IBKRMEDIUM SIGNALFINANCIAL10-K

IBKR executed a 4-for-1 stock split while demonstrating strong operational cash flow growth and improved expense management.

The stock split reflects management confidence and aims to improve share accessibility, while the substantial improvement in operating cash flows indicates strengthening business fundamentals. The combination of higher cash generation with reduced SG&A expenses suggests effective operational leverage and disciplined cost management.

Comparing 2026-02-27 vs 2025-02-27View on EDGAR →
FINANCIAL ANALYSIS

IBKR's financial profile shows robust improvement across key metrics, with operating cash flows growing substantially to $15.8B while SG&A expenses declined meaningfully to $247M, demonstrating strong operational efficiency gains. The balance sheet expanded proportionally with total assets reaching $203.2B and liabilities growing to $182.8B, while stockholders' equity increased modestly to $5.4B. Net income grew 20% to $44.5M, reflecting the company's ability to translate operational improvements into bottom-line results.

FINANCIAL STATEMENT CHANGES
Operating Cash Flow
Cash Flow
+81.2%
$8.7B→$15.8B

Operating cash flow surged 81.2% — exceptional cash generation, highest quality earnings signal.

Total Liabilities
Balance Sheet
+36.9%
$133.5B→$182.8B

Liabilities grew 36.9% — significant increase in debt or obligations, assess impact on financial flexibility.

Cash & Equivalents
Balance Sheet
+36.6%
$3.6B→$5.0B

Cash position surged 36.6% — strong cash generation or capital raise providing significant financial cushion.

Total Assets
Balance Sheet
+35.4%
$150.1B→$203.2B

Asset base grew 35.4% — expansion through organic growth, acquisitions, or capital deployment.

Stockholders Equity
Balance Sheet
+25.3%
$4.3B→$5.4B

Equity base grew 25.3% — retained earnings accumulation or equity issuance strengthening the balance sheet.

SG&A Expense
P&L
-21.3%
$314.0M→$247.0M

SG&A reduced 21.3% — improved cost efficiency or headcount reduction improving operating margins.

Net Income
P&L
+20.3%
$37.0M→$44.5M

Net income grew 20.3% — bottom-line growth signals improving overall business health.

LANGUAGE CHANGES
NEW — 2026-02-27
PRIOR — 2025-02-27
ADDED
See the definitions of large accelerated filer, accelerated filer , smaller reporting company and emerging growth company in Rule 12b-2 of the Exchange Act.
As of February 23, 2026, there were 445,439,458 shares of the issuer s Class A common stock, par value $0.01 per share, outstanding and 400 shares of the issuer s Class B common stock, par value $0.01 per share, outstanding.
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.
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REMOVED
See the definitions of large accelerated filer, accelerated filer , smaller reporting company and emerging growth company in Rule 12b - 2 of the Exchange Act.
As of February 21, 2025, there were 108,931,614 shares of the issuer s Class A common stock, par value $0.01 per share, outstanding and 100 shares of the issuer s Class B common stock, par value $0.01 per share, outstanding.
Important factors that could cause actual results to differ from those in the forward - looking statements include, among others, those discussed below and under Risk Factors in Part I, Item 1A of this Annual Report on Form 10 - K and Management s Discussion and Analysis of Financial Condition and Results of Operations in Part II, Item 7 of this Annual Report on Form 10 - K.
We undertake no obligation to publicly update or revise any forward - looking statements to reflect events or circumstances that may arise after the date of this Annual Report on Form 10 - K.
Since our inception, we have focused on developing proprietary software to automate broker - dealer functions.
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