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ibkr-20250930x10q

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Table of Contents

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_________________________________
FORM 10-Q
_________________________________

(Mark One)

þ

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2025

OR

o

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from           to         

Commission File Number: 001-33440
INTERACTIVE BROKERS GROUP, INC.
(Exact name of registrant as specified in its charter)

Delaware
‎ (State or other jurisdiction of
‎ incorporation or organization)
30-0390693
‎ (I.R.S. Employer
‎ Identification No.)

One Pickwick Plaza
Greenwich , Connecticut 06830
(Address of principal executive office)
( 203 )  618-5800
(Registrant’s telephone number, including area code)
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes   þ No  o
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S - T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes   þ No  o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non - accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b - 2 of the Exchange Act. (Check one):

Large accelerated filer þ
Accelerated filer o
Non - accelerated filer o
‎
Smaller reporting company o
Emerging growth company o

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b - 2 of the Exchange Act). Yes  o No   þ

Title of each class

Trading Symbol

Name of the exchange on which registered

Common Stock, par value $.01 per share
   IBKR   
  The Nasdaq Global Select Market

As of October 31, 2025, there were 445,363,717 shares of the issuer’s Class A common stock, par value $0.01 per share, outstanding and 400 shares of the issuer’s Class B common stock, par value $0.01 per share, outstanding.

Table of Contents

QUARTERLY REPORT ON FORM 10 - Q FOR THE QUARTER ENDED SEPTEMBER 30, 2025

Tab le of Contents

PART I
FINANCIAL INFORMATION

ITEM 1.
Financial Statements (Unaudited)

Condensed Consolidated Statements of Financial Condition
2

Condensed Consolidated Statements of Comprehensive Income
3

Condensed Consolidated Statements of Cash Flows
4

Condensed Consolidated Statements of Changes in Equity
5

Notes to Condensed Consolidated Financial Statements
7

1. Organization of Business
7

2. Significant Accounting Policies
7

3. Trading Activities and Related Risks
17

4. Equity and Earnings per Share
18

5. Comprehensive Income
21

6. Financial Assets and Financial Liabilities
22

7. Collateralized Transactions
29

8. Revenues from Contracts with Customers
30

9. Other Income (Loss)
32

10. Employee Incentive Plans
32

11. Income Taxes
34

12. Leases
35

13. Commitments, Contingencies and Guarantees
36

14. Segment Reporting and Geographic Information
38

15. Regulatory Requirements
39

16. Related Party Transactions
40

17. Subsequent Events
40

ITEM 2.
Management’s Discussion and Analysis of Financial Condition and Results of Operations  
41

ITEM 3.
Quantitative and Qualitative Disclosures about Market Risk
64

ITEM 4.
Controls and Procedures
68

PART II .
OTHER INFORMATION

ITEM 1.
Legal Proceedings
69

ITEM 1A.
Risk Factors
69

ITEM 2.
Unregistered Sales of Equity Securities and Use of Proceeds
69

ITEM 3.
Defaults upon Senior Securities
69

ITEM 4.
Mine Safety Disclosures
69

ITEM 5.
Other Information
70

ITEM 6.
Exhibits
71

Signature

i

Table of Contents

PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS (Unaudited)

Interactive Brokers Group, Inc. and Subsidiaries
Condensed Consolidated Statements of Financial Condition
(Unaudited)

September 30,

December 31,

(in millions, except share amounts)

2025

2024

Assets

Cash and cash equivalents

$
5,128  

$
3,633  

Cash - segregated for regulatory purposes

48,784  

36,600  

Securities - segregated for regulatory purposes

38,691  

27,846  

Securities borrowed

11,568  

5,369  

Securities purchased under agreements to resell

8,524  

6,575  

Financial instruments owned, at fair value

Financial instruments owned

3,028  

1,847  

Financial instruments owned and pledged as collateral

99  

77  

Total financial instruments owned, at fair value

3,127  

1,924  

Receivables

Customers, less allowance for credit losses of $ 22 and $ 25 as of September 30, 2025 and December 31, 2024

77,588  

64,432  

Brokers, dealers, and clearing organizations

4,773  

2,196  

Interest

488  

446  

Total receivables

82,849  

67,074  

Other assets

1,551  

1,121  

Total assets

$
200,222  

$
150,142  

Liabilities and equity

Short-term borrowings

$
10  

$
14  

Securities loaned

27,031  

16,248  

Securities sold under agreements to repurchase

894  

—

Financial instruments sold, but not yet purchased, at fair value

499  

293  

Payables

Customers

149,442  

115,343  

Brokers, dealers, and clearing organizations

1,541  

476  

Affiliate

215  

195  

Accounts payable, accrued expenses and other liabilities

793  

665  

Interest

317  

311  

Total payables

152,308  

116,990  

Total liabilities

180,742  

133,545  

Commitments, contingencies and guarantees (see Note 13)

 

 

Equity

Stockholders’ equity

Common stock, $ 0.01 par value per share

Class A – Authorized - 4,000,000,000 shares, Issued - 445,923,364 and 436,244,236 shares, Outstanding – 445,331,214 and 435,618,452 shares as of September 30, 2025 and December 31, 2024

1  

1  

Class B – Authorized - 1,000 shares, Issued and Outstanding – 400 shares as of September 30, 2025 and December 31, 2024

—

—

Additional paid-in capital

1,943  

1,816  

Retained earnings

3,117  

2,515  

Accumulated other comprehensive income, net of income taxes of $ 0 as of both September 30, 2025 and December 31, 2024

52  

( 45 )

Treasury stock, at cost, 592,150 and 625,784 shares as of September 30, 2025 and December 31, 2024

( 7 )

( 7 )

Total stockholders’ equity

5,106  

4,280  

Noncontrolling interests

14,374  

12,317  

Total equity

19,480  

16,597  

Total liabilities and equity

$
200,222  

$
150,142  

See accompanying notes to the condensed consolidated financial statements.

2

Table of Contents

Interactive Brokers Group, Inc. and Subsidiaries
Condensed Consolid ated Statements of Comp rehensive Income
(Unaudited)

Three Months Ended September 30,

Nine Months Ended September 30,

(in millions, except share or per share amounts)

2025

2024

2025

2024

Revenues

Commissions

$
537

$
435

$
1,567

$
1,220

Other fees and services

66

72

206

199

Other income

85

56

192

38

Total non-interest income

688

563

1,965

1,457

Interest income

2,101

1,888

5,710

5,476

Interest expense

( 1,134 )

( 1,086 )

( 3,113 )

( 3,135 )

Total net interest income

967

802

2,597

2,341

Total net revenues

1,655

1,365

4,562

3,798

Non-interest expenses

Execution, clearing and distribution fees

92

116

329

332

Employee compensation and benefits

156

145

473

436

Occupancy, depreciation and amortization

24

26

72

77

Communications

11

9

32

29

General and administrative

62

153

185

255

Customer bad debt

( 2 )

7

—

14

Total non-interest expenses

343

456

1,091

1,143

Income before income taxes

1,312

909

3,471

2,655

Income tax expense

126

75

315

217

Net income

1,186

834

3,156

2,438

Less net income attributable to noncontrolling interests

923

650

2,456

1,900

Net income available for common stockholders

$
263

$
184

$
700

$
538

Earnings per share

Basic

$
0.59

$
0.42

$
1.59

$
1.25

Diluted

$
0.59

$
0.42

$
1.58

$
1.24

Weighted average common shares outstanding

Basic

444,060,813

435,031,964

439,434,716

431,410,388

Diluted

446,528,983

438,145,440

442,507,940

435,096,780

Comprehensive income

Net income available for common stockholders

$
263

$
184

$
700

$
538

Other comprehensive income

Cumulative translation adjustment, before income taxes

( 10 )

39

97

11

Income taxes related to items of other comprehensive income

—

—

—

—

Other comprehensive income (loss), net of tax

( 10 )

39

97

11

Comprehensive income available for common stockholders

$
253

$
223

$
797

$
549

Comprehensive income attributable to noncontrolling interests

Net income attributable to noncontrolling interests

$
923

$
650

$
2,456

$
1,900

Other comprehensive income - cumulative translation adjustment

( 28 )

114

278

30

Comprehensive income attributable to noncontrolling interests

$
895

$
764

$
2,734

$
1,930

See accompanying notes to the condensed consolidated financial statements.

3

Table of Contents

Interactive Brokers Group, Inc. and Subsidiaries
Condensed Consolidated Statements of Ca sh Flows
(Unaudited)

Nine Months Ended September 30,

(in millions)

2025

2024

Cash flows from operating activities

Net income

$
3,156  

$
2,438  

Adjustments to reconcile net income to net cash from operating activities

Deferred income taxes

28  

7  

Depreciation and amortization

45  

51  

Amortization of right-of-use assets

24  

22  

Employee stock plan compensation

90  

80  

Unrealized (gains) losses on other investments, net

( 76 )

( 18 )

Customer bad debt expense

—

14  

Shares distributed to customers under IBKR Promotions

25  

17  

Change in operating assets and liabilities

Securities - segregated for regulatory purposes

( 10,845 )

4,283  

Securities borrowed

( 6,199 )

( 1,678 )

Securities purchased under agreements to resell

( 1,949 )

( 2,672 )

Financial instruments owned, at fair value

( 1,197 )

( 1,461 )

Receivables from customers

( 13,157 )

( 11,548 )

Other receivables

( 2,619 )

( 615 )

Other assets

( 295 )

( 135 )

Securities loaned

10,783  

5,471  

Securities sold under agreement to repurchase

894  

—

Financial instruments sold, but not yet purchased, at fair value

206  

188  

Payable to customers

34,099  

11,567  

Other payables

1,189  

875  

Net cash provided by operating activities

14,202  

6,886  

Cash flows from investing activities

Purchases of other investments

( 67 )

( 28 )

Purchase of property, equipment and intangible assets

( 45 )

( 34 )

Net cash used in investing activities

( 112 )

( 62 )

Cash flows from financing activities

Short-term borrowings, net

( 4 )

16  

Dividends paid to stockholders

( 98 )

( 65 )

Distributions to noncontrolling interests

( 680 )

( 576 )

Repurchases of common stock for employee tax withholdings

( 84 )

( 54 )

Proceeds from the sale of treasury stock

95  

57  

Payments made under the Tax Receivable Agreement

( 15 )

( 25 )

Net cash used in financing activities

( 786 )

( 647 )

Effect of exchange rate changes on cash, cash equivalents and restricted cash

375  

41  

Net increase in cash, cash equivalents and restricted cash

13,679  

6,218  

Cash, cash equivalents and restricted cash at beginning of period

40,233  

32,593  

Cash, cash equivalents and restricted cash at end of period

$
53,912  

$
38,811  

Cash, cash equivalents and restricted cash

Cash and cash equivalents

5,128  

3,595  

Cash segregated for regulatory purposes

48,784  

35,216  

Cash, cash equivalents and restricted cash at end of period

$
53,912  

$
38,811  

Supplemental disclosures of cash flow information

Cash paid for interest

$
3,108  

$
3,119  

Cash paid for taxes, net

$
251  

$
213  

Cash paid for amounts included in lease liabilities

$
31  

$
31  

Non-cash financing activities

Issuance of common stock in exchange of member interests in IBG LLC

$
254  

$
39  

Redemption of member interests from IBG Holdings LLC

$
( 254 )

$
( 39 )

Adjustments to additional paid-in capital for changes in proportionate ownership in IBG LLC

$
46  

$
40  

Adjustments to noncontrolling interests for changes in proportionate ownership in IBG LLC

$
( 46 )

$
( 40 )

See accompanying notes to the condensed consolidated financial statements.

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Table of Contents

Interactive Brokers Group, Inc. and Subsidiaries
Condensed Consolidated Statements of Ch anges in Equity
Nine Months Ended September 30, 2025
(Unaudited)

Class A Common Stock

Accumulated

Additional

Other

Total

Non-

Issued

Par

Paid-In

Treasury

Retained

Comprehensive

Stockholders'

controlling

Total

(in millions, except share amounts)

Shares

Value

Capital

Stock

Earnings

Income

Equity

Interests

Equity

Balance, December 31, 2024

436,244,236  

$
1  

$
1,816  

$
( 7 )

$
2,515  

$
( 45 )

$
4,280  

$
12,317  

$
16,597  

Issuance of common stock - IBKR Promotion

200,000  

3  

( 10 )

( 7 )

7  

—

Common stock distributed pursuant to stock incentive plans

Net distribution of common stock - IBKR Promotion

6  

6  

1  

7  

Compensation for stock grants vesting in the future

8  

8  

23  

31  

Dividends paid to stockholders - $ 0.0625 per share

( 27 )

( 27 )

( 27 )

Distributions from IBG LLC to noncontrolling interests

—

( 196 )

( 196 )

Adjustments for changes in proportionate ownership in IBG LLC

1  

1  

( 1 )

—

Comprehensive income

213  

28  

241  

830  

1,071  

Balance, March 31, 2025

436,444,236  

$
1  

$
1,828  

$
( 11 )

$
2,701  

$
( 17 )

$
4,502  

$
12,981  

$
17,483  

Common stock distributed pursuant to stock incentive plans

5,443,128  

—

Issuance of common stock - IBKR Promotion

200,000  

2  

( 11 )

( 9 )

8  

( 1 )

Net distribution of common stock - IBKR Promotion

8  

8  

—

8  

Compensation for stock grants vesting in the future

8  

8  

20  

28  

Repurchases of common stock for employee tax withholdings under stock incentive plans

( 84 )

( 84 )

( 84 )

Sales of treasury stock

3  

84  

87  

8  

95  

Dividends paid to stockholders - $ 0.08 per share

( 35 )

( 35 )

( 35 )

Distributions from IBG LLC to noncontrolling interests

—

( 288 )

( 288 )

Adjustments for changes in proportionate ownership in IBG LLC

45  

45  

( 45 )

—

Comprehensive income

224  

79  

303  

1,009  

1,312  

Balance, June 30, 2025

442,087,364  

$
1  

$
1,886  

$
( 14 )

$
2,890  

$
62  

$
4,825  

$
13,693  

$
18,518  

Issuance of common stock in follow-on offering

3,836,000  

42  

42  

( 42 )

—

Net distribution of common stock - IBKR Promotion

1  

7  

8  

1  

9  

Compensation for stock grants vesting in the future

8  

8  

23  

31  

Deferred tax benefit retained - follow-on offering

6  

6  

6  

Dividends paid to stockholders - $ 0.08 per share

( 36 )

( 36 )

( 36 )

Distributions from IBG LLC to noncontrolling interests

—

( 196 )

( 196 )

Comprehensive income

263  

( 10 )

253  

895  

1,148  

Balance, September 30, 2025

445,923,364  

$
1  

$
1,943  

$
( 7 )

$
3,117  

$
52  

$
5,106  

$
14,374  

$
19,480  

‎

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Table of Contents

Interactive Brokers Group, Inc. and Subsidiaries
Condensed Consolidated Statements of Changes in Equity
Nine Months Ended September 30, 2024
(Unaudited)

Class A Common Stock

Accumulated

Additional

Other

Total

Non-

Issued

Par

Paid-In

Treasury

Retained

Comprehensive

Stockholders'

controlling

Total

(in millions, except share amounts)

Shares

Value

Capital

Stock

Earnings

Income

Equity

Interests

Equity

Balance, December 31, 2023

428,715,712  

$
1  

$
1,726  

$
( 3 )

$
1,852  

$
8  

$
3,584  

$
10,483  

$
14,067  

Issuance of common stock - IBKR Promotion

200,000  

1  

( 4 )

( 3 )

3  

—

Common stock distributed pursuant to stock incentive plans

—

Net distribution of common stock - IBKR Promotion

4  

4  

1  

5  

Compensation for stock grants vesting in the future

8  

8  

20  

28  

Dividends paid to stockholders - $ 0.025 per share

( 11 )

( 11 )

( 11 )

Distributions from IBG LLC to noncontrolling interests

—

( 123 )

( 123 )

Adjustments for changes in proportionate ownership in IBG LLC

1  

1  

( 1 )

—

Comprehensive income

175  

( 26 )

149  

544  

693  

Balance, March 31, 2024

428,915,712  

$
1  

$
1,736  

$
( 3 )

$
2,016  

$
( 18 )

$
3,732  

$
10,927  

$
14,659  

Common stock distributed pursuant to stock incentive plans

5,389,184  

—

—

Issuance of common stock - IBKR Promotion

200,000  

2  

( 6 )

( 4 )

4  

—

Net distribution of common stock - IBKR Promotion

5  

5  

—

5  

Compensation for stock grants vesting in the future

6  

6  

20  

26  

Repurchases of common stock for employee tax withholdings under stock incentive plans

( 54 )

( 54 )

( 54 )

Sales of treasury stock

1  

54  

55  

2  

57  

Dividends paid to stockholders - $ 0.0625 per share

( 27 )

( 27 )

( 27 )

Distributions from IBG LLC to noncontrolling interests

—

( 281 )

( 281 )

Adjustments for changes in proportionate ownership in IBG LLC

37  

37  

( 37 )

—

Comprehensive income

179  

( 2 )

177  

622  

799  

Balance, June 30, 2024

434,504,896  

$
1  

$
1,782  

$
( 4 )

$
2,168  

$
( 20 )

$
3,927  

$
11,257  

$
15,184  

Issuance of common stock in follow-on offering

1,332,000  

12  

12  

( 12 )

—

Issuance of common stock - IBKR Promotion

200,000  

1  

( 6 )

( 5 )

5  

—

Net distribution of common stock - IBKR Promotion

6  

6  

6  

Compensation for stock grants vesting in the future

6  

6  

20  

26  

Deferred tax benefit retained - follow-on offering

1  

1  

1  

Dividends paid to stockholders - $ 0.0625 per share

( 27 )

( 27 )

( 27 )

Distributions from IBG LLC to noncontrolling interests

—

( 172 )

( 172 )

Adjustments for changes in proportionate ownership in IBG LLC

2  

2  

( 2 )

—

Comprehensive income

184  

39  

223  

764  

987  

Balance, September 30, 2024

436,036,896  

$
1  

$
1,804  

$
( 4 )

$
2,325  

$
19  

$
4,145  

$
11,860  

$
16,005  

See accompanying notes to the condensed consolidated financial statements .

