Interactive Brokers Group, Inc.: Q1 FY2026 earnings call

What management said about Q1 FY2026, from the documents filed with the SEC on 21 April 2026: press release. Guidance figures: 1 raised. The quarter’s numbers.

Key takeaways

Diluted EPS rose to $0.59: Reported diluted EPS was $0.59, up from $0.48, and adjusted diluted EPS was $0.60, up from $0.47 a year earlier. Net income available for common stockholders was $267 million, against $213 million. Source
Net revenues rose to $1.67 billion: Reported net revenues were $1.67 billion, against $1.43 billion a year earlier. Adjusted net revenues were $1.68 billion, against $1.40 billion. Source
Commissions rose 19%: Commission revenue was $613 million, up from $514 million, on higher customer trading volumes. Source
Net interest income rose 17%: Net interest income was $904 million, against $770 million, primarily on higher average customer margin loans and customer credit balances. Source
Trading volume rose across products: Customer trading volume rose 25% in stocks, 20% in futures and 16% in options, year over year. Source
Customer accounts and equity grew: Customer accounts reached 4.75 million, up 31%. Customer equity reached $789.4 billion, up 38% from a year earlier. Source

“Customer trading volume in stocks, futures and options increased 25%, 20% and 16%, respectively.”
Interactive Brokers Group, Inc., press release

Guidance

Area	Period	Figure	Against last quarter
Dividend Source	quarterly cash dividend payable June 12, 2026, to holders of record June 1, 2026	$0.0875 per share	Raised from $0.08

Results and growth drivers

Diluted EPS rose to $0.59: Reported diluted EPS was $0.59, up from $0.48, and adjusted diluted EPS was $0.60, up from $0.47 a year earlier. Net income available for common stockholders was $267 million, against $213 million. Source
Net revenues rose to $1.67 billion: Reported net revenues were $1.67 billion, against $1.43 billion a year earlier. Adjusted net revenues were $1.68 billion, against $1.40 billion. Source
Pretax income reached $1.29 billion: Income before income taxes was $1.29 billion, against $1.06 billion a year earlier. Adjusted income before income taxes was $1.30 billion, against $1.02 billion. Source

Revenue lines and fees

Commissions rose 19%: Commission revenue was $613 million, up from $514 million, on higher customer trading volumes. Source
Net interest income rose 17%: Net interest income was $904 million, against $770 million, primarily on higher average customer margin loans and customer credit balances. Source
Other fees and services rose 10%: Other fees and services were $86 million, against $78 million, led by exchange-mandated order-flow payments, FDIC sweep fees and market data fees, partly offset by lower risk exposure fees. Source
Execution fees fell 12%: Execution, clearing and distribution fees were $106 million, against $121 million, driven by lower regulatory fees after the SEC Section 31 rate went to zero, and greater liquidity rebate capture. Source

“In connection with our currency diversification strategy, we base our net worth in GLOBALs, a basket of 10 major currencies in which we hold our equity.”
Interactive Brokers Group, Inc., press release

Trading activity and customers

Trading volume rose across products: Customer trading volume rose 25% in stocks, 20% in futures and 16% in options, year over year. Source
Customer accounts and equity grew: Customer accounts reached 4.75 million, up 31%. Customer equity reached $789.4 billion, up 38% from a year earlier. Source
Total DARTs and balances rose: Total DARTs reached 4.37 million, up 24%. Customer credits reached $168.8 billion, up 35%, and customer margin loans reached $86.0 billion, up 35%. Source
Per-account activity and commission fell: Cleared average DARTs per account were 205 on an annualized basis, down 7%. Commission per cleared commissionable order was $2.69, down 3%. Source

Order flow and executed volumes

Executed orders rose 29%: Total executed orders were 308,429 thousand, up 29%. Customer orders were 266,419 thousand, up 26%, and principal orders 42,010 thousand, up 48%. Source
Principal options fell, futures rose: Principal options contracts were 12,344 thousand, down 12%. Principal futures contracts were 552 thousand, up 13%. Principal shares were 1,144,835 thousand, down 2%. Source

Costs and taxes

Non-interest expenses rose 2%: Total non-interest expenses were $381 million, against $372 million. Employee compensation and benefits were $167 million, against $154 million. Source
Income tax expense rose: Income tax expense was $117 million, against $91 million a year earlier. Net income was $1,171 million, against $964 million. Source

