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IBKR

Interactive Brokers Group, Inc.

IBKR

Interactive Brokers Group, Inc. • NASDAQ
$65.02 ▲ 1.29% (+0.83)
Market Cap $112.33 B
52w High $73.35
52w Low $32.82
Dividend Yield 0.22%
P/E 31.6
Volume 2.42M
Outstanding Shares 445.36M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $2.789B ▲ $343M ▲ $263M ▲ 9.43% ▲ $0.59 ▲ $2.178B ▲
Q2-2025 $2.469B ▲ $96M $224M ▲ 9.072% ▼ $0.51 ▲ $2.159B ▲
Q1-2025 $2.31B ▼ $96M ▲ $213M ▼ 9.221% ▲ $0.49 ▼ $2.027B ▼
Q4-2024 $2.421B ▲ $93M ▼ $217M ▲ 8.963% ▲ $0.5 ▲ $2.12B ▲
Q3-2024 $2.395B $188M $184M 7.683% $0.42 $2.021B

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $5.128B ▲ $200.222B ▲ $180.742B ▲ $5.106B ▲
Q2-2025 $4.688B ▲ $181.475B ▲ $162.957B ▲ $4.825B ▲
Q1-2025 $3.5B ▼ $157.67B ▲ $140.187B ▲ $4.502B ▲
Q4-2024 $3.633B ▲ $150.142B ▲ $133.545B ▲ $4.28B ▲
Q3-2024 $3.595B $148.526B $132.521B $4.145B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $1.186B ▲ $4.479B ▼ $-44M ▼ $-230M ▲ $4.167B ▼ $4.464B ▼
Q2-2025 $1.006B ▲ $7.139B ▲ $-42M ▼ $-331M ▼ $7.072B ▲ $7.125B ▲
Q1-2025 $964M ▼ $2.584B ▲ $-26M ▼ $-225M ▼ $2.44B ▲ $2.568B ▲
Q4-2024 $969M ▲ $1.838B ▼ $18M ▲ $-186M ▼ $1.422B ▼ $1.823B ▼
Q3-2024 $834M $3.582B $-35M $-177M $3.523B $3.571B

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Commissions
Commissions
 $1.32Bn ▲$510.00M ▼$520.00M ▲$540.00M ▲
Market Data Fees
Market Data Fees
 $50.00M ▲$20.00M ▼$20.00M ▲$20.00M ▲
Others
Others
 $30.00M ▲$10.00M ▼$10.00M ▲$10.00M ▲
Payments For Order Flow
Payments For Order Flow
 $40.00M ▲$10.00M ▼$10.00M ▲$10.00M ▲
Risk Exposure Fees
Risk Exposure Fees
 $80.00M ▲$30.00M ▼$20.00M ▼$10.00M ▼

Five-Year Company Overview

Income Statement

Income Statement Interactive Brokers’ income statement shows a business that has scaled very quickly over the past five years. Revenue has climbed several times higher, and operating profits have grown in step, which suggests the core brokerage model is both efficient and highly leveraged to growth in client activity and balances. A standout feature is how much of each dollar of revenue turns into operating profit. This reflects heavy automation and tight cost control. However, the bottom line (net income) has not grown as fast as revenues or operating profits. Earnings are influenced by items like interest rates, market conditions, and the company’s ownership structure, which can make reported net income noisier and less straightforward than the top line might suggest. Overall, the income statement points to a highly profitable operating engine, with very strong pre-tax economics, but with accounting and market-related factors that can make the final earnings figure more volatile and harder to interpret at a glance.

Balance Sheet

Balance Sheet The balance sheet has expanded steadily, with total assets increasing meaningfully over the period, which is consistent with a growing brokerage handling more client assets and trading activity. Shareholders’ equity has also risen year after year, indicating that the company is retaining earnings and building a larger capital base over time. Debt has increased but remains modest relative to the overall asset base, which is typical for a capital‑markets firm that uses some borrowing to support its operations and client activity. Cash balances have stayed relatively stable, not excessively large but adequate when viewed alongside strong cash generation and access to markets. In simple terms, the balance sheet shows a larger, more robust firm than a few years ago, using some leverage but still anchored by growing equity and a substantial pool of assets.

