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Form 8-K

sec.gov

8-K — Interactive Brokers Group, Inc.

Accession: 0001381197-26-000118

Filed: 2026-07-21

Period: 2026-07-21

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-20260721.htm (Primary)

EX-99.1 (ibkr-ex99_1.htm)

XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K

8-K (Primary)

Filename: ibkr-20260721.htm · Sequence: 1

8-K

0001381197false00013811972026-07-212026-07-21

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): July 21, 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 July 21, 2026, Interactive Brokers Group, Inc. (the “Company”) issued a press release reporting its financial results for the quarter ended June 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 July 21, 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:

July 21, 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 2Q2026 RESULTS

— — —

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

GAAP NET REVENUES OF $1.90 BILLION, ADJUSTED NET REVENUES OF $1.88 BILLION

GREENWICH, CT, July 21, 2026 — Interactive Brokers Group, Inc. (Nasdaq: IBKR), an automated global broker, announced results for the quarter ended June 30, 2026.

Reported and adjusted diluted earnings per share were both $0.69 for the current quarter. For the year-ago quarter, reported and adjusted diluted earnings per share were both $0.51.

Reported net revenues were $1.90 billion for the current quarter and $1.88 billion as adjusted. For the year-ago quarter, reported and adjusted net revenues were both $1.48 billion.

Reported income before income taxes was $1.46 billion for the current quarter and $1.44 billion as adjusted. For the year-ago quarter, reported and adjusted income before income taxes were both $1.10 billion.

Financial Highlights

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

Commission revenue increased 30% to $673 million on higher customer trading volumes. Customer trading volume in options, stocks and futures increased 17%, 14% and 2%, respectively.

Net interest income increased 23% to $1.06 billion primarily on higher average customer margin loans and customer credit balances.

Other fees and services increased 40% to $87 million, led by increases of $9 million in payments for order flow from exchange-mandated programs, $8 million in risk exposure fees, and $3 million in market data fees.

Execution, clearing and distribution fees increased 22% to $142 million, driven by a $19 million increase in regulatory fees, as the SEC Section 31 transaction fee rate increased on April 4, 2026; partially offset by greater capture of liquidity rebates from certain exchanges due to higher trading volumes in stocks and options.

Pretax profit margin for the current quarter was 77% both as reported and as adjusted. For the year-ago quarter, pretax margin was 75% both as reported and as adjusted.

Total equity of $22.3 billion.

The Interactive Brokers Group, Inc. Board of Directors declared a quarterly cash dividend of $0.0875 per share. This dividend is payable on September 14, 2026, to shareholders of record as of September 1, 2026.

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

1

Business Highlights

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

Customer accounts increased 34% to 5.19 million.

Customer equity increased 40% to $930.3 billion.

Total DARTs2 increased 36% to 4.82 million.

Customer credits increased 27% to $182.4 billion.

Customer margin loans increased 67% to $108.5 billion.

Other Items

Other income increased 88% to $79 million. This increase is comprised mainly of $26 million from our currency diversification strategy and $11 million from our investing activities.

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 $36 million, as the U.S. dollar value of the GLOBAL decreased by approximately 0.21%. The effects of the currency diversification strategy are reported as components of (1) Other Income (gain of $21 million) and (2) Other Comprehensive Income (loss of $57 million).

Conference Call Information:

Interactive Brokers Group, Inc. will hold a conference call with investors today, July 21, 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/BIf6232c31bfa24c3d963db61feae68746 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 170 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 Daily average revenue trades (DARTs) are based on customer orders.

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

Six Months

Ended June 30,

Ended June 30,

2026

2025

2026

2025

(in millions, except share and per share data)

Revenues:

Commissions

$

673

$

516

$

1,286

$

1,030

Other fees and services

87

62

173

140

Other income

79

42

145

107

Total non-interest income

839

620

1,604

1,277

Interest income

2,236

1,891

4,183

3,609

Interest expense

(1,179

)

(1,031

)

(2,222

)

(1,979

)

Total net interest income

1,057

860

1,961

1,630

Total net revenues

1,896

1,480

3,565

2,907

Non-interest expenses:

Execution, clearing and distribution fees

142

116

248

237

Employee compensation and benefits

182

163

349

317

Occupancy, depreciation and amortization

27

24

54

48

Communications

11

11

23

21

General and administrative

68

61

136

123

Customer bad debt

10

1

11

2

Total non-interest expenses

440

376

821

748

Income before income taxes

1,456

1,104

2,744

2,159

Income tax expense

118

98

235

189

Net income

1,338

1,006

2,509

1,970

Net income attributable to noncontrolling interests

1,026

782

1,930

1,533

Net income available for common stockholders

$

312

$

224

$

579

$

437

Earnings per share:

Basic

$

0.70

$

0.51

$

1.30

$

1.00

Diluted

$

0.69

$

0.51

$

1.29

$

0.99

Weighted average common shares outstanding:

Basic

447,903,860

438,457,863

446,682,859

437,083,330

Diluted

450,088,032

441,439,924

449,235,445

440,459,081

4

INTERACTIVE BROKERS GROUP, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(UNAUDITED)

Three Months

Six Months

Ended June 30,

Ended June 30,

2026

2025

2026

2025

(in millions, except share and per share data)

Comprehensive income:

Net income available for common stockholders

$

312

$

224

$

579

$

437

Other comprehensive income:

Cumulative translation adjustment, before income taxes

(15

)

79

(36

)

107

Income taxes related to items of other comprehensive income

-

-

-

-

Other comprehensive income (loss), net of tax

(15

)

79

(36

)

107

Comprehensive income available for common stockholders

$

297

$

303

$

543

$

544

Comprehensive earnings per share:

Basic

$

0.66

$

0.69

$

1.22

$

1.24

Diluted

$

0.66

$

0.69

$

1.21

$

1.23

Weighted average common shares outstanding:

Basic

447,903,860

438,457,863

446,682,859

437,083,330

Diluted

450,088,032

441,439,924

449,235,445

440,459,081

Comprehensive income attributable to noncontrolling interests:

Net income attributable to noncontrolling interests

$

1,026

$

782

$

1,930

$

1,533

Other comprehensive income - cumulative translation adjustment

(42

)

227

(100

)

306

Comprehensive income attributable to noncontrolling interests

$

984

$

1,009

$

1,830

$

1,839

5

INTERACTIVE BROKERS GROUP, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

(UNAUDITED)

June 30,

2026

December 31,

2025

(in millions)

Assets

Cash and cash equivalents

$

7,711

$

4,963

Cash - segregated for regulatory purposes

56,594

50,332

Securities - segregated for regulatory purposes

39,604

26,521

Securities borrowed

10,006

11,589

Securities purchased under agreements to resell

13,627

7,117

Financial instruments owned, at fair value

3,317

4,982

Receivables from customers, net of allowance for credit losses

108,939

90,475

Receivables from brokers, dealers and clearing organizations

5,120

5,161

Other assets

2,391

2,100

Total assets

$

247,309

$

203,240

Liabilities and equity

Liabilities

Short-term borrowings

$

13

$

19

Securities loaned

45,410

24,751

Financial instruments sold but not yet purchased, at fair value

509

740

Other payables:

Customers

176,779

154,336

Brokers, dealers and clearing organizations

819

1,566

Other payables

1,529

1,356

179,127

157,258

Total liabilities

225,059

182,768

Equity

Stockholders' equity

5,904

5,363

Noncontrolling interests

16,346

15,109

Total equity

22,250

20,472

Total liabilities and equity

$

247,309

$

203,240

June 30, 2026

December 31, 2025

Ownership of IBG LLC Membership Interests

Interests

%

Interests

%

IBG, Inc.

450,671,113

26.5%

445,612,825

26.3%

Noncontrolling interests (IBG Holdings LLC)

1,250,737,416

73.5%

1,250,737,416

73.7%

Total IBG LLC membership interests

1,701,408,529

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%

2Q2025

220,215

28,372

248,587

2Q2026

299,110

36%

45,070

59%

344,180

38%

1Q2026

266,419

42,010

308,429

2Q2026

299,110

12%

45,070

7%

344,180

12%

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%

2Q2025

393,051

64,271

96,450,620

2Q2026

459,831

17%

65,909

3%

109,464,979

13%

1Q2026

440,997

74,257

116,935,449

2Q2026

459,831

4%

65,909

(11%)

109,464,979

(6%)

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%

2Q2025

382,195

63,918

95,276,485

2Q2026

446,906

17%

65,337

2%

108,174,094

14%

1Q2026

428,653

73,705

115,790,614

2Q2026

446,906

4%

65,337

(11%)

108,174,094

(7%)

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%)

2Q2025

10,856

353

1,174,135

2Q2026

12,925

19%

572

62%

1,290,885

10%

1Q2026

12,344

552

1,144,835

2Q2026

12,925

5%

572

4%

1,290,885

13%

________________________

1 Includes options on futures.

7

INTERACTIVE BROKERS GROUP, INC. AND SUBSIDIARIES

OPERATING DATA, CONTINUED

Year over Year

2Q2026

2Q2025

% Change

Total Accounts (in thousands)

5,185

3,866

34%

Customer Equity (in billions)1

$

930.3

$

664.6

40%

Total Customer DARTs (in thousands)

4,824

3,552

36%

Cleared Customers

Commission per Cleared Commissionable Order2

$

2.64

$

2.65

(0%)

Cleared Avg. DARTs per Account (Annualized)

207

206

0%

Consecutive Quarters

2Q2026

1Q2026

% Change

Total Accounts (in thousands)

