Interactive Brokers Group (IBKR) 10-K risk factor changes: FY2025 vs FY2024

In addition to the risks identified elsewhere in this Annual Report on Form [removed: 10\-K,] [added: 10-K,] the following is a summary of the risk factors that apply to our business results of operations and financial condition.

[removed: [Risks] [added: Risks] Related to Our Company [removed: Structure](#StructureRisks)][added: Structure]

[removed: [Future] [added: [Future] sales of our common stock in the public market could lower our stock price, and any additional capital raised by us through the sale of equity or convertible securities may dilute your ownership in [removed: us](#FutureSales).][added: us.](#rr_futuresales)]

[removed: [Control] [added: [Control] by Mr. Thomas Peterffy of a majority of the combined voting power of our common stock may give rise to conflicts of interests and could discourage a change of control that other stockholders may favor, which could negatively affect our stock price, and adversely affect stockholders in other [removed: ways.](#ControlbyTP)][added: ways.](#rr_controlbytp)]

[removed: [We] [added: [We] depend on IBG LLC to distribute cash to us in amounts sufficient to pay our tax liabilities and other [removed: expenses.](#DependantonIBG)][added: expenses.](#rr_dependantonibg)]

[removed: [We] [added: [We] are required to pay Holdings for the benefit relating to additional tax depreciation or amortization deductions we claim as a result of the tax basis step\-up our subsidiaries received in connection with our initial public offering (“IPO”) and certain subsequent redemptions of Holdings membership [removed: interests.](#ReqtopayHoldings)][added: interests.](#rr_reqtopayholdings)]

[removed: [Certain] [added: [Certain] provisions in our amended and restated certificate of incorporation may prevent efforts by our stockholders to change our direction or [removed: management.](#CertainProvisions)][added: management.](#rr_certainprovisions)]

[removed: [Risks] [added: Risks] Related to Our [removed: Business](#BusinessRisks)][added: Business]

[removed: [Macroeconomic,] [added: [Macroeconomic,] geopolitical and other challenges and uncertainties could have a negative impact on our [removed: business.](#overall)][added: business.](#rr_overallchallenges)]

[removed: [Our] [added: [Our] business could be harmed by a systemic market [removed: event.](#SystemicEvent)][added: event.](#rr_systemicevent)]

[removed: [Damage] [added: [Damage] to our reputation could harm our [removed: business](#DamageReputation).][added: business.](#rr_damagereputation)]

[removed: [The] [added: [The] impact of a public health emergency may have a material adverse impact on our business and results of [removed: operations.](#PublicHealth)][added: operations.](#rr_impactofpublichealthemerg)]

[removed: [Our future success] [added: Our future success] will depend on our response to the demand for new services, products and [removed: technologies.](#NewservicesandTech)][added: technologies.]

[removed: [The] [added: [The] loss of our key employees would materially adversely affect our [removed: business.](#LossofKeyemployees)][added: business.](#rr_lossofkeyemployees)]

[removed: [We] [added: [We] may not [added: always] pay dividends on our common [removed: stock at any time in the foreseeable future.](#Dividends)][added: stock.](#rr_dividends)]

[removed: [Our] [added: [Our] direct market access clearing and non\-clearing brokerage operations face intense [removed: competition.](#Directmarketaccess)][added: competition.](#rr_directmarketaccess)]

[removed: [We] [added: [We] are subject to potential losses as a result of our clearing and execution [removed: activities.](#potentiallossesclearing)][added: activities.](#rr_potentiallossesclearing)]

[removed: [We are exposed] [added: We are exposed] to risks associated with our international [removed: operations.](#InternationalRisks)][added: operations.]

[removed: [We] [added: [We] are subject to counterparty risk whereby defaults by parties with whom we do business can have an adverse effect on our business, financial condition and results of [removed: operations.](#CounterpartyRisk)][added: operations.](#rr_counterpartyrisk)]

[removed: [Any] [added: [Any] future acquisitions may result in significant transaction expenses, integration and consolidation risks and risks associated with entering new markets, and we may be unable to profitably operate our consolidated [removed: company.](#AcquisitionRisj)][added: company.](#rr_acquisitionrisk)]

[removed: [Because] [added: [Because] our revenues and profitability depend on trading volume and interest rate levels, they are prone to significant fluctuations and are difficult to [removed: predict.](#TradingVolume)][added: predict.](#rr_tradingvolume)]

[removed: [We] [added: [We] may incur material trading losses from our market making [removed: activities.](#TradinglossesMM)][added: activities.](#rr_tradinglossesmm)]

[removed: [Reduced] [added: [Reduced] spreads in securities pricing, levels of trading activity and trading through market makers could harm our [removed: business.](#ReducedSpreads)][added: business.](#rr_reducedspreads)]

[removed: [We] [added: [We] may incur losses in our market making activities in the event of failures of our proprietary pricing [removed: model.](#LossesMMPriceModel)][added: model.](#rr_lossesmmpricemodel)]

[removed: [The] [added: [The] valuation of the financial instruments we hold may result in large and occasionally anomalous swings in the value of our positions and in our earnings in any [removed: period.](#ValuationofInstruments)][added: period.](#rr_valuationofinstruments)]

[removed: [We] [added: [We] are exposed to losses due to lack of perfect [removed: information.](#PerfectInformation)][added: information.](#rr_perfectinformation)]

[removed: [Rules] [added: [Rules] governing designated market makers may require us to make unprofitable trades or prevent us from making profitable [removed: trades.](#RulesforMM)][added: trades.](#rr_rulesformm)]

[removed: [Our risk] [added: Our risk] management policies and procedures may not be fully effective in mitigating our risk exposure in all market environments or against all types of [removed: risks.](#RISKMGMT)][added: risks.]

[removed: [Risks] [added: Risks] Related to Laws, Regulations and [removed: Litigation](#RegulationRisks)][added: Litigation]

[removed: [Our] [added: [Our] future efforts to sell shares or raise additional capital may be delayed or prohibited by [removed: regulations.](#CapitalRiase)][added: regulations.](#rr_capitalraise)]

[removed: [Regulatory] [added: [Regulatory] and legal uncertainties could harm our [removed: business.](#RegulatoryUncertainty)][added: business.](#rr_regulatoryuncertainity)]

[removed: [We] [added: [We] are subject to risks relating to litigation and potential securities laws [removed: liability.](#LitigationRisk)][added: liability.](#rr_litigationrisk)]

[removed: [Heightened] [added: [Heightened] regulatory and legislative requirements and changes in the U.S. and globally have increased our compliance, regulatory and other risks and [removed: costs](#Heightened_regulatory).][added: costs.](#rr_heightenedregulatory)]

[removed: ] [We may incur additional tax expense or become subject to additional tax [removed: liabilities](#TaxRisk).][added: liabilities.](#rr_taxrisk)]

[removed: [We may not] [added: We may not] be able to protect our intellectual property rights or may be prevented from using intellectual property necessary for our [removed: business.](#IntellectualProp)][added: business.]

[removed: [Our] [added: [Our] reliance on our computer software could cause us great financial harm in the event of any disruption or corruption of our computer software.

We may experience technology failures while developing our [removed: software.](#RelianceonCPU)][added: software.](#rr_relianceoncpu)]

[removed: [We] [added: [We] depend on our proprietary technology, and our future results may be impacted if we cannot maintain technological superiority in our [removed: industry.](#ProprietaryTech)][added: industry.](#rr_proprietarytech)]

[removed: [We] [added: [We] do not have fully redundant systems.

System failures could harm our [removed: business.](#RedundentSYS)][added: business.]

[Table of Contents](#toc_page)

[There are emerging legal and regulatory risks related to prediction markets that could harm our business.](#rr_forecast_contracts)

[Table of Contents](#toc_page)

We are a holding company, and our primary assets are our approximately 26.3% equity interest in IBG LLC and our controlling interest and related rights as the sole managing member of IBG LLC.

[Table of Contents](#toc_page)

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We may not always pay dividends on our common stock.

To the extent (if any) that we have excess cash, any decision to declare and pay dividends in the future will be made at the discretion of our Board of Directors and

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For more information regarding the history of our quarterly dividends see Note 4 - “Equity and Earnings per Share” to the consolidated financial statements in Part II, Item 8 of this Annual Report on Form 10-K.

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There are emerging legal and regulatory risks related to prediction markets that could harm our business.

ForecastEx is a CFTC-registered Designated Contract Market ("DCM") and Derivatives Clearing Organization ("DCO") that lists event contacts (referred to as "Forecast Contracts").

Eligible customers of certain of our broker-dealer subsidiaries have access to Forecast Contracts through ForecastEx.

The legal and regulatory framework for prediction markets is uncertain and continues to evolve.

The outcome of currently ongoing and potential future regulatory matters, enforcement actions and litigation, as well as new laws or regulations, changes in the interpretation of existing laws or regulations, or more rigorous enforcement in this space could prevent ForecastEx from listing, and our broker-dealer subsidiaries from offering, some or all types of Forecast Contracts in the future, including in jurisdictions outside of the U.S.

In addition, there is heightened scrutiny of certain types of contracts (including contracts relating to sports and elections), and there is a risk of litigation and law enforcement activity from state gaming and regulatory authorities, as well as litigation from a range of other plaintiffs.

These tax laws and regulations, as well as the treaties between jurisdictions, are complex, and the manner they apply to us is sometimes open to interpretations.

Any adverse outcome of such reviews could cause our tax liabilities to increase.

[Table of Contents](#toc_page)

As our systems continue to support increasing volumes and a broader range of products and services, software issues or data errors could have a more significant operational impact.

The adoption of AI technologies across the financial services industry may accelerate competitive dynamics and innovation cycles.

In addition, increased use of AI by threat actors or market participants could amplify cybersecurity risks, market manipulation risks, or operational complexity.

Maintaining technological competitiveness may require significantly larger investments in development resources, infrastructure and talent.

We maintain processes to evaluate third-party service providers and their controls; however, we may have limited ability to influence their operational performance or risk management practices.

[Table of Contents](#toc_page)

Cybersecurity risks continue to evolve, including through more sophisticated attacks, increased use of automation by threat actors and heightened targeting of financial institutions and digital asset-related services.

Regulatory requirements relating to cybersecurity governance, incident response and disclosure may continue to evolve, which could increase compliance efforts and costs.

We continue our efforts to safeguard personal data entrusted to us in accordance with applicable laws, regulations and our data protection policies.

Failure to comply with applicable data privacy laws and regulations, even if no customer's personal data is compromised, could result in significant fines or a significant increase in costs.

A material failure by us or our third-party service providers to comply with our privacy policies or applicable data privacy laws, regulations, industry standards, or rules could have significant consequences.

Any security compromise resulting in theft, unauthorized access, acquisition, use, disclosure, or misappropriation of personal data could also have significant consequences.

Such events could result in fines, criminal penalties, monetary damages, regulatory enforcement actions, litigation, and reputational harm, which could adversely affect our business, financial condition, and results of operations.

