IBKR - Comprehensive Filing Intelligence

FY•10-K•Filed Feb 27, 2026
6.0/10
Filing Health:GOOD

Solid fundamentals with minor concerns to monitor

Executive Summary

Management highlights continued investment in proprietary technology and global expansion as key to maintaining competitive advantages in the evolving brokerage landscape.. The company has significant payables to related parties, totaling $1,249 million as of December 31, 2025, although these are stated to be on substantially the same terms as comparable loans with unrelated parties.. Total net revenues increased 19.7% year-over-year.

Top Concerns

  • !Profitability improved, with a higher pretax profit margin year-over-year, despite a decline in net interest margin due to lower interest rates.
  • !The company has significant payables to related parties, totaling $1,249 million as of December 31, 2025, although these are stated to be on substantially the same terms as comparable loans with unrelated parties.
  • !There is ongoing litigation and regulatory scrutiny common in the securities industry, with potential for material liabilities, though specific amounts are not disclosed.
  • !Cybersecurity and Technology Risk (high)
  • !Regulatory and Legal Uncertainty (high)

Top Positives

  • +Revenue growth was strong, driven by a significant increase in customer trading volumes across various asset classes, leading to higher commissions and net interest income.
  • +The company maintains a highly liquid balance sheet and a strong cash flow position, providing confidence in its ability to meet future liquidity needs.

Analysis Dimensions

Our 5-pass AI analysis examines this filing across multiple dimensions. Each dimension score is derived from direct analysis of SEC filing text.

Narrative Intelligence

7.0/10

Management tone is confidently optimistic.

Full analysis includes: tone changes vs prior quarter, margin driver breakdown, forward guidance analysis, strategic priorities.

Accounting Quality

7.0/10

Earnings quality shows moderate accounting practices.

Full analysis includes: reserve and allowance changes, non-recurring item analysis, stock-based compensation impact, disclosure concerns.

Hidden Liabilities

Off-balance sheet risk is low.

Full analysis includes: cloud and purchase commitments, VIE/SPE exposure, covenant compliance status, refinancing risk assessment.

Risk Landscape

3.0/10

Overall risk profile shows cybersecurity and technology risk as primary concern.

Full analysis includes: 8 risk categories with severity, new vs escalated risks, management response assessment, risk trend analysis.

Segment Performance

8.0/10

Segment health analysis.

Full analysis includes: segment-by-segment revenue breakdown, geographic concentration risk, customer concentration analysis, segment margin trends.

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Analysis

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