GAAP Diluted EPS of $1.94, Adjusted¹ EPS of $1.88

GAAP Net Revenues of $1,427 Million, Adjusted Net Revenues of $1,396 Million

Raises Quarterly Dividend From $0.25 to $0.32

Declares Four-for-One Forward Stock Split

Interactive Brokers Group, Inc. (NASDAQ:IBKR), an automated global electronic broker, announced results for the quarter ended March 31, 2025.

Reported diluted earnings per share were $1.94 for the current quarter and $1.88 as adjusted. For the year-ago quarter, reported diluted earnings per share were $1.61 and $1.64 as adjusted.

Reported net revenues were $1,427 million for the current quarter and $1,396 million as adjusted. For the year-ago quarter, reported net revenues were $1,203 million and $1,216 million as adjusted.

Reported income before income taxes was $1,055 million for the current quarter and $1,024 million as adjusted. For the year-ago quarter, reported income before income taxes was $866 million and $879 million as adjusted.

Financial Highlights

(All comparisons are to the year-ago quarter.)

Commission revenue increased 36% to $514 million on higher customer trading volumes. Customer trading volume in stocks, options and futures increased 47%, 25% and 16%, respectively.

Net interest income increased 3% to $770 million on higher average customer margin loans and customer credit balances.

Other fees and services increased 32% to $78 million, led by increases of $9 million in risk exposure fees and $3 million in payments for order flow from exchange-mandated programs.

Execution, clearing and distribution fees increased 20% to $121 million, driven by a higher SEC fee rate, a new FINRA Consolidated Audit Trail ("CAT") fee initiated during the fourth quarter of 2024, and higher customer trading volumes in stocks, options and futures.

General and administrative expenses increased 24% to $62 million, driven primarily by an increase of $8 million in advertising expenses.

Pretax profit margin for the current quarter was 74% as reported and 73% as adjusted. For the year-ago quarter, pretax margin was 72% both as reported and as adjusted.

Total equity of $17.5 billion.

The Interactive Brokers Group, Inc. Board of Directors declared an increase in the quarterly cash dividend from $0.25 per share to $0.32 per share. This dividend is payable on June 13, 2025, to shareholders of record as of May 30, 2025.

In addition, Interactive Brokers Group, Inc. announced a four-for-one forward split of its common stock to make stock ownership more accessible to investors. Each record holder of common stock as of the close of market on Monday, June 16, 2025, will receive three additional shares of common stock, to be distributed after the close of market on Tuesday, June 17, 2025. Trading is expected to commence on a split-adjusted basis at market open on Wednesday, June 18, 2025.

Business Highlights

(All comparisons are to the year-ago quarter.)

Customer accounts increased 32% to 3.62 million.
Customer equity increased 23% to $573.5 billion.
Total DARTs² increased 50% to 3.52 million.
Customer credits increased 19% to $125.2 billion.
Customer margin loans increased 24% to $63.7 billion.

Other Items

In connection with our currency diversification strategy, we base our net worth in GLOBALs, a basket of 10 major currencies in which we hold our equity. In this quarter, our currency diversification strategy increased our comprehensive earnings by $127 million, as the U.S. dollar value of the GLOBAL increased by approximately 0.75%. The effects of the currency diversification strategy are reported as components of (1) Other Income (gain of $20 million) and (2) Other Comprehensive Income (gain of $107 million).

Conference Call Information:

Interactive Brokers Group, Inc. will hold a conference call with investors today, April 15, 2025, at 4:30 p.m. ET to discuss its quarterly results. Members of the public who would like to listen to the conference call should register at https://register-conf.media-server.com/register/BI218ab20742f74471b0ec9061980600cd to obtain the dial-in details. The number should be dialed approximately ten minutes prior to the start of the conference call. The conference call will also be accessible simultaneously, and through replays, as an audio webcast through the Investor Relations section of the Interactive Brokers web site, www.interactivebrokers.com/ir.

About Interactive Brokers Group, Inc.:

Interactive Brokers Group affiliates provide automated trade execution and custody of securities, commodities, foreign exchange, and forecast contracts around the clock on over 160 markets in numerous countries and currencies from a single unified platform to clients worldwide. We serve individual investors, hedge funds, proprietary trading groups, financial advisors and introducing brokers. Our four decades of focus on technology and automation have enabled us to equip our clients with a uniquely sophisticated platform to manage their investment portfolios. We strive to provide our clients with advantageous execution prices and trading, risk and portfolio management tools, research facilities and investment products, all at low or no cost, positioning them to achieve superior returns on investments. Interactive Brokers has consistently earned recognition as a top broker, garnering multiple awards and accolades from respected industry sources such as Barron's, Investopedia, Stockbrokers.com, and many others.

