Interactive Brokers Group Announces 4Q2025 Results

GREENWICH, Conn.--( BUSINESS WIRE)--Interactive Brokers Group, Inc. (Nasdaq: IBKR), an automated global electronic broker, announced results for the quarter ended December 31, 2025.

Reported diluted earnings per share were $0.63 for the current quarter and $0.65 as adjusted. For the year-ago quarter, reported diluted earnings per share 2 were $0.50 and $0.51 as adjusted.

Reported net revenues were $1.64 billion for the current quarter and $1.67 billion as adjusted. For the year-ago quarter, reported net revenues were $1.39 billion and $1.42 billion as adjusted.

Reported income before income taxes was $1.30 billion for the current quarter and $1.33 billion as adjusted. For the year-ago quarter, reported income before income taxes was $1.04 billion and $1.08 billion as adjusted.

Financial Highlights

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

The Interactive Brokers Group, Inc. Board of Directors declared a quarterly cash dividend of $0.08 per share. This dividend is payable on March 13, 2026, to shareholders of record as of February 27, 2026.

Business Highlights

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

Other Items

Other income decreased 55% to $10 million. This decrease is comprised mainly of $10 million related to our investing activities.

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 $7 million, as the U.S. dollar value of the GLOBAL decreased by approximately 0.07%. The effects of the currency diversification strategy are reported as components of (1) Other Income (loss of $23 million) and (2) Other Comprehensive Income (gain of $16 million).

Conference Call Information:

Interactive Brokers Group, Inc. will hold a conference call with investors today, January 20, 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/BI8c3402e9eeb94bca88dd320941bec6d7 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.

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.

_______________________________________________

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

2 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.

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

INTERACTIVE BROKERS GROUP, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME

(UNAUDITED)

Three Months

Twelve Months

Ended December 31,

2025

2024

2025

2024

(in millions, except share and per share data)

Revenues:

Commissions

582

477

2,149

1,697

Other fees and services

291

280

Other income

202

Total non-interest income

677

580

2,642

2,037

Interest income

2,072

1,863

7,782

7,339

Interest expense

(1,106)

(1,056)

(4,219)

(4,191)

Total net interest income

966

807

3,563

3,148

Total net revenues

1,643

1,387

6,205

5,185

Non-interest expenses:

Execution, clearing and distribution fees

115

420

447

Employee compensation and benefits

153

138

626

574

Occupancy, depreciation and amortization

101

Communications

General and administrative

247

314

Customer bad debt

Total non-interest expenses

343

347

1,434

1,490

Income before income taxes

1,300

1,040

4,771

3,695

Income tax expense

414

288

Net income

1,201

969

4,357

3,407

Net income attributable to noncontrolling interests

917

752

3,373

2,652

Net income available for common stockholders

284

217

984

755

Earnings per share 1:

Basic

0.64

0.50

2.23

1.75

Diluted

0.63

0.50

2.22

1.73

Weighted average common shares outstanding 1:

Basic

445,374,664

435,541,452

440,931,909

432,448,796

Diluted

447,865,539

438,734,088

443,859,546

436,011,752

________________________

1 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.

INTERACTIVE BROKERS GROUP, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(UNAUDITED)

Three Months

Twelve Months

Ended December 31,

2025

2024

2025

2024

(in millions, except share and per share data)

Comprehensive income:

Net income available for common stockholders

284

217

984

755

Other comprehensive income:

Cumulative translation adjustment, before income taxes

(64)

101

(53)

Income taxes related to items of other comprehensive income

Other comprehensive income (loss), net of tax

(64)

101

(53)

Comprehensive income available for common stockholders

288

153

1,085

702

Comprehensive earnings per share 1:

Basic

0.65

0.35

2.46

1.62

Diluted

0.64

0.35

2.44

1.61

Weighted average common shares outstanding 1:

Basic

445,374,664

435,541,452

440,931,909

432,448,796

Diluted

447,865,539

438,734,088

443,859,546

436,011,752

Comprehensive income attributable to noncontrolling interests:

Net income attributable to noncontrolling interests

917

752

3,373

2,652

Other comprehensive income - cumulative translation adjustment

(184)

290

(154)

Comprehensive income attributable to noncontrolling interests

929

568

3,663

2,498

________________________

1 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.