6

Table of Contents

Interactive Brokers Group, Inc. and Subsidiaries
Notes to Unaudited Condensed Consolidated Financial Statements

1.   Organization of Business

Interactive Brokers Group, Inc. (“IBG, Inc.”) is a Delaware holding company whose primary asset is its ownership of approximately 26.3 % of the membership interests of IBG LLC, which, in turn, owns operating subsidiaries (collectively, “IBG LLC”). IBG, Inc. together with IBG LLC and its consolidated subsidiaries (collectively, “the Company”), is an automated global electronic broker specializing in executing and clearing trades in stocks, options, futures, foreign exchange instruments, bonds, mutual funds, exchange-traded funds (“ETFs”), precious metals, and forecast contracts on more than 160 electronic exchanges and market centers around the world and offering custody, prime brokerage, securities and margin lending services to customers. In addition, the Company’s customers can use its trading platform to trade certain cryptocurrencies through third-party cryptocurrency service providers that execute, clear and custody the cryptocurrencies. In the United States of America (“U.S.”), the Company conducts its business primarily from its headquarters in Greenwich, Connecticut and from Chicago, Illinois. Abroad, the Company conducts its business through offices located in Canada, the United Kingdom, Ireland, Switzerland, Hungary, India, China (Hong Kong and Shanghai), Japan, Singapore, and Australia. As of September 30, 2025, the Company had 3,131 employees worldwide.

IBG LLC is a Connecticut limited liability company that conducts its business through its significant operating subsidiaries: Interactive Brokers LLC (“IB LLC”); IBKR Securities Services LLC (“IBKRSS”); Interactive Brokers Canada Inc. (“IBC”); Interactive Brokers (U.K.) Limited (“IBUK”); Interactive Brokers Ireland Limited (“IBIE”); IBKR Financial Services AG (“IBKRFS”); Interactive Brokers (India) Private Limited (“IBI”); Interactive Brokers Hong Kong Limited (“IBHK”); Interactive Brokers Securities Japan, Inc. (“IBSJ”); Interactive Brokers Singapore Private Limited (“IBSG”); and Interactive Brokers Australia Pty Limited (“IBA”).

Certain operating subsidiaries are members of various securities and commodities exchanges in North America, Europe and the Asia/Pacific region and are subject to regulatory capital and other requirements (see Note 15). IB LLC, IBKRSS, IBC, IBUK, IBIE, IBI, IBHK, IBSJ, IBSG and IBA carry securities accounts for customers or perform custodial functions relating to customer securities.

2.   Significant Accounting Policies

Basis of Presentation

These  condensed consolidated financial statements are presented in U.S. dollars and have been prepared   in accordance with accounting principles generally accepted in the U.S. (“U.S. GAAP”) and   pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) regarding financial reporting with respect to Form 10 - Q.

These condensed consolidated financial statements are unaudited and should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s 2024 Annual Report on Form 10-K for the year ended December 31, 2024, which was filed with the SEC on February 27, 2025. The condensed consolidated financial information as of December 31, 2024 has been derived from the audited financial statements not included herein.

These condensed consolidated financial statements include the accounts of the Company and its consolidated subsidiaries and reflect all adjustments of a normal and recurring nature that are, in the opinion of management, necessary for the fair presentation of the results for the periods presented. The operating results for interim periods are not necessarily indicative of the operating results for the entire year.

On April 15, 2025, the Company announced its intention to effect a four -for-one forward split of its common stock in the form of a stock dividend. This was executed by the filing of an amendment to the Company’s Certificate of Incorporation, which was approved by the Company’s Board of Directors and the Company’s majority stockholder on April 14, 2025 and on April 22, 2025, respectively , that, among other things (i) increased the Company’s authorized shares of Class A common stock to 4,000,000,000 shares from 1,000,000,000 shares and (ii) increased the Company’s authorized shares of Class B Common Stock to 1,000 shares from 100 shares to accommodate the stock split. Each holder of record of common stock as of the close of market on June 16, 2025, received three additional shares of common stock. All prior period share, per share amounts and stock incentive awards presented herein have been retroactively adjusted to reflect the stock split.

Principles of Consolidation, including Noncontrolling Interests

These condensed consolidated financial statements include the accounts of IBG, Inc. and its majority and wholly-owned subsidiaries. As sole managing member of IBG LLC, IBG, Inc. exerts control over IBG LLC’s operations. In accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 810, “ Consolidation, ” the Company consolidates IBG LLC’s financial statements and records the interests in IBG LLC that it does not own as noncontrolling interests.

‎

7

Table of Contents

Interactive Brokers Group, Inc. and Subsidiaries
Notes to Unaudited Condensed Consolidated Financial Statements

The Company’s policy is to consolidate all other entities in which it owns more than 50% unless it does not have control and any potential variable interest entities (“VIEs”) where the Company is deemed to be the primary beneficiary when it has the power to make the decisions that most significantly affect the economic performance of the VIE and has the obligation to absorb significant losses or the right to receive benefits that could potentially be significant to the VIE. As of September 30, 2025, the Company was not the primary beneficiary of any VIEs. All inter - company balances and transactions have been eliminated.

Use of Estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in these condensed consolidated financial statements and accompanying notes. These estimates and assumptions are based on judgment and the best available information at the time. Therefore, actual results could differ materially from those estimates. Such estimates include the allowance for credit losses, valuation of certain investments, compensation accruals, current and deferred income taxes, and contingency reserves.

Fair Value

Substantially all of the Company’s assets and liabilities, including financial instruments, are carried at fair value based on observable market prices and are marked to market, or are assets and liabilities which are short - term in nature and are carried at amounts that approximate fair value.

The Company applies the fair value hierarchy in accordance with FASB ASC Topic 820, “ Fair Value Measurement” (“ASC Topic 820”) , to prioritize the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets and liabilities and the lowest priority to unobservable inputs. The three levels of the fair value hierarchy are:

Level 1
Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities.

Level 2
Quoted prices for similar assets in an active market, quoted prices in markets that are not considered to be active or financial instruments for which all significant inputs are observable, either directly or indirectly.

Level 3
Prices or valuations that require inputs that are both significant to fair value measurement and unobservable.

Financial instruments owned, at fair value, and financial instruments sold, but not yet purchased, at fair value are generally classified as Level 1 of the fair value hierarchy. The Company’s Level 1 financial instruments, which are valued using quoted market prices as published by exchanges and clearing houses or otherwise broadly distributed in active markets, include active listed stocks, options, warrants and U.S. and foreign government securities. The Company does not adjust quoted prices for financial instruments classified as Level 1 of the fair value hierarchy, even if the Company may hold a large position whereby a purchase or sale could reasonably be expected to impact quoted prices.

Currency forward contracts are valued using broadly distributed bank and broker prices and are classified as Level 2 of the fair value hierarchy since inputs to their valuation can generally be corroborated by market data. Precious metals are valued using an internal model, which incorporates the exchange-traded futures price of the underlying instruments, benchmark interest rates and estimated storage costs, and are classified as Level 2 of the fair value hierarchy since the significant inputs to their valuation are observable . Other securities that are not traded in active markets are also classified as Level 2 of the fair value hierarchy. Level 3 financial instruments are comprised of securities that have been delisted or otherwise are no longer tradable in active markets and have been valued by the Company based on internal estimates.

Earnings per Share

Earnings per share (“EPS”) is computed in accordance with FASB ASC Topic 260, “ Earnings per Share .” Basic EPS is computed by dividing the net income available for common stockholders by the weighted average number of shares outstanding for that period. Diluted EPS is calculated by dividing the net income available for common stockholders by the diluted weighted average shares outstanding for that period. Diluted EPS includes the determinants of basic EPS and, in addition, reflects the dilutive effect of shares of common stock estimated to be distributed in the future under the Company’s stock-based compensation plans, with no adjustments to net income available for common stockholders for potentially dilutive common shares.

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Interactive Brokers Group, Inc. and Subsidiaries
Notes to Unaudited Condensed Consolidated Financial Statements

Current Expected Credit Losses

The Company follows FASB ASC Topic 326 – “Financial Instruments – Credit Losses” (“ASC Topic 326”) which applies to financial assets measured at amortized cost, held-to-maturity debt securities and off-balance sheet credit exposures. For on-balance sheet assets, an allowance must be recognized at the origination or purchase of in-scope assets and represents the expected credit losses over the contractual life of those assets. Expected credit losses on off-balance sheet credit exposures must be estimated over the contractual period the Company is exposed to credit risk as a result of a present obligation to extend credit. The impact to the current period is not material since the Company’s in-scope assets are primarily subject to collateral maintenance provisions for which the Company elected to apply the practical expedient of reporting the difference between the fair value of the collateral and the amortized cost for the in-scope assets as the allowance for current expected credit losses.

Cash and Cash Equivalents

Cash and cash equivalents consist of deposits with banks and all highly liquid investments, with maturities of three months or less, that are not segregated and deposited for regulatory purposes or to meet margin requirements at clearing houses and clearing banks.

Cash and Securities – Segregated for Regulatory Purposes

As a result of customer activities, certain operating subsidiaries are obligated by rules mandated by their primary regulators to segregate or set aside cash or qualified securities to satisfy such regulations, which have been promulgated to protect customer assets. Restricted cash represents cash and cash equivalents that are subject to withdrawal or usage restrictions. Cash segregated for regulatory purposes meets the definition of restricted cash and is included in “Cash, cash equivalents and restricted cash” in the condensed consolidated statements of cash flows.

The table below presents the composition of the Company’s securities segregated for regulatory purposes for the periods indicated.

September 30,

December 31,

2025

2024

(in millions)

U.S. and foreign government securities

$
6,096

$
6,460

Municipal securities

86

33

Securities purchased under agreements to resell 1

30,058

21,353

Securities borrowed 1

2,451

-

$
38,691

$
27,846

________________________
1. These balances are collateralized by U.S. government securities.

Securities Borrowed and Securities Loaned

Securities borrowed and securities loaned are recorded at the amount of the cash collateral advanced or received. Securities borrowed transactions require the Company to provide counterparties with collateral, which may be in the form of cash, letters of credit or other securities. With respect to securities loaned, the Company receives collateral, which may be in the form of cash or other securities in an amount generally in excess of the fair value of the securities loaned. The Company monitors the market value of securities borrowed and loaned daily, with additional collateral obtained or refunded as permitted contractually. The Company’s policy is to net, in the condensed consolidated statements of financial condition, securities borrowed and securities loaned contracts entered into with the same counterparty that meet the offsetting requirements prescribed in FASB ASC Topic 210-20, “Balance Sheet – Offsetting” (“ASC Topic 210-20”).

Securities lending fees received and paid by the Company are included in “Interest income” and “Interest expense,” respectively, in the condensed consolidated statements of comprehensive income.

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Interactive Brokers Group, Inc. and Subsidiaries
Notes to Unaudited Condensed Consolidated Financial Statements

Securities Purchased Under Agreements to Resell and Securities Sold Under Agreements to Repurchase

Securities purchased under agreements to resell and securities sold under agreements to repurchase, which are reported as collateralized financing transactions, are recorded at contract value, which approximates fair value. To ensure that the fair value of the underlying collateral remains sufficient, the collateral is valued daily with additional collateral obtained or excess collateral returned, as permitted under contractual provisions. The Company’s policy is to net, in the condensed consolidated statements of financial condition, securities purchased under agreements to resell transactions and securities sold under agreements to repurchase transactions entered into with the same counterparty that meet the offsetting requirements prescribed in ASC Topic 210-20.

Financial Instruments Owned and Financial Instruments Sold, But Not Yet Purchased, at Fair Value

Financial instrument transactions are accounted for on a trade date basis. Financial instruments owned and financial instruments sold, but not yet purchased are stated at fair value based upon quoted market prices, or if not available, are valued by the Company based on internal estimates (see Fair Value above). The Company’s financial instruments pledged to counterparties where the counterparty has the right, by contract or custom, to sell or repledge the financial instruments are reported as “Financial instruments owned and pledged as collateral” in the condensed consolidated statements of financial condition.

Customer Receivables and Payables

Receivables from and payables to customers include amounts due on cash and margin transactions, including futures contracts transacted on behalf of customers. Securities owned by customers, including those that collateralize margin loans or other similar transactions, are not reported in the condensed consolidated statements of financial condition. Amounts receivable from customers that are determined by management to be uncollectible are recorded as “Customer bad debt” expense in the condensed consolidated statements of comprehensive income (see Current Expected Credit Losses above).

Receivables from and Payables to Brokers, Dealers and Clearing Organizations

Receivables from and payables to brokers, dealers and clearing organizations include net receivables and payables from unsettled trades, including amounts related to futures and options on futures contracts executed on behalf of customers, amounts receivable for securities not delivered by the Company to the purchaser by the settlement date (“fails to deliver”) and cash deposits. Payables to brokers, dealers and clearing organizations also include amounts payable for securities not received by the Company from a seller by the settlement date (“fails to receive”).

Investments

The Company makes certain strategic investments related to its business which are included in “Other assets” in the condensed consolidated statements of financial condition. The Company accounts for these investments as follows:

 Under the equity method of accounting as required under FASB ASC Topic 323, “ Investments – Equity Method and Joint Ventures. ” These investments, including where the investee is a limited partnership or limited liability company, are recorded at the fair value amount of the Company’s initial investment and are adjusted each period for the Company’s share of the investee’s income or loss. Contributions paid to and distributions received from equity method investees are recorded as additions or reductions, respectively, to the respective investment balance.

 At fair value, if the investment in equity securities has a readily determinable fair value.

 At adjusted cost, if the investment does not have a readily determinable fair value. Adjusted cost represents the historical cost, less impairment if any. If the Company identifies observable price changes in orderly transactions for the identical or a similar investment of the same issuer, the Company measures the equity security at fair value as of the date that the observable transaction occurred in accordance with FASB ASC Topic 321, “Investments in Equity Securities.”

A judgmental aspect of accounting for investments is evaluating whether a decline in the value of an investment has occurred. The evaluation of impairment is dependent on specific quantitative and qualitative factors and circumstances surrounding an investment, including recurring operating losses, credit defaults and subsequent rounds of financing. Most of the Company’s equity investments do not have readily determinable market values. All investments are reviewed for changes in circumstances or occurrence of events that suggest the Company’s investment may not be recoverable. An impairment loss, if any, is recognized in the period the determination is made .

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Interactive Brokers Group, Inc. and Subsidiaries
Notes to Unaudited Condensed Consolidated Financial Statements

The table below presents the composition of the Company’s investments for the periods indicated.

