Interactive Brokers

IBKR · Nasdaq · Financials · Financials, fiscal 2016 to 2025

IBKR · Last close · October 26, 2026

$80.59

Interactive Brokers' revenue rose 19.7% to $6.2 billion in fiscal 2025. Its net margin was 15.9%, up from 14.6% a year earlier. Free cash flow was $15.7 billion, up 81.5%. It paid out $134 million in dividends and buybacks, 1% of free cash flow. The diluted share count rose 1.8%.

INTERACTIVE BROKERS GROUP, INC. Latest fiscal year ended December 31, 2025 10-K filed February 27, 2026 · 0001381197-26-000062 Updated October 10, 2026

Revenue

$6.2B

19.7%

Net margin

15.9%

1.3 pts

Net income

$984M

30.3%

Free cash flow

$15.7B

81.5%

Return on equity

—

Market cap

$36.3B

Oct 26 close

P/E

32.1x

On $2.51 EPS, 4 qtrs

Net margin is net income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on equity is net income as a share of shareholders' equity. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

About these figures. Revenue is Interactive Brokers' net revenues, after interest expense, as the company reports it; another revenue figure in its filings covers only commissions and fees. Net income is the part that belongs to Interactive Brokers' public shareholders, who own about a quarter of the business; most of its profit goes to its founder's holding company, which owns the rest. Interactive Brokers has no long-term debt (its notes payable were repaid by 2021), so debt is its small short-term borrowings. Capital spending is its purchases of property, equipment and intangible assets, net of any sales. Share counts and per-share figures for earlier years are restated for a stock split (4-for-1), so every year is on today's share basis.

What Interactive Brokers does

Interactive Brokers is an automated global broker. It holds and services accounts for hedge funds, mutual funds, exchange-traded funds, registered investment advisors, proprietary trading groups, introducing brokers and individual investors. Customers trade stocks, options, futures, currencies, bonds, mutual funds, precious metals and forecast contracts on electronic exchanges around the world, and can trade some cryptocurrencies through outside providers.

The company earns money from its brokerage and market making activities, and its revenue depends on trading volume and on interest rate levels. It built its own software to automate broker-dealer work, and says this makes it one of the lowest cost providers of broker services. Its roots are in a market making business that its chairman, Thomas Peterffy, started on the American Stock Exchange in 1977.

Its main offices are in Greenwich, Connecticut and Chicago, with offices in Canada, Europe, Dubai, India, China, Japan, Singapore and Australia. It had 3,182 employees at the end of 2025. The listed company, IBG, Inc., is a holding company that owns a minority share of IBG LLC, which runs the businesses.

Its biggest risks, as it describes them

Revenue and profit that swing with trading volume and interest rates and are hard to predict.
Losses from its market making activities, including from failures of its pricing model.
Losses from clearing and execution, or from counterparties that fail to pay.
Intense competition in direct market access and brokerage.
Systemic market events and risks from running offices in many countries.

From Interactive Brokers's annual report on Form 10-K, filed February 27, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new 10-K.

Charts show fiscal years, from the 10-K filings.

Revenue and margins

Revenue

US$ billions, fiscal years

Margins

Percent of revenue

GrossOperatingNetFree cash flow

Net income and earnings per share

From fiscal 2016 to 2025, earnings per share grew 24.5% a year and net income 31.4% a year, as new shares raised the share count by 65% and diluted each share's earnings.

Net income

US$ billions, fiscal years; loss years in red.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Cash flow

Free cash flow

US$ billions. Cash from operations minus capital expenditure; negative years in red.

Payouts and share count

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Valuation

Two ways to value Interactive Brokers yourself, both starting from its filings: a discounted cash flow model and the price-to-earnings method.

Discounted cash flow (DCF)

A discounted cash flow (DCF) model values a business as the cash it may generate in future, discounted back to today. The starting figures come from Interactive Brokers' 10-K (or, for net cash and shares, its latest 10-Q) and the assumptions are yours: start from one of three example scenarios, then change any figure to see what it implies for a share, and how that compares with the last share price.

Value per share on three example scenarios, from Interactive Brokers' fiscal 2025 free cash flow of $15.7B, net cash of $4.9B at December 31, 2025 and 444 million diluted shares, from its filings. The scenarios are fitted to Interactive Brokers: the base scenario's growth in years 1 to 5 is its revenue growth over the last 3 years, 26.5% a year, kept between 0% and 20%; the cautious and optimistic ones are lower and higher, and growth in years 6 to 10 is halfway to the long-run rate. The base scenario's discount rate is 11% for a cyclical or higher-risk business (Investment Banking & Brokerage); the cautious and optimistic ones use a point more and a point less. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

From the filings

Starting free cash flow, US$ millions

Cash from operations minus capital spending in fiscal 2025.

Net cash, US$ millions

Cash and short-term investments minus debt and finance leases at December 31, 2025. Negative means net debt.

Diluted shares, millions

Weighted-average diluted shares in fiscal 2025.

