Interactive Brokers Group In — Income Statement, Cash Flows & Balance Sheet
Is Interactive Brokers profitable?
Interactive Brokers delivered its strongest revenue and profit growth in years, driven by surging commission and interest income.
| Line Item | 2023 | 2024 | 2025 | Change (2024→2025) |
|---|---|---|---|---|
| Total net revenues | $4,340M | $5,185M | $6,205M | +20% |
| Commissions | $1,360M | $1,697M | $2,149M | +27% |
| Net interest income | $2,794M | $3,148M | $3,563M | +13% |
| Total non-interest expenses | $1,271M | $1,490M | $1,434M | -4% |
| Net income (consolidated) | $2,812M | $3,407M | $4,357M | +28% |
| Net income to common stockholders | $600M | $755M | $984M | +30% |
Revenue jumped meaningfully year-over-year while total expenses actually fell, meaning nearly all incremental revenue flowed to the bottom line. One structural nuance worth noting: because Interactive Brokers owns only about 26% of the operating partnership (IBG LLC), the large majority of consolidated net income — roughly $3.4 billion — flows to noncontrolling interests (the founding family's holding company), leaving $984 million attributable to public stockholders.
Where does Interactive Brokers' revenue come from?
Commissions are the fastest-growing revenue source, reflecting a rapidly expanding customer base, while U.S. operations generate the bulk of revenue.
| Revenue Source | 2024 | 2025 | Change |
|---|---|---|---|
| Commissions | $1,697M | $2,149M | +27% |
| Net interest income | $3,148M | $3,563M | +13% |
| Other fees and services | $280M | $291M | +4% |
| U.S. net revenues | $3,589M | $4,324M | +20% |
| International net revenues | $1,596M | $1,881M | +18% |
Commissions — earned when customers trade stocks, options, futures, and other instruments — grew the fastest, suggesting more customers and higher trading activity. Interest income, which comes primarily from customer margin loans and cash balances, also grew solidly. Growth was broadly balanced between the U.S. and international markets.
Does Interactive Brokers generate cash?
Interactive Brokers generates substantial operating cash flow, though the headline number is heavily influenced by customer account activity rather than just underlying earnings.
| Cash Flow Item | 2023 | 2024 | 2025 | Change (2024→2025) |
|---|---|---|---|---|
| Net cash from operating activities | $4,544M | $8,724M | $15,811M | +81% |
| Capital expenditures | ($49M) | ($49M) | ($67M) | +37% |
| Dividends to common stockholders | ($42M) | ($92M) | ($134M) | +46% |
| Distributions to noncontrolling interests | ($556M) | ($715M) | ($905M) | +27% |
Operating cash flow is very large, but most of the swing reflects changes in customer payables and receivables — as the brokerage grows, customer deposits and margin balances expand simultaneously. Capital spending remains modest, consistent with a technology-led, asset-light business model. The company returned increasing amounts to shareholders via dividends, which were raised twice (to $0.0625/share in 2024, then to $0.08/share in 2025).
How strong is Interactive Brokers' balance sheet?
Interactive Brokers carries virtually no traditional corporate debt and holds excess regulatory capital well above requirements, reflecting a conservatively run brokerage.
| Balance Sheet Item | 2024 | 2025 | Change |
|---|---|---|---|
| Total assets | $150,142M | $203,240M | +35% |
| Short-term borrowings (corporate debt) | $14M | $19M | +36% |
| Total equity | $16,597M | $20,472M | +23% |
| Aggregate excess regulatory capital | N/A | $14,051M | — |
| Customer receivables (margin loans) | $64,432M | $90,475M | +40% |
The balance sheet is enormous, but most of it consists of customer assets and matching customer liabilities — this is normal for a broker-dealer. Corporate borrowings are negligible. The $14 billion of excess regulatory capital across subsidiaries provides a substantial cushion above minimum requirements. The rapid growth in customer margin loans warrants watching, as these represent credit exposure if customers cannot repay, though Interactive Brokers' collateral monitoring systems and historically low bad debt expense ($1M in 2025) suggest this risk is well managed.