Interactive Brokers Group (IBKR) financials
NASDAQ · Financial Services · Investment - Banking & Investment Services · 3,182 employees · CEO Milan Galik
- Price
- $76.90 -5.96%
- Market cap
- $135B
- Enterprise value
- $129B
- Last report
- Q3 '26 filed 2026-10-15
- Next report
- 2027-01-19
Revenue (TTM)$11.6B+17.1% vs a year agoLast 4 quarters; bars = each quarter
Operating margin (TTM)87.0%+1.5 pp vs a year agoOperating income $10.1B
Net income (TTM)$1.18B+28.4% vs a year agoAfter tax, incl. non-operating gains
Free cash flow (TTM)$11.4B-28.8% vs a year agoCapex $66M
Diluted EPS (TTM)$2.60+24.4% vs a year agoSum of the last 4 quarters
Net cash$5.92B+40.1% vs a year agoCash + short-term investments - debt
Valuation & key figures
- Market cap
- $135B EV $129B
- Revenue
- $11.6B Trailing 12 months
- Revenue growth
- – Next fiscal year
- Profit margin
- 10.2% Net income / revenue, TTM
- P/E
- 29.2×
- P/S
- 11.7× Price / sales, TTM
- EV / EBITDA
- 12.7× TTM
- Free cash flow
- $11.4B Trailing 12 months
- Net income
- $1.18B Trailing 12 months
- Revenue estimate
- – Next fiscal year
- Earnings
- 2027-01-19
- Dividend
- $0.34 Per share, last 12 months
Key takeaways
Computed from the reported numbers - every statement carries the figure it rests on.
- Revenue growth accelerating: 18.1% year on yearQ3 '26 revenue $3.19B, against an average of 15.7% over the four quarters before.
- Operating margin 87.0% (TTM), +1.5 pp on a year agoOperating income grew 19.2% while revenue grew 17.1%.
- 82.1% of pre-tax profit is eaten by non-operating lossesPre-tax income $5.54B vs operating income $10.1B (TTM). Losses on equity stakes and other one-off items cut net income and EPS - operating income is the cleaner measure of the business.
- Capex 0.6% of revenue (a year ago 0.6%)$66M invested in the last 4 quarters (+10.0% on a year earlier). Free cash flow $11.4B = 966.0% of net income.
- Returned $257M to shareholders = 2.3% of free cash flowBuybacks $146M (a year earlier $84M), dividends $111M, stock-based pay $93M (TTM).
- Diluted share count up 1.7% in a year454M diluted shares in Q3 '26, 447M a year earlier.
- Net cash $5.92BCash + short-term investments $5.94B, debt incl. leases $18M; a year ago net cash $4.22B.
Last quarter: Q3 '26
Quarter ended 2026-09-30. Compared with the same quarter a year earlier and with the analyst consensus before the report.
Quarter vs a year ago
| Q3 '26 | Year ago | Change | |
|---|---|---|---|
| Revenue | $3.19B | $2.7B | +18.1% |
| Gross margin | 95.8% | 90.8% | +5.0 pp |
| Operating income | $2.78B | $2.36B | +17.6% |
| Operating margin | 86.9% | 87.2% | -0.3 pp |
| Net income | $314M | $263M | +19.4% |
| Diluted EPS | $0.69 | $0.59 | +16.9% |
| Operating cash flow | $0 | $4.48B | -100.0% |
| Capex | $0 | $15M | -100.0% |
| Free cash flow | $0 | $4.46B | -100.0% |
| R&D | $0 | $0 | – |
| Stock-based compensation | $0 | $31M | -100.0% |
Revenue
Where the money comes from - by business line and by region, quarter by quarter.
Revenue, operating income and growth
quarterlyRevenue by business line
stacked, quarterly| Segment | Q2 '26 | y/y | Share | TTM | TTM y/y | 12 quarters |
|---|---|---|---|---|---|---|
| Commissions | $673M | +30.4% | 89.7% | $2.41B | -13.6% | |
| Risk Exposure Fees | $25M | +47.1% | 3.3% | $86M | -43.4% | |
| Market Data Fees | $23M | +15.0% | 3.1% | $84M | -24.3% | |
| Payments For Order Flow | $18M | +100.0% | 2.4% | $62M | -10.1% | |
| Others | $11M | +57.1% | 1.5% | $52M | -5.5% |
Revenue by region
share of total| Segment | Q2 '26 | y/y | Share | TTM | TTM y/y | 12 quarters |
|---|---|---|---|---|---|---|
| U [S] | $1.28B | +27.6% | 67.7% | $4.75B | +21.2% | |
| Non Us | $612M | +29.1% | 32.3% | $2.11B | +21.4% |
Margins & cost structure
How much of each unit of revenue is left at each level - and where the costs go.
Margins
quarterlyCosts as % of revenue
quarterlyCash flow & capital allocation
Cash generated, what it is spent on, and what reaches shareholders.
