Analysis for IBKR

📈 Growth & Financial Trajectory

Over 8 quarters Interactive Brokers shows revenue rising from $474M (2024 Q2) to $760M (2026 Q2), a ~60% increase. Net income climbs from $809M to $1,338M, about +65%, with a sustained earnings trajectory into 2025–2026. The path is broadly upward with some quarterly swings, and operating income remains positive across periods, aided by substantial nonoperating income that supports profitability. Net income attributed to noncontrolling interest remains material in several periods, underscoring the minority share of profits.

💰 Margins & Cash Flow

Margins are buoyed by continued earnings strength and income sources beyond core revenues, resulting in robust, if unusual, margin signals in this dataset (operating income proxies often exceed reported revenues). Cash flow from operations has been strong and generally rising: for 2025 Q3 continuing FC F from operating activities around $4.48B, and by 2026 Q2 continuing around $6.22B. Investing cash flow is modestly negative and financing cash flow modestly negative, yielding a solid overall net cash flow around $5.81B in the latest quarter.

🛡️ Balance Sheet & Liquidity

Total assets are about $247.3B with current assets also large, while liabilities total about $225.1B and total equity near $22.25B—a leverage-heavy profile (Liabilities/Equity ≈ 10x). Current assets exceed current liabilities, implying positive working capital and liquidity resilience, though equity capital is relatively small versus liabilities.

⚠️ Key Drivers & Risks

• Drivers: Interest income & noninterest income generation; customer trading activity and cash balances.
• Risks: High leverage and reliance on minority interests; cyclicality and rate/regulatory sensitivity affecting profitability.