Margins and profit share

Pretax margin reached 77%: Pretax profit margin was 77% both as reported and as adjusted, against 74% reported and 73% adjusted a year earlier. Source
Net interest margin narrowed to 1.88%: Net interest margin was 1.88%, against 2.10%. Annualized yield on customer margin loans was 4.11%, against 4.88%, and on segregated cash and securities 3.30%, against 4.01%. Source
Noncontrolling interests took most profit: Net income attributable to noncontrolling interests was $904 million of $1,171 million net income, leaving $267 million for common stockholders. Source

Currency and other income

Other income included currency gain: Other income was $66 million, against $65 million, and included a $26 million gain from the currency diversification strategy. Source
Currency strategy hit other comprehensive income: Components of the currency diversification strategy were reported as a $26 million gain in other income and a $79 million loss in other comprehensive income. Source
Adjusted measures excluded investment items: Adjusted net revenues removed the $26 million currency gain and added back a $37 million mark-to-market loss on investments, against an $11 million gain removed a year earlier. Source

Capital and balance sheet

Total equity reached $21.3 billion: Total equity was $21,260 million, against $20,472 million at December 31, 2025. Stockholders' equity was $5,585 million, against $5,363 million. Source
Segregated cash and securities rose: Cash segregated for regulatory purposes was $53,414 million, against $50,332 million. Segregated securities were $41,889 million, against $26,521 million. Source
Diluted share count rose: Diluted weighted average common shares outstanding were 448,369,291, against 439,462,964 a year earlier. Source

Figures management reported

Figure	Reported
Customer accounts Source	4.75 million, up 31%
Customer equity Source	$789.4 billion, up 38%
Total DARTs Source	4.37 million, up 24%
Customer credits Source	$168.8 billion, up 35%
Customer margin loans Source	$86.0 billion, up 35%
Cleared average DARTs per account (annualized) Source	205, down 7%
Commission per cleared commissionable order Source	$2.69, down 3%
Customer trading volume growth (stocks, futures, options) Source	Stocks 25%, futures 20%, options 16%
Executed orders (total) Source	308,429 thousand, up 29%

Risks management discussed

Financial: Currency diversification reduced comprehensive earnings by $53 million this quarter, as the U.S. dollar value of the GLOBAL basket decreased about 0.30%. Source

Other quarters

Summarised with AI from the documents the company filed with the SEC. Every point is checked against the filing before it is shown: management’s own words word for word, figures against the line or table row they come from. A point that fails the check is left out. Source opens the filing at that line.

As filed with the SEC

Open the filing on EDGAR

INTERACTIVE BROKERS GROUP ANNOUNCES 1Q2026 RESULTS

GAAP DILUTED EPS OF $0.59, ADJUSTED EPS OF $0.60

GAAP NET REVENUES OF $1.67 BILLION, ADJUSTED NET REVENUES OF $1.68 BILLION

RAISES QUARTERLY DIVIDEND FROM $0.08 TO $0.0875

GREENWICH, CT, April 21, 2026 - Interactive Brokers Group, Inc. (Nasdaq: IBKR), an automated global broker, announced results for the quarter ended March 31, 2026.

Reported diluted earnings per share were $0.59 for the current quarter and $0.60 as adjusted. For the year-ago quarter, reported diluted earnings per share were $0.48 and $0.47 as adjusted.

Reported net revenues were $1.67 billion for the current quarter and $1.68 billion as adjusted. For the year-ago quarter, reported net revenues were $1.43 billion and $1.40 billion as adjusted.

Reported income before income taxes was $1.29 billion for the current quarter and $1.30 billion as adjusted. For the year-ago quarter, reported income before income taxes was $1.06 billion and $1.02 billion as adjusted.

Financial Highlights

(All comparisons are to the year-ago quarter.)

Commission revenue increased 19% to $613 million on higher customer trading volumes. Customer trading volume in stocks, futures and options increased 25%, 20% and 16%, respectively.

Net interest income increased 17% to $904 million primarily on higher average customer margin loans and customer credit balances.

