Operational efficiency remains high, with an OCF/NI ratio of 13.52 in 2026Q1 and a consistently low CapEx/Revenue ratio that has remained below 1.0% over the last ten quarters.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 |
|---|
| Cash from Operations | 16.84B | 15.81B | 8.72B | 4.54B | 3.97B | 5.9B | 8.07B | 2.67B | 2.36B | 1.06B | 635M | 725M | 417M | 140M | 725.46M | 1.09B | 1.69B | 150.65M | 2.09B | -89.67M | -219.3M | -110.52M |
| Operating CF Margin % | - | 154.53% | 93.65% | 58.35% | 94.66% | 200.54% | 333.39% | 103.61% | 101.68% | 66.77% | 45.98% | 52.61% | 34.01% | 12.31% | 63.14% | 77.47% | 182.49% | 12.88% | 95.88% | -4.43% | -12.63% | -10.05% |
| Operating CF Growth % | 392.73% | 81.24% | 91.99% | 14.52% | -32.7% | -26.92% | 202.63% | 13.16% | 121.22% | 67.72% | -12.41% | 73.86% | 197.86% | -80.7% | -33.19% | -35.87% | 1024% | -92.8% | 2433.41% | 59.11% | -98.43% | - |
| Net Income | 1.04B | 4.36B | 3.41B | 2.81B | 1.84B | 1.64B | 1.18B | 1.09B | 1.13B | 793M | 699M | 415M | 459M | 418M | 496.99M | 687.18M | 277.13M | 484.14M | 1.12B | 868.74M | 734.17M | 0 |
| Depreciation & Amortization | 96M | 93M | 96M | 94M | 84M | 74M | 62M | 52M | 26M | 25M | 25M | 22M | 20M | 19M | 19.27M | 18.7M | 18.7M | 21.07M | 17.9M | 12.07M | 11.63M | 10.91M |
| Stock-Based Compensation | 120M | 118M | 112M | 100M | 92M | 80M | 65M | 60M | 58M | 53M | 51M | 50M | 40.62M | 40.27M | 67.09M | 49.19M | 38.3M | 33.19M | 25.92M | 13.26M | 0 | 0 |
| Deferred Taxes | 43M | 41M | -2M | 30M | 20M | 23M | 9M | 24M | 21M | 147M | 27M | 15M | 18.17M | 11.73M | 17.78M | 25.19M | 6M | -22.07M | 50.1M | 7.08M | -587K | 17.07M |
| Other Non-Cash Items | -9M | -35M | 36M | -2M | 15M | 20M | -20M | 37M | 4M | -74M | 7M | 153M | 13M | 73M | 2.92M | 45.74M | 260.57M | 18.93M | 93.59M | -43.52M | 48.95M | 490.48M |
| Working Capital Changes | 12.02B | 11.24B | 5.08B | 1.51B | 1.92B | 4.06B | 6.77B | 1.4B | 1.12B | 121M | -174M | 70M | -134M | -422M | 121.41M | 165.56M | 1.09B | -390.59M | 783.21M | -947.3M | -1.01B | -628.98M |
| Change in Receivables | -32.22B | -35.86B | -21.2B | -4.49B | 13.77B | -20.69B | -7.28B | -6.78B | 3.31B | -11.51B | -2.33B | 196M | -4.65B | -3.64B | -2.5B | -126.5M | -2.33B | 434.29M | 321.7M | -2.72B | -699.2M | -277.29M |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 42.3B | 38.99B | 14.33B | 7.82B | 7.56B | 9.75B | 19.63B | 8.26B | 445M | 5.82B | 4.65B | 5.29B | 5.48B | 4.9B | 4.12B | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -157M | -171M | -44M | -52M | -67M | -188M | -50M | -89M | -57M | -26M | -6M | -35M | 54M | -33M | -52.43M | -137.03M | -17.29M | -27.5M | -20.19M | -1.21B | -50.39M | -9.7M |
| Capital Expenditures | -77M | -67M | -49M | -49M | -69M | -77M | -50M | -74M | -36M | -28M | -27M | -30M | -19.43M | -16.81M | -18M | -13.55M | -18.11M | -18.49M | -26.7M | -26.72M | -12.35M | -12.84M |
| CapEx % of Revenue | 0.72% | 0.65% | 0.53% | 0.63% | 1.65% | 2.62% | 2.07% | 2.88% | 1.55% | 1.76% | 1.96% | 2.18% | 1.58% | 1.48% | 1.57% | 0.97% | 1.95% | 1.58% | 1.22% | 1.32% | 0.71% | 1.17% |
