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Form 8-K

sec.gov

8-K — Interactive Brokers Group, Inc.

Accession: 0001381197-26-000154

Filed: 2026-10-15

Period: 2026-10-15

CIK: 0001381197

SIC: 6211 (SECURITY BROKERS, DEALERS & FLOTATION COMPANIES)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — ibkr-20261015.htm (Primary)

EX-99.1 (ibkr-ex99_1.htm)

XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K

8-K (Primary)

Filename: ibkr-20261015.htm · Sequence: 1

8-K

0001381197false00013811972026-10-152026-10-15

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): October 15, 2026

Interactive Brokers Group, Inc.

(Exact name of Registrant as Specified in Its Charter)

Delaware

001-33440

30-0390693

(State or Other Jurisdiction

of Incorporation)

(Commission File Number)

(IRS Employer

Identification No.)

ONE PICKWICK PLAZA

GREENWICH, Connecticut

06830

(Address of Principal Executive Offices)

(Zip Code)

Registrant’s Telephone Number, Including Area Code: 203 618-5800

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading

Symbol(s)

Name of each exchange on which registered

Common Stock, par value $.01 per share

IBKR

The Nasdaq Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition.

On October 15, 2026, Interactive Brokers Group, Inc. (the “Company”) issued a press release reporting its financial results for the quarter ended September 30, 2026. A copy of the press release is furnished as Exhibit 99.1 to this report and incorporated herein by reference. All of the information furnished in this report (including Exhibit 99.1 hereto) shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and unless expressly set forth by specific reference in such filings, shall not be incorporated by reference in any filing under the Securities Act of 1933, as amended, whether made before or after the date hereof and regardless of any general incorporation language in such filings.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

99.1

Press Release dated October 15, 2026.

104

Cover Page Interactive Data File (the cover page XBRL tags are embedded within the Inline XBRL Document).

***

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

INTERACTIVE BROKERS GROUP, INC.

Date:

October 15, 2026

By:

/s/ Paul J. Brody

Paul J. Brody

Chief Financial Officer, Treasurer and Secretary

EX-99.1

EX-99.1

Filename: ibkr-ex99_1.htm · Sequence: 2

EX-99.1

Exhibit 99.1

INTERACTIVE BROKERS GROUP ANNOUNCES 3Q2026 RESULTS

— — —

GAAP DILUTED EPS OF $0.69, ADJUSTED1 EPS OF $0.67

GAAP NET REVENUES OF $1.91 BILLION, ADJUSTED NET REVENUES OF $1.87 BILLION

RAISES QUARTERLY DIVIDEND FROM $0.0875 TO $0.15

GREENWICH, CT, October 15, 2026 — Interactive Brokers Group, Inc. (Nasdaq: IBKR), an automated global broker, announced results for the quarter ended September 30, 2026.

Reported diluted earnings per share were $0.69 for the current quarter and $0.67 as adjusted. For the year-ago quarter, reported diluted earnings per share were $0.59 and $0.57 as adjusted.

Reported net revenues were $1.91 billion for the current quarter and $1.87 billion as adjusted. For the year-ago quarter, reported net revenues were $1.66 billion and $1.61 billion as adjusted.

Reported income before income taxes was $1.50 billion for the current quarter and $1.45 billion as adjusted. For the year-ago quarter, reported income before income taxes were $1.31 billion and $1.27 billion as adjusted.

Financial Highlights

(All comparisons are to the year-ago quarter.)

•

Commission revenue increased 12% to $602 million on 18% higher DARTs2 and higher regulatory fees, which are passed through to customers. Customer trading volume in futures increased 13%, while stocks and options volumes decreased 24% and 1%, respectively.

•

Net interest income increased 19% to $1.15 billion, primarily on higher average customer margin loans and customer credit balances.

•

Other fees and services increased 33% to $88 million, led by increases of $11 million in risk exposure fees, $3 million in payments for order flow from exchange-mandated programs, and $3 million in market data fees.

•

Execution, clearing and distribution fees increased 46% to $134 million, mainly driven by a $30 million increase in regulatory fees due to a higher SEC Section 31 transaction fee rate.