Cautionary Note Regarding Forward-Looking Statements:

The foregoing information contains certain forward-looking statements that reflect the Company's current views with respect to certain current and future events and financial performance. These forward-looking statements are and will be, as the case may be, subject to many risks, uncertainties and factors relating to the Company's operations and business environment which may cause the Company's actual results to be materially different from any future results, expressed or implied, in these forward-looking statements. Any forward-looking statements in this release are based upon information available to the Company on the date of this release. The Company does not undertake to publicly update or revise its forward-looking statements even if experience or future changes make it clear that any statements expressed or implied therein will not be realized. Additional information on risk factors that could potentially affect the Company's financial results may be found in the Company's filings with the Securities and Exchange Commission.

___________________________

¹ See the reconciliation of non-GAAP financial measures starting on page 9.

² Daily average revenue trades (DARTs) are based on customer orders.


INTERACTIVE BROKERS GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED)

	Three Months
	Ended March 31,
	2025			2024
	(in millions, except share and per share data)

Revenues:
Commissions	$	514		$	379
Other fees and services		78			59
Other income (loss)		65			18
Total non-interest income		657			456

Interest income		1,718			1,760
Interest expense		(948	)		(1,013	)
Total net interest income		770			747
Total net revenues		1,427			1,203

Non-interest expenses:
Execution, clearing and distribution fees		121			101
Employee compensation and benefits		154			145
Occupancy, depreciation and amortization		24			26
Communications		10			10
General and administrative		62			50
Customer bad debt		1			5
Total non-interest expenses		372			337

Income before income taxes		1,055			866
Income tax expense		91			71

Net income		964			795
Net income attributable to noncontrolling interests		751			620

Net income available for common stockholders	$	213		$	175

Earnings per share:
Basic	$	1.95		$	1.63
Diluted	$	1.94		$	1.61

Weighted average common shares outstanding:
Basic		108,923,381			107,070,830
Diluted		109,865,741			108,149,440


INTERACTIVE BROKERS GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(UNAUDITED)

	Three Months
	Ended March 31,
	2025		2024
	(in millions, except share and per share data)

Comprehensive income:
Net income available for common stockholders	$	213	$	175
Other comprehensive income:
Cumulative translation adjustment, before income taxes		28		(26	)
Income taxes related to items of other comprehensive income		-		-
Other comprehensive income (loss), net of tax		28		(26	)
Comprehensive income available for common stockholders	$	241	$	149

Comprehensive earnings per share:
Basic	$	2.21	$	1.39
Diluted	$	2.19	$	1.37

Weighted average common shares outstanding:
Basic		108,923,381		107,070,830
Diluted		109,865,741		108,149,440


Comprehensive income attributable to noncontrolling interests:
Net income attributable to noncontrolling interests	$	751	$	620
Other comprehensive income - cumulative translation adjustment		79		(76	)
Comprehensive income attributable to noncontrolling interests	$	830	$	544


INTERACTIVE BROKERS GROUP, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(UNAUDITED)

			March 31, 2025		December 31, 2024
			(in millions)

Assets
Cash and cash equivalents			$	3,500	$	3,633
Cash - segregated for regulatory purposes				39,173		36,600
Securities - segregated for regulatory purposes				29,394		27,846
Securities borrowed				5,845		5,369
Securities purchased under agreements to resell				8,376		6,575
Financial instruments owned, at fair value				3,406		1,924
Receivables from customers, net of allowance for credit losses				63,857		64,432
Receivables from brokers, dealers and clearing organizations				2,495		2,196
Other assets				1,624		1,567
Total assets			$	157,670	$	150,142

Liabilities and equity

Liabilities
Short-term borrowings			$	12	$	14
Securities loaned				16,894		16,248
Financial instruments sold but not yet purchased, at fair value				252		293
Other payables:
Customers				120,654		115,343
Brokers, dealers and clearing organizations				1,226		476
Other payables				1,149		1,171
				123,029		116,990
Total liabilities				140,187		133,545

Equity
Stockholders' equity				4,502		4,280
Noncontrolling interests				12,981		12,317
Total equity				17,483		16,597
Total liabilities and equity			$	157,670	$	150,142

	March 31, 2025			December 31, 2024
Ownership of IBG LLC Membership Interests	Interests	%		Interests		%

IBG, Inc.	108,981,614	25.8%		108,931,614		25.8%
Noncontrolling interests (IBG Holdings LLC)	313,643,354	74.2%		313,643,354		74.2%

Total IBG LLC membership interests	422,624,968	100.0%		422,574,968		100.0%


INTERACTIVE BROKERS GROUP, INC. AND SUBSIDIARIES
OPERATING DATA

EXECUTED ORDER VOLUMES:
(in 000's, except %)