Your assumptions

Start from

Fitted to Interactive Brokers's own revenue growth, as above. Cautious: growth of 10% then 6% a year, 2% after year 10, a 12% discount rate. Base: growth of 20% then 11% a year, 2.5% after year 10, a 11% discount rate. Optimistic: growth of 25% then 14% a year, 3% after year 10, a 10% discount rate.

Free cash flow growth, years 1 to 5 (% a year)

Free cash flow growth, years 6 to 10 (% a year)

Growth after year 10 (% a year)Long-run growth forever after year 10. Usually close to inflation, and always below the discount rate.

Discount rate (% a year)The yearly return an investor wants for the risk. A higher rate gives a lower value.

Value per share on these assumptions

—

Last close, October 26, 2026: $80.59
Value on these assumptions, against the last close: —

Cash flows in years 1 to 10, valued today: —
Everything after year 10, valued today: —
Plus net cash: —
Share of value from after year 10: —

Projected free cash flow

US$ billions. Each column is one year's projected free cash flow, split into what it is worth today and the part removed by discounting.

Value todayRemoved by discounting

How the value changes with two assumptions

Value per share in US$, with the growth rates above. The highlighted cell matches the current assumptions.

How the model works. Free cash flow grows at the first rate for five years and the second rate for five more, and each year is discounted at the discount rate. Everything after year 10 is valued as year-10 cash flow × (1 + growth after year 10) ÷ (discount rate − growth after year 10), discounted back ten years. Net cash is added and the total is divided by diluted shares. The result depends entirely on the assumptions. It is not a forecast, a price target or a recommendation. The last close is the consolidated US closing price, from Databento.

Price-to-earnings (P/E) method

Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.

Value per share on three example scenarios, from Interactive Brokers' earnings per share of $2.51 (over the last four quarters). Each grows earnings for a year at the cash flow scenarios' rates and applies a multiple to next year's earnings: 21.6×, the middle of Interactive Brokers' own P/E today, its peers' median and its sector's median (its peers' median) for the base scenario, 20% less and more for the cautious and optimistic ones. The price is brought back a year at 12%, 11% and 10%. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

Earnings per share, US$

Diluted earnings per share over the four quarters to June 30, 2026, from the 10-Qs and 10-K.

P/E multiple

P/E today is the last close divided by the latest earnings per share, the four quarters' where available. Peers: Robinhood, Evercore, Virtu Financial, BGC Group.

Earnings growth in the years ahead (% a year) Starts at Interactive Brokers' revenue growth over the last 3 years, 26.5% a year, kept between 0% and 20%, as the base scenario does.

Earnings per share in the years ahead, US$

Year 1Year 2Year 3Year 4Year 5

Type your own estimate for any year; the years after it carry on at the growth rate.

Apply the multiple to earnings

A multiple on a future year's earnings gives the price then, brought back to today at the discount rate below.

Discount rate (% a year) The yearly return an investor wants for the risk, as in the cash flow model.

Value per share today at this multiple

—

Last close, October 26, 2026: $80.59
Value at this multiple, against the last close: —
Interactive Brokers' P/E at the last close: 32.1×

Company	Last close	Earnings per share	P/E today
RobinhoodHOOD	$92.84	$2.27	40.9×
Interactive BrokersIBKR	$80.59	$2.51	32.1×
BGC GroupBGC	$11.79	$0.41	28.8×
EvercoreEVR	$257.40	$17.72	14.5×
Virtu FinancialVIRT	$55.90	$6.02	9.3×

How the P/E method works. Value per share is earnings per share times the multiple. On a future year's earnings, that gives the price in that year, which is brought back to today at the discount rate: price ÷ (1 + discount rate) for each year ahead. It is quick and easy to compare across companies, but it ignores debt and cash, and earnings can swing with one-off gains and charges, so a multiple says most about steady, profitable businesses. Like the cash flow model, the result depends entirely on the assumptions you choose. It is not a forecast, a price target or a recommendation.

Balance sheet

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	2,395	3,436	3,753	3,633	4,963
Debt incl. finance leases	27	18	17	14	19
Net debt (negative means net cash)	−2,368	−3,418	−3,736	−3,619	−4,944
Net debt to EBITDA	−1.1x	−1.1x	−0.6x	−0.5x	−0.6x
Debt to equity	—	—	—	—	—
Interest coverage	9.0x	3.0x	1.9x	1.9x	2.1x
Current ratio	—	—	—	—	—
Quick ratio	—	—	—	—	—

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Insider trades

Over the 12 months between October 27, 2025 and October 26, 2026, 1 insider bought $20,119 of Interactive Brokers shares on the open market, and 2 insiders sold $34.5 million.