Other fees and services increased 10% to $86 million, led by increases of $2 million in payments for order flow from exchange-mandated programs, $2 million in FDIC sweep fees and $2 million in market data fees, partially offset by a decrease of $3 million in risk exposure fees.

Execution, clearing and distribution fees decreased 12% to $106 million, driven by lower regulatory fees, as the SEC Section 31 transaction fee rate was reduced to zero on May 14, 2025, and greater capture of liquidity rebates from certain exchanges due to higher trading volumes in stocks and options.

Pretax profit margin for the current quarter was 77% both as reported and as adjusted. For the year-ago quarter, pretax margin was 74% as reported and 73% as adjusted.

Total equity of $21.3 billion.

The Interactive Brokers Group, Inc. Board of Directors declared an increase in the quarterly cash dividend from $0.08 per share to $0.0875 per share. This dividend is payable on June 12, 2026, to shareholders of record as of June 1, 2026.

See the reconciliation of non-GAAP financial measures starting on page 10.

Prior period share and per share amounts have been retroactively adjusted to reflect the four-for-one forward stock split, effected in the form of a stock dividend, on June 17, 2025.

Business Highlights

(All comparisons are to the year-ago quarter.)

Customer accounts increased 31% to 4.75 million.

Customer equity increased 38% to $789.4 billion.

Total DARTs increased 24% to 4.37 million.

Customer credits increased 35% to $168.8 billion.

Customer margin loans increased 35% to $86.0 billion.

Other Items

In connection with our currency diversification strategy, we base our net worth in GLOBALs, a basket of 10 major currencies in which we hold our equity. In this quarter, our currency diversification strategy decreased our comprehensive earnings by $53 million, as the U.S. dollar value of the GLOBAL decreased by approximately 0.30%. The effects of the currency diversification strategy are reported as components of (1) Other Income (gain of $26 million) and (2) Other Comprehensive Income (loss of $79 million).

Conference Call Information:

Interactive Brokers Group, Inc. will hold a conference call with investors today, April 21, 2026, at 4:30 p.m. ET to discuss its quarterly results. Members of the public who would like to listen to the conference call should register at https://register-conf.media-server.com/register/BId7ec48739d1242b89129de85d8d31b91 to obtain the dial-in details. The number should be dialed approximately ten minutes prior to the start of the conference call. The conference call will also be accessible simultaneously, and through replays, as an audio webcast through the Investor Relations section of the Interactive Brokers web site, www.interactivebrokers.com/ir.

About Interactive Brokers Group, Inc.:

Interactive Brokers Group, Inc. (NASDAQ: IBKR) is a member of the S&P 500. Its affiliates provide automated trade execution and custody of securities, commodities, foreign exchange, and forecast contracts around the clock on over 170 markets in numerous countries and currencies from a single unified platform to clients worldwide. We serve individual investors, hedge funds, proprietary trading groups, financial advisors and introducing brokers. Our four decades of focus on technology and automation have enabled us to equip our clients with a uniquely sophisticated platform to manage their investment portfolios. We strive to provide our clients with advantageous execution prices and trading, risk and portfolio management tools, research facilities and investment products, all at low or no cost, positioning them to achieve superior returns on investments. Interactive Brokers has consistently earned recognition as a top broker, garnering multiple awards and accolades from respected industry sources such as Barron's, Investopedia, Stockbrokers.com, and many others.

Daily average revenue trades (DARTs) are based on customer orders.

Cautionary Note Regarding Forward-Looking Statements:

The foregoing information contains certain forward-looking statements that reflect the Company’s current views with respect to certain current and future events and financial performance. These forward-looking statements are and will be, as the case may be, subject to many risks, uncertainties and factors relating to the Company’s operations and business environment which may cause the Company’s actual results to be materially different from any future results, expressed or implied, in these forward-looking statements. Any forward-looking statements in this release are based upon information available to the Company on the date of this release. The Company does not undertake to publicly update or revise its forward-looking statements even if experience or future changes make it clear that any statements expressed or implied therein will not be realized. Additional information on risk factors that could potentially affect the Company’s financial results may be found in the Company’s filings with the Securities and Exchange Commission.

For Interactive Brokers Group, Inc. Investors: Nancy Stuebe, investor-relations@ibkr.com or Media: Rob Garfield, media@ibkr.com.

