Interactive Brokers Group Announces 2Q2025 Results

GAAP Diluted EPS of $0.51, Adjusted¹ EPS of $0.51

GAAP Net Revenues of $1,480 Million, Adjusted Net Revenues of $1,480 Million

GREENWICH, Conn.--(BUSINESS WIRE)-- Interactive Brokers Group, Inc. (Nasdaq: IBKR), an automated global electronic broker, announced results for the quarter ended June 30, 2025.

Reported and adjusted diluted earnings per share were both $0.51 for the current quarter. For the year-ago quarter, reported diluted earnings per share² were $0.41 and $0.44 as adjusted.

Reported and adjusted net revenues were both $1,480 million for the current quarter. For the year-ago quarter, reported net revenues were $1,230 million and $1,290 million as adjusted.

Reported and adjusted income before income taxes were both $1,104 million for the current quarter. For the year-ago quarter, reported income before income taxes was $880 million and $940 million as adjusted.

Financial Highlights

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

• Commission revenue increased 27% to 516 million on higher customer trading volumes. Customer trading volume in stocks, options and futures increased 31%, 24% and 18%, respectively.

• Net interest income increased 9% to $860 million on higher average customer credit balances and securities lending activity. Net interest income includes an approximately $26 million one-time credit related to recovery of taxes withheld at source.

• Other fees and services decreased 9% to $62 million, led by a decrease of $7 million in risk exposure fees, which was partially offset by a $2 million increase in FDIC sweep fees.

• Execution, clearing and distribution fees increased 1% to $116 million, driven by a new FINRA Consolidated Audit Trail (“CAT”) fee initiated during the fourth quarter of 2024 and higher customer trading volumes in stocks, options and futures, mostly offset by greater capture of liquidity rebates from certain exchanges.

• General and administrative expenses increased 17% to $61 million, driven primarily by an increase of $8 million in advertising expenses.

• Pretax profit margin for the current quarter was 75% both as reported and as adjusted. For the year-ago quarter, pretax margin was 72% as reported and 73% as adjusted.

• Total equity of $18.5 billion.

The Interactive Brokers Group, Inc. Board of Directors declared a quarterly cash dividend of $0.08 per share. This dividend is payable on September 12, 2025, to shareholders of record as of September 1, 2025.

Business Highlights

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

• Customer accounts increased 32% to 3.87 million.
• Customer equity increased 34% to $664.6 billion.
• Total DARTs³ increased 49% to 3.55 million.
• Customer credits increased 34% to $143.7 billion.
• Customer margin loans increased 18% to $65.1 billion.

Other Items

Other income increased $78 million to a gain of $42 million. This gain mainly comprised (1) the non-recurrence of a loss of approximately $48 million on positions taken over as a customer accommodation due to a technical issue at the New York Stock Exchange that occurred on the morning of June 3, 2024; (2) $17 million related to our principal trading and investing activities; and (3) $15 million related to our currency diversification strategy.

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 increased our comprehensive earnings by $301 million, as the U.S. dollar value of the GLOBAL increased by approximately 1.62%. The effects of the currency diversification strategy are reported as components of (1) Other Income (loss of $5 million) and (2) Other Comprehensive Income (gain of $306 million).

Conference Call Information:

Interactive Brokers Group, Inc. will hold a conference call with investors today, July 17, 2025, 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/BI1980d5d059964abab3dd6c86da65d04e 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 affiliates provide automated trade execution and custody of securities, commodities, foreign exchange, and forecast contracts around the clock on over 160 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								Six Months
		Ended June 30,								Ended June 30,
		2025				2024				2025				2024
		(in millions, except share and per share data)
Revenues:
Commissions		$	516			$	406			$	1,030			$	785
Other fees and services			62				68				140				127
Other income (loss)			42				(36	)			107				(18	)
Total non-interest income			620				438				1,277				894
Interest income			1,891				1,828				3,609				3,588
Interest expense			(1,031	)			(1,036	)			(1,979	)			(2,049	)
Total net interest income			860				792				1,630				1,539
Total net revenues			1,480				1,230				2,907				2,433
Non-interest expenses:
Execution, clearing and distribution fees			116				115				237				216
Employee compensation and benefits			163				146				317				291
Occupancy, depreciation and amortization			24				25				48				51
Communications			11				10				21				20
General and administrative			61				52				123				102
Customer bad debt			1				2				2				7
Total non-interest expenses			376				350				748				687
Income before income taxes			1,104				880				2,159				1,746
Income tax expense			98				71				189				142
Net income			1,006				809				1,970				1,604
Net income attributable to noncontrolling interests			782				630				1,533				1,250
Net income available for common stockholders		$	224			$	179			$	437			$	354
Earnings per share1:
Basic		$	0.51			$	0.42			$	1.00			$	0.82
Diluted		$	0.51			$	0.41			$	0.99			$	0.82
Weighted average common shares outstanding1:
Basic			438,457,863				430,876,080				437,083,330				429,579,700
Diluted			441,439,924				434,507,344				440,459,081				433,552,552

_______________________________________________

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							Six Months
		Ended June 30,							Ended June 30,
		2025			2024				2025			2024
		(in millions, except share and per share data)
Comprehensive income:
Net income available for common stockholders		$	224		$	179			$	437		$	354
Other comprehensive income:
Cumulative translation adjustment, before income taxes			79			(2	)			107			(28	)
Income taxes related to items of other comprehensive income			-			-				-			-
Other comprehensive income (loss), net of tax			79			(2	)			107			(28	)
Comprehensive income available for common stockholders		$	303		$	177			$	544		$	326
Comprehensive earnings per share1:
Basic		$	0.69		$	0.41			$	1.24		$	0.76
Diluted		$	0.69		$	0.41			$	1.23		$	0.75
Weighted average common shares outstanding1:
Basic			438,457,863			430,876,080				437,083,330			429,579,700
Diluted			441,439,924			434,507,344				440,459,081			433,552,552
Comprehensive income attributable to noncontrolling interests:
Net income attributable to noncontrolling interests		$	782		$	630			$	1,533		$	1,250
Other comprehensive income - cumulative translation adjustment			227			(8	)			306			(84	)
Comprehensive income attributable to noncontrolling interests		$	1,009		$	622			$	1,839		$	1,166

