Interactive Brokers (IBKR)
Automated global broker for multi-asset execution, clearing, custody and margin lending.
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Interactive Brokers gives people and institutions one place to trade around the world, holds their assets, and lends against them. Most of its money comes not from trade tickets but from the difference between what customer cash earns and what borrowers pay. Trading is growing quickly, while digital coins, event contracts, and partnerships with other brokers broaden the edges without yet changing that center of gravity.
Item facts: FY2025 · year ended Dec 31, 2025, from filings, earnings calls and company pages.
Judgment weights, not filed revenue
The band summarizes business focus and direction. ~ marks estimates.
7 in detail · 11 more below
Net Interest Income
Customer cash and loans against investments produced $3.563 billion in FY2025, making this the main engine. Bigger balances have outweighed a smaller difference between interest earned and paid; rates and customer cash are the watchpoints.
Competes with Margin Lending (Charles Schwab) · Margin Borrowing (Fidelity)
In plain English
Picture a very large pool of customer money. Interactive Brokers keeps much of that cash in safe, easy-to-sell assets and also lends money to customers who want to buy more investments than their cash alone allows.
The company earns interest from those assets and loans, pays interest to eligible customers, and keeps the difference. More customer cash and more borrowing can lift earnings even when that difference narrows. The catch is that interest rates, market prices, and safety rules all change how much it can earn from the pool.
Securities Lending and the Stock Yield Enhancement Program
IBKR temporarily relends customers' shares to traders who need them and splits much of the fee with participating owners. This embedded engine produced $1.041 billion in FY2025; scarce shares and borrowing demand drive the result.
Competes with Fully Paid Lending (Fidelity) · Securities Lending Fully Paid (Charles Schwab)
In plain English
Some customers own shares that other traders need to borrow for a while. IBKR acts like a paid coat check: it gathers available shares, lends them out, takes cash or government bonds as security, and returns the shares when recalled.
Borrowers pay a changing daily price. Through the Stock Yield Enhancement Program, participating owners generally receive half of that price and IBKR keeps the rest. The business grows when more shares are available and borrowing demand is strong, but the most valuable inventory is often a small set of hard-to-find shares.
IBKR Pro and IBKR Lite
Pro charges active traders per order, while Lite makes eligible U.S. stock and fund trades free and can earn from where those orders go. Commissions reached $2.149 billion in FY2025; trading activity is the key swing factor.
Competes with thinkorswim · zero-fee U.S. stock and fund trades (Charles Schwab) · Active Trader Pro (Fidelity)
In plain English
The busy front counter of IBKR is split in two. Pro is for customers who want detailed pricing and broad market access; they pay a small charge for each share or contract traded. Lite removes the charge on eligible U.S. stocks and exchange-traded funds, which are baskets of investments bought like a single share.
IBKR earns when customers trade. Pro supplies direct fees, while some eligible Lite orders can bring payments from the firms that handle them. More accounts help, but how often people trade, what they trade, and the fee on each order determine the money made.
IBKR Trading Platforms
Desktop, mobile, web, and machine connections are free doors into one account and more than 170 markets. By August 2026, daily trades were up 23% and accounts 35%; reliability must keep pace with use.
Competes with thinkorswim desktop, web, and mobile tools (Charles Schwab) · Active Trader Pro desktop (Fidelity)
In plain English
This is the control room customers actually touch. Trader Workstation, Desktop, Mobile, GlobalTrader, Client Portal, and programming connections let a person or a computer check an account, study markets, and send an order through the same system.
The software itself is free. Its job is to make IBKR the place where customers keep money, borrow, subscribe to price feeds, and trade—each of which creates revenue elsewhere. A broad menu and one account make staying convenient; outages, weak security, or broken links to exchanges would interrupt the entire loop.
Introducing Brokers
Other brokers can put their own front door on IBKR's machinery across more than 170 markets. Management says interest from possible partners is very strong, but no revenue split or signed commitments show how much has converted.
