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INTERACTIVE BROKERS GROUP ANNOUNCES 3Q2025 RESULTS
— — —
GAAP DILUTED EPS OF $0.59, ADJUSTED1 EPS OF $0.57
GAAP NET REVENUES OF $1,655 MILLION, ADJUSTED NET REVENUES OF $1,610 MILLION
GREENWICH, CT, October 16, 2025 — Interactive Brokers Group, Inc. (Nasdaq: IBKR), an automated global electronic broker, announced results for the quarter ended September 30, 2025.
Reported diluted earnings per share were $0.59 for the current quarter and $0.57 as adjusted. For the year-ago quarter, reported diluted earnings per share2 were $0.42 and $0.40 as adjusted.
Reported net revenues were $1,655 million for the current quarter and $1,610 million as adjusted. For the year-ago quarter, reported net revenues were $1,365 million and $1,327 million as adjusted.
Reported income before income taxes was $1,312 million for the current quarter and $1,267 million as adjusted. For the year-ago quarter, reported income before income taxes was $909 million and $871 million as adjusted.
Financial Highlights
(All comparisons are to the year-ago quarter.)
•
Commission revenue increased 23% to $537 million on higher customer trading volumes. Customer trading volume in stocks and options increased 67% and 27%, respectively, while futures decreased 7%.

•
Net interest income increased 21% to $967 million on stronger securities lending activity and higher average customer margin loans and customer credit balances.

•
Other fees and services decreased 8% to $66 million, led by a decrease of $12 million in risk exposure fees, which was partially offset by a $3 million increase in FDIC sweep fees.

•
Execution, clearing and distribution fees decreased 21% to $92 million, driven by lower regulatory fees, as the SEC Section 31 transaction fee rate was reduced to zero on May 14, 2025, and greater capture of liquidity rebates from certain exchanges due to higher trading volumes in stocks and options.

•
General and administrative expenses decreased 59% to $62 million, driven primarily by the non-recurrences of $88 million related to legal and regulatory matters and of $12 million related to the consolidation of our European subsidiaries; partially offset by an increase of $10 million in advertising expenses.

•
Pretax profit margin for the current quarter was 79% both as reported and as adjusted. For the year-ago quarter, pretax margin was 67% as reported and 66% as adjusted.

•
Total equity of $19.5 billion.

The Interactive Brokers Group, Inc. Board of Directors declared a quarterly cash dividend of $0.08 per share. This dividend is payable on December 12, 2025, to shareholders of record as of December 1, 2025.
1 See the reconciliation of non-GAAP financial measures starting on page 10.
2 Prior period share and per share amounts have been retroactively adjusted to reflect the four-for-one forward stock split, effected in the form of a stock dividend, on June 17, 2025.
1
Business Highlights
(All comparisons are to the year-ago quarter.)
•
Customer accounts increased 32% to 4.13 million.
•
Customer equity increased 40% to $757.5 billion.
•
Total DARTs3 increased 34% to 3.62 million.
•
Customer credits increased 33% to $154.8 billion.
•
Customer margin loans increased 39% to $77.3 billion.

