Interactive Brokers
IBKR Nasdaq Investment Banking & Brokerage Financials FY2016–FY2025
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%.
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.
- Legal name
- INTERACTIVE BROKERS GROUP, INC.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Feb 27, 2026
- Accession · CIK
- 0001381197-26-000062
0001381197
Revenue and margins
Interactive Brokers had $6.2B of revenue in fiscal 2025, up 19.7% on the year before.
Net income and earnings per share
From fiscal 2016 to 2025, diluted EPS grew 24.5% a year. Loss periods are shown in red.
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
Cash flow
Free cash flow was $15.7B in fiscal 2025, 253.7% of revenue. Cash from operations minus capital spending.
Dividends, buybacks and share count
Interactive Brokers returned $134M to shareholders in fiscal 2025, 1% of free cash flow. The diluted share count rose 1.8%.
Value Interactive Brokers yourself
Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.
Discounted cash flow
Value per share
—
Adds net cash of $4.9B and divides by 443.9M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.
Earnings multiple
Value per share
—
Reference multiples: today 32.0x · peers 21.5x · sector 13.7x.
Balance sheet
Cash, debt and the ratios that show how comfortably Interactive Brokers can carry it.
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $2.4B | $3.4B | $3.8B | $3.6B | $5.0B |
| Debt incl. finance leases | $27.0M | $18.0M | $17.0M | $14.0M | $19.0M |
| Net debt / EBITDA | −1.2x | −1.1x | −0.6x | −0.5x | −0.6x |
| Interest coverage | 9.0x | 3.0x | 1.9x | 1.9x | 2.1x |
| Total assets | $109.1B | $115.1B | $128.3B | $150.1B | $203.2B |
| Total liabilities | $98.9B | $103.5B | $114.2B | $133.5B | $182.8B |
| Shareholders' equity | $2.4B | $2.8B | $3.6B | $4.3B | $5.4B |
| Net debt (− = net cash) | −$2.4B | −$3.4B | −$3.7B | −$3.6B | −$4.9B |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
1 insider
Sold, 12 months
$13.8M
2 insiders
Of sales under plans
0%
$0.0M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Oct 1, 2026 | Lori A ConklingDirector | Bought plan | 25 | $85.42 | $0.0M | Form 4 |
| Sep 1, 2026 | Lori A ConklingDirector | Bought plan | 25 | $94.53 | $0.0M | Form 4 |
| Aug 3, 2026 | Lori A ConklingDirector | Bought plan | 25 | $87.03 | $0.0M | Form 4 |
| Jul 1, 2026 | Lori A ConklingDirector | Bought plan | 25 | $88.03 | $0.0M | Form 4 |
| Jun 1, 2026 | Lori A ConklingDirector | Bought plan | 25 | $86.10 | $0.0M | Form 4 |
| May 1, 2026 | Lori A ConklingDirector | Bought plan | 25 | $79.64 | $0.0M | Form 4 |
| Apr 28, 2026 | Lawrence E HarrisDirector | Sold | 26,000 | $76.93 | $2.0M | Form 4 |
| Apr 1, 2026 | Lori A ConklingDirector | Bought plan | 25 | $68.38 | $0.0M | Form 4 |
| Mar 2, 2026 | Lori A ConklingDirector | Bought plan | 25 | $69.21 | $0.0M | Form 4 |
| Feb 25, 2026 | Lori A ConklingDirector | Bought plan | 50 | $73.21 | $0.0M | Form 4 |
| Jan 27, 2026 | Earl H NemserVice Chairman, Director | Sold | 60,200 | $75.30 | $4.5M | Form 4 |
| Jan 26, 2026 | Earl H NemserVice Chairman, Director | Sold | 94,800 | $76.19 | $7.2M | Form 4 |
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY23 | FY24 | FY25 |
|---|---|---|---|
| Net income is positive | ✓ | ✓ | ✓ |
| Cash from operations is positive | ✓ | ✓ | ✓ |
| Return on assets rose | ✓ | ✓ | ✓ |
| Cash from operations exceeds net income | ✓ | ✓ | ✓ |
| Debt fell relative to assets | ✓ | ✓ | ✕ |
| Current ratio rose | — | — | — |
| Share count didn't rise | ✕ | ✕ | ✕ |
| Gross margin rose | — | — | — |
| Revenue rose relative to assets | ✓ | ✓ | ✓ |
| F-score | — / 9 | — / 9 | — / 9 |
| Accruals ratio | −3.2% | −5.7% | −8.4% |
| Altman Z'' | — | — | — |
Similar companies
Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.
| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-score | |
|---|---|---|---|---|---|---|---|---|
| Interactive Brokers IBKR | $36.1B | 19.7% | — | 253.7% | — | 32.0x | — | |
| Robinhood HOOD | $86.7B | 51.6% | — | 36.3% | — | 41.9x | — | Compare → |
| Evercore EVR | $10.4B | 29.5% | — | 30.5% | — | 14.2x | 5 | Compare → |
| Virtu Financial VIRT | $4.9B | 26.3% | — | 13.6% | 37.9% | 9.3x | — | Compare → |
| BGC Group BGC | $5.6B | 30.0% | — | 12.7% | 13.2% | 28.8x | — | Compare → |
10 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $1.4B | $1.7B | $1.9B | $1.9B | $2.2B | $2.7B | $3.1B | $4.3B | $5.2B | $6.2B |
| Interest expense | $77.0M | $209M | $463M | $643M | $261M | $224M | $1.0B | $3.4B | $4.2B | $4.2B |
| Pretax income | $761M | $1.0B | $1.2B | $1.2B | $1.3B | $1.8B | $2.0B | $3.1B | $3.7B | $4.8B |
| Income tax | $62.0M | $256M | $71.0M | $68.0M | $77.0M | $151M | $156M | $257M | $288M | $414M |
| Net income | $84.0M | $76.0M | $169M | $161M | $195M | $308M | $380M | $600M | $755M | $984M |
| Diluted EPS | $0.31 | $0.27 | $0.57 | $0.53 | $0.60 | $0.81 | $0.94 | $1.42 | $1.73 | $2.22 |
| Diluted shares | 0.27B | 0.28B | 0.30B | 0.31B | 0.32B | 0.38B | 0.41B | 0.42B | 0.44B | 0.44B |
| Cash flow | ||||||||||
| Cash from operations | $635M | $1.1B | $2.4B | $2.7B | $8.1B | $5.9B | $4.0B | $4.5B | $8.7B | $15.8B |
| Capital expenditure | $27.0M | $28.0M | $36.0M | $74.0M | $50.0M | $77.0M | $69.0M | $49.0M | $49.0M | $67.0M |
| Free cash flow | $608M | $1.0B | $2.3B | $2.6B | $8.0B | $5.8B | $3.9B | $4.5B | $8.7B | $15.7B |
| Depreciation and amortization | $25.0M | $25.0M | $26.0M | $31.0M | $42.0M | $50.0M | $58.0M | $65.0M | $67.0M | $61.0M |
| Stock-based compensation | $51.0M | $53.0M | $58.0M | $60.0M | $65.0M | $80.0M | $92.0M | $100M | $112M | $118M |
| Acquisitions | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Share buybacks | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Dividends paid | $26.0M | $28.0M | $29.0M | $31.0M | $32.0M | $38.0M | $40.0M | $42.0M | $92.0M | $134M |
| Dividends and buybacks | $26.0M | $28.0M | $29.0M | $31.0M | $32.0M | $38.0M | $40.0M | $42.0M | $92.0M | $134M |
| Balance sheet | ||||||||||
| Cash and short-term investments | $1.9B | $1.7B | $2.6B | $2.9B | $4.3B | $2.4B | $3.4B | $3.8B | $3.6B | $5.0B |
| Total debt | $74.0M | $15.0M | $17.0M | $16.0M | $214M | $27.0M | $18.0M | $17.0M | $14.0M | $19.0M |