INTERACTIVE BROKERS GROUP, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

(UNAUDITED)

December 31,

2025

December 31,

2024

(in millions)

Assets

Cash and cash equivalents

4,963

3,633

Cash - segregated for regulatory purposes

50,332

36,600

Securities - segregated for regulatory purposes

26,521

27,846

Securities borrowed

11,589

5,369

Securities purchased under agreements to resell

7,117

6,575

Financial instruments owned, at fair value

4,982

1,924

Receivables from customers, net of allowance for credit losses

90,475

64,432

Receivables from brokers, dealers and clearing organizations

5,161

2,196

Other assets

2,100

1,567

Total assets

203,240

150,142

Liabilities and equity

Liabilities

Short-term borrowings

Securities loaned

24,751

16,248

Financial instruments sold but not yet purchased, at fair value

740

293

Other payables:

Customers

154,336

115,343

Brokers, dealers and clearing organizations

1,566

476

Other payables

1,356

1,171

157,258

116,990

Total liabilities

182,768

133,545

Equity

Stockholders' equity

5,363

4,280

Noncontrolling interests

15,109

12,317

Total equity

20,472

16,597

Total liabilities and equity

203,240

150,142

December 31, 2025

December 31, 2024 1

Ownership of IBG LLC Membership Interests

Interests

IBG, Inc.

445,612,825

26.3%

435,726,456

25.8%

Noncontrolling interests (IBG Holdings LLC)

1,250,737,416

73.7%

1,254,573,416

74.2%

Total IBG LLC membership interests

1,696,350,241

100.0%

1,690,299,872

100.0%

________________________

1 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.

INTERACTIVE BROKERS GROUP, INC. AND SUBSIDIARIES

OPERATING DATA

EXECUTED ORDER VOLUMES:

(in 000's, except %)

Customer

Principal

Total

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%

4Q2024

196,433

23,220

219,653

4Q2025

254,690

30%

34,548

49%

289,238

32%

3Q2025

229,635

30,659

260,294

4Q2025

254,690

11%

34,548

13%

289,238

11%

CONTRACT AND SHARE VOLUMES:

(in 000's, except %)

TOTAL

Options

Futures 1

Stocks

Period

(contracts)

Change

(contracts)

Change

(shares)

Change

2023

1,020,736

209,034

252,742,847

2024

1,344,855

32%

218,327

307,489,711

22%

2025

1,668,228

24%

241,631

11%

421,707,895

37%

4Q2024

371,684

52,285

97,610,744

4Q2025

462,656

24%

63,258

21%

112,072,352

15%

3Q2025

428,524

52,233

119,250,686

4Q2025

462,656

63,258

21%

112,072,352

(6%)

CUSTOMER

Options

Futures 1

Stocks

Period

(contracts)

Change

(contracts)

Change

(shares)

Change

2023

981,172

206,073

248,588,960

2024

1,290,770

32%

214,864

302,040,873

22%

2025

1,623,384

26%

240,120

12%

417,457,770

38%

4Q2024

356,255

51,662

95,910,447

4Q2025

452,869

27%

62,884

22%

111,109,596

16%

3Q2025

418,389

51,936

118,307,826

4Q2025

452,869

62,884

21%

111,109,596

(6%)

PRINCIPAL

Options

Futures 1

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%)

4Q2024

15,429

623

1,700,297

4Q2025

9,787

(37%)

374

(40%)

962,756

(43%)

3Q2025

10,135

297

942,860

4Q2025

9,787

(3%)

374

26%

962,756

________________________

1 Includes options on futures.

INTERACTIVE BROKERS GROUP, INC. AND SUBSIDIARIES

OPERATING DATA, CONTINUED

Year over Year

4Q2025

4Q2024

% Change

Total Accounts (in thousands)

4,399

3,337

32%

Customer Equity (in billions) 1

779.9

568.2

37%

Total Customer DARTs (in thousands)

4,043

3,118

30%

Cleared Customers

Commission per Cleared Commissionable Order 2

2.64

2.72

(3%)

Cleared Avg. DARTs per Account (Annualized)

203

213

(5%)

Consecutive Quarters

4Q2025

3Q2025

% Change

Total Accounts (in thousands)

4,399

4,127

Customer Equity (in billions) 1

779.9

757.5

Total Customer DARTs (in thousands)

4,043

3,616

12%

Cleared Customers

Commission per Cleared Commissionable Order 2

2.64

2.70

(2%)

Cleared Avg. DARTs per Account (Annualized)

203

195

________________________

1 Excludes non-Customers.

2 Commissionable Order - a customer order that generates commissions.

INTERACTIVE BROKERS GROUP, INC. AND SUBSIDIARIES

NET INTEREST MARGIN

(UNAUDITED)

Three Months

Twelve Months

Ended December 31,

2025

2024

2025

2024

(in millions)

Average interest-earning assets

Segregated cash and securities

81,045

65,465

77,217

62,117

Customer margin loans

83,637

60,290

69,978

53,503

Securities borrowed

10,164

6,089

7,792

5,899

Other interest-earning assets

16,302

11,874

15,167

11,180

FDIC sweeps 1

6,227

4,643

5,555

4,214

197,375

148,361

175,709

136,913

Average interest-bearing liabilities

Customer credit balances

151,033

114,274

135,487

105,840

Securities loaned

23,822

15,268

19,469

13,737

Other interest-bearing liabilities

201

104

170

175,056

129,646

155,126

119,603

Net interest income

Segregated cash and securities, net 2

724

747

2,930

3,024

Customer margin loans 3

925

792

3,230

3,012

Securities borrowed and loaned, net

287

Customer credit balances, net 3

(927)

