NASDAQ: IBKR · Investment Banking & Brokerage
Interactive Brokers
Interactive Brokers, based in Greenwich, Connecticut, is an automated electronic broker that executes, clears and settles trades in stocks, options, futures, currencies and bonds on exchanges worldwide for about 4.4 million cleared customer accounts in more than 200 countries and territories. Its customers include individuals, financial advisors, hedge funds, proprietary trading firms and introducing brokers; no customer accounts for more than 2% of commissions. Founder and Chairman Thomas Peterffy and employees own about 73.7% of the operating company IBG LLC through IBG Holdings; the listed IBG, Inc. owns the rest. Total net revenues rose 20% to $6,205 million in 2025 — commissions were $2,149 million, with most of the remainder net interest income on customer balances — and pre-tax income was $4,771 million. The company did a 4-for-1 stock split in June 2025.
Last updated
Analysis last edited: October 25, 2026 · Financial data fetched: October 25, 2026 09:39 (SEC EDGAR) · Source 10-K filed: February 27, 2026
Built on10-K FY2025 · filed 2026-02-2710-Q (quarter ended 2026-09-30) · filed 2026-11-05Proxy statement (2026)
Next update expectedAfter FY2026’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
01
At a glanceFrom SEC data
Eight headline measures, each placed among the companies covered on this site.
- Revenue growthCAGRSmooths out year-to-year swings into "grew X% a year on average." Makes growth pace comparable across companies of very different sizes.
- 22.8%
- Net marginOperating marginHow many cents of operating profit are left per dollar of revenue. Reflects pricing power and cost structure.
- 70.2%
- Return on equityROIC − WACC spreadThe difference between ROIC and WACC. Consistently positive implies value creation; consistently negative implies value destruction.
- 90.4%
- Equity ratioEBITDAOperating income with D&A added back. A rough proxy for cash-generating power that’s less distorted by capital intensity, depreciation method, or financing/tax differences than net income.
- 2.6%
- Cash conversionOperating CF ÷ net income (cash conversion)How much of reported profit shows up as actual cash. 1x or higher means profit is backed by cash.
- 3.63x
- Dividend raisesDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year).
- 2 of 5
- P/E todayP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing.
- 30.1x
- Betaβ (beta)How much a stock moves, on average, for a 1% move in the overall market. Above 1 means more volatile than the market, which raises the return shareholders require. This site computes it from about 2.5 years (roughly 130 weeks) of weekly returns, built from Yahoo Finance daily prices, regressed against an S&P 500 ETF (SPY) as the market proxy, then applies the well-known long-run mean-reversion adjustment (0.67 × β + 0.33) as the WACC default.
- 1.40
Higher than 89% of 44 financial companies
Average yearly growth over the years shown
Higher than 98% of 45 financial companies
Latest fiscal year (FY2025)
Higher than 98% of 45 financial companies
Latest fiscal year (FY2025)
Higher than 0% of 45 financial companies
Equity ÷ total assets
Higher than 86% of 44 financial companies
Operating cash flow ÷ net income
Years the dividend per share rose, of the last 5
Latest close 2026-11-04; trailing 12 months to 2026-09-30
Above 1 = moves more than the market
Each marker shows where this company sits among the financial companies covered on this site, not all listed companies (left = lowest, right = highest). A high position is not automatically good — for net debt ÷ EBITDA, higher means more debt. Details and formulas are in the sections below and in How to read this.
02
Valuation todayFrom SEC data
Price-based measures at the latest close, next to the same measures at the last fiscal year-end.
Share price$77.68close on 2026-11-04
Market cap$152.46B
- P/EP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing. today
- 30.1x
- P/BP/BShare price ÷ book value per share. Below 1x means the market values the company below its accounting net worth. This site uses the closing price nearest the fiscal year-end and highlights sub-1x readings. today
- 6.5x
- EV/EBITDAEV/EBITDAEnterprise value (≈ market cap + interest-bearing debt − cash) as a multiple of EBITDA — roughly, "how many years of EBITDA to buy the whole company." Lower is generally viewed as cheaper, and it’s more comparable than P/E across companies with different debt loads or depreciation policies. This site excludes noncontrolling interests from the EV calculation. today
- —
- FCF yieldFree cash flow (FCF)Operating CF minus capital expenditures — cash generated by the business after funding its own investment, available for dividends, buybacks, acquisitions, or debt paydown. Acquisitions and securities purchases (also in investing CF) are not subtracted, so FCF can be positive in a year when total investing CF exceeds operating CF. today
- —
- Dividend yieldDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year). today
- 0.1%
At FY2025 year-end: 29.0x
Earnings: trailing 12 months to 2026-09-30
At FY2025 year-end: 5.3x
Book value at FY2025 year-end
At FY2025 year-end: —
EBITDA for FY2025
At FY2025 year-end: 12.5%
Free cash flow for FY2025
Dividends per share for FY2025
“Today” uses the latest closing price (2026-11-04, Yahoo Finance daily closing prices) and shares outstanding at the last fiscal year-end. The rest of this page — including the financial table and ROIC vs. WACC — uses fiscal year-end prices. These are reference figures, not a judgment of whether the stock is cheap or expensive.