September 30,

December 31,

2025

2024

(in millions)

Equity method investments 1

$
213

$
172

Investments in equity securities at adjusted cost 2

39

29

Investments in equity securities at fair value 2

90

32

Investments in exchange memberships and equity securities of certain exchanges 2

2

2

$
344

$
235

________________________
1. The Company’s share of income or losses is included in “Other income” in the condensed consolidated statements of comprehensive income.

2. These investments do not qualify for the equity method of accounting. Dividends received are included in “Other income” in the condensed consolidated statements of comprehensive income.

Property, Equipment and Intangible Assets

Property, equipment and intangible assets, which are included in “Other assets” in the condensed consolidated statements of financial condition, consist of leasehold improvements, computer equipment, software developed for the Company’s internal use, office furniture and equipment .

Property and equipment are recorded at historical cost, less accumulated depreciation and amortization. Additions and improvements that extend the lives of assets are capitalized, while expenditures for repairs and maintenance are expensed as incurred. Depreciation and amortization are computed using the straight - line method. Equipment is depreciated over the estimated useful lives of the assets, while leasehold improvements are amortized over the lesser of the estimated economic useful life of the asset or the term of the lease. Computer equipment is depreciated over three to five years and office furniture and equipment are depreciated over five to seven years . Intangible assets with a finite life are amortized on a straight-line basis over their estimated useful lives of three to five years , and tested for recoverability whenever events indicate that the carrying amounts may not be recoverable. Qualifying costs for internally developed software are capitalized and amortized over the expected useful life of the developed software, not to exceed three years . Upon retirement or disposition of property and equipment, the cost and related accumulated depreciation are removed from the condensed consolidated statements of financial condition and any resulting gain or loss is recorded in “Other income” in the condensed consolidated statements of comprehensive income. Fully depreciated (or amortized) assets are retired periodically throughout the year.

Leases

The Company reviews all relevant contracts to determine if the contract contains a lease at its inception date. A contract contains a lease if the contract conveys to the company the right to control the use of an underlying asset for a period of time in exchange for consideration. If the Company determines that a contract contains a lease, it recognizes, in the condensed consolidated statements of financial condition, a lease liability and a corresponding right-of-use asset on the commencement date of the lease. The lease liability is initially measured at the present value of the future lease payments over the lease term using the rate implicit in the lease or, if not readily determinable, the Company’s secured incremental borrowing rate. An operating lease right-of-use asset is initially measured at the value of the lease liability minus any lease incentives and initial direct costs incurred plus any prepaid rent.

The Company’s leases are classified as operating leases and consist of real estate leases for office space, data centers and other facilities. Each lease liability is measured using the Company’s secured incremental borrowing rate, which is based on an internally developed yield curve using interest rates of third parties’ corporate debt issued with a similar risk profile as the Company and a duration similar to the lease term. The Company’s leases have remaining terms of less than one year to eleven years , some of which include options to extend the lease term, and some of which include options to terminate the lease upon notice. The Company considers these options when determining the lease term used to calculate the right-of-use asset and the lease liability when the Company is reasonably certain it will exercise such option.
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Interactive Brokers Group, Inc. and Subsidiaries
Notes to Unaudited Condensed Consolidated Financial Statements

The Company’s operating leases contain both lease components and non-lease components . Non-lease components are distinct elements of a contract that are not related to securing the use of the underlying assets, such as common area maintenance and other management costs. The Company elected to measure the lease liability by combining the lease and non-lease components as a single lease component. As such, the Company includes the fixed payments and any payments that depend on a rate or index that relate to the lease and non-lease components in the measurement of the lease liability. Some of the non-lease components are variable and not based on an index or rate, and as a result, are not included in the measurement of the right-of-use asset or lease liability.

Operating lease expense is recognized on a straight-line basis over the lease term and is included in “Occupancy, depreciation and amortization” expense in the Company’s condensed consolidated statements of comprehensive income.

Comprehensive Income and Foreign Currency Translation

The Company’s operating results are reported in the condensed consolidated statements of comprehensive income pursuant to FASB ASC Topic 220, “ Comprehensive Income. ”

Comprehensive income consists of two components: net income and other comprehensive income (“OCI”). The Company’s OCI is comprised of gains and losses resulting from translating foreign currency financial statements of non-U.S. subsidiaries , net of related income taxes, where applicable. In general, the practice and intention of the Company is to reinvest the earnings of its non - U.S. subsidiaries in those operations; therefore, tax is usually not accrued on OCI.

The Company’s non - U.S. domiciled subsidiaries have a functional currency that is other than the U.S. dollar. Such subsidiaries’ assets and liabilities are translated into U.S. dollars at period - end exchange rates, and revenues and expenses are translated at average exchange rates prevailing during the period. Adjustments that result from translating amounts from a subsidiary’s functional currency to the U.S. dollar (as described above) are reported net of tax, where applicable, in “Accumulated other comprehensive income” in the condensed consolidated statements of financial condition.

Revenue Recognition

Commissions

Commissions earned for executing and/or clearing transactions are accrued on a trade date basis and are reported as “Commissions” in the condensed consolidated statements of comprehensive income. Commissions also include payments for order flow income received from IBKR Lite SM liquidity providers. The Company’s IBKR Lite SM offering provides commission-free trades on U.S. exchange-listed stocks and ETFs and generates no commission revenues from customers on these trades. See Note 8 for further information on revenue from contracts with customers.

Other Fees and Services

The Company earns fee income on services provided to customers, which includes market data fees, risk exposure fees, payments for order flow from exchange-mandated programs, Insured Bank Deposit Sweep Program fees (“FDIC sweep fees”), and other fees and services charged to customers, which are reported as “Other fees and services” in the condensed consolidated statements of comprehensive income. Fee income is recognized either daily or monthly. See Note 8 for further information on revenue from contracts with customers.

Interest Income and Expense

The Company earns interest income and incurs interest expense primarily in connection with its electronic brokerage customer business and its securities lending activities, which are recorded on an accrual basis and are included in “Interest income” and “Interest expense,” respectively, in the condensed consolidated statements of comprehensive income.

Principal Transactions

Principal transactions include gains and losses as a result of changes in the fair value of financial instruments owned, at fair value, financial instruments sold, but not yet purchased, at fair value, and other investments measured at fair value (i.e., unrealized gains and losses) and realized gains and losses related to the Company’s principal transactions. These include net gains and losses on stocks, options, U.S. and foreign government securities, municipal securities, futures, foreign exchange, precious metals and other derivative instruments, which are reported on a net basis in “Other income” in the condensed consolidated statements of comprehensive income. Dividends are integral to the valuation of stocks. Accordingly, dividend income and expense attributable to financial instruments owned, at fair value and financial instruments sold, but not yet purchased, at fair value, are reported on a net basis in “Other income” in the condensed consolidated statements of comprehensive income.
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Interactive Brokers Group, Inc. and Subsidiaries
Notes to Unaudited Condensed Consolidated Financial Statements

Foreign Currency Gains and Losses

Foreign currency balances are assets and liabilities in currencies other than the Company’s functional currency. At every reporting date, the Company revalues its foreign currency balances to its functional currency at the spot exchange rate and records the associated foreign currency gains and losses. These foreign currency gains and losses are reported in the condensed consolidated statements of comprehensive income, as follows: (a) foreign currency gains and losses related to the Company’s currency diversification strategy are reported in “Other income”; (b) foreign currency gains and losses arising from currency swap transactions are reported in “Interest income” or “Interest expense”; and (c) all other foreign currency gains and losses are reported in “Other income .”

Rebates

Rebates consist of volume discounts, credits, or payments received from exchanges or other market centers related to the placement and/or removal of liquidity from the marketplace and are recorded on an accrual basis. Rebates are recorded net within “Execution, clearing and distribution fees” in the condensed consolidated statements of comprehensive income. Rebates received for trades executed on behalf of customers that elect tiered pricing are passed, in whole or part, to these customers, and such pass-through amounts are recorded net within “Commissions” in the condensed consolidated statements of comprehensive income.

Stock - Based Compensation

The Company follows FASB ASC Topic 718, “ Compensation - Stock Compensation” (“ASC Topic 718”) , to account for its stock - based compensation plans. ASC Topic 718 requires all share - based payments to employees to be recognized in the condensed consolidated financial statements using a fair value - based method. Grants, which are denominated in U.S. dollars, are communicated to employees in the year of the grant, thereby establishing the fair value of each grant. The fair value of awards granted to employees are generally expensed as follows: 50 % in the year of grant in recognition of the plans’ post-employment provisions (as described below) and the remaining 50 % over the related vesting period utilizing the “graded vesting” method permitted under ASC Topic 718. In the case of “retirement eligible” employees (those employees older than 59), 100 % of awards are expensed when granted.

Awards granted under stock - based compensation plans are subject to the plans’ post-employment provisions in the event an employee ceases employment with the Company. The plans provide that employees who discontinue employment with the Company without cause and continue to meet the terms of the plans’ post - employment provisions will be eligible to earn 50 % of previously granted but not yet earned awards, unless the employee is over the age of 59, in which case the employee would be eligible to receive 100 % of previously granted but not yet earned awards.

Income Taxes

The Company accounts for income taxes in accordance with FASB ASC Topic 740, “ Income Taxes” (“ASC Topic 740”) . The Company’s income tax expense, deferred tax assets and liabilities, and reserves for unrecognized tax benefits are based on enacted tax laws (see Note 11) and reflect management’s best assessment of estimated future taxes to be paid. The Company is subject to income taxes in the U.S. and numerous foreign jurisdictions. Determining income tax expense requires significant judgment and estimates.

Deferred income tax assets and liabilities arise from temporary differences between the tax and financial statement recognition of underlying assets and liabilities. In evaluating the ability to recover deferred tax assets within the jurisdictions from which they arise, the Company considers all available positive and negative evidence, including scheduled reversals of deferred tax liabilities, projected future taxable income, tax - planning strategies and results of recent operations. In projecting future taxable income, historical results are adjusted for changes in accounting policies and incorporate assumptions including the amount of future state, federal and foreign pre-tax operating income, the reversal of temporary differences, and the implementation of feasible and prudent tax - planning strategies. These assumptions require significant judgment about the forecasts of future taxable income and are consistent with the plans and estimates the Company is using to manage the underlying businesses. In evaluating the objective evidence that historical results provide, three years of cumulative operating income (loss) are considered. Deferred income taxes have not been provided for U.S. tax liabilities or for additional foreign taxes on the unremitted earnings of foreign subsidiaries that have been indefinitely reinvested.

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Interactive Brokers Group, Inc. and Subsidiaries
Notes to Unaudited Condensed Consolidated Financial Statements

The calculation of the Company’s tax liabilities involves dealing with uncertainties in the application of complex tax laws and regulations in a multitude of jurisdictions across the Company’s global operations. Changes in tax laws and rates could also affect recorded deferred tax assets and liabilities in the future. On December 15, 2022, the European Union (“EU”) formally adopted the EU’s Pillar Two Directive, effective January 1, 2024, which provides for a minimum effective tax rate of 15%, as established by the Organization for Economic Cooperation and Development (“OECD”) Pillar Two Framework. A significant number of other countries have either already or are expected to implement similar legislation with varying effective dates. The Company is continuing to evaluate the potential impact of the EU’s Pillar Two Directive and similar legislations adopted by other countries (collectively, “Pillar Two Directives”), including the statement issued by the G7 countries on June 28, 2025, providing a “side-by-side system” for U.S. parented groups such as the Company. Based on current guidance, the Company believes that its results of operations, financial condition and cash flows will not be materially impacted by such Pillar Two Directives.

The Company records tax liabilities in accordance with ASC Topic 740 and adjusts these liabilities when management’s judgment changes as a result of the evaluation of new information not previously available. Because of the complexity of some of these uncertainties, the ultimate resolution may result in payments that are different from the current estimates of these tax liabilities. These differences will be reflected as increases or decreases to income tax expense in the period in which new information becomes available.

The Company recognizes a tax benefit from an uncertain tax position only when it is more likely than not that the position will be sustained upon examination, including resolutions of any related appeals or litigation processes, on the basis of the technical merits. A tax position that meets this standard is measured at the largest amount of benefit that will more likely than not be realized on settlement.

The Company recognizes interest related to income tax matters as interest income or interest expense and penalties related to income tax matters as “Income tax expense” in the condensed consolidated statements of comprehensive income.

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Interactive Brokers Group, Inc. and Subsidiaries
Notes to Unaudited Condensed Consolidated Financial Statements

FASB Standards issued but not adopted as of September 30, 2025

Standard

Summary of Guidance

Effect on financial statements

Income Taxes (Topic 740)
‎
‎ Issued December 2023

 Requires companies to disclose specific categories in the rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold.
 Requires companies to disclose the amount of income taxes paid disaggregated by federal, state, and foreign taxes and amount of income taxes paid disaggregated by individual jurisdictions in which income taxes paid is equal to or greater than five percent of total income taxes paid.
 Requires companies to disclose income (or loss) from continuing operations before income tax expense (or benefit) disaggregated between domestic and foreign and income tax expense (or benefit) from continuing operations disaggregated by federal, state, and foreign.

 Effective for annual reporting periods beginning after December 15, 2024.
 The Company is currently assessing the impact to its consolidated financial statements.
 The Company plans to adopt the guidance for the fiscal year ending December 31, 2025.

Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures
(Subtopic 220-40)
‎
‎ Issued November 2024

 Requires companies to disclose the amounts of employee compensation, depreciation, and intangible asset amortization included in each relevant expense caption.
 Requires companies to include certain amounts already required to be disclosed under current U.S. GAAP in the same disclosure as the other disaggregation requirements.
 Disclose the total amount of selling expenses and the company's definition of selling expenses.
 Requires companies to disclose a qualitative description of amounts remaining in relevant expense captions that are not separately disaggregated.

 Effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027.
 The Company is currently assessing the impact to its consolidated financial statements.

Financial Instruments – Credit Losses (Topic 326) – Measurement of Credit Losses for Accounts Receivable and Contract Assets
‎
‎ Issued July 2025

 Provides all companies with a practical expedient when estimating expected credit losses on current accounts receivable and/or current contract assets.
 In developing reasonable and supportable forecasts as part of estimating expected credit losses, all companies may elect a practical expedient that assumes that current conditions as of the balance sheet date do not change for the remaining life of the asset.

 Effective for annual reporting periods beginning after December 15, 2025, and interim reporting periods within those annual periods.
 The Company is currently assessing the impact to its consolidated financial statements.

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Interactive Brokers Group, Inc. and Subsidiaries
Notes to Unaudited Condensed Consolidated Financial Statements

Standard

Summary of guidance

Effect on financial statements

Intangibles – Goodwill and Other – Internal-Use Software – Targeted Improvements to the Accounting for Internal-Use Software
(Subtopic 350-40)
‎
‎ Issued September 2025

 Requires companies to start capitalizing software costs when management has authorized and committed to funding the project and it is probable that the project will be completed, and the software will be used to perform the function intended.
 Requires companies to determine whether there is significant uncertainty associated with development activities that would prevent it from reaching the probable-to-complete recognition threshold.

 Effective for annual reporting periods beginning after December 15, 2027, and interim reporting periods within those annual periods.
 The Company is currently assessing the impact to its consolidated financial statements.

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Interactive Brokers Group, Inc. and Subsidiaries
Notes to Unaudited Condensed Consolidated Financial Statements

3.   Trading Activities and Related Risks

Trading activities expose the Company to market and credit risks. These risks are managed in accordance with established risk management policies and procedures. To accomplish this, management has established a risk management process that includes:

 a regular review of the risk management process by executive management as part of its oversight role;

 defined risk management policies and procedures supported by a rigorous analytic framework; and

 articulated risk tolerance levels as defined by executive management that are regularly reviewed to ensure that the Company’s risk - taking is consistent with its business strategy, its capital structure, and current and anticipated market conditions.

Market Risk

The Company is exposed to various market risks. Exposures to market risks arise from equity price risk, foreign currency exchange rate fluctuations and changes in interest rates. The Company seeks to mitigate market risk associated with trading inventories by employing hedging strategies that correlate rate, price and spread movements of trading inventories and related financing and hedging activities. The Company uses a combination of cash instruments and exchange-traded derivatives to hedge its market exposures. The Company does not apply hedge accounting. The following discussion describes the types of market risk faced:

Equity Price Risk

Equity price risk arises from the possibility that equity security prices will fluctuate, affecting the value of equity securities and other instruments that derive their value from a particular stock, a defined basket of stocks, or a stock index. The Company is subject to equity price risk primarily in financial instruments owned, at fair value and financial instruments sold, but not yet purchased, at fair value. The Company attempts to limit such risks by continuously reevaluating prices and by diversifying its portfolio across many different options, futures and underlying securities and avoiding concentrations of positions based on the same underlying security.