(884)

(3,545)

(3,595)

Other net interest income 1/4

201

150

759

690

Net interest income 4

1,007

830

3,661

3,223

Net interest margin ("NIM")

2.02%

2.23%

2.08%

2.35%

Annualized yields

Segregated cash and securities

3.54%

4.54%

3.79%

4.87%

Customer margin loans

4.39%

5.23%

4.62%

5.63%

Customer credit balances

2.44%

3.08%

2.62%

3.40%

________________________

1 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.

2 Net interest income on "Segregated cash and securities, net" for the twelve months ended December 31, 2025, excludes approximately $26 million of interest income, recorded in the consolidated statements of comprehensive income, related to taxes withheld at source in prior periods which was determined to be fully refundable.

3 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).

4 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 and twelve months ended December 31, 2025 and 2024, $11 million, $38 million, $8 million, and $28 million were reported in other fees and services, respectively. For the three and twelve months ended December 31, 2025 and 2024, $30 million, $86 million, $15 million, and $47 million were reported in other income, respectively.

INTERACTIVE BROKERS GROUP, INC. AND SUBSIDIARIES

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

(UNAUDITED)

Three Months

Twelve Months

Ended December 31,

2025

2024

2025

2024

Adjusted net revenues 1 (in millions)

Net revenues - GAAP

1,643

1,387

6,205

5,185

Non-GAAP adjustments

Currency diversification strategy, net

Mark-to-market on investments 2

(56)

Remeasurement of TRA liability 3

Total non-GAAP adjustments

(49)

Adjusted net revenues

1,670

1,424

6,156

5,257

Adjusted income before income taxes 1 (in millions)

Income before income taxes - GAAP

1,300

1,040

4,771

3,695

Non-GAAP adjustments

Currency diversification strategy, net

Mark-to-market on investments 2

(56)

Remeasurement of TRA liability 3

Total non-GAAP adjustments

(49)

Adjusted income before income taxes

1,327

1,077

4,722

3,767

Adjusted pre-tax profit margin

79%

76%

77%

72%

Adjusted net income available for common stockholders 1 (in millions)

Net income available for common stockholders - GAAP

284

217

984

755

Non-GAAP adjustments

Currency diversification strategy, net

Mark-to-market on investments 2

(15)

Remeasurement of TRA liability 3

Income tax effect of above adjustments 4

(1)

(2)

(4)

Remeasurement of deferred income taxes 5

(3)

(11)

(3)

(11)

Total non-GAAP adjustments 7

(11)

Adjusted net income available for common stockholders 7

289

222

973

766

Adjusted diluted EPS 1/6 (in dollars, except share amounts)

Diluted EPS - GAAP

0.63

0.50

2.22

1.73

Non-GAAP adjustments

Currency diversification strategy, net

0.01

0.00

0.01

Mark-to-market on investments 2

0.00

0.01

(0.03)

0.03

Remeasurement of TRA liability 3

0.01

0.02

0.01

0.02

Income tax effect of above adjustments 4

(0.00)

0.01

(0.01)

Remeasurement of deferred income taxes 5

(0.01)

(0.02)

(0.01)

(0.02)

Total non-GAAP adjustments 7

0.01

(0.02)

0.03

Adjusted diluted EPS 7

0.65

0.51

2.19

1.76

Diluted weighted average common shares outstanding

447,865,539

438,734,088

443,859,546

436,011,752

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

1 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.

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.

2 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.

3 Remeasurement of our TRA liability represents the change in the amount payable to IBG Holdings LLC under the TRA, primarily due to changes in the Company’s effective tax rates. This is related to the remeasurement of the deferred tax assets described below. For further information refer to Note 4 – Equity and Earnings per Share under Part II, Item 8 – Financial Statements and Supplementary Data of the Company’s Annual Report on Form 10-K filed with the Securities Exchange Commission (“SEC”) on February 27, 2025.

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

5 Remeasurement of certain deferred tax assets represents the change in the unamortized balance of deferred tax assets related to the step-up in basis arising from the acquisition of interests in IBG LLC, primarily due to changes in the Company’s effective tax rates. For further information refer to Note 4 – Equity and Earnings per Share under Part II, Item 8 – Financial Statements and Supplementary Data of the Company’s Annual Report on Form 10-K filed with the SEC on February 27, 2025.

6 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.

7Amounts may not add due to rounding.