 22.8% — expansion through organic growth, acquisitions, or capital deployment.

Net Income
P&L
+22%
$127.0M→$155.0M

Net income grew 22% — bottom-line growth signals improving overall business health.

Cash & Equivalents
Balance Sheet
+19.7%
$711.6M→$851.5M

Cash grew 19.7% — improving liquidity position supports investment and shareholder returns.

LANGUAGE CHANGES
NEW — 2026-03-02
PRIOR — 2025-03-03
ADDED
On February 27, 2026, the registrant had 364,809,084 shares of Class A common stock, $0.01 par value, and 109,452,953 shares of Class B common stock, $0.01 par value, outstanding.
1 to the Form 10-K for the fiscal year ended 2025 or the 2026 Proxy Statement with the SEC on or before April 30, 2026.
Following the Exchange Offer on October 6, 2023, $11.8 million aggregate principal amount of the BGC Partners 4.375% Senior Notes remained outstanding BGC Partners 5.375% Senior Notes $450.0 million principal amount of 5.375% senior notes which matured on July 24, 2023 and were issued on July 24, 2018 BGC Partners 8.000% Senior Notes $350.0 million principal amount of 8.000% senior notes maturing on May 25, 2028 and issued on May 25, 2023.
Lutnick, in each case, with their respective collective descendants, for the purpose of the Lutnick Family Voting Agreement FASB Financial Accounting Standards Board FCA Financial Conduct Authority of the U.K.
LPUs, N Units, PLPUs, PPSIs, PPSUs, PSEs, PSIs, PSUs, REUs, and RPUs, along with future types of limited partnership units in Newmark Holdings LSEG London Stock Exchange Group Lucera A wholly owned subsidiary of the Company, also known as LFI Holdings, LLC or LFI, which is a software defined network offering the trading community direct connectivity Lutnick Family Voting Agreement The voting and transfer agreement relating to Lutnick Family Voting Agreement Securities entered into on May 16, 2025 by Mr.
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REMOVED
On February 27, 2025, the registrant had 373,430,578 shares of Class A common stock, $0.01 par value, and 109,452,953 shares of Class B common stock, $0.01 par value, outstanding.
We anticipate that we will file the 2025 Proxy Statement with the SEC on or before April 30, 2025.
OpCo and their respective subsidiaries (other than, prior to the Spin-Off, the Newmark Group), collectively, and in each case as such entities existed prior to the Corporate Conversion BGCF BGC Financial, L.P.
On June 7, 2024, the agreement was amended to modify the rate charged by CF Co for posting margin in respect of trades cleared on behalf of BGCF to a rate equal to CF Co s cost of funding such margin through a draw on a third party credit facility provided to CF Co for which the use of proceeds is to finance clearinghouse margin deposits and related transactions CME CME Group Inc.
LPUs, N Units, PLPUs, PPSIs, PPSUs, PSEs, PSIs, PSUs, REUs, and RPUs, along with future types of limited partnership units in Newmark Holdings LSEG London Stock Exchange Group Lucera A wholly owned subsidiary of the Company, also known as LFI Holdings, LLC or LFI, which is a software defined network offering the trading community direct connectivity March 2021 Form S-3 Registration Statement CEO Program shelf Registration Statement on Form S-3 filed on March 8, 2021 MarketAxess MarketAxess Holdings Inc.
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