| Stage | BGC | % of rev | CME | % of rev | Gap · A − B |
|---|---|---|---|---|---|
| Revenue | $846M | 100.00% | $1.7B | 100.00% | CME ×2.05 |
| Gross profit | $846M | 100.00% | $1.5B | 86.51% | BGC +13.5pp |
| Operating income | $72M | 8.50% | $1.1B | 65.70% | CME +57.2pp |
| Pre-tax income | $99M | 11.70% | $1.4B | 77.98% | CME +66.3pp |
| Net income | $69M | 8.14% | $1.0B | 59.68% | CME +51.5pp |
| Stage | BGC | CME | Gap · A − B |
|---|---|---|---|
| Revenue | $846M100.00% | $1.7B100.00% | CME ×2.05 |
| Gross profit | 100.00%$846M | 86.51%$1.5B | BGC +13.5pp |
| Operating income | 8.50%$72M | 65.70%$1.1B | CME +57.2pp |
| Pre-tax income | 11.70%$99M | 77.98%$1.4B | CME +66.3pp |
| Net income |
| 8.14%$69M |
| 59.68%$1.0B |
| CME +51.5pp |
None
No disclosed counterparties: BGC.