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Core Insights - Interactive Brokers Group, Inc. (IBKR) has expanded its Forecast Contracts to Europe, driven by increasing global demand for predictive risk management tools [1][9] - The company has launched various products, including cryptocurrency trading and the IBKR GlobalTrader platform, enhancing its service offerings [4][5][6] - IBKR's revenues are expected to improve due to technological advancements and higher client acquisitions, with a compound annual growth rate of 21.8% in total net revenues from 2019 to 2024 [7][21] Product Expansion - Forecast Contracts, which are based on specific events occurring by a certain time, were initially launched in the U.S. and Hong Kong and later expanded to Canada and Europe [2][3] - IBKR has added new cryptocurrencies to its offerings, increasing the total to 11, and introduced innovative tools like the Impact Dashboard for sustainable investing [4][5] - The company has also extended trading hours to nearly 24 hours a day, allowing real-time trading across global releases [3] Competitive Landscape - IBKR's close competitor, Robinhood Markets, Inc. (HOOD), has also diversified its offerings, launching various products to meet investor demands [10] - TradeWeb Markets Inc. (TW), another peer, has introduced electronic portfolio trading for European government bonds, enhancing its market share [11] Financial Performance - IBKR shares have gained 45.5% year-to-date, outperforming the industry and the S&P 500 Index [12][9] - The company's stock is trading at a trailing 12-month price-to-tangible book (P/TBV) ratio of 1.53, which is below the industry's 2.87, indicating it may be undervalued [21][17] Earnings Outlook - Analysts have revised upward the earnings estimates for IBKR, reflecting year-over-year growth rates of 11.4% for 2025 and 6.1% for 2026 [16][21] - The upward revisions in earnings estimates suggest optimism regarding IBKR's growth potential, presenting a compelling buying opportunity for value investors [21][22]

PART I FINANCIAL INFORMATION [Financial Statements (Unaudited)](index=3&type=section&id=ITEM%201.%20Financial%20Statements%20(Unaudited)) The unaudited financial statements for Q2 2025 present the company's financial position, performance, and cash flows, alongside key accounting and regulatory disclosures [Condensed Consolidated Statements of Financial Condition](index=3&type=section&id=Condensed%20Consolidated%20Statements%20of%20Financial%20Condition) This section provides a snapshot of the company's assets, liabilities, and equity as of June 30, 2025, and December 31, 2024 Condensed Consolidated Statements of Financial Condition (in millions) | | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Total assets** | **$181,475** | **$150,142** | | Cash and cash equivalents | $4,688 | $3,633 | | Cash - segregated for regulatory purposes | $45,057 | $36,600 | | Receivables from Customers | $65,346 | $64,432 | | **Total liabilities** | **$162,957** | **$133,545** | | Payables to Customers | $138,417 | $115,343 | | **Total equity** | **$18,518** | **$16,597** | | Stockholders' equity | $4,825 | $4,280 | | Noncontrolling interests | $13,693 | $12,317 | [Condensed Consolidated Statements of Comprehensive Income](index=4&type=section&id=Condensed%20Consolidated%20Statements%20of%20Comprehensive%20Income) This statement details the company's revenues, expenses, and net income for the three and six months ended June 30, 2025 and 2024 Condensed Consolidated Statements of Comprehensive Income (in millions, except per share amounts) | | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | :--- | :--- | | **Total net revenues** | **$1,480** | **$1,230** | **$2,907** | **$2,433** | | Commissions | $516 | $406 | $1,030 | $785 | | Total net interest income | $860 | $792 | $1,630 | $1,539 | | **Income before income taxes** | **$1,104** | **$880** | **$2,159** | **$1,746** | | **Net income** | **$1,006** | **$809** | **$1,970** | **$1,604** | | Net income available for common stockholders | $224 | $179 | $437 | $354 | | **Diluted Earnings per share** | **$0.51** | **$0.41** | **$0.99** | **$0.82** | [Condensed Consolidated Statements of Cash Flows](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) This statement outlines the company's cash inflows and outflows from