CONSOLIDATED STATEMENTS OF INCOME

	Three Months
	Ended March 31,
	2026	2025
	(in millions, except share and per share data)
Revenues:
Commissions	$613	$514
Other fees and services	86	78
Other income	66	65
Total non-interest income	765	657
Interest income	1,947	1,718
Interest expense	(1,043)	(948)
Total net interest income	904	770
Total net revenues	1,669	1,427
Non-interest expenses:
Execution, clearing and distribution fees	106	121
Employee compensation and benefits	167	154
Occupancy, depreciation and amortization	27	24
Communications	12	10
General and administrative	68	62
Customer bad debt	1	1
Total non-interest expenses	381	372
Income before income taxes	1,288	1,055
Income tax expense	117	91
Net income	1,171	964
Net income attributable to noncontrolling interests	904	751
Net income available for common stockholders	$267	$213
Earnings per share:
Basic	$0.60	$0.49
Diluted	$0.59	$0.48
Weighted average common shares outstanding:
Basic	445,448,291	435,693,524
Diluted	448,369,291	439,462,964

Prior period share and per share amounts have been retroactively adjusted to reflect the four-for-one forward stock split, effected in the form of a stock dividend, on June 17, 2025.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

	Three Months
	Ended March 31,
	2026	2025
	(in millions, except share and per share data)
Comprehensive income:
Net income available for common stockholders	$267	$213
Other comprehensive income:
Cumulative translation adjustment, before income taxes	(21)	28
Income taxes related to items of other comprehensive income	-	-
Other comprehensive income (loss), net of tax	(21)	28
Comprehensive income available for common stockholders	$246	$241
Comprehensive earnings per share:
Basic	$0.55	$0.55
Diluted	$0.55	$0.55
Weighted average common shares outstanding:
Basic	445,448,291	435,693,524
Diluted	448,369,291	439,462,964
Comprehensive income attributable to noncontrolling interests:
Net income attributable to noncontrolling interests	$904	$751
Other comprehensive income - cumulative translation adjustment	(58)	79
Comprehensive income attributable to noncontrolling interests	$846	$830

Prior period share and per share amounts have been retroactively adjusted to reflect the four-for-one forward stock split, effected in the form of a stock dividend, on June 17, 2025.

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

			March 31, 2026	December 31, 2025
			(in millions)
Assets
Cash and cash equivalents			$5,085	$4,963
Cash - segregated for regulatory purposes			53,414	50,332
Securities - segregated for regulatory purposes			41,889	26,521
Securities borrowed			10,798	11,589
Securities purchased under agreements to resell			9,948	7,117
Financial instruments owned, at fair value			3,452	4,982
Receivables from customers, net of allowance for credit losses			86,544	90,475
Receivables from brokers, dealers and clearing organizations			5,405	5,161
Other assets			2,214	2,100
Total assets			$218,749	$203,240
Liabilities and equity
Liabilities
Short-term borrowings			$12	$19
Securities loaned			32,016	24,751
Financial instruments sold but not yet purchased, at fair value			514	740
Other payables:
Customers			162,959	154,336
Brokers, dealers and clearing organizations			664	1,566
Other payables			1,324	1,356
			164,947	157,258
Total liabilities			197,489	182,768
Equity
Stockholders' equity			5,585	5,363
Noncontrolling interests			15,675	15,109
Total equity			21,260	20,472
Total liabilities and equity			$218,749	$203,240
	March 31, 2026		December 31, 2025
Ownership of IBG LLC Membership Interests	Interests	%	Interests	%
IBG, Inc.	445,616,326	26.3%	445,612,825	26.3%
Noncontrolling interests (IBG Holdings LLC)	1,250,737,416	73.7%	1,250,737,416	73.7%
Total IBG LLC membership interests	1,696,353,742	100.0%	1,696,350,241	100.0%

