Interactive Brokers Group, Inc.

Revenue split roughly 64% net interest income and 31% commissions in FY2025, neither of which is contractually recurring. NII depends on prevailing interest rates and client balance levels, compressing significantly during the near-zero rate period of FY2020-FY2021, while commissions fluctuate with market activity and volatility.

All meaningful revenue comes from a single business: electronic brokerage spanning stocks, options, futures, forex, and bonds. Asset class breadth provides some diversification within the platform, but the business is a single-segment operation with no uncorrelated revenue lines outside brokerage intermediation.

More than 80% of active accounts reside outside the United States, spanning operations in 36 countries and 28 currencies with clients in over 200 countries. No single non-US market individually dominates, though the revenue contribution by geography is not separately disclosed in annual filings.

Compensation expenses ran at approximately 10.4% of net revenues in the first nine months of FY2025, structurally lower than comparable broker peers, because the platform routes orders across 160+ exchanges through code rather than headcount. Operating expenses fell from approximately $1.49 billion in FY2024 to $1.43 billion in FY2025 even as net revenues grew nearly $1 billion, reflecting proven operating leverage sustained across the rate cycle of FY2021-FY2025.

NII from client cash and margin balances carries some stickiness since $780 billion in client equity does not move overnight, but it reprices entirely with interest rates rather than being contractually locked. Commission revenue is transactional and tied to client trading decisions; the platform competes on execution quality and cost rather than mission-critical lock-in.