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Companies BGC Group, Inc.

BGC (BGC): executive pay, fiscal 2025

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CEO total pay$8,036,938CEO Sean Windeatt · source
Say-on-pay support93.57%Latest vote · source
CEO vs. named peers6th pct.Of 16 peer CEOs
CEO pay ratio117:1To the median employee · source

CEO pay, last three years

  • $4,789,179FY2023
  • $3,898,522FY2024
  • $8,036,938FY2025

CEO total pay was $8,036,938 in fiscal 2025, up from $3,898,522 in fiscal 2024.

FY2025: salary $1,003,125 · bonus $460,000 · stock awards $0 · option awards $0

Executives and directors

Frequently asked questions

Who was the highest-paid executive at BGC Group, Inc. in fiscal 2025?
As disclosed, John Abularrage (Co-Chief Executive Officer) was the highest-paid executive at BGC Group, Inc. in fiscal 2025, with total compensation of $11,066,057.
How does BGC Group, Inc.'s chief executive pay compare to its disclosed peer group?
As disclosed, Sean Windeatt's total compensation ranked at the 6th percentile of BGC Group, Inc.'s disclosed peer group.
What is BGC Group, Inc.'s CEO-to-median employee pay ratio?
As disclosed, BGC Group, Inc.'s CEO-to-median employee pay ratio was 117:1.
How did shareholders vote on BGC Group, Inc.'s executive compensation?
As disclosed, 93.57% of shareholders supported BGC Group, Inc.'s executive compensation in the latest say-on-pay vote.
How much does BGC Group, Inc. spend in total on board compensation for fiscal 2025?
As disclosed, BGC Group, Inc. reported total board compensation of $821,000 for fiscal 2025.

Answers are drawn only from the figures disclosed in this brief and cited to their location in the source filing. Where a figure required for an answer is not disclosed, that is stated rather than estimated.

Full detail

Every table from the filing. Open any section.

Summary compensation table
Named executive officerSalaryBonusStock awardsOption awardsNon-equity incentivePension / NQDCAll otherTotal
John Abularrage$750,000$2,500,000$1,416,057$0$6,400,000$0$0$11,066,057
Co-Chief Executive Officer
JP Aubin820,1970673,77206,596,4780320,2968,410,743
Co-Chief Executive Officer
Sean Windeatt1,003,125460,000006,573,813008,036,938
Co-Chief Executive Officer (7)
Stephen Merkel1,000,0000002,000,000003,000,000
Executive Vice President and General Counsel
Howard Lutnick136,98602,531,43600002,668,422
Former Chairman of the Board and Chief Executive Officer
Jason Hauf700,000087,2580950,000001,737,258
Chief Financial Officer

A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.

Three-year trend — total compensation per named executive

Named executive officerFY2025 totalFY2024 totalFY2023 totalΔ FY2024→2025
John Abularrage$11,066,057———
JP Aubin8,410,743———
Sean Windeatt8,036,9383,898,5224,789,179↑ +4,138,416
Stephen Merkel3,000,0002,750,0002,300,000↑ +250,000
Howard Lutnick2,668,42215,000,00017,044,535↓ −12,331,578
Jason Hauf1,737,2581,450,0001,350,000↑ +287,258

Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.

Incentive-plan design — the Compensation Discussion & Analysis

Our executive compensation program, which is under the direction and control of our Compensation Committee, is designed to link compensation with the achievement of our short- and long -term business objectives and to assist us in attracting, motivating and retaining the highest quality executive officers and rewarding them for superior performance.

CEO STI target (% of salary)—
CEO LTI target (% of salary)—
Independent consultantKorn Ferry
Clawback policyTrue
Anti-hedgingtrue
Anti-pledgingfalse
Equity grants and outstanding awards

Grants of plan-based awards — fiscal year 2025

ExecutiveAwardGrant dateThresholdTargetGrantedMaximumGrant-date fair value
Jason HaufRSU2025-06-30——37,092—$87,258
Howard W. LutnickRSU2025-02-05——1,304,864—2,531,436
JP AubinRSU2025-04-01——78,456—673,772
John AbularrageRSU2025-04-01——164,890—1,416,057

Vehicle mix — grant-date fair value by award type

Named executive officerTime-vested (RSU)Performance-vested (PSU)Options / SARs% performance-vested
Jason Hauf$87,258$0$00.0%
Howard W. Lutnick2,531,436000.0%
JP Aubin673,772000.0%
John Abularrage1,416,057000.0%

% performance-vested = PSU grant-date fair value ÷ (RSU + PSU + Options), a computed value with the derivation shown in the register.

