BGC Group (BGC) FY2022 results: revenue $1.8 billion, down 10.9% on the year

BGC Group, Inc. (BGC) reported revenue of $1.8 billion for fiscal 2022, the year ended 31 December 2022, down 10.9% on the year before. Net income was $59 million, down 52.5%, and diluted earnings per share $0.13. The figures are the company's own, from the 10-K it filed with the SEC on 1 March 2023.

Revenue

$1.8 billion

-10.9% on the year

FY2015FY2022

Operating margin

4.4%

-8.1% a year earlier

FY2015FY2022

Net income

$59 million

-52.5% on the year

FY2015FY2022

Diluted EPS

$0.13

-59.4% on the year

FY2015FY2022

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2022 · Q2 FY2022 · Q3 FY2022 · Q4 FY2022

Income statement (profit and loss)

$ million	FY2022	FY2021	FY2020	On the year
Revenue	1,795	2,015	2,057	-10.9%
Operating income	78.2	-163	65.2
Operating margin	4.4%	-8.1%	3.2%
Interest expense	57.9	69.3	76.6	-16.4%
Pre-tax income	97.5	177	72.2	-44.8%
Income tax	38.6	23.0	21.3	+67.7%
Effective tax rate	39.6%	13.0%	29.5%
Net income	58.9	124	45.1	-52.5%
Net margin	3.3%	6.2%	2.2%
Diluted EPS	$0.13	$0.32	$0.12	-59.4%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2022	FY2021	FY2020	On the year
Operating cash flow	224	417	303	-46.2%
Capital expenditure	10.6	10.1	30.8	+4.7%
Free cash flow	214	407	272	-47.5%
Free cash flow margin	11.9%	20.2%	13.2%
Cash from investing	-53.3	121	-77.9
Cash from financing	-233	-820	-13.1
Depreciation and amortisation	75.1	81.9	85.4	-8.3%
Buybacks	104	365	0.0	-71.6%
Dividends paid	14.9	15.1	60.4	-1.6%
Dividend per share	$0.04	$0.04	$0.17	0.0%
Diluted shares, weighted	499m	540m	547m	-7.5%

Balance sheet

$ million	FY2022	FY2021	FY2020	On the year
Shareholders' equity	670	620	754	+8.1%
Non-controlling interest	63.6	43.6	57.1	+45.9%
Redeemable equity	15.5	18.8	20.7	-17.3%
Debt	1,051	1,056	1,320	-0.5%
Other liabilities	1,275	1,604	1,798	-20.5%
Total liabilities and equity	3,075	3,342	3,949	-8.0%
Fixed assets	n/a	n/a	215
Goodwill	487	487	556	-0.1%
Intangible assets	193	208	287	-7.2%
Cash and equivalents	485	554	596	-12.4%
Other assets	1,911	2,094	2,295	-8.8%
Total assets	3,075	3,342	3,949	-8.0%

10-K for the year ended 31 December 2022, filed 1 March 2023: the filing.