•

Pretax profit margin for the current quarter was 78% both as reported and as adjusted. For the year-ago quarter, pretax margin was 79% both as reported and as adjusted.

•

Total equity of $23.3 billion.

The Interactive Brokers Group, Inc. Board of Directors declared an increase in the quarterly cash dividend from $0.0875 per share to $0.15 per share. This dividend is payable on December 14, 2026, to shareholders of record as of December 1, 2026.

1 See the reconciliation of non-GAAP financial measures starting on page 11.

2 Daily average revenue trades (DARTs) are based on customer orders.

1

Business Highlights

(All comparisons are to the year-ago quarter.)

•

Customer accounts increased 35% to 5.58 million.

•

Customer equity increased 27% to $964.7 billion.

•

Total DARTs increased 18% to 4.27 million.

•

Customer credits increased 20% to $186.2 billion.

•

Customer margin loans increased 36% to $105.2 billion.

Other Items

Other income decreased 18% to $70 million. This decrease is comprised mainly of $50 million from our investing activities; partially offset by an increase of $36 million from our currency diversification strategy.

In connection with our currency diversification strategy, we base our net worth in GLOBALs, a basket of 10 major currencies in which we hold our equity. In this quarter, our currency diversification strategy decreased our comprehensive earnings by $4 million, as the U.S. dollar value of the GLOBAL decreased by approximately 0.08%. The effects of the currency diversification strategy are reported as components of (1) Other Income (gain of $40 million) and (2) Other Comprehensive Income (loss of $44 million).

Conference Call Information:

Interactive Brokers Group, Inc. will hold a conference call with investors today, October 15, 2026, at 4:30 p.m. ET to discuss its quarterly results. Members of the public who would like to listen to the conference call should register at https://register-conf.media-server.com/register/BIb1b909eee7384370b303f70792b710c8 to obtain the dial-in details. The number should be dialed approximately ten minutes prior to the start of the conference call. The conference call will also be accessible simultaneously, and through replays, as an audio webcast through the Investor Relations section of the Interactive Brokers web site, www.interactivebrokers.com/ir.

About Interactive Brokers Group, Inc.:

Interactive Brokers Group, Inc. (NASDAQ: IBKR) is a member of the S&P 500. Its affiliates provide automated trade execution and custody of securities, commodities, foreign exchange, and prediction markets around the clock on over 175 markets in numerous countries and currencies from a single unified platform to clients worldwide. We serve individual investors, hedge funds, proprietary trading groups, financial advisors and introducing brokers. Our four decades of focus on technology and automation have enabled us to equip our clients with a uniquely sophisticated platform to manage their investment portfolios. We strive to provide our clients with advantageous execution prices and trading, risk and portfolio management tools, research facilities and investment products, all at low or no cost, positioning them to achieve superior returns on investments. Interactive Brokers has consistently earned recognition as a top broker, garnering multiple awards and accolades from respected industry sources such as Barron's, Investopedia, Stockbrokers.com, and many others.

2

Cautionary Note Regarding Forward-Looking Statements:

The foregoing information contains certain forward-looking statements that reflect the Company’s current views with respect to certain current and future events and financial performance. These forward-looking statements are and will be, as the case may be, subject to many risks, uncertainties and factors relating to the Company’s operations and business environment which may cause the Company’s actual results to be materially different from any future results, expressed or implied, in these forward-looking statements. Any forward-looking statements in this release are based upon information available to the Company on the date of this release. The Company does not undertake to publicly update or revise its forward-looking statements even if experience or future changes make it clear that any statements expressed or implied therein will not be realized. Additional information on risk factors that could potentially affect the Company’s financial results may be found in the Company’s filings with the Securities and Exchange Commission.

For Interactive Brokers Group, Inc. Investors: Nancy Stuebe, investor-relations@ibkr.com or Media: Rob Garfield, media@ibkr.com.