operating, investing, and financing activities for the six months ended June 30, 2025 and 2024 Condensed Consolidated Statements of Cash Flows (in millions) | | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | **Net cash provided by operating activities** | **$9,723** | **$3,304** | | Net cash used in investing activities | ($68) | ($27) | | Net cash used in financing activities | ($556) | ($470) | | Effect of exchange rate changes on cash | $413 | ($112) | | **Net increase in cash, cash equivalents and restricted cash** | **$9,512** | **$2,695** | [Notes to Condensed Consolidated Financial Statements](index=8&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) These notes provide detailed explanations of the accounting policies, significant transactions, and other disclosures supporting the financial statements - The company is an automated global electronic broker with **3,087 employees worldwide** as of June 30, 2025[18](index=18&type=chunk) - A **four-for-one forward stock split** was executed, effective for shareholders of record on June 16, 2025 All prior period share and per-share amounts have been retroactively adjusted to reflect this split[24](index=24&type=chunk) - As of June 30, 2025, IBG, Inc. owns approximately **26.0% of IBG LLC**, with the remaining **74.0% held by IBG Holdings LLC**[95](index=95&type=chunk) - The company settled with the Office of Foreign Assets Control (OFAC) for **$11.8 million** on July 15, 2025, regarding sanctions compliance issues dating back to 2016[207](index=207&type=chunk) - The company operates as a single reportable segment, electronic brokerage, and provides a breakdown of revenues by geography, with the U.S. accounting for **$1,006 million** and International for **$474 million** in net revenues for Q2 2025[212](index=212&type=chunk)[221](index=221&type=chunk) - As of June 30, 2025, the aggregate excess regulatory capital for all operating subsidiaries was **$13.3 billion**, with all entities in compliance with their respective requirements[223](index=223&type=chunk)[227](index=227&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=42&type=section&id=ITEM%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the company's financial performance, attributing strong Q2 2025 results to favorable market conditions, increased revenues, and a highly liquid balance sheet [Business Environment and Financial Overview](index=43&type=section&id=Business%20Environment%20and%20Financial%20Overview) This section provides an overview of the market conditions and key financial highlights that influenced the company's performance in Q2 2025 - The business environment in Q2 2025 was marked by **rising world equity markets**, **increased trading volumes**, and **higher volatility** Several central banks, including those in Europe and the U.K., cut policy rates, while the U.S. Federal Reserve held rates steady[241](index=241&type=chunk)[248](index=248&type=chunk) Key Market Drivers (Q2 2025 vs Q2 2024) | Metric | Change | Note | | :--- | :--- | :--- | | U.S. Listed Cash Equities Volume | +57% | Industry data | | U.S. Exchange-Listed Options Volume | +24% | Industry data | | U.S. Futures Volume | +16% | Industry data | | VIX® Average | +69% | From 14.0 to 23.7 | Q2 2025 Financial Highlights (vs. Q2 2024) | Metric | Q2 2025 | Change vs Q2 2024 | | :--- | :--- | :--- | | Commission Revenue | $516 million | +27% | | Net Interest Income | $860 million | +9% | | Pretax Profit Margin | 75% | from 72% | | Adjusted Pretax Profit Margin | 75% | from 73% | | Diluted EPS | $0.51 | from $0.41 | | Adjusted Diluted EPS | $0.51 | from $0.44 | [Trading Volumes and Customer Statistics](index=47&type=section&id=Trading%20Volumes%20and%20Customer%20Statistics) This section presents key metrics related to customer accounts, equity, daily average revenue trades (DARTs), and trading volumes across various products Customer Statistics (Year over Year) | Metric | 2Q2025 | 2Q2024 | % Change | | :--- | :--- | :--- | :--- | | Total Accounts (in thousands) | 3,866 | 2,924 | 32% | | Customer Equity (in billions) | $664.6 | $497.2 | 34% | | Total Customer DARTs (in thousands) | 3,552 | 2,386 | 49% | | Commission per Cleared Commissionable Order | $2.65 | $3.01 | (12%) | Customer Contract and Share Volumes (Year over Year) | Product | 2Q2025 Volume | % Change vs 2Q2024 | | :--- | :--- | :--- | | Options (contracts) | 382,195 thousand | 24% | | Futures (contracts) | 63,918 thousand | 18% | | Stocks (shares) | 95,276,485 thousand | 31% | [Results of Operations](index=49&type=section&id=Results%20of%20Operations) This section provides a detailed analysis of the company's net revenues, commissions, net interest income, and non-interest expenses for the reported periods - For Q2 2025, Net Revenues increased **20%** to **$1,480 million**, driven by higher commissions and net interest income[271](index=271&type=chunk)[273](index=273&type=chunk) - Commissions for Q2 2025 increased **27%** to **$516 million** due to a **49%** rise in DARTs, though average commission per order decreased **12%** to **$2.65**[278](index=278&type=chunk)[292](index=292&type=chunk) - Net Interest Income for Q2 2025 increased **9%** to **$860 million**, benefiting from higher customer balances and securities lending, despite lower benchmark rates, with NIM decreasing from **2.42%** to **2.07%** - Non-Interest Expenses for Q2 2025 increased **7%** to **$376 million**, primarily due to a **12%** rise in employee compensation - For the Six Months 2025, Net Revenues increased **19%** to **$2,907 million**[310](index=310&type=chunk) - Commissions for the Six Months 2025 increased **31%** to **$1,030 million**, driven by a **43%** increase in DARTs[311](index=311&type=chunk) - Net Interest Income for the Six Months 2025 increased **6%** to **$1,630 million**[314](index=314&type=chunk) - Non-Interest Expenses for the Six Months 2025 increased **9%** to **$748 million**[330](index=330&type=chunk) [Liquidity and Capital Resources](index=63&type=section&id=Liquidity%20and%20Capital%20Resources) This section details the company's balance sheet liquidity, equity growth, and cash flow from operating activities - The company maintains a highly liquid balance sheet with total assets of **$181.5 billion** as of June 30, 2025, of which **99.2%** are considered liquid[350](index=350&type=chunk) - Consolidated equity increased **22%** year-over-year to **$18.5 billion** as of June 30, 2025, primarily from comprehensive income[355](index=355&type=chunk) - For the six months ended June 30, 2025, net cash from operating activities was **$9.7 billion**, largely reflecting an increase in customer credit balances[359](index=359&type=chunk) [Quantitative and Qualitative Disclosures about Market Risk](index=67&type=section&id=ITEM%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) The company manages market risks including equity price, foreign currency, and interest rate fluctuations through proprietary models and active currency management, mitigating margin loan risk with automated systems - The company actively manages its global currency exposure by maintaining its equity in a basket of 10 currencies called 'GLOBALs' As of June 30, 2025, approximately **25%** of the company's equity was denominated in currencies other than the U.S. dollar[386](index=386&type=chunk)[387](index=387&type=chunk) Interest Rate Sensitivity Analysis (as of June 30, 2025) | Scenario | Currency | Annualized Impact on Net Interest Income | | :--- | :--- | :--- | | +0.25% Rate Change | U.S. Dollar | +$73 million | | +0.25% Rate Change | Non-U.S. Dollar | +$38 million | | -0.25% Rate Change | U.S. Dollar | -$73 million | | -0.25% Rate Change | Non-U.S. Dollar | -$8 million | - The company had **$65.3 billion** in margin loans extended to customers as of June 30, 2025 Credit exposure is mitigated by a real-time margining system that automatically liquidates under-margined positions[399](index=399&type=chunk)[401](index=401&type=chunk) [Controls and Procedures](index=71&type=section&id=ITEM%204.%20Controls%20and%20Procedures) Management, including the CEO and CFO, evaluated the company's disclosure controls and procedures and concluded they were effective as of June 30, 2025 There were no material changes to the internal control over financial reporting during the quarter - Management concluded that as of the end of the quarter, the company's disclosure controls and procedures were **effective in all material respects**[408](index=408&type=chunk) - No changes in internal control over financial reporting occurred during the quarter that materially affected, or are likely to materially affect, internal controls[409](index=409&type=chunk) PART II OTHER INFORMATION [Legal Proceedings](index=72&type=section&id=ITEM%201.