Short answer
Interactive Brokers (IBKR) filed its fiscal 2024 10-K annual report with the SEC on Feb 27, 2025. It reported revenue of $2.0B (+27.0% year over year) and net income of $755M.
- Top risk flagged: Regulatory risk from exchange-mandated order flow programs, generating $14 million in fee income driven by higher 2024 customer trading volume
FY2024 key financial metrics · XBRL
- Revenue
- $2.0B
- +27.0% YoY
- Net income
- $755M
- +25.8% YoY
- EPS (diluted)
- $6.93
- +22.2% YoY
- ROE
- 17.6%
- +0.9 pp YoY
- Operating cash flow
- $8.7B
- +92.0% YoY
Source: XBRL data from the Interactive Brokers (IBKR) FY2024 10-K on SEC EDGAR. USD.
Interactive Brokers FY2024 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business model: Electronic brokerage services providing global trading platforms for individual and institutional clients
- No new products, services, or segments introduced or emphasized in fiscal year 2025 filing
- Continued emphasis on compliance with insider trading laws via updated Insider Trading Policy
- No reported changes in employee count, R&D spend, geographic expansion, or market share disclosed
- Disclosure practices include posting amendments to Code of Ethics and Business Conduct on investor relations website
Management Discussion & Analysis
- Non-GAAP adjusted metrics defined (adjusted net revenues, income, EPS) excluding investment mark-to-market, TRA liability remeasurement, bad debt
- IBG LLC ownership: company holds 25.8%, Holdings owns 74.2%; company’s net income share ~25.6% vs 25.0% prior year
Risk Factors
- Regulatory risk from exchange-mandated order flow programs, generating $14 million in fee income driven by higher 2024 customer trading volume
- Geopolitical exposure from 38% of 2024 commissions derived from non-U.S. subsidiary operations
- Operational risk due to smaller average commission per cleared customer order declining 9% to $2.86 in 2024 from $3.14 in 2023
- Competitive pressure from IBKR Lite offering commission-free trades, impacting average commissions per order across stocks, options, and forex
- Financial risk of elevated interest expense reaching $4.19 billion in 2024, up from $3.44 billion in 2023, narrowing net interest margin
Generated from the filing text; verify against the original. How to read a 10-K
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