3

INTERACTIVE BROKERS GROUP, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME

(UNAUDITED)

Three Months

Nine Months

Ended September 30,

Ended September 30,

2026

2025

2026

2025

(in millions, except share and per share data)

Revenues:

Commissions

$

602

$

537

$

1,888

$

1,567

Other fees and services

88

66

261

206

Other income

70

85

215

192

Total non-interest income

760

688

2,364

1,965

Interest income

2,433

2,101

6,616

5,710

Interest expense

(1,279

)

(1,134

)

(3,501

)

(3,113

)

Total net interest income

1,154

967

3,115

2,597

Total net revenues

1,914

1,655

5,479

4,562

Non-interest expenses:

Execution, clearing and distribution fees

134

92

382

329

Employee compensation and benefits

167

156

516

473

Occupancy, depreciation and amortization

29

24

83

72

Communications

11

11

34

32

General and administrative

78

62

214

185

Customer bad debt

(1

)

(2

)

10

-

Total non-interest expenses

418

343

1,239

1,091

Income before income taxes

1,496

1,312

4,240

3,471

Income tax expense

148

126

383

315

Net income

1,348

1,186

3,857

3,156

Net income attributable to noncontrolling interests

1,034

923

2,964

2,456

Net income available for common stockholders

$

314

$

263

$

893

$

700

Earnings per share:

Basic

$

0.69

$

0.59

$

1.99

$

1.59

Diluted

$

0.69

$

0.59

$

1.98

$

1.58

Weighted average common shares outstanding:

Basic

452,266,631

444,060,813

448,564,570

439,434,716

Diluted

453,923,924

446,528,983

450,818,725

442,507,940

4

INTERACTIVE BROKERS GROUP, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(UNAUDITED)

Three Months

Nine Months

Ended September 30,

Ended September 30,

2026

2025

2026

2025

(in millions, except share and per share data)

Comprehensive income:

Net income available for common stockholders

$

314

$

263

$

893

$

700

Other comprehensive income:

Cumulative translation adjustment, before income taxes

(12

)

(10

)

(48

)

97

Income taxes related to items of other comprehensive income

-

-

-

-

Other comprehensive income (loss), net of tax

(12

)

(10

)

(48

)

97

Comprehensive income available for common stockholders

$

302

$

253

$

845

$

797

Comprehensive earnings per share:

Basic

$

0.67

$

0.57

$

1.88

$

1.81

Diluted

$

0.67

$

0.57

$

1.87

$

1.80

Weighted average common shares outstanding:

Basic

452,266,631

444,060,813

448,564,570

439,434,716

Diluted

453,923,924

446,528,983

450,818,725

442,507,940

Comprehensive income attributable to noncontrolling interests:

Net income attributable to noncontrolling interests

$

1,034

$

923

$

2,964

$

2,456

Other comprehensive income - cumulative translation adjustment

(32

)

(28

)

(132

)

278

Comprehensive income attributable to noncontrolling interests

$

1,002

$

895

$

2,832

$

2,734

5

INTERACTIVE BROKERS GROUP, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

(UNAUDITED)

September 30,

2026

December 31,

2025

(in millions)

Assets

Cash and cash equivalents

$

5,935

$

4,963

Cash - segregated for regulatory purposes

58,695

50,332

Securities - segregated for regulatory purposes

38,376

26,521

Securities borrowed

12,086

11,589

Securities purchased under agreements to resell

10,005

7,117

Financial instruments owned, at fair value

4,896

4,982

Receivables from customers, net of allowance for credit losses

105,592

90,475

Receivables from brokers, dealers and clearing organizations

5,012

5,161

Other assets

2,638

2,100

Total assets

$

243,235

$

203,240

Liabilities and equity

Liabilities

Short-term borrowings

$

18

$

19

Securities loaned

35,212

24,751

Financial instruments sold but not yet purchased, at fair value

756

740

Other payables:

Customers

180,451

154,336

Brokers, dealers and clearing organizations

1,890

1,566

Other payables

1,657

1,356

183,998

157,258

Total liabilities

219,984

182,768

Equity

Stockholders' equity

6,215

5,363

Noncontrolling interests

17,036

15,109

Total equity

23,251

20,472

Total liabilities and equity

$

243,235

$

203,240

September 30, 2026

December 31, 2025

Ownership of IBG LLC Membership Interests

Interests

%

Interests

%

IBG, Inc.