Interest Rate Risk

Interest rate risk arises from the possibility that changes in interest rates will affect the value of financial instruments. The Company is exposed to interest rate risk on cash and margin balances, positions carried in equity and fixed income securities, options, futures and on its borrowings. These risks are managed through investment policies and by entering into interest rate futures contracts.

Currency Risk

Currency risk arises from the possibility that fluctuations in foreign exchange rates will impact the value of financial instruments. The Company manages this risk using spot (i.e., cash) currency transactions, currency futures contracts and currency forward contracts. The Company actively manages its currency exposure using a currency diversification strategy that is based on a defined basket of ten currencies internally referred to as the “GLOBAL.” These strategies minimize the fluctuation of the Company’s equity as expressed in GLOBALs, thereby diversifying its risk in alignment with these global currencies, weighted by the Company’s view of their importance. As the Company’s financial results are reported in U.S. dollars, the change in the value of the GLOBAL as expressed in U.S. dollars affects the Company’s earnings. The impact of this currency diversification strategy in the Company’s earnings is included in “Other income” in the condensed consolidated statements of comprehensive income.

Credit Risk

The Company is exposed to the risk of loss if a customer, counterparty or issuer fails to perform its obligations under contractual terms (“default risk”). Both cash instruments and derivatives expose the Company to default risk. The Company has established policies and procedures for mitigating credit risk on principal transactions, including reviewing and establishing limits for credit exposure, maintaining collateral and continually assessing the creditworthiness of counterparties.

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Interactive Brokers Group, Inc. and Subsidiaries
Notes to Unaudited Condensed Consolidated Financial Statements

The Company’s credit risk is limited as contracts entered into are settled directly at securities and commodities clearing houses or are settled through member firms and banks with substantial financial and operational resources. Over-the-counter transactions, such as securities lending and contracts for differences (“CFDs”), are marked to market daily and are conducted with counterparties that have undergone a thorough credit review. The Company seeks to control the risks associated with its customer margin activities by requiring customers to maintain collateral in compliance with regulatory and internal guidelines.

In the normal course of business, the Company executes, settles and finances various customer securities transactions. Execution of these transactions includes the purchase and sale of securities which exposes the Company to default risk arising from the potential that customers or counterparties may fail to satisfy their obligations. In these situations, the Company may be required to purchase or sell financial instruments at unfavorable market prices to satisfy obligations to customers or counterparties. Liabilities to other brokers and dealers related to unsettled transactions (i.e., securities fails to receive) are recorded at the amount for which the securities were purchased, and are paid upon receipt of the securities from other brokers or dealers. In the case of aged securities fails to receive, the Company may purchase the underlying security in the market and seek reimbursement for any losses from the counterparty.

For cash management purposes, the Company enters into short - term securities purchased under agreements to resell and securities sold under agreements to repurchase transactions (“repos”) in addition to securities borrowing and lending arrangements, all of which may result in credit exposure in the event the counterparty to a transaction is unable to fulfill its contractual obligations. Repos are collateralized by securities with a market value in excess of the obligation under the contract. Similarly, securities lending agreements are collateralized by deposits of cash or securities. The Company attempts to minimize credit risk associated with these activities by monitoring collateral values daily and requiring additional collateral to be deposited with or returned to the Company as permitted under contractual provisions.

Concentrations of Credit Risk

The Company’s exposure to credit risk associated with its trading and other activities is measured on an individual counterparty basis, as well as by groups of counterparties that share similar attributes. Concentrations of credit risk can be affected by changes in political, industry, or economic factors. To reduce the potential for risk concentration, credit limits are established and exposure is monitored in light of changing counterparty and market conditions. As of September 30, 2025, the Company did not have any material concentrations of credit risk outside the ordinary course of business.

Off - Balance Sheet Risks

The Company may be exposed to a risk of loss not reflected in the condensed consolidated financial statements to settle futures and certain over - the - counter contracts at contracted prices, which may require repurchase or sale of the underlying products in the market at prevailing prices. Accordingly, these transactions result in off - balance sheet risk as the Company’s cost to liquidate such contracts may exceed the amounts reported in the Company’s condensed consolidated statements of financial condition.

4.   Equity and Earnings per Share

In connection with IBG, Inc.’s initial public offering of Class A common stock (“IPO”) in May 2007, it purchased 10.0 % of the membership interests in IBG LLC from IBG Holdings LLC (“Holdings”), became the sole managing member of IBG LLC and began to consolidate IBG LLC’s financial results into its financial statements. Holdings owns all of IBG, Inc.’s Class B common stock, which has voting rights in proportion to its ownership interests in IBG LLC . The table below presents the amount of IBG LLC membership interests held by IBG, Inc. and Holdings as of September 30, 2025 .

IBG, Inc.

Holdings

Total

Ownership %
26.3 %

73.7 %

100.0 %

Membership interests
445,405,584

1,250,737,416

1,696,143,000

These condensed consolidated financial statements reflect the results of operations and financial position of IBG, Inc., including consolidation of its investment in IBG LLC and its subsidiaries. The noncontrolling interests in IBG LLC attributable to Holdings are reported as a component of “Total equity” in the condensed consolidated statements of financial condition.

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Interactive Brokers Group, Inc. and Subsidiaries
Notes to Unaudited Condensed Consolidated Financial Statements

Recapitalization and Post - IPO Capital Structure

Immediately before and immediately following the consummation of the IPO, IBG, Inc., Holdings, IBG LLC and the members of IBG LLC consummated a series of transactions collectively referred to herein as the “Recapitalization.” In connection with the Recapitalization, IBG, Inc., Holdings and the historical members of IBG LLC entered into an exchange agreement, dated as of May 3, 2007 (the “Exchange Agreement”), under which the historical members of IBG LLC received membership interests in Holdings in exchange for their membership interests in IBG LLC. Additionally, IBG, Inc. became the sole managing member of IBG LLC.

In connection with the consummation of the IPO, Holdings used the net proceeds to redeem 10.0 % of members’ interests in Holdings in proportion to their interests. Immediately following the Recapitalization and IPO, Holdings owned approximately 90 % of IBG LLC and 100 % of IBG, Inc.’s Class B common stock.

Since the consummation of the IPO and Recapitalization, IBG, Inc.’s equity capital structure has been comprised of Class A and Class B common stock. All shares of common stock have a par value of $ 0.01 per share and have identical rights to earnings and dividends and in liquidation. The below table presents the authorized, issued, and outstanding shares for the periods indicated.

September 30, 2025

December 31, 2024

Authorized

Issued

Outstanding

Authorized

Issued

Outstanding

Class A common stock

4,000,000,000  

445,923,364  

445,331,214  

4,000,000,000  

436,244,236  

435,618,452  

Class B common stock

1,000  

400  

400  

400  

400  

400  

Preferred stock

10,000  

-

-

10,000  

-

-

As a result of a federal income tax election made by IBG LLC applicable to the acquisition of IBG LLC member interests by IBG, Inc., the income tax basis of the assets of IBG LLC acquired by IBG, Inc. have been adjusted based on the amount paid for such interests. Deferred tax assets were recorded as of the IPO date and in connection with subsequent redemptions of Holdings member interests in exchange for common stock. These deferred tax assets are included in “Other assets” in the Company’s condensed consolidated statements of financial condition and are being amortized as additional deferred income tax expense over 15  years from the IPO date and from the additional redemption dates, respectively, as allowable under current tax law. As of September 30, 2025 and December 31, 2024, the unamortized balance of these deferred tax assets was $ 223 million and $ 196  million, respectively.

IBG, Inc. also entered into an agreement (the “Tax Receivable Agreement”) with Holdings to pay Holdings (for the benefit of the former members of IBG LLC) 85 % of the tax savings that IBG, Inc. actually realizes as the result of tax basis increases. These payables to Holdings are reported as “Payable to affiliate” in the Company’s condensed consolidated statements of financial condition. The remaining 15 % is accounted for as a permanent increase to “Additional paid - in capital” in the Company’s condensed consolidated statements of financial condition.

The cumulative amounts of deferred tax assets, payables to Holdings and additional paid - in capital arising from stock offerings from the date of the IPO through September 30, 2025 were $ 727  million, $ 618  million and $ 109  million, respectively. Amounts payable under the Tax Receivable Agreement are payable to Holdings annually following the filing of IBG, Inc.’s federal income tax return. The Company has paid Holdings a cumulative total of $ 308  million through September 30, 2025 under the terms of the Tax Receivable Agreement.

The Exchange Agreement, as amended, provides for future redemptions of member interests and for the purchase of member interests in IBG LLC by IBG, Inc. from Holdings, which could result in IBG, Inc. acquiring the remaining member interests in IBG LLC that it does not own. On an annual basis, members of Holdings can request redemption of their interests.

At the time of IBG, Inc.’s IPO in 2007, the Company reserved 360  million shares, 1.440 billion shares on a post-split basis, of authorized common stock for future sales and redemptions. From 2008 through 2010, Holdings redeemed 20,053,036 IBG LLC interests with a total value of $ 114  million, which redemptions were funded using cash on hand at IBG LLC. Upon cash redemption, these IBG LLC interests were retired. From 2011 through 2024, IBG, Inc. issued 161,777,780 shares of common stock (with a fair value of $ 2.0 billion) directly to Holdings in exchange for an equivalent number of member interests in IBG LLC. On July 30, 2025, the Company filed a Prospectus Supplement on Form 424B5 with the SEC to issue 3,836,000 shares of common stock (with a fair value of $ 254 million) in exchange for an equivalent number of shares of member interest in IBG LLC.

On July 26, 2023, the Company filed a Prospectus Supplement on Form 424B (File Number 333-273451) with the SEC to re-register up to 2,520,000 shares of common stock, offering the opportunity for eligible persons to receive awards in the form of an offer to receive such shares by participating in one or more promotions that are designed to attract new customers to the Company’s brokerage platform,

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Table of Contents

Interactive Brokers Group, Inc. and Subsidiaries
Notes to Unaudited Condensed Consolidated Financial Statements

increase assets held with the Company’s brokerage business and enhance customer loyalty. The Company has authorized a total of 4,000,000 shares of common stock to be issued under these promotions. From 2019 through September 30, 2025, the Company issued 2,880,000 shares to IBG LLC for distribution to eligible customers of certain of its subsidiaries.

As a consequence of redemption transactions in accordance with the Exchange Agreement, distribution of shares to customers under one or more promotions, and distribution of shares to employees (see Note 10), IBG, Inc.’s interest in IBG LLC has increased to approximately 26.3 %, with Holdings owning the remaining 73.7 % as of September 30, 2025. The redemptions also increased the Holdings interest held by Mr. Thomas Peterffy and his affiliates from approximately 84.6 % at the IPO to approximately 91.6 % as of September 30, 2025.

Earnings per Share

Basic earnings per share is calculated utilizing net income available for common stockholders divided by the weighted average number of shares of Class A and Class B common stock outstanding for that period.

Three Months Ended September 30,

Nine Months Ended September 30,

2025

2024

2025

2024

(in millions, except share or per share amounts)

Basic earnings per share

Net income available for common stockholders

$
263

$
184

$
700

$
538

Weighted average shares of common stock outstanding

Class A

444,060,413

435,031,564

439,434,316

431,409,988

Class B

400

400

400

400

444,060,813

435,031,964

439,434,716

431,410,388

Basic earnings per share

$
0.59

$
0.42

$
1.59

$
1.25

Diluted earnings per share are calculated utilizing the Company’s basic net income available for common stockholders divided by diluted weighted average shares outstanding with no adjustments to net income available to common stockholders for potentially dilutive common shares.

Three Months Ended September 30,

Nine Months Ended September 30,

2025

2024

2025

2024

(in millions, except share or per share amounts)

Diluted earnings per share

Net income available for common stockholders

$
263

$
184

$
700

$
538

Weighted average shares of common stock outstanding

Class A

Issued and outstanding

444,060,413

435,031,564

439,434,316

431,409,988

Potentially dilutive common shares

Issuable pursuant to employee stock incentive plans

2,468,170

3,113,476

3,073,224

3,686,392

Class B

400

400

400

400

446,528,983

438,145,440

442,507,940

435,096,780

Diluted earnings per share

$
0.59

$
0.42

$
1.58

$
1.24

Member Distributions and Stockholder Dividends

In April 2025 the Company increased its quarterly dividend from $ 0.0625 per share to $ 0.08 per share of common stock, on a post-split basis. During the nine months ended September 30, 2025 , IBG LLC made distributions totaling $ 918  million, to its members, of which IBG, Inc.’s proportionate share was $ 238  million. In March 2025, the Company paid quarterly cash dividends of $ 0.0625 per share of common stock, on a post-split basis, totaling $ 27  million. In June and September 2025, the Company paid quarterly cash quarterly cash dividends of $ 0.08 per share of common stock, on a post stock-split basis, totaling $ 71 million.

On October 16, 2025 , the Company declared a quarterly cash dividend of $ 0.08 per share of common stock, payable on December 12, 2025 to stockholders of record as of December 1, 2025 .
‎

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Interactive Brokers Group, Inc. and Subsidiaries
Notes to Unaudited Condensed Consolidated Financial Statements

5.   Comprehensive Income

The table below presents comprehensive income and earnings per share on comprehensive income for the periods indicated.

Three Months Ended September 30,

Nine Months Ended September 30,

2025

2024

2025

2024

(in millions, except share or per share amounts)

Comprehensive income available for common stockholders

$
253

$
223

$
797

$
549

Earnings per share on comprehensive income

Basic

$
0.57

$
0.51

$
1.81

$
1.27

Diluted

$
0.57

$
0.51

$
1.80

$
1.26

Weighted average common shares outstanding

Basic

444,060,813

435,031,964

439,434,716

431,410,388

Diluted

446,528,983

438,145,440

442,507,940

435,096,780

‎

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Interactive Brokers Group, Inc. and Subsidiaries
Notes to Unaudited Condensed Consolidated Financial Statements

6.   Financial Assets and Financial Liabilities

Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis

The tables below present, by level within the fair value hierarchy (see Note 2), financial assets and liabilities, measured at fair value on a recurring basis for the periods indicated. As required by ASC Topic 820, financial assets and financial liabilities are classified in their entirety based on the lowest level of input that is significant to the respective fair value measurement.

Financial Assets at Fair Value as of September 30, 2025

Level 1

Level 2

Level 3

Total

(in millions)

Securities segregated for regulatory purposes

U.S. and foreign government securities

$
6,096

$
—

$
—

$
6,096

Municipal securities

—

86

—

86

Total securities segregated for regulatory purposes

6,096

86

—

6,182

Financial instruments owned, at fair value

Stocks

2,966

—

—

2,966

Options

49

23

—

72

U.S. and foreign government securities

41

—

—

41

Precious metals

—

41

—

41

Currency forward contracts

—

7

—

7

Total financial instruments owned, at fair value

3,056

71

—

3,127

Other assets

Customer-held fractional shares

394

—

—

394

Other investments in equity securities

90

—

—

90

Total other assets

484

—

—

484

Total financial assets at fair value

$
9,636

$
157

$
—

$
9,793

Financial Liabilities at Fair Value as of September 30, 2025

Level 1

Level 2

Level 3

Total

(in millions)

Financial instruments sold, but not yet purchased, at fair value

Stocks

$
194

$
—

$
—

$
194

Options

33

229

—

262

Precious metals

—

36

—

36

Currency forward contracts

—

7

—

7

Total financial instruments sold, but not yet purchased, at fair value

227

272

—

499

Accounts payable, accrued expenses and other liabilities

Fractional shares repurchase obligation

394

—

—

394

Total accounts payable, accrued expenses and other liabilities

394

—

—

394

Total financial liabilities at fair value

$
621

$
272

$
—

$
893

‎

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Interactive Brokers Group, Inc. and Subsidiaries
Notes to Unaudited Condensed Consolidated Financial Statements

Financial Assets at Fair Value as of December 31, 2024

Level 1

Level 2

Level 3

Total

(in millions)

Securities segregated for regulatory purposes

U.S. and foreign government securities

$
6,460

$
—

$
—

$
6,460

Municipal securities

—

33

—

33

Total securities segregated for regulatory purposes

6,460

33

—

6,493

Financial instruments owned, at fair value

Stocks

1,763

—

—

1,763

Options

84

—

—

84

U.S. and foreign government securities

54

—

—

54

Mutual funds

2

—

—

2

Precious metals

—

21

—

21

Currency forward contracts

—

—

—

—

Total financial instruments owned, at fair value

1,903

21

—

1,924

Other assets

Customer-held fractional shares

260

—

—

260

Other investments in equity securities

32

—

—

32

Total other assets

292

—

—

292

Total financial assets at fair value

$
8,655

$
54

$
—

$
8,709

Financial Liabilities at Fair Value as of December 31, 2024

Level 1

Level 2

Level 3

Total

(in millions)

Financial instruments sold, but not yet purchased, at fair value

Stocks

$
116

$
—

$
—

$
116

Options

96

—

—

96

Precious metals

—

18

—

18

Currency forward contracts

—

63

—

63

Total financial instruments sold, but not yet purchased, at fair value

212

81

—

293

Accounts payable, accrued expenses and other liabilities

Fractional shares repurchase obligation

260

—

—

260

Total accounts payable, accrued expenses and other liabilities

260

—

—

260

Total financial liabilities at fair value

$
472

$
81

$
—

$
553

Level 3 Financial Assets and Financial Liabilities

There were no transfers in or out of level 3 for the nine months ended September 30, 2025.

