Short answer
Interactive Brokers (IBKR) filed its fiscal 2025 10-K annual report with the SEC on Feb 27, 2026. It reported revenue of $2.4B (+23.4% year over year) and net income of $984M.
- Top risk flagged: Emerging regulatory risk: ForecastEx (CFTC-registered DCM/DCO) faces state gaming authority litigation and uncertain legal framework for prediction/election contracts
FY2025 key financial metrics · XBRL
- Revenue
- $2.4B
- +23.4% YoY
- Net income
- $984M
- +30.3% YoY
- EPS (diluted)
- $2.22
- −68.0% YoY
- ROE
- 18.3%
- +0.7 pp YoY
- Operating cash flow
- $15.8B
- +81.2% YoY
Source: XBRL data from the Interactive Brokers (IBKR) FY2025 10-K on SEC EDGAR. USD.
Interactive Brokers FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Automated global broker serving ~4.4M institutional/individual accounts across 170+ exchanges, 40 countries, 29 currencies from single unified platform
- Joined S&P 500 on August 28, 2025: milestone driving increased index fund ownership and enhanced stock liquidity
- New offerings highlighted this year: IBKR InvestMentor microlearning app, IBKR GlobalTrader 2.0, AI-powered Ask IBKR portfolio tool, and expanded forecast/event contracts via ForecastEx
- 4-for-1 stock split executed June 2025; authorized Class A shares increased from 1B to 4B shares
- 3,182 employees across 24 cities in 16 countries; aggregate excess regulatory capital $14.1B as of December 31, 2025
Management Discussion & Analysis
- Net revenues $6,205M, up $1,020M (+20%) YoY; commissions +27% to $2,149M, net interest income +13% to $3,563M
- Pretax profit margin 77% vs 71% prior year; non-interest expenses fell to 23% of net revenues vs 29% prior year
- Operating cash flow $15.8B vs $8.7B prior year; capex $67M; financing outflows $969M for dividends, distributions, and TRA payments
- Total accounts +32% to 4.4M; customer equity +37% to $779.9B; NIM declined to 2.08% from 2.35% on lower benchmark rates
- Key risks: rate cuts reducing NIM (~$77M impact per 25bps move), geopolitical uncertainty, tariff policy volatility, intensifying broker competition, and expanded AI regulatory scrutiny
Risk Factors
- Emerging regulatory risk: ForecastEx (CFTC-registered DCM/DCO) faces state gaming authority litigation and uncertain legal framework for prediction/election contracts
- International exposure: ~30% of net revenues from non-U.S. subsidiaries; U.S.-China tensions flagged as specific regional threat to Hong Kong operations
- Operational vulnerability: no fully redundant systems; no business interruption insurance; hybrid work model increases cyber incident exposure
- Key-person dependency: Thomas Peterffy controls ~73.7% combined voting power; Compensation Committee he chairs sets his own pay
- Structural risk: potential $44.6B tax basis step-up liability requiring 85% of realized tax savings paid to Holdings under Tax Receivable Agreement
Generated from the filing text; verify against the original. How to read a 10-K
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