Other Items
Other income increased 52% to $85 million. This increase is comprised mainly of $42 million related to our investing activities, partially offset by a $21 million lower gain related to our currency diversification.
In connection with our currency diversification strategy, we base our net worth in GLOBALs, a basket of 10 major currencies in which we hold our equity. In this quarter, our currency diversification strategy decreased our comprehensive earnings by $33 million, as the U.S. dollar value of the GLOBAL decreased by approximately 0.25%. The effects of the currency diversification strategy are reported as components of (1) Other Income (gain of $4 million) and (2) Other Comprehensive Income (loss of $37 million).
Conference Call Information:
Interactive Brokers Group, Inc. will hold a conference call with investors today, October 16, 2025, at 4:30 p.m. ET to discuss its quarterly results. Members of the public who would like to listen to the conference call should register at
https://register-conf.media-server.com/register/BIac68f27184924c038fe4a9b3e32b300f to obtain the dial-in details. The number should be dialed approximately ten minutes prior to the start of the conference call. The conference call will also be accessible simultaneously, and through replays, as an audio webcast through the Investor Relations section of the Interactive Brokers web site, www.interactivebrokers.com/ir.
About Interactive Brokers Group, Inc.:
Interactive Brokers Group, Inc. (NASDAQ: IBKR) is a member of the S&P 500. Its affiliates provide automated trade execution and custody of securities, commodities, foreign exchange, and forecast contracts around the clock on over 160 markets in numerous countries and currencies from a single unified platform to clients worldwide. We serve individual investors, hedge funds, proprietary trading groups, financial advisors and introducing brokers. Our four decades of focus on technology and automation have enabled us to equip our clients with a uniquely sophisticated platform to manage their investment portfolios. We strive to provide our clients with advantageous execution prices and trading, risk and portfolio management tools, research facilities and investment products, all at low or no cost, positioning them to achieve superior returns on investments. Interactive Brokers has consistently earned recognition as a top broker, garnering multiple awards and accolades from respected industry sources such as Barron's, Investopedia, Stockbrokers.com, and many others.


3 Daily average revenue trades (DARTs) are based on customer orders.
2
Cautionary Note Regarding Forward-Looking Statements:
The foregoing information contains certain forward-looking statements that reflect the Company’s current views with respect to certain current and future events and financial performance. These forward-looking statements are and will be, as the case may be, subject to many risks, uncertainties and factors relating to the Company’s operations and business environment which may cause the Company’s actual results to be materially different from any future results, expressed or implied, in these forward-looking statements. Any forward-looking statements in this release are based upon information available to the Company on the date of this release. The Company does not undertake to publicly update or revise its forward-looking statements even if experience or future changes make it clear that any statements expressed or implied therein will not be realized. Additional information on risk factors that could potentially affect the Company’s financial results may be found in the Company’s filings with the Securities and Exchange Commission.
For Interactive Brokers Group, Inc. Investors: Nancy Stuebe, investor-relations@ibkr.com or Media: Rob Garfield, media@ibkr.com.

3
INTERACTIVE BROKERS GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED)

       
Three Months
  
Nine Months
       
Ended September 30,
  
Ended September 30,
       
2025
  
2024
  
2025
  
2024
       
(in millions, except share and per share data)
                             
Revenues:
                        
 
Commissions
  
$
537
  
$
435
  
$
1,567
  
$
1,220
 
Other fees and services
    
66
    
72
    
206
    
199
 
Other income
    
85
    
56
    
192
    
38
   
Total non-interest income
    
688
    
563
    
1,965
    
1,457
                             
 
Interest income
    
2,101
    
1,888
    
5,710
    
5,476
 
Interest expense
    
(1,134)
    
(1,086)
    
(3,113)
    
(3,135)
   
Total net interest income
    
967
    
802
    
2,597
    
2,341
   
Total net revenues
    
1,655
    
1,365
    
4,562
    
3,798
                             
Non-interest expenses:
                        
 
Execution, clearing and distribution fees
    
92
    
116
    
329
    
332
 
Employee compensation and benefits
    
156
    
145
    
473
    
436
 
Occupancy, depreciation and amortization
  
24
    
26
    
72
    
77
 
Communications
    
11
    
9
    
32
    
29
 
General and administrative
    
62
    
153
    
185
    
255
 
Customer bad debt
    
                       (2)
    
                         7
    
                         -
    
                       14
   
Total non-interest expenses
    
343
    
456
    
1,091
    
1,143
                             
Income before income taxes
    
1,312
    
909
    
3,471
    
2,655
Income tax expense
    
126
    
75
    
315
    
217
                             
Net income
    
1,186
    
834
    
3,156
    
2,438
Net income attributable to noncontrolling interests
  
923
    
650
    
2,456
    
1,900
                             
Net income available for common stockholders
$
263
  
$
184
  
$
700
  
$
538
                             
Earnings per share1:
                        
