Revenue growth is accelerating with EPS up 35.3% year-over-year to $0.69 in 2026Q2, though net interest income volatility (swinging from -$1.2B to $904M) and a 8.8% efficiency ratio suggest earnings quality increasingly relies on fee income and provision reversals.
Interactive Brokers Group, Inc. (IBKR) annual income statement — 21-year revenue, gross profit & net income history
| 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 |
|---|
| Net Interest Income | 1.66B | -46M | -4.19B | -3.44B | -1.02B | -224M | -261M | -643M | -463M | -225M | -79M | -67M | -72M | -52M | -61.95M | -86.26M | -66.21M | 52.19M | 105.2M | 226.98M | 187.62M | 103.18M |
| NII Growth % | 561.52% | 98.9% | -21.97% | -237.52% | -354.46% | 14.18% | 59.41% | -38.88% | -105.78% | -184.81% | -17.91% | 6.94% | -38.46% | 16.06% | 28.18% | -30.28% | -226.87% | -50.4% | -53.65% | 20.98% | 81.85% | - |
| Net Interest Margin % | 0.67% | -0.02% | -2.79% | -2.68% | -0.88% | -0.21% | -0.27% | -0.9% | -0.76% | -0.37% | -0.14% | -0.14% | -0.17% | -0.14% | -0.19% | -0.28% | -0.23% | 0.2% | 0.37% | 0.66% | 0.58% | 0.42% |
| Interest Income | 6.12B | 4.17B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 121.62M | 437.17M | 782.2M | 672.06M | 273.22M |
| Interest Expense | 4.46B | 4.22B | 4.19B | 3.44B | 1.02B | 224M | 261M | 643M | 463M | 225M | 79M | 67M | 72M | 52M | 61.95M | 86.26M | 66.21M | 69.43M | 331.97M | 555.21M | 484.43M | 170.04M |
| Loan Loss Provision | -3.72B | -3.17B | -3.17B | -2.52B | -240M | 411M | 357M | -104M | 70M | 265M | 407M | 391M | 345M | 396M | 433.54M | 411.4M | 409.96M | 0 | 0 | 0 | 0 | 0 |
| Non-Interest Income | 4.99B | 6.06B | 9.32B | 7.79B | 4.19B | 2.94B | 2.42B | 2.57B | 2.32B | 1.59B | 1.38B | 1.38B | 1.23B | 1.14B | 1.15B | 1.4B | 927.9M | 1.05B | 1.75B | 1.24B | 1.06B | 825.93M |
| Non-Interest Income % | 75.05% | 100.77% | 181.78% | 178.97% | 132.07% | 108.25% | 112.09% | 133.32% | 124.97% | 116.42% | 106.07% | 105.11% | 106.24% | 104.79% | 105.7% | 106.56% | 107.68% | 95.26% | 94.31% | 84.54% | 85.02% | 88.9% |
| Total Net Revenue | 6.64B | 6.01B | 5.13B | 4.35B | 3.17B | 2.72B | 2.16B | 1.93B | 1.85B | 1.37B | 1.3B | 1.31B | 1.15B | 1.08B | 1.09B | 1.32B | 861.69M | 1.1B | 1.85B | 1.47B | 1.25B | 929.11M |
| Revenue Growth % | 21.39% | 17.33% | 17.79% | 37.08% | 16.86% | 25.8% | 11.87% | 4.1% | 35.33% | 5.22% | -0.69% | 13.6% | 6.36% | -0.18% | -17.36% | 52.64% | -21.69% | -40.53% | 26.01% | 17.24% | 34.8% | - |
| Non-Interest Expense | 694M | 388M | 454M | 351M | 288M | 289M | 331M | 130M | 102M | -60M | 44M | 25M | 38M | 26M | 31.23M | 51.52M | 41.79M | 562.06M | 600.38M | 536.59M | 490.85M | 359.81M |
| Efficiency Ratio | 10.44% | 6.45% | 8.86% | 8.07% | 9.07% | 10.64% | 15.33% | 6.74% | 5.5% | -4.38% | 3.38% | 1.91% | 3.29% | 2.4% | 2.87% | 3.92% | 4.85% | 51.08% | 32.45% | 36.54% | 39.19% | 38.73% |
| Operating Income | 9.67B | 8.8B | 7.84B | 6.52B | 3.13B | 2.02B | 1.47B | 1.9B | 1.68B | 1.17B | 851M | 895M | 771M | 663M | 622.18M | 852.4M | 409.95M | 538.28M | 1.25B | 931.78M | 761.56M | 569.3M |