453,172,548

26.6%

445,612,825

26.3%

Noncontrolling interests (IBG Holdings LLC)

1,248,237,849

73.4%

1,250,737,416

73.7%

Total IBG LLC membership interests

1,701,410,397

100.0%

1,696,350,241

100.0%

6

INTERACTIVE BROKERS GROUP, INC. AND SUBSIDIARIES

OPERATING DATA

EXECUTED ORDER VOLUMES:

(in 000's, except %)

Customer

%

Principal

%

Total

%

Period

Orders

Change

Orders

Change

Orders

Change

2023

483,015

29,712

512,727

2024

661,666

37%

63,348

113%

725,014

41%

2025

915,616

38%

121,972

93%

1,037,588

43%

3Q2025

229,635

30,659

260,294

3Q2026

273,486

19%

37,616

23%

311,102

20%

2Q2026

299,110

45,070

344,180

3Q2026

273,486

(9%)

37,616

(17%)

311,102

(10%)

CONTRACT AND SHARE VOLUMES:

(in 000's, except %)

TOTAL

Options

%

Futures1

%

Stocks

%

Period

(contracts)

Change

(contracts)

Change

(shares)

Change

2023

1,020,736

209,034

252,742,847

2024

1,344,855

32%

218,327

4%

307,489,711

22%

2025

1,668,228

24%

241,631

11%

421,707,895

37%

3Q2025

428,524

52,233

119,250,686

3Q2026

426,182

(1%)

59,134

13%

91,432,625

(23%)

2Q2026

459,831

65,909

109,464,979

3Q2026

426,182

(7%)

59,134

(10%)

91,432,625

(16%)

CUSTOMER

Options

%

Futures1

%

Stocks

%

Period

(contracts)

Change

(contracts)

Change

(shares)

Change

2023

981,172

206,073

248,588,960

2024

1,290,770

32%

214,864

4%

302,040,873

22%

2025

1,623,384

26%

240,120

12%

417,457,770

38%

3Q2025

418,389

51,936

118,307,826

3Q2026

415,215

(1%)

58,677

13%

90,219,440

(24%)

2Q2026

446,906

65,337

108,174,094

3Q2026

415,215

(7%)

58,677

(10%)

90,219,440

(17%)

PRINCIPAL

Options

%

Futures1

%

Stocks

%

Period

(contracts)

Change

(contracts)

Change

(shares)

Change

2023

39,564

2,961

4,153,887

2024

54,085

37%

3,463

17%

5,448,838

31%

2025

44,844

(17%)

1,511

(56%)

4,250,125

(22%)

3Q2025

10,135

297

942,860

3Q2026

10,967

8%

457

54%

1,213,185

29%

2Q2026

12,925

572

1,290,885

3Q2026

10,967

(15%)

457

(20%)

1,213,185

(6%)

________________________

1 Includes options on futures.

7

INTERACTIVE BROKERS GROUP, INC. AND SUBSIDIARIES

OPERATING DATA, CONTINUED

Year over Year

3Q2026

3Q2025

% Change

Total Accounts (in thousands)

5,576

4,127

35%

Customer Equity (in billions)1

$

965

$

758

27%

Total Customer DARTs (in thousands)

4,273

3,616

18%

Cleared Customers

Commission per Cleared Commissionable Order2

$

2.59

$

2.70

(4%)

Cleared Avg. DARTs per Account (Annualized)

168

195

(14%)

Consecutive Quarters

3Q2026

2Q2026

% Change

Total Accounts (in thousands)

5,576

5,185

8%

Customer Equity (in billions)1

$

965

$

930

4%

Total Customer DARTs (in thousands)

4,273

4,824

(11%)

Cleared Customers

Commission per Cleared Commissionable Order2

$

2.59

$

2.64

(2%)

Cleared Avg. DARTs per Account (Annualized)

