Interactive Brokers Group, Inc.
Interactive Brokers Group, Inc. operates an automated global brokerage platform that executes, clears, and settles trades for institutional and individual customers. The company is built around proprietary technology that gives clients access to stocks, options, futures, forex, bonds, mutual funds, ETFs, precious metals, cryptocurrencies, and forecast contracts across global exchanges at low cost.
Fiscal year 2025 · change from previous year
Development 2020–2025
Business
Share of revenueCore electronic brokerage services for trading and account servicing across global markets.
Trading commissions from cleared and non-cleared customer orders, including IBKR Lite order routing payments.
Interest earned on customer balances, margin lending, and related financing activities.
Ancillary account, service, and platform-related fees.
Products
Reported · share of revenue- Commissions88.1 %
- Risk Exposure Fees3.3 %
- Market Data Fees3.2 %
- Payments for Order Flow2.1 %
- Others1.8 %
- Fdic Sweep Fees1.5 %
Source: 10-K FY2025, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.
Customers
Interactive Brokers serves active individual investors and a broad mix of institutional clients that need low-cost, multi-asset, global execution. Its platform is especially attractive to hedge funds, financial advisors, proprietary trading firms, and introducing brokers because it combines automation, market access, financing, and securities lending in one account.
Retail clients use the platform for low-cost execution across global asset classes and currencies.
Institutional clients buy prime brokerage, financing, and securities lending services.
Advisors use model portfolio technology, share allocation, and rebalancing tools.
Trading firms use high-speed execution and broad exchange access for active strategies.
These firms use IBKR's platform and pricing to serve their own end clients.
Strategy
Interactive Brokers' strategy is to keep expanding its automated platform, product set, and global market access while preserving low-cost execution. The company also uses technology to reduce manual processing, manage risk in real time, and attract sophisticated, active clients that value price, speed, and breadth of instruments.
More tradable instruments and venues deepen client usage and strengthen retention.
Low commissions and efficient processing are core differentiators versus banks and online brokers.
International customers are a major source of growth and diversify the client base.
Prime brokerage, financing, and advisor tools help win higher-value accounts.
Geography
Q1/2026The business is globally distributed, with customers in over 200 countries and territories and approximately 84% of customers outside the U.S. The company routes trades across more than 170 electronic exchanges and market centers in 40 countries, so geography is central to product breadth, execution quality, and foreign-exchange exposure.
Share of the revenue the company reports by geography.
Risks
The company is exposed to market, liquidity, credit, operational, legal, and regulatory risks because its revenues and balance sheet are tied to trading activity, margin lending, and global market infrastructure. Its international footprint and automated model also create exposure to currency swings, foreign regulation, cyber/technology failures, and systemic market shocks that can quickly affect customer activity and counterparty performance.
- Market downturns or systemic market eventsImpact: HighLikelihood: Medium
Brokerage revenue and customer activity depend on trading volumes and market participation.
Exposure - Operational and technology riskImpact: HighLikelihood: Medium
The business relies on automated routing, clearing, reconciliation, and real-time controls.
Exposure - Counterparty and customer default riskImpact: HighLikelihood: Low
The firm extends margin loans and participates in repos, securities lending, and clearing arrangements.
Exposure - International regulatory and currency riskImpact: MediumLikelihood: Medium
A large share of customers and operating subsidiaries are outside the U.S., exposing the firm to local rules and FX moves.
Exposure: Operating subsidiaries outside the U.S.
- Governance and structure riskImpact: MediumLikelihood: Low
Control by the founder and dependence on IBG LLC cash distributions can affect minority holders.
Exposure: Holding company structure and voting control
Accounting
Judgemental itemsLoss estimates require judgment and can change materially as cases develop.
Impact: Affects legal reserves and earnings volatility
Fair value changes on securities and other investments flow through reported results.
Impact: Can create non-core earnings swings
Management excludes related gains and losses in adjusted net income measures.
Impact: Affects comparability between GAAP and non-GAAP performance
Net interest income is a major revenue driver and depends on rates and customer balances.
Impact: Material influence on total net revenues
Futures obligations may require liquidation at prevailing market prices.
Impact: Can create losses not fully reflected in the balance sheet
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Last updated: 24/09/2026