Cash Flow

Cash Flow Cash flow is a clear strength. The company consistently generates solid cash from its operations, and that cash flow has generally trended higher over time. Because the business model is technology‑ and systems‑driven rather than asset‑heavy, capital spending is relatively low, so most operating cash turns into free cash flow. This means the firm has considerable flexibility: it can reinvest in technology, absorb regulatory or market shocks, and potentially return cash to shareholders, all without needing large amounts of external financing. There is some year‑to‑year variability, which is normal in financial services, but the overall picture is of a cash‑rich, capital‑light model. In short, the cash flow profile reinforces the idea of a very efficient, scalable business that converts a high share of its economic earnings into actual cash.

Competitive Edge

Competitive Edge Interactive Brokers occupies a strong competitive niche built around low costs, advanced technology, and broad global access rather than advertising or brand glitz. Its platform connects clients to a very large number of markets and products from a single account, which is difficult and expensive for rivals to replicate. Automation is its main competitive weapon. By replacing many manual processes with software, the company can keep fees and financing costs low while still earning attractive margins. This has helped it win business from active traders, sophisticated individuals, and institutions worldwide. Key risks to its position include intense price competition from other discount and zero‑commission brokers, regulatory changes in multiple jurisdictions, and the need to maintain flawless technology and cybersecurity. Even so, its combination of scale, technology, and global reach creates a meaningful barrier to entry for newer or less sophisticated competitors.

Innovation and R&D

Innovation and R&D Innovation is central to how Interactive Brokers operates and competes. Rather than large physical assets, its “R&D” is mostly in software, trading infrastructure, and data tools. The firm continually upgrades its platforms, from its long‑standing Trader Workstation to newer offerings like IBKR Desktop and separate mobile apps tailored to both professionals and beginners. The company is leaning into artificial intelligence and data‑driven features, such as tools that group investments by themes, map relationships between companies, and suggest related opportunities. It is also experimenting with new product types, like event‑based contracts and expanded cryptocurrency offerings, as well as financial services like global spending cards. Because capital spending is low, most of this innovation is embedded in operating expenses, not easily visible as traditional R&D. But the pattern is clear: continuous, incremental product and platform innovation, aimed at deepening engagement with sophisticated clients and making complex markets more accessible to a broader audience.

Summary

Interactive Brokers today looks like a technologically advanced, capital‑light brokerage that has scaled rapidly while maintaining strong underlying profitability. Revenues and operating profits have grown significantly, backed by a lean cost structure and heavy automation, even though final reported earnings can be influenced by market and structural factors. Its balance sheet has grown larger and stronger, with rising equity and manageable leverage, consistent with a maturing, systemically important player in global trading. Cash generation is robust, with relatively little tied up in physical investments, giving the firm room to keep investing in its platform and to weather periods of market stress. Competitively, it stands out for its global market access, low‑cost model, and sophisticated tools, which together form a meaningful moat, especially for active and international clients. The main uncertainties come from regulation, competition, interest‑rate cycles, and the need to keep its complex technology secure and reliable. Overall, the data and qualitative information portray a highly efficient, innovation‑driven brokerage with a durable technology and scale advantage, but also one whose earnings and growth will remain closely tied to market conditions, client activity, and the broader regulatory and rate environment.

NEWS

November 18, 2025 · 10:00 AM UTC

Interactive Brokers Expands Global Market Access with the Taipei Exchange

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November 4, 2025 · 10:00 AM UTC

Interactive Brokers: Financial Advisors Are Increasingly Optimistic Heading into Year-End

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November 3, 2025 · 12:13 PM UTC

Interactive Brokers Group Reports Brokerage Metrics and Other Financial Information for October 2025, includes Reg.-NMS Execution Statistics

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October 29, 2025 · 10:00 AM UTC

Interactive Brokers Launches the Karta Visa Card

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October 16, 2025 · 4:01 PM UTC

Interactive Brokers Group Announces 3Q2025 Results

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