AI Takeaway
IBKR delivered strong FY2025 results with revenue surging 23.4% to $2.44B and operating cash flow nearly doubling to $15.81B, reflecting robust client activity and balance sheet expansion.
Revenue
$2.44B
++23.42% YoY
EPS (Basic)
$2.23
++27.43% YoY
Filed · Analysis updated · Source: SEC EDGAR 10-K filing
Total revenue grew 23.4% year-over-year from $1.977B to $2.44B in FY2025, suggesting strong growth in commissions, net interest income, and other brokerage-related revenues as client accounts and trading volumes expanded.
Source: Source: 10-K Income Statement (XBRL Financial Data)
Selling, General & Administrative expenses declined sharply by 21.3% from $314M to $247M, indicating meaningful operational efficiency improvements and tighter cost controls even as the business scaled.
Source: Source: 10-K Income Statement (XBRL Financial Data)
Total assets grew 35.4% to $203.24B from $150.14B, largely driven by client margin balances and brokerage-related assets, consistent with IBKR's business model where client assets dominate the balance sheet.
Source: Source: 10-K Balance Sheet (XBRL Financial Data)
2 more insights available
Upgrade to unlockIBKR's debt-to-equity ratio stands at approximately 34.1x, reflecting the nature of a brokerage holding large client margin and custody assets on its balance sheet. While typical for the industry, any sudden market dislocation or mass client withdrawal could stress liquidity rapidly.
Source: Source: 10-K Balance Sheet & Key Ratios (XBRL Financial Data)
Unlock 4 more detailed risk analysis
Upgrade to unlockReported EPS of $0.65 versus the $0.60 analyst consensus — a +7.8% beat for FY2025.
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Revenue | $2.44B | $1.98B | +23.42% |
EPS (Basic) | $2.23 | $1.75 | +27.43% |
EPS (Diluted) | $2.22 | $1.73 | +28.32% |
SG&A Expense | $247M | $314M | -21.34% |
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Total Assets | $203.24B | $150.14B | +35.37% |
Total Liabilities | $182.77B | $133.54B | +36.86% |
Stockholders' Equity | $5.36B | $4.28B | +25.30% |
Cash & Equivalents | $4.96B | $3.63B | +36.61% |
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Operating Cash Flow | $15.81B | $8.72B | +81.24% |
Investing Cash Flow | $-171M | $-44M | -288.64% |
Financing Cash Flow | $-969M | $-833M | -16.33% |
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Debt to Equity | $34.079 | — | — |
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IBKR's revenue grew 23.4% year-over-year to $2.44B in FY2025, up from $1.977B in the prior year. This growth was driven by strong client activity across its electronic brokerage platform, including commissions and net interest income.
IBKR's FY2025 highlights include 23.4% revenue growth to $2.44B, diluted EPS rising 28.3% to $2.22, and operating cash flow nearly doubling to $15.81B. Additionally, SG&A expenses fell 21.3% to $247M, demonstrating strong cost discipline alongside business growth.
IBKR's financial health appears robust in FY2025, with cash and equivalents of $4.96B (+36.6% YoY) and stockholders' equity of $5.36B (+25.3% YoY). The high debt-to-equity ratio of ~34x is characteristic of the brokerage industry and reflects client assets held on the balance sheet rather than traditional corporate debt.
Key risks for IBKR include significant interest rate sensitivity given its reliance on net interest income, high balance sheet leverage at ~34x debt-to-equity, and rapid asset growth of over $53B in a single year which could concentrate credit risk. Regulatory complexity across multiple global jurisdictions also remains an ongoing concern.
Yes, IBKR's basic EPS rose 27.4% to $2.23 and diluted EPS rose 28.3% to $2.22 in FY2025, compared to $1.75 and $1.73 respectively in the prior year. EPS growth outpaced revenue growth of 23.4%, suggesting improving profitability and operating leverage.