Date	Insider	Trade	Shares	Price	Value	Filing
Oct 1, 2026	Lori A ConklingDirector	Bought plan	25	$85.42	$2,136	Form 4
Sep 1, 2026	Lori A ConklingDirector	Bought plan	25	$94.53	$2,363	Form 4
Aug 3, 2026	Lori A ConklingDirector	Bought plan	25	$87.03	$2,176	Form 4
Jul 1, 2026	Lori A ConklingDirector	Bought plan	25	$88.03	$2,201	Form 4
Jun 1, 2026	Lori A ConklingDirector	Bought plan	25	$86.10	$2,152	Form 4
May 1, 2026	Lori A ConklingDirector	Bought plan	25	$79.64	$1,991	Form 4
Apr 28, 2026	Lawrence E HarrisDirector	Sold	26,000	$76.93	$2.0 million	Form 4
Apr 1, 2026	Lori A ConklingDirector	Bought plan	25	$68.38	$1,710	Form 4
Mar 2, 2026	Lori A ConklingDirector	Bought plan	25	$69.21	$1,730	Form 4
Feb 25, 2026	Lori A ConklingDirector	Bought plan	50	$73.21	$3,660	Form 4
Jan 27, 2026	Earl H NemserVice Chairman, Director	Sold	60,200	$75.30	$4.5 million	Form 4
Jan 26, 2026	Earl H NemserVice Chairman, Director	Sold	94,800	$76.19	$7.2 million	Form 4

The latest 12 of 17 trades. Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Piotroski F-score

The F-score counts how many of nine simple tests of profitability, funding and efficiency a company passed in a year (Piotroski, 2000). The more tests passed, the stronger the year: 8 or 9 is strong, 0 to 2 weak. Companies that report no gross profit are scored on the other eight.

Test	FY23	FY24	FY25
Net income is positive	Pass	Pass	Pass
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Pass	Pass	Pass
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	Pass	Pass	Fail
Current ratio rose	—	—	—
Share count didn't rise	Fail	Fail	Fail
Gross margin rose	—	—	—
Revenue rose relative to assets	Pass	Pass	Pass
F-score	—	—	—
Accruals ratio	−3.2%	−5.7%	−8.4%

The accruals ratio is net income minus cash from operations, over average total assets.

Compare

Put Interactive Brokers side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Interactive Brokers	FY25	19.7%	—	253.7%	—	−0.6x	—
Robinhood	FY25	51.6%	—	36.3%	—	—	—	Compare
Evercore	FY25	29.5%	—	30.5%	—	−2.9x	5	Compare
Virtu Financial	FY25	26.2%	—	13.6%	37.9%	0.8x	—	Compare
BGC Group	FY25	30.0%	—	12.7%	13.2%	1.7x	—	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score above.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	1,396	1,702	1,903	1,937	2,218	2,714	3,067	4,340	5,185	6,205
Revenue growth	17.4%	21.9%	11.8%	1.8%	14.5%	22.4%	13.0%	41.5%	19.5%	19.7%
Gross profit	—	—	—	—	—	—	—	—	—	—
Research and development	—	—	—	—	—	—	—	—	—	—
Operating income	—	—	—	—	—	—	—	—	—	—
Net income	84	76	169	161	195	308	380	600	755	984
Diluted EPS (US$)	0.31	0.27	0.57	0.53	0.60	0.81	0.94	1.42	1.73	2.22
Diluted shares (millions)	269	284	297	307	323	380	405	423	436	444
Cash flow
Cash from operations	635	1,065	2,356	2,666	8,068	5,896	3,968	4,544	8,724	15,811
Capital expenditure	27	28	36	74	50	77	69	49	49	67
Free cash flow	608	1,037	2,320	2,592	8,018	5,819	3,899	4,495	8,675	15,744
Dividends paid	26	28	29	31	32	38	40	42	92	134
Share buybacks	0	0	0	0	0	0	0	0	0	0
Acquisitions	0	0	0	0	0	0	0	0	0	0
Stock-based compensation	51	53	58	60	65	80	92	100	112	118
Balance sheet at fiscal year end
Cash and short-term investments	1,925	1,732	2,597	2,882	4,292	2,395	3,436	3,753	3,633	4,963
Debt incl. finance leases	74	15	17	16	214	27	18	17	14	19
Total assets	54,673	61,162	60,547	71,676	95,679	109,113	115,143	128,251	150,142	203,240
Total liabilities	48,853	54,729	53,391	63,736	86,676	98,891	103,528	114,184	133,545	182,768
Shareholders' equity	974	1,090	1,282	1,452	1,951	2,395	2,848	3,584	4,280	5,363
Margins and ratios
Gross margin	—	—	—	—	—	—	—	—	—	—
Operating margin	—	—	—	—	—	—	—	—	—	—
Net margin	6.0%	4.5%	8.9%	8.3%	8.8%	11.3%	12.4%	13.8%	14.6%	15.9%
Free cash flow margin	43.5%	60.9%	121.9%	133.8%	361.5%	214.4%	127.1%	103.6%	167.3%	253.7%
Return on capital	—	—	—	—	—	—	—	—	—	—
Return on equity	—	—	—	—	—	—	—	—	—	—
Return on assets	0.2%	0.1%	0.3%	0.2%	0.2%	0.3%	0.3%	0.5%	0.5%	0.6%
Net debt to EBITDA	−2.1x	−1.3x	−1.5x	−1.6x	−2.6x	−1.1x	−1.1x	−0.6x	−0.5x	−0.6x

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Interactive Brokers' Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Interactive Brokers.