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Interactive Brokers Group (IBKR) FY2025 results: revenue $6.2 billion, up 19.7% on the year

Interactive Brokers Group, Inc. (IBKR) reported revenue of $6.2 billion for fiscal 2025, the year ended 31 December 2025, up 19.7% on the year before. Net income was $984 million, up 30.3%, and diluted earnings per share $2.22. The figures are the company's own, from the 10-K it filed with the SEC on 27 February 2026.

Revenue
$6.2 billion
+19.7% on the year
FY2018FY2025
Operating margin
n/a
FY2018FY2025
Net income
$984 million
+30.3% on the year
FY2018FY2025
Diluted EPS
$2.22
+28.1% on the year
FY2018FY2025

this yearthe year beforeHover a bar for its figure.

The year in brief

What management said about the year

Guidance figures: 1 kept.

  • Diluted EPS rose year over year: Diluted EPS was $0.63 GAAP and $0.65 adjusted, against $0.50 and $0.51 a year earlier, and $0.59 and $0.57 in 3Q2025.
  • Net revenues rose year over year: GAAP net revenues were $1.64 billion, up from $1.39 billion; adjusted net revenues were $1.67 billion, up from $1.42 billion. GAAP revenue was $12 million below 3Q2025.
  • Commission revenue rose 22%: Commission revenue was $582 million, up from $477 million a year earlier, on higher customer trading volumes; 3Q2025 commission revenue was $537 million.
  • Customer accounts reached 4.40 million: Customer accounts rose 32% to 4.40 million, from 4.13 million in 3Q2025, a 7% increase over the quarter.
  • Customer DARTs rose 30%: Total customer DARTs were 4.04 million, up 30% from 3.12 million a year earlier and up 12% from 3.62 million in 3Q2025.
Read the Q4 FY2025 earnings call summary

From this 10-K

Interactive Brokers Group is an automated global broker. It custodies and services accounts for hedge and mutual funds, exchange-traded funds, registered investment advisors, proprietary trading groups, introducing brokers and individual investors, and it routes orders and executes and processes trades in stocks, options, futures, foreign exchange, bonds, mutual funds, ETFs, precious metals on more than 170 electronic exchanges and market centers in 40 countries and 29 currencies. Since launching the electronic brokerage business in 1993 it has grown to approximately 4.4 million institutional and individual brokerage customers, and it had 3,182 employees worldwide at 31 December 2025.

Interactive Brokers Group, Inc., the 10-K for 2025

Interactive Brokers Group is an automated global broker. It custodies and services accounts for hedge and mutual funds, exchange-traded funds, registered investment advisors, proprietary trading groups, introducing brokers and individual investors, and it routes orders and executes and processes trades in stocks, options, futures, foreign exchange, bonds, mutual funds, ETFs, precious metals on more than 170 electronic exchanges and market centers in 40 countries and 29 currencies. Since launching the electronic brokerage business in 1993 it has grown to approximately 4.4 million institutional and individual brokerage customers, and it had 3,182 employees worldwide at 31 December 2025.

The U.S. business runs from Greenwich, Connecticut and Chicago, Illinois, with offices abroad in Canada, the United Kingdom, Ireland, Switzerland, Hungary, Dubai, India, China, Japan, Singapore and Australia. IBG, Inc. is a holding company whose primary asset is approximately 26.3% of the membership interests of IBG LLC, the current holding company for the businesses, and it is the sole managing member of IBG LLC. The company traces its roots to the market making business founded by its chairman on the floor of the American Stock Exchange in 1977, and it has focused since inception on developing proprietary software to automate broker-dealer functions. It joined the S&P 500 Index on 28 August 2025.

The platforms

Trader Workstation is the desktop platform for active traders who trade multiple products, with a Mosaic interface holding trading, order management, chart, watchlist and portfolio tools in one customisable workspace. IBKR Desktop delivers the core functions of Trader Workstation alongside tools for technical and fundamental analysis, charting and advanced order types including conditional and algorithmic orders. IBKR Mobile carries the same market-moving information as the desktop platform, and IBKR Client Portal is web-based and requires no downloads. IBKR GlobalTrader is a mobile app for trading internationally, with deposits in local currency, stocks at 90+ exchanges, options at 30+ market centers and around-the-clock trading of select U.S. stocks and ETFs.