OPERATING DATA

	Customer	%	Principal	%	Total	%
EXECUTED ORDER VOLUMES:
(in 000's, except %)
Period	Orders	Change	Orders	Change	Orders	Change
2023	483,015		29,712		512,727
2024	661,666	37%	63,348	113%	725,014	41%
2025	915,616	38%	121,972	93%	1,037,588	43%
1Q2025	211,148		28,393		239,541
1Q2026	266,419	26%	42,010	48%	308,429	29%
4Q2025	254,690		34,548		289,238
1Q2026	266,419	5%	42,010	22%	308,429	7%
CONTRACT AND SHARE VOLUMES:
(in 000's, except %)
TOTAL
	Options	%	Futures	%	Stocks	%
Period	(contracts)	Change	(contracts)	Change	(shares)	Change
2023	1,020,736		209,034		252,742,847
2024	1,344,855	32%	218,327	4%	307,489,711	22%
2025	1,668,228	24%	241,631	11%	421,707,895	37%
1Q2025	383,998		61,869		93,934,241
1Q2026	440,997	15%	74,257	20%	116,935,449	24%
4Q2025	462,656		63,258		112,072,352
1Q2026	440,997	(5%)	74,257	17%	116,935,449	4%
CUSTOMER
	Options	%	Futures	%	Stocks	%
Period	(contracts)	Change	(contracts)	Change	(shares)	Change
2023	981,172		206,073		248,588,960
2024	1,290,770	32%	214,864	4%	302,040,873	22%
2025	1,623,384	26%	240,120	12%	417,457,770	38%
1Q2025	369,931		61,381		92,763,867
1Q2026	428,653	16%	73,705	20%	115,790,614	25%
4Q2025	452,869		62,884		111,109,596
1Q2026	428,653	(5%)	73,705	17%	115,790,614	4%
PRINCIPAL
	Options	%	Futures	%	Stocks	%
Period	(contracts)	Change	(contracts)	Change	(shares)	Change
2023	39,564		2,961		4,153,887
2024	54,085	37%	3,463	17%	5,448,838	31%
2025	44,844	(17%)	1,511	(56%)	4,250,125	(22%)
1Q2025	14,067		488		1,170,374
1Q2026	12,344	(12%)	552	13%	1,144,835	(2%)
4Q2025	9,787		374		962,756
1Q2026	12,344	26%	552	48%	1,144,835	19%

Includes options on futures.

OPERATING DATA, CONTINUED

Year over Year	1Q2026	1Q2025	% Change
Total Accounts (in thousands)	4,754	3,616	31%
Customer Equity (in billions)	$789.4	$573.5	38%
Total Customer DARTs (in thousands)	4,368	3,519	24%
Cleared Customers
Commission per Cleared Commissionable Order	$2.69	$2.76	(3%)
Cleared Avg. DARTs per Account (Annualized)	205	220	(7%)
Consecutive Quarters	1Q2026	4Q2025	% Change
Total Accounts (in thousands)	4,754	4,399	8%
Customer Equity (in billions)	$789.4	$779.9	1%
Total Customer DARTs (in thousands)	4,368	4,043	8%
Cleared Customers
Commission per Cleared Commissionable Order	$2.69	$2.64	2%
Cleared Avg. DARTs per Account (Annualized)	205	203	1%

Excludes non-Customers.

Commissionable Order - a customer order that generates commissions.

NET INTEREST MARGIN

	Three Months
	Ended March 31,
	2026	2025
	(in millions)
Average interest-earning assets
Segregated cash and securities	$84,052	$67,044
Customer margin loans	89,206	64,363
Securities borrowed	8,943	4,871
Other interest-earning assets	17,036	12,456
FDIC sweeps	6,298	4,785
	$205,535	$153,519
Average interest-bearing liabilities
Customer credit balances	$157,352	$118,022
Securities loaned	25,568	16,137
Other interest-bearing liabilities	194	66
	$183,114	$134,225
Net interest income
Segregated cash and securities, net	$683	$663
Customer margin loans	905	775
Securities borrowed and loaned, net	33	10
Customer credit balances, net	(864)	(817)
Other net interest income1/3	196	163
Net interest income	$953	$794
Net interest margin ("NIM")	1.88%	2.10%
Annualized yields
Segregated cash and securities	3.30%	4.01%
Customer margin loans	4.11%	4.88%
Customer credit balances	2.23%	2.81%

Represents the average amount of customer cash swept into FDIC-insured banks as part of our Insured Bank Deposit Sweep Program. This item is not recorded in the Company's consolidated statements of financial condition. Income derived from program deposits is reported in other net interest income in the table above.