 
Basic
  
$
0.59
  
$
0.42
  
$
1.59
  
$
1.25
 
Diluted
  
$
0.59
  
$
0.42
  
$
1.58
  
$
1.24
                             
Weighted average common shares outstanding1:
                  
 
Basic
    
444,060,813
    
435,031,964
    
439,434,716
    
431,410,388
 
Diluted
    
446,528,983
    
438,145,440
    
442,507,940
    
435,096,780

1 Prior period share and per share amounts have been retroactively adjusted to reflect the four-for-one forward stock split, effected in the form of a stock dividend, on June 17, 2025.
 
4
INTERACTIVE BROKERS GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(UNAUDITED)
        
       
Three Months
  
Nine Months
       
Ended September 30,
  
Ended September 30,
       
2025
  
2024
  
2025
  
2024
       
(in millions, except share and per share data)
                             
Comprehensive income:
                        
 
Net income available for common stockholders
  
$
263
  
$
184
  
$
700
  
$
538
 
Other comprehensive income:
                        
   
Cumulative translation adjustment, before income taxes
                     (10)
    
                       39
    
                       97
    
                       11
   
Income taxes related to items of other comprehensive income
  
                         -
    
                         -
    
                         -
    
                         -
 
Other comprehensive income (loss), net of tax
    
                     (10)
    
                       39
    
                       97
    
                       11
Comprehensive income available for common stockholders
$
253
  
$
223
  
$
797
  
$
549
                             
Comprehensive earnings per share1:
                        
 
Basic
  
$
0.57
  
$
0.51
  
$
1.81
  
$
1.27
 
Diluted
  
$
0.57
  
$
0.51
  
$
1.80
  
$
1.26
                             
Weighted average common shares outstanding1:
                        
 
Basic
    
444,060,813
    
435,031,964
    
439,434,716
    
431,410,388
 
Diluted
    
446,528,983
    
438,145,440
    
442,507,940
    
435,096,780
                             
                             
Comprehensive income attributable to noncontrolling interests:
                  
 
Net income attributable to noncontrolling interests
  
$
923
  
$
650
  
$
2,456
  
$
1,900
 
Other comprehensive income - cumulative translation adjustment
  
(28)
    
114
    
278
    
30
Comprehensive income attributable to noncontrolling interests
$
895
  
$
764
  
$
2,734
  
$
1,930

1 Prior period share and per share amounts have been retroactively adjusted to reflect the four-for-one forward stock split, effected in the form of a stock dividend, on June 17, 2025.
 
5
INTERACTIVE BROKERS GROUP, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(UNAUDITED)

         
September 30,
2025
  
December 31,
2024
         
(in millions)
                   