Competes with White Label (Saxo Bank) · Brokerage-as-a-Service (DriveWealth)
In plain English
A smaller broker can rent the plumbing instead of building it. It keeps its own name and customer relationships while IBKR handles trades, stores assets, prepares records, calculates bills, and supplies the checks needed to follow financial rules. Regional firms are the storefront; IBKR is the machinery behind the wall.
There is no separate long-term access charge described. Money arrives when the customers brought in by those brokers trade, borrow, hold cash, or use paid services. That can open countries and customer groups cheaply, but a promising sales list matters only after partners bring active accounts and balances.
IBKR Prediction Markets
Customers trade yes-or-no contracts supplied by the ForecastEx, CME, and Kalshi marketplaces through IBKR's usual screens. Fees start at one cent, but IBKR gives no customer trading amount or revenue; permission and trustworthy outcomes will decide its scale.
Competes with Kalshi Exchange (Kalshi) · Polymarket US (QCX/Polymarket)
In plain English
A yes-or-no contract turns an event into a simple wager-like trade. One side pays a dollar if the event happens and nothing if it does not; before the result, buyers and sellers trade it for somewhere between those outcomes.
IBKR gathers contracts from ForecastEx, CME, and Kalshi into its apps and computer connections, then charges from one cent per contract. Customers get a single place to trade events alongside other investments. The opportunity is visible, but IBKR has not said how much its customers trade, so this remains a small addition whose growth depends on legal approval, enough buyers and sellers, and clear result-setting.
Cryptocurrency Trading
Eligible clients buy and store digital coins inside their brokerage account for a 0.12%–0.18% charge. By July 2026, European access, outside transfers, and funding with the USDC digital dollar were live; usage remains undisclosed.
Competes with Coinbase Advanced (Coinbase) · Kraken Pro (Kraken)
In plain English
For clients who want digital coins beside stocks and bonds, IBKR adds them to the same account view. Paxos or Zero Hash—the specialist firms behind the service—handle the actual trade and safekeeping, while IBKR provides the familiar doorway.
A customer pays a percentage of each purchase or sale, subject to a minimum charge, and the partners share in the economics. Transfers and funding with USDC, a digital coin designed to track the U.S. dollar, make the service easier to use. It is expanding geographically and by feature, but without customer volume or separate revenue, its financial weight is still unknown.
Net Interest IncomeCustomer cash and loans against investments produced $3.563 billion in FY2025, making this the main engine. Bigger balances have outweighed a smaller difference between interest earned and paid; rates and customer cash are the watchpoints.Customer cash and loans against investments produced $3.563 billion in FY2025, making this the main engine. Bigger balances have outweighed a smaller difference between interest earned and paid; rates and customer cash are the watchpoints.
In plain English
Picture a very large pool of customer money. Interactive Brokers keeps much of that cash in safe, easy-to-sell assets and also lends money to customers who want to buy more investments than their cash alone allows.
The company earns interest from those assets and loans, pays interest to eligible customers, and keeps the difference. More customer cash and more borrowing can lift earnings even when that difference narrows. The catch is that interest rates, market prices, and safety rules all change how much it can earn from the pool.
Competes with Margin Lending (Charles Schwab) · Margin Borrowing (Fidelity)
Securities Lending and the Stock Yield Enhancement ProgramIBKR temporarily relends customers' shares to traders who need them and splits much of the fee with participating owners. This embedded engine produced $1.041 billion in FY2025; scarce shares and borrowing demand drive the result.IBKR temporarily relends customers' shares to traders who need them and splits much of the fee with participating owners. This embedded engine produced $1.041 billion in FY2025; scarce shares and borrowing demand drive the result.
In plain English
Some customers own shares that other traders need to borrow for a while. IBKR acts like a paid coat check: it gathers available shares, lends them out, takes cash or government bonds as security, and returns the shares when recalled.
Borrowers pay a changing daily price. Through the Stock Yield Enhancement Program, participating owners generally receive half of that price and IBKR keeps the rest. The business grows when more shares are available and borrowing demand is strong, but the most valuable inventory is often a small set of hard-to-find shares.
