Commerce Secretary Howard Lutnick (Getty Images)
Commerce Secretary Howard Lutnick reported more than $250 million in income for 2025, much of it linked to his former ownership of Cantor Fitzgerald, according to a 74-page annual financial disclosure obtained by The Wall Street Journal.
The filing provides a new accounting of how the billionaire Wall Street executive reduced a sprawling portfolio of business interests after joining President Donald Trump’s Cabinet.
Lutnick resigned from leadership posts at Cantor Fitzgerald and hundreds of other entities, with most departures occurring around the time he entered government in February 2025.
Before divesting his Cantor stake, Lutnick received at least $190 million in a distribution, the Journal reported. The financial services company is now run by his two oldest sons.
Lutnick listed at least $237 million in assets as of December, sharply below the minimum of $805 million disclosed in his previous report.
The totals don’t establish his precise net worth because federal disclosure forms place assets and transactions in broad value ranges. His holdings therefore could be worth substantially more than the reported minimum.
The filing also showed that Lutnick sold at least $259 million in assets from May through October 2025 and purchased at least $166 million in stock index and money market funds. Many of those transactions had been reported earlier through periodic transaction reports.
Cantor Fitzgerald announced in May 2025 that Lutnick had agreed to transfer his ownership to trusts for his adult children and a group of outside investors.
The agreement also covered the divestiture of holdings in BGC Group and Newmark Group and was intended to fulfill commitments made before he took office.
Under his January 2025 ethics agreement, Lutnick pledged to resign from Cantor and its subsidiaries, sell specified financial interests, and avoid matters that could directly affect entities in which he retained a financial stake. He also agreed to invest divestiture proceeds in assets that would not create conflicts.
Despite the reduction, Lutnick remains the head of about 40 entities, mostly limited liability companies tied to trusts or individual properties, according to the new report.
A Commerce Department spokesman had no immediate comment.
The Senate confirmed Lutnick 51-45 on Feb. 18, 2025, and he was sworn in three days later. He had led Cantor Fitzgerald for more than three decades before taking charge of the Commerce Department.
The filing is part of the annual disclosure process for senior executive branch officials.
The Office of Government Ethics says officials who served in covered positions for more than 60 days in 2025 were required to file reports detailing their financial interests.
The reports help government ethics officers identify potential conflicts and let the public examine officials’ finances.
Lutnick’s annual report had not appeared on the ethics office’s public website as of Friday.
Annual filings for Health and Human Services Secretary Robert F. Kennedy Jr. and Secretary of War Pete Hegseth also were not available there, the Journal reported.
Trump’s certified annual disclosure was posted June 30.
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