| Acquisitions | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Investments | 13.4B | 23.58B | 13.79B | 12.76B | 11.17B | 8.85B | 544M | 1.75B | 1.93B | 1.95B | 2.1B | 1.99B | 2.04B | 3.29B | 3.62B | -1.17B | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Investing | 19M | 1M | 45M | 23M | 7M | 5M | 5M | 4M | 1M | 2M | 38M | 11M | 777K | 11.18M | 1.57M | 2.71M | 0 | 2.29M | 6.5M | -1.19B | 1.23M | 3.13M |
| Cash from Financing | -1.06B | -969M | -833M | -624M | -470M | -523M | -229M | -419M | -399M | -374M | -189M | -295M | -307.98M | -248.45M | -590.97M | -550.72M | -1.17B | -290.45M | -1.6B | 1.13B | 504.03M | 374.09M |
| Debt Issued (Net) | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Equity Issued (Net) | 11M | 11M | 2M | 0 | 3M | -1M | 1M | -1M | -5M | 0 | -1M | 4M | 0 | 0 | 0 | 0 | 0 | 0 | -866K | 1.18B | 0 | 0 |
| Dividends Paid | -143M | -134M | -92M | -42M | -40M | -38M | -32M | -31M | -29M | -28M | -26M | -25M | -22.73M | -20.21M | -66.3M | -13.47M | -75.59M | 0 | -222.78M | -269.66M | -164.5M | -88.5M |
| Share Repurchases | -84M | -84M | -54M | -34M | -20M | -27M | -17M | -27M | -45M | -21M | -26M | -25M | 0 | 0 | 0 | 0 | 0 | 0 | -866K | -1.38M | 0 | 0 |
| Other Financing | -928M | -851M | -740M | -581M | -424M | -392M | -300M | -386M | -367M | -287M | -236M | -240M | -295M | -142M | -541.37M | -175.84M | -1.03B | -139.64M | -298.78M | -74.16M | 6.71M | 3.48M |
| Net Change in Cash | 15.83B | 15.06B | 7.64B | 3.99B | 3.32B | 5.09B | 7.91B | 2.18B | 1.82B | 730M | 415M | 332M | 56M | -168M | 96.06M | 260.73M | 547.66M | -136.94M | 421.72M | -147.5M | 261.04M | 239.4M |
| Free Cash Flow | 16.76B | 15.74B | 8.68B | 4.5B | 3.9B | 5.82B | 8.02B | 2.59B | 2.32B | 1.04B | 608M | 695M | 397.57M | 123.19M | 707.47M | 1.07B | 1.68B | 132.16M | 2.07B | -116.39M | -231.65M | -123.36M |
| FCF Margin % | 157.78% | 153.87% | 93.12% | 57.72% | 93.01% | 197.93% | 331.32% | 100.74% | 100.13% | 65.02% | 44.03% | 50.44% | 32.43% | 10.83% | 61.58% | 76.51% | 180.54% | 11.3% | 94.65% | -5.75% | -13.34% | -11.22% |
| FCF Growth % | 75.1% | 81.49% | 92.99% | 15.29% | -33% | -27.43% | 209.34% | 11.72% | 123.72% | 70.56% | -12.52% | 74.81% | 222.74% | -82.59% | -34.03% | -35.99% | 1167.57% | -93.6% | 1874.81% | 49.76% | -87.79% | - |
| FCF per Share | 37.38 | 35.15 | 19.90 | 10.62 | 9.62 | 15.31 | 24.86 | 8.43 | 7.81 | 3.65 | 2.26 | 2.77 | 1.70 | 0.60 | 3.76 | 6.02 | 10.53 | 0.83 | 10.31 | -0.73 | -1.45 | -0.77 |
| FCF Conversion (FCF/Net Income) | 16.15x | 16.07x | 11.55x | 7.57x | 10.44x | 19.14x | 41.37x | 16.56x | 13.94x | 14.01x | 7.56x | 14.80x | 9.27x | 3.78x | 17.37x | 1.57x | 6.04x | 0.31x | 1.87x | -0.10x | -0.30x | -0.21x |
| Interest Paid | 4.29B | 4.21B | 4.19B | 3.32B | 833M | 222M | 284M | 654M | 444M | 209M | 77M | 68M | 73M | 53M | 63.86M | 87.52M | 67.59M | 76.51M | 368.97M | 551.92M | 460.1M | 0 |
| Taxes Paid | 291M | 316M | 279M | 228M | 148M | 114M | 64M | 51M | 50M | 47M | 29M | 31M | 37M | 52M | 23.11M | 78.86M | 85.05M | 102.81M | 83.32M | 15.25M | 16.96M | 0 |
Interest rate policy sensitivity