The service comes at two levels. IBKR Pro gives access to stocks, options, futures, forex, bonds, mutual funds, ETFs, precious metals and cryptocurrencies from a single unified platform with no added spreads, ticket charges, account minimums or platform fees. IBKR Lite gives participating U.S. customers unlimited commission-free trades on U.S. exchange-listed stocks and ETFs without account minimums or platform fees, in exchange for not pursuing price improvement through the IB SmartRouting system. The IBKR Universal Account lets a customer transact in 29 currencies across the same venues from one point of entry.

What sits around the trading

Cash management covers a Request for Payment service for instant U.S. deposits from a mobile banking app, deposits through local payment systems outside the U.S., direct deposit of paychecks and pension distributions, mobile check deposit, and an Insured Bank Deposit Sweep Program giving eligible customers up to $5,000,000 of FDIC insurance on eligible cash balances, or $10,000,000 for joint accounts, on top of the existing $250,000 of SIPC coverage, with balances swept daily to banks up to $246,500 each.

The Mutual Fund Marketplace offers access to more than 50,000 mutual funds worldwide, including more than 20,000 no-transaction-fee funds from more than 500 fund families. The Bond Marketplace covers over one million bonds from issuers in the Americas, Europe and Asia/Pacific. Cryptocurrency trading in Bitcoin, Ethereum, Litecoin and Bitcoin Cash runs through Paxos Trust Company or Zero Hash LLC, which execute, clear and custody the cryptocurrencies. IBKR ForecastTrader is a web-based platform for contracts issued by ForecastEx, a CFTC-registered exchange and wholly owned subsidiary, and for event contracts on select CME futures markets, letting a customer trade a question with a yes or no outcome. Fractional trading covers eligible U.S., Canadian and European stocks and ETFs, with no minimum for European shares and U.S. shares from as little as $1.00. Customers can also trade U.S. Spot Gold in quantities as small as one ounce.

What went through it

Total accounts were 4,399 thousand at the end of 2025 against 3,337 thousand a year earlier, and customer equity, which is client money rather than the firm's own, was $779.9 billion against $568.2 billion. Total executed orders were 1,037,588 thousand during 2025, of which 915,616 thousand were customer orders and 121,972 thousand were principal orders. Customers traded 1,623,384 thousand options contracts, 240,120 thousand futures contracts and 417,457,770 thousand shares.

From Interactive Brokers' annual report on Form 10-K for the year ended 31 December 2025. The filing

Written from the 10-K filed 27 February 2026: read the full 10-K.

The four quarters: Q1 FY2025 · Q2 FY2025 · Q3 FY2025 · Q4 FY2025

Income statement (profit and loss)

$ millionFY2025FY2024FY2023On the yearLast 8 years
Revenue6,2055,1854,340+19.7%
Selling, general and administrative247314211-21.3%
Interest expensen/an/a3,436
Pre-tax income4,7713,6953,069+29.1%
Income tax414288257+43.8%
Effective tax rate8.7%7.8%8.4%
Net income984755600+30.3%
Net margin15.9%14.6%13.8%
Diluted EPS$2.22$1.73$1.42+28.1%
$ million except per share.
Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ millionFY2025FY2024FY2023On the yearLast 8 years
Operating cash flow15,8118,7244,544+81.2%
Capital expenditure67.049.049.0+36.7%
Free cash flow15,7448,6754,495+81.5%
Free cash flow margin253.7%167.3%103.6%
Cash from investing-171-44.0-52.0
Cash from financing-969-833-624
Depreciation and amortisation61.067.065.0-9.0%
Share-based compensation118112100+5.4%
Dividends paid13492.042.0+45.7%
Dividend per sharen/an/a$0.03
Diluted shares, weighted444m436m423m+1.8%

Balance sheet

$ millionFY2025FY2024FY2023On the yearLast 8 years
Shareholders' equity5,3634,2803,584+25.3%
Non-controlling interest15,10912,31710,483+22.7%
Debtn/an/a0.0
Other liabilities182,768133,545114,356+36.9%
Total liabilities and equity203,240150,142128,423+35.4%
Fixed assets60.059.081.0+1.7%
Intangible assets52.048.043.0+8.3%
Securities borrowed11,5895,3695,835+115.9%
Cash and equivalents4,9633,6333,753+36.6%
Other assets186,576141,033118,711+32.3%
Total assets203,240150,142128,423+35.4%

10-K for the year ended 31 December 2025, filed 27 February 2026: the filing.