03
What changed since last earningsFrom SEC data
The latest reported quarter against the same quarter a year earlier, the balance sheet against the previous quarter-end, and what management said in its latest earnings release.
Quarter ended Sep 30, 2026.
- Revenue$1.66B → $1.91B (vs. a year earlier)↑ +15.6%$1.66B → $1.91B (vs. a year earlier)
- Net income$1.19B → $1.35B (vs. a year earlier)↑ +13.7%$1.19B → $1.35B (vs. a year earlier)
- Diluted EPS$0.59 → $0.69 (vs. a year earlier)↑ +16.9%$0.59 → $0.69 (vs. a year earlier)
- Cash$7.71B → $5.94B (vs. previous quarter-end)↓ −23.0%$7.71B → $5.94B (vs. previous quarter-end)
Source: Form 10-Q ↗ (SEC XBRL). Long-term debt is the tagged long-term debt figure and leaves out short-term borrowings.
From the earnings release of Oct 15, 2026.
Key changes
Commission revenue up 12% to $602M. Source sentence
Commission revenue increased 12% to $602 million on 18% higher DARTs 2 and higher regulatory fees, which are passed through to customers.
Net interest income up 19% to $1.15B. Source sentence
Net interest income increased 19% to $1.15 billion, primarily on higher average customer margin loans and customer credit balances.
Pretax margin 78%. Source sentence
Pretax profit margin for the current quarter was 78% both as reported and as adjusted.
Written by AI. A line appears only if its figures and direction match the quoted sentence, which an automatic check confirms. Companies' outlooks are their own and may not be met. Read the release ↗
04
Company profileFrom SEC dataShow
- Legal name
- Interactive Brokers Group, Inc.
- Headquarters
- GREENWICH, CT
- Incorporated in
- Delaware
- Fiscal year end
- 12/31
- Exchange & ticker
- NASDAQ: IBKR
- Industry
- Investment Banking & Brokerage
- CIK
- 1381197
Workforce (as of FY2025 year-end)
Employees
3,182
Source: Form 10-K (FY2025) cover page and business description
05
Earnings calendarFrom SEC dataShow
When the company reports each quarter: the quarter-end date, the day results were released, and when the 10-Q or 10-K was filed.
Next report
Q4 FY2026
Quarter end: December 2026. In past years, Q4 results were released 16–21 days after quarter end (Jan 20, 2026; Jan 21, 2025; Jan 16, 2024). No date has been announced in the sources this site uses.
Reporting pattern
- Fiscal year ends around December 31.
- Reports four times a year: three quarterly reports (10-Q) and an annual report (10-K) for Q4.
- Earnings releases came 15–21 days after quarter end over the last 12 quarters.
| Quarter | Quarter ended | Earnings release (8-K) | Report filed (10-Q / 10-K) |
|---|---|---|---|
| Q3 FY2026 | Sep 30, 2026 | Oct 15, 2026 (+15 days) | Nov 5, 2026 10-Q (+36 days) |
| Q2 FY2026 | Jun 30, 2026 | Jul 21, 2026 (+21 days) | Aug 6, 2026 10-Q (+37 days) |
| Q1 FY2026 | Mar 31, 2026 | Apr 21, 2026 (+21 days) | May 7, 2026 10-Q (+37 days) |
| Q4 FY2025 | Dec 31, 2025 | Jan 20, 2026 (+20 days) | Feb 27, 2026 10-K (+58 days) |
| Q3 FY2025 | Sep 30, 2025 | Oct 16, 2025 (+16 days) | Nov 5, 2025 10-Q (+36 days) |
| Q2 FY2025 | Jun 30, 2025 | Jul 17, 2025 (+17 days) | Aug 6, 2025 10-Q (+37 days) |
| Q1 FY2025 | Mar 31, 2025 | Apr 15, 2025 (+15 days) | May 8, 2025 10-Q (+38 days) |
| Q4 FY2024 | Dec 31, 2024 | Jan 21, 2025 (+21 days) | Feb 27, 2025 10-K (+58 days) |
| Q3 FY2024 | Sep 30, 2024 | Oct 15, 2024 (+15 days) | Nov 7, 2024 10-Q (+38 days) |
| Q2 FY2024 | Jun 30, 2024 | Jul 16, 2024 (+16 days) | Aug 5, 2024 10-Q (+36 days) |
| Q1 FY2024 | Mar 31, 2024 | Apr 16, 2024 (+16 days) | May 6, 2024 10-Q (+36 days) |
| Q4 FY2023 | Dec 31, 2023 | Jan 16, 2024 (+16 days) | Feb 27, 2024 10-K (+58 days) |
Source: SEC EDGAR filing history. Release dates are the dates the earnings release was furnished to the SEC on Form 8-K (Item 2.02), which is normally the day results are announced. For a quarter whose 10-Q or 10-K isn’t filed yet, the date is the latest Item 2.02 8-K since the previous report, which may be a preliminary or other results-related update. Fiscal years are labeled by the calendar year in which they end.