Competes with Fully Paid Lending (Fidelity) · Securities Lending Fully Paid (Charles Schwab)
IBKR Pro and IBKR LitePro charges active traders per order, while Lite makes eligible U.S. stock and fund trades free and can earn from where those orders go. Commissions reached $2.149 billion in FY2025; trading activity is the key swing factor.Pro charges active traders per order, while Lite makes eligible U.S. stock and fund trades free and can earn from where those orders go. Commissions reached $2.149 billion in FY2025; trading activity is the key swing factor.
In plain English
The busy front counter of IBKR is split in two. Pro is for customers who want detailed pricing and broad market access; they pay a small charge for each share or contract traded. Lite removes the charge on eligible U.S. stocks and exchange-traded funds, which are baskets of investments bought like a single share.
IBKR earns when customers trade. Pro supplies direct fees, while some eligible Lite orders can bring payments from the firms that handle them. More accounts help, but how often people trade, what they trade, and the fee on each order determine the money made.
Competes with thinkorswim · zero-fee U.S. stock and fund trades (Charles Schwab) · Active Trader Pro (Fidelity)
IBKR Trading PlatformsDesktop, mobile, web, and machine connections are free doors into one account and more than 170 markets. By August 2026, daily trades were up 23% and accounts 35%; reliability must keep pace with use.Desktop, mobile, web, and machine connections are free doors into one account and more than 170 markets. By August 2026, daily trades were up 23% and accounts 35%; reliability must keep pace with use.
In plain English
This is the control room customers actually touch. Trader Workstation, Desktop, Mobile, GlobalTrader, Client Portal, and programming connections let a person or a computer check an account, study markets, and send an order through the same system.
The software itself is free. Its job is to make IBKR the place where customers keep money, borrow, subscribe to price feeds, and trade—each of which creates revenue elsewhere. A broad menu and one account make staying convenient; outages, weak security, or broken links to exchanges would interrupt the entire loop.
Competes with thinkorswim desktop, web, and mobile tools (Charles Schwab) · Active Trader Pro desktop (Fidelity)
Introducing BrokersOther brokers can put their own front door on IBKR's machinery across more than 170 markets. Management says interest from possible partners is very strong, but no revenue split or signed commitments show how much has converted.Other brokers can put their own front door on IBKR's machinery across more than 170 markets. Management says interest from possible partners is very strong, but no revenue split or signed commitments show how much has converted.
In plain English
A smaller broker can rent the plumbing instead of building it. It keeps its own name and customer relationships while IBKR handles trades, stores assets, prepares records, calculates bills, and supplies the checks needed to follow financial rules. Regional firms are the storefront; IBKR is the machinery behind the wall.
There is no separate long-term access charge described. Money arrives when the customers brought in by those brokers trade, borrow, hold cash, or use paid services. That can open countries and customer groups cheaply, but a promising sales list matters only after partners bring active accounts and balances.
Competes with White Label (Saxo Bank) · Brokerage-as-a-Service (DriveWealth)
IBKR Prediction MarketsCustomers trade yes-or-no contracts supplied by the ForecastEx, CME, and Kalshi marketplaces through IBKR's usual screens. Fees start at one cent, but IBKR gives no customer trading amount or revenue; permission and trustworthy outcomes will decide its scale.Customers trade yes-or-no contracts supplied by the ForecastEx, CME, and Kalshi marketplaces through IBKR's usual screens. Fees start at one cent, but IBKR gives no customer trading amount or revenue; permission and trustworthy outcomes will decide its scale.
In plain English
A yes-or-no contract turns an event into a simple wager-like trade. One side pays a dollar if the event happens and nothing if it does not; before the result, buyers and sellers trade it for somewhere between those outcomes.
IBKR gathers contracts from ForecastEx, CME, and Kalshi into its apps and computer connections, then charges from one cent per contract. Customers get a single place to trade events alongside other investments. The opportunity is visible, but IBKR has not said how much its customers trade, so this remains a small addition whose growth depends on legal approval, enough buyers and sellers, and clear result-setting.