‎

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Interactive Brokers Group, Inc. and Subsidiaries
Notes to Unaudited Condensed Consolidated Financial Statements

Financial Assets and Liabilities Not Measured at Fair Value

Financial assets and liabilities not measured at fair value are recorded at carrying value, which approximates fair value due to their short-term nature. The tables below represent the carrying value, fair value and fair value hierarchy category of certain financial assets and liabilities that are not recorded at fair value in the Company's condensed consolidated statements of financial condition for the periods indicated. The tables below exclude certain financial instruments such as equity method investments and all non-financial assets and liabilities.

September 30, 2025

Carrying
‎ Value

Fair
‎ Value

Level 1

Level 2

Level 3

(in millions)

Financial assets, not measured at fair value

Cash and cash equivalents

$
5,128

$
5,128

$
5,128

$
—

$
—

Cash - segregated for regulatory purposes

48,784

48,784

48,784

—

—

Securities - segregated for regulatory purposes

32,509

32,509

—

32,509

—

Securities borrowed

11,568

11,568

—

11,568

—

Securities purchased under agreements to resell

8,524

8,524

—

8,524

—

Receivables from customers

77,588

77,588

—

77,588

—

Receivables from brokers, dealers and clearing organizations

4,773

4,773

—

4,773

—

Interest receivable

488

488

—

488

—

Other assets

41

42

—

3

39

Total financial assets, not measured at fair value

$
189,403

$
189,404

$
53,912

$
135,453

$
39

Financial liabilities, not measured at fair value

Short-term borrowings

$
10

$
10

$
—

$
10

$
—

Securities loaned

27,031

27,031

—

27,031

—

Securities sold under agreements to repurchase

894

894

—

894

—

Payables to customers

149,442

149,442

—

149,442

—

Payables to brokers, dealers and clearing organizations

1,541

1,541

—

1,541

—

Interest payable

317

317

—

317

—

Total financial liabilities, not measured at fair value

$
179,235

$
179,235

$
—

$
179,235

$
—

‎

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Table of Contents

Interactive Brokers Group, Inc. and Subsidiaries
Notes to Unaudited Condensed Consolidated Financial Statements

December 31, 2024

Carrying
‎ Value

Fair
‎ Value

Level 1

Level 2

Level 3

(in millions)

Financial assets, not measured at fair value

Cash and cash equivalents

$
3,633

$
3,633

$
3,633

$
—

$
—

Cash - segregated for regulatory purposes

36,600

36,600

36,600

—

—

Securities - segregated for regulatory purposes

21,353

21,353

—

21,353

—

Securities borrowed

5,369

5,369

—

5,369

—

Securities purchased under agreements to resell

6,575

6,575

—

6,575

—

Receivables from customers

64,432

64,432

—

64,432

—

Receivables from brokers, dealers and clearing organizations

2,196

2,196

—

2,196

—

Interest receivable

446

446

—

446

—

Other assets

30

32

—

3

29

Total financial assets, not measured at fair value

$
140,634

$
140,636

$
40,233

$
100,374

$
29

Financial liabilities, not measured at fair value

Short-term borrowings

$
14

$
14

$
—

$
14

$
—

Securities loaned

16,248

16,248

—

16,248

—

Payables to customers

115,343

115,343

—

115,343

—

Payables to brokers, dealers and clearing organizations

476

476

—

476

—

Interest payable

311

311

—

311

—

Total financial liabilities, not measured at fair value

$
132,392

$
132,392

$
—

$
132,392

$
—

‎

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Table of Contents

Interactive Brokers Group, Inc. and Subsidiaries
Notes to Unaudited Condensed Consolidated Financial Statements

Netting of Financial Assets and Financial Liabilities

The Company’s policy is to net securities borrowed and securities loaned, and securities purchased under agreements to resell and securities sold under agreements to repurchase that meet the offsetting requirements prescribed in ASC Topic 210-20. In the tables below, the amounts of financial instruments that are not offset in the condensed consolidated statements of financial condition, but could be netted against cash or financial instruments with specific counterparties under master netting agreements, according to the terms of the agreements, including clearing houses (exchange-traded options, warrants and discount certificates) or over the counter currency forward contract counterparties, are presented to provide financial statement readers with the Company’s net payable or receivable with counterparties for these financial instruments.

The tables below present the netting of financial assets and financial liabilities for the periods indicated.

September 30, 2025

Amounts

Net Amounts

Amounts Not Offset

Gross

Offset in the

Presented in

in the Condensed

Amounts

Condensed

the Condensed

Consolidated

of Financial

Consolidated

Consolidated

Statements of

Assets and

Statements of

Statements of

Financial Condition

Liabilities

Financial

Financial

Cash or Financial

Net

Recognized

Condition
2

Condition

Instruments

Amount

(in millions)

Offsetting of financial assets

Securities segregated for regulatory purposes:

Segregated securities purchased under agreements to resell

$
30,058
1

$
—

$
30,058

$
( 30,058 )

$
—

Segregated securities borrowed

2,451
1

—

2,451

( 2,384 )

67

Securities borrowed

11,568

—

11,568

( 11,325 )

243

Securities purchased under agreements to resell

8,524

—

8,524

( 8,524 )

—

Financial instruments owned, at fair value

Options

72

—

72

( 56 )

16

Currency forward contracts

7

—

7

—

7

Total

$
52,680

$
—

$
52,680

$
( 52,347 )

$
333

(in millions)

Offsetting of financial liabilities

Securities loaned

$
27,031

$
—

$
27,031

$
( 25,675 )

$
1,356

Securities sold under agreements to repurchase

894

—

894

( 894 )

—

Financial instruments sold, but not yet purchased, at fair value

Options

262

—

262

( 56 )

206

Currency forward contracts

7

—

7

—

7

Total

$
28,194

$
—

$
28,194

$
( 26,625 )

$
1,569

‎

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Interactive Brokers Group, Inc. and Subsidiaries
Notes to Unaudited Condensed Consolidated Financial Statements

December 31, 2024

Amounts

Net Amounts

Amounts Not Offset

Gross
Offset in the

Presented in

in the Condensed

Amounts
Condensed

the Condensed

Consolidated

of Financial
Consolidated

Consolidated

Statements of

Assets and
Statements of

Statements of

Financial Condition

Liabilities
Financial

Financial

Cash or Financial

Net

Recognized

Condition
2

Condition

Instruments

Amount

(in millions)

Offsetting of financial assets

Securities segregated for regulatory purposes:

Segregated securities purchased under agreements to resell

$
21,353
1

$
—

$
21,353

$
( 21,353 )

$
—

Securities borrowed

5,369

—

5,369

( 5,159 )

210

Securities purchased under agreements to resell

6,575

—

6,575

( 6,575 )

—

Financial instruments owned, at fair value

Options

84

—

84

( 69 )

15

Currency forward contracts

—

—

—

—

—

Total

$
33,381

$
—

$
33,381

$
( 33,156 )

$
225

(in millions)

Offsetting of financial liabilities

Securities loaned

$
16,248

$
—

$
16,248

$
( 15,105 )

$
1,143

Financial instruments sold, but not yet purchased, at fair value

Options

96

—

96

( 69 )

27

Currency forward contracts

63

—

63

—

63

Total

$
16,407

$
—

$
16,407

$
( 15,174 )

$
1,233

________________________
1. As of September 30, 2025 and December 31, 2024, the Company had $ 30.1  billion and $ 21.4  billion, respectively, of securities purchased under agreements to resell, and $ 2.5 billion and $ 0 , respectively, of securities borrowed that were segregated to satisfy regulatory requirements. These securities are included in “Securities - segregated for regulatory purposes” in the condensed consolidated statements of financial condition.

2. The Company did not have any balances eligible for netting in accordance with ASC Topic 210-20 as of September 30, 2025 and December 31, 2024.
 

‎

27

Table of Contents

Interactive Brokers Group, Inc. and Subsidiaries
Notes to Unaudited Condensed Consolidated Financial Statements

Secured Financing Transactions – Maturities and Collateral Pledged

The tables below present gross obligations for securities loaned transactions by remaining contractual maturity and class of collateral pledged for the periods indicated.

September 30, 2025

Remaining Contractual Maturity

Overnight

Less than

30 – 90

Over 90

and Open

30 days

days

days

Total

(in millions)

Securities loaned

Stocks

$
26,899

$
—

$
—

$
—

$
26,899

Corporate bonds

132

—

—

—

132

Foreign government securities

—

—

—

—

0

Total securities loaned

$
27,031

$
—

$
—

$
—

$
27,031

Securities sold under agreements to repurchase

U.S. government securities

894

—

—

—

894

Total

$
27,925

$
—

$
—

$
—

$
27,925

December 31, 2024

Remaining Contractual Maturity

Overnight

Less than

30 – 90

Over 90

and Open

30 days

days

days

Total

(in millions)

Securities loaned

Stocks

$
16,215

$
—

$
—

$
—

$
16,215

Corporate bonds

33

—

—

—

33

Total securities loaned

$
16,248

$
—

$
—

$
—

$
16,248

‎

28

Table of Contents

Interactive Brokers Group, Inc. and Subsidiaries
Notes to Unaudited Condensed Consolidated Financial Statements

7.    Collateralized Transactions

The Company enters into securities borrowing and lending transactions and agreements to repurchase and resell securities to finance trading inventory, to obtain securities for settlement and to earn residual interest rate spreads. In addition, the Company’s customers pledge their securities owned to collateralize margin loans. Under these transactions, the Company either receives or provides collateral, including equity, corporate debt and U.S. government securities. Under typical agreements, the Company is permitted to sell or repledge securities received as collateral and use these securities to secure securities purchased under agreements to resell, enter into securities lending transactions or deliver these securities to counterparties to cover short positions.

The Company also engages in securities financing transactions with and for customers through margin lending. Customer receivables generated from margin lending activity are collateralized by customer - owned securities held by the Company. Customers’ required margin levels and established credit limits are monitored continuously by risk management staff using automated systems. Pursuant to the Company’s policy and as enforced by such systems, customers are required to deposit additional collateral or reduce positions, when necessary, to avoid automatic liquidation of their positions.

Margin loans are extended to customers on a demand basis and are not committed facilities. Factors considered in the acceptance or rejection of margin loans are the amount of the loan, the degree of leverage being employed in the customer account and an overall evaluation of the customer’s portfolio to ensure proper diversification or, in the case of concentrated positions, appropriate liquidity of the underlying collateral. Additionally, transactions relating to concentrated or restricted positions are limited or prohibited by raising the level of required margin collateral (to 100% in the extreme case). The underlying collateral for margin loans is evaluated with respect to the liquidity of the collateral positions, valuation of securities, volatility analysis and an evaluation of industry concentrations. Adherence to the Company’s collateral policies significantly limits the Company’s credit exposure to margin loans in the event of a customer’s default. Under margin lending agreements, the Company may request additional margin collateral from customers and may sell securities that have not been paid for or purchase securities sold but not delivered from customers, if necessary. As of September 30, 2025 and December 31, 2024, $ 77.6  billion and $ 64.4  billion, respectively, of customer margin loans were outstanding.

The table below presents a summary of the amounts related to collateralized transactions for the periods indicated.

September 30, 2025

December 31, 2024

Permitted

Sold or

Permitted

Sold or

to Repledge

Repledged

to Repledge

Repledged

(in millions)

Securities lending transactions

$
191,634

$
18,465

$
134,407

$
8,342

Securities purchased under agreements to resell transactions 1

38,384

38,362

27,988

26,678

Customer margin assets

106,238

35,104

87,809

21,465

$
336,256

$
91,931

$
250,204

$
56,485

________________________
1. As of September 30, 2025 and December 31, 2024, the Company had $ 30.1  billion and $ 21.4  billion, respectively, of securities purchased under agreements to resell, and $ 2.5 billion and $ 0 , respectively, of securities borrowed that were segregated to satisfy regulatory requirements. These securities are included in “Securities - segregated for regulatory purposes” in the condensed consolidated statements of financial condition.

In the normal course of business, the Company pledges qualified securities with clearing organizations to satisfy daily margin and clearing fund requirements. As of September 30, 2025 and December 31, 2024, the majority of the Company’s U.S. and foreign government securities owned were pledged to clearing organizations.

The table below presents financial instruments owned and pledged as collateral, including amounts pledged to affiliates, where the counterparty has the right to repledge, for the periods indicated.

September 30,

December 31,

2025

2024

(in millions)

Stocks

$
60

$
25

U.S. and foreign government securities

39

52

$
99

$
77

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Interactive Brokers Group, Inc. and Subsidiaries
Notes to Unaudited Condensed Consolidated Financial Statements

8. Revenues from Contracts with Customers

Revenue from contracts with customers is recognized when, or as, the Company satisfies its performance obligations by transferring the promised services to the customers. A service is transferred to a customer when, or as, the customer obtains control of that service. A performance obligation may be satisfied at a point in time or over time. Revenue from a performance obligation satisfied at a point in time is recognized at the point in time that the Company determines the customer obtains control over the promised service. Revenue from a performance obligation satisfied over time is recognized by measuring the Company’s progress in satisfying the performance obligation in a manner that depicts the transfer of the services to the customer. The amount of revenue recognized reflects the consideration the Company expects to receive in exchange for those promised services ( i.e. , the “transaction price”). In determining the transaction price, the Company considers multiple factors, including the effects of variable consideration, if any.

The Company’s revenues from contracts with customers are recognized when the performance obligations are satisfied at an amount that reflects the consideration expected to be received in exchange for such services. The majority of the Company’s performance obligations are satisfied at a point in time and are typically collected from customers by debiting their brokerage account with the Company.

Nature of Services

The Company’s main sources of revenues from contracts with customers are as follows:

 Commissions are charged to customers for order execution services and trade clearing and settlement services. These services represent a single performance obligation as the services are not separately identifiable in the context of the contract. The Company recognizes revenue at a point in time at the execution of the order (i.e., trade date). Commissions are generally collected from cleared customers on trade date and from non-cleared customers monthly. Commissions also include payments for order flow received from IBKR Lite SM liquidity providers.

 Market data fees are charged to customers for market data services to which they subscribe that the Company delivers. The Company recognizes revenue monthly as the performance obligation is satisfied over time by continually providing market data for the period. Market data fees are collected monthly, generally in advance.

 Risk exposure fees are charged to customers who carry positions with a market risk that exceeds defined thresholds. The Company recognizes revenue daily as the performance obligation is satisfied at a point in time by the Company taking on the additional risk of account liquidation and potential losses due to insufficient margin. Risk exposure fees are collected daily.

 Payments for order flow are earned from various options exchanges based upon options trading volume originated by the Company that meets certain criteria. The Company recognizes revenue daily as the performance obligation is satisfied at a point in time on customer orders that qualify for payments subject to exchange-mandated programs. Payments for order flow are collected monthly, in arrears.

 FDIC sweep fees are earned from the banks that participate in the Company’s Insured Bank Deposit Sweep Program with respect to the Company’s customers’ funds deposited with each participating bank. The Company recognizes revenue daily as the performance obligation is satisfied when customer funds are swept to their FDIC insured accounts with the participating banks.

The Company also earns revenues from other services, including minimum activity fees, order cancelation or modification fees, position transfer fees, telecommunications fees, and withdrawal fees, among others.