Assets
                
Cash and cash equivalents
      
$
                 5,128
  
$
                 3,633
Cash - segregated for regulatory purposes
        
               48,784
    
               36,600
Securities - segregated for regulatory purposes
        
               38,691
    
               27,846
Securities borrowed
        
               11,568
    
                 5,369
Securities purchased under agreements to resell
        
                 8,524
    
                 6,575
Financial instruments owned, at fair value
        
                 3,127
    
                 1,924
Receivables from customers, net of allowance for credit losses
      
               77,588
    
               64,432
Receivables from brokers, dealers and clearing organizations
      
                 4,773
    
                 2,196
Other assets
        
                 2,039
    
                 1,567
 
Total assets
      
$
200,222
  
$
150,142
                   
Liabilities and equity
                
                   
Liabilities
                
Short-term borrowings
      
$
                     10
  
$
                     14
Securities loaned
        
               27,031
    
               16,248
Securities sold under agreements to repurchase
        
                    894
    
                      -
Financial instruments sold but not yet purchased, at fair value
      
                    499
    
                    293
Other payables:
                
 
Customers
        
              149,442
    
              115,343
 
Brokers, dealers and clearing organizations
        
                 1,541
    
                    476
 
Other payables
        
                 1,325
    
                 1,171
           
              152,308
    
              116,990
 
Total liabilities
        
              180,742
    
              133,545
                   
Equity
                
Stockholders' equity
        
                 5,106
    
                 4,280
Noncontrolling interests
        
               14,374
    
               12,317
 
Total equity
        
               19,480
    
               16,597
 
Total liabilities and equity
      
$
200,222
  
$
150,142
                   
   
September 30, 2025
  
December 31, 20241
Ownership of IBG LLC Membership Interests
Interests
  
 %
  
Interests
    
 %
                   
IBG, Inc.
445,405,584
  
26.3%
  
435,726,456
    
25.8%
Noncontrolling interests (IBG Holdings LLC)
1,250,737,416
  
73.7%
  
1,254,573,416
    
74.2%
                   
Total IBG LLC membership interests
1,696,143,000
  
100.0%
  
1,690,299,872
    
100.0%

1 Prior period share and per share amounts have been retroactively adjusted to reflect the four-for-one forward stock split, effected in the form of a stock dividend, on June 17, 2025.
 
6
INTERACTIVE BROKERS GROUP, INC. AND SUBSIDIARIES
OPERATING DATA
 
EXECUTED ORDER VOLUMES: 
(in 000's, except %)

   
Customer
  
%
  
Principal
  
%
  
Total
  
%
Period
  
Orders
  
Change
  
Orders
  
Change
  
Orders
  
Change
2022
  
     532,064
      
       26,966
      
         559,030
    
2023
  
     483,015
  
 (9%)
  
       29,712
  
10%
  
         512,727
  
 (8%)
2024
  
     661,666
  
37%
  
       63,348
  
113%
  
         725,014
  
41%
                         
3Q2024
  
     171,620
      
       17,722
      
         189,342
    
3Q2025
  
     229,635
  
34%
  
       30,659
  
73%
  
         260,294
  
37%
                         
2Q2025
  
     220,215
      
       28,372
      
         248,587
    
3Q2025
  
     229,635
  
4%
  
       30,659
  
8%
  
         260,294
  
5%

CONTRACT AND SHARE VOLUMES:
(in 000's, except %)
 
TOTAL
   
Options
  
%
  
Futures1
  
%
  
Stocks
  
%
Period
  
(contracts)
  
Change
  
(contracts)
  
Change
  
(shares)
  
Change
2022
  
     908,415
      
     207,138
      
   330,035,586
    
2023
  
   1,020,736
  
12%
  
     209,034
  
1%
  
   252,742,847
  
 (23%)
2024
  
   1,344,855
  
32%
  
     218,327
  
4%
  
   307,489,711
  
22%
                         
3Q2024
  
     344,540
      
       56,825
      
     72,117,770
    
3Q2025
  
     428,524
  
24%
  
       52,233
  
 (8%)
  
   119,250,686
  
65%
                         
2Q2025
  
     393,051
      
       64,271
      
     96,450,620
    
3Q2025
  
     428,524
  
9%
  
       52,233
  
 (19%)
  
   119,250,686
  
24%
CUSTOMER
   
Options
  
%
  
Futures1
  
%
  
Stocks
  
%
Period
  
(contracts)
  
Change
  
(contracts)
  
Change
  
(shares)
  
Change
2022
  
     873,914
      
     203,933
      
   325,368,714
    
2023
  
     981,172
  
12%
  
     206,073
  
1%
  
   248,588,960
  
 (24%)
2024
  
   1,290,770
  
32%
  
     214,864
  
4%
  
   302,040,873
  
22%
                         
3Q2024
  
     330,173
      
       56,078
      
     70,751,412
    
3Q2025
  
     418,389
  
27%
  
       51,936
  
 (7%)
  
   118,307,826
  
67%
                         
2Q2025
  
     382,195
      
       63,918
      
     95,276,485
    
3Q2025
  
     418,389
  
9%
  
       51,936
  
 (19%)
  