Operating cash flow, capex, free cash flow
quarterlyUses of cash vs operating cash flow
fiscal yearsLast 4 quarters
cash flow statement- Operating cash flow
- $11.4B
- Capex
- -$66M
- Buybacks
- -$146M
- Dividends
- -$111M
- Acquisitions
- $0
- Net debt issued
- $3M
- Stock-based compensation
- $93M
- Free cash flow
- $11.4B
- Returned to shareholders / FCF
- 2.3%
Share count and EPS
quarterly, dilutedBalance sheet
Liquidity, investments and debt at each quarter end.
Cash, investments and debt
quarter endsValuation & returns
Today's multiples against the company's own last five fiscal years; analyst targets and ratings.
Multiples and returns
TTM vs 5 fiscal years| Now | 5y average | Where today sits in the 5-year range | |
|---|---|---|---|
| P/E (TTM) | 29.2× | 22.5× | 14.8× – 28.8× |
| EV / EBITDA | 12.7× | 11.6× | 6.4× – 18.4× |
| EV / Sales | 11.1× | 9.2× | 5.4× – 13.1× |
| Price / FCF | 11.9× | 1.8× | 1.3× – 2.2× |
| Price / Book | 5.6× | 3.6× | 2.5× – 5.3× |
| FCF yield | 8.4% | 56.5% | 45.4% – 77.8% |
| Return on invested capital | 15.5% | 17.0% | 8.3% – 23.3% |
| Return on equity | 20.4% | 15.8% | 12.9% – 18.3% |
Analysts
Consensus target $105.00 (+36.5%)
range $97.00 – $117.00 · rating Buy
Strong buy0
Buy9
Hold9
Sell1
Strong sell0
Financial statements
Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.
Every reported line
All 205 figures Interactive Brokers Group, Inc. tagged in its recent 10-Q / 10-K filings, with the official SEC label and definition - including the notes (leases, taxes, buybacks, employees, ...).
| Line (SEC label) | Latest quarter | Year ago | y/y | Latest FY | Prior FY | y/y |
|---|---|---|---|---|---|---|
| Accounts Receivable, after Allowance for Credit Loss | $44M | $30M | +46.7% | $34M | $31M | +9.7% |
| Accounts Receivable, Allowance for Credit Loss | $34M | $23M | +47.8% | $24M | $25M | -4.0% |
| Accrued Liabilities | $973M | $664M | +46.5% | $818M | $665M | +23.0% |
| Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | $63M2025-12-31 | $51M | +23.5% | $63M | $51M | +23.5% |
| Accumulated Other Comprehensive Income (Loss), Net of Tax | $20M | $62M | -67.7% | $56M | -$45M | +224.4% |
| Additional Paid in Capital | $2.02B | $1.89B | +7.3% | $1.96B | $1.82B | +7.8% |
| Advertising Expense | $27M | $26M | +3.8% | $102M | $67M | +52.2% |
| APIC, Share-based Payment Arrangement, Restricted Stock Unit, Increase for Cost Recognition | $32M | $28M | +14.3% | $118M | $112M | +5.4% |
| Assets | $247B | $181B | +36.3% | $203B | $150B | +35.4% |
| Banking Regulation, Total Risk-Based Capital, Excess, Actual | $14.2B | $13.3B | +6.7% | $14.1B | $12.4B | +13.7% |
| Broker-Dealer, Minimum Net Capital Required, Parent, Aggregate Indebtedness Standard | $3.6B | $2.22B | +62.4% | $2.93B | $2.09B | +40.0% |
| Broker-Dealer, Payable to Customer | $177B | $138B | +27.7% | $154B | $115B | +33.8% |
| Broker-Dealer, Payable to Other Broker-Dealer and Clearing Organization | $819M | $1.68B | -51.3% | $1.57B | $476M | +229.0% |
| Brokerage Commissions Revenue | $673M | $516M | +30.4% | $2.15B | $1.7B | +26.6% |
| Capitalized Computer Software, Gross | $94M2025-12-31 | $88M | +6.8% | $94M | $88M | +6.8% |
| Cash and Cash Equivalents, at Carrying Value | $7.71B | $4.69B | +64.5% | $4.96B | $3.63B | +36.6% |
| Cash Reserve Deposit Required and Made | $56.6B | $45.1B | +25.6% | $50.3B | $36.6B | +37.5% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $64.3B | $49.7B | +29.3% | $55.3B | $40.2B | +37.4% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | $5.81B | $7.07B | -17.9% | $15.1B | $7.64B | +97.1% |
| Common Stock, Capital Shares Reserved for Future Issuance | 1.44B2026-03-31 | – | – | 1.44B | – | – |
| Common Stock, Dividends, Per Share, Cash Paid | $0.09 | $0.08 | +9.4% | $0.032023-12-31 | $0.10 | -75.0% |
| Common Stock, Par or Stated Value Per Share | $0.01 | – | – | $0.012019-12-31 | $0.01 | 0.0% |
| Communication | $11M | $11M | 0.0% | $43M | $39M | +10.3% |
| Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest | $984M | $1.01B | -2.5% | $3.66B | $2.5B | +46.6% |
| Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $297M | $303M | -2.0% | $1.09B | $702M | +54.6% |
| Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | $1.28B | $1.31B | -2.4% | $4.75B | $3.2B | +48.4% |
| Contract with Customer, Asset, before Allowance for Credit Loss | $0 | $0 | – | $0 | $0 | – |
| Contract with Customer, Liability | $0 | $0 | – | $0 | $0 | – |
| Current Federal Tax Expense (Benefit) | – | – | – | $141M | $133M | +6.0% |
| Current Foreign Tax Expense (Benefit) | – | – | – | $196M | $135M | +45.2% |
| Current Income Tax Expense (Benefit) | – | – | – | $373M | $290M | +28.6% |
| Current State and Local Tax Expense (Benefit) | – | – | – | $36M | $22M | +63.6% |
| Deferred Federal Income Tax Expense (Benefit) | – | – | – | $43M | $8M | +437.5% |
| Deferred Foreign Income Tax Expense (Benefit) | – | – | – | -$3M | -$1M | -200.0% |
| Deferred Income Tax Expense (Benefit) | $10M | $9M | +11.1% | $41M | -$2M | +2,150.0% |
| Deferred State and Local Income Tax Expense (Benefit) | – | – | – | $1M | -$9M | +111.1% |
| Deferred Tax Assets, Gross | $272M2025-12-31 | $250M | +8.8% | $272M | $250M | +8.8% |
| Deferred Tax Assets, Net | $249M2025-12-31 | $237M | +5.1% | $249M | $237M | +5.1% |
| Deferred Tax Assets, Other | $28M2025-12-31 | $35M | -20.0% | $28M | $35M | -20.0% |
| Deferred Tax Assets, Tax Credit Carryforwards | – | – | – | $688M2024-12-31 | $682M | +0.9% |
| Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Employee Compensation | $22M2025-12-31 | $19M | +15.8% | $22M | $19M | +15.8% |
| Deferred Tax Assets, Valuation Allowance | $02025-12-31 | $0 | – | $0 | $0 | – |
| Deferred Tax Liabilities, Gross | $23M2025-12-31 | $13M | +76.9% | $23M | $13M | +76.9% |
| Deferred Tax Liabilities, Other | $23M2025-12-31 | $10M | +130.0% | $23M | $10M | +130.0% |
| Defined Contribution Plan, Cost | $2M | $2M | 0.0% | $8M | $8M | 0.0% |
| Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 0.0% | 0.0% | – | 10.0% | 50.0% | -80.0% |
| Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 0.0% | 0.0% | – | 50.0% | 10.0% | +400.0% |
| Depreciation, Amortization and Accretion, Net | $17M | $15M | +13.3% | $61M | $67M | -9.0% |
| Derivative Asset, Securities Purchased under Agreements to Resell, Securities Borrowed | $55.4B | $50.8B | +9.0% | $39.2B | $33.4B | +17.5% |
| Derivative Asset, Securities Purchased under Agreements to Resell, Securities Borrowed, Amount Offset Against Collateral | $401M | $489M | -18.0% | $449M | $225M | +99.6% |
| Derivative Asset, Securities Purchased under Agreements to Resell, Securities Borrowed, Gross | $55.4B | $50.8B | +9.0% | $39.2B | $33.4B | +17.5% |
| Derivative Asset, Securities Purchased under Agreements to Resell, Securities Borrowed, Liability | $0 | – | – | $0 | $0 | – |
| Derivative Liability, Securities Sold under Agreements to Repurchase, Securities Loaned | $43.8B | $21.6B | +103.3% | $25.3B | $16.4B | +53.9% |
| Derivative Liability, Securities Sold under Agreements to Repurchase, Securities Loaned, Amount Offset Against Collateral | $1.78B | $1.55B | +14.7% | $1.93B | $1.23B | +56.1% |
| Derivative Liability, Securities Sold under Agreements to Repurchase, Securities Loaned, Asset | $0 | – | – | $0 | $0 | – |
| Derivative Liability, Securities Sold under Agreements to Repurchase, Securities Loaned, Gross | $45.6B | $21.6B | +111.6% | $25.3B | $16.4B | +53.9% |
| Dividends, Common Stock | $39M | $35M | +11.4% | $134M | $92M | +45.7% |
| Earnings Per Share, Basic | $0.70 | $0.51 | +37.3% | $2.23 | $1.75 | +27.4% |
| Earnings Per Share, Diluted | $0.69 | $0.51 | +35.3% | $2.22 | $1.73 | +28.3% |
| Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | -$57M | $306M | -118.6% | $391M | -$207M | +288.9% |
Source: SEC companyfacts (XBRL of every 10-Q / 10-K). Cash-flow quarters are derived from the year-to-date figures the 10-Q tags. Segment breakdowns are tagged with dimensions and are shown in the segment section instead.
Sources
Statements, segment revenue, metrics, estimates: Financial Modeling Prep. Segment profits and every reported line: SEC EDGAR (XBRL). Filings read: 10-Q 2026-06-30, 10-Q 2026-03-31, 10-K 2025-12-31, 10-Q 2025-09-30, 10-Q 2025-06-30, 10-Q 2025-03-31, 10-K 2024-12-31, 10-Q 2024-09-30, 10-Q 2024-06-30
Data as of 2026-11-01