[Table of Contents](#toc_page)

3 See *https://www.interactivebrokers.com/lib/cstools/faq/#/content/182856890* for more information on the availability of cryptocurrencies for trading through our platform.

[Table of Contents](#toc_page)

[](#StructureRisks)

[](#ControlbyTP)

[](#DependantonIBG)

[](#ReqtopayHoldings)

[](#CertainProvisions)

[](#BusinessRisks)

[](#overall)

[](#SystemicEvent)

[](#NewservicesandTech)

[](#LossofKeyemployees)

[](#Dividends)

[](#Directmarketaccess)

[](#potentiallossesclearing)

[](#InternationalRisks)

[](#CounterpartyRisk)

[](#AcquisitionRisj)

[](#TradingVolume)

[](#TradinglossesMM)

[](#ReducedSpreads)

[](#LossesMMPriceModel)

[](#ValuationofInstruments)

[](#PerfectInformation)

[](#RulesforMM)

[](#RISKMGMT)

[](#RegulationRisks)

[](#CapitalRiase)

[](#LitigationRisk)

‎

[](#IntellectualProp)

[](#RelianceonCPU)

[](#ProprietaryTech)

[](#RedundentSYS)

[](#ThirdPartyFailure)

[](#InternetRelated)

[](#CyberAttack)

[](#DataPriv)

[](#CryptoRisks)

[](#ThirdPartyCrypto)

[](#CSPbreach)

[](#CSPTechnicalIssues)

The following discussion should be read in conjunction with the audited consolidated financial statements and the related notes in Part II, Item 8, of this Annual Report on Form [removed: 10\-K.][added: 10-K.]

In addition to historical information, the following discussion also contains [removed: forward\-looking] [added: forward-looking] statements that include risks and uncertainties.

Our actual results may differ materially from those anticipated in these [removed: forward\-looking] [added: forward-looking] statements as a result of certain factors, including those set forth under the heading “Risk Factors” in Part I, Item 1A of this Annual Report on Form [removed: 10\-K.][added: 10-K.]

We are an automated global [removed: electronic] broker.

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 [removed: 160] [added: 170] electronic exchanges and market centers in [removed: 36] [added: 40] countries and [removed: 28] [added: 29] currencies around the world.

[removed: In August 2024, we began offering] [added: We also offer] trading in forecast contracts, which are event-based contracts traded on ForecastEx, a CFTC-registered exchange and clearinghouse we established.

As [removed: an electronic] [added: a] broker, we execute, clear and settle trades globally for both institutional and individual customers.

[removed: Capitalizing on] [added: 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 [removed: in these markets] at a low cost, in multiple products and currencies from a single trading account.

Since our inception in 1977, we have focused on developing proprietary software to automate [removed: broker\-dealer] [added: 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 [removed: automatically functioning, computerized] [added: automated] platform that requires minimal human intervention.

Specialized products and services that we have developed successfully attract [removed: these] [added: institutional] accounts.

[added: *Global trading volumes.*] Worldwide, equities volumes at most major trading venues increased in the current year, while major market indices reached all-time highs in the U.S., Canada, Europe, U.K., Germany, Japan, and Australia.

In the U.S., according to industry data, average daily volume in [removed: exchange-listed equity-based options increased by 10%,] listed cash equities [removed: volume] [added: increased] by [removed: 10%,] [added: 45%, exchange-listed equity-based options by 25%,] and futures by [removed: 9%,] [added: 6%,] compared to [removed: 2023.][added: 2024.]

In futures markets, volumes increased across [removed: all] [added: most] product segments, particularly in [removed: commodities such as the] metals, [removed: energy and] [added: energy, equity index,] agriculture [removed: sectors,] [added: and interest rate products,] as investors sought to mitigate their exposure to ongoing economic and geopolitical uncertainties.

These factors led to [removed: mixed but generally positive] [added: strong] results across our major product types.

Our customer [removed: options,] equities, [added: options, foreign exchange,] and futures volumes were up [removed: 32%, 22%,] [added: 38%, 26%, 15%,] and [removed: 4%,] [added: 12%,] respectively, [removed: while foreign exchange volumes declined 9%,] compared to the prior year.

U.S. market volatility, as measured by the average Chicago Board Options Exchange Volatility Index (‘‘VIX®’’), [removed: declined] [added: increased] by [removed: 8%,] [added: 22%,] from an average of [removed: 16.8] [added: 15.6] in [removed: 2023] [added: 2024] to [removed: 15.6] [added: 18.9] in the current [removed: year.][added: year, the highest annual level seen since 2022.]

In most countries with developed financial markets, benchmark interest rates also declined [removed: over the course of the year] [added: during 2025] as [added: inflationary pressures eased and] central [removed: banks’ concerns over inflation abated.][added: banks adjusted monetary policy accordingly.]

Higher short-term [removed: rates,] [added: rates] and uncertainty over future U.S. Federal Reserve rate [removed: policy,] [added: policy] have led us to maintain a short duration portfolio, [removed: substantially] all of which matured within three months at December 31, [removed: 2024,] [added: 2025,] to more closely match our asset and liability maturities on our interest-sensitive assets.

This increase was due to the [added: growth in margin loan balances in the current active market environment despite the] average federal funds effective rate [removed: increasing] [added: declining] to [removed: 5.14%] [added: 4.21%] in the current year from [removed: 5.02%] [added: 5.14%] in the prior [removed: year, and the growth in margin loan balances in the current active market environment.][added: year.]

Higher average balances contributed to a 13% rise in net interest income over the prior [removed: year, and our net interest margin held fairly steady, dipping slightly from 2.36% in the prior year to 2.35% in the current] year.

As a global [removed: electronic] broker trading on exchanges around the world in multiple currencies, we are exposed to foreign currency risk.

During the current year, the value of the GLOBAL, as measured in U.S. dollars, [removed: decreased 1.45%] [added: increased 2.05%] compared to its value at December 31, [removed: 2023,] [added: 2024,] which had a [removed: negative] [added: positive] impact on our comprehensive earnings for the current year.

A discussion of our approach for managing foreign currency exposure is contained in Part [removed: I,] [added: II,] Item 7A of this [removed: Quarterly] [added: Annual] Report on Form [removed: 10-Q] [added: 10-K] entitled ‘‘Quantitative and Qualitative Disclosures about Market Risk.”

Diluted earnings per share were [removed: $6.93] [added: $2.22] for the year ended December 31, [removed: 2024] [added: 2025] (“current year”), compared to [removed: $5.67] [added: $1.73] for the year ended December 31, [removed: 2023] [added: 2024] (“prior year”).

Adjusted diluted earnings per share were [removed: $7.03] [added: $2.19] for the current year, compared to [removed: $5.75] [added: $1.76] for the prior year.

For the current year, our net revenues were [removed: $5,185] [added: $6,205] million and income before income taxes was [removed: $3,695] [added: $4,771] million, compared to net revenues of [removed: $4,340] [added: $5,185] million and income before income taxes of [removed: $3,069] [added: $3,695] million in the prior year.

Adjusted net revenues were [removed: $5,257] [added: $6,156] million and adjusted income before income taxes was [removed: $3,767] [added: $4,722] million, compared to adjusted net revenues of [removed: $4,367] [added: $5,257] million and adjusted income before income taxes of [removed: $3,101] [added: $3,767] million in the prior year.

[removed: Net] [added: Net] interest income increased 13% from the prior year to [removed: $3,148] [added: $3,563] million, driven by higher average customer margin loans and customer credit [removed: balances.][added: balances, and by stronger securities lending activity.]

[removed: Commission] [added: Commission] revenue increased [removed: 25%] [added: 27%] from the prior year to [removed: $1,697] [added: $2,149] million on higher [removed: options, stock] [added: stocks, options] and futures volumes.

[removed: Other] [added: Other] fees and services increased [removed: 42%] [added: 4%] from the prior year to [removed: $280] [added: $291] million on higher [removed: risk exposure fees, payments for order flow from exchange-mandated programs, and] Insured Bank Deposit Sweep Program fees (“FDIC sweep [removed: fees”).][added: fees”), market data fees and payments for order flow from exchange-mandated programs, partially offset by lower risk exposure fees.]

[removed: Other] [added: Other] income increased [removed: $71] [added: $142] million from the prior year to [removed: a gain of $60] [added: $202] million.

[removed: Pretax] [added: Pretax] profit margin was [removed: 71% in both] [added: 77% for] the current [added: year] and [added: 71% for the] prior year.

Adjusted pretax profit margin was [removed: 72%,] [added: 77%,] up from [removed: 71%] [added: 72%] in the prior year.

In connection with our currency diversification strategy as of December 31, [removed: 2024,] [added: 2025,] approximately [removed: 23%] [added: 25%] of our equity was denominated in currencies other than the U.S. dollar.

In the current year, our currency diversification strategy [removed: decreased] [added: increased] our comprehensive earnings by [removed: $222] [added: $387] million (compared to [removed: an increase] [added: a decrease] of [removed: $42] [added: $222] million in the prior year), as the U.S. dollar value of the GLOBAL [removed: decreased] [added: increased] by approximately [removed: 1.45%,] [added: 2.05%,] compared to its value as of December 31, [removed: 2023.][added: 2024.]

The effects of our currency diversification strategy are reported as (1) a component of “Other Income” (loss of [removed: $15] [added: $4] million) in the consolidated statements of comprehensive income and (2) other comprehensive income (“OCI”) [removed: (loss] [added: (gain] of [removed: $207] [added: $391] million) in the consolidated statements of financial condition and the consolidated statements of comprehensive income.

[removed: Certain] [added: Certain] Trends and Uncertainties

[removed: Retail] [added: Retail] participation in the equity markets has fluctuated in the past due to investor sentiment, market conditions and a variety of other factors.

[removed: Consolidation] [added: Consolidation] among market centers may adversely affect the value of our IB SmartRoutingSM software.

Business Overview

Our overnight trading facilities, available for an array of instruments, support our customers who trade across time zones.

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.

Business Environment

During 2025, global equity markets extended their multi-year advances, with several major indices reaching record levels and many recording double-digit gains.

The S&P 500 Index returned 16.4% for the year, though it was outperformed by a number of international markets, including Canada, the United Kingdom, Europe, Hong Kong, Japan, and China.

Within the U.S., market performance became somewhat more diversified compared to the prior year.

The group of large-cap technology stocks commonly referred to as the “Magnificent Seven” accounted for approximately 35% of the S&P 500’s total return in 2025, compared to approximately 50% in 2024.

More broadly, companies associated with AI, including these large-cap technology firms, contributed more than half of the index’s overall return.

Increased investor interest in AI-related companies also coincided with a partial recovery in the initial public offering market, particularly among technology-focused issuers.

Inflationary pressures moderated during 2025, contributing to monetary policy easing across several major economies.

Central banks reduced policy interest rates, which supported financial market activity and economic conditions, despite ongoing geopolitical developments and trade policy uncertainty.

Lower interest rates, along with expectations of additional monetary easing, were associated with higher market indices and increased trading.