   118,307,826
  
24%
PRINCIPAL TRANSACTIONS
   
Options
  
%
  
Futures1
  
%
  
Stocks
  
%
Period
  
(contracts)
  
Change
  
(contracts)
  
Change
  
(shares)
  
Change
2022
  
       34,501
      
         3,205
      
       4,666,872
    
2023
  
       39,564
  
15%
  
         2,961
  
 (8%)
  
       4,153,887
  
 (11%)
2024
  
       54,085
  
37%
  
         3,463
  
17%
  
       5,448,838
  
31%
                         
3Q2024
  
       14,367
      
           747
      
       1,366,358
    
3Q2025
  
       10,135
  
 (29%)
  
           297
  
 (60%)
  
         942,860
  
 (31%)
                         
2Q2025
  
       10,856
      
           353
      
       1,174,135
    
3Q2025
  
       10,135
  
 (7%)
  
           297
  
 (16%)
  
         942,860
  
 (20%)

1
Includes options on futures.

7
INTERACTIVE BROKERS GROUP, INC. AND SUBSIDIARIES
OPERATING DATA, CONTINUED

CUSTOMER STATISTICS

Year over Year
    
3Q2025
    
3Q2024
  
% Change
   Total Accounts (in thousands)
    
                      4,127
    
                      3,120
  
32%
   Customer Equity (in billions)1
  
$
757.5
  
$
541.5
  
40%
                 
   Total Customer DARTs (in thousands)
    
                      3,616
    
                      2,703
  
34%
                 
Cleared Customers
                
   Commission per Cleared Commissionable Order2
  
$
2.70
  
$
2.83
  
 (5%)
   Cleared Avg. DARTs per Account (Annualized)
    
                         195
    
                         198
  
 (2%)
                 
Consecutive Quarters
    
3Q2025
    
2Q2025
  
% Change
   Total Accounts (in thousands)
    
                      4,127
    
                      3,866
  
7%
   Customer Equity (in billions)1
  
$
757.5
  
$
664.6
  
14%
                 
   Total Customer DARTs (in thousands)
    
                      3,616
    
                      3,552
  
2%
                 
Cleared Customers
                
   Commission per Cleared Commissionable Order2
  
$
2.70
  
$
2.65
  
2%
   Cleared Avg. DARTs per Account (Annualized)
    
                         195
    
                         206
  
 (5%)

1
Excludes non-customers.
   
2
Commissionable Order - a customer order that generates commissio

8
INTERACTIVE BROKERS GROUP, INC. AND SUBSIDIARIES
NET INTEREST MARGIN
(UNAUDITED)
 
       
Three Months
  
Nine Months
       
Ended September 30,
  
Ended September 30,
       
2025
  
2024
  
2025
  
2024
       
(in millions)
Average interest-earning assets
                        
 
Segregated cash and securities
  
$
                  81,906
  
$
                  61,813
  
$
                  75,934
  
$
                  61,000
 
Customer margin loans
    
                  70,805
    
                  54,647
    
                  65,380
    
                  51,240
 
Securities borrowed
    
                    9,037
    
                    6,241
    
                    6,995
    
                    5,836
 
Other interest-earning assets
    
                  16,037
    
                  11,678
    
                  14,784
    
                  10,949
 
FDIC sweeps1
    
                    5,962
    
                    4,330
    
                    5,329
    
                    4,071
       
$
                183,747
  
$
                138,709
  
$
                168,422
  
$
                133,096
                             
Average interest-bearing liabilities
                        
 
Customer credit balances
  
$
                141,763
  
$
                106,865
  
$
                130,262
  
$
                103,028
 
Securities loaned
    
                  20,691
    
                  14,258
    
                  18,007
    
                  13,227
 
Other interest-bearing liabilities
    
                       361
    
                           1
    
                       160
    
                           1
       
$
                162,815
  
$
                121,124
  
$
                148,429
  
$
                116,256
                             
Net interest income
                        
 
Segregated cash and securities, net2
  
$
                       786
  
$
                       763
  
$
                    2,205
  
$
                    2,267
 
Customer margin loans3
    
                       821
    
                       787
    
                    2,305
    
                    2,220
 
Securities borrowed and loaned, net
    
                       133
    
                         16
    
                       204
    
                         67
 
Customer credit balances, net3
    
                     (945)
    