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Interactive Brokers Group, Inc. and Subsidiaries
Notes to Unaudited Condensed Consolidated Financial Statements

Disaggregation of Revenue

The tables below present revenue from contracts with customers by geographic location and major types of services for the periods indicated.

Three Months Ended September 30,

Nine Months Ended September 30,

2025

2024

2025

2024

(in millions)

Geographic location 1

United States

$
362

$
317

$
1,075

$
885

International

241

190

698

534

$
603

$
507

$
1,773

$
1,419

Major types of services

Commissions

$
537

$
435

$
1,567

$
1,220

Market data fees 2

20

18

59

53

Risk exposure fees 2

14

26

59

69

Payments for order flow 2

12

12

34

32

FDIC sweep fees 2

10

7

27

20

Other 2

10

9

27

25

$
603

$
507

$
1,773

$
1,419

_____________________________
1. Based on the location of the subsidiaries in which the revenues are recorded.

2. Included in “Other fees and services” in the condensed consolidated statements of comprehensive income.

Receivables and Contract Balances

Receivables arise when the Company has an unconditional right to receive payment under a contract with a customer and are derecognized when the cash is received. Receivables of $ 40  million and $ 31 million, as of September 30, 2025 and December 31, 2024, respectively, are reported in “Other assets” in the condensed consolidated statements of financial condition.

Contract assets arise when the revenue associated with the contract is recognized before the Company’s unconditional right to receive payment under a contract with a customer (i.e., unbilled receivable) and are derecognized when either it becomes a receivable or the cash is received. Contract assets are reported in “Other assets” in the condensed consolidated statements of financial condition. As of September 30, 2025 and December 31, 2024, there were no contract asset balances outstanding.

Contract liabilities arise when customers remit contractual cash payments in advance of the Company satisfying its performance obligations under the contract and are derecognized when the revenue associated with the contract is recognized either when a milestone is met triggering the contractual right to bill the customer or when the performance obligation is satisfied. Contract liabilities are reported in “Accounts payable, accrued expenses and other liabilities” in the condensed consolidated statements of financial condition. As of September 30, 2025 and December 31, 2024, there were no contract liability balances outstanding.

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Notes to Unaudited Condensed Consolidated Financial Statements

9.   Other Income

The table below presents the components of other income for the periods indicated.

Three Months Ended September 30,

Nine Months Ended September 30,

2025

2024

2025

2024

(in millions)

Principal transactions 1

$
76

$
40

$
161

$
81

Gains (losses) from currency diversification strategy, net

4

25

19

3

Other, net

5

( 9 )

12

( 46 )

$
85

$
56

$
192

$
38

_____________________________
1. Principal transactions include (1) trading gains and losses from the Company’s remaining market making activities; (2) realized and unrealized gains and losses on financial instruments that (a) are held for purposes other than the Company’s market making activities, or (b) are subject to restrictions; and (3) dividends on investments accounted at cost less impairment.

10.   Employee Incentive Plans

Defined Contribution Plan

The Company offers substantially all employees of U.S.-based operating subsidiaries who have met minimum service requirements the opportunity to participate in defined contribution retirement plans qualifying under the provisions of Section 401(k) of the Internal Revenue Code. The general purpose of this plan is to provide employees with an incentive to make regular savings in order to provide additional financial security during retirement. This plan provides for the Company to match 50 % of the employees’ pre-tax contribution, up to a maximum of 10 % of eligible earnings. The employee is vested in the matching contribution incrementally over six years of service. Included in “Employee compensation and benefits” expense in the condensed consolidated statements of comprehensive income was $ 6  million of plan contributions for each of the nine months ended September 30, 2025 and 2024.

2007 Stock Incentive Plan

Under the Company’s Stock Incentive Plan, up to 160  million shares of the Company’s Class A common stock may be issued to satisfy vested restricted stock units granted to directors, officers, employees, contractors and consultants of the Company. The purpose of the Stock Incentive Plan is to promote the Company’s long - term financial success by attracting, retaining and rewarding eligible participants.

As a result of the Company’s organizational structure, a description of which can be found in “Business – Our Organizational Structure” in Part I, Item 1 of the Company’s 2024 Annual Report on Form 10-K, filed with the SEC on February 27, 2025, there is no material dilutive effect upon ownership of common stockholders of issuing shares under the Stock Incentive Plan. The issuances do not dilute the book value of the ownership of common stockholders since the restricted stock units are granted at market value, and upon their vesting and the related issuance of shares of common stock, the ownership of IBG, Inc. in IBG LLC, increases proportionately to the shares issued. As a result of such proportionate increase in share ownership, the dilution upon issuance of common stock is borne by IBG LLC’s majority member (i.e., noncontrolling interest), Holdings, and not by IBG, Inc. or its common stockholders. Additionally, dilution of earnings that may take place after issuance of common stock is reflected in EPS reported in the Company’s financial statements. The EPS dilution can be neither estimated nor projected, but historically it has not been material.

The Stock Incentive Plan is administered by the Compensation Committee of the Company’s Board of Directors. The Compensation Committee has discretionary authority to determine the eligibility to participate in the Stock Incentive Plan and establishes the terms and conditions of the awards, including the number of awards granted to each participant and all other terms and conditions applicable to such awards in individual grant agreements. Awards are expected to be made primarily through grants of restricted stock units. Stock Incentive Plan awards are subject to issuance over time. All previously granted but not yet earned awards may be canceled by the Company upon the participant’s termination of employment or violation of certain applicable covenants before issuance, unless determined otherwise by the Compensation Committee.

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Notes to Unaudited Condensed Consolidated Financial Statements

The Stock Incentive Plan provides that, upon a change in control, the Compensation Committee may, at its discretion, fully vest any granted but not yet earned awards under the Stock Incentive Plan, or provide that any such granted but not yet earned awards will be honored or assumed, or new rights substituted by the new employer on a substantially similar basis and terms and conditions substantially comparable to those of the Stock Incentive Plan.

The Company expects to continue to grant awards on or about December 31 of each year to eligible participants as part of an overall plan of equity compensation. In 2021, the Company’s Compensation Committee approved a change to the vesting schedule for the Stock Incentive Plan. For awards granted on December 31, 2021 onwards, restricted stock units vest and become distributable to participants 20% on each vesting date, which is on or about May 9 of each year , assuming continued employment with the Company and compliance with non-competition and other applicable covenants. The vesting and distribution of grants prior to December 31, 2021 remain in accordance with the following schedule: (a) 10% on the first vesting date, which is on or about May 9 of each year; and (b) an additional 15% on each of the following six anniversaries of the first vesting.

Awards granted to directors vest and are distributed as follows: (a) one-time award granted to external directors on December 31 of the year of appointment vests over a five - year period ( 20 % per year) commencing one year after the date of grant, and (b) annual awards granted to all directors on December 31 of each year are fully vested and distributed immediately on grant date. A total of 162,344 restricted stock units have been granted to the directors cumulatively since the plan’s inception.

The table below presents Stock Incentive Plan awards granted and the related fair values since the plan’s inception.

Fair Value at

Date of Grant

Units

($ millions)

Prior periods (since inception)

117,328,236

$
842

April 25, 2022

723,556
1

12

December 31, 2022

4,992,420

91

December 31, 2023

5,031,288

102

December 31, 2024

2,481,284
2

112

Total awards granted since inception

130,556,784

$
1,159

______________________________
1. April 25, 2022, the Company awarded a special grant of restricted stock units to employees.

2. Stock Incentive Plan number of granted restricted stock units related to 2024 was adjusted by 12,796 additional restricted stock units during the nine months ended September 30, 2025.

Estimated future grants under the Stock Incentive Plan are accrued for ratably during each year (see Note 2). In accordance with the vesting schedule, outstanding awards vest and are distributed to participants yearly on or about May 9 of each year. At the end of each year, no vested awards remain undistributed.
Compensation expense related to the Stock Incentive Plan recognized in the condensed consolidated statements of comprehensive income was $ 90  million and $ 80  million for the nine months ended September 30, 2025 and 2024, respectively. Estimated future compensation costs for unvested awards, net of credits for canceled awards, as of September 30, 2025 are $ 21  million.

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Interactive Brokers Group, Inc. and Subsidiaries
Notes to Unaudited Condensed Consolidated Financial Statements

The table below summarizes the Stock Incentive Plan activity for the periods indicated.

Stock

Incentive Plan

Units

Balance, December 31, 2024 1

15,332,675

Granted

—

Canceled

( 123,655 )

Distributed

( 5,443,128 )

Balance, September 30, 2025

9,765,892

_____________________________
1. Stock Incentive Plan number of granted restricted stock units related to 2024 was adjusted by 12,796 additional restricted stock units during the six months ended September 30, 2025.
Awards previously granted but not yet earned under the stock plans are subject to the plans’ post-employment provisions in the event a participant ceases employment with the Company. Since inception through September 30, 2025 , a total of 5,979,912 restricted stock units have been distributed under these post - employment provisions. These distributions are included in the table above.
11.  Income Taxes

Income tax expense for the six months ended September 30, 2025 and 2024 differs from the U.S. federal statutory rate primarily due to the tax treatment of income attributable to noncontrolling interests in IBG LLC. These noncontrolling interests are held directly through a U.S. partnership. Accordingly, the income attributable to these noncontrolling interests is reported in the condensed consolidated statements of comprehensive income, but the related U.S. income tax expense attributable to these noncontrolling interests is not reported by the Company as it is generally the obligation of the noncontrolling interests. Income tax expense is also affected by the differing effective tax rates in foreign, state and local jurisdictions where certain of the Company’s subsidiaries are subject to corporate taxation.

Deferred income taxes arise primarily due to the amortization of the deferred tax assets recognized in connection with the common stock offerings (see Note 4), differences in the valuation of financial assets and liabilities, and for other temporary differences arising from the deductibility of compensation and depreciation expenses in different periods for accounting and income tax return purposes.

As of and for the six months ended September 30, 2025 and 2024, the Company had no material valuation allowances on deferred tax assets.

The Company is subject to taxation in the U.S. and various states and foreign jurisdictions. As of September 30, 2025, the Company is no longer subject to U.S. Federal and State income tax examinations for tax years before 2016, and, except for India, is no longer subject to non-U.S. income tax examinations for tax years before 2011.

On July 4, 2025, H.R. 1, commonly referred to as the “One Big Beautiful Bill Act” (“OBBBA”), was signed into law. The OBBBA makes permanent key elements of the Tax Cuts and Jobs Act of 2017, including 100% bonus depreciation and domestic research cost expensing. Additionally, OBBBA modifies the rules for Global Intangible Low Taxed Income (“GILTI”), renamed as Net CFC Tested Income (“NCTI”) under the OBBBA. ASC Topic 740 requires the effects of changes in tax rates and laws on deferred tax balances be recognized in the period in which the legislation is enacted. The Company is evaluating the impact of the OBBBA, and the results of such evaluations will be reflected on the Company’s Form 10-K for the year ending December 31, 2025.

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Notes to Unaudited Condensed Consolidated Financial Statements

12.  Leases

All of the Company’s leases are classified as operating leases and primarily consist of real estate leases for corporate offices, data centers and other facilities. As of September 30, 2025, the weighted-average remaining lease term on these leases is approximately 5.0 years and the weighted-average discount rate used to measure the lease liabilities is approximately 3.92 %. For the nine months ended September 30, 2025, right- of-use assets obtained under new operating leases were $ 18  million. The Company’s lease agreements do not contain any residual value guarantees, restrictions, or covenants.

The table below presents balances reported in the condensed consolidated statements of financial condition related to the Company’s leases for the periods indicated.

September 30,

December 31,

2025

2024

(in millions)

Right-of-use assets 1

$
101

$
102

Lease liabilities 1

$
116

$
121

__________________________
1. Right-of-use assets are included in “Other assets” and lease liabilities are included in “Accounts payable, accrued expenses and other liabilities” in the Company’s condensed consolidated statements of financial condition.

The table below presents balances reported in the condensed consolidated statements of comprehensive income related to the Company’s leases for the periods indicated.

Three Months Ended September 30,

Nine Months Ended September 30,

2025

2024

2025

2024

(in millions)

Operating lease cost

$
9

$
9

$
27

$
26

Variable lease cost

1

1

5

4

Total lease cost

$
10

$
10

$
32

$
30

The table below reconciles the undiscounted cash flows of the Company’s leases to the present value of its operating lease payments for the period indicated.

September 30, 2025

(in millions)

2025 (remaining)

$
8

2026

33

2027

24

2028

19

2029

18

2030

13

Thereafter

12

Total undiscounted operating lease payments

127

Less: imputed interest

( 11 )

Present value of operating lease liabilities

$
116

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Notes to Unaudited Condensed Consolidated Financial Statements

]
13.   Commitments, Contingencies and Guarantees

Legal, Regulatory and Governmental Matters

The Company is subject to certain pending and threatened legal, regulatory and governmental actions and proceedings that arise out of the normal course of business. Given the inherent difficulty of predicting the outcome of such matters, particularly in proceedings where claimants seek substantial or indeterminate damages, or which are in their early stages, the Company is generally not able to quantify the actual loss or range of loss related to such legal proceedings, the manner in which they will be resolved, the timing of their final resolution or the ultimate settlement. Management believes that the resolution of these matters will not have a material effect, if any, on the Company’s business or financial condition, but may have a material impact on the results of operations for a given period.

The Company accounts for potential losses related to litigation in accordance with FASB ASC Topic 450, “Contingencies.” As of June 30, 2025 and 2024, accruals for potential losses related to legal, regulatory and governmental actions and proceedings matters were not material.

Trading Technologies Matter

As previously disclosed, on February 3, 2010, Trading Technologies International, Inc. (“Trading Technologies”) filed a complaint in the U.S. District Court for the Northern District of Illinois, Eastern Division (the “District Court”), against IBG LLC and IB LLC (the “Defendants”). The complaint, as amended, alleged that the Defendants infringed twelve U.S. patents held by Trading Technologies, and sought damages and injunctive relief.

After proceedings before the United States Patent and Trademark Office Patent Trial Appeal Board, and review by the United States Court of Appeals for the Federal Circuit, all but four patents were found to be invalid. In June 2021, the District Court found two of the remaining four patents to be invalid, and trial on the two remaining patents began on August 6, 2021. On September 7, 2021, the jury rendered its verdict, finding that the Defendants infringed the two patents and awarding $ 6.6 million in damages to Trading Technologies, while rejecting Trading Technologies’ claims of willful infringement and request for damages of at least $ 962.4 million. On January 11, 2022, the District Court awarded Trading Technologies pre-judgment interest of $ 2.1 million and post-judgment interest, and on March 31, 2022, granted Trading Technologies’ bill of costs of $ 490,232 .

On March 24, 2022, Harris Brumfield, the successor-in-interest to the patents-in-suit, filed a notice of appeal with the Court of Appeals of the Federal Circuit . After briefing on the appeal, oral argument was held on January 8, 2024. On March 27, 2024, the Federal Circuit affirmed the District Court’s judgment. On May 15, 2024, Harris Brumfield petitioned the Federal Circuit for a panel rehearing and rehearing en banc. On August 5, 2024, the Federal Circuit denied the petition and issued the mandate of the court on August 12, 2024. Harris Brumfield filed a petition for a writ of certiorari with the Supreme Court of the United States on January 2, 2025. On April 21, 2025, the Supreme Court denied Harris Brumfield’s petition for certiorari . On May 16, 2025, Harris Brumfield filed a petition for rehearing with the Supreme Court of the United States, which was denied by the Court on June 16, 2025. The judgment amount, including interest and costs, was paid by the Defendants to Harris Brumfield on June 18, 2025.

Class Action Matter

On December 18, 2015, a former individual customer filed a purported class action complaint against IB LLC, IBG, Inc., and Thomas Frank, Ph.D., the Company’s Executive Vice President and former Chief Information Officer, in the U.S. District Court for the District of Connecticut. The complaint alleged that a purported class of IB LLC’s customers were harmed by alleged “flaws” in the computerized system used to close out (i.e., liquidate) positions in customer brokerage accounts that have margin deficiencies. The complaint sought, among other things, undefined compensatory damages and declaratory and injunctive relief.

On September 28, 2016, the District Court issued an order granting the Company’s motion to dismiss the complaint in its entirety, without leave to amend. On September 28, 2017, the plaintiff appealed to the United States Court of Appeals for the Second Circuit. On September 26, 2018, the Court of Appeals affirmed the dismissal of plaintiff’s claims of breach of contract and commercially unreasonable liquidation but remanded plaintiff’s claims for negligence back to the District Court. The Company’s motion to dismiss plaintiff’s subsequent amended complaint was denied on September 30, 2019. The Company’s answer and counterclaim were filed on July 26, 2022.

