INTERACTIVE BROKERS GROUP, INC. FY 2025 10-K, explained in plain English

Key financials — as reported

Total revenue	$2.4B
Gross margin	— not reported
Operating income	— not reported
Net income	— not reported
Diluted EPS	$2.22
Cash & equivalents	$5.0B
Total assets	$203.2B
Long-term debt	— not reported

Key takeaway

Pre-tax income of $4.77 billion was earned on total revenue of $2.44 billion, implying substantial net interest and trading income beyond the headline revenue figure.

🔒 5 more takeaways in the full analysis

Beneath the surface

Minority interest of $15.1 billion and a -11.7% tax rate reconciliation adjustment for noncontrolling interest show that a large portion of IBKR's economics flow to non-controlling partners (likely the operating company structure), which explains why diluted EPS ($2.22) looks modest versus pre-tax income of $4.77 billion.

🔒 4 more insights a headline reader would miss