Competes with Kalshi Exchange (Kalshi) · Polymarket US (QCX/Polymarket)
Cryptocurrency TradingEligible clients buy and store digital coins inside their brokerage account for a 0.12%–0.18% charge. By July 2026, European access, outside transfers, and funding with the USDC digital dollar were live; usage remains undisclosed.Eligible clients buy and store digital coins inside their brokerage account for a 0.12%–0.18% charge. By July 2026, European access, outside transfers, and funding with the USDC digital dollar were live; usage remains undisclosed.
In plain English
For clients who want digital coins beside stocks and bonds, IBKR adds them to the same account view. Paxos or Zero Hash—the specialist firms behind the service—handle the actual trade and safekeeping, while IBKR provides the familiar doorway.
A customer pays a percentage of each purchase or sale, subject to a minimum charge, and the partners share in the economics. Transfers and funding with USDC, a digital coin designed to track the U.S. dollar, make the service easier to use. It is expanding geographically and by feature, but without customer volume or separate revenue, its financial weight is still unknown.
Competes with Coinbase Advanced (Coinbase) · Kraken Pro (Kraken)
Named in filings, launches and programs
- Market Data FeesServicePaid price-feed subscriptions produced $79 million, or 1.3% of FY2025 revenue.
- Risk Exposure FeesServiceCharges for unusually risky positions produced $80 million in FY2025, but quarterly results moved unevenly.
- Payments for Order Flow from Exchange-Mandated ProgramsServiceExchange-required programs paid IBKR $51 million for eligible orders in FY2025.
- Insured Bank Deposit Sweep ProgramServiceQualifying customer cash moves to program banks; balances reached $6.4 billion in August 2026 and generate fees.
- GLOBAL Currency-Diversification StrategyServiceIBKR keeps part of its own capital across several currencies, adding gains or losses as exchange rates move.
- PortfolioAnalystPlatformBrings outside accounts together for performance tracking; its job is to make the main brokerage account stickier.
- IMPACTPlatformA mobile investing view organized around a customer's stated values, earning through the same brokerage services.
- IBKR AI IntegrationPlatform · RampingApproved AI assistants can analyze a customer's investments and prepare trades, but a person must approve any order.
- Recurring InvestmentsCustomer programSchedules small repeat purchases; eligible European customers can buy more than 500 BlackRock iShares funds without commission.
- IBKR ATS and Overnight TradingEcosystemRoutes U.S. stock orders beyond regular hours; overnight trades nearly tripled to 10.9 million in Q2 2026.
- Expanded Market AccessEcosystem · RampingNew 2026 connections included Korea's KRX and Nextrade marketplaces, widening the places reachable through the same account.
Market Data FeesService
Paid price-feed subscriptions produced $79 million, or 1.3% of FY2025 revenue.
Risk Exposure FeesService
Charges for unusually risky positions produced $80 million in FY2025, but quarterly results moved unevenly.
Payments for Order Flow from Exchange-Mandated ProgramsService
Exchange-required programs paid IBKR $51 million for eligible orders in FY2025.
Insured Bank Deposit Sweep ProgramService
Qualifying customer cash moves to program banks; balances reached $6.4 billion in August 2026 and generate fees.
GLOBAL Currency-Diversification StrategyService
IBKR keeps part of its own capital across several currencies, adding gains or losses as exchange rates move.
PortfolioAnalystPlatform
Brings outside accounts together for performance tracking; its job is to make the main brokerage account stickier.
IMPACTPlatform
A mobile investing view organized around a customer's stated values, earning through the same brokerage services.
IBKR AI IntegrationPlatform · Ramping
Approved AI assistants can analyze a customer's investments and prepare trades, but a person must approve any order.
Recurring InvestmentsCustomer program
Schedules small repeat purchases; eligible European customers can buy more than 500 BlackRock iShares funds without commission.
IBKR ATS and Overnight TradingEcosystem
Routes U.S. stock orders beyond regular hours; overnight trades nearly tripled to 10.9 million in Q2 2026.
Expanded Market AccessEcosystem · Ramping
New 2026 connections included Korea's KRX and Nextrade marketplaces, widening the places reachable through the same account.