5,185

4,754

9%

Customer Equity (in billions)1

$

930.3

$

789.4

18%

Total Customer DARTs (in thousands)

4,824

4,368

10%

Cleared Customers

Commission per Cleared Commissionable Order2

$

2.64

$

2.69

(2%)

Cleared Avg. DARTs per Account (Annualized)

207

205

1%

________________________

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

Six Months

Ended June 30,

Ended June 30,

2026

2025

2026

2025

(in millions)

Average interest-earning assets

Segregated cash and securities

$

97,647

$

78,693

$

90,953

$

72,869

Customer margin loans

96,596

60,928

92,932

62,646

Securities borrowed

8,947

7,027

8,945

5,949

Other interest-earning assets

18,991

14,747

18,011

13,601

FDIC sweeps1

6,434

5,226

6,366

5,006

$

228,615

$

166,621

$

217,207

$

160,071

Average interest-bearing liabilities

Customer credit balances

$

171,674

$

129,998

$

164,615

$

124,010

Securities loaned

33,222

17,181

29,419

16,659

Other interest-bearing liabilities

512

50

354

58

$

205,408

$

147,229

$

194,388

$

140,727

Net interest income

Segregated cash and securities, net2

$

809

$

756

$

1,492

$

1,419

Customer margin loans4

988

709

1,893

1,484

Securities borrowed and loaned, net3

44

60

77

70

Customer credit balances, net4

(956

)

(857

)

(1,820

)

(1,674

)

Other net interest income1/5

215

193

411

356

Net interest income5

$

1,100

$

861

$

2,053

$

1,655

Net interest margin ("NIM")

1.93

%

2.07

%

1.91

%

2.09

%

Annualized yields

Segregated cash and securities

3.32

%

3.86

%

3.31

%

3.93

%

Customer margin loans

4.10

%

4.67

%

4.11

%

4.78

%

Customer credit balances

2.23

%

2.64

%

2.23

%

2.72

%

________________________

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 three and six months ended June 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 $343 million and $612 million for the three and six months ended June 30, 2026, respectively, compared to $251 million and $437 million for the three and six months ended June 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 six months ended June 30, 2026 and 2025, $11 million, $22 million, $9 million, and $17 million were reported in "Other fees and services", respectively. For the three and six months ended June 30, 2026 and 2025, $32 million, $70 million, $18 million, and $34 million were reported in "Other income", respectively.

10

INTERACTIVE BROKERS GROUP, INC. AND SUBSIDIARIES

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

(UNAUDITED)

Three Months

Six Months

Ended June 30,

Ended June 30,

2026

2025

2026

2025

Adjusted net revenues1 (in millions)

Net revenues - GAAP

$

1,896

$

1,480

$

3,565

$

2,907

Non-GAAP adjustments

Currency diversification strategy, net

(21

)

5

(47

)

(15

)

Mark-to-market on investments2

8

(5

)

45

(16

)

Total non-GAAP adjustments

(13

)

0

(2

)

(31

)

Adjusted net revenues

$

1,883

$

1,480

$

3,563

$

2,876

Adjusted income before income taxes1 (in millions)

Income before income taxes - GAAP

$

1,456

$

1,104

$

2,744

$

2,159

Non-GAAP adjustments

Currency diversification strategy, net

(21

)

5

(47

)

(15

)

Mark-to-market on investments2

8

(5

)

45

(16

)

Total non-GAAP adjustments

(13

)

-

(2

)

(31

)

Adjusted income before income taxes

$

1,443

$

1,104

$

2,742

$

2,128

Adjusted pre-tax profit margin

77

%

75

%

77

%

74

%

Adjusted net income available for common stockholders1 (in millions)

Net income available for common stockholders - GAAP

$

312

$

224

$

579

$

437

Non-GAAP adjustments

Currency diversification strategy, net

(6

)

1

(12

)

(4

)

Mark-to-market on investments2

2

(1

)

12

(4

)

Income tax effect of above adjustments3

1

0

(0

)

2

Total non-GAAP adjustments4

(3

)

(0

)

(1

)

(6

)

Adjusted net income available for common stockholders4

$

310

$

224

$

578

$

431

Adjusted diluted EPS1 (in dollars, except share amounts)

Diluted EPS - GAAP

$

0.69

$

0.51

$

1.29

$

0.99

Non-GAAP adjustments

Currency diversification strategy, net

(0.02

)

0.00

(0.03

)

(0.01

)

Mark-to-market on investments2

0.00

(0.00

)

0.03

(0.01

)

Income tax effect of above adjustments3

0.00

0.00

(0.00

)

0.01

Total non-GAAP adjustments4

(0.01

)

(0.00

)

(0.00

)

(0.01

)

Adjusted diluted EPS4

$

0.69

$

0.51

$

1.29

$

0.98

Diluted weighted average common shares outstanding

450,088,032

441,439,924

449,235,445

440,459,081

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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