%20Legal%20Proceedings) There have been no material changes to legal proceedings since the last Annual Report, except for updates provided in Note 13 of the financial statements, which detail the conclusion of the Trading Technologies matter, an ongoing class action, and a settlement with OFAC - No material changes to legal proceedings are reported, with reference to Note 13 for updates on specific matters[411](index=411&type=chunk) [Risk Factors](index=72&type=section&id=ITEM%201A.%20Risk%20Factors) There have been no material changes to the risk factors disclosed in the company's Annual Report on Form 10-K for the year ended December 31, 2024 - No material changes to risk factors have occurred since the last annual report filing[412](index=412&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=72&type=section&id=ITEM%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) During the quarter, the company repurchased 1,815,372 shares from employees at an average price of $46.40 per share These shares were withheld to satisfy tax obligations related to the vesting of stock incentive plan awards and were subsequently sold in open market transactions Stock Repurchase Activity (Three Months Ended June 30, 2025) | Period | Transaction Type | Total Shares Purchased | Average Price Paid per Share | | :--- | :--- | :--- | :--- | | May 1 - May 31 | Employee Transactions | 1,815,372 | $46.40 | [Other Information](index=73&type=section&id=ITEM%205.%20Other%20Information) During the second quarter of 2025, Chairman Thomas Peterffy and CFO Paul Brody adopted Rule 10b5-1 trading plans for the sale of company common stock Adoption of Rule 10b5-1 Trading Plans (Q2 2025) | Name | Title | Plan Adoption Date | Aggregate Shares to be Sold | | :--- | :--- | :--- | :--- | | Thomas Peterffy | Chairman of the Board | April 25, 2025 | 6,064,728 | | Paul Brody | Chief Financial Officer | June 9, 2025 | 1,000,000 | [Exhibits](index=74&type=section&id=ITEM%206.%20Exhibits) This section lists all exhibits filed with the Form 10-Q, including the company's certificate of incorporation, bylaws, various agreements, and certifications by the CEO and CFO It also includes XBRL data files

Core Insights - Interactive Brokers Group, Inc. (IBKR) shares have increased by 41.8% over the past three months, outperforming the industry growth of 20.3% and the S&P 500 Index's rise of 13.1% [1][8] - The company's stock performance has surpassed key peers such as Charles Schwab (14.8% increase) and Tradeweb Markets (2.2% decline) [1][8] Performance Drivers - Technological Excellence: IBKR's technological superiority allows it to process trades across more than 150 exchanges globally, enhancing its operational efficiency [4] - Revenue Growth: The company has achieved a compound annual growth rate (CAGR) of 21.8% in total net revenues from 2019 to 2024, with continued momentum into the first half of 2025 [5] - Global Expansion: IBKR has launched several initiatives to enhance its global presence, including extended trading hours and new product offerings in various markets [10][11][12] Financial Position - Robust Liquidity: As of June 30, 2025, IBKR had cash and cash equivalents of $49.7 billion, with a consistent history of dividend payments and minimal debt [14] - Earnings Estimates: Analysts have revised upward the earnings estimates for 2025 and 2026, indicating year-over-year growth rates of 9.7% and 6.7%, respectively [21] Challenges - Elevated Expense Base: The company has experienced a CAGR of 13.8% in non-interest expenses over the past five years, primarily due to increased execution and clearing fees [15] - High Reliance on International Revenues: Approximately 37% of IBKR's total net revenues come from international operations, exposing the company to regulatory and economic risks [18] Conclusion - Despite elevated expenses, IBKR's strong technological capabilities and diversified product offerings position it well for long-term growth in a volatile market [20] - The upward revisions in earnings estimates reflect analysts' optimism regarding IBKR's growth potential, making it a favorable investment opportunity [21][25]