06
Flagship products & servicesSite analysis
Brokerage
Trade execution and clearing
Direct market access to stocks, options, futures, currencies, bonds and funds worldwide from one account; IBKR Pro and commission-free IBKR Lite.
Brokerage
Margin and securities lending
Margin loans to customers, securities lending and interest on uninvested cash balances.
Brokerage
Trading platforms
Trader Workstation, IBKR Desktop, mobile and web platforms with order types, algorithms and portfolio tools.
From the Form 10-K, FY2025.
U.S. and worldwide share of flagship products/services
The 10-K gives no market share figures; it describes the company as a leading global automated brokerage platform.
Reviewed: Form 10-K (FY2025) · Form 10-Q (quarter ended 2026-06-30)
07
Recent strategic focusSite analysis
Recent developments.
2025 results
Net revenues $6,205M (+20%); commissions $2,149M (+27%); pre-tax income $4,771M; diluted EPS $2.22.
Source: Form 10-K (FY2025)
Q2 2026
Net revenues $1,896M versus $1,480M; commission revenue +30% to $673M; net income available to common stockholders $312M; basic EPS $0.70.
Source: Form 10-Q (quarter ended 2026-06-30)
Stock split
4-for-1 forward split effective for holders of record June 16, 2025.
Source: Form 10-K (FY2025)
Legacy cases closed
Trading Technologies patent judgment paid June 18, 2025, ending the case; margin liquidation class action settled for $5M (final approval June 17, 2026).
Source: Form 10-Q (quarter ended 2026-06-30)
Capex ÷ D&A (FY2025)
1.10x
Roughly matches depreciation — mostly maintenance/replacement
formulacapital expenditures ÷ depreciation & amortization
e.g.$67M ÷ $61M = 1.10x
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
Where the money goes, over time
Unit: $M. Capex went from $49M in FY2023 to $67M in FY2025
- Capex
formulacapital expenditures ÷ depreciation & amortization
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-27
08
Key figures at a glanceFrom SEC data
FY2020–FY2025, 6 years.
Total revenue (FY2025)
$6.21B
As reported in the 10-K
Revenue CAGR (5 years)
+22.8%▲favorable
formula(last-period revenue ÷ first-period revenue) ^ (1 ÷ years) − 1
e.g.($6,205M ÷ $2,218M) ^ (1÷5) − 1 = 22.8%
termsCAGR · ^ (exponent) · Revenue (net sales)
ROE (FY2025)
90.4%▲favorable
6-year average: 78.4%
As reported in the 10-K
- ▲
Revenue grew +22.8% a year over 5 years (strong growth)
From $2.22B in FY2020 to $6.21B in FY2025. The annualized rate (CAGR) makes it possible to compare growth pace across companies of different sizes.
- ▲
Free cash flow was positive in 3 of 3 years
Operating cash flow minus capital expenditures: the cash left over after funding the business’s own investment, available for dividends, buybacks, acquisitions, or debt paydown. A negative year can mean heavy investment, or weak core earnings — worth distinguishing.
- ▲
ROE averaged 78.4% over 6 years (latest: 90.4%)
How much profit was generated on shareholders’ equity. Roughly 10%+ is often cited as solid for a U.S. company, though this varies a lot by industry and capital intensity.
09
Business modelSite analysis
Business Model Canvas
The whole company in nine blocks. Left side: how it delivers (partners, activities, resources, costs). Right side: who it serves and how it earns. Every entry comes from the company’s filings shown on this page.
08 · who helps
Key partners
No partners or suppliers named in the filings.
07 · what it does
Key activities
- Trade execution, clearing and settlement
- Margin lending and securities lending
- Market data and other services
06 · what it draws on
Key resources
- 3,182 employees in 24 cities across 16 countries
- Proprietary trading and clearing software
- Memberships of exchanges and clearing houses worldwide
02 · why customers buy
Value propositions
- Low-cost trading on a highly automated platform with access to markets in over 200 countries.