Retail investor participation remained elevated with continued engagement, particularly in equity and options markets.

[Table of Contents](#toc_page)

*Interest Rates.* During 2025, the U.S. Federal Reserve cut the benchmark federal funds rate by a total of 75 basis points, with 25 basis point reductions at its September, October, and December meetings.

This resulted in a target range of 3.50% to 3.75% at year end, the lowest level since late 2022.

Over the course of the year, the U.S. Treasury yield curve moved toward normalization but remained partially inverted at year end, with short- to intermediate-term yields flat to inverted, while longer-term yields exceeded shorter-term rates.

At this benchmark rate level, we are able to earn our full 0.50% spread.

Net interest margin declined from 2.35% in the prior year to 2.08% in the current year primarily due to lower interest rates.

Financial Overview

[Table of Contents](#toc_page)

Execution, clearing and distribution fees expenses decreased 6% to $420 million, driven by greater capture of liquidity rebates from certain exchanges due to higher trading volumes in stocks and options, and by the elimination of SEC fees beginning in May 2025.

Finally, government actions such as tariff policy changes may create uncertainty that affects volumes and volatility in the financial markets.

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| 2025 | | 915,616 | | 38% | | 121,972 | | 93% | | 1,037,588 | | 43% |

| 2025 | | 1,668,228 | | 24% | | 241,631 | | 11% | | 421,707,895 | | 37% |

| 2025 | | 1,623,384 | | 26% | | 240,120 | | 12% | | 417,457,770 | | 38% |

| 2025 | | 44,844 | | (17%) | | 1,511 | | (56%) | | 4,250,125 | | (22%) |

(1)

(1)

(2)

(3)

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Results of Operations

| Basic | | $ | 2.23 | | $ | 1.75 | | $ | 1.43 |

| Diluted | | $ | 2.22 | | $ | 1.73 | | $ | 1.42 |

| Basic | | | 440,931,909 | | | 432,448,796 | | | 419,860,200 |

| Diluted | | | 443,859,546 | | | 436,011,752 | | | 423,387,508 |

Business Overview

Currently, approximately 83% of our customers reside outside the U.S. in over 200 countries and territories, and over 85% of new customers come from outside the U.S. Approximately 55% of our customers’ equity is in institutional accounts such as hedge funds, financial advisors, proprietary trading firms and introducing brokers.

Business Environment

In 2024, most world equities markets, including the U.S., Canada, Europe, Japan, and Australia, continued to reach all-time highs.

The S&P 500 index led major world indices with a 23% year-over-year gain.

The dominance of a small number of technology stocks (the so-called “Magnificent 7”) diminished somewhat, with these stocks accounting for half of the S&P’s index’s gains in the current year, down from 63% in the prior year.

Inflationary pressures eased gradually over the course of 2024 and, as a result, central banks in most countries cut their policy rates.

Lower rates helped moderate economic conditions toward a “soft landing” for global economies, despite an ongoing backdrop of geopolitical uncertainty.

Lower rates and the expectation of further rate reductions also contributed to higher market levels and volumes, with individual investors continuing their engagement with the securities markets, particularly in options and equities.

*Global trading volumes*.

Volatility levels remain below the levels reached in 2020 through 2022, as the world economic outlook has improved and recession fears have waned.

*Interest Rates*.

After holding rates steady since July 2023, the U.S. Federal Reserve cut the benchmark federal funds rate three times in 2024 (in September, November and December), by a cumulative 100 basis points.

After a period of inversion, the U.S. Treasury yield curve began to revert toward a historically typical upward slope by year end, with long-term rates becoming higher than short-term rates.

With benchmark rates at higher levels than they were during an extended period during and after the pandemic, we are able to earn our full 0.50% spread.

Financial Overview

Execution, clearing and distribution fees expenses increased 16% to $447 million, driven by higher customer trading volume in options, stocks and futures.

‎

| 2020 | | 620,405 | | | | 27,039 | | | | 704,278 | | |

| 2020 | | 624,035 | | | | 167,078 | | | | 338,513,068 | | |

| 2020 | | 584,195 | | | | 164,555 | | | | 331,263,604 | | |

| 2020 | | 39,840 | | | | 2,523 | | | | 7,249,464 | | |

___________________________

| | | | | | | | | |

Results of Operations

| | | | | | | | | | |

| Basic | | $ | 6.99 | | $ | 5.72 | | $ | 3.78 |

| Diluted | | $ | 6.93 | | $ | 5.67 | | $ | 3.75 |

| Basic | | | 108,112,199 | | | 104,965,050 | | | 100,460,016 |

| Diluted | | | 109,002,938 | | | 105,846,877 | | | 101,299,609 |

Our commissions are geographically diversified.

In 2024, 2023, and 2022 we generated 38%, 37% and 37%, respectively, of commissions from operations conducted by our subsidiaries outside the U.S.

During the current year, net interest earned from securities lending transactions decreased $184 million, or 67%, compared to the prior year, driven by lower demand for selling stocks short, as the stock market rose steadily in the current year, and by fewer so-called “hard to borrow” stocks industry wide.

As a percentage of total net revenues, general and administrative expenses were 6% for the current year and 5% for the prior year.

Income before income taxes, for the current year, increased $626 million, or 20%, compared to the prior year, to $3,695 million.

Holdings holds approximately 74.2% ownership interest in IBG LLC.

| Diluted EPS - GAAP | | $ | 6.93 | | $ | 5.67 | | $ | 3.75 |

| Adjusted diluted EPS | | $ | 7.03 | | $ | 5.75 | | $ | 4.05 |

| Diluted weighted average common shares outstanding | | | 109,002,938 | | | 105,846,877 | | | 101,299,609 |

_________________________

Generally, we incur [removed: trading\-related] [added: trading-related] market risk as a result of our remaining market making activities, where the substantial majority of our [removed: Value\-at\-Risk] [added: Value-at-Risk] (“VaR”) for market risk exposures is generated.

In addition, we incur [removed: non\-trading\-related] [added: non-trading-related] market risk primarily from investment activities and from foreign currency exposure held in the equity of our foreign subsidiaries, i.e., our [removed: non\-U.S.] [added: non-U.S.] brokerage subsidiaries and information technology subsidiaries, and held to meet target balances in our currency diversification strategy.

We use various risk management tools in managing our market risk, which are embedded in our [removed: real\-time] [added: real-time] market making systems.

Under risk management policies implemented and monitored primarily through our computer systems, reports to management, including risk profiles, profit and loss analysis and trading performance, are prepared on a [removed: real\-time] [added: real-time] basis as well as daily and periodical bases.

Our assets and liabilities are [removed: marked\-to\-market] [added: marked-to-market] daily for financial reporting purposes and [removed: re\-valued] [added: re-valued] continuously throughout the trading day for risk management and asset/liability management purposes.

[removed: Some] [added: Some] of our non-U.S. subsidiaries support customer transactions in financial instruments, carry bank balances, and borrow and lend securities in various currencies in their regular course of business.

[removed: These] [added: These] non-U.S. subsidiaries’ financial statements are presented in their respective functional currencies, as noted above.

[added: However, historically, we] have taken the approach of not hedging our consolidated foreign currency exposures to the U.S. dollar, based on the notion that the cost of constantly hedging over the years would amount to more than the random impact of rate changes on our [removed: non\-U.S.] [added: non-U.S.] dollar balances.

The U.S. dollar value of the GLOBAL [removed: decreased 1.45%] [added: increased 2.05%] as of December 31, [removed: 2024] [added: 2025] compared to December 31, [removed: 2023.][added: 2024.]

As of December 31, [removed: 2024,] [added: 2025,] approximately [removed: 23%] [added: 25%] of our equity was denominated in currencies other than the U.S. dollar.

| USD | | 0.72 | | 1.0000 | | | 0.720 | | [removed: 75.5%] [added: 76.6%] | | $ | [removed: 10,619] [added: 12,714] | | 1.0000 | | | 0.720 | | [removed: 76.6%] [added: 75.1%] | | $ | [removed: 12,714] [added: 15,367] | | [removed: 1.1%] [added: \-1.5%] |

| JPY | | 3.91 | | [removed: 0.0071] [added: 0.0064] | | | [removed: 0.028] [added: 0.025] | | [removed: 2.9%] [added: 2.6%] | | | [removed: 409] [added: 439] | | 0.0064 | | | 0.025 | | 2.6% | | | [removed: 439] [added: 533] | | [removed: \-0.3%] [added: 0.0%] |

| GBP | | 0.02 | | [removed: 1.2731] [added: 1.2513] | | | 0.025 | | 2.7% | | | [removed: 376] [added: 442] | | [removed: 1.2513] [added: 1.3474] | | | [removed: 0.025] [added: 0.027] | | [removed: 2.7%] [added: 2.8%] | | | [removed: 442] [added: 575] | | [removed: 0.0%] [added: 0.1%] |

| CNH | | 0.13 | | [removed: 0.1404] [added: 0.1363] | | | 0.018 | | 1.9% | | | [removed: 269] [added: 313] | | [removed: 0.1363] [added: 0.1433] | | | [removed: 0.018] [added: 0.019] | | 1.9% | | | [removed: 313] [added: 398] | | [removed: 0.0%] [added: 0.1%] |

| INR | | 1.10 | | [removed: 0.0120] [added: 0.0117] | | | 0.013 | | 1.4% | | | [removed: 195] [added: 227] | | [removed: 0.0117] [added: 0.0111] | | | [removed: 0.013] [added: 0.012] | | [removed: 1.4%] [added: 1.3%] | | | [removed: 227] [added: 261] | | [removed: 0.0%] [added: \-0.1%] |

| CAD | | 0.02 | | [removed: 0.7549] [added: 0.6953] | | | [removed: 0.011] [added: 0.010] | | [removed: 1.2%] [added: 1.1%] | | | [removed: 167] [added: 184] | | [removed: 0.6953] [added: 0.7286] | | | [removed: 0.010] [added: 0.011] | | 1.1% | | | [removed: 184] [added: 233] | | [removed: \-0.1%] [added: 0.0%] |

| AUD | | 0.02 | | [removed: 0.6811] [added: 0.6188] | | | [removed: 0.010] [added: 0.009] | | [removed: 1.1%] [added: 1.0%] | | | [removed: 151] [added: 164] | | [removed: 0.6188] [added: 0.6673] | | | [removed: 0.009] [added: 0.010] | | 1.0% | | | [removed: 164] [added: 214] | | [removed: \-0.1%] [added: 0.1%] |

| HKD | | 0.04 | | [removed: 0.1281] [added: 0.1287] | | | [removed: 0.004] [added: 0.005] | | 0.5% | | | [removed: 66] [added: 80] | | [removed: 0.1287] [added: 0.1285] | | | [removed: 0.005] [added: 0.004] | | 0.5% | | | [removed: 80] [added: 96] | | 0.0% |

| | | | | | | | [removed: 0.954] [added: 0.940] | | 100.0% | | $ | [removed: 14,067] [added: 16,597] | | | | | [removed: 0.940] [added: 0.959] | | 100.0% | | $ | [removed: 16,597] [added: 20,472] | | 0.0% |

We had no [removed: variable\-rate] [added: variable-rate] debt outstanding as of December 31, [removed: 2024.][added: 2025.]