                     (936)
    
                  (2,619)
    
                  (2,711)
 
Other net interest income1/4
    
                       204
    
                       196
    
                       559
    
                       550
   
Net interest income4
  
$
                       999
  
$
                       826
  
$
                    2,654
  
$
                    2,393
                             
Net interest margin ("NIM")
    
2.16%
    
2.37%
    
2.11%
    
2.40%
                             
Annualized yields
                        
 
Segregated cash and securities
    
3.81%
    
4.91%
    
3.88%
    
4.96%
 
Customer margin loans
    
4.60%
    
5.73%
    
4.71%
    
5.79%
 
Customer credit balances
    
2.64%
    
3.48%
    
2.69%
    
3.51%

 
1
Represents the average amount of customer cash swept into FDIC-insured banks as part of our Insured Bank Deposit Sweep Program. This item is not recorded in the Company's consolidated statements of financial condition. Income derived from program deposits is reported in other net interest income in the table above.
                             
2
Net interest income on "Segregated cash and securities, net" for the nine months ended September 30, 2025, excludes approximately $26 million of interest income, recorded in the consolidated statements of comprehensive income, related to taxes withheld at source in prior periods which was determined to be fully refundable.
                             
3
Interest income and interest expense on customer margin loans and customer credit balances, respectively, are calculated on daily cash balances within each customer’s account on a net basis, which may result in an offset of balances across multiple account segments (e.g., between securities and commodities segments).   
                             
4
Includes income from financial instruments that has the same characteristics as interest, but is reported in other fees and services and other income in the Company’s consolidated statements of comprehensive income. For the three and nine months ended September 30, 2025 and 2024, $10 million, $27 million, $7 million, and $20 million were reported in other fees and services, respectively. For the three and nine months ended September 30, 2025 and 2024, $22 million, $56 million, $17 million, and $32 million were reported in other income, respectively.


9
INTERACTIVE BROKERS GROUP, INC. AND SUBSIDIARIES
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
(UNAUDITED)
     
Three Months
  
Nine Months
     
Ended September 30,
  
Ended September 30,
     
2025
  
2024
  
2025
  
2024
     
(in millions)
                           
Adjusted net revenues1
                        
Net revenues - GAAP
  
$
1,655
  
$
1,365
  
$
4,562
  
$
3,798
                           
Non-GAAP adjustments
                        
 
Currency diversification strategy, net
    
(4)
    
(25)
    
(19)
    
(3)
 
Mark-to-market on investments2
    
(41)
    
                     (13)
    
(57)
    
                       38
Total non-GAAP adjustments
    
                     (45)
    
(38)
    
(76)
    
35
Adjusted net revenues
  
$
1,610
  
$
1,327
  
$
4,486
  
$
3,833
                           
Adjusted income before income taxes1
                        
Income before income taxes - GAAP
  
$
1,312
  
$
909
  
$
3,471
  
$
2,655
                           
Non-GAAP adjustments
                        
 
Currency diversification strategy, net
    
(4)
    
(25)
    
(19)
    
(3)
 
Mark-to-market on investments2
    
(41)
    
                     (13)
    
(57)
    
                       38
Total non-GAAP adjustments
    
                     (45)
    
                     (38)
    
                     (76)
    
