Cash flow remains highly erratic, evidenced by a $224.3 million working capital outflow in 2026Q1 and an OCF/NI ratio that swung to a negative 0.14 in the same period.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Cash from Operations | 360.37M | 333.87M | 315.35M | 405.2M | 224.36M | 417.19M | 302.61M | 241.1M | -815.58M | 1.29B | -672.86M | 685.92M | 166.83M | 166.37M | 171.2M | 85.34M | 56.67M | 374.61M | 110.16M | 223.1M | 36.8M | 27.68M | 64.15M | 57.08M | 58.75M | 3.63M | -10.55M | 200K | 74.2M | 54.1M | 80.8M |
| Operating CF Margin % | - | 11.1% | 14.29% | 20.46% | 12.65% | 20.93% | 14.8% | 11.56% | -42.4% | 74.21% | -43.29% | 24.64% | 9.32% | 9.53% | 9.92% | 5.8% | 4.23% | 5165.65% | 932.5% | - | - | 18.1% | 38.52% | 36.45% | 42.19% | - | -9.54% | 0.53% | 6.45% | 4.77% | 7.74% |
| Operating CF Growth % | -1221.63% | 5.87% | -22.17% | 80.6% | -46.22% | 37.86% | 25.51% | 129.56% | -163.29% | 291.51% | -198.09% | 311.14% | 0.28% | -2.82% | 100.6% | 50.61% | -84.87% | 240.07% | -50.62% | 506.33% | 32.92% | -56.84% | 12.37% | -2.83% | 1519.74% | 134.39% | -5372.75% | -99.73% | 37.15% | -33.04% | - |
| Net Income | 183.95M | 154.96M | 126.99M | 36.27M | 58.87M | 153.49M | 45.06M | 66.82M | 108.15M | -88.64M | 64.12M | 318.16M | -14.41M | 173.75M | 23.86M | 38.36M | 45.37M | 40.81M | -10.34M | -32.5M | 4.39M | 2.04M | 25.85M | 36.1M | 41.97M | -18.33M | -60.41M | -12.6M | 71.2M | 53.2M | 39.2M |
| Depreciation & Amortization | 80.32M | 0 | 81.43M | 80.42M | 75.05M | 81.87M | 84.11M | 79.47M | 71.5M | 65.44M | 62.55M | 138.66M | 44.75M | 47.15M | 50.98M | 49.28M | 50.18M | 52.97M | 57.13M | 61.13M | 36.7M | 33.3M | 25.16M | 20.21M | 16.25M | 7.2M | 6.1M | 3.1M | 18.5M | 13.9M | 12.1M |
| Stock-Based Compensation | 255.04M | 329.59M | 369.14M | 355.38M | 251.07M | 256.16M | 183.54M | 165.61M | 205.07M | 233.24M | 155.06M | 278.68M | 147.67M | 434M | 144.45M | 143.54M | 25.7M | 22.13M | 93.51M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 2.35M | 0 | -69.75M | -60.56M | -14.63M | -11.95M | -16.55M | -4.2M | -23.74M | 19.86M | -32.1M | 60.02M | -26.18M | -81.99M | -11.55M | 1.96M | -2.93M | -360K | -10.53M | -4.97M | -2.38M | 592K | -1.17M | 4.16M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 160.62M | 152.51M | -17.55M | 41.9M | 50.49M | -87.97M | 97.47M | 31.16M | -784.92M | 911.36M | -613.11M | -34.92M | -9.88M | -372.7M | 9.81M | 45.5M | 66.91M | 52.24M | 47.39M | 117.5M | 3.3M | 1.88M | 7.59M | 5.31M | -8K | 15.07M | 33.39M | 2.9M | 12.6M | 5.4M | 9.3M |
| Working Capital Changes | -318.07M | -303.18M | -174.91M | -48.2M | -196.49M | 25.58M | -91.03M | -97.75M | -391.64M | 147.35M | -309.37M | -74.67M | 24.9M | -33.85M | -46.36M | -193.29M | -128.57M | 206.81M | -67M | 81.94M | -5.21M | -10.14M | 6.71M | -8.69M | 540K | -310K | 10.38M | 6.8M | -28.1M | -18.4M | 20.2M |