168

207

(19%)

________________________

1 Excludes non-Customers.

2 Commissionable Order - a customer order that generates commissions.

8

INTERACTIVE BROKERS GROUP, INC. AND SUBSIDIARIES

NET INTEREST MARGIN

(UNAUDITED)

Three Months

Nine Months

Ended September 30,

Ended September 30,

2026

2025

2026

2025

(in millions)

Average interest-earning assets

Segregated cash and securities

$

95,092

$

81,906

$

92,344

$

75,934

Customer margin loans

104,032

70,805

96,654

65,380

Securities borrowed

12,290

9,037

10,075

6,995

Other interest-earning assets

19,468

16,037

18,503

14,784

FDIC sweeps1

6,364

5,962

6,366

5,329

$

237,246

$

183,747

$

223,942

$

168,422

Average interest-bearing liabilities

Customer credit balances

$

176,566

$

141,763

$

168,637

$

130,262

Securities loaned

36,203

20,691

31,710

18,007

Other interest-bearing liabilities

376

361

361

160

$

213,145

$

162,815

$

200,708

$

148,429

Net interest income

Segregated cash and securities, net2

$

815

$

786

$

2,307

$

2,205

Customer margin loans4

1,114

821

3,007

2,305

Securities borrowed and loaned, net3

65

133

142

204

Customer credit balances, net4

(1,028

)

(945

)

(2,848

)

(2,619

)

Other net interest income1/5

225

204

636

559

Net interest income5

$

1,191

$

999

$

3,244

$

2,654

Net interest margin ("NIM")

1.99

%

2.16

%

1.94

%

2.11

%

Annualized yields

Segregated cash and securities

3.40

%

3.81

%

3.34

%

3.88

%

Customer margin loans

4.25

%

4.60

%

4.16

%

4.71

%

Customer credit balances

2.31

%

2.64

%

2.26

%

2.69

%

________________________

1 Represents the average amount of customer cash swept into FDIC-insured banks as part of our Insured Bank Deposit Sweep Program. This item is not recorded in the Company's consolidated statements of financial condition. Income derived from program deposits is reported in other net interest income in the table above.

2 Net interest income on "Segregated cash and securities, net" for the nine months ended September 30, 2025, excludes approximately $26 million of interest income, recorded in the consolidated statements of comprehensive income, related to taxes withheld at source in prior periods which was determined to be fully refundable.

3 We estimate that if the interest earned and paid on cash collateral related to our securities lending transactions were included under “Securities borrowed and loaned, net” in the table above, the total net interest income related to our securities lending activities would have been $427 million and $1,039 million for the three and nine months ended September 30, 2026, respectively, compared to $314 million and $751 million for the three and nine months ended September 30, 2025, respectively. Such additional interest attributed to our securities lending activities would be reclassified from net interest income on “Segregated cash and securities, net” and “Customer credit balances, net” in the table above, so it would have no effect on our overall net interest income or net interest margin.

4 Interest income and interest expense on customer margin loans and customer credit balances, respectively, are calculated on daily cash balances within each customer’s account on a net basis, which may result in an offset of balances across multiple account segments (e.g., between securities and commodities segments).

9

5 Includes income from financial instruments that has the same characteristics as interest but is reported in "Other fees and services" and "Other income" in the Company’s consolidated statements of comprehensive income. For the three and nine months ended September 30, 2026 and 2025, $11 million, $33 million, $10 million, and $27 million were reported in "Other fees and services", respectively. For the three and nine months ended September 30, 2026 and 2025, $26 million, $96 million, $22 million, and $56 million were reported in "Other income", respectively.