In a normal rate environment, we typically invest a portion of these funds in U.S. government securities with maturities of up to two years, although given the current interest rate environment, at this time [removed: substantially] all such investments mature within three months.

Based on customer balances and investments outstanding as of December 31, [removed: 2024,] [added: 2025,] and assuming reinvestment of maturing instruments in instruments of short-term duration, an increase of 0.25% over current U.S. dollar interest rate levels would increase our net interest income by [removed: approximately $64] [added: $77] million on an annualized basis, assuming the full effect of reinvestment at higher rates.

A 0.25% increase in all the relevant non-U.S. dollar benchmark rates would increase our net interest income by [removed: approximately $24] [added: $30] million on an annualized basis.

Based on customer balances and investments outstanding as of December 31, [removed: 2024,] [added: 2025,] and assuming reinvestment of maturing instruments in instruments of short-term duration, a decrease in U.S. dollar interest rates of 0.25% would decrease our net interest income by [removed: approximately $64] [added: $77] million on an annualized basis, assuming the full effect of reinvestment at lower rates.

A 0.25% decrease in all the relevant non-U.S. dollar benchmark rates would decrease our net interest income by [removed: approximately $22] [added: $31] million on an annualized basis.

Because we indemnify and hold harmless our clearing houses and counterparties from certain liabilities or claims, the use of margin loans and short sales may expose us to significant [removed: off\-balance\-sheet] [added: off-balance-sheet] risk if collateral requirements are not sufficient to fully cover losses that customers may incur and those customers fail to satisfy their obligations.

As of December 31, [removed: 2024,] [added: 2025,] we had [removed: $64.4] [added: $90.5] billion in margin loans extended to our customers.

As a matter of practice, we enforce [removed: real\-time] [added: real-time] margin compliance monitoring and liquidate customers’ positions if their equity falls below required margin requirements.

Our credit exposure is to a great extent mitigated by our real-time margining system, which automatically evaluates each account throughout the trading day and closes out positions automatically for accounts that are found to be [removed: under\-margined.][added: under-margined.]

[removed: Value\-at\-Risk][added: Value-at-Risk]

Our [removed: one\-day] [added: one-day] VaR is defined as the unrealized loss in portfolio value that, based on historically observed market risk factors, would have been exceeded with a frequency of one percent, based on a calculation with a confidence interval of 99%.

| Market Risk Category | | | [removed: 2024] [added: 2025] | | | [removed: 2023] [added: 2024] | | | [removed: 2024] [added: 2025] | | | [removed: 2024] [added: 2025] |

| Equities and Currencies (2) | | $ | [removed: 8] [added: 10] | | $ | [removed: 10] [added: 8] | | $ | 9 | | $ | [removed: 9] [added: 10] |

| Trading Total | | $ | [removed: 8] [added: 10] | | $ | [removed: 10] [added: 8] | | $ | 9 | | $ | [removed: 9] [added: 10] |

| Equities and Currencies | | $ | [removed: 28] [added: 35] | | $ | 28 | | $ | [removed: 30] [added: 31] | | $ | [removed: 34] [added: 36] |

| Fixed Income, Other (3) | | | [removed: 2] [added: 0] | | | [removed: 3] [added: 2] | | | [removed: 2] [added: 1] | | | [removed: 3] [added: 1] |

| Non-Trading Total | | $ | [removed: 30] [added: 35] | | $ | [removed: 31] [added: 30] | | $ | 32 | | $ | 37 |

[removed: (1)The] [added: The] product categories displayed in the table as “Trading” reflect activities undertaken in the Company's market making activities.

The “Non-trading” category reflects investment [removed: activities] [added: activities, customer facilitation activities,] and foreign currency exposures of the Company's non-market making subsidiaries (i.e., its brokerage subsidiaries and information technology subsidiaries).

The average and high VaR amounts are based on the four quarter ending calculations performed in [removed: 2024.][added: 2025.]

[Table of Contents](#toc_page)

| | | | | As of 12/31/2024 | | | | | | | | | | As of 12/31/2025 | | | | | | | | | | |

| EUR | | 0.09 | | 1.0353 | | | 0.093 | | 9.9% | | | 1,645 | | 1.1746 | | | 0.106 | | 11.0% | | | 2,256 | | 1.1% |

| CHF | | 0.02 | | 1.1019 | | | 0.022 | | 2.3% | | | 389 | | 1.2615 | | | 0.025 | | 2.6% | | | 539 | | 0.3% |

[Table of Contents](#toc_page)

[Table of Contents](#toc_page)

(1)

(2)

(3)

[Table of Contents](#toc_page)

However, historically, we

| | | | | As of 12/31/2023 | | | | | | | | | | As of 12/31/2024 | | | | | | | | | | |

| EUR | | 0.09 | | 1.1037 | | | 0.099 | | 10.4% | | | 1,465 | | 1.0353 | | | 0.093 | | 9.9% | | | 1,645 | | \-0.5% |

| CHF | | 0.02 | | 1.1881 | | | 0.024 | | 2.5% | | | 350 | | 1.1019 | | | 0.022 | | 2.3% | | | 389 | | \-0.1% |

___________________________

Interactive Brokers Group, Inc. (“IBG, Inc.” or the “Company”) is an automated global [removed: electronic] broker.

We specialize in 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 [removed: 160] [added: 170] electronic exchanges and market centers in [removed: 36] [added: 40] countries and [removed: 28] [added: 29] currencies around the world.

Abroad, we conduct our business through offices located in Canada, the United Kingdom, Ireland, Switzerland, Hungary, [added: Dubai,] India, China (Hong Kong and Shanghai), Japan, Singapore and Australia.

As of December 31, [removed: 2024,] [added: 2025,] we had [removed: 2,998] [added: 3,182] employees worldwide.

IBG, Inc. is a holding company whose primary asset is the ownership of approximately [removed: 25.8%] [added: 26.3%] of the membership interests of IBG LLC, the current holding company for our businesses.

Since our inception, we have focused on developing proprietary software to automate [removed: broker\-dealer] [added: broker-dealer] functions.

[removed: Over four] [added: Nearly five] decades of developing our automated trading platforms and automating many middle- and back-office functions have allowed us to become one of the lowest cost providers of [removed: broker\-dealer] [added: broker-dealer] services and to significantly increase the volume of trades we handle.

We make available free of charge, on or through the investor relations section of our website, this Annual Report on Form [removed: 10\-K,] [added: 10-K,] Quarterly Reports on Form [removed: 10\-Q,] [added: 10-Q,] Current Reports on Form [removed: 8\-K] [added: 8-K] and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as well as proxy statements, registration statements, prospectus supplements and Section 16 filings for our directors and officers, as soon as reasonably practicable after we electronically file such material with, or furnish it to, the U.S. Securities and Exchange Commission (“SEC”).

In addition, our website includes information concerning purchases and sales of our equity securities by our executive officers and directors, as well as disclosure relating to certain [removed: non\-GAAP] [added: non-GAAP] financial measures, if any, (as defined in Regulation G) promulgated under the [removed: Securities Act of 1933, as amended (the “Securities Act”) and the Securities Exchange Act of 1934, as amended (the “Exchange Act”) that we may make public orally, telephonically, by webcast, by broadcast or by similar means from time to time.]

Our Investor Relations Department can be contacted at Interactive Brokers Group, Inc., Two Pickwick Plaza, Greenwich, Connecticut 06830, Attn: Investor Relations, [removed: e\-mail: investor\-relations@interactivebrokers.com.][added: e-mail: investor-relations@interactivebrokers.com.]

[removed: Our] [added: Our] Organizational Structure and Overview of Recapitalization Transactions

Our primary assets are our ownership of approximately [removed: 25.8%] [added: 26.3%] of the membership interests of IBG LLC, the current holding company for our businesses, and our controlling interest and related contractual rights as the sole managing member of IBG LLC.

The remaining approximately [removed: 74.2%] [added: 73.7%] of IBG LLC membership interests are held by IBG Holdings LLC (“Holdings”), a holding company that is owned directly and indirectly 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 presents the amount of IBG LLC membership interests held by IBG, Inc. and Holdings as of December 31, [removed: 2024.][added: 2025.]

Purchases of IBG LLC membership interests, held by Holdings, by the Company are governed by the exchange agreement among us, IBG LLC, Holdings and the historical members of IBG LLC, (the “Exchange Agreement”), a copy of which was filed as an exhibit to our Quarterly Report on Form [removed: 10\-Q] [added: 10-Q] for the quarter ended September 30, 2009 and filed with the SEC on November 9, 2009.

From 2011 through [removed: 2024,] [added: 2025,] the Company issued [removed: 40,444,445] [added: 165,613,780] shares of common stock (with a fair value of [removed: $2.0] [added: $2.2] billion) to Holdings in exchange for an equivalent number of shares of member interests in IBG LLC.

As an [removed: electronic] [added: automated] broker, we execute, clear and settle trades globally for both institutional and individual customers.

We offer our customers access to all tradable classes of primarily [removed: exchange\-listed] [added: exchange-listed] products, including stocks, options, futures, forex, bonds, mutual funds, ETFs, precious metals, cryptocurrencies, and forecast contracts traded on more than [removed: 160] [added: 170] electronic exchanges and market centers in [removed: 36] [added: 40] countries and in [removed: 28] [added: 29] currencies around the world.

Since the launching of our electronic brokerage business in 1993, we have grown to approximately [removed: 3.3] [added: 4.4] million institutional and individual brokerage customers.

We provide our customers with what we believe to be one of the most effective and efficient [removed: electronic] [added: automated] brokerage platforms in the industry.

We are able to provide our customers with [removed: high\-speed] [added: high-speed] trade execution at low commission rates, in large part because of our proprietary technology.

As a result of our advanced [removed: electronic] [added: automated] brokerage platform, we are especially attractive to sophisticated and active investors.

[removed: *IBKR] [added: *IBKR] Desktop* – [added: The] IBKR Desktop [removed: is our newest] trading [removed: platform,] [added: platform was] built from the ground up using [removed: modern] [added: leading edge] technology and a fresh user interface design.

This [removed: new] platform provides a clean, intuitive experience, making it easy for traders of all levels to navigate.

It [removed: offers] [added: delivers the core functionalities of TWS while offering] a highly customizable trading experience with a broad array of tools for technical and fundamental analysis, sophisticated charting capabilities and advanced order types, including conditional and algorithmic orders.

[removed: *IBKR] [added: *IBKR] Trader WorkstationSM* *(TWS)* – [removed: The] TWS is our flagship desktop trading platform, designed for seasoned, active traders who trade multiple products and require power and flexibility.

[removed: *IBKR] [added: *IBKR] Mobile* – The IBKR Mobile app provides experienced traders powerful trading tools and the same market-moving information as our desktop TWS trading platform.

