BGC Group (BGC) FY2023 results: revenue $2.0 billion, up 12.8% on the year

BGC Group, Inc. (BGC) reported revenue of $2.0 billion for fiscal 2023, the year ended 31 December 2023, up 12.8% on the year before. Net income was $39 million, down 34.1%, and diluted earnings per share $0.07. The figures are the company's own, from the 10-K it filed with the SEC on 29 February 2024.

Revenue

$2.0 billion

+12.8% on the year

FY2016FY2023

Operating margin

1.6%

4.4% a year earlier

FY2016FY2023

Net income

$39 million

-34.1% on the year

FY2016FY2023

Diluted EPS

$0.07

-46.2% on the year

FY2016FY2023

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2023 · Q2 FY2023 · Q3 FY2023 · Q4 FY2023

Income statement (profit and loss)

$ million	FY2023	FY2022	FY2021	On the year
Revenue	2,025	1,795	2,015	+12.8%
Operating income	32.6	78.2	-163	-58.3%
Operating margin	1.6%	4.4%	-8.1%
Interest expense	77.2	57.9	69.3	+33.3%
Pre-tax income	57.7	97.5	177	-40.8%
Income tax	18.9	38.6	23.0	-50.9%
Effective tax rate	32.8%	39.6%	13.0%
Net income	38.8	58.9	124	-34.1%
Net margin	1.9%	3.3%	6.2%
Diluted EPS	$0.07	$0.13	$0.32	-46.2%

$ 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	FY2023	FY2022	FY2021	On the year
Operating cash flow	405	224	417	+80.6%
Capital expenditure	14.9	10.6	10.1	+40.9%
Free cash flow	390	214	407	+82.6%
Free cash flow margin	19.3%	11.9%	20.2%
Cash from investing	-90.7	-53.3	121
Cash from financing	-147	-233	-820
Depreciation and amortisation	80.4	75.1	81.9	+7.1%
Buybacks	115	104	365	+10.3%
Dividends paid	17.4	14.9	15.1	+17.0%
Dividend per share	$0.04	$0.04	$0.04	0.0%
Diluted shares, weighted	490m	499m	540m	-1.9%

Balance sheet

$ million	FY2023	FY2022	FY2021	On the year
Shareholders' equity	885	670	620	+32.2%
Non-controlling interest	13.1	63.6	43.6	-79.4%
Redeemable equity	0.0	15.5	18.8
Debt	1,184	1,051	1,056	+12.6%
Other liabilities	1,094	1,275	1,604	-14.2%
Total liabilities and equity	3,176	3,075	3,342	+3.3%
Goodwill	506	487	487	+4.1%
Intangible assets	211	193	208	+9.6%
Cash and equivalents	656	485	554	+35.2%
Other assets	1,803	1,911	2,094	-5.6%
Total assets	3,176	3,075	3,342	+3.3%

10-K for the year ended 31 December 2023, filed 29 February 2024: the filing.