Outstanding equity awards at fiscal year-end 2025

ExecutiveAwardShares unvestedExercise priceMarket value unvested
Jason HaufRSU6,808—$60,795
John AbularrageRSU11,009—98,310
Jason HaufRSU32,028—286,010
Jason HaufRSU38,360—342,544
Jason HaufRSU42,835—382,517
Sean WindeattRSU48,076—429,319
JP AubinRSU54,704—488,507
Stephen MerkelRSU61,684—550,838
Stephen MerkelRSU72,751—649,666
Sean WindeattRSU73,098—652,765
Stephen MerkelRSU77,882—695,486
JP AubinRSU78,456—700,612
John AbularrageRSU108,481—968,735
Jason HaufRSU120,031—1,071,877
John AbularrageRSU124,334—1,110,303
Sean WindeattRSU131,053—1,170,303
JP AubinRSU151,565—1,353,475
John AbularrageRSU164,890—1,472,468
Sean WindeattRSU210,037—1,875,630
Stephen MerkelRSU212,317—1,895,991
Sean WindeattRSU268,498—2,397,687
JP AubinRSU269,557—2,407,144
JP AubinRSU349,158—3,117,981
John AbularrageRSU350,727—3,131,992
Sean WindeattRSU730,762—6,525,705
John AbularrageRSU759,441—6,781,808
JP AubinRSU903,440—8,067,719
Director compensation
DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
Arthur U. MbanefoIndependent · Compensation · Corporate Responsibility · Audit (Chair)$181,000$50,000$0$0$0$231,000
Linda A. BellIndependent · Compensation (Chair) · Corporate Responsibility (Chair) · Audit157,00050,000000207,000
William AddasIndependent · Compensation · Corporate Responsibility · Audit142,00050,000000192,000
David P. RichardsIndependent · Compensation · Corporate Responsibility · Audit141,00050,000000191,000
Stephen M. MerkelEmployee director · Board Chair · Newly elected—————0
Brandon G. LutnickIndependent · Newly elected——————

Board fee structure and ownership guideline

Annual cash retainer$100,000
Annual equity retainer$50,000
Per board meeting fee—
Committee chair fees (audit / comp / nom-gov)—
Stock ownership guideline—

Total cost of the board

ComponentFY2025
Cash retainers and fees$621,000
Equity awards (grant-date value)$200,000
All other compensation$0
Total cost of the board$821,000

Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.

Peer group, and who names BGC as a peer

Companies that benchmark against BGC

4 companies name BGC as a compensation peer

The list of companies that name BGC as a peer is temporarily unavailable — recheck shortly.

Disclosed peer group — fiscal year 2025

The compensation peer group as the company disclosed it in its own proxy — the reference set behind the percentile above.

Peer reciprocity

Of the companies BGC Group, Inc. names as compensation peers, which name it back in their own disclosed peer groups. A peer set the market reciprocates reads differently from one selected in a single direction.

Reciprocity shown where the peer’s own current proxy has been read — each mark is cited in the register to that peer’s filing. A dash means the peer’s current proxy was read and names no reciprocal group including BGC Group, Inc..

Chief executive pay against the peer group

Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company’s own proxy statement.

