Form 8-K
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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