Interest income and interest expense on customer margin loans and customer credit balances, respectively, are calculated on daily cash balances within each customer’s account on a net basis, which may result in an offset of balances across multiple account segments (e.g., between securities and commodities segments).

Includes income from financial instruments that has the same characteristics as interest but is reported in other fees and services and other income in the Company’s consolidated statements of comprehensive income. For the three months ended March 31, 2026 and 2025, $11 million and $8 million were reported in other fees and services, respectively. For the three months ended March 31, 2026 and 2025, $38 million and $16 million were reported in other income, respectively.

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

	Three Months
	Ended March 31,
	2026	2025
Adjusted net revenues (in millions)
Net revenues - GAAP	$1,669	$1,427
Non-GAAP adjustments
Currency diversification strategy, net	(26)	(20)
Mark-to-market on investments	37	(11)
Total non-GAAP adjustments	11	(31)
Adjusted net revenues	$1,680	$1,396
Adjusted income before income taxes (in millions)
Income before income taxes - GAAP	$1,288	$1,055
Non-GAAP adjustments
Currency diversification strategy, net	(26)	(20)
Mark-to-market on investments	37	(11)
Total non-GAAP adjustments	11	(31)
Adjusted income before income taxes	$1,299	$1,024
Adjusted pre-tax profit margin	77%	73%
Adjusted net income available for common stockholders (in millions)
Net income available for common stockholders - GAAP	$267	$213
Non-GAAP adjustments
Currency diversification strategy, net	(7)	(5)
Mark-to-market on investments	10	(3)
Income tax effect of above adjustments	(1)	2
Total non-GAAP adjustments	2	(6)
Adjusted net income available for common stockholders	$269	$207
Adjusted diluted EPS1/4 (in dollars, except share amounts)
Diluted EPS - GAAP	$0.59	$0.48
Non-GAAP adjustments
Currency diversification strategy, net	(0.02)	(0.01)
Mark-to-market on investments	0.02	(0.01)
Income tax effect of above adjustments	(0.00)	0.01
Total non-GAAP adjustments	0.00	(0.01)
Adjusted diluted EPS	$0.60	$0.47
Diluted weighted average common shares outstanding	448,369,291	439,462,964

Note: The term “GAAP” in the following explanation refers to generally accepted accounting principles in the United States.

Adjusted net revenues, adjusted income before income taxes, adjusted net income available for common stockholders and adjusted diluted earnings per share (“EPS”) are non-GAAP financial measures.

We define adjusted net revenues as net revenues adjusted to remove the effect of our currency diversification strategy and our net mark-to-market gains (losses) on investments.

We define adjusted income before income taxes as income before income taxes adjusted to remove the effect of our currency diversification strategy and our net mark-to-market gains (losses) on investments.

We define adjusted net income available to common stockholders as net income available for common stockholders adjusted to remove the after-tax effects attributable to IBG, Inc. of our currency diversification strategy and our net mark-to-market gains (losses) on investments.

We define adjusted diluted EPS as adjusted net income available for common stockholders divided by the diluted weighted average number of shares outstanding for the period.

Management believes these non-GAAP items are important measures of our financial performance because they exclude certain items that may not be indicative of our core operating results and business outlook and may be useful to investors and analysts in evaluating the operating performance of the business and facilitating a meaningful comparison of our results in the current period to those in prior and future periods. Our currency diversification strategy and our mark-to-market on investments are excluded because management does not believe they are indicative of our underlying core business performance. Adjusted net revenues, adjusted income before income taxes, adjusted net income available to common stockholders and adjusted diluted EPS should be considered in addition to, rather than as a substitute for, GAAP net revenues, income before income taxes, net income attributable to common stockholders and diluted EPS.

Mark-to-market on investments represents the net mark-to-market gains (losses) on investments in equity securities that do not qualify for equity method accounting, which are measured at fair value; on our U.S. government and municipal securities portfolios, which are typically held to maturity; and on certain other investments.

The income tax effect is estimated using the statutory income tax rates applicable to the Company.

Prior period share and per share amounts have been retroactively adjusted to reflect the four-for-one forward stock split, effected in the form of a stock dividend, on June 17, 2025.

Amounts may not add due to rounding.