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

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.

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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.

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.

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For Interactive Brokers Group, Inc. Investors: Nancy Stuebe, [email protected] or Media: Rob Garfield, [email protected].