	Customer	%	Principal	%	Total	%
Period	Orders	Change	Orders	Change	Orders	Change
2022	532,064		26,966		559,030
2023	483,015	(9%)	29,712	10%	512,727	(8%)
2024	661,666	37%	63,348	113%	725,014	41%

1Q2024	143,320		9,190		152,510
1Q2025	211,148	47%	28,393	209%	239,541	57%

4Q2024	196,433		23,220		219,653
1Q2025	211,148	7%	28,393	22%	239,541	9%

CONTRACT AND SHARE VOLUMES:
(in 000's, except %)

TOTAL
	Options	%	Futures¹	%	Stocks	%
Period	(contracts)	Change	(contracts)	Change	(shares)	Change
2022	908,415		207,138		330,035,586
2023	1,020,736	12%	209,034	1%	252,742,847	(23%)
2024	1,344,855	32%	218,327	4%	307,489,711	22%

1Q2024	307,593		54,046		64,027,093
1Q2025	383,998	25%	61,869	14%	93,934,241	47%

4Q2024	371,683		52,285		97,610,744
1Q2025	383,998	3%	61,869	18%	93,934,241	(4%)

CUSTOMER
	Options	%	Futures¹	%	Stocks	%
Period	(contracts)	Change	(contracts)	Change	(shares)	Change
2022	873,914		203,933		325,368,714
2023	981,172	12%	206,073	1%	248,588,960	(24%)
2024	1,290,770	32%	214,864	4%	302,040,873	22%

1Q2024	296,146		53,018		62,898,480
1Q2025	369,931	25%	61,381	16%	92,763,867	47%

4Q2024	356,254		51,662		95,910,447
1Q2025	369,931	4%	61,381	19%	92,763,867	(3%)

PRINCIPAL
	Options	%	Futures¹	%	Stocks	%
Period	(contracts)	Change	(contracts)	Change	(shares)	Change
2022	34,501		3,205		4,666,872
2023	39,564	15%	2,961	(8%)	4,153,887	(11%)
2024	54,085	37%	3,463	17%	5,448,838	31%

1Q2024	11,447		1,028		1,128,613
1Q2025	14,067	23%	488	(53%)	1,170,374	4%

4Q2024	15,429		623		1,700,297
1Q2025	14,067	(9%)	488	(22%)	1,170,374	(31%)

¹ Includes options on futures


INTERACTIVE BROKERS GROUP, INC. AND SUBSIDIARIES
OPERATING DATA, CONTINUED

CUSTOMER STATISTICS

Year over Year		1Q2025		1Q2024	% Change
Total Accounts (in thousands)		3,616		2,746	32%
Customer Equity (in billions)¹	$	573.5	$	465.9	23%

Total Customer DARTs (in thousands)		3,519		2,350	50%

Cleared Customers
Commission per Cleared Commissionable Order²	$	2.76	$	2.93	(6%)
Cleared Avg. DARTs per Account (Annualized)		220		197	12%

Consecutive Quarters		1Q2025		4Q2024	% Change
Total Accounts (in thousands)		3,616		3,337	8%
Customer Equity (in billions)¹	$	573.5	$	568.2	1%

Total Customer DARTs (in thousands)		3,519		3,118	13%

Cleared Customers
Commission per Cleared Commissionable Order²	$	2.76	$	2.72	1%
Cleared Avg. DARTs per Account (Annualized)		220		213	3%

⁽¹⁾ Excludes non-Customers.
⁽²⁾ Commissionable Order - a customer order that generates commissions.


INTERACTIVE BROKERS GROUP, INC. AND SUBSIDIARIES
NET INTEREST MARGIN
(UNAUDITED)

	Three Months
	Ended March 31,
	2025			2024

	(in millions)
Average interest-earning assets
Segregated cash and securities	$	67,044		$	61,132
Customer margin loans		64,363			46,653
Securities borrowed		4,871			5,368
Other interest-earning assets		12,456			9,952
FDIC sweeps¹		4,785			3,861
	$	153,519		$	126,966

Average interest-bearing liabilities
Customer credit balances	$	118,022		$	99,510
Securities loaned		16,137			11,734
Other interest-bearing liabilities		66			-
	$	134,225		$	111,244

Net interest income
Segregated cash and securities, net	$	663		$	764
Customer margin loans²		775			678
Securities borrowed and loaned, net		10			26
Customer credit balances, net²		(817	)		(881	)
Other net interest income^1/3		163			175
Net interest income³	$	794		$	762

Net interest margin ("NIM")		2.10	%		2.41	%

Annualized yields
Segregated cash and securities		4.01	%		5.03	%
Customer margin loans		4.88	%		5.85	%
Customer credit balances		2.81	%		3.56	%



¹	Represents the average amount of customer cash swept into FDIC-insured banks as part of our Insured Bank Deposit Sweep Program. This item is not recorded in the Company's consolidated statements of financial condition. Income derived from program deposits is reported in other net interest income in the table above.

