Interactive Brokers Group (IBKR) Q4 2023 earnings summary

Executive summary

• Q4 2023 GAAP net revenues were $1.139B and adjusted net revenues $1.149B; diluted EPS was $1.48 GAAP and $1.52 adjusted.

• Adjusted pretax profit margin was 72%, versus 70% in Q4 2022; customer accounts rose 23% YoY to 2.56M.

Financial highlights

• Q4 income before income taxes was $816M GAAP and $831M adjusted, versus $689M and $671M, respectively, a year earlier.

• Q4 net income available to common stockholders was $160M, versus $136M YoY; diluted EPS was $1.48, versus $1.31.

• FY 2023 net revenues were $4.340B GAAP and $4.367B adjusted; diluted EPS was $5.67 GAAP and $5.75 adjusted.

• FY 2023 income before income taxes was $3.069B GAAP and $3.101B adjusted; net income available to common stockholders was $600M, versus $380M in 2022.

Key financial ratios and metrics

• Q4 net interest income rose 29% YoY to $730M; net interest margin was 2.41%, versus 2.02%.

• Commission revenue rose 5% YoY to $348M; other income fell $31M to $6M, including $20M related to currency diversification and $8M related to Tiger Brokers.

• Q4 total equity was $14.1B; customer equity increased 39% YoY to $426.0B.

• Customer credits increased 10% YoY to $104.5B and customer margin loans increased 14% to $44.4B.