[removed: *IBKR] [added: *IBKR] Client Portal* – The IBKR Client Portal is an easy-to-use web-based platform that requires no downloads.

[removed: Customers can deposit] [added: Deposit] in [removed: their] local currency and trade stocks at 90+ exchanges and options at 30+ market centers around the world.

Customers can also trade select U.S. [added: stocks and] ETFs around the [removed: clock, plus cryptocurrencies like Bitcoin, Bitcoin Cash, Ethereum and Litecoin, all from their mobile device.][added: clock.]

[removed: *IBKR] [added: *IBKR] APIs* – For our more sophisticated customers, IBKR APIs allows them to build custom trading applications and automate any part of the trading process to their specifications.

[removed: *IBKR] [added: *IBKR] ProSM* is the core IBKR service designed for sophisticated investors.

[removed: *IBKR] [added: *IBKR] LiteSM* provides unlimited commission-free trades on U.S. exchange-listed stocks and ETFs and low-cost access to global markets without required account minimums or platform fees to participating U.S. customers.

[removed: *IBKR] [added: *IBKR] Universal AccountSM* – From a single point of entry in their IBKR Universal1 [removed: Account*SM*,] [added: AccountSM,] our customers are able to transact in [removed: 28] [added: 29] currencies, across multiple classes of tradable, primarily [removed: exchange\-listed] [added: exchange-listed] products traded on more than [removed: 160] [added: 170] electronic exchanges and market centers in [removed: 36] [added: 40] countries around the world seamlessly.

[removed: *Request] [added: *Request] for Payment Service* – Through this banking service, U.S. customers can make instant deposits, 24 hours a day, from their mobile banking app or other bank portal to fund their brokerage account with us.

[removed: *Non-U.S.] [added: *Non-U.S.] Dollar Currency Deposits* – We support a host of deposit types using local payment systems outside the U.S. to facilitate convenient account funding for non-U.S. customers.

[removed: *Direct] [added: *Direct] Deposit and Mobile Check Deposit* – Our Direct Deposit program allows customers to automatically deposit paychecks, pension distributions and other recurring payments to their (non-retirement) brokerage account with us.

[removed: *Insured] [added: *Insured] Bank Deposit Sweep Program* – Our Insured Bank Deposit Sweep Program provides eligible customers with up to [removed: $2,500,000] [added: $5,000,000] of Federal Deposit Insurance Corporation (“FDIC”) insurance on their eligible cash balances [added: ($10,000,000 for joint accounts)] in addition to the existing $250,000 Securities Investor Protection Corporation (“SIPC”) coverage for total coverage of [removed: $2,750,000.][added: $5,250,000 ($10,250,000 for joint accounts).]

Cash balances above [removed: $2,750,000] [added: $5,250,000 ($10,250,000 for joint accounts)] remain subject to safeguarding under the SEC's Customer Protection Rule 15c3-3.

[removed: *Investors’] [added: *Investors’] MarketplaceSM* – The Investors’ MarketplaceSM is an electronic marketplace that brings together individual investors, financial advisors, money managers, fund managers, research analysts, technology providers, business developers and administrators, allowing them to interact to form connections and conduct business.

Overview

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 shares, per share amounts and stock incentive awards presented herein have been retroactively adjusted to reflect the stock split.

On August 28, 2025, we joined the S&P 500 Index.

Our inclusion in the S&P 500 represents a significant milestone in recognition of our financial performance, sustained profitability, market capitalization, technology-driven business model, consistent growth in client accounts and assets, and our position as a leading global automated brokerage platform serving individual and institutional customers worldwide.

Our addition to the S&P 500 has resulted in increased ownership by index funds and exchange-traded funds that track the index, broadening our institutional investor base and enhancing the liquidity and trading depth of our common stock.

Available Information

[Table of Contents](#toc_page)

Securities Act of 1933, as amended (the “Securities Act”) and the Securities Exchange Act of 1934, as amended (the “Exchange Act”) that we may make public orally, telephonically, by webcast, by broadcast or by similar means from time to time.


[Table of Contents](#toc_page)

| Ownership % | | 26.3% | | 73.7% | | 100.0% |

| Membership interests | | 445,612,825 | | 1,250,737,416 | | 1,696,350,241 |

Nature of Operations

*IBKR GlobalTrader –* IBKR GlobalTrader is a streamlined mobile app designed for investors who want an easy yet powerful way to trade around the world.

With version 2.0, customers gain access to smarter tools, faster execution, and expanded features that make global investing simpler than ever.

[Table of Contents](#toc_page)

2 See *https://www.interactivebrokers.com/lib/cstools/faq/#/content/182856890* for more information on the availability of cryptocurrencies for trading through our platform.

[Table of Contents](#toc_page)

*Precious Metals*

*London Unallocated Gold/Silver* – Customers in Europe and the United Kingdom (“U.K.”) can gain exposure to gold and silver through our unallocated metals contracts.

*Karta Visa Infinite Charge Card* – A premium U.S. charge card designed for our customers who operate across borders and markets.

The card seamlessly links to our customer’s account for monthly payments and gives our customers instant access to their cash anywhere in the world with no foreign transaction fees.

[Table of Contents](#toc_page)

*IBKR InvestMentorSM* *–* IBKR InvestMentor is a new mobile microlearning app developed by our wholly-owned subsidiary, Interactive Academy LLC.

IBKR InvestMentor is a fun and engaging way to learn about investing and personal finance.

Designed for users at any stage of their financial journey, the app offers a clear and interactive path to understanding key financial concepts.

*Investment Themes* – Investment Themes is an intuitive discovery tool that helps investors transform market trends into actionable trade ideas.

Integrated across IBKR's powerful trading platforms, Investment Themes streamlines research by linking companies, products, competitors, and regions across the entire S&P 1500 universe.

*Connections* – Connections gives investors a 360° view of the investment landscape surrounding any given stock.

Customers can explore companies, thematic trends, forecast contracts, and sector-aligned ETF's, as well as tradable instruments like futures, options and bonds.

Customers can also explore strategies tied to key economic indicators such as housing data and interest rates, to identify opportunities or hedge exposure.

[Table of Contents](#toc_page)

*Ask IBKR* – Ask IBKR is an innovative AI-powered tool that lets customers interact with their portfolios using plain English.

Ask IBKR provides fast, actionable insights directly inside the platform.

*Close Specific Lots* – Close Specific Lots lets customers choose exactly which shares to sell to manage taxes, control risk, and follow an investment plan.

Customers can reduce capital gains by selling higher-cost shares or realize losses to offset gains elsewhere.

When holding both short- and long-term lots, they can select which to sell based on tax objectives.

Overview

Available Information

![A diagram of a company's company

AI-generated content may be incorrect.](https://www.sec.gov/Archives/edgar/data/1381197/000138119725000036/ibkr-20241231x10kg001.jpg)

| Ownership % | | 25.8% | | 74.2% | | 100.0% |

| Membership interests | | 108,931,614 | | 313,643,354 | | 422,574,968 |

Nature of Operations

*IBKR GlobalTrader* *–* The IBKR GlobalTrader is a streamlined mobile trading app to trade stocks, EFTs, options and cryptocurrencies worldwide.

The desk sources

Technology

We generally do not engage in any business that we cannot automate and incorporate into our platform prior to entering the business.

Virtually all our software has been developed and maintained with a unified purpose.

and penny-priced orders because it increases the possibility of best possible executions for our customers ahead of customers of other brokers.

As a result of this feature, our customers have a greater chance of executing limit orders and can do so sooner than those who use less sophisticated routers.

Customers

Human Capital

As of December 31, 2024, we had 2,998 employees across 28 locations globally.

We aim to attract, develop and retain employees to drive our business forward.

To help our employees thrive at work and at home, we offer industry-leading benefits programs, including paid leave time for all parents, adoption and fertility support, childcare support, mental health services, and healthcare travel reimbursement.

In the U.S., we fund healthcare premiums at no cost to employees.

We conducted an employee experience survey and had a 76% companywide participation rate.

The results indicated high engagement and confidence from our employees in our business.

As a follow up to the survey, we are taking several actions including enhanced leadership communications and additional opportunities for career development.

We believe these changes will continue to foster a collaborative team and strong culture.

Our Mentorship Program fosters connection and development.

This program is open to all employees globally, and each mentor is carefully selected by our talent team to complement the mentee’s unique development profile.

The mentors were provided training and guidance on how to best support their mentees.

Our 2024 Intern Class has representation from a range of universities.

We created an extensive program for the interns to allow them to network within and outside the Company.

This year, we donated to the Food Bank of Lower Fairfield County in Connecticut, which is where our headquarters are located.

Worldwide, we have supported numerous causes that are important to our communities and our employees.

We focus on equipping employees with essential skills for current and future success.

We continue investing in our IBKR Training Portal, now hosting over 1,000 on-demand and live courses, alongside specialized external training providers and certification bodies.

In addition to personal development programs, all employees complete a robust regulatory training curriculum.

Topics include Anti-Money Laundering, Anti-Sexual Harassment, Anti-Bribery and Corruption, Sanctions, Cybersecurity, and Data Privacy.

This year we have strengthened our management training curriculum by addressing core leadership competencies and by focusing on our culture.

Our offering included new manager development programs, a 360-degree feedback system, and focused training in communication and project management.

Our Workforce

Our workforce is important to us, which is why we prioritize a merit-based culture.

We are dedicated to attracting and developing a global workforce from multiple communities around the world.

Compliance and trading problems that are reported to federal, state and provincial regulators, exchanges or other [removed: self\-regulatory] [added: self-regulatory] organizations by dissatisfied customers are investigated by such regulatory bodies, and, if pursued by such regulatory body or such customers, may rise to the level of arbitration or disciplinary action.

Our businesses are heavily regulated by state, federal and foreign regulatory agencies as well as numerous exchanges and [removed: self\-regulatory] [added: self-regulatory] organizations.

Most of our companies are regulated under some or all of the following: state securities laws, U.S. and foreign securities, commodities and financial services laws and the rules of the more than [removed: 160] [added: 170] exchanges, market centers and [removed: self\-regulatory] [added: self-regulatory] organizations of which one or more of our companies may be members.

[removed: In the current era of] [added: Due to] heightened regulatory scrutiny of financial institutions, we have incurred increased compliance costs, along with the industry as a whole.

We are generally the subject of regulatory inquiries regarding subjects including, but not limited to: audit trail reporting, trade reporting, best execution and order execution procedures, display of market data, short sales, margin lending, exchange fees charged to customers, [removed: anti\-money] [added: anti-money] laundering or potentially manipulative trading by customers, sanctions compliance, procedures for accounts managed by independent financial advisors or referred by third parties, technology development practices, registration, record-keeping, business continuity planning, [removed: cybersecurity] [added: cybersecurity, forecast contracts] and other topics of recent regulatory interest.

[removed: In the current climate, we] [added: We] expect to pay significant [removed: and increasing] regulatory fines on various topics on an ongoing basis, as other regulated financial services businesses do.

[removed: ‎ITEM] [added: ‎ITEM] 4.