| Change in Receivables | -826.48M | -316.61M | -66.33M | 127.9M | 171.27M | -101.31M | 44.39M | 243.09M | -108.85M | -211.5M | 269.53M | 471.79M | 7.26M | -156.09M | 37.75M | 205.53M | 0 | 0 | 9.13M | 216.69M | 0 | -2.71M | -112K | 0 | 3.02M | -5.73M | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 1.99M | 0 | 0 | -164.45M | 0 | 0 | 0 | 0 | 0 | 73.4M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 16.9M | 0 | 0 | 0 | 0 | -34.9M | -2.6M | 17.6M |
| Change in Payables | -159.26M | 14.77M | -8.9M | -238.5M | -290.33M | 106.92M | 57.79M | -371.19M | 63.21M | 10.68M | -30.37M | -74.91M | 51.83M | 145.17M | 23.37M | -299.17M | 0 | 0 | 0 | -6.2M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -230.95M | -222.16M | -96.99M | -90.71M | -53.33M | 121.13M | -77.94M | -42.59M | 27.58M | -153.59M | 332.91M | -100.64M | -188.09M | 526.75M | -67.98M | -92.65M | -61.19M | -56.52M | -5.18M | -24.74M | -28.22M | -30.2M | -54.38M | -25.53M | -31.84M | -11.8M | -25.9M | -139.8M | -77.1M | -39.4M | -35.5M |
| Capital Expenditures | -25.8M | 0 | -29.62M | -14.92M | -59.37M | -10.11M | -84.83M | -95.51M | -24.53M | -25.04M | -17.82M | -39M | -14.07M | -22.99M | -36.76M | -44.19M | -44.93M | -46.08M | -38.86M | -39.81M | -31.72M | -15.36M | -15.12M | -10.94M | -9.77M | -12.9M | -11.04M | -2.7M | -75.5M | -42.6M | -30M |
| CapEx % of Revenue | 0.79% | 2.2% | 1.34% | 0.75% | 3.35% | 0.51% | 4.15% | 4.58% | 1.28% | 1.44% | 1.15% | 1.4% | 0.79% | 1.32% | 2.13% | 3% | 3.36% | 635.37% | 328.99% | - | - | 10.04% | 9.08% | 6.99% | 7.02% | - | 9.99% | 7.14% | 6.56% | 3.75% | 2.87% |
| Acquisitions | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Investments | 145.78M | 165.38M | 361.3M | 169.67M | 161.53M | 156.38M | 587.76M | 513.23M | 400.48M | 2.64B | 1.58B | 872.71M | 346.29M | 257.93M | 304M | 54.17M | 40.8M | 27.24M | 28.37M | 34.09M | 166.01M | 141.37M | 189.8M | 173.18M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Investing | 36.77M | -222.16M | -54.22M | -45.45M | 6.04M | -393.84M | -887K | -272K | -31.47M | -73.92M | -71.71M | -19.34M | -13.86M | -17.69M | -36.62M | 18.1M | 0 | 0 | 41.72M | 18.85M | 55.04M | -20.68M | -25.26M | -14.59M | -22.07M | 4.01M | -9.03M | -137.1M | -1.6M | 3.2M | -5.5M |
| Cash from Financing | -317.1M | 21.23M | -149.02M | -146.88M | -233.21M | -819.54M | -13.1M | 18.25M | 418.82M | -935.08M | 318.3M | -724.26M | -41.33M | -363.34M | -85.01M | 8.62M | -97.49M | -57.27M | -177.35M | -51.95M | 841K | -28.74M | -28.57M | 8.95M | 1.2M | 45.91M | 23.77M | 139.8M | 2.1M | -12.4M | -57.1M |
| Debt Issued (Net) | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Equity Issued (Net) | -295.51M | -281.51M | -401.11M | -232.45M | -180.11M | -475.96M | -47.62M | -44.51M | 265.24M | -35.76M | -130.38M | -39.83M | -101.48M | -128.87M | 12.33M | 15.24M | -4.71M | -7.91M | 54.09M | 437K | 1.25M | -28.74M | -28.57M | 8.95M | 1.2M | 192K | 25.37M | 144M | 0 | 0 | 0 |
| Dividends Paid | -38.86M | -38.99M | -34.16M | -17.38M | -14.86M | -15.1M | -60.44M | -192.44M | -231.45M | -200.12M | -240.22M | -131.36M | -105.13M | -91.39M | -90.59M | -77.24M | -42.61M | -66.29M | -18.6M | -300K | -300K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -6.1M | -43.8M | -55.1M |