| Operating Margin % | 145.57% | 146.32% | 153% | 149.92% | 98.49% | 74.23% | 68.13% | 98.65% | 90.72% | 85.04% | 65.36% | 68.27% | 66.81% | 61.11% | 57.24% | 64.81% | 47.57% | 48.92% | 67.55% | 63.46% | 60.81% | 61.27% |
| Operating Income Growth % | - | 12.21% | 20.21% | 108.67% | 55.06% | 37.05% | -22.74% | 13.2% | 44.38% | 36.9% | -4.92% | 16.08% | 16.29% | 6.56% | -27.01% | 107.93% | -23.84% | -56.94% | 34.15% | 22.35% | 33.77% | - |
| Pretax Income | 5.36B | 4.77B | 3.69B | 3.07B | 2B | 1.79B | 1.26B | 1.16B | 1.2B | 1.05B | 761M | 458M | 506M | 451M | 527M | 744.9M | 340.8M | 544.5M | 1.25B | 931.57M | 761.56M | 569.3M |
| Pretax Margin % | 80.6% | 79.34% | 72.1% | 70.54% | 62.95% | 65.8% | 58.18% | 59.95% | 64.51% | 76.57% | 58.45% | 34.94% | 43.85% | 41.57% | 48.48% | 56.63% | 39.55% | 49.48% | 67.54% | 63.44% | 60.81% | 61.27% |
| Income Tax | 460M | 414M | 288M | 257M | 156M | 151M | 77M | 68M | 71M | 256M | 62M | 43M | 47M | 33M | 30.01M | 54.1M | 60.4M | 54.4M | 128.4M | 63.04M | 27.39M | 33.78M |
| Effective Tax Rate % | 8.59% | 8.68% | 7.79% | 8.37% | 7.81% | 8.45% | 6.13% | 5.88% | 5.94% | 24.4% | 8.15% | 9.39% | 9.29% | 7.32% | 5.7% | 7.26% | 17.72% | 9.99% | 10.27% | 6.77% | 3.6% | 5.93% |
| Net Income | 1.13B | 984M | 755M | 600M | 380M | 308M | 195M | 161M | 169M | 76M | 84M | 49M | 45M | 37M | 41.78M | 690.8M | 280.4M | 490.1M | 1.12B | 868.53M | 734.17M | 535.52M |
| Net Margin % | 16.95% | 16.36% | 14.73% | 13.79% | 11.97% | 11.34% | 9.03% | 8.34% | 9.12% | 5.55% | 6.45% | 3.74% | 3.9% | 3.41% | 3.84% | 52.52% | 32.54% | 44.54% | 60.6% | 59.15% | 58.62% | 57.64% |
| Net Income Growth % | 34.37% | 30.33% | 25.83% | 57.89% | 23.38% | 57.95% | 21.12% | -4.73% | 122.37% | -9.52% | 71.43% | 8.89% | 21.62% | -11.43% | -93.95% | 146.36% | -42.79% | -56.29% | 29.1% | 18.3% | 37.09% | - |
| Net Income (Continuing) | 4.9B | 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 | 535.52M |
| EPS (Diluted) | 2.50 | 2.22 | 1.73 | 1.42 | 0.94 | 0.81 | 0.61 | 0.53 | 0.57 | 0.27 | 0.31 | 0.20 | 0.19 | 0.18 | 0.22 | 0.34 | 0.18 | 0.20 | 0.56 | 0.29 | 0.46 | 0.34 |
| EPS Growth % | 30.21% | 28.32% | 22.05% | 51.2% | 15.74% | 33.88% | 15.24% | -7.89% | 113.08% | -14.4% | 60.26% | 1.3% | 5.48% | -17.98% | -35.04% | 95.71% | -11.39% | -64.73% | 93.1% | -36.61% | 36.57% | - |
| EPS (Basic) | - | 2.23 | 1.75 | 1.43 | 0.95 | 0.82 | 0.61 | 0.53 | 0.58 | 0.27 | 0.32 | 0.20 | 0.20 | 0.19 | 0.22 | 0.35 | -0.06 | 0.20 | 0.58 | 0.30 | 0.46 | 0.34 |
| Diluted Shares Outstanding | 450.09M | 447.87M | 436.01M | 423.39M | 405.2M | 380.04M | 322.56M | 307.3M | 297.06M | 284.11M | 269.2M | 251.28M | 233.77M | 203.7M | 188.28M | 178.04M | 159.15M | 159.33M | 200.28M | 160.06M | 160.08M | 160.08M |
Quick answers to the most common questions about buying IBKR stock.
For fiscal year 2025, Interactive Brokers Group, Inc. (IBKR) reported total revenue of $6.01B. This represents a 547.2% increase compared to $929.1M in 2005.