Core Insights - Albert Anthony is a Croatian-American business author and media contributor with a focus on financial markets, launching a book titled "Financial Markets: The Next Generation" in 2025 [1] - He has a non-traditional financial background, having worked as an analyst in the IT sector for Fortune 500 companies, which has informed his approach to equities research [1] - In 2021, he founded his own equities research firm, Albert Anthony & Company, which operates remotely [1] Company Background - Albert Anthony & Company is a US-based sole proprietorship registered in Austin, Texas, focusing on general market commentary and research based on publicly available data [1] - The firm does not provide personalized financial advisory services or manage client funds, emphasizing a data-driven and process-oriented approach [1] Professional Experience - Albert Anthony has participated in numerous business and innovation conferences in Croatia, contributing to his understanding of the fast-growing southern European economy [1] - He has completed degrees and ongoing training from institutions like Drew University and the Corporate Finance Institute, enhancing his analytical skills [1] Media Presence - In addition to writing for platforms like Seeking Alpha and Investing.com, Albert Anthony is launching a YouTube show titled "Financial Markets with Albert Anthony" in 2025, where he will provide market commentary [1] - He has also been involved in European casting agencies, appearing in over five productions, showcasing a diverse media presence [1]

Core Insights - Interactive Brokers (IBKR) reported strong performance metrics for its Electronic Brokerage segment in July 2025, with significant year-over-year increases in client Daily Average Revenue Trades (DARTs) and customer accounts [1][10]. Performance Metrics - Total client DARTs reached 3,498,000 in July 2025, marking a 27% increase from July 2024 and a 1% rise from June 2025 [2]. - Cleared average DARTs per customer accounts were 194, reflecting a 6% decline year-over-year and a 1% decrease from June 2025 [2]. - Customer accounts grew to 3.96 million, a 32% increase year-over-year and a 2% rise from the previous month, with net new accounts totaling 92,400, up 29% year-over-year [2]. Trading Activity - Total options contracts traded were 132.4 million in July 2025, up 12% year-over-year and 14% from the previous month [3]. - Futures contracts decreased to 17.5 million, down 13% year-over-year and 5% from the previous month [3]. Client Equity and Balances - Client equity stood at $685.8 billion, a 35% increase year-over-year and a 3% sequential rise [4]. - Client credits balance was $144.3 billion, up 32% from July 2024, with a marginal increase from June 2025 [4]. - Customer margin loan balance increased to $67.6 billion, reflecting a 20% year-over-year growth and a 4% rise from the previous month [4]. Revenue Outlook - The company anticipates improved revenues in upcoming quarters due to solid DART numbers and a favorable trading environment, with a compound annual growth rate of 21.8% in total net revenues over the past five years [5]. - IBKR has been focusing on developing proprietary software and expanding its product offerings to enhance service reach [5]. Product and Service Expansion - In May 2025, IBKR extended trading hours for Forecast Contracts to nearly 24 hours a day and launched a prediction markets hub in Canada [6]. - The company added four new cryptocurrencies in the first quarter of 2025 [6]. - IBKR introduced Plan d'Epargne en Actions accounts for French clients and launched IBKR GlobalTrader for mobile stock trading [7]. Competitive Landscape - Competitors like TradeWeb Markets Inc. and Robinhood Markets, Inc. are also enhancing their product offerings to capture market share [8][9]. - TradeWeb launched electronic portfolio trading for European government bonds, while Robinhood has diversified its services with new offerings in the U.K. [8][9]. Stock Performance and Valuation - IBKR shares have increased by 46.9% year-to-date, outperforming the industry growth of 19.1% [12]. - The company trades at a forward price-to-earnings (P/E) ratio of 32.29, which is significantly above the industry average [13]. Earnings Estimates - The Zacks Consensus Estimate indicates year-over-year earnings growth of 9.7% for 2025 and 6.7% for 2026, with upward revisions in earnings estimates over the past 30 days [17].

