Interactive Brokers Group, Inc. (IBKR) Cash Flow Statement
Where IBKR’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $15.81B +81.2% vs 2024
- Capital expenditures
- $67.0M 0.7% of revenue
- Free cash flow
- $15.74B 153.9% margin
- Returned to shareholders
- $218.0M 1% of free cash flow
- Change in cash
- $15.06B cash at year-end $55.30B
Drawn to scale: where the cash came from and how it was used. Hover for values.
IBKR operating cash flow, capex and free cash flow
IBKR cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $635.0M2016 | $15.81B2025 | +42.9%/yr | |
| Capital expenditures | $27.0M2016 | $67.0M2025 | +10.6%/yr | |
| Free cash flow | $608.0M2016 | $15.74B2025 | +43.6%/yr | |
| Free cash flow margin | 44.0%2016 | 153.9%2025 | +109.8 pts | |
| Operating cash flow / net income | 0.912016 | 3.632025 | +2.72 | |
| Stock-based compensation | $51.0M2016 | $118.0M2025 | +9.8%/yr | |
| Dividends paid | $26.0M2016 | $134.0M2025 | +20.0%/yr | |
| Share buybacks (net) | $26.0M2016 | $84.0M2025 | +13.9%/yr | |
| Capex / revenue | 2.0%2016 | 0.7%2025 | −1.3 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
IBKR cash flow by activity
IBKR net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
IBKR cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $4.36B | $3.41B | $2.81B | $380.0M | $308.0M | $195.0M | $161.0M | $1.12B | $793.0M | $699.0M |
| Depreciation & amortization | $93.0M | $96.0M | $94.0M | $84.0M | $74.0M | $62.0M | $52.0M | $26.0M | $25.0M | $25.0M |
| Stock-based compensation | $118.0M | $112.0M | $100.0M | $92.0M | $80.0M | $65.0M | $60.0M | $58.0M | $53.0M | $51.0M |
| Change in working capital | $11.24B | $5.08B | $1.51B | $1.92B | −$15.61B | −$8.04B | −$4.33B | $1.12B | $121.0M | −$174.0M |
| Other non-cash items | $6.0M | $34.0M | $28.0M | $1.50B | $21.04B | $15.79B | $6.72B | $25.0M | $73.0M | $34.0M |
| Cash from operating activities | $15.81B | $8.72B | $4.54B | $3.97B | $5.90B | $8.07B | $2.67B | $2.36B | $1.06B | $635.0M |
| Investing activities | ||||||||||
| Capital expenditures | −$67.0M | −$49.0M | −$49.0M | −$69.0M | −$77.0M | −$50.0M | −$74.0M | −$36.0M | −$28.0M | −$27.0M |
| Investments (net) | −$105.0M | −$44.0M | −$52.0M | $2.0M | −$111.0M | −$50.0M | −$15.0M | −$21.0M | $2.0M | $21.0M |
| Acquisitions & other investing | $1.0M | $49.0M | $49.0M | $0 | $0 | $50.0M | $0 | $0 | $0 | $0 |
| Cash from investing activities | −$171.0M | −$44.0M | −$52.0M | −$67.0M | −$188.0M | −$50.0M | −$89.0M | −$57.0M | −$26.0M | −$6.0M |
| Financing activities | ||||||||||
| Dividends paid | −$134.0M | −$92.0M | −$42.0M | −$40.0M | −$38.0M | −$32.0M | −$31.0M | −$29.0M | −$28.0M | −$26.0M |
| Share repurchases & issuance (net) | −$84.0M | −$54.0M | −$34.0M | −$20.0M | −$27.0M | −$17.0M | −$27.0M | −$45.0M | −$21.0M | −$26.0M |
| Net borrowing (repayment) | $5.0M | −$3.0M | −$1.0M | −$9.0M | $4.0M | $6.0M | −$1.0M | $2.0M | −$59.0M | $74.0M |
| Shares issued | $95.0M | $56.0M | $34.0M | $23.0M | $26.0M | $18.0M | $26.0M | $40.0M | $0 | $0 |
| Other financing | −$851.0M | −$740.0M | −$581.0M | −$424.0M | −$488.0M | −$204.0M | −$386.0M | −$367.0M | −$266.0M | −$211.0M |
| Cash from financing activities | −$969.0M | −$833.0M | −$624.0M | −$470.0M | −$523.0M | −$229.0M | −$419.0M | −$399.0M | −$374.0M | −$189.0M |
| Summary | ||||||||||
| Net change in cash | $15.06B | $7.64B | $3.99B | $3.32B | $5.09B | $7.91B | $2.18B | $1.82B | $730.0M | $415.0M |
| Cash at end of period | $55.30B | $40.23B | $32.59B | $28.60B | $25.28B | $20.20B | $12.28B | $10.10B | $8.28B | $7.55B |
| Free cash flow | $15.74B | $8.68B | $4.50B | $3.90B | $5.82B | $8.02B | $2.59B | $2.32B | $1.04B | $608.0M |
| Free cash flow margin | 153.9% | 93.1% | 57.7% | 93.0% | 197.9% | 331.3% | 100.7% | 100.1% | 65.0% | 44.0% |
| Capex / revenue | 0.7% | 0.5% | 0.6% | 1.6% | 2.6% | 2.1% | 2.9% | 1.6% | 1.8% | 2.0% |
| Operating cash flow / net income | 3.63 | 2.56 | 1.62 | 10.44 | 19.14 | 41.37 | 16.56 | 2.09 | 1.34 | 0.91 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $1.34B | $1.17B | $1.20B | $1.19B | $1.01B | $964.0M | $969.0M | $834.0M | $809.0M | $795.0M | $739.0M | $772.0M |
| Depreciation & amortization | $26.0M | $25.0M | $24.0M | $24.0M | $23.0M | $22.0M | $23.0M | $25.0M | $24.0M | $24.0M | $25.0M | $23.0M |
