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IBKR
FY2025 Q3
Improving
Interactive Brokers Group, Inc. earnings call
Buzzberg read
Crypto asset transfers expected by end of year
IBKR reported record quarterly revenues and pre-tax income, driven by 23% commission growth, 21% net interest income growth, and a surge in securities lending. Account growth remained strong (790k YTD vs 2024 full-year), client equity surpassed $750B, and crypto volumes jumped. Management highlighted IPO/M&A-driven hard-to-borrow specials and the upcoming crypto asset transfer feature. No numeric forward guidance provided. Total net revenues up 21% YoY; commissions record $537M; NII record $967M.
Buzzberg read Crypto asset transfers expected by end of year IBKR reported record quarterly revenues and pre-tax income, driven by 23% commission growth, 21% net interest income growth, and a surge in securities lending. Account growth remained strong (790k YTD vs 2024 full-year), client equity surpassed $750B, and crypto volumes jumped. Management highlighted IPO/M&A-driven hard-to-borrow specials and the upcoming crypto asset transfer feature. No numeric forward guidance provided. Total net revenues up 21% YoY; commissions record $537M; NII record $967M. Read full analysisCollapse analysis
IBKR reported record quarterly revenues and pre-tax income, driven by 23% commission growth, 21% net interest income growth, and a surge in securities lending. Account growth remained strong (790k YTD vs 2024 full-year), client equity surpassed $750B, and crypto volumes jumped. Management highlighted IPO/M&A-driven hard-to-borrow specials and the upcoming crypto asset transfer feature. No numeric forward guidance provided. Total net revenues up 21% YoY; commissions record $537M; NII record $967M.
- Securities lending net revenue doubled to $314M (if fully classified together).
- Net new accounts of 790k YTD already exceed full-year 2024; client equity $750B+.
- Crypto trade volumes up 87% QoQ; stablecoin funding and asset transfers coming soon.
Revenue$2.704BReported
EPS$0.57Reported
Free cash flow$4.464BReported
Capex$0.015BReported
6 grounded callouts
What matters now
The highest-signal changes from the call.
Crypto
European crypto offering to launch via Zero Hash
Demand
Margin loans at all-time high amid rising risk appetite
Show 3 more callouts
Revenue
Securities lending revenue doubled year-over-year
Demand
Account growth shows no signs of deceleration
Product
ForecastX not pursuing sports betting, focuses on election and economic indicators
Reported period
Actuals
| Metric | Reported | Change |
|---|---|---|
| Revenue | $2.704B | Reported |
| EPS | $0.57 | Reported |
| Free cash flow | $4.464B | Reported |
| Capex | $0.015B | Reported |
| Net income | $0.263B | Reported |
AI, capex & demand read
Management read
Confident
Management highlighted record revenues, strong account growth, and new product momentum, expressing confidence in the business's competitive position and future outlook.
Management AI read
Management discussed AI primarily in terms of trading volumes, with the founder noting he did not recall making a prior bullish AI statement and the CEO stating they have no visibility into whether AI is driving volumes, though he believes AI tools should ultimately increase trading activity.
all 5 named companies below
Companiesreturns since call
Competitors
Competitors
Nancy Steebe
IBKR is gaining share in prime brokerage, but no specific implication for these competitors' business.
Evidence
“Interactive Brokers rose to rank number four for number of hedge funds serviced, behind only Goldman Sachs, Morgan Stanley, and JP Morgan”
Competitors
Milan Galick
Crypto trade volumes rose 87% QoQ and 5x YoY, but management notes lack of client inflows due to inability to transfer existing crypto positions without tax events. — Upcoming crypto asset transfer feature could unlock competitive advantage and intensify share competition among crypto brokerages.
Evidence
“if somebody wanted to switch their providers, let's say they wanted to come to us from Coinbase or from Robinhood or wherever”
External signals
Supply-chain alpha · 2returns since call
Securities lending revenue doubled YoY driven by higher short activity and growth in lendable inventory from new accounts.
Evidence
“total net revenue related to securities lending would have been $314 million this quarter, double the $156 million we earned in the prior year quarter”
Crypto trade volumes rose 87% QoQ and 5x YoY, but management notes lack of client inflows due to inability to transfer existing crypto positions without tax events.
Evidence
“the only way for them to come to us now would be to sell their investments and realize those gains. With the asset transfer, they will not have to do that.”
Methodology & coverage
Management-only analysis. All 5 validated company mentions are shown. Reported actuals and forward guidance are kept separate. Public evidence is limited to eight short attributed quotes. AI-generated analysis can be incomplete or wrong; verify important claims against the original source.