Interactive Brokers Group Inc
IBKR—
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Interactive Brokers Group Inc AI Insights
Informational only. Not investment advice.Snapshot
- Operating margin 85.5% TTM vs industry median 12.5% - 7x advantage from automated brokerage model with minimal human intervention[Operating Margin TTM]
- FCF of 16.0B TTM on 9.9B revenue (161% FCF/revenue) driven by 13.4B receivables collection - unsustainable one-time working capital benefit[Free Cash Flow TTM]
- 5Y EPS CAGR 49.8% vs industry median 9.6% - 5x faster compounding from operating leverage on rising interest rates and trading volumes[EPS Growth 5yr]
Watch Triggers
- Interest Expense TTM: Drops below 3B (25%+ decline) — Signals rate cuts flowing through; net interest income compression begins
- Operating Margin TTM: Falls below 80% — Would indicate cost structure deterioration or pricing pressure from competitors
- Accounts Receivable: Increases >20% YoY — 82B receivables already 16x equity; growth signals margin lending risk concentration
Bull Case
Unmatched cost efficiency: 382M operating expense on 9.9B revenue (3.9% OpEx ratio) creates structural moat vs traditional brokers requiring 20-30% OpEx
Operating Expense TTMOperating Margin TTM
Debt/equity 0.18 with 5.1B tangible equity provides fortress balance sheet for opportunistic M&A or market share gains during volatility
Debt to EquityTangible Book Value
Bear Case
P/E 31.9x vs industry median 12.4x prices in perfection; any earnings miss from rate cuts or volume decline triggers multiple compression
PE RatioPS Ratio
ROA 0.5% TTM vs industry median 4.0% reflects capital-intensive model; 200B asset base requires continuous reinvestment
ROA TTMTotal Assets
Bull vs Bear Balance
AI-generated sentiment analysis based on fundamental metrics and market conditions.
55%
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Forward Thesis
Interest income tailwind reverses as rates normalize, compressing margins 15-25%
1-3ymed
- 4.2B interest expense TTM indicates rate sensitivity
- Net margin 9.3% vs operating margin 85.5% gap
- Brokerage model leveraged to rate spread
Interest expense 42% of revenue TTMPretax income 4.5B vs net income 0.9BIndustry median net margin 94.6%
Valuation Context
Caveats
IBKR Fundamentals
Finance and Insurance → Securities, Commodity Contracts, and Other Financial Investments and Related Activities
| Metric | Value | YoY Growth | Industry Percentile |
|---|---|---|---|
$38.37B | — | ||
$33.29B | — | ||
37 | — | ||
$10.56B | +12.0% | — | |
$2.33 | +27.7% | — | |
86.3% | +2.4% | — | |
9.83% | +1.4% | — | |
$16.76B | +75.1% | — | |
20.6% | +1.3% | — | |
Beta 5Y (Monthly) | unknown | — |
IBKR Dividend History
63 dividends
2026
$0.167506/01/26$0.0875
02/27/26$0.0800
2025
$0.302512/01/25$0.0800
08/29/25$0.0800
05/30/25$0.0800
02/28/25$0.0625
2024
$0.212511/29/24$0.0625
08/30/24$0.0625
05/31/24$0.0625
02/29/24$0.0250
2023
$0.100011/30/23$0.0250
08/31/23$0.0250
05/31/23$0.0250
02/28/23$0.0250
2022
$0.100011/30/22$0.0250
08/31/22$0.0250
05/31/22$0.0250
02/28/22$0.0250
2021
$0.100011/30/21$0.0250
08/31/21$0.0250
05/28/21$0.0250
02/26/21$0.0250
2020
$0.100011/30/20$0.0250
08/31/20$0.0250
05/29/20$0.0250
02/27/20$0.0250
2019
$0.100011/27/19$0.0250
08/29/19$0.0250
05/30/19$0.0250
02/28/19$0.0250
2018
$0.100011/29/18$0.0250
08/30/18$0.0250
05/31/18$0.0250
02/28/18$0.0250