| Finance lease liabilities | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Inventory | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Property and equipment, net | $13.0M | $14.0M | $20.0M | $62.0M | $67.0M | $85.0M | $93.0M | $81.0M | $59.0M | $60.0M |
| Total assets | $54.7B | $61.2B | $60.5B | $71.7B | $95.7B | $109.1B | $115.1B | $128.3B | $150.1B | $203.2B |
| Total liabilities | $48.9B | $54.7B | $53.4B | $63.7B | $86.7B | $98.9B | $103.5B | $114.2B | $133.5B | $182.8B |
| Shareholders' equity | $974M | $1.1B | $1.3B | $1.5B | $2.0B | $2.4B | $2.8B | $3.6B | $4.3B | $5.4B |
| Margins | ||||||||||
| EBITDA margin | 61.8% | 75.4% | 88.5% | 94.5% | 70.3% | 75.9% | 100.2% | 151.4% | 153.4% | 145.7% |
| Net margin | 6.0% | 4.5% | 8.9% | 8.3% | 8.8% | 11.4% | 12.4% | 13.8% | 14.6% | 15.9% |
| FCF margin | 43.6% | 60.9% | 121.9% | 133.8% | 361.5% | 214.4% | 127.1% | 103.6% | 167.3% | 253.7% |
| Returns | ||||||||||
| Return on assets | 0.2% | 0.1% | 0.3% | 0.2% | 0.2% | 0.3% | 0.3% | 0.5% | 0.5% | 0.6% |
| Growth | ||||||||||
| Revenue growth | 17.4% | 21.9% | 11.8% | 1.8% | 14.5% | 22.4% | 13.0% | 41.5% | 19.5% | 19.7% |
| Net income growth | 71.4% | −9.5% | 122.4% | −4.7% | 21.1% | 58.0% | 23.4% | 57.9% | 25.8% | 30.3% |
| EPS growth | 60.3% | −14.4% | 113.1% | −7.9% | 15.2% | 33.9% | 15.7% | 51.5% | 21.8% | 28.3% |
| FCF growth | −12.5% | 70.6% | 123.7% | 11.7% | 209.3% | −27.4% | −33.0% | 15.3% | 93.0% | 81.5% |
| Share count change | 7.7% | 5.4% | 4.7% | 3.5% | 5.0% | 17.8% | 6.6% | 4.5% | 3.0% | 1.8% |
| Financial health | ||||||||||
| Net debt / EBITDA | −2.1x | −1.3x | −1.5x | −1.6x | −2.6x | −1.2x | −1.1x | −0.6x | −0.5x | −0.6x |
| Interest coverage | 10.9x | 6.0x | 3.6x | 2.8x | 5.8x | 9.0x | 3.0x | 1.9x | 1.9x | 2.1x |
| Capital allocation | ||||||||||
| Capex / revenue | 1.9% | 1.7% | 1.9% | 3.8% | 2.3% | 2.8% | 2.3% | 1.1% | 1.0% | 1.1% |
| Stock comp / revenue | 3.7% | 3.1% | 3.1% | 3.1% | 2.9% | 3.0% | 3.0% | 2.3% | 2.2% | 1.9% |
| Payouts / FCF | 4.3% | 2.7% | 1.3% | 1.2% | 0.4% | 0.7% | 1.0% | 0.9% | 1.1% | 0.9% |
| Quality scores | ||||||||||
| Accruals ratio | −1.1% | −1.7% | −3.6% | −3.8% | −9.4% | −5.5% | −3.2% | −3.2% | −5.7% | −8.4% |
Source: SEC EDGAR XBRL filings (CIK 0001381197). Data updated October 10, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.