04 · how it keeps them
Customer relationships
- Ongoing accounts earning interest and paying commissions; continuous software development.
03 · how it reaches them
Channels
- Its own platforms; introducing brokers and advisors.
01 · who it serves
Customer segments
- Individuals and trading professionals
- Financial advisors, hedge and mutual funds, proprietary trading firms
- Introducing brokers and banks
09 · where money goes
Cost structure
FY2025, share of revenue ($6.21B)
- Selling, general & administrative4.0%
Depreciation & amortization (inside the costs above): $61M. Capital spending: $67M.
Source: Form 10-K income statement and cash-flow statement (SEC XBRL).
05 · how money comes in
Revenue streams
- Commissions $2,149M
- Net interest income and other (total net revenues $6,205M in 2025)
Value propositions, channels and customer relationships: Form 10-K (FY2025)
Earns commissions on customer trades and interest on customer cash and margin loans, using its own highly automated platform to keep costs low.
01 what it draws on
Inputs & resources
- 3,182 employees in 24 cities across 16 countries
- Proprietary trading and clearing software
- Memberships of exchanges and clearing houses worldwide
02 what it does
Activities
- Trade execution, clearing and settlement
- Margin lending and securities lending
- Market data and other services
03 who it serves
Customers
- Individuals and trading professionals
- Financial advisors, hedge and mutual funds, proprietary trading firms
- Introducing brokers and banks
04 how money comes in
How it earns
- Commissions $2,149M
- Net interest income and other (total net revenues $6,205M in 2025)
How the business makes money
- 2025 non-interest expenses $1,434M versus net revenues $6,205M; pre-tax income $4,771M.
- Payables to customers $154.3B at end-2025, up from $115.3B.
- IBG, Inc. owns about 26.3% of IBG LLC; IBG Holdings (Peterffy, employees) holds about 73.7%.
Government & regulation around the business
Non-market factors from the company’s filings: what governments and regulators fund, buy, set, approve or restrict, and which part of the flow above each one touches.
Interactive Brokers identified past sanctions compliance issues and is regulated as a broker-dealer.
Trade & export rules
Sanctions compliance
IB LLC identified issues dating back to 2016 with compliance with sanctions regulations.
Constrains the businessTouches: ActivitiesSource: Form 10-K (FY2025)
Approvals & licenses
Bank capital and supervision
Holds cash and securities segregated for regulatory purposes.
Constrains the businessTouches: ActivitiesSource: Form 10-K (FY2025)
Revenue by segment (FY2025)
Unit: $M — bar length = revenue, (%) = share of total company revenue
Brokerage (single segment)
6,205 (100%)
Source: Form 10-K (FY2025) One reportable segment; total net revenues.
10
Where it earnsSite analysis
Many U.S.-listed companies earn most of their revenue outside the U.S. — this breaks down revenue by country/region so it's clear where the business actually makes its money.
Largest market (FY2025)
United States — 61% of revenue
Revenue by country / region (FY2025)
Unit: $M — bar length = revenue, (%) = share of total company revenue
United States
1,482 (61%)International
958 (39%)
Source: Form 10-K (FY2025) Revenue from contracts with customers (commissions and fees) by subsidiary location; excludes net interest income.
11
Contract structureSite analysisShow
Short-term or spot sales carry different earnings quality than long-term or auto-renewing contracts — this shows how the company actually contracts with its customers.
12
Customers & suppliersSite analysis
Who the company sells to and buys from. Companies rarely name either, so named counterparties come only from the company's own filings and press releases; otherwise this lists the concentration figures the 10-K discloses.
Customers
Individuals, advisors, hedge funds, trading firms and introducing brokers in over 200 countries.
Named by the company
No customer represented more than 2% of commissions in 2025.
Suppliers
Exchanges, clearing houses and market data providers.
Named by the company
No single supplier is named as material.
13
Competitors & peersSite analysis
Competitors the 10-K names, and the peer group the company itself chose in its proxy statement. Nothing here is this site's own pick.
Interactive Brokers says its brokerage operations face intense competition from financial institutions, mutual fund sponsors and other organizations, many offering online or direct market access investing services. It names no competitors.
Competitors named in the 10-K
The 10-K names no specific competitors.
Peer group the company chose
Peer group: S&P 500 index, from the proxy statement. Peers are companies the board considers comparable — for example when setting executive pay — not necessarily direct competitors.
The proxy uses the S&P 500 index as its TSR peer group and names no peer companies.
Source: Proxy statement (2026)Company names link to this site’s analysis where one exists; “site ↗” opens the company’s own website.
14
Six years of financialsFrom SEC data
Each chart's axis holds a single unit (never mixing dollars, %, and $/share). The table's per-period header links to the filing the numbers came from.