As reported in financial statements, IBKR consistently generates operating cash flow significantly higher than net income, with the OCF/NI ratio reaching 13.52 in 2026Q1, suggesting that the firm's reported earnings are highly conservative relative to the actual cash generated by its brokerage operations.
The substantial gap between net income and operating cash flow appears driven by the unique nature of brokerage operations, where client cash balances and margin lending activities create significant non-operating cash movements. Investors should monitor this divergence, as it indicates that traditional earnings metrics may understate the firm's true liquidity-generating capacity.
Based on the provided quarterly data, IBKR's free cash flow trajectory remains exceptionally robust, peaking at $7.1 billion in 2025Q2, which highlights the firm's ability to convert its high-margin brokerage revenue into substantial cash reserves without requiring significant reinvestment into the underlying platform infrastructure.
The volatility in FCF margins, which fluctuated from 2.9% to 165.1% over the last ten quarters, appears to be a function of working capital swings rather than operational instability. This suggests that the firm's core business model is highly cash-generative, provided that market volatility remains supportive of trading volumes.
According to recent SEC filings, IBKR maintains a remarkably low capital intensity, with CapEx/Revenue ratios consistently below 1.0% over the last ten quarters, confirming that the firm's proprietary software architecture requires minimal ongoing physical investment to support its expanding global client base.
The low level of capital expenditure relative to revenue suggests that the firm has already achieved the necessary scale to support its operations, allowing for high incremental margins. This capital-light profile warrants further investigation into whether future regulatory requirements might necessitate higher infrastructure spending to maintain compliance.
As evidenced by the quarterly cash flow statements, working capital changes are the primary driver of cash flow fluctuations, with a massive $6.1 billion inflow recorded in 2025Q2, indicating that the firm's cash position is highly sensitive to client-driven movements in segregated accounts and margin balances.
These large swings in working capital appear to reflect the firm's role as a clearing broker, where client activity dictates the timing and magnitude of cash inflows and outflows. Analysts should interpret these movements as a reflection of platform engagement rather than operational inefficiency or liquidity stress.
Quick answers to the most common questions about buying IBKR stock.
Interactive Brokers Group, Inc. (IBKR) generated $15.81B in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Interactive Brokers Group, Inc. (IBKR) generated $15.74B in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Interactive Brokers Group, Inc. (IBKR) spent $67.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Interactive Brokers Group, Inc. (IBKR) returned $134.0M to shareholders via cash dividends and spent $84.0M on share repurchases. This shows the company's commitment to returning capital to its equity investors.