_______________________________________________

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)
					June 30, 2025			December 31, 2024
					(in millions)
Assets
Cash and cash equivalents					$	4,688		$	3,633
Cash - segregated for regulatory purposes						45,057			36,600
Securities - segregated for regulatory purposes						36,972			27,846
Securities borrowed						10,145			5,369
Securities purchased under agreements to resell						9,529			6,575
Financial instruments owned, at fair value						3,856			1,924
Receivables from customers, net of allowance for credit losses						65,346			64,432
Receivables from brokers, dealers and clearing organizations						4,074			2,196
Other assets						1,808			1,567
Total assets					$	181,475		$	150,142
Liabilities and equity
Liabilities
Short-term borrowings					$	8		$	14
Securities loaned						21,229			16,248
Financial instruments sold but not yet purchased, at fair value						494			293
Other payables:
Customers						138,417			115,343
Brokers, dealers and clearing organizations						1,682			476
Other payables						1,127			1,171
						141,226			116,990
Total liabilities						162,957			133,545
Equity
Stockholders' equity						4,825			4,280
Noncontrolling interests						13,693			12,317
Total equity						18,518			16,597
Total liabilities and equity					$	181,475		$	150,142
	June 30, 2025					December 31, 20241
Ownership of IBG LLC Membership Interests	Interests		%			Interests			%
IBG, Inc.	441,569,584		26.0	%		435,726,456			25.8	%
Noncontrolling interests (IBG Holdings LLC)	1,254,573,416		74.0	%		1,254,573,416			74.2	%
Total IBG LLC membership interests	1,696,143,000		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
2022		532,064					26,966					559,030
2023		483,015		(9	%)		29,712		10	%		512,727		(8	%)
2024		661,666		37	%		63,348		113	%		725,014		41	%
2Q2024		150,292					13,215					163,507
2Q2025		220,215		47	%		28,372		115	%		248,587		52	%
1Q2025		211,148					28,393					239,541
2Q2025		220,215		4	%		28,372		(0	%)		248,587		4	%
CONTRACT AND SHARE VOLUMES:
(in 000's, except %)
TOTAL
		Options		%			Futures1		%			Stocks		%
Period		(contracts)		Change			(contracts)		Change			(shares)		Change
2022		908,415					207,138					330,035,586
2023		1,020,736		12	%		209,034		1	%		252,742,847		(23	%)
2024		1,344,855		32	%		218,327		4	%		307,489,711		22	%
2Q2024		321,141					55,171					73,734,105
2Q2025		393,051		22	%		64,271		16	%		96,450,620		31	%
1Q2025		383,998					61,869					93,934,241
2Q2025		393,051		2	%		64,271		4	%		96,450,620		3	%
CUSTOMER
		Options		%			Futures1		%			Stocks		%
Period		(contracts)		Change			(contracts)		Change			(shares)		Change
2022		873,914					203,933					325,368,714
2023		981,172		12	%		206,073		1	%		248,588,960		(24	%)
2024		1,290,770		32	%		214,864		4	%		302,040,873		22	%
2Q2024		308,298					54,106					72,480,534
2Q2025		382,195		24	%		63,918		18	%		95,276,485		31	%
1Q2025		369,931					61,381					92,763,867
2Q2025		382,195		3	%		63,918		4	%		95,276,485		3	%
PRINCIPAL
		Options		%			Futures1		%			Stocks		%
Period		(contracts)		Change			(contracts)		Change			(shares)		Change
2022		34,501					3,205					4,666,872
2023		39,564		15	%		2,961		(8	%)		4,153,887		(11	%)
2024		54,085		37	%		3,463		17	%		5,448,838		31	%
2Q2024		12,843					1,065					1,253,571
2Q2025		10,856		(15	%)		353		(67	%)		1,174,135		(6	%)
1Q2025		14,067					488					1,170,374
2Q2025		10,856		(23	%)		353		(28	%)		1,174,135		0	%

_______________________________________________

1 Includes options on futures

INTERACTIVE BROKERS GROUP, INC. AND SUBSIDIARIES
OPERATING DATA, CONTINUED
CUSTOMER STATISTICS
Year over Year			2Q2025			2Q2024		% Change
Total Accounts (in thousands)			3,866			2,924		32	%
Customer Equity (in billions)1		$	664.6		$	497.2		34	%
Total Customer DARTs (in thousands)			3,552			2,386		49	%
Cleared Customers
Commission per Cleared Commissionable Order2		$	2.65		$	3.01		(12	%)
Cleared Avg. DARTs per Account (Annualized)			206			187		10	%
Consecutive Quarters			2Q2025			1Q2025		% Change
Total Accounts (in thousands)			3,866			3,616		7	%
Customer Equity (in billions)1		$	664.6		$	573.5		16	%
Total Customer DARTs (in thousands)			3,552			3,519		1	%
Cleared Customers
Commission per Cleared Commissionable Order2		$	2.65		$	2.76		(4	%)
Cleared Avg. DARTs per Account (Annualized)			206			220		(6	%)

