01—Abstract
Summary
Summary of the 10-K/A filed March 31, 2026. Cited figures are marked; the original filing is the authoritative source.
Interactive Brokers Group, Inc. (IBKR) has filed its annual report on Form 10-K for the fiscal year ended December 31, 2025, on March 31, 2026.
The report provides a comprehensive overview of the company's financial performance, risk management, and strategic initiatives. As a leading global online broker, IBKR continues to demonstrate resilience and growth in a dynamic market environment, serving a diverse client base with advanced technology and competitive pricing.
Investors should pay close attention to the company's revenue drivers, particularly commissions and interest income, as well as its expense management and regulatory compliance efforts. The filing also details the competitive landscape and potential headwinds, offering insights into the company's outlook for the upcoming fiscal year.
02—Key points
Key Highlights
- Robust revenue growth driven by increased client trading volumes and higher average balances, leading to strong commission and net interest income.
- Expansion of client base across various regions and demographics, indicating successful market penetration and client acquisition strategies.
- Continued investment in technology and platform enhancements, reinforcing IBKR's competitive edge in providing efficient and low-cost trading services.
- Effective cost management, with operating expenses largely in line with revenue growth, contributing to healthy profitability margins.
- Strong capital position and regulatory compliance, underscoring the company's financial stability and adherence to industry standards.
- Diversification of revenue streams, with a growing contribution from fixed income trading and other product offerings.
- Resilience in market volatility, showcasing the platform's ability to handle increased trading activity and support client needs during active market periods.
03—One dollar
04—Financials
Financial Highlights
Figures from 10-K/AFY2025filed March 31, 2026Financial Statements
FY2025 against FY2024
| Line item | FY2025FY2024 | Change |
|---|---|---|
| Revenue | $2.44B$1.98B | +23.4% |
| SG&A Expenses | $247.00M$314.00M | −21.3% |
| Net Income | $984.00M$755.00M | +30.3% |
| EPS (Basic) | $2.23$1.75 | +27.4% |
| EPS (Diluted) | $2.22$1.73 | +28.3% |
| Shares Outstanding (Basic) | 440.93M432.45M | +2.0% |
| Shares Outstanding (Diluted) | 443.86M436.01M | +1.8% |
05—Questions
Frequently Asked Questions
What were the primary drivers of Interactive Brokers' revenue growth in the past fiscal year?
Revenue growth was primarily driven by an increase in client trading volumes across various asset classes and a higher average balance of client cash and margin balances, which boosted both commission revenue and net interest income. The company's ability to attract and retain a growing global client base also played a significant role.
How is Interactive Brokers managing its operating expenses in light of revenue growth?
Interactive Brokers has maintained a disciplined approach to cost management. Operating expenses have grown at a rate that is largely commensurate with revenue growth. This efficiency is a result of ongoing investments in technology that automate processes and the company's scalable business model, enabling profitable expansion.
What are the key risks and challenges identified by Interactive Brokers in its filing?
Key risks and challenges include intense competition in the online brokerage industry, regulatory changes and compliance requirements, cybersecurity threats, geopolitical instability, and macroeconomic factors such as interest rate fluctuations and economic downturns. The company also faces risks associated with technological failures and operational disruptions.
What is Interactive Brokers' outlook for the upcoming fiscal year, based on the 10-K?
While the 10-K filing does not provide specific forward-looking guidance, the report suggests a continued focus on platform innovation, client acquisition, and expansion into new markets. The company's robust technology, diversified offerings, and strong financial position indicate an intention to capitalize on opportunities and navigate market challenges effectively.
06—Continue