10

INTERACTIVE BROKERS GROUP, INC. AND SUBSIDIARIES

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

(UNAUDITED)

Three Months

Nine Months

Ended September 30,

Ended September 30,

2026

2025

2026

2025

Adjusted net revenues1 (in millions)

Net revenues - GAAP

$

1,914

$

1,655

$

5,479

$

4,562

Non-GAAP adjustments

Currency diversification strategy, net

(40

)

(4

)

(87

)

(19

)

Mark-to-market on investments2

(3

)

(41

)

42

(57

)

Total non-GAAP adjustments4

(42

)

(45

)

(44

)

(76

)

Adjusted net revenues4

$

1,872

$

1,610

$

5,435

$

4,486

Adjusted income before income taxes1 (in millions)

Income before income taxes - GAAP

$

1,496

$

1,312

$

4,240

$

3,471

Non-GAAP adjustments

Currency diversification strategy, net

(40

)

(4

)

(87

)

(19

)

Mark-to-market on investments2

(3

)

(41

)

42

(57

)

Total non-GAAP adjustments4

(42

)

(45

)

(44

)

(76

)

Adjusted income before income taxes4

$

1,454

$

1,267

$

4,196

$

3,395

Adjusted pre-tax profit margin

78

%

79

%

77

%

76

%

Adjusted net income available for common stockholders1 (in millions)

Net income available for common stockholders - GAAP

$

314

$

263

$

893

$

700

Non-GAAP adjustments

Currency diversification strategy, net

(11

)

(1

)

(23

)

(5

)

Mark-to-market on investments2

(1

)

(11

)

11

(15

)

Income tax effect of above adjustments3

2

3

2

5

Total non-GAAP adjustments4

(9

)

(9

)

(10

)

(15

)

Adjusted net income available for common stockholders4

$

305

$

253

$

883

$

684

Adjusted diluted EPS1 (in dollars, except share amounts)

Diluted EPS - GAAP

$

0.69

$

0.59

$

1.98

$

1.58

Non-GAAP adjustments

Currency diversification strategy, net

(0.02

)

(0.00

)

(0.05

)

(0.01

)

Mark-to-market on investments2

(0.00

)

(0.02

)

0.03

(0.03

)

Income tax effect of above adjustments3

0.01

0.01

0.00

0.02

Total non-GAAP adjustments4

(0.02

)

(0.02

)

(0.02

)

(0.03

)

Adjusted diluted EPS4

$

0.67

$

0.57

$

1.96

$

1.55

Diluted weighted average common shares outstanding

453,923,924

446,528,983

450,818,725

442,507,940

11

Note: The term “GAAP” in the following explanation refers to generally accepted accounting principles in the United States.

1 Adjusted net revenues, adjusted income before income taxes, adjusted net income available for common stockholders and adjusted diluted earnings per share (“EPS”) are non-GAAP financial measures.

•

We define adjusted net revenues as net revenues adjusted to remove the effect of our currency diversification strategy and our net mark-to-market gains (losses) on investments2.

•

We define adjusted income before income taxes as income before income taxes adjusted to remove the effect of our currency diversification strategy and our net mark-to-market gains (losses) on investments.

•

We define adjusted net income available to common stockholders as net income available for common stockholders adjusted to remove the after-tax effects attributable to IBG, Inc. of our currency diversification strategy and our net mark-to-market gains (losses) on investments.

•

We define adjusted diluted EPS as adjusted net income available for common stockholders divided by the diluted weighted average number of shares outstanding for the period.

Management believes these non-GAAP items are important measures of our financial performance because they exclude certain items that may not be indicative of our core operating results and business outlook and may be useful to investors and analysts in evaluating the operating performance of the business and facilitating a meaningful comparison of our results in the current period to those in prior and future periods. Our currency diversification strategy and our mark-to-market on investments are excluded because management does not believe they are indicative of our underlying core business performance. Adjusted net revenues, adjusted income before income taxes, adjusted net income available to common stockholders and adjusted diluted EPS should be considered in addition to, rather than as a substitute for, GAAP net revenues, income before income taxes, net income attributable to common stockholders and diluted EPS.

2 Mark-to-market on investments represents the net mark-to-market gains (losses) on investments in equity securities that do not qualify for equity method accounting, which are measured at fair value; on our U.S. government and municipal securities portfolios, which are typically held to maturity; and on certain other investments.

3 The income tax effect is estimated using the statutory income tax rates applicable to the Company.

4 Amounts may not add due to rounding.

12

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