Commerce Secretary Howard Lutnick Reports $250 Million in Income for 2025

Commerce Secretary Howard Lutnick reported at least $250 million in income and other proceeds for the year 2025, much of which stemmed from financial businesses he left behind upon joining the Trump administration, according to calculations by CNBC based on his newly released annual financial disclosure. The largest portion of this income was a $192 million distribution from Cantor Fitzgerald, the global financial services firm Lutnick led for decades. This payment is described in his annual financial disclosure as a tax distribution managed under the ethics agreement he signed before taking office. The 74-page filing, obtained by CNBC from the Office of Government Ethics, provides a comprehensive overview of Lutnick's finances during his first year in government. Federal financial disclosures report many assets in broad ranges, so the filing does not provide a precise estimate of his overall wealth. Lutnick is among the wealthiest members of Trump's cabinet, though his income is significantly less than the more than $2 billion earned by President Trump in the same year. Additionally, Lutnick disclosed $4.2 million in salary and bonuses from commercial real estate services firm Newmark, and $19.6 million from an exchange of Newmark partnership units. He also received $14.1 million in salary and bonuses from BGC Group, the global financial brokerage and technology firm that he chaired, along with over $5 million from BGC restricted stock units. Lutnick stepped down from leadership roles at Cantor, BGC, Newmark, and numerous other organizations following his confirmation as commerce secretary in February 2025, with Cantor now managed by his two oldest sons. As part of this transition, Lutnick reported selling at least $259 million in assets during the year, which included stakes worth more than $50 million each in Newmark, BGC, Cantor Fitzgerald, and CF Group Management. He also reported at least $166 million in purchases, primarily in Treasury and broad-market funds, including over $50 million of an S&P 500 exchange-traded fund and two separate purchases of more than $50 million in a Fidelity Treasury fund. Despite stepping down from numerous positions associated with his former businesses, Lutnick still listed approximately 40 outside positions as ongoing, primarily involving trusts, property companies, and other LLCs.