[removed: MINE] [added: MINE] SAFETY DISCLOSURES

[Table of Contents](#toc_page)

PART II

PART II

For the year ended December [removed: 31, 2024][added: 31, 2025]

Indicate by check mark whether the registrant is a [removed: well\-known] [added: well-known] seasoned issuer, as defined in Rule 405 of the securities act.

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation [removed: S\-T] [added: S-T] during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a [removed: non\-accelerated] [added: 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 [removed: 12b\-2] [added: 12b-2] of the Exchange Act.

| Large accelerated filer x | Accelerated filer o | [removed: Non\-accelerated] [added: Non-accelerated] filer o | Smaller reporting company o | Emerging growth company o |

Indicate by check mark whether the registrant is a shell company (as defined in Rule [removed: 12b\-2] [added: 12b-2] of the Exchange Act).

The aggregate market value of the voting and [removed: non\-voting] [added: non-voting] common equity stock held by [removed: non\-affiliates] [added: non-affiliates] of the registrant was approximately [removed: 12,885,708,490] [added: $23,755,862,670] computed by reference to the [removed: $122.60] [added: $55.41] closing sale price of the common stock on the Nasdaq Global Select Market, on June [removed: 28, 2024,] [added: 30, 2025,] the last business day of the registrant’s most recently completed second fiscal quarter.

As of February [removed: 21, 2025,] [added: 23, 2026,] there were [removed: 108,931,614] [added: 445,439,458] shares of the issuer’s Class A common stock, par value $0.01 per share, outstanding and [removed: 100] [added: 400] shares of the issuer’s Class B common stock, par value $0.01 per share, outstanding.

Documents Incorporated by Reference: Portions of Registrant’s definitive proxy statement for its [removed: 2025] [added: 2026] annual meeting of shareholders are incorporated by reference in Part III of this Form [removed: 10\-K.][added: 10-K.]

ANNUAL REPORT ON FORM [removed: 10\-K] [added: 10-K] FOR THE YEAR ENDED DECEMBER 31, [removed: 2024][added: 2025]

[removed: Table of Contents][added: [Table of Contents](#toc_page)]

| [added: |] [Cautionary Note Regarding Forward Looking [removed: Statements](#CautionaryNote) | |] [added: Statements](#cautionary_note_regarding_forward_l)] | 1 |

| PART I | | | [removed: |]

| ITEM 1 | [removed: | [Business](#Business)] [added: [Business](#business)] | 2 |

| | [removed: | [Overview](#Overview)] [added: [Overview](#overview)] | 2 |

| | [removed: |] [Available [removed: Information](#Available_Info)] [added: Information](#available_information)] | 2 |

| | [removed: |] [Our Organizational Structure and Overview of Recapitalization [removed: Transaction](#Org_Structure)s] [added: Transactions](#our_organizational_structure_and_overvie)] | 3 |

| | [removed: |] [Nature of [removed: Operations](#Nature_Operations)] [added: Operations](#nature_of_operations)] | 4 |

| | [removed: | [Technology](#Technology)] [added: [Technology](#technology)] | 10 |

| | [removed: |] [Clearing and [removed: Margining](#Clearing_Margining)] [added: Margining](#clearing_and_margining)] | 12 |

| | [removed: |] [Risk Management [removed: Activities](#Risk_Mgmt_Activitie)] [added: Activities](#risk_management_activities)] | 12 |

| | [removed: | [Customers](#Customers)] [added: [Customers](#customers)] | 13 |

| | [removed: |] [Human [removed: Capital](#Human_Capital)] [added: Capital](#human_capital)] | 13 |

| | [removed: | [Competition](#Competition)] [added: [Competition](#competition)] | [removed: 14] [added: 15] |

| | [removed: | [Regulation](#Regulation)] [added: [Regulation](#regulation)] | 15 |

| ITEM 1A | [removed: |] [Risk [removed: Factors](#RiskFactors)] [added: Factors](#risk_factors)] | 19 |

| ITEM 1B | [removed: |] [Unresolved Staff [removed: Comments](#UnresolvedStaffComments)] [added: Comments](#unresolved_staff_comments)] | [removed: 34] [added: 32] |

| ITEM 1C | [removed: | [Cybersecurity](#Cybersecurity)] [added: [Cybersecurity](#cybersecurity)] | [removed: 35] [added: 33] |

| ITEM 2 | [removed: | [Properties](#Properties)] [added: [Properties](#properties)] | [removed: 36] [added: 34] |

| ITEM 3 | [removed: |] [Legal Proceedings and Regulatory [removed: Matters](#LegalProceedings)] [added: Matters](#legal_proceedings_and_reg)] | [removed: 37] [added: 35] |

| ITEM 4 | [removed: |] [Mine Safety [removed: Disclosures](#MineSafety)] [added: Disclosures](#mine_safety_disclosures)] | [removed: 37] [added: 35] |

| PART II | | | [removed: |]

| ITEM 5 | [removed: |] [Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity [removed: Securities](#MarketForCommonEquity)] [added: Securities](#market_for_regist)] | [removed: 38] [added: 36] |

| ITEM 6 | [removed: | [Reserved](#Reserved)] [added: [Reserved](#reserved)] | [added: 37] |

| ITEM 7 | [removed: |] [Management’s Discussion and Analysis of Financial Condition and Results of [removed: Operations](#MDA)] [added: Operations](#managements_discussion_and_anal)] | [removed: 40] [added: 38] |

| | [removed: |] [Business [removed: Overview](#Business_Overview)] [added: Overview](#business_overview)] | [removed: 40] [added: 38] |

| | [removed: |] [Business [removed: Environment](#Business_Environment)] [added: Environment](#business_environment)] | [removed: 40] [added: 38] |

| | [removed: |] [Financial [removed: Overview](#Financial_Overview)] [added: Overview](#financial_overview)] | [removed: 41] [added: 39] |

| | [removed: |] [Certain Trends and [removed: Uncertainties](#Certain_Trends_Uncertainties)] [added: Uncertainties](#certain_trends_and_uncertainties)] | [removed: 43] [added: 40] |

[Table of Contents](#toc_page)

Table of Contents

| | | |

| --- | --- | --- |

| ITEM 16 | [10-K Summary](#ten_k_summary) | 109 |

[Table of Contents](#toc_page)

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| | | | |

| --- | --- | --- | --- |

| ITEM 16 | | [10-K Summary](#Summary_10K) | 118 |

[Table of Contents](#toc_page)

Moreover, such risks [removed: have been increasing over time, due] [added: continue] to [added: evolve as a result of] the growing sophistication of cyber threat actors, geo-political instability, and advances in technology, such as AI, which [removed: are known to have been] [added: may be] misused in cyber-attacks.

The Company’s management, including the Company’s Executive Vice President [added: ("EVP")] of Technology and Chief Information Security Officer (“CISO”), are responsible for assessing and managing material risks from cybersecurity threats.

Where necessary, business continuity plans are [removed: mobilized] [added: invoked] to minimize disruption to business operations.

CMC’s membership includes the Chief Executive Officer (“CEO”), the Chief Financial Officer, the [removed: Executive Vice President] [added: EVP] of Technology, the CISO, and other senior leaders.

Our Board of Directors receives periodic updates on cybersecurity matters and the overall state of our cybersecurity program from our CEO (based on consultation with our [removed: CISO] [added: EVP of Technology, CISO,] and other senior members of our Information Security [removed: and/or] [added: and] Technology teams).

[Table of Contents](#toc_page)

The table below presents certain information with respect to our leased facilities as of December 31, [removed: 2024.][added: 2025.]

| Location | | Space (sq. feet) | | Principal Usage | [removed: | |]

| North America | | | | | [removed: | |]

| | Greenwich, CT | 163,510 | | Headquarters | [removed: | |]

| | Chicago, IL | [removed: 100,871] [added: 163,106] | | Office space and data center | [removed: | |]

| | New York, NY | [removed: 16,940] [added: 22,916] | | Office space | [removed: | |]

| | Other (11 locations) | [removed: 39,328] [added: 37,252] | | Office space and data center | [removed: | |]

| Europe | | | | | [removed: | |]

| | Zug, Switzerland | 36,635 | | Office space | [removed: | |]

| | Budapest, Hungary | [removed: 32,829] [added: 29,073] | | Office space | [removed: | |]

| | Dublin, Ireland | 17,982 | | Office space and data center | [removed: | |]

| | London, United Kingdom | 17,457 | | Office space | [removed: | |]

| | Tallinn, Estonia | 12,731 | | Office space | [removed: | |]

| | Other (4 locations) | [removed: 2,769] [added: 2,762] | | Office space and data center | [removed: | |]

| Asia - Pacific | | | | | [removed: | |]

| | Mumbai, India | [removed: 81,553] [added: 198,423] | | Office space and data center | [removed: | |]

| | Hong Kong | 26,020 | | Office space and data center | [removed: | |]

| | Other (9 locations) | [removed: 19,836] [added: 18,186] | | Office space and data center | [removed: | |]

| | | | | |

| --- | --- | --- | --- | --- |

| | | | | |

| | | | | |

| | | | | |

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| | | | | | | |

| --- | --- | --- | --- | --- | --- | --- |

‎

As of February [removed: 19, 2025,] [added: 18, 2026,] there were [removed: 39] [added: 59] holders of record, which does not reflect those shares held beneficially or those shares held in “street” name.

We currently intend to pay quarterly dividends of [removed: $0.25] [added: $0.08] per share to our common stockholders for the foreseeable future.

The graph below compares cumulative total stockholder return on our common stock, the S&P 500 Index and the Nasdaq [removed: Financial\-100] [added: Financial-100] Index from December 31, [removed: 2019] [added: 2020] to December 31, [removed: 2024.][added: 2025.]

The comparison assumes $100 was invested on December 31, [removed: 2019] [added: 2020] in our common stock and each of the foregoing indices and assumes reinvestment of dividends before consideration of income taxes.

[removed: ][added: ]

[removed: The] [added: The] Nasdaq Financial\-100 Index includes 100 of the largest domestic and international financial securities listed on The Nasdaq Stock Market based on market capitalization.

[removed: The] [added: The] S&P 500 Index includes 500 large cap common stocks actively traded in the U.S. The stocks included in the S&P 500 are those of large publicly held companies that trade on either of the two largest American stock markets, the New York Stock Exchange and Nasdaq.

On July [removed: 25, 2024,] [added: 30, 2025,] the Company filed a Prospectus Supplement on Form 424B5 (File Number 333-273451) with the SEC to issue [removed: 333,000] [added: 3,836,000] shares of common stock (with a fair value of [removed: $39] [added: $254] million) in exchange for an equivalent number of shares of member interests in IBG LLC, in accordance with the Exchange Agreement.

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 pursuant to the Company’s amended 2007 Stock Incentive Plan, IBG, Inc.’s interest in IBG LLC has increased to approximately [removed: 25.8%,] [added: 26.3%,] with Holdings owning the remaining [removed: 74.2%] [added: 73.7%] as of December 31, [removed: 2024.][added: 2025.]