金十数据8月4日讯，盈透证券首席策略师Steve Sosnick表示，库格勒此前已因个人原因缺席最近一次 FOMC会议，因此我认为此次（辞职）表态可信度较高。但这为美国总统特朗普安插超级鸽派提供了机 会。更令人不安的是劳工统计局局长被解雇事件。尽管该机构显然出了问题，数据出现前所未有的大规 模修改，但一位总统在没有真正确定原因的情况下，仅因不喜数据就解雇官员，这也是史无前例，这并 不是一个好兆头。这让人质疑信息是否可信、是否公正。如果数据统计者受制于总统的政治突发奇想， 那么这些数据的真实性就会受到质疑。 盈透证券：美国数据的公正性、真实性将遭质疑 ...

金十图示：2025年08月04日（周一）全球富豪榜 | 排名 | 名字 | 身价(美元) | 身价变化 | 公司 | | --- | --- | --- | --- | --- | | 1 | 埃隆·马斯克 | 3980亿 | 0 0% | 特斯拉、Spa | | 2 | 拉里·埃里森 | 2893亿 | 0 0% | 甲骨文 | | 3 | 马克·扎克伯格 | 2587亿 | 0 0% | Meta | | 4 | 杰夫·贝佐斯 | 2289亿 | 0 0% | 亚马逊 | | 5 | 拉里·佩奇 | -0 1558亿 | 0 0% | 谷歌 | | 6 | 黄仁勋 | 1512亿 | 0 0% | 英伟达 | | 7 | 谢尔盖·布林 | 1487亿 | 0 0% | 谷歌 | | 8 | 史蒂夫·鲍尔默 | 1466亿 | 0 0% | 微软 | | 9 | 沃伦·巴菲特 | 1417亿 | 0 0% | 伯克希尔哈撒韦 | | 10 | 贝尔纳·阿尔诺家族 | 1407亿 | 0 0% | LVMH | | II | 迈克尔·戴尔 | 1282亿 | 0 0% | 戴尔 | .CO., @ JIN10 ...

Group 1 - Elon Musk remains the richest person with a net worth of $407.3 billion, experiencing a decrease of $1.2 billion or 0.3% [1] - Larry Ellison ranks second with a net worth of $296.7 billion, increasing by $1.58 billion or 0.2% [1] - Jeff Bezos is third with a net worth of $242.9 billion, down by $7.42 billion or 0.3% [1] - Mark Zuckerberg's net worth is $240 billion, decreasing by $1.6 billion or 0.68% [1] - Larry Page has a net worth of $161.5 billion, increasing by $6.95 billion or 0.43% [1] Group 2 - Nvidia's CEO Jensen Huang has a net worth of $156 billion, increasing by $3.2 billion or 2.12% [1] - Sergey Brin, co-founder of Google, has a net worth of $154.1 billion, increasing by $650 million or 0.42% [1] - Bernard Arnault's family has a net worth of $146.1 billion, increasing by $1.4 billion or 0.97% [1] - Steve Ballmer, former CEO of Microsoft, has a net worth of $144.2 billion, increasing by $149 million or 0.1% [1] - Warren Buffett's net worth is $142.2 billion, increasing by $9.32 million or 0.07% [1] Group 3 - Michael Dell has a net worth of $133 billion, increasing by $1.1 billion or 0.81% [1] - Rob Walton and family have a net worth of $116.6 billion, decreasing by $6.78 billion or 0.58% [3] - Jim Walton and family have a net worth of $115.6 billion, decreasing by $6.77 billion or 0.58% [3] - Amancio Ortega has a net worth of $115.4 billion, decreasing by $1 billion or 0.9% [3] - Bill Gates has a net worth of $115.2 billion, decreasing by $1.7 billion or 1.42% [3]

Key Takeaways The cryptocurrency market has been witnessing a strong rally this month. Bitcoin (BTC), the largest cryptocurrency globally, touched the all-time high of 123,091.61 on July 14. Thereafter, it hovers around 118,000. Ethereum (ETH) rebounded sharply and is up more than 57% in the past month. Positive developments on the global tariff and trade front and the evaporation of a near-term recession fear in the U.S. economy boosted cryptocurrencies. Meanwhile, this space gathers momentum predominantly ...