_______________________________________________

(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								Six Months
		Ended June 30,								Ended June 30,
		2025				2024				2025				2024
		(in millions)
Average interest-earning assets
Segregated cash and securities		$	78,693			$	60,057			$	72,869			$	60,595
Customer margin loans			60,928				52,422				62,646				49,538
Securities borrowed			7,027				5,898				5,949				5,633
Other interest-earning assets			14,747				11,218				13,601				10,585
FDIC sweeps1			5,226				4,023				5,006				3,942
		$	166,621			$	133,618			$	160,071			$	130,293
Average interest-bearing liabilities
Customer credit balances		$	129,998			$	102,709			$	124,010			$	101,110
Securities loaned			17,181				13,688				16,659				12,711
Other interest-bearing liabilities			50				1				58				1
		$	147,229			$	116,398			$	140,727			$	113,821
Net interest income
Segregated cash and securities, net2		$	756			$	740			$	1,419			$	1,504
Customer margin loans3			709				755				1,484				1,433
Securities borrowed and loaned, net			60				25				70				51
Customer credit balances, net3			(857	)			(894	)			(1,674	)			(1,775	)
Other net interest income1/4			193				179				356				354
Net interest income4		$	861			$	805			$	1,655			$	1,567
Net interest margin ("NIM")			2.07	%			2.42	%			2.09	%			2.42	%
Annualized yields
Segregated cash and securities			3.86	%			4.96	%			3.93	%			4.99	%
Customer margin loans			4.67	%			5.79	%			4.78	%			5.82	%
Customer credit balances			2.64	%			3.50	%			2.72	%			3.53	%

_______________________________________________
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 three and six months ended June 30, 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 during the current quarter were 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 six months ended June 30, 2025 and 2024, $9 million, $17 million, $7 million, and $13 million were reported in other fees and services, respectively. For the three and six months ended June 30, 2025 and 2024, $18 million, $34 million, $6 million, and $15 million were reported in other income, respectively.

INTERACTIVE BROKERS GROUP, INC. AND SUBSIDIARIES
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
(UNAUDITED)
		Three Months								Six Months
		Ended June 30,								Ended June 30,
		2025				2024				2025				2024
		(in millions)
Adjusted net revenues1
Net revenues - GAAP		$	1,480			$	1,230			$	2,907			$	2,433
Non-GAAP adjustments
Currency diversification strategy, net			5				20				(15	)			22
Mark-to-market on investments2			(5	)			40				(16	)			51
Total non-GAAP adjustments			-				60				(31	)			73
Adjusted net revenues		$	1,480			$	1,290			$	2,876			$	2,506
Adjusted income before income taxes1
Income before income taxes - GAAP		$	1,104			$	880			$	2,159			$	1,746
Non-GAAP adjustments
Currency diversification strategy, net			5				20				(15	)			22
Mark-to-market on investments2			(5	)			40				(16	)			51
Total non-GAAP adjustments			-				60				(31	)			73
Adjusted income before income taxes		$	1,104			$	940			$	2,128			$	1,819
Adjusted pre-tax profit margin			75	%			73	%			74	%			73	%

		Three Months								Six Months
		Ended June 30,								Ended June 30,
		2025				2024				2025				2024
		(in millions)
Adjusted net income available for common stockholders1
Net income available for common stockholders - GAAP		$	224			$	179			$	437			$	354
Non-GAAP adjustments
Currency diversification strategy, net			1				5				(4	)			5
Mark-to-market on investments2			(1	)			10				(4	)			13
Income tax effect of above adjustments3			0				(3	)			2				(4	)
Total non-GAAP adjustments			(0	)			12				(6	)			14
Adjusted net income available for common stockholders		$	224			$	191			$	431			$	368
Note: Amounts may not add due to rounding.
		Three Months								Six Months
		Ended June 30,								Ended June 30,
		2025				2024				2025				2024
		(in dollars)
Adjusted diluted EPS1/4
Diluted EPS - GAAP		$	0.51			$	0.41			$	0.99			$	0.82
Non-GAAP adjustments
Currency diversification strategy, net			0.00				0.01				(0.01	)			0.01
Mark-to-market on investments2			(0.00	)			0.02				(0.01	)			0.03
Income tax effect of above adjustments3			0.00				(0.01	)			0.01				(0.01	)
Total non-GAAP adjustments			(0.00	)			0.03				(0.01	)			0.03
Adjusted diluted EPS		$	0.51			$	0.44			$	0.98			$	0.85
Diluted weighted average common shares outstanding			441,439,924				434,507,344				440,459,081				433,552,552
Note: Amounts may not add due to rounding.

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.

• 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 investments².
• 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.

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

⁴ 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20250717504589/en/

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

Source: Interactive Brokers Group, Inc.