The redemptions also resulted in an increase in the Holdings interest held by Mr. Thomas Peterffy and his affiliates from approximately 84.6% at the IPO to approximately [removed: 91.4%] [added: 91.6%] as of December 31, [removed: 2024.][added: 2025.]

The table below presents information about shares of common stock available for future awards under all the Company’s equity compensation plans as of December 31, [removed: 2024.][added: 2025.]

| approved by security holders | N/A | | N/A | | [removed: 9,420,112] [added: 35,930,685] |

[removed: (1)Amount] [added: Amount] represents restricted stock units available for future issuance of grants under the Company’s amended 2007 Stock Incentive Plan (the “Plan”).

On April 20, 2023, the Company’s stockholders approved an additional [removed: 10,000,000] [added: 40,000,000] shares to be distributed under the Plan.

This increased the total number of shares available to be distributed under the Plan to [removed: 40,000,000] [added: 160,000,000] shares, from [removed: 30,000,000] [added: 120,000,000] shares.

[Table of Contents](#toc_page)

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.

| Total | — | | — | | 35,930,685 |

(1)

___________________________

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 630,000 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, increase assets held with the Company’s brokerage business and enhance customer loyalty.

The Company has authorized a total of 1,000,000 shares of common stock to be issued under these promotions.

From 2019 through 2024, the Company issued 620,000 shares to IBG LLC for distribution to eligible customers of certain of its subsidiaries.

| Total | — | | — | | 9,420,112 |

[Table of Contents](#toc_page)

‎

| [Report of Independent Registered Public Accounting Firm (PCAOB ID [removed: No.](#Audit_Opinion) 34)] [added: No. 34)](#report_of_independent_registered_public)] | [removed: 67] | [added: 61 |]

| [Consolidated Statements of Financial [removed: Condition](#BalanceSheet)] [added: Condition](#consolidated_statements_of_financial_con)] | [removed: 69] | [added: 63 |]

| [Consolidated Statements of Comprehensive [removed: Income](#IS)] [added: Income](#statements_of_comprehensive_income)] | [removed: 70] | [added: 64 |]

| [Consolidated Statements of Cash [removed: Flows](#StatementOfCashFlows)] [added: Flows](#consolidated_statements_of_cash_flows)] | [removed: 71] | [added: 65 |]

| [Consolidated Statements of Change in [removed: Equity](#SSE)] [added: Equity](#statements_of_changes_in_equity)] | [removed: 72] | [added: 66 |]

| [Notes to Consolidated Financial [removed: Statements](#FinancialStatementNotes)] [added: Statements](#notes_to_financials)] | [removed: 73] | [added: 67 |]

| [Note 1. Organization of [removed: Business](#FN1)] [added: Business](#notes_to_financials)] | [removed: 73] | [added: 67 |]

| [Note 2. Significant Accounting [removed: Policies](#FN2)] [added: Policies](#significant_accounting_policies)] | [removed: 73] | [added: 67 |]

| [Note 3. Trading Activities and Related [removed: Risks](#FN3)] [added: Risks](#trading_activities_and_related_risks)] | [removed: 83] | [added: 76 |]

| [Note 4. Equity and Earnings per [removed: Share](#FN4)] [added: Share](#equity_and_earnings_per_share)] | [removed: 84] | [added: 77 |]

| [Note 5. Comprehensive [removed: Income](#FN5)] [added: Income](#comprehensive_income)] | [removed: 87] | [added: 80 |]

| [Note 6. Financial Assets and Financial [removed: Liabilities](#FN6)] [added: Liabilities](#financial_assets_and_financial_liabil)] | [removed: 88] | [added: 81 |]

| [Note 7. Collateralized [removed: Transactions](#FN7)] [added: Transactions](#collateralized_transactions)] | [removed: 94] | [added: 88 |]

| [Note 8. Revenue from Contracts with [removed: Customers](#FN8)] [added: Customers](#revenues_from_contracts_with_customers)] | [removed: 95] | [added: 89 |]

| [Note 9. Other Income [removed: (Loss)](#FN9)] [added: (Loss)](#other_income_loss)] | [removed: 98] | [added: 91 |]

| [Note 10. Employee Incentive [removed: Plans](#FN10)] [added: Plans](#employee_incentive_plans)] | [removed: 98] | [added: 91 |]

| [Note 11. Income [removed: Taxes](#FN11)] [added: Taxes](#income_taxes)] | [removed: 100] | [added: 93 |]

| [Note 12. [removed: Leases](#FN12)] [added: Leases](#leases)] | [removed: 102] | [added: 96 |]

| [Note 13. Property, Equipment and Intangible [removed: Assets](#Note_13)] [added: Assets](#property_equipment_and_intangible)] | [removed: 103] | [added: 97 |]

| [Note 14. Commitments, Contingencies and [removed: Guarantees](#FN14)] [added: Guarantees](#commitments_contingencies_and_guarante)] | [removed: 103] | [added: 97 |]

| [Note 15. Segment Reporting and Geographic [removed: Information](#FN15)] [added: Information](#segment_reporting_and_geographic_informa)] | [removed: 106] | [added: 99 |]

| [Note 16. Regulatory [removed: Requirements](#FN16)] [added: Requirements](#regulatory_requirements)] | [removed: 107] | [added: 100 |]

| [Note 17. Related Party [removed: Transactions](#Related_Party)] [added: Transactions](#related_party_transactions)] | [removed: 108] | [added: 101 |]

| [Note 18. Parent Company Condensed Financial [removed: Statements](#FN18)] [added: Statements](#parent_company_condensed_financial_state)] | [removed: 109] | [added: 102 |]

| [Note 19. Subsequent [removed: Events](#FN19)] [added: Events](#subsequent_events)] | [removed: 110] | [added: 103 |]

REPORT OF [removed: INDEPENDENT REGISTERED PUBLIC] [added: INDEPENDENT REGISTERED PUBLIC] ACCOUNTING FIRM

We have audited the accompanying consolidated statements of financial condition of Interactive Brokers Group, Inc. and subsidiaries (the "Company") as of December 31, [removed: 2024] [added: 2025] and [removed: 2023,] [added: 2024,] the related consolidated statements of comprehensive income, cash flows and changes in equity, for each of the three years in the period ended December 31, [removed: 2024,] [added: 2025,] and the related [added: notes] (collectively referred to as the "financial statements").

In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, [removed: 2024] [added: 2025] and [removed: 2023,] [added: 2024,] and the results of its operations and its cash flows for each of the three years in the period ended December 31, [removed: 2024,] [added: 2025,] in conformity with accounting principles generally accepted in the United States of America.

We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company's internal control over financial reporting as of December 31, [removed: 2024,] [added: 2025,] based on criteria established in [removed: *Internal] [added: Internal] Control — Integrated Framework [removed: (2013)*] [added: (2013)] issued by the Committee of Sponsoring Organizations of the Treadway Commission and our report dated February 27, [removed: 2025,] [added: 2026,] expressed an unqualified opinion on the Company's internal control over financial reporting.

Performing audit procedures to evaluate the reasonableness of management’s interpretation of tax law in a multitude of jurisdictions across the Company’s global operations, and its estimate of the associated income tax [removed: expense] [added: expense,] and deferred tax assets and [removed: liabilities,] [added: liabilities] required a high degree of auditor judgment and increased effort, including the need to involve our income tax specialists.

[removed: \-Testing] [added: Testing] the [removed: operating] effectiveness of controls over income tax balances and deferred tax assets and liabilities.

[removed: \-Evaluating] [added: Evaluating] the Company’s income tax expense calculation, including testing the appropriateness of income tax rates applied and of income allocations among the taxing jurisdictions, and the mathematical accuracy of the calculation.

[removed: \-Evaluating] [added: Evaluating] the Company’s analyses supporting its conclusions as to the recognition and measurement of deferred tax assets and liabilities.

[removed: \-Evaluating] [added: Evaluating] management’s assessment of the Company’s ability to utilize the net deferred tax assets in future years.

[removed: Interactive Brokers] [added: Interactive Brokers] Group, Inc. and Subsidiaries

[removed: Consolidated Statements of Financial Condition][added: | | | of Financial | | | | | | Consolidated | | | | | | Consolidated | | | | | Statements of | | | | | | | | |]

| | | December 31, | | | | | [added: | | | |]

| (in millions, except share [added: or per share] amounts) | | [added: 2025 | | |] 2024 | | | 2023 | |

| Assets | | | | | | | [added: | | | |]

| Cash and cash equivalents | | [removed: $] | [added: 4,963 | | |] 3,633 | | [removed: $] | 3,753 |

| | | |

| --- | --- | --- |

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[Table of Contents](#toc_page)

February 27, 2026

[Table of Contents](#toc_page)

| Total assets | | $ | | 203,240 | | | $ | | 150,142 | |

| Class A – Authorized - 4,000,000,000 shares, Issued - 446,130,605 and 436,244,236 shares, Outstanding – 445,413,716 and 435,618,452 shares as of December 31, 2025 and December 31, 2024 | | | | 1 | | | | | 1 | |

| Accumulated other comprehensive income, net of income taxes of $0 as of both December 31, 2025 and December 31, 2024 | | | | 56 | | | | | (45 | ) |

[Table of Contents](#toc_page)

| Basic | | $ | 2.23 | | $ | 1.75 | | $ | 1.43 |

| Diluted | | $ | 2.22 | | $ | 1.73 | | $ | 1.42 |

| Basic | | | 440,931,909 | | | 432,448,796 | | | 419,860,200 |

| Diluted | | | 443,859,546 | | | 436,011,752 | | | 423,387,508 |

| Net income available for common stockholders | | $ | 984 | | $ | 755 | | $ | 600 |

[Table of Contents](#toc_page)

| Non-cash capital contribution | | | 3 | | | — | | | — |

| Cash, cash equivalents and restricted cash at end of period | | $ | 55,295 | | $ | 40,233 | | $ | 32,593 |

| Advertising expenses paid by noncontrolling interests | | $ | (3) | | $ | — | | $ | — |

[Table of Contents](#toc_page)

Consolidated Statements of Changes in Equity

| Contributions to IBG LLC by noncontrolling interests with no change in proportionate ownership 3 | | | | | | | | | | | | | | | | | | | | | | | 3 | | | 3 |

| Comprehensive income | | | | | | | | | | | | | | 984 | | | 101 | | | 1,085 | | | 3,663 | | | 4,748 |

| Balance, December 31, 2025 | | 446,130,605 | | $ | 1 | | $ | 1,957 | | $ | (16) | | $ | 3,365 | | $ | 56 | | $ | 5,363 | | $ | 15,109 | | $ | 20,472 |

(1)

(2)

In April of 2025, the Company increased the quarterly dividend from $0.0625 per share to $0.08 per share.

(3)

See Note 17 for further information.

[Table of Contents](#toc_page)

Organization of Business

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 shares, per share amounts and stock incentive awards presented herein have been retroactively adjusted to reflect the stock split.

