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AI核心结论
Interactive Brokers (IBKR) delivered strong Q1 FY2026 results with revenue rising 18.1% YoY to $699M and diluted EPS growing 22.9% to $0.59, driven by robust operating cash flow of $3.6B.
营业收入
$699M
同比 ++18.07%
每股收益（基本）
$0.60
同比 ++22.45%
提交于 · 解读更新于 · 来源: SEC EDGAR 10-Q 原文
Interactive Brokers Group (IBKR) Q1 FY2026 营收 $699M，同比增长 18.1%。 稀释每股收益 $0.59。
IBKR reported Q1 FY2026 revenue of $699M, up 18.1% from $592M in the prior-year period, reflecting continued expansion in its brokerage and trading operations amid favorable market activity.
来源: Source: 10-Q Income Statement
Basic EPS rose 22.4% YoY to $0.60 and diluted EPS increased 22.9% to $0.59, outpacing revenue growth and suggesting improving profitability per share, likely aided by operating leverage.
来源: Source: 10-Q Income Statement
Operating cash flow surged 39.7% YoY to $3.61B from $2.58B, indicating the business is generating significantly more cash from its core brokerage operations quarter over quarter.
来源: Source: 10-Q Cash Flow Statement
Total assets grew 38.7% YoY to $218.75B, primarily driven by client account growth and increased brokerage activity, while stockholders' equity rose 24.1% to $5.59B, reflecting retained earnings accumulation.
来源: Source: 10-Q Balance Sheet
SG&A expenses increased a modest 9.7% YoY to $68M, well below the 18.1% revenue growth rate, demonstrating disciplined cost management and contributing to margin improvement.
来源: Source: 10-Q Income Statement
IBKR's debt-to-equity ratio stands at approximately 35.4x, which is characteristic of broker-dealers that carry large client margin and custody balances on their balance sheet. However, this level of leverage means that adverse market conditions or sudden client withdrawals could stress the firm's capital position significantly.
来源: Source: 10-Q Balance Sheet, Key Ratios
Total liabilities grew 40.9% YoY to $197.49B, outpacing the 38.7% growth in total assets. This divergence, if sustained, could compress equity buffers and increase the firm's vulnerability to credit or liquidity events.
来源: Source: 10-Q Balance Sheet
As a broker-dealer, IBKR's net interest income is highly sensitive to changes in benchmark interest rates. A reversal in the rate environment could materially reduce revenue from margin lending and cash sweep programs, which are key profit drivers.
来源: Source: 10-Q Income Statement
Financing cash outflows increased 40.4% YoY to -$316M from -$225M, suggesting higher capital returns or debt repayments that could limit financial flexibility if operating conditions deteriorate.
来源: Source: 10-Q Cash Flow Statement
As a registered broker-dealer, IBKR is subject to stringent net capital rules from regulators such as the SEC and FINRA. Any failure to maintain required capital ratios could result in operational restrictions or forced deleveraging at an inopportune time.
来源: Source: 10-Q Balance Sheet
Q1 FY2026 实际 EPS $0.60，分析师一致预期 $0.61，不及预期 -2.2%。
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
营业收入 | $699M | $592M | +18.07% |
每股收益（基本） | $0.60 | $0.49 | +22.45% |
每股收益（稀释） | $0.59 | $0.48 | +22.92% |
销售及管理费用 | $68M | $62M | +9.68% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
总资产 | $218.75B | $157.67B | +38.74% |
总负债 | $197.49B | $140.19B | +40.88% |
股东权益 | $5.58B | $4.5B | +24.06% |
现金及等价物 | $5.08B | $3.5B | +45.29% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
经营活动现金流 | $3.61B | $2.58B | +39.74% |
投资活动现金流 | $-12M | $-26M | +53.85% |
筹资活动现金流 | $-316M | $-225M | -40.44% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
资产负债率 | $35.361 | — | — |
预计发布日期、分析师预期与关注要点
Investment Banking & Brokerage 行业其他公司
IBKR delivered strong Q1 FY2026 results with revenue of $699M, up 18.1% YoY, and diluted EPS of $0.59, up 22.9% YoY. Operating cash flow surged 39.7% to $3.61B, reflecting robust client activity and disciplined cost management.
IBKR's 18.1% revenue increase to $699M in Q1 FY2026 was supported by expanding brokerage operations and a favorable trading environment, while SG&A costs grew at only 9.7%, indicating strong operating leverage. The firm's total assets also grew 38.7% to $218.75B, reflecting significant client account growth.
Key risks include IBKR's very high debt-to-equity ratio of 35.4x, which reflects its broker-dealer balance sheet but also amplifies sensitivity to market disruptions. Additionally, total liabilities grew 40.9% YoY to $197.49B, outpacing asset growth, and the firm remains highly exposed to interest rate changes that could affect net interest income.
IBKR appears financially healthy based on Q1 FY2026 data, with cash and equivalents of $5.09B (up 45.3% YoY), free cash flow of approximately $3.60B, and stockholders' equity growing 24.1% to $5.59B. The high leverage ratio is typical for broker-dealers and reflects client assets held on balance sheet rather than corporate debt.
IBKR's basic EPS rose 22.4% YoY to $0.60 in Q1 FY2026, up from $0.49 in the prior-year period, while diluted EPS grew 22.9% to $0.59 from $0.48. This EPS growth outpaced the 18.1% revenue increase, suggesting meaningful margin improvement during the quarter.