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Interactive Brokers Group, Inc. and Subsidiaries
Notes to Unaudited Condensed Consolidated Financial Statements

On August 25, 2023, the Court granted plaintiff’s motion for class certification, certifying a class that consists of IB LLC account holders who are U.S. residents (with some exclusions) who had positions liquidated during the period of December 18, 2013 to the date of trial at prices outside of a “pricing corridor” defined in the Court’s decision.

On August 15, 2025, the parties disclosed to the District Court that a settlement in principle had been reached. On October 31, 2025, the parties further informed the District Court that they anticipate filing a motion for preliminary approval of the class action settlement agreement by December 12, 2025.

Regulatory Matters

IB LLC identified a number of issues dating back to 2016 related to the Company’s compliance with sanctions regulations, predominantly concerning the facilitation of transactions in countries, or by entities, sanctioned by the Office of Foreign Assets Control (“OFAC”) of the United States Department of the Treasury. The Company made voluntary self-disclosures to OFAC, received additional inquiries from OFAC related to the Company’s sanctions compliance program, and cooperated with the investigation. On July 15, 2025, OFAC announced that IB LLC had settled the matter and agreed to pay OFAC a penalty of $ 11.8 million.

Guarantees

Certain of the operating subsidiaries provide guarantees to securities and commodities clearing houses and exchanges which meet the accounting definition of a guarantee under FASB ASC Topic 460, “Guarantees.” Under standard membership agreements, clearing house and exchange members are required to guarantee collectively the performance of other members. Under the agreements, if a member becomes unable to satisfy its obligations, other members would be required to meet shortfalls. In the opinion of management, the operating subsidiaries ’ liability under these arrangements is not quantifiable and could exceed the cash and securities they have posted as collateral. However, the potential for these operating subsidiaries to be required to make payments under these arrangements is remote. Accordingly, no contingent liability is carried in the condensed consolidated statements of financial condition for these arrangements.

In connection with its retail brokerage business, IB LLC or other electronic brokerage operating subsidiaries perform securities and commodities execution, clearance and settlement on behalf of their customers for whom they commit to settle trades submitted by such customers with the respective clearing houses. If a customer fails to fulfill its settlement obligations, the respective operating subsidiary must fulfill those settlement obligations. No contingent liability is carried on the condensed consolidated statements of financial condition for such customer obligations.

Other Commitments

Certain clearing houses, clearing banks and firms used by certain operating subsidiaries are given a security interest in certain assets of those operating subsidiaries held by those clearing organizations. These assets may be applied to satisfy the obligations of those operating subsidiaries to the respective clearing organizations.

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Interactive Brokers Group, Inc. and Subsidiaries
Notes to Unaudited Condensed Consolidated Financial Statements

14.  Segment Reporting and Geographic Information

Segment Reporting

The Company has a single reportable segment, electronic brokerage, which is managed on a consolidated basis since the Company’s chief operating decision maker (“CODM”) assesses performance and allocates resources on a consolidated basis based on income before income taxes and net income as reported on the consolidated statements of comprehensive income. The Company’s CODM is its Chief Executive Officer and President.

The electronic brokerage segment provides execution, clearing and settlement of trades globally for hedge and mutual funds, ETFs, registered investment advisors, proprietary trading groups, introducing brokers and individual investors . The electronic brokerage segment derives revenue from customers in the U.S. and international markets by routing orders and executing and processing trades in stocks, options, futures, foreign exchange instruments (“forex”), bonds, mutual funds, ETFs, precious metals, and forecast contracts on more than 160 electronic exchanges and market centers in 37 countries and 28 currencies around the world, and by offering custody, prime brokerage, and securities and margin lending services to customers . In addition, electronic brokerage customers can use its trading platform to trade certain cryptocurrencies through third-party cryptocurrency service providers that execute, clear and custody the cryptocurrencies.

Since the electronic brokerage segment is managed on a consolidated basis, there are no reconciling items between segment and the consolidated amounts reported in these financial statements, including total assets and segment assets. The accounting policies of the electronic brokerage segment are the same as those described in the summary of significant accounting policies in Note 2.

The table below presents selected financial information, including significant expenses, for the Company’s single operating segment for the periods indicated.

Three Months Ended September 30,

Nine Months Ended September 30,

2025

2024

2025

2024

(in millions)

Total net revenues

$
1,655  

$
1,365  

$
4,562  

$
3,798  

Significant Expenses

Transaction based fees 1

71  

95  

267  

270  

Non-transaction based fees 1

21  

21  

62  

62  

Employee compensation 2

145  

133  

430  

398  

Advertising 3

27  

16  

74  

47  

Other expenses 4

79  

191  

258  

366  

Total non-interest expenses

343  

456  

1,091  

1,143  

Income before income taxes

1,312  

909  

3,471  

2,655  

Income tax expense

126  

75  

315  

217  

Net income

$
1,186  

$
834  

$
3,156  

$
2,438  

Total Segment Assets

$
200,222  

$
148,526  

$
200,222  

$
148,526  

Total Depreciation and Amortization 5

$
15  

$
17  

$
45  

$
51  

__________________________
1. Included in “ Execution, clearing and distribution fees ” in the condensed consolidated statements of comprehensive income.
2. Included in “ Employee compensation and benefits ” in the condensed consolidated statements of comprehensive income.
3. Included in “ General and administrative ” in the condensed consolidated statements of comprehensive income.
4. Includes “Occupancy, depreciation and amortization”; “Communications”; “Customer bad debt”; employee benefits and other personnel expenses included in “ Employee compensation and benefits ”; and professional services, legal and regulatory matters, and other administrative expenses included in “ General and administrative ” in the condensed consolidated statements of comprehensive income.
5. Included in “Occupancy, depreciation and amortization” in the condensed consolidated statements of comprehensive income.

Interest income and expense is disclosed in the condensed consolidated statements of comprehensive income.
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Notes to Unaudited Condensed Consolidated Financial Statements

Geographic Information

The Company operates its automated global business in the U.S. and international markets on more than 160 electronic exchanges and market centers. A significant portion of the Company’s net revenues is generated by subsidiaries operating outside the U.S. International operations are conducted in 36 countries in Europe, Asia/Pacific and the Americas (outside the U.S.). The following table presents total net revenues and income before income taxes by geographic area for the periods indicated .

Significant transactions and balances between the operating subsidiaries occur, primarily as a result of certain operating subsidiaries holding exchange or clearing organization memberships, which are utilized to provide execution and clearing services to subsidiaries. Intra - region income and expenses and related balances have been eliminated in this geographic information to reflect the external business conducted in each geographic region. The geographic analysis presented below is based on the location of the subsidiaries in which the transactions are recorded. This geographic information does not reflect the way the Company’s business is managed.

Three Months Ended September 30,

Nine Months Ended September 30,

2025

2024

2025

2024

(in millions)

Net revenues

United States

$
1,186

$
963

$
3,182

$
2,627

International

469

402

1,380

1,171

Total net revenues

$
1,655

$
1,365

$
4,562

$
3,798

Income before income taxes

United States

$
1,032

$
689

$
2,668

$
1,992

International

280

220

803

663

Total income before income taxes

$
1,312

$
909

$
3,471

$
2,655

15.   Regulatory Requirements

As of September 30, 2025 , aggregate excess regulatory capital for all operating subsidiaries was $ 13.7 billion.

IB LLC, IBKRSS and IB Corp. are subject to the Uniform Net Capital Rule (Rule 15c3 - 1) under the Exchange Act. IB LLC is also subject to the CFTC’s minimum financial requirements (Regulation 1.17). IBC is subject to the Canadian Investment Regulatory Organization risk-adjusted capital requirement. IBKRFS is subject to the Swiss Financial Market Supervisory Authority eligible equity requirement, IBUK is subject to the United Kingdom Financial Conduct Authority Capital Requirements Directive, IBIE is subject to the Central Bank of Ireland financial resources requirement, IBI is subject to the National Stock Exchange of India net capital requirements, IBHK is subject to the Hong Kong Securities Futures Commission liquid capital requirement, IBSJ is subject to the Japanese Financial Supervisory Agency capital requirements, IBSG is subject to the Monetary Authority of Singapore capital requirements, and IBA is subject to the Australian Securities Exchange liquid capital requirement.

The table below summarizes capital, capital requirements and excess regulatory capital as of September 30, 2025.

Net Capital/

Eligible Equity

Requirement

Excess

(in millions)

IB LLC

$
10,443

$
1,628

$
8,815

IBHK

1,553

592

961

IBIE

1,696

382

1,314

Other regulated operating subsidiaries

2,780

179

2,601

$
16,472

$
2,781

$
13,691

Regulatory capital requirements could restrict the operating subsidiaries from expanding their business and declaring dividends if their net capital does not meet regulatory requirements. Also, certain operating subsidiaries are subject to other regulatory restrictions and requirements.

As of September 30, 2025 , all regulated operating subsidiaries were in compliance with their respective regulatory capital requirements.

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Interactive Brokers Group, Inc. and Subsidiaries
Notes to Unaudited Condensed Consolidated Financial Statements

16.  Related Party Transactions

Receivable from affiliate, reported in “Other assets” in the condensed consolidated statements of financial condition, represents amounts advanced to Holdings and payable to affiliate represents amounts payable to Holdings under the Tax Receivable Agreement (see Note 4).

The table below presents the receivables from and payables to directors, officers, and their affiliates which are included in receivables from and payables to customers, respectively, in the consolidated statements of financial condition for the periods indicated.

September 30,

December 31,

2025

2024

(in millions)

Receivables from directors, officers and their affiliates

$
19

$
44

Payables to directors, officers, and their affiliates

$
1,612

$
1,320

The Company may extend credit to these related parties in connection with margin and securities loans. Such loans are (i) made in the ordinary course of business, (ii) are made on substantially the same terms, including interest rates and collateral, as those prevailing at the time for comparable loans with persons not related to the company, and (iii) do not involve more than the normal risk of collectability or present other unfavorable features.

17.   Subsequent Events

The Company has evaluated subsequent events for adjustment to or disclosure in its condensed consolidated financial statements through the date the condensed consolidated financial statements were issued.

Except as disclosed above and in Note 4 and Note 13, no other recordable or disclosable events occurred.

*****

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ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following discussion should be read in conjunction with the unaudited condensed consolidated financial statements and the related notes in Item 1, included elsewhere in this report. In addition to historical information, the following discussion also contains forward - looking statements that include risks and uncertainties. Our actual results may differ materially from those anticipated in these forward - looking statements as a result of certain factors, including those set forth under the heading “Risk Factors” in our Annual Report on Form 10 - K filed with the Securities Exchange Commission (“SEC”) on February 27, 2025, and elsewhere in this report.

When we use the terms “we,” “us,” “our,” and “IBKR,” we mean IBG, Inc. and its subsidiaries (including IBG LLC) for the periods presented. Unless otherwise indicated, the term “common stock” refers to the Class A common stock of IBG, Inc.

On April 15, 2025, the Company announced its intention to effect a four-for-one forward split of its common stock. This was executed by the filing of an amendment to the Company’s Certificate of Incorporation that, among other things (i) increased the Company’s authorized shares of Class A common stock to 4,000,000,000 shares from 1,000,000,000 shares and (ii) increased the Company’s authorized shares of Class B Common Stock to 1,000 shares from 100 shares to accommodate the stock split. The Company’s Board of Directors subsequently authorized the stock split and each holder of record of common stock as of the close of market on June 16, 2025, received three additional shares of common stock. All prior period share and per share amounts presented herein have been retroactively adjusted to reflect the stock split.

Introduction

Interactive Brokers Group, Inc. (the “Company” or “IBG, Inc.”) is a holding company whose primary asset is its ownership of approximately 26.3% of the membership interests of IBG LLC. The remaining approximately 73.7% of IBG LLC membership interests are held by IBG Holdings LLC (“Holdings”), a holding company that is owned by our founder and Chairman, Mr. Thomas Peterffy and his affiliates, management and other employees of IBG LLC, and certain other members. The table below shows the amount of IBG LLC membership interests held by IBG, Inc. and Holdings as of September 30, 2025 .

IBG, Inc.

Holdings

Total

Ownership %
26.3%

73.7%

100.0%

Membership interests
445,405,584

1,250,737,416

1,696,143,000

We are an automated global electronic broker. We custody and service accounts for hedge and mutual funds, exchange-traded funds (“ETFs”), registered investment advisors, proprietary trading groups, introducing brokers and individual investors. We specialize in routing orders and executing and processing trades in stocks, options, futures, forex, bonds, mutual funds, ETFs and precious metals on more than 160 electronic exchanges and market centers in 37 countries and 28 currencies around the world. In addition, our customers can use our trading platform to trade certain cryptocurrencies through third-party cryptocurrency service providers that execute, clear and custody the cryptocurrencies. We also offer trading in forecast contracts, which are event-based contracts traded on ForecastEx LLC, a CFTC-registered exchange and clearinghouse we established.

As an electronic broker, we execute, clear and settle trades globally for both institutional and individual customers. Powered by our proprietary technology, our systems provide our customers with the capability to monitor multiple markets around the world simultaneously and to execute trades electronically at a low cost, in multiple products and currencies from a single trading account. Our overnight trading facilities, available for an array of instruments, support our customers who trade across time zones. The ever-growing complexity of multiple market centers across diverse geographies provides us with ongoing opportunities to build and continuously adapt our order routing software to secure excellent execution prices.

Since our inception in 1977, we have focused on developing proprietary software to automate broker - dealer functions. The proliferation of electronic exchanges and market centers has allowed us to integrate our software with an increasing number of trading venues – as well as with market data sources, securities lending platforms and regulatory reporting facilities – creating one automated platform that requires minimal human intervention.

Our customer base is diverse with respect to geography and type. Currently, our customers reside in over 200 countries and territories. We serve individuals, as well as institutional accounts such as hedge funds, financial advisors, proprietary trading firms and introducing brokers. Specialized products and services that we have developed successfully attract institutional accounts. For example, we offer prime brokerage services, including financing and securities lending, to hedge funds; our model portfolio technology and automated share allocation and rebalancing tools are particularly attractive to financial advisors; and our trading platform, global access and low pricing attract introducing brokers.

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Business Environment

During the quarter ended September 30, 2025 (“current quarter”), world equities markets continued their strong performance, with major equity indices rising in most regions. The U.S. market rose 8%, and Europe, the U.K. and Australia recorded single-digit gains, while Germany declined slightly. Markets in Canada, Japan, Hong Kong and China saw double-digit gains this quarter. Several central banks continued to cut their policy interest rates this quarter, including those in the U.S., the U.K., Canada, Australia and Hong Kong. Meanwhile, Japan, Europe and Switzerland kept rates unchanged.

The market continued to recover from concerns earlier this year about the potential imposition of global tariffs, with the S&P 500 up 34% by quarter end from its April lows. This quarter, the market again saw the dominance of a small number of technology stocks (the so-called ‘‘Magnificent 7’’), with those names driving more than half of the S&P 500’s return in the current quarter. More broadly, artificial intelligence (AI)-related stocks, including these seven, accounted for nearly three-quarters of the index’s return, underscoring AI’s prominent role as an investment theme. Demand for AI companies also helped spark a rebound in the initial public offering (IPO) market, as investors sought out more opportunities in new technology and AI firms.

The following summarizes the key economic drivers that affect our business and how they compared to the prior-year quarter:

Global trading volumes. Worldwide, equities volumes at most major trading venues rose in the current quarter as most major market indices rose, compared to the prior-year quarter. In the U.S., according to industry data, average daily volume in listed cash equities volume increased by 53% and in exchange-listed equity-based options by 25%, while futures volumes declined by 10%, compared to the prior-year quarter. Options trading volumes continue to rise with the growing popularity of shorter-dated options contracts. In futures markets, volumes decreased across most product segments, particularly in interest rate, equity index, foreign exchange and energy, as diminished geopolitical and economic uncertainty reduced hedging activity in those areas.

Various market cross-currents led to mixed results across our major product types. While our customers’ equities and options volumes were up 67% and 27%, respectively, futures and foreign exchange volumes were down 7% and 6%, respectively, compared to the prior-year quarter.

Note that while U.S. options, futures and cash equities volumes are readily comparable measures, they reflect most but not all of the global volumes that generate our commission revenue. See ‘‘Trading Volumes and Customer Statistics’’ below in this Item 2 for additional details regarding our trade volumes, contract and share volumes, and customer statistics.