These estimates

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[Table of Contents](#toc_page)

| | | $ | 26,521 | | $ | 27,846 |

(1)

| | |

| --- | --- |

*‎*

February 27, 2025

| | | | | | | |

| --- | --- | --- | --- | --- | --- | --- |

| Class A – Authorized - 1,000,000,000, Issued - 109,061,059 and 107,178,928 shares, Outstanding – 108,904,613 and 107,045,894 shares as of December 31, 2024 and 2023 | | | 1 | | | 1 |

| | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Basic | | $ | 6.99 | | $ | 5.72 | | $ | 3.78 |

| Diluted | | $ | 6.93 | | $ | 5.67 | | $ | 3.75 |

| Basic | | | 108,112,199 | | | 104,965,050 | | | 100,460,016 |

| Diluted | | | 109,002,938 | | | 105,846,877 | | | 101,299,609 |

Interactive Brokers Group, Inc. and Subsidiaries

| Impairment loss | | | — | | | — | | | 1 |

| Balance, December 31, 2021 | | 98,359,572 | | $ | 1 | | $ | 1,442 | | $ | (5) | | $ | 953 | | $ | 4 | | $ | 2,395 | | $ | 7,827 | | $ | 10,222 |

| Comprehensive income | | | | | | | | | | | | | | 380 | | | (26) | | | 354 | | | 1,377 | | | 1,731 |

___________________________

Notes to Consolidated Financial Statements

Organization of Business

| | | $ | 27,846 | | $ | 35,386 |

| | | $ | 235 | | $ | 210 |

______________________

Crypto-assets safeguarding liability and corresponding safeguarding asset

On January 30, 2025, the SEC issued Staff Accounting Bulletin No. 122 (“SAB 122”) rescinding the interpretative guidance in the Staff Accounting Bulletin No. 121 (“SAB 121”) which required an entity to recognize a safeguarding liability, with a corresponding asset, when an entity has a safeguarding obligation to its customers.

SAB 121 required the safeguarding liability to be recorded at the fair value of the crypto-assets being safeguarded with consideration of potential loss events that could result in the corresponding asset being different from the safeguarding liability.

SAB 121 also required entities to provide additional disclosures about the nature and amount of crypto assets being safeguarded, as well as any vulnerabilities related to concentrations in crypto-asset safeguarding.

SAB 122, also states that an entity that has an obligation to safeguard crypto-assets for others should determine whether to recognize a liability related to the risk of loss under such an obligation, and if so, the measurement of such a liability, by applying the recognition and measurement requirements in accordance with FASB ASC Subtopic 450-20, “Loss Contingencies.” As of December 31, 2024, 2023 and 2022, respectively, no loss events have been identified.

The Company early adopted SAB 122 with retrospective application to all prior periods presented.

Previously reported amounts in the consolidated statements of financial condition and notes to the consolidated financial statements have been adjusted, as follows:

| | | As Reported | | | Adjustment | | | As Adjusted | |

| Total assets | | $ | 128,423 | | $ | (172) | | $ | 128,251 |

| Total payables | | $ | 102,799 | | $ | (172) | | $ | 102,627 |

| Total liabilities | | $ | 114,356 | | $ | (172) | | $ | 114,184 |

(1)For the consolidated statements of cash flow, the Company considered the change in the crypto-asset safeguarding asset and the crypto-asset safeguarding liability to be non-cash items and were not included in the change in “Other assets” and “Other payables” lines in the consolidated statements of cash flows.

As a result, there is no impact to periods prior to the year ended December 31, 2023.

A significant number of other countries have either already or are expected to implement similar legislation with varying effective dates.

‎

| | | | | |

| --- | --- | --- | --- | --- |

Under the supervision and with the participation of our management, including our CEO and our CFO, we conducted an evaluation of our disclosure controls and procedures; as such term is defined under Exchange Act Rule [removed: 13a\-15(e).][added: 13a-15(e).]

Management, including our CEO and our CFO, assessed the effectiveness of IBG, Inc.’s internal control over financial reporting as of December 31, [removed: 2024.][added: 2025.]

In making this assessment, management used the criteria set forth in Internal [removed: Control\-Integrated] [added: Control-Integrated] Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (“COSO”).

Based on management’s assessment and those criteria, management concluded that IBG, Inc. maintained effective internal control over financial reporting as of December 31, [removed: 2024.][added: 2025.]

The effectiveness of the Company’s internal control over financial reporting as of December 31, [removed: 2024,] [added: 2025,] has been audited by Deloitte & Touche LLP, an independent registered public accounting firm, as stated in their report, which appears herein.

No changes to our internal control over financial reporting for the year ended December 31, [removed: 2024] [added: 2025] have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

We have audited the internal control over financial reporting of Interactive Brokers Group, Inc. and subsidiaries (the “Company”) as of December 31, [removed: 2024,] [added: 2025,] based on criteria established in *Internal Control — Integrated Framework (2013)* issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).

In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, [removed: 2024,] [added: 2025,] based on criteria established in *Internal Control — Integrated Framework (2013)* issued by COSO.

We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated [added: financial] statements as of and for the year ended December 31, [removed: 2024,] [added: 2025,] of the Company and our report dated February [removed: 27, 2025,] [added: 26, 2026,] expressed an unqualified opinion on those financial statements.

[Table of Contents](#toc_page)

February 27, 2026

[Table of Contents](#toc_page)

February 27, 2025

[removed: During the quarter ended December 31, 2024, none of our directors] [added: Other than as disclosed above, no other director] or [removed: officers] [added: officer] adopted, modified or terminated a contract, instruction or written plan for the purchase or sale of our securities intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) or a “non-Rule 10b5-1 trading arrangement”, as defined in Item 408(c) of Regulation S-K.

Rule 10b5-1 Trading Plans

The following table discloses the adoption of Rule 10b5-1 trading plans for the sale of shares of our common stock by our directors and officers (as defined in Rule 16a-1(f) under the Securities Exchange Act of 1934, as amended) during the three months ended December 31, 2025, each of which is intended to satisfy the affirmative defense conditions of Rule 10b-51(c) under the Exchange Act.

| | | | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Name | | Title | | Plan Adoption and/or Termination | | Plan Adoption Date | | Plan Expiration Date 1 | | Purchase or Sale | | Aggregate Number of IBKR shares to be Sold/Purchased | |

| Lori Conkling | | Director (Independent) | | Adoption | | October 27, 2025 | | October 30, 2027 | | Purchase | | 550 | |

(1)

Or upon the earlier completion of all authorized transactions under the plan.

[removed: -] “Item 1 - Election of Directors”

[removed: -] “Item 1 - Election of Directors - Board Meetings and Committees”

| Thomas Peterffy | [removed: 80] [added: 81] | | Chairman of the Board of Directors |

| Earl H. Nemser | [removed: 78] [added: 79] | | Vice Chairman and Director |

| Milan Galik | [removed: 58] [added: 59] | | Chief Executive Officer, President and Director |

| Paul J. Brody | [removed: 64] [added: 65] | | Chief Financial Officer, Treasurer, Secretary and Director |

| Thomas [removed: A.] [added: AJ] Frank | [removed: 69] [added: 70] | | Executive Vice President |

| Lawrence E. Harris | [removed: 68] [added: 69] | | Director (Independent) |

| William Peterffy | [removed: 35] [added: 36] | | Director |

| Nicole Yuen | [removed: 62] [added: 63] | | Director (Independent) |

| Jill Bright | [removed: 62] [added: 63] | | Director (Independent) |

| Richard Repetto | [removed: 66] [added: 67] | | Director (Independent) |

Keenan Chair [added: Emeritus] in Finance at the [added: University of Southern California] Marshall School of Business.

Dr. Harris also serves as trustee of the Davis Fundamental ETF [removed: Trust] [added: Trust,] and as the research coordinator of the Institute for Quantitative Research in Finance.

Before joining Credit Suisse, Ms. Yuen worked at UBS for 18 years [added: and was formerly a Managing Director,] holding various leadership positions, across investment banking and securities divisions in Asia.

Ms. Yuen now also sits on the board of [added: Invesco] Asia Dragon Trust plc as an independent non-executive director.

Ms. Bright is currently a Board Director and Chair of the [removed: Compensation] [added: Human Resource] Committee for [removed: WideOpenWest (WOW)] [added: Pursuit (PRSU)] and [removed: also serves] [added: previously served] as a Board Director and Chair of the [removed: Human Resource] [added: Compensation] Committee for [removed: Pursuit (PRSU).][added: WideOpenWest (WOW).]

Information relating to our Code of Business Conduct and Ethics is included in Part I, Item 1 of this Annual Report on Form [removed: 10\-K.][added: 10-K.]

| Lori Conkling | 54 | | Director (Independent) |

[Table of Contents](#toc_page)

Dr. Harris is the Fred V.

Mr. Repetto is also a board member and is on the audit committee of Tradeweb Markets, Inc.

[Table of Contents](#toc_page)

*Lori Conkling –* Ms. Conkling has been a director since April 2025.

Ms. Conkling has over 25 years of experience in business-to-business and consumer media.

She is the Head of TV and Film Licensing at Netflix, one of the world’s leading entertainment services.

Ms. Conkling recently served as the Global Head of TV, Film and Sports, YouTube and YouTube TV for Google, where she was also a member of YouTube’s GenAI Advisory Committee.

Ms. Conkling previously led strategic development for NBC Universal’s corporate Digital Enterprises team, focusing on growing brands via digital channels and social media platforms.

Ms. Conkling is currently on the Board of Visitors for the Fuqua School of Business at Duke University, where Ms. Conkling completed her MBA.

Dr. Harris is a professor of Finance and Business Economics at the University of Southern California, where he holds the Fred V.

[removed: -] “Compensation of Directors”

[removed: -] “Executive Compensation”

[removed: -] “Certain Relationships and Related Transactions”

[removed: -] “Item 2 - Ratification of Appointment of Independent Registered Public Accounting Firm”

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PART IV

PART IV

[removed: 1.Consolidated] [added: Consolidated] Financial Statements

The consolidated financial statements required to be filed in the Annual Report on Form [removed: 10\-K] [added: 10-K] are listed on page 59 hereof and in Part II, Item 8 hereof.

[removed: 2.Exhibits][added: Exhibits]

| [removed: Exhibit‎Number] [added: Exhibit ‎Number] | [added: |] Description |

| [removed: 3.1] [added: 10.6] | [removed: [Amended and Restated Certificate of Incorporation of Interactive] [added: | [Interactive] Brokers Group, Inc. [added: 2007 ROI Unit Stock Plan.] (filed as Exhibit [removed: 3.1] [added: 10.9] to Amendment No. 2 to the Registration Statement on Form [removed: S\-1] [added: S-1] filed by the Company on April 4, [removed: 2007).](http://www.sec.gov/Archives/edgar/data/1381197/000104746907002562/a2176817zex-3_1.htm)] [added: 2007).](https://www.sec.gov/Archives/edgar/data/1381197/000104746907002562/a2176817zex-10_9.htm)+] |