Interactive Brokers Group, Inc. (IBKR) is profitable, generating $984.0M in net income for the fiscal year ending 2025 with a net profit margin of 9.6%.
Interactive Brokers Group, Inc. (IBKR) reported an operating income of $8.80B, resulting in an operating profit margin of 86.0%. This margin reflects the operational efficiency of the business before interest and taxes.
Interactive Brokers Group, Inc. (IBKR) generated $9.19B in gross profit for the year, representing a gross profit margin of 89.8%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Rate cut sensitivity on NII
Metrics are mathematically derived from official filings.
NII Volatility Masks Underlying Strength
Net interest income swung from -$1.2B in 2026Q2 to $904M in 2026Q1, reflecting accounting quirks; core NII growth appears robust, with 195% YoY growth in 2026Q1 per reported figures.
The negative NII figures in several quarters are likely due to the treatment of customer cash sweep programs or hedging costs, not a true loss of interest income. The positive NII in 2026Q1 and 2025Q4 suggests that the firm captures a significant spread on client balances, but the volatility warrants careful modeling. Investors should focus on the underlying yield on client cash and margin loans, which appears to be expanding despite the headline swings.
NIM Compression Signals Rate Sensitivity
Net interest margin declined from -0.5% in 2026Q2 to -0.6% in 2025Q1, per financial statements, indicating that asset yields are not keeping pace with funding costs in a changing rate environment.
The negative NIM is unusual for a bank but reflects IBKR's unique structure where client cash is held in segregated accounts, and the reported NIM may exclude certain interest income. The trend toward more negative NIM suggests that the firm's cost of funds is rising faster than yields on its interest-earning assets, which could compress future earnings if rates decline. This appears to be a key risk, as the firm's high operating margin (86%) leaves little room for error.
Efficiency Ratio at Historic Lows
Efficiency ratio dropped to 8.8% in 2026Q2 from 3.6% in 2025Q4, as reported, indicating that non-interest expenses are growing faster than revenue, but still exceptionally low versus peers like Schwab's 41.4% operating margin.
The efficiency ratio of 8.8% is still remarkably low, reflecting the firm's automated platform and minimal branch network. However, the increase from 3.6% suggests that expenses are rising, possibly due to technology investments or regulatory costs. This may indicate that the firm is losing some operating leverage, but it remains far more efficient than traditional brokers, which could support margin resilience.
Provision Reversals Boost Earnings
Provision for loan losses was negative in every quarter, with -$1.0B in 2026Q2, per income statement data, indicating net reversals that inflated operating income by roughly 40% in that quarter.
The negative provisions suggest that IBKR is releasing reserves previously set aside for potential loan losses, likely due to improving credit quality in its margin lending portfolio. This is a positive sign for asset quality, but investors should note that such reversals are not sustainable indefinitely. The firm's zero debt/equity ratio provides a cushion, but the reliance on provision reversals to boost earnings may not be repeatable.
Fee Income Dominates Revenue Mix
Non-interest income accounted for 100% of total revenue in 2026Q2, as reported, with commissions and other fees driving the top line, though this may reflect the negative NII treatment.
The fee income percentage of 100% in several quarters is a data artifact, as NII is negative, but it underscores the importance of commissions and other non-interest income. The firm's diversified global client base and institutional focus suggest that fee income is relatively stable, but it is highly sensitive to trading volumes and market volatility. A decline in DARTs could pressure this revenue stream, though the firm's low-cost structure may offset some impact.
2026Q2 Marks Earnings Quality Shift
In 2026Q2, EPS grew 35.3% YoY to $0.69, but revenue growth slowed to 9.8%, per reported figures, suggesting that earnings are increasingly driven by cost controls and provision reversals rather than top-line expansion.
The inflection point appears to be the transition from a period of rapid NII growth to a more mature phase where revenue growth is moderating. The EPS miss versus consensus in 2026Q2, despite strong revenue, indicates that expenses or taxes are rising faster than expected. This may signal that the high-growth phase is maturing, and investors should monitor whether the firm can sustain its historical 18% revenue CAGR in a lower rate environment.
Rate Cuts Could Expose NII Reliance
With NII contributing significantly to pre-tax income, a 100bps Fed rate cut could reduce EPS by an estimated 15-20%, based on the firm's interest-sensitive revenue structure and current NIM trends.
The firm's recent profitability has been heavily dependent on net interest income from client cash balances, which is directly tied to short-term interest rates. If the Fed begins an easing cycle, the spread on these balances would compress, potentially offsetting gains from higher trading volumes. The zero debt/equity ratio provides balance-sheet resilience, but the earnings model appears vulnerable to rate normalization. Investors should watch for management's ability to grow fee income or reduce expenses to offset this headwind.