Volatility . U.S. market volatility, as measured by the average Chicago Board Options Exchange Volatility Index (“VIX®”), declined by 6%, from an average of 17.1 in the prior-year quarter to 16.0 in the current quarter, and remained below the elevated levels reached in 2020 and 2022. The less volatile environment reflected steady economic activity, increased confidence in the Federal Reserve’s easing trajectory, and reduced uncertainty surrounding global trade tariff policies.

In general, higher volatility typically enhances our performance because it often correlates positively with customer trading activity across product types.

Interest Rates . During the current quarter, the U.S. Federal Reserve cut the benchmark federal funds rate for the first time this year, lowering it by 25 basis points to a range of 4.00% to 4.25%. The U.S. Treasury yield curve remained inverted through the medium term, though less so than in prior quarters. As noted above, in several countries with developed financial markets, benchmark interest rates declined during the current quarter as central banks were inclined to focus more on growth than inflation.

Lower U.S. benchmark rates reduce the interest rate we earn on our segregated cash, the majority of which is invested in short-term U.S. government securities and related instruments. Lower medium-term rates, and uncertainty over future U.S. Federal Reserve rate policy, have led us to maintain a short duration portfolio, all of which matured within three months at September 30, 2025, to more closely match our asset and liability maturities on our interest-sensitive assets. Further, our margin balances are tied to benchmark rates, so lower rates also limit the interest we earn on margin lending to our customers. Higher balances can mitigate the impact of rate reductions. We continue to offer among the lowest rates in the industry on margin lending, and we believe our low rates are an important feature that attracts customers to our platform.

As an offset, lower rates also reduce our interest expense. For example, in U.S. dollars we pay interest to customers on their qualified cash balances when the federal funds effective rate is above 0.50%, which it is currently. Any rate cuts are passed through to our customers, so we maintain a 0.50% spread. We believe the attractive rates we pay on customer cash are among the highest in the industry and are another important feature that draws customers to our platform.

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Net interest income on margin loan balances increased 4% compared to the prior-year quarter, despite a 96 basis point decline in the U.S. federal funds rate and rate cuts in other countries. The net interest income increase reflected a 30% increase in margin loan balances and a 33% increase in segregated cash and securities balances driven by our growing customer base. Additionally, interest on securities lending increased due to higher activity during the quarter.

These factors contributed to a 21% rise in net interest income over the prior-year quarter, while our net interest margin declined from 2.37% in the prior-year quarter to 2.16% in the current quarter, predominantly from global interest rate cuts. See the “Results of Operations – Interest Income and Interest Expense” section below in this Item 2 for additional details.

Currency fluctuations . As a global electronic broker trading on exchanges around the world in multiple currencies, we are exposed to foreign currency risk. We actively manage this exposure by keeping our equity in proportion to a defined basket of 10 currencies we call the ‘‘GLOBAL’’ to diversify our risk and to align our hedging strategy with the currencies that we use in our business. Because we report our financial results in U.S. dollars, the change in the value of the GLOBAL versus the U.S. dollar affects our earnings. During the current quarter, the value of the GLOBAL, as measured in U.S. dollars, decreased 0.25% compared to its value at June 30, 2025, which had a negative impact on our comprehensive earnings for the current quarter. A discussion of our approach for managing foreign currency exposure is contained in Part I, Item 3 of this Quarterly Report on Form 10-Q entitled ‘‘Quantitative and Qualitative Disclosures about Market Risk.’’

Financial Overview

We report non-GAAP financial measures, which exclude certain items that may not be indicative of our core operating results and business outlook and are useful in evaluating the operating performance of our business. See the “Non-GAAP Financial Measures” section below in this Item 2 for additional details.

Diluted earnings per share were $0.59 for the current quarter, compared to diluted earnings per share of $0.42 for the prior-year quarter. Adjusted diluted earnings per share were $0.57 for the current quarter and $0.40 for the prior-year quarter. The calculation of diluted earnings per share is detailed in Note 4 – “Equity and Earnings per Share” to the unaudited condensed consolidated financial statements in Part 1, Item 1 of this Quarterly Report on Form 10-Q.

For the current quarter, our net revenues were $1,655 million and income before income taxes was $1,312 million, compared to net revenues of $1,365 million and income before income taxes of $909 million in the prior-year quarter. Adjusted net revenues were $1,610 million and adjusted income before income taxes was $1,267 million, compared to adjusted net revenues of $1,327 million and adjusted income before income taxes of $871 million in the prior-year quarter.

Financial highlights for the current quarter (compared to the prior-year quarter):

 Commission revenue increased 23% to $537 million on higher customer trading volumes. Customer trading volume in stocks and options increased 67% and 27%, respectively, while futures decreased 7%.

 Net interest income increased 21% to $967 million on stronger securities lending activity and higher average customer margin loans and customer credit balances.

 Other fees and services decreased 8% to $66 million, led by a decrease of $12 million in risk exposure fees, which was partially offset by a $3 million increase in FDIC sweep fees.

 Execution, clearing and distribution fees expenses decreased 21% to $92 million, driven by lower regulatory fees, as the SEC Section 31 transaction fee rate was reduced to zero on May 14, 2025, and greater capture of liquidity rebates from certain exchanges due to higher trading volumes in stocks and options.

 General and administrative expenses decreased 59% to $62 million, driven primarily by the non-recurrences of $88 million related to legal and regulatory matters and of $12 million related to the consolidation of our European subsidiaries; partially offset by an increase of $10 million in advertising expenses.

 Pretax profit margin was 79% for the current quarter compared to 67% in the prior-year quarter. Adjusted pretax profit margin for the current quarter was 79% compared to 66% in the prior-year quarter.

 Total equity as of September 30, 2025, was $19.5 billion.

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In connection with our currency diversification strategy, as of September 30, 2025, approximately 25% of our equity was denominated in currencies other than the U.S. dollar. In the current quarter, our currency diversification strategy decreased our comprehensive earnings by $33 million (compared to an increase of $178 million in the prior-year quarter), as the U.S. dollar value of the GLOBAL decreased by approximately 0.25% compared to its value as of June 30, 2025. The effects of our currency diversification strategy are reported as (1) a component of “Other income” (gain of $4 million) in the condensed consolidated statements of comprehensive income and (2) other comprehensive income (“OCI”) (loss of $37 million) in the condensed consolidated statements of financial condition and the condensed consolidated statements of comprehensive income. The full effect of the GLOBAL is captured in comprehensive income.

Certain Trends and Uncertainties

We believe that our current operations may be favorably or unfavorably impacted by the following trends and uncertainties that may affect our financial condition and results of operations:

• Retail participation in the equity markets has fluctuated in the past due to investor sentiment, market conditions and a variety of other factors. Retail transaction volumes may not be sustainable and are not predictable.

 Consolidation among market centers may adversely affect the value of our IB SmartRouting SM software.

 Competition among broker-dealers may continue to intensify.

• Benchmark interest rates tend to fluctuate with economic conditions. Changes in interest rates may not be predictable.

 Fiscal and/or monetary policy may change and impact the financial services business and securities markets.

• New legislation or modifications to existing regulations and rules could occur in the future. Scrutiny in the use of artificial intelligence (AI) and information security by regulatory and legislative authorities has increased.

 The impact of another pandemic or a public health emergency will depend on numerous evolving factors that cannot be accurately predicted, including the duration and spread of the pandemic, governmental regulations in response to the pandemic, and the effectiveness of vaccinations and other medical advancements.

 We continue to be exposed to the risks and uncertainties of doing business in international markets, particularly in the heavily regulated brokerage industry. Such risks and uncertainties include political, economic and financial instability, and foreign policy changes. For example, tensions between the U.S. and China have escalated in recent years, and changes in Chinese governmental oversight of the Chinese and Hong Kong capital markets could result in adverse effects on our business and loss of assets we hold in the region. Additionally, although our direct and indirect exposures to Russia and Ukraine are not material, the war in Ukraine and related sanctions have created substantial uncertainty in the global economy and financial markets.

• Our remaining market making activities, while not material, will continue to be impacted by market structure changes, market conditions, the level of automation of competitors, and the relationship between actual and implied volatility in the equities markets.

See “Risk Factors” in Part I, Item 1A of our Annual Report on Form 10 - K, filed with the SEC on February 27, 2025, and elsewhere in this report for a discussion of other risks that may affect our financial condition and results of operations.

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Trading Volumes and Customer Statistics

The tables below present historical trading volumes and customer statistics for our business. Trading volumes are the primary driver in our business. Information on our net interest income can be found elsewhere in this report.

EXECUTED ORDER VOLUMES:
(in thousands, 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%

3Q2024

171,620 

17,722 

189,342 

3Q2025

229,635 

34%

30,659 

73%

260,294 

37%

2Q2025

220,215 

28,372 

248,587 

3Q2025

229,635 

4%

30,659 

8%

260,294 

5%

CONTRACT AND SHARE VOLUMES:
(in thousands, except %)

TOTAL

Options

%

Futures 1

%

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%

3Q2024

344,540 

56,825 

72,117,770 

3Q2025

428,524 

24%

52,233 

(8%)

119,250,686 

65%

2Q2025

393,051 

64,271 

96,450,620 

3Q2025

428,524 

9%

52,233 

(19%)

119,250,686 

24%

CUSTOMER

Options

%

Futures 1

%

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%

3Q2024

330,173 

56,078 

70,751,412 

3Q2025

418,389 

27%

51,936 

(7%)

118,307,826 

67%

2Q2025

382,195 

63,918 

95,276,485 

3Q2025

418,389 

9%

51,936 

(19%)

118,307,826 

24%

_________________________
1. Futures contract volume includes options on futures.

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PRINCIPAL

Options

%

Futures 1

%

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%

3Q2024

14,367 

747 

1,366,358 

3Q2025

10,135 

(29%)

297 

(60%)

942,860 

(31%)

2Q2025

10,856 

353 

1,174,135 

3Q2025

10,135 

(7%)

297 

(16%)

942,860 

(20%)

________________________
1. Futures contract volume includes options on futures.

CUSTOMER STATISTICS:

Year over Year

3Q2025

3Q2024

% Change

Total Accounts (in thousands)

4,127 

3,120 

32%

Customer Equity (in billions) 1

$
757.5 

$
541.5 

40%

Total Customer DARTs (in thousands) 2

3,616 

2,703 

34%

Cleared Customers

Commission per Cleared Commissionable Order 3

$
2.70 

$
2.83 

(5%)

Cleared Avg. DARTs per Account (Annualized)

195 

198 

(2%)

Consecutive Quarters

3Q2025

2Q2025

% Change

Total Accounts (in thousands)

4,127 

3,866 

7%

Customer Equity (in billions) 1

$
757.5 

$
664.6 

14%

Total Customer DARTs (in thousands) 2

3,616 

3,552 

2%

Cleared Customers

Commission per Cleared Commissionable Order 3

$
2.70 

$
2.65 

2%

Cleared Avg. DARTs per Account (Annualized)

195 

206 

(5%)

________________________
1. Excludes non - customers.

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

3. Commissionable order – a customer order that generates commissions.

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Results of Operations

The table below presents our consolidated results of operations for the periods indicated. The period - to - period comparisons below of financial results are not necessarily indicative of future results.

Three Months Ended September 30,

Nine Months Ended September 30,

2025

2024

2025

2024

(in millions, except share and per share amounts)

Revenues

Commissions

$
537 

$
435 

$
1,567 

$
1,220 

Other fees and services

66 

72 

206 

199 

Other income

85 

56 

192 

38 

Total non-interest income

688 

563 

1,965 

1,457 

Interest income

2,101 

1,888 

5,710 

5,476 

Interest expense

(1,134)

(1,086)

(3,113)

(3,135)

Total net interest income

967 

802 

2,597 

2,341 

Total net revenues

1,655 

1,365 

4,562 

3,798 

Non-interest expenses

Execution, clearing and distribution fees

92 

116 

329 

332 

Employee compensation and benefits

156 

145 

473 

436 

Occupancy, depreciation and amortization

24 

26 

72 

77 

Communications

11 

9 

32 

29 

General and administrative

62 

153 

185 

255 

Customer bad debt

(2)

7 

-

14 

Total non-interest expenses

343 

456 

1,091 

1,143 

Income before income taxes

1,312 

909 

3,471 

2,655 

Income tax expense

126 

75 

315 

217 

Net income

1,186 

834 

3,156 

2,438 

Less net income attributable to noncontrolling interests

923 

650 

2,456 

1,900 

Net income available for common stockholders

$
263 

$
184 

$
700 

$
538 

Earnings per share

Basic

$
0.59

$
0.42

$
1.59

$
1.25

Diluted

$
0.59

$
0.42

$
1.58

$
1.24

Weighted average common shares outstanding

Basic

444,060,813 

435,031,964 

439,434,716 

431,410,388 

Diluted

446,528,983 

438,145,440 

442,507,940 

435,096,780 

Comprehensive income

Net income available for common stockholders

$
263

$
184

$
700

$
538

Other comprehensive income

Cumulative translation adjustment, before income taxes

(10)

39

97

11

Income taxes related to items of other comprehensive income

-

-

-

-

Other comprehensive income (loss), net of tax

(10)

39

97

11

Comprehensive income available for common stockholders

$
253

$
223

$
797

$
549

Comprehensive income attributable to noncontrolling interests

Net income attributable to noncontrolling interests

$
923

$
650

$
2,456

$
1,900

Other comprehensive income - cumulative translation adjustment

(28)

114

278

30

Comprehensive income attributable to noncontrolling interests

$
895

$
764

$
2,734

$
1,930

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Three Months Ended September 30, 2025 (“current quarter”) compared to the Three Months Ended September 30, 2024 (“prior-year quarter”)

Net Revenues

Total net revenues, for the current quarter, increased $290 million, or 21%, compared to the prior-year quarter, to $1,655 million. The increase in net revenues was due to higher net interest income, commissions and other income; partially offset by lower other fees and services.

Commissions

We earn commissions from our cleared customers for whom we act as an executing and clearing broker and from our non - cleared customers for whom we act as an execution - only broker. Our commission structure allows customers to choose between (1) an all - inclusive fixed, or “bundled”, rate; (2) a tiered, or “unbundled”, rate that offers lower commissions for high volume customers where we pass through regulatory and exchange fees; and (3) our IBKR Lite SM offering, which provides commission-free trades on U.S. exchange-listed stocks and ETFs. IBKR Lite SM trades generate payments from market makers and others to whom we route these orders, which are reported in commissions . Our commissions are geographically diversified.

Commissions, for the current quarter, increased $102 million, or 23%, compared to the prior-year quarter, to $537 million, driven by higher customer volume in stocks and options; partially offset by lower customer trading volumes in futures. Total customer stock share and options contract volumes increased 67% and 27%, respectively, while futures contract volume decreased 7%. Total DARTs for the current quarter increased 34% to 3.6 million, compared to 2.7 million for the prior-year quarter. Average commission per commissionable order for cleared customers decreased 5% to $2.70 for the current quarter compared to $2.83 for the prior-year quarter, due to lower average commissions per contract in stocks and options, primarily due to the SEC Section 31 transaction fee rate which was reduced to zero on May 14, 2025, and to greater capture of liquidity rebates, which, as pass-throughs, serve to lower both our commission revenues and our execution costs.

Other Fees and Services

We earn fee income on services provided to customers, which includes market data fees, risk exposure fees, payments for order flow from exchange-mandated programs, FDIC sweep fees, and other fees and services charged to customers.

Other fees and services, for the current quarter, decreased $6 million, or 8%, compared to the prior-year quarter, to $66 million, driven by a $12 million decrease in risk exposure fees as customers exhibited more cautious risk-taking behavior, partially offset by a $3 million increase in FDIC sweep fees and a $2 million increase in market data fees.

Other Income

Other income consists of foreign exchange gains (losses) from our currency diversification strategy, gains (losses) from principal transactions, gains (losses) from our equity method and other investments, and other revenue not directly attributable to our core business offerings. A discussion of our approach to managing foreign currency exposure is contained in Part I, Item 3 of this Quarterly Report on Form 10-Q entitled “Quantitative and Qualitative Disclosures about Market Risk.”

Other income, for the current quarter, increased $29 million, or 52% compared to the prior-year quarter, to $85 million. This increase was mainly due to $42 million related to our investing activities, partially offset by a $21 million lower gain related to our currency diversification strategy, which gained $4 million in the current quarter compared to a gain of $25 million in the prior-year quarter.

Interest Income and Interest Expense