Interactive Brokers Group (IBKR) Financials

Interactive Brokers Group (NASDAQ: IBKR) continues to show strong operating momentum, but its balance sheet is heavily levered and the quarter-to-quarter numbers can be noisy because of the firm’s large securities and customer-related assets and liabilities.

For Q1 2026, IBKR reported revenue of $1.669 billion and net income attributable to common shareholders of $267 million, or $0.60 per diluted share. Operating cash flow remained strong at $3.611 billion for the quarter, supporting the company’s ability to keep paying dividends while expanding the balance sheet.

Over the last four years, the biggest trend is clear: IBKR has grown materially in size. Total assets rose from about $119.5 billion in Q1 2023 to $218.7 billion in Q1 2026. That growth has been accompanied by a bigger liability base, with total liabilities climbing from roughly $107.2 billion to $197.5 billion. This is not unusual for a broker-dealer, but it does mean the company runs with substantial financial leverage.

Profitability has also improved over time, though it remains somewhat uneven quarter to quarter. In the most recent quarter, total revenue was up from $1.480 billion in Q2 2025 to $1.669 billion in Q1 2026, while diluted EPS increased modestly from $0.51 to $0.59. Compared with early 2024, IBKR’s quarterly earnings are generally higher, reflecting stronger interest-related revenue and solid non-interest income.

One of the most important strengths in the data is the company’s ability to convert earnings into cash. In Q1 2026, IBKR generated $3.611 billion in operating cash flow, even after paying $309 million in dividends. That said, cash flow has been volatile in prior periods, so investors should expect swings driven by client balances, interest rates, and market activity.

Key takeaways from the trend data:

• Revenue growth trend is solid: quarterly revenue has generally moved higher over the last year, reaching $1.669 billion in Q1 2026 versus $1.427 billion in Q1 2025.
• Earnings remain healthy: Q1 2026 diluted EPS of $0.59 compares favorably with $0.48 in Q1 2025 and $0.51 in Q2 2025.
• Operating cash flow is strong: Q1 2026 operating cash flow of $3.611 billion shows the business continues to produce substantial cash.
• Dividend payments are well supported: IBKR paid $309 million in dividends in Q1 2026 while still generating strong operating cash.
• Interest income remains a major engine: total interest income was $1.947 billion in Q1 2026, up from $1.891 billion in Q2 2025.
• Non-interest income is stable: trust fees, service charges, and trading gains continue to provide meaningful diversification beyond interest income.
• The balance sheet expanded sharply: total assets increased to $218.7 billion, but much of this reflects broker-dealer style assets and liabilities rather than a traditional corporate balance sheet.
• Equity is growing, but slowly relative to assets: total common equity was $5.6 billion in Q1 2026, up from $4.5 billion in Q1 2025.
• Leverage is still very high: short-term debt of $163.6 billion and long-term debt of $32.0 billion remain significant obligations.
• Common equity is small compared with assets: the company’s equity cushion is modest versus its very large asset base, which is normal for IBKR’s business model but still raises financial risk if markets become stressed.

Bottom line: IBKR looks like a financially strong, cash-generative brokerage with a long record of growth and steady profitability. The main caution is the company’s inherently leveraged structure, which makes the balance sheet look aggressive compared with a typical company. For retail investors, the story here is continued business expansion and strong cash production, balanced against the risks that come with a capital-intensive brokerage model.