| Stock-based compensation | $32.0M | $33.0M | $28.0M | $31.0M | $28.0M | $31.0M | $32.0M | $26.0M | $26.0M | $28.0M | $25.0M | $26.0M |
| Change in working capital | $4.80B | $2.36B | $327.0M | $3.25B | $6.08B | $1.57B | $800.0M | $2.70B | $760.0M | $819.0M | $1.55B | $182.0M |
| Other non-cash items | $19.0M | $20.0M | $29.0M | −$17.0M | $2.0M | −$8.0M | $14.0M | $1.0M | $2.0M | $17.0M | $31.0M | −$24.0M |
| Cash from operating activities | $6.22B | $3.61B | $1.61B | $4.48B | $7.14B | $2.58B | $1.84B | $3.58B | $1.62B | $1.68B | $2.37B | $979.0M |
| Investing activities | ||||||||||||
| Capital expenditures | −$18.0M | −$26.0M | −$22.0M | −$15.0M | −$14.0M | −$16.0M | −$15.0M | −$11.0M | −$11.0M | −$12.0M | −$9.0M | −$8.0M |
| Investments (net) | −$48.0M | −$4.0M | −$38.0M | −$44.0M | −$42.0M | −$26.0M | $18.0M | −$35.0M | −$14.0M | −$13.0M | −$25.0M | −$18.0M |
| Acquisitions & other investing | $0 | $18.0M | $1.0M | $15.0M | $14.0M | $16.0M | $15.0M | $11.0M | $11.0M | $12.0M | $9.0M | $8.0M |
| Cash from investing activities | −$66.0M | −$12.0M | −$59.0M | −$44.0M | −$42.0M | −$26.0M | $18.0M | −$35.0M | −$14.0M | −$13.0M | −$25.0M | −$18.0M |
| Financing activities | ||||||||||||
| Dividends paid | −$39.0M | −$36.0M | −$36.0M | −$36.0M | −$35.0M | −$27.0M | −$27.0M | −$27.0M | −$27.0M | −$11.0M | −$11.0M | −$10.0M |
| Share repurchases & issuance (net) | −$146.0M | — | $0 | $0 | −$84.0M | — | $0 | $0 | −$54.0M | — | $0 | $0 |
| Net borrowing (repayment) | $1.0M | −$7.0M | $9.0M | $2.0M | −$4.0M | −$2.0M | −$19.0M | $22.0M | — | — | — | — |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$103.0M | −$273.0M | −$156.0M | −$196.0M | −$208.0M | −$196.0M | −$140.0M | −$172.0M | −$252.0M | −$126.0M | −$97.0M | −$117.0M |
| Cash from financing activities | −$287.0M | −$316.0M | −$183.0M | −$230.0M | −$331.0M | −$225.0M | −$186.0M | −$177.0M | −$333.0M | −$137.0M | −$108.0M | −$127.0M |
| Summary | ||||||||||||
| Net change in cash | $5.81B | $3.20B | $1.38B | $4.17B | $7.07B | $2.44B | $1.42B | $3.52B | $1.26B | $1.43B | $2.38B | $758.0M |
| Cash at end of period | $64.31B | $58.50B | $55.30B | $53.91B | $49.74B | $42.67B | $40.23B | $38.81B | $35.29B | $34.02B | $32.59B | $30.21B |
| Free cash flow | $6.20B | $3.58B | $1.59B | $4.46B | $7.12B | $2.57B | $1.82B | $3.57B | $1.61B | $1.67B | $2.36B | $971.0M |
| Free cash flow margin | 209.9% | 132.7% | 57.7% | 165.1% | 288.6% | 111.2% | 75.3% | 261.6% | 69.9% | 76.0% | 112.5% | — |
| Capex / revenue | 0.6% | 1.0% | 0.8% | 0.6% | 0.6% | 0.7% | 0.6% | 0.8% | 0.5% | 0.5% | 0.4% | — |
| Operating cash flow / net income | 4.65 | 3.08 | 1.34 | 3.78 | 7.10 | 2.68 | 1.90 | 4.29 | 2.00 | 2.12 | 3.21 | 1.27 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
IBKR cash generation
In fiscal 2025 (ended December 31, 2025), Interactive Brokers generated $15.8 billion of cash from operations (up 81.2%) and spent $67.0 million on capital expenditures, leaving free cash flow of $15.7 billion, 153.9% of revenue. It returned $218.0 million to shareholders through dividends ($134.0 million) and net share buybacks ($84.0 million). Cash and equivalents rose by $15.1 billion over the year.
Related: IBKR income statement, IBKR balance sheet, IBKR dividend history. See the IBKR stock overview for the latest quote and news.
IBKR cash flow FAQ
What is Interactive Brokers's free cash flow?
Interactive Brokers's free cash flow was $15.7 billion in fiscal 2025: $15.8 billion of operating cash flow minus $67.0 million of capital expenditures It was $8.7 billion a year earlier..
How much cash does Interactive Brokers generate from operations?
Interactive Brokers generated $15.8 billion of cash from operating activities in fiscal 2025, 3.63 times its net income of $4.4 billion.
How much does Interactive Brokers spend on capital expenditures?
Interactive Brokers spent $67.0 million on capital expenditures in fiscal 2025, 0.7% of revenue, compared with $49.0 million the year before.
How much stock does Interactive Brokers buy back?
Interactive Brokers spent $84.0 million on net share repurchases in fiscal 2025.
How much does Interactive Brokers pay in dividends?
Interactive Brokers paid $134.0 million in dividends in fiscal 2025, 0.9% of free cash flow.