RankCompanyFYChief executiveSalaryStock awardsOption awardsNon-equity incentiveTotal
1Nasdaq, Inc.2025Adena Friedman$1,359,616$17,491,321$0$6,086,509$25,014,550
2CME Group, Inc.2025Terrence Duffy2,000,00013,319,86007,128,83123,394,854
3Intercontinental Exchange, Inc.2025Jeffrey Sprecher1,395,83316,666,55304,050,00022,133,386
4Tradeweb Markets Inc.2025Billy Hult1,000,00015,082,34504,500,00020,620,952
5Interactive Brokers Group, Inc.2025Milan Galik590,00014,550,0000019,669,486
6Stifel Financial Corp.2025Ronald Kruszewski200,0008,880,0000018,908,297
7The Charles Schwab Corporation2025Richard Wurster1,248,4687,612,5535,075,0194,727,41618,755,222
8Raymond James Financial, Inc.2025Paul Shoukry645,8338,549,7480—17,277,875
9Evercore Inc.2025John S. Weinberg500,0005,888,5390017,138,539
10Virtu Financial, Inc.2025Aaron Simons850,0006,246,62501,065,25016,727,125
11LPL Financial Holdings Inc.2025Richard Steinmeier900,00010,045,54203,591,00014,574,496
12Lazard, Inc.2025Peter Orszag900,0008,666,5480013,723,452
13Houlihan Lokey, Inc.2026Scott Adelson500,0000012,500,00013,000,000
14Piper Sandler Companies2025Chad Abraham650,0003,735,3550011,030,039
15Oppenheimer Holdings Inc.2025Robert Lowenthal500,0001,037,40008,000,0009,546,400
16BGC Group, Inc.2025Sean Windeatt1,003,125006,573,8138,036,938
17MarketAxess Holdings, Inc.2025Christopher Concannon750,0003,599,8811,208,6461,525,0007,101,027

Each peer’s compensation is from its most recently filed proxy; fiscal years differ by company. Each peer’s figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.

Incentive design against the same peers

CompanyAnnual incentive payoutLong-term vehicle mixPSU measures include TSRCompensation consultant
BGC Group, Inc.not disclosedRSU 100not disclosedKorn Ferry
CME Group, Inc.not disclosedPSU 50 · RSU 50Yes — TSR relative to the S&P 500Meridian Compensation Partners, LLC
Evercore Inc.not disclosedRSU 100not disclosednot disclosed
Houlihan Lokey, Inc.not disclosednot disclosedNoWTW
Interactive Brokers Group, Inc.678%RSU 100not disclosedWe have not utilized the services of a compensation consultant to date
Intercontinental Exchange, Inc.108%PSU 70 · RSU 30Yes — Company 3-Year TSR relative to S&P 500 3-Year TSRCompensation Advisory Partners (CAP)
Lazard, Inc.not disclosedMSU 50 · PIPR 50Yes — 3-year relative TSR vs. S&P 1500Compensation Advisory Partners (CAP)
LPL Financial Holdings Inc.133%PSU 70 · RSU 30Yes — TSR relative to Comparator GroupCompensation Consultant
MarketAxess Holdings, Inc.86%PSU 50 · RSU 25 · Options 25NoFW Cook
Nasdaq, Inc.149%not disclosedYes — TSR relative to S&P 500 companiesExequity
Oppenheimer Holdings Inc.not disclosedRestricted Stock 100not disclosedPay Governance LLC
Piper Sandler Companiesnot disclosedPSU 100Yes — Relative TSRSemler Brossy
Raymond James Financial, Inc.not disclosedPSU 60NoMeridian Compensation Partners
Stifel Financial Corp.not disclosednot disclosedNoCompensation Advisory Partners LLC
The Charles Schwab Corporation116.5%PBRSU 60 · Option 40NoSemler Brossy
Tradeweb Markets Inc.150%PSU 66 · RSU 33Yes — Cumulative Absolute TSRClearBridge
Virtu Financial, Inc.not disclosednot disclosedNonot disclosed

Read from each company’s Compensation Discussion and Analysis: annual incentive payout as a percentage of target, the disclosed long-term vehicle mix, whether performance-share measures include a total shareholder return component, and the retained compensation consultant. “Not disclosed” appears only where the company’s filing does not state the item.