Total revenue over time
Unit: $M
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-27
Profit over time (operating → net)
Unit: $M
- Pretax income
- Net income
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-27
Cash flow over time
Unit: $M (below zero = cash went out)
- Operating CF
- Investing CF
- Free CF
formulacash flow from operations − capital expenditures
termsFree cash flow (FCF) · Cash flow from operations (operating CF) · Capital expenditures (capex)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-27
Financial stability & capital efficiency
Unit: %
- Equity ratio
- ROE
formulatotal equity ÷ total assets × 100 (as reported in the 10-K)
termsStockholders’ equity · Total assets
formulanet income ÷ average equity (beginning + ending, ÷2) × 100 (as reported in the 10-K)
termsNet income (attributable to the company) · Stockholders’ equity
Earnings per share (EPS) and dividend per share
Unit: $
- EPS
- Dividend per share
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-27
| Line item | FY202010-K on EDGAR ↗ | FY202110-K on EDGAR ↗ | FY202210-K on EDGAR ↗ | FY202310-K on EDGAR ↗ | FY202410-K on EDGAR ↗ | FY202510-K on EDGAR ↗ |
|---|---|---|---|---|---|---|
| Income statement ($M) | ||||||
| Revenue | 2,218 | 2,714 | 3,067 | 4,340 | 5,185 | 6,205 |
| Pretax income | 1,256 | 1,787 | 1,998 | 3,069 | 3,695 | 4,771 |
| Net income (attributable) | 1,179 | 1,636 | 1,842 | 2,812 | 3,407 | 4,357 |
| Revenue growthcalc(this year’s revenue − last year’s revenue) ÷ last year’s revenue × 100 | — | 22.4% | 13.0% | 41.5% | 19.5% | 19.7% |
| Net margincalcnet income attributable to the company ÷ revenue × 100 | 53.2% | 60.3% | 60.1% | 64.8% | 65.7% | 70.2% |
| Balance sheet ($M) | ||||||
| Total assets | 95,679 | 109,113 | 115,143 | 128,251 | 150,142 | 203,240 |
| Total equity | 9,003 | 10,222 | 11,615 | 14,067 | 16,597 | 20,472 |
| Interest-bearing debtSum of short- and long-term borrowings, notes/bonds payable | 96 | 0 | 0 | 0 | 14 | 19 |
| Equity ratio | 2.0% | 2.2% | 2.5% | 2.8% | 2.9% | 2.6% |
| ROE | 60.4% | 75.3% | 70.3% | 87.4% | 86.6% | 90.4% |
| Cash flow ($M) | ||||||
| Operating CF | 8,068 | 5,896 | 3,968 | 4,544 | 8,724 | 15,811 |
| Investing CF | -50 | -188 | -67 | -52 | -44 | -171 |
| Financing CF | -229 | -523 | -470 | -624 | -833 | -969 |
| Free cash flowcalccash flow from operations − capital expenditures | — | — | — | 4,495 | 8,675 | 15,744 |
| Cash and equivalents | 4,292 | 2,395 | 3,436 | 3,753 | 3,633 | 4,963 |
| Per share & other | ||||||
| EPS ($) | 0.61 | 0.81 | 0.94 | 1.42 | 1.73 | 2.22 |
| BVPS ($) | 5.37 | 6.09 | 6.91 | 8.36 | 9.81 | 12.02 |
| Dividend per share ($) | 0.03as paid 0.10÷4 | 0.03as paid 0.10÷4 | 0.03as paid 0.10÷4 | 0.03as paid 0.10÷4 | 0.05as paid 0.21÷4 | 0.08as paid 0.30÷4 |
| Payout ratiocalcdividend per share ÷ diluted EPS × 100 | 4.1% | 3.1% | 2.7% | 1.8% | 3.1% | 3.4% |
| P/E (x) | 25.2 | 24.5 | 19.3 | 14.6 | 25.5 | 29.0 |
| P/B (x)calcfiscal year-end closing price ÷ book value per share | 2.84 | 3.26 | 2.62 | 2.48 | 4.50 | 5.35 |
Because of stock splits, all per-share figures are restated onto the most recent period’s share count (the as-filed figure is shown underneath). A payout ratio isn’t computed for a year in which a split occurred mid-year, since the interim and final dividend use different bases. P/B and EV/EBITDA use each period’s period-end (fiscal year-end) figures, not the current share price. Figures without a "calc" tag are as reported in the Form 10-K (the consolidated financial statements and, for older years, earlier 10-Ks), pulled automatically from SEC EDGAR. Where a later filing restated a prior period, the restated figure is used.