²	Interest income and interest expense on customer margin loans and customer credit balances, respectively, are calculated on daily cash balances within each customer's account on a net basis, which may result in an offset of balances across multiple account segments (e.g., between securities and commodities segments).

³	Includes income from financial instruments that has the same characteristics as interest, but is reported in other fees and services and other income in the Company's consolidated statements of comprehensive income. For the three months ended March 31, 2025 and 2024, $8 million and $6 million were reported in other fees and services, respectively. For the three months ended March 31, 2025 and 2024, $16 million and $9 million were reported in other income, respectively.


INTERACTIVE BROKERS GROUP, INC. AND SUBSIDIARIES
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
(UNAUDITED)

	Three Months
	Ended March 31,
	2025			2024

	(in millions)

Adjusted net revenues¹
Net revenues - GAAP	$	1,427		$	1,203

Non-GAAP adjustments
Currency diversification strategy, net		(20	)		2
Mark-to-market on investments²		(11	)		11
Total non-GAAP adjustments		(31	)		13
Adjusted net revenues	$	1,396		$	1,216

Adjusted income before income taxes¹
Income before income taxes - GAAP	$	1,055		$	866

Non-GAAP adjustments
Currency diversification strategy, net		(20	)		2
Mark-to-market on investments²		(11	)		11
Total non-GAAP adjustments		(31	)		13
Adjusted income before income taxes	$	1,024		$	879

Adjusted pre-tax profit margin		73	%		72	%


	Three Months
	Ended March 31,
	2025			2024

	(in millions)
Adjusted net income available for common stockholders¹
Net income available for common stockholders - GAAP	$	213		$	175

Non-GAAP adjustments
Currency diversification strategy, net		(5	)		0
Mark-to-market on investments²		(3	)		3
Income tax effect of above adjustments³		2			(1	)
Total non-GAAP adjustments		(6	)		2
Adjusted net income available for common stockholders	$	207		$	177

Note: Amounts may not add due to rounding.

	Three Months
	Ended March 31,
	2025			2024

	(in dollars)
Adjusted diluted EPS¹
Diluted EPS - GAAP	$	1.94		$	1.61

Non-GAAP adjustments
Currency diversification strategy, net		(0.05	)		0.00
Mark-to-market on investments²		(0.03	)		0.03
Income tax effect of above adjustments³		0.02			(0.01	)
Total non-GAAP adjustments		(0.06	)		0.02
Adjusted diluted EPS	$	1.88		$	1.64

Diluted weighted average common shares outstanding		109,865,741			108,149,440

Note: Amounts may not add due to rounding.

Note: The term "GAAP" in the following explanation refers to generally accepted accounting principles in the United States.

¹Adjusted net revenues, adjusted income before income taxes, adjusted net income available for common stockholders and adjusted diluted earnings per share ("EPS") are non-GAAP financial measures.

We define adjusted net revenues as net revenues adjusted to remove the effect of our currency diversification strategy and our net mark-to-market gains (losses) on investments².
We define adjusted income before income taxes as income before income taxes adjusted to remove the effect of our currency diversification strategy and our net mark-to-market gains (losses) on investments.
We define adjusted net income available to common stockholders as net income available for common stockholders adjusted to remove the after-tax effects attributable to IBG, Inc. of our currency diversification strategy and our net mark-to-market gains (losses) on investments.
We define adjusted diluted EPS as adjusted net income available for common stockholders divided by the diluted weighted average number of shares outstanding for the period.

Management believes these non-GAAP items are important measures of our financial performance because they exclude certain items that may not be indicative of our core operating results and business outlook and may be useful to investors and analysts in evaluating the operating performance of the business and facilitating a meaningful comparison of our results in the current period to those in prior and future periods. Our currency diversification strategy and our mark-to-market on investments are excluded because management does not believe they are indicative of our underlying core business performance. Adjusted net revenues, adjusted income before income taxes, adjusted net income available to common stockholders and adjusted diluted EPS should be considered in addition to, rather than as a substitute for, GAAP net revenues, income before income taxes, net income attributable to common stockholders and diluted EPS.

² Mark-to-market on investments represents the net mark-to-market gains (losses) on investments in equity securities that do not qualify for equity method accounting, which are measured at fair value; on our U.S. government and municipal securities portfolios, which are typically held to maturity; and on certain other investments.

³The income tax effect is estimated using the statutory income tax rates applicable to the Company.

View source version on businesswire.com: https://www.businesswire.com/news/home/20250415584574/en/

For Interactive Brokers Group, Inc. Investors: Nancy Stuebe, investor-relations@ibkr.com or Media: Rob Garfield, media@ibkr.com.

Interactive Brokers Group Announces 1Q2025 Results