Say-on-pay history and pay ratio
Meeting yearMeeting dateForAgainstAbstainSupportOutcome
20252025-11-121,271,561,30887,355,3881,181,51793.57%Passed
20242024-09-161,248,533,25896,380,450903,50292.83%Passed
20232023-11-141,181,083,763132,516,1102,572,40489.74%Passed
20222022-12-30534,879,108115,656,6913,383,10581.8%Passed
20212021-11-22510,524,542125,436,1402,178,90180%Passed
20202020-06-11537,260,55382,974,795984,35586.62%Passed

Rows are labeled by annual-meeting year, with the meeting date beside each; the vote held in a given year acts on the prior fiscal year’s compensation.

Say-on-pay — history, company’s computation

Meeting yearMeeting dateApproval — company’s computation
20252025-11-1293.57%a
20242024-09-1692.83%b
20232023-11-1489.74%c

a. Approved under the standard stated in the filing — “Withheld votes will have no effect on the vote on Proposal 1, and abstentions will have no effect on the votes on Proposals 2 and 3.”.

b. Approved under the standard stated in the filing — “Withheld votes will have no effect on the vote on Proposal 1, and abstentions will have no effect on the votes on Proposals 2 and 3.”.

c. Approved under the standard stated in the filing — “Abstentions will have the same effect as a vote against the proposal.”.

Approval percentages are the company’s own reported computations under its own stated standard, not recomputed by Velarion. Where a company does not state a standard, none is assumed.

CEO pay ratio

Ratio (CEO : median employee)117 : 1
CEO total compensation$15,000,000
Median employee compensation$128,205
Insider trades since the proxy

No insider equity transactions reported since the proxy statement.

Sources (54 citations)

Each figure is listed with the filing it comes from, where it appears in that filing, and the value as printed. Any figure can be independently confirmed against the source.