Last 8 quarters
Three-month figures from 10-Q filings. Change is versus the same quarter a year earlier. Newest quarter on top.
| Quarter ended | Revenue | Net income | Diluted EPS |
|---|---|---|---|
| 2026-09-30 | $1.91B+15.6% | $1.35B+13.7% | $0.69 |
| 2026-06-30 | $1.9B+28.1% | $1.34B+33.0% | $0.69 |
| 2026-03-31 | $1.67B+17.0% | $1.17B+21.5% | $0.59 |
| 2025-12-31 † | $1.64B+18.5% | $1.2B+23.9% | — |
| 2025-09-30 | $1.66B | $1.19B | $0.59 |
| 2025-06-30 | $1.48B | $1.01B | $0.51 |
| 2025-03-31 | $1.43B | $964M | $0.48 |
| 2024-12-31 † | $1.39B | $969M | — |
† Fourth quarter = the 10-K’s annual figure minus the first three quarters; quarterly EPS isn’t derived this way because share counts change during the year.
15
Measures that fit this businessFrom SEC data
ROIC and free cash flow don’t suit an investment bank or broker, so these are the usual yardsticks instead.
| Measure | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|
| Return on equityNet income ÷ stockholders’ equity. | 60.4% | 75.3% | 70.3% | 87.4% | 86.6% | 90.4% |
| Net marginNet income ÷ revenue. | 53.2% | 60.3% | 60.1% | 64.8% | 65.7% | 70.2% |
| Net interest income ÷ average assetsSpread earned on the balance sheet; a stand-in for net interest margin, which uses earning assets. | — | 1.1% | 1.5% | 2.3% | 2.3% | 2.0% |
| Noninterest expense ÷ revenueThe efficiency ratio. Lower means less cost for each dollar of revenue. | 43.4% | 34.2% | 34.9% | 29.3% | 28.7% | 23.1% |
| Equity ÷ total assetsThe accounting cushion. Regulatory capital ratios are listed separately above when the filing states them. | 2.0% | 2.2% | 2.5% | 2.8% | 2.9% | 2.6% |
Computed from SEC XBRL figures. A dash means the company doesn’t tag that figure or the result fell outside a plausible range. Tagging differs between filers, so check the filing before comparing two companies closely.
16
Is ROIC above WACC?From SEC data
ROIC (the return on money invested in the business) above WACC (the cost of raising that money) means the company is creating value. WACC is an estimate, so its assumptions can be adjusted below.
Banks, insurers, and similar financial companies aren’t compared this way, since deposits/policies are the business itself and debt can’t be cleanly separated from operating capital.
17
What the price implies (DCF)From SEC data
A company's value can be written as its free cash flow divided by (cost of capital − perpetual growth). Working that backwards from the market's valuation shows how much growth the share price assumed — compared here with the company's actual past growth.
Not applied to banks, insurers, and similar financial companies: their operating cash flow includes deposits or premiums held for customers, so it isn’t free cash flow available to investors.
18
Earnings qualityFrom SEC dataShow
The same reported profit can mean different things depending on whether it's backed by cash, driven by the core business, or the result of a one-off item. Four checks below.
Financial companies’ operating cash flow behaves differently from an operating company’s, so this analysis doesn’t apply.
19
Who holds the sharesFrom SEC dataShow
How much of the stock large institutional investors report owning on SEC Form 13F, how much the directors and executive officers hold (and how much of the vote they control), and roughly how much is left for individual investors. Shown next to beta so the holder mix can be read alongside how much the stock swings.
Institutions, insiders and everyone else — Class A shares, 13F holdings as of 2026-06-30
“Everyone else” is what remains after shares reported on Form 13F and shares held by directors and executive officers: mostly individual investors, plus non-insider families or foundations and smaller or foreign institutions. The figures have different dates and 13F reports count some shares twice — read it as an approximate split.
- Held by 13F filers
- 85.7%
- Directors & officers (shares)
- 2.8%
- Everyone else (est.)
- 11.5%
- Directors & officers (voting power)
- —
- Institutional-ownership rank
- 256 of 416
- Beta (adjusted)
- 1.40
of Class A shares
individuals and other non-13F holders
not stated in the proxy
1 = most institutional; 61% of covered companies have more
above 1 = swings more than the market
- 388.5M shares reported by 1,113 13F filers ÷ 453.1M Class A shares outstanding on 2026-08-05. Option positions are excluded.
- Only the listed Class A shares are counted; other share classes (often held by founders) are not in this figure.
- Directors and executive officers as a group, from the proxy statement’s beneficial-ownership table; includes shares they can acquire within 60 days. They hold all Class B shares, which are held of record by IBG Holdings LLC.
- A large “everyone else” share can still reflect a family, trust or foundation stake held outside the board; check the proxy statement’s 5% holders.