                       35
Adjusted income before income taxes
  
$
1,267
  
$
871
  
$
3,395
  
$
2,690
                           
Adjusted pre-tax profit margin
    
79%
    
66%
    
76%
    
70%

10

     
Three Months
  
Nine Months
     
Ended September 30,
  
Ended September 30,
     
2025
  
2024
  
2025
  
2024
     
(in millions)
Adjusted net income available for common stockholders1
                  
Net income available for common stockholders - GAAP
$
263
  
$
184
  
$
700
  
$
538
                           
Non-GAAP adjustments
                        
 
Currency diversification strategy, net
    
(1)
    
(6)
    
(5)
    
(1)
 
Mark-to-market on investments2
    
(11)
    
(3)
    
(15)
    
10
 
Income tax effect of above adjustments3
    
3
    
                         2
    
5
    
                       (2)
Total non-GAAP adjustments
    
                       (9)
    
                       (8)
    
                     (15)
    
                         7
Adjusted net income available for common stockholders
$
253
  
$
176
  
$
684
  
$
545
                           
Note: Amounts may not add due to rounding.
                        
                           
     
Three Months
  
Nine Months
     
Ended September 30,
  
Ended September 30,
     
2025
  
2024
  
2025
  
2024
     
(in dollars)
Adjusted diluted EPS1/4
                        
Diluted EPS - GAAP
  
$
0.59
  
$
0.42
  
$
1.58
  
$
1.24
                           
Non-GAAP adjustments
                        
 
Currency diversification strategy, net
    
(0.00)
    
(0.01)
    
(0.01)
    
(0.00)
 
Mark-to-market on investments2
    
(0.02)
    
(0.01)
    
(0.03)
    
0.02
 
Income tax effect of above adjustments3
    
0.01
    
0.01
    
0.02
    
(0.00)
Total non-GAAP adjustments
    
(0.02)
    
(0.02)
    
(0.03)
    
0.02
Adjusted diluted EPS
  
$
0.57
  
$
0.40
  
$
1.55
  
$
1.25
                           
Diluted weighted average common shares outstanding
446,528,983
    
438,145,440
    
442,507,940
    
435,096,780
                           
Note: Amounts may not add due to rounding.
                        

11
Note: The term “GAAP” in the following explanation refers to generally accepted accounting principles in the United States.
1 Adjusted net revenues, adjusted income before income taxes, adjusted net income available for common stockholders and adjusted diluted earnings per share (“EPS”) are non-GAAP financial measures.
•
We define adjusted net revenues as net revenues adjusted to remove the effect of our currency diversification strategy and our net mark-to-market gains (losses) on investments2.
•
We define adjusted income before income taxes as income before income taxes adjusted to remove the effect of our currency diversification strategy and our net mark-to-market gains (losses) on investments.
•
We define adjusted net income available to common stockholders as net income available for common stockholders adjusted to remove the after-tax effects attributable to IBG, Inc. of our currency diversification strategy and our net mark-to-market gains (losses) on investments.
•
We define adjusted diluted EPS as adjusted net income available for common stockholders divided by the diluted weighted average number of shares outstanding for the period.
Management believes these non-GAAP items are important measures of our financial performance because they exclude certain items that may not be indicative of our core operating results and business outlook and may be useful to investors and analysts in evaluating the operating performance of the business and facilitating a meaningful comparison of our results in the current period to those in prior and future periods. Our currency diversification strategy and our mark-to-market on investments are excluded because management does not believe they are indicative of our underlying core business performance. Adjusted net revenues, adjusted income before income taxes, adjusted net income available to common stockholders and adjusted diluted EPS should be considered in addition to, rather than as a substitute for, GAAP net revenues, income before income taxes, net income attributable to common stockholders and diluted EPS.
2 Mark-to-market on investments represents the net mark-to-market gains (losses) on investments in equity securities that do not qualify for equity method accounting, which are measured at fair value; on our U.S. government and municipal securities portfolios, which are typically held to maturity; and on certain other investments.
3 The income tax effect is estimated using the statutory income tax rates applicable to the Company.
4 Prior period share and per share amounts have been retroactively adjusted to reflect the four-for-one forward stock split, effected in the form of a stock dividend, on June 17, 2025.

12