2017
$0.100011/30/17$0.0250
08/30/17$0.0250
05/30/17$0.0250
02/27/17$0.0250
2016
$0.100011/29/16$0.0250
08/30/16$0.0250
05/27/16$0.0250
02/26/16$0.0250
2015
$0.100011/27/15$0.0250
08/28/15$0.0250
05/28/15$0.0250
02/25/15$0.0250
2014
$0.100011/26/14$0.0250
08/27/14$0.0250
05/28/14$0.0250
02/26/14$0.0250
2013
$0.100011/26/13$0.0250
08/28/13$0.0250
05/29/13$0.0250
02/27/13$0.0250
2012
$0.350012/19/12$0.2500
11/28/12$0.0250
08/29/12$0.0250
05/30/12$0.0250
02/28/12$0.0250
2011
$0.075011/29/11$0.0250
08/30/11$0.0250
05/25/11$0.0250
2010
$0.447512/07/10$0.4475
IBKR Stock Splits
1 stock split
06/18/251:4 split
IBKR SEC Filings
| Filing Date | Report Date | Report Type | Filing Link |
|---|---|---|---|
05/07/26 | 03/31/26 | 10-Q | |
02/27/26 | 12/31/25 | Unknown | |
11/05/25 | 09/30/25 | 10-Q | |
08/06/25 | 06/30/25 | 10-Q | |
05/08/25 | 03/31/25 | 10-Q | |
02/27/25 | 12/31/24 | Unknown | |
11/07/24 | 09/30/24 | 10-Q | |
08/05/24 | 06/30/24 | 10-Q | |
05/06/24 | 03/31/24 | 10-Q | |
02/27/24 | 12/31/23 | 10-K | |
11/06/23 | 09/30/23 | 10-Q | |
08/08/23 | 06/30/23 | 10-Q | |
05/08/23 | 03/31/23 | 10-Q | |
02/24/23 | 12/31/22 | 10-K | |
11/08/22 | 09/30/22 | 10-Q | |
08/09/22 | 06/30/22 | 10-Q | |
05/09/22 | 03/31/22 | 10-Q | |
02/25/22 | 12/31/21 | 10-K | |
11/09/21 | 09/30/21 | 10-Q | |
08/09/21 | 06/30/21 | 10-Q | |
05/10/21 | 03/31/21 | 10-Q | |
03/01/21 | 12/31/20 | 10-K | |
11/09/20 | 09/30/20 | 10-Q | |
08/10/20 | 06/30/20 | 10-Q | |
05/11/20 | 03/31/20 | 10-Q | |
02/28/20 | 12/31/19 | 10-K | |
11/12/19 | 09/30/19 | 10-Q | |
08/08/19 | 06/30/19 | 10-Q | |
05/09/19 | 03/31/19 | 10-Q | |
02/28/19 | 12/31/18 | 10-K | |
11/07/18 | 09/30/18 | 10-Q | |
08/08/18 | 06/30/18 | 10-Q | |
05/09/18 | 03/31/18 | 10-Q | |
03/01/18 | 12/31/17 | 10-K | |
11/08/17 | 09/30/17 | 10-Q | |
08/08/17 | 06/30/17 | 10-Q | |
05/09/17 | 03/31/17 | 10-Q | |
02/28/17 | 12/31/16 | 10-K | |
11/09/16 | 09/30/16 | 10-Q | |
08/09/16 | 06/30/16 | 10-Q | |
05/10/16 | 03/31/16 | 10-Q | |
02/29/16 | 12/31/15 | 10-K | |
11/09/15 | 09/30/15 | 10-Q | |
08/10/15 | 06/30/15 | 10-Q | |
05/11/15 | 03/31/15 | 10-Q | |
03/02/15 | 12/31/14 | 10-K | |
11/10/14 | 09/30/14 | 10-Q | |
08/11/14 | 06/30/14 | 10-Q | |
05/12/14 | 03/31/14 | 10-Q | |
03/03/14 | 12/31/13 | 10-K | |
11/08/13 | 09/30/13 | 10-Q | |
08/09/13 | 06/30/13 | 10-Q | |
05/10/13 | 03/31/13 | 10-Q | |
03/08/13 | 12/31/12 | 10-K | |
11/08/13 | 09/30/12 | 10-Q | |
11/09/12 | 09/30/12 | 10-Q | |
08/09/13 | 06/30/12 | 10-Q | |
08/31/12 | 06/30/12 | 10-Q | |
05/15/12 | 03/31/12 | 10-Q | |
05/10/13 | 03/31/12 | 10-Q | |
02/29/12 | 12/31/11 | 10-K | |
11/08/11 | 09/30/11 | 10-Q | |
08/09/11 | 06/30/11 | 10-Q | |
05/06/11 | 03/31/11 | 10-Q | |
08/31/12 | 03/31/11 | 10-Q/A | |
02/28/11 | 12/31/10 | 10-K | |
11/09/10 | 09/30/10 | 10-Q | |
08/09/10 | 06/30/10 | 10-Q | |
05/06/10 | 03/31/10 | 10-Q | |
02/26/10 | 12/31/09 | 10-K | |
08/31/12 | 12/31/09 | 10-K/A | |
11/09/09 | 09/30/09 | 10-Q | |
08/10/09 | 06/30/09 | 10-Q | |
05/11/09 | 03/31/09 | 10-Q | |
03/02/09 | 12/31/08 | 10-K | |
11/10/08 | 09/30/08 | 10-Q | |
08/08/08 | 06/30/08 | 10-Q | |
05/15/08 | 03/31/08 | 10-Q | |
03/27/08 | 12/31/07 | 10-K | |
11/09/07 | 09/30/07 | 10-Q | |
08/13/07 | 06/30/07 | 10-Q | |
06/15/07 | 03/31/07 | 10-Q | |
05/03/07 | 12/31/06 | MS10-K | -- |
11/09/07 | 09/30/06 | 10-Q | |
08/13/07 | 06/30/06 | 10-Q | |
06/15/07 | 03/31/06 | 10-Q |