Sources: SEC Form 13F data set (holdings as of 2026-06-30) · Form DEF 14A filed 2026-03-11 (beneficial ownership table) · Form 10-Q cover page (shares outstanding as of 2026-08-05)
20
Strengths & weaknessesSite analysis
Strengths
1. Low-cost automation
Non-interest expenses were $1,434M against $6,205M of net revenues in 2025.
Evidence: Form 10-K (FY2025)
2. Fast growth
Net revenues grew from $2,218M (2020) to $6,205M (2025); Q2 2026 net revenues $1,896M versus $1,480M.
Evidence: Form 10-Q (quarter ended 2026-06-30)
3. Diversified customers
No single customer represented more than 2% of commissions in 2025.
Evidence: Form 10-K (FY2025)
Weaknesses
1. Minority public ownership
Public shareholders own IBG, Inc., which holds about 26.3% of IBG LLC; most earnings go to noncontrolling interests.
Evidence: Form 10-K (FY2025)
2. Rate and volume sensitivity
Revenues depend on trading volumes and interest rate levels, so they are prone to significant fluctuations.
Evidence: Form 10-K (FY2025)
21
What draws investors to itSite analysis
Why the stock can look attractive to investors — each point paired with what has to hold for it to stay true, and the opposing view. This is this site's analysis, not a recommendation to buy or sell.
P/E (FY2025)
29.0x
Price at fiscal year-end ÷ diluted EPS
Dividend yield (FY2025)
0.47%
Dividends per share ÷ fiscal year-end price
Payout ratio (FY2025)
3%
Dividends per share ÷ diluted EPS
1. Scalable platform
Automation keeps costs low as accounts grow.
- What has to hold
- Account growth continues.
- The other side
- Rate cuts reduce interest income.
Evidence: Form 10-K (FY2025)
2. Global reach
Customers in more than 200 countries; international revenue $958M.
- What has to hold
- Global demand for trading access.
- The other side
- Regulatory complexity.
Evidence: Form 10-K (FY2025)
Revenue = total net revenues including net interest income. Net income in the table is consolidated (including the noncontrolling interest of IBG Holdings); EPS, shares and book value per share are for Class A common stock. Per-share figures are adjusted for the June 2025 4-for-1 split. Capex before 2023 is not shown.
22
ResilienceSite analysisShow
How well the company could absorb a bad year: its financial buffer, how its revenue and profit held up in the worst year on record, and what the 10-K says about the business's exposure to shocks. Figures and filing statements only — no overall rating.
1. Financial buffer (FY2025)
For an insurer or bank, debt-coverage ratios like these don’t describe its ability to absorb losses — that depends on its capital, reserves, and investment portfolio, which are covered in part 3 below.
2. Worst year in the record, and the recovery
| Figure | Worst year-over-year change | Back to the prior level? |
|---|---|---|
| Revenue | No decline in the record | — |
| Net income | No decline in the record | — |
Covers only the 6 fiscal years on record (FY2020–FY2025), which may not include a full recession — the worst year here isn’t necessarily how the company would fare in a severe downturn.
3. Business resilience (from the 10-K)
Profitable every year
Pre-tax income rose every year from $1,256M (2020) to $4,771M (2025).
Source: Form 10-K (FY2025)
23
Legal & regulatory mattersSite analysisShow
Lawsuits, government investigations, enforcement actions and settlements the company discloses — where each stands, what is at stake, and what comes next. From the 10-K's Legal Proceedings and contingencies note, the latest 10-Q, and 8-Ks.
Interactive Brokers says accruals for legal and regulatory matters were not material at end-2025; its two long-running cases have now ended.
0 open matters · 2 settled or closed
Trading Technologies patent case
Closed, no actionPatent / IPTrading Technologies (successor Harris Brumfield) v. IBG LLC, IB LLC
Jury found infringement of two patents in 2021 and awarded $6.6M (versus $962.4M sought), plus interest and costs; appeals and Supreme Court petitions failed and the judgment was paid June 18, 2025, concluding the matter.
- Amounts
- $6.6M plus interest and costs
Source: Form 10-K (FY2025) — Note on Commitments, Contingencies and Guarantees
Margin liquidation class action
SettledClass actionFormer customer (class) v. IB LLC, IBG, Inc.
A 2015 suit alleged flaws in the system that liquidates margin-deficient accounts. IB paid $5M to the class and forgave about $1.8M of customer debts with no admission of liability; final approval June 17, 2026.
- Amounts
- $5M plus $1.8M of forgiven debts
Source: Form 10-Q (quarter ended 2026-06-30) — Legal Proceedings
Company statement: Other proceedings are described as ordinary-course and not expected to be material.
Based on Form 10-K (FY2025) — Note on Commitments, Contingencies and Guarantees, reviewed 2026-10-25. Routine ordinary-course claims are not listed. “Major” is this site’s judgment of which matters could materially affect results.