| Share Repurchases | -295.51M | -281.51M | -401.11M | -232.45M | -180.11M | -475.96M | -47.62M | -44.51M | -62.38M | -62.37M | -148.02M | -46.4M | -100.27M | -128.87M | -337K | -392K | -19.87M | -7.91M | -19.25M | -373K | -1.7M | -29.2M | -31.88M | -2.89M | 0 | -222K | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -65.47M | -111M | 136.19M | -26.2M | -31.77M | -60.65M | -57.75M | -122.28M | 195.43M | -1.7B | 559.92M | -87.47M | -128.21M | -94.83M | -108.07M | -88.91M | -71.84M | -657K | -166.02M | -6K | -112K | 0 | 0 | 0 | 0 | 45.71M | -1.6M | -4.2M | 8.2M | 31.4M | -2M |
| Net Change in Cash | -182.66M | 140.4M | 60.38M | 170.89M | -64.79M | -286.61M | 212.57M | 219.39M | -380.01M | 203.35M | -21.53M | -147.72M | -67.28M | 328.51M | 18.7M | 5.61M | -105.2M | 264.37M | -72.37M | 146.41M | 9.41M | -31.25M | -18.81M | 40.5M | 28.1M | 37.73M | -12.68M | 200K | -800K | 2.3M | -11.8M |
| Free Cash Flow | 295.07M | 267.84M | 243.29M | 345.31M | 165.6M | 363.89M | 217.44M | 143.6M | -889.92M | 1.23B | -709.65M | 627.58M | 139.52M | 127.38M | 119.83M | 41.15M | 11.74M | 328.54M | 48.99M | 181.66M | 5.07M | 12.32M | 49.02M | 46.14M | 48.98M | -9.28M | -21.59M | -2.5M | -1.3M | 11.5M | 50.8M |
| FCF Margin % | 9.02% | 8.9% | 11.03% | 17.44% | 9.33% | 18.26% | 10.64% | 6.88% | -46.27% | 70.88% | -45.66% | 22.54% | 7.8% | 7.3% | 6.94% | 2.8% | 0.88% | 4530.28% | 414.75% | - | - | 8.06% | 29.44% | 29.46% | 35.18% | - | -19.52% | -6.61% | -0.11% | 1.01% | 4.87% |
| FCF Growth % | 36.75% | 10.09% | -29.54% | 108.52% | -54.49% | 67.35% | 51.42% | 116.14% | -172.31% | 273.42% | -213.08% | 349.81% | 9.53% | 6.31% | 191.19% | 250.54% | -96.43% | 570.56% | -73.03% | 3482.37% | -58.85% | -74.86% | 6.25% | -5.79% | 628.06% | 57.04% | -763.56% | -92.31% | -111.3% | -77.36% | - |
| FCF per Share | 0.62 | 0.56 | 0.51 | 0.70 | 0.33 | 0.67 | 0.40 | 0.27 | -2.75 | 2.71 | -1.64 | 1.87 | 0.63 | 0.48 | 0.43 | 0.17 | 0.05 | 1.56 | 0.46 | 0.98 | 0.10 | 0.24 | 0.87 | 0.80 | 0.86 | -0.17 | -0.42 | -0.06 | -0.03 | 0.31 | 1.40 |
| FCF Conversion (FCF/Net Income) | 1.60x | 2.15x | 2.48x | 11.17x | 4.61x | 3.36x | 6.72x | 5.49x | -4.03x | 25.03x | -3.64x | 4.29x | -54.70x | 2.35x | 7.17x | 4.24x | 2.68x | 18.71x | -3.71x | 7.20x | -0.38x | 18.05x | 2.48x | 1.58x | 1.40x | -0.20x | 0.18x | -0.02x | 1.04x | 1.02x | 2.06x |
| Interest Paid | 104.74M | 109.42M | 88.39M | 80.66M | 53.66M | 66.45M | 69.57M | 51.78M | 41.95M | 75.31M | 63.6M | 68.12M | 32.1M | 33.17M | 27.19M | 20.52M | 9.36M | 9.92M | 17.1M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 114.39M | 148.14M | 103.52M | 70.72M | 35.78M | 43.36M | 41.91M | 48M | 66.54M | 78.3M | 94.48M | 43.79M | 87.93M | 152.1M | 20.29M | 16.68M | 20.87M | 15.88M | 26.74M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
High broker compensation sensitivity