  • Section 01, John Abularrage. DEF 14A, filed 2026-10-08. Section “Executive Compensation”. As printed: 11,066,057. View filing ↗
  • Section 01, JP Aubin. DEF 14A, filed 2026-10-08. Section “Executive Compensation”. As printed: 8,410,743. View filing ↗
  • Section 01, Sean Windeatt. DEF 14A, filed 2026-10-08. Section “Executive Compensation”. As printed: 8,036,938. View filing ↗
  • Section 01, Stephen Merkel. DEF 14A, filed 2026-10-08. Section “Executive Compensation”. As printed: 3,000,000. View filing ↗
  • Section 01, Howard Lutnick. DEF 14A, filed 2026-10-08. Section “Executive Compensation”. As printed: 2,668,422. View filing ↗
  • Section 01, Jason Hauf. DEF 14A, filed 2026-10-08. Section “Executive Compensation”. As printed: 1,737,258. View filing ↗
  • Section 03, Jason Hauf RSU. DEF 14A, filed 2026-10-08. Section “Executive Compensation” · grants of plan-based awards table. View filing ↗
  • Section 03, Howard W. Lutnick RSU. DEF 14A, filed 2026-10-08. Section “Executive Compensation” · grants of plan-based awards table. View filing ↗
  • Section 03, JP Aubin RSU. DEF 14A, filed 2026-10-08. Section “Executive Compensation” · grants of plan-based awards table. View filing ↗
  • Section 03, John Abularrage RSU. DEF 14A, filed 2026-10-08. Section “Executive Compensation” · grants of plan-based awards table. View filing ↗
  • Section 07, pay ratio. DEF 14A, filed 2025-09-30. Section “CEO Pay Ratio”. As printed: 117 : 1. View filing ↗
  • Section 08, Arthur U. Mbanefo. DEF 14A, filed 2026-10-08. Section “Director Compensation”. As printed: 231,000. View filing ↗
  • Section 08, Linda A. Bell. DEF 14A, filed 2026-10-08. Section “Director Compensation”. As printed: 207,000. View filing ↗
  • Section 08, William Addas. DEF 14A, filed 2026-10-08. Section “Director Compensation”. As printed: 192,000. View filing ↗
  • Section 08, David P. Richards. DEF 14A, filed 2026-10-08. Section “Director Compensation”. As printed: 191,000. View filing ↗
  • Section 08, Stephen M. Merkel. DEF 14A, filed 2026-10-08. Section “Director Compensation”. As printed: 0. View filing ↗
  • Section 08, Brandon G. Lutnick. DEF 14A, filed 2026-10-08. Section “Director Compensation”. As printed: —. View filing ↗
  • Section 06, 2025 vote. Form 8-K, filed 2025-11-13. Item 5.07 · say-on-pay result. As reported: 93.57% (votes for as printed: 1,271,561,308). View filing ↗
  • Section 06, 2024 vote. Form 8-K, filed 2024-09-17. Item 5.07 · say-on-pay result. As reported: 92.83% (votes for as printed: 1,248,533,258). View filing ↗
  • Section 06, 2023 vote. Form 8-K, filed 2023-11-16. Item 5.07 · say-on-pay result. As reported: 89.74% (votes for as printed: 1,181,083,763). View filing ↗
  • Section 01 trend, Δ column (computed). Computed. Δ = current-FY total − prior-FY total per named officer.
  • Section 03b vehicle mix (computed). Computed. RSU / PSU / Options grant-date fair values summed per officer from the grants table; % performance-vested = PSU ÷ (RSU+PSU+Options).
  • Section 09b board cost (computed). Computed. Cash 621,000 + equity 200,000 + all other 0 = 821,000, summed across the director compensation table rows.
  • Nasdaq, Inc., Section 10b CEO total. DEF 14A, filed 2026-04-24. CEO total compensation as printed in Nasdaq, Inc.'s own proxy. As printed: 25,014,550. View filing ↗
  • CME Group, Inc., Section 10b CEO total. DEF 14A, filed 2026-03-23. CEO total compensation as printed in CME Group, Inc.'s own proxy. As printed: 23,394,854. View filing ↗
  • Intercontinental Exchange, Inc., Section 10b CEO total. DEF 14A, filed 2026-03-31. CEO total compensation as printed in Intercontinental Exchange, Inc.'s own proxy. As printed: 22,133,386. View filing ↗
  • Tradeweb Markets Inc., Section 10b CEO total. DEF 14A, filed 2026-03-26. CEO total compensation as printed in Tradeweb Markets Inc.'s own proxy. As printed: 20,620,952. View filing ↗
  • Interactive Brokers Group, Inc., Section 10b CEO total. DEF 14A, filed 2026-03-11. CEO total compensation as printed in Interactive Brokers Group, Inc.'s own proxy. As printed: 19,669,486. View filing ↗
  • Stifel Financial Corp., Section 10b CEO total. DEF 14A, filed 2026-04-29. CEO total compensation as printed in Stifel Financial Corp.'s own proxy. As printed: 18,908,297. View filing ↗
  • The Charles Schwab Corporation, Section 10b CEO total. DEF 14A, filed 2026-04-06. CEO total compensation as printed in The Charles Schwab Corporation's own proxy. As printed: 18,755,222. View filing ↗