24
Risks (including geopolitical)Site analysis
Starting from the 10-K's Risk Factors section, organized by category — geopolitical, currency, raw materials, regulatory, disaster, and more — with impact and likelihood assessed by this site.
Risk map
Vertical = impact on results, horizontal = likelihood. Upper right = most severe. Numbers match the list below (placement is this site’s own assessment).
Likelihood →
"Company disclosure" vs. "this site’s assessment"
The description and mitigation for each risk are this site’s summary of the 10-K’s "Risk Factors" section. Impact and likelihood are this site’s own assessment, not the company’s — where the company discloses its own likelihood assessment, that is noted in the summary.
Impact is judged from how large the affected business is relative to total revenue/profit, and from the risk’s track record of moving results in the past. Likelihood is judged from the filing’s wording and the current business environment (already occurring, or recurring). See the rating criteria.
- 1FX & interest rates
Interest rate levels
- Company disclosure (summarized from the 10-K)
- Net interest income on customer balances is a large part of revenue; lower rates reduce it.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact High / Likelihood Med
- 2Demand & macro
Trading volumes
- Company disclosure (summarized from the 10-K)
- Weak markets or lower volatility reduce trading volumes and commissions.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood High
- 3Competition & technology shift
Intense competition
- Company disclosure (summarized from the 10-K)
- Direct market access and brokerage operations face intense competition from financial institutions and online brokers.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood High
- 4Funding & liquidity
Clearing and counterparty losses
- Company disclosure (summarized from the 10-K)
- Must settle trades if customers default; margin deficiencies can cause losses.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood Med
- 5Governance & key people
Founder control
- Company disclosure (summarized from the 10-K)
- Thomas Peterffy and affiliates control the company through IBG Holdings.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood Med
- 6Law & regulation
Global regulation
- Company disclosure (summarized from the 10-K)
- Subsidiaries are regulated in many jurisdictions, including FINRA change-of-control rules.
- Company’s stated mitigation
- Our Market Risk Committee continually monitors and evaluates our risk management policies, including the implementation of policies and procedures to enhance the detection and prevention of potential events to mitigate margin loan losses.
- This site’s assessment
- Impact Med / Likelihood Med
25
What changed in the risk factorsFrom SEC data
Paragraphs in the latest 10-K's Risk Factors that have little overlap with the year before, and paragraphs that were dropped.
New or substantially reworded (4)
There are emerging legal and regulatory risks related to prediction markets that could harm our business.
ForecastEx is a CFTC-registered Designated Contract Market ("DCM") and Derivatives Clearing Organization ("DCO") that lists event contacts (referred to as "Forecast Contracts"). Read more
Eligible customers of certain of our broker-dealer subsidiaries have access to Forecast Contracts through ForecastEx.
The legal and regulatory framework for prediction markets is uncertain and continues to evolve. Read more
The outcome of currently ongoing and potential future regulatory matters, enforcement actions and litigation, as well as new laws or regulations, changes in the interpretation of existing laws or regulations, or more rigorous enforcement in this space could prevent ForecastEx from listing, and our broker-dealer subsidiaries from offering, some or all types of Forecast Contracts in the future, including in jurisdictions outside of the U.S.
In addition, there is heightened scrutiny of certain types of contracts (including contracts relating to sports and elections), and there is a risk of litigation and law enforcement activity from state gaming and regulatory authorities, as well as litigation from a range of other plaintiffs.
No longer in the text (2)
We may not pay dividends on our common stock at any time in the foreseeable future.
We may not pay dividends on our common stock at any time in the foreseeable future.
Matched automatically, quoted as filed, and may include rewording of an existing risk. Compares Item 1A of the 10-K filed Feb 27, 2026 ↗ with the 10-K filed Feb 27, 2025 ↗.
26
What to watch going forwardSite analysis
- Interest rates and net interest income.
- Customer account growth and trading volumes.
- Further exchanges of IBG Holdings interests into Class A shares.
- Expense discipline.
27
Source documentsShow
This page's financial figures come from the Form 10-Ks listed below. Check the original filings for full detail.
Other sources referenced in the analysis
Last updated
Analysis last edited: October 25, 2026 · Financial data fetched: October 25, 2026 09:39 (SEC EDGAR) · Source 10-K filed: February 27, 2026
Built on10-K FY2025 · filed 2026-02-27Proxy statement (2026)
Next update expectedAfter FY2026’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
This page is this site’s own analysis based on public information, and does not represent Interactive Brokers’s views. It is not a recommendation to buy or sell any security, and this site does not guarantee the accuracy of any figure or statement here. Always verify against the original source documents before making an investment decision.