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Major income items in the annual disclosure

Howard Lutnick’s released 2025 annual financial disclosure shows that the U.S. Commerce Secretary earned at least $250 million in income and various collections last year. According to the filing, a significant share of that amount came from payments tied to financial firms he managed before joining the Trump administration.

The largest item was $192 million from Cantor Fitzgerald, where Lutnick led the firm for many years. The disclosure said the payment was a tax distribution processed under the ethics agreement he signed before taking office.

The 74-page file obtained by CNBC from the U.S. Office of Government Ethics is the most detailed financial picture yet of Lutnick’s first year in public office. However, federal disclosures list assets in broad ranges, so they do not provide a precise calculation of his total wealth.

What the income breakdown shows by company

According to the filing, Lutnick received $4.2 million in salary and bonuses from commercial real estate services company Newmark. He also reported $19.6 million in income from changes in Newmark partnership units.

From global financial brokerage and technology firm BGC Group, he reported $14.1 million in salary and bonuses, plus more than $5 million in payments from restricted stock units. Lutnick stepped down from board roles at Cantor, BGC, Newmark and hundreds of other entities after being confirmed as commerce secretary in February 2025.

  • Cantor Fitzgerald distribution: $192 million
  • Newmark salary and bonus: $4.2 million
  • Newmark partnership unit changes: $19.6 million
  • BGC salary and bonus: $14.1 million

Cantor Fitzgerald is now run by Lutnick’s two older sons. The filing also said Lutnick still holds about 40 outside positions, most of them linked to trusts, property companies and other LLC structures.

Asset sales and new purchases point to a market shift

Portfolio moves from private companies to Treasury funds

The disclosure also points to a broad restructuring of the portfolio after Lutnick took office. According to CNBC’s calculations, he sold at least $259 million in assets during the year, including positions worth more than $50 million each in shares linked to Newmark, BGC, Cantor Fitzgerald and CF Group Management.

At the same time, he reported at least $166 million in purchases. Most of those buys were directed into U.S. Treasury instruments and broad market funds; Lutnick bought more than $50 million of an exchange-traded fund that tracks the S&P 500, and he also reported two separate purchases of more than $50 million each in a Fidelity Treasury fund.

The figures show a shift away from company-linked assets held before he joined the Commerce Department and toward more liquid, broad-based instruments. The filing also shows that Lutnick remains among the wealthiest members of Trump’s Cabinet, though still well behind President Donald Trump, who reported income of more than $2 billion last year.

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