  • Raymond James Financial, Inc., Section 10b CEO total. DEF 14A, filed 2026-01-07. CEO total compensation as printed in Raymond James Financial, Inc.'s own proxy. As printed: 17,277,875. View filing ↗
  • Evercore Inc., Section 10b CEO total. DEF 14A, filed 2026-04-29. CEO total compensation as printed in Evercore Inc.'s own proxy. As printed: 17,138,539. View filing ↗
  • Virtu Financial, Inc., Section 10b CEO total. DEF 14A, filed 2026-04-29. CEO total compensation as printed in Virtu Financial, Inc.'s own proxy. As printed: 16,727,125. View filing ↗
  • LPL Financial Holdings Inc., Section 10b CEO total. DEF 14A, filed 2026-04-02. CEO total compensation as printed in LPL Financial Holdings Inc.'s own proxy. As printed: 14,574,496. View filing ↗
  • Lazard, Inc., Section 10b CEO total. DEF 14A, filed 2026-04-07. CEO total compensation as printed in Lazard, Inc.'s own proxy. As printed: 13,723,452. View filing ↗
  • Houlihan Lokey, Inc., Section 10b CEO total. DEF 14A, filed 2026-07-24. CEO total compensation as printed in Houlihan Lokey, Inc.'s own proxy. As printed: 13,000,000. View filing ↗
  • Piper Sandler Companies, Section 10b CEO total. DEF 14A, filed 2026-04-09. CEO total compensation as printed in Piper Sandler Companies's own proxy. As printed: 11,030,039. View filing ↗
  • Oppenheimer Holdings Inc., Section 10b CEO total. DEF 14A, filed 2026-03-13. CEO total compensation as printed in Oppenheimer Holdings Inc.'s own proxy. As printed: 9,546,400. View filing ↗
  • BGC Group, Inc. (subject), Section 10b CEO total. DEF 14A, filed 2026-10-08. CEO total compensation as printed in BGC Group, Inc.'s own proxy. As printed: 8,036,938. View filing ↗
  • MarketAxess Holdings, Inc., Section 10b CEO total. DEF 14A, filed 2026-04-29. CEO total compensation as printed in MarketAxess Holdings, Inc.'s own proxy. As printed: 7,101,027. View filing ↗
  • Section 10a, Raymond James Financial, Inc. reciprocity. DEF 14A. Raymond James Financial, Inc.'s most recent proxy was read; its disclosed peer group does not include BGC Group, Inc.. View filing ↗
  • Section 10a, Oppenheimer Holdings Inc. reciprocity. DEF 14A. Oppenheimer Holdings Inc.'s most recent proxy was read; its disclosed peer group does not include BGC Group, Inc.. View filing ↗
  • Section 10a, Nasdaq, Inc. reciprocity. DEF 14A. Nasdaq, Inc. names BGC Group, Inc. in its own disclosed peer group (read from its most recent proxy). View filing ↗
  • Section 10a, Evercore Inc. reciprocity. DEF 14A. Evercore Inc.'s most recent proxy was read; its disclosed peer group does not include BGC Group, Inc.. View filing ↗
  • Section 10a, LPL Financial Holdings Inc. reciprocity. DEF 14A. LPL Financial Holdings Inc.'s most recent proxy was read; its disclosed peer group does not include BGC Group, Inc.. View filing ↗
  • Section 10a, MarketAxess Holdings, Inc. reciprocity. DEF 14A. MarketAxess Holdings, Inc. names BGC Group, Inc. in its own disclosed peer group (read from its most recent proxy). View filing ↗
  • Section 10a, CME Group, Inc. reciprocity. DEF 14A. CME Group, Inc.'s most recent proxy was read; its disclosed peer group does not include BGC Group, Inc.. View filing ↗
  • Section 10a, Tradeweb Markets Inc. reciprocity. DEF 14A. Tradeweb Markets Inc.'s most recent proxy was read; its disclosed peer group does not include BGC Group, Inc.. View filing ↗
  • Section 10a, Interactive Brokers Group, Inc. reciprocity. DEF 14A. Interactive Brokers Group, Inc.'s most recent proxy was read; its disclosed peer group does not include BGC Group, Inc.. View filing ↗
  • Section 10a, Virtu Financial, Inc. reciprocity. DEF 14A. Virtu Financial, Inc.'s most recent proxy was read; its disclosed peer group does not include BGC Group, Inc.. View filing ↗
  • Section 10a, The Charles Schwab Corporation reciprocity. DEF 14A. The Charles Schwab Corporation's most recent proxy was read; its disclosed peer group does not include BGC Group, Inc.. View filing ↗
  • Section 10a, Piper Sandler Companies reciprocity. DEF 14A. Piper Sandler Companies's most recent proxy was read; its disclosed peer group does not include BGC Group, Inc.. View filing ↗
  • Section 10a, Stifel Financial Corp. reciprocity. DEF 14A. Stifel Financial Corp.'s most recent proxy was read; its disclosed peer group does not include BGC Group, Inc.. View filing ↗
  • Section 10a, Houlihan Lokey, Inc. reciprocity. DEF 14A. Houlihan Lokey, Inc.'s most recent proxy was read; its disclosed peer group does not include BGC Group, Inc.. View filing ↗
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