As reported in financial statements, BGC's operating cash flow frequently diverges from net income, with the OCF/NI ratio swinging from a negative 0.14 in 2026Q1 to a high of 11.05 in 2025Q4, highlighting significant volatility in the firm's ability to convert accounting profits into actual cash.
The wide variance in the OCF/NI ratio suggests that reported net income is a poor proxy for the firm's underlying cash-generating capacity. Investors should monitor whether these fluctuations are driven by seasonal working capital requirements or more structural issues related to the timing of broker compensation payouts.
Based on BGC's reported figures, free cash flow trajectory remains highly erratic, oscillating between a peak of $234.6 million in 2024Q4 and a deficit of $71.9 million in 2024Q2, which complicates the firm's ability to maintain a consistent capital allocation strategy for shareholders.
The lack of a stable FCF margin suggests that the business model remains highly sensitive to market-driven volume shifts rather than predictable recurring revenue. This inconsistency may force management to rely on external financing or balance sheet cash to fund dividends and buybacks during cyclical downturns.
According to recent SEC filings, BGC experiences massive quarterly swings in working capital, such as the $224.3 million outflow in 2026Q1, which often dictates the firm's immediate cash position more than core operational profitability does, warranting further investigation into the underlying drivers of these movements.
These large working capital fluctuations appear to be a structural feature of the inter-dealer brokerage business, likely tied to the timing of trade settlements and clearing house requirements. Analysts should interpret these shifts as a potential liquidity risk that can temporarily mask the firm's true operational health.
As evidenced by historical data, BGC consistently prioritizes share repurchases and dividends despite volatile cash flows, with buybacks reaching $160 million in 2025Q2, even as stock-based compensation charges continue to exert persistent downward pressure on the firm's overall equity value for common shareholders.
The firm's commitment to returning capital appears to be a strategic choice to support the share price, yet it may be at odds with the need to retain cash for FMX platform development. This tension between shareholder payouts and internal investment needs warrants close scrutiny by fundamental investors.
Quick answers to the most common questions about buying BGC stock.
BGC Group, Inc (BGC) generated $333.9M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
BGC Group, Inc (BGC) generated $267.8M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
BGC Group, Inc (BGC) spent $0.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, BGC Group, Inc (BGC) returned $39.0M to shareholders via cash dividends and spent $281.5M on share repurchases. This shows the company's commitment to returning capital to its equity investors.