Howard Lutnick Reports Over $250 Million In Income For 2025

Commerce Secretary Howard Lutnick reported at least $250 million in income and other proceeds in 2025, largely tied to businesses he stepped away from when he joined the Trump administration, according to his annual financial disclosure reviewed by CNBC.

The single largest item was a $192 million distribution from Cantor Fitzgerald, the financial services firm Lutnick led for decades before his sons took over. His filing describes the payout as a tax distribution required under the ethics agreement he signed before taking office. He also reported $4.2 million in salary and bonus from Newmark plus $19.6 million from a Newmark partnership unit exchange, and $14.1 million in salary and bonus from BGC Group along with more than $5 million from BGC restricted stock units.

As part of unwinding his holdings, Lutnick reported selling at least $259 million in assets, including stakes worth more than $50 million each in Newmark, BGC, Cantor Fitzgerald and CF Group Management, and buying at least $166 million more, largely in Treasury and S&P 500 index funds. His 74-page disclosure, obtained by CNBC from the Office of Government Ethics, still lists roughly 40 outside positions he continues to hold, mostly trusts and property-related LLCs.

Lutnick remains one of the wealthiest members of Trump's cabinet, though CNBC notes his reported income is dwarfed by the more than $2 billion the president earned last year.