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Side-by-side financial comparison of Interactive Brokers Group, Inc. (IBKR) and MSCI Inc. (MSCI). Click either name above to swap in a different company.
MSCI Inc. is the larger business by last-quarter revenue ($822.5M vs $667.0M, roughly 1.2× Interactive Brokers Group, Inc.). Interactive Brokers Group, Inc. runs the higher net margin — 180.1% vs 34.6%, a 145.5% gap on every dollar of revenue. On growth, Interactive Brokers Group, Inc. posted the faster year-over-year revenue change (19.5% vs 10.6%). Over the past eight quarters, Interactive Brokers Group, Inc.'s revenue compounded faster (23.4% CAGR vs 10.0%).
Interactive Brokers, Inc. is an American multinational brokerage firm headquartered in Greenwich, Connecticut. It operates the largest electronic trading platform in the United States by number of daily average revenue trades. In 2024, the platform processed an average of 2.6 million trades per trading day. Interactive Brokers is the largest foreign exchange market broker and is one of the largest prime brokers servicing commodity brokers. The company brokers stocks, options, futures contract...
MSCI Inc. is an American finance company headquartered in New York City. MSCI is a global provider of equity, fixed income, real estate indices, multi-asset portfolio analysis tools, ESG and climate finance products. It operates the MSCI World, MSCI Emerging Markets, and MSCI All Country World (ACWI) indices, among others.
IBKR vs MSCI — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $667.0M | $822.5M |
| Net Profit | $1.2B | $284.7M |
| Gross Margin | — | — |
| Operating Margin | — | 56.4% |
| Net Margin | 180.1% | 34.6% |
| Revenue YoY | 19.5% | 10.6% |
| Net Profit YoY | 23.9% | -6.8% |
| EPS (diluted) | $-0.82 | $3.81 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $667.0M | $822.5M | ||
| Q3 25 | $603.0M | $793.4M | ||
| Q2 25 | $578.0M | $772.7M | ||
| Q1 25 | $592.0M | $745.8M | ||
| Q4 24 | $558.0M | $743.5M | ||
| Q3 24 | $507.0M | $724.7M | ||
| Q2 24 | $474.0M | $707.9M | ||
| Q1 24 | $438.0M | $680.0M |
| Q4 25 | $1.2B | $284.7M | ||
| Q3 25 | $1.2B | $325.4M | ||
| Q2 25 | $1.0B | $303.6M | ||
| Q1 25 | $964.0M | $288.6M | ||
| Q4 24 | $969.0M | $305.5M | ||
| Q3 24 | $834.0M | $280.9M | ||
| Q2 24 | $809.0M | $266.8M | ||
| Q1 24 | $795.0M | $256.0M |
| Q4 25 | — | 56.4% | ||
| Q3 25 | — | 56.4% | ||
| Q2 25 | — | 55.0% | ||
| Q1 25 | — | 50.6% | ||
| Q4 24 | — | 54.5% | ||
| Q3 24 | — | 55.4% | ||
| Q2 24 | — | 54.0% | ||
| Q1 24 | — | 49.9% |
| Q4 25 | 180.1% | 34.6% | ||
| Q3 25 | 196.7% | 41.0% | ||
| Q2 25 | 174.0% | 39.3% | ||
| Q1 25 | 162.8% | 38.7% | ||
| Q4 24 | 173.7% | 41.1% | ||
| Q3 24 | 164.5% | 38.8% | ||
| Q2 24 | 170.7% | 37.7% | ||
| Q1 24 | 181.5% | 37.6% |
| Q4 25 | $-0.82 | $3.81 | ||
| Q3 25 | $0.59 | $4.25 | ||
| Q2 25 | $0.51 | $3.92 | ||
| Q1 25 | $1.94 | $3.71 | ||
| Q4 24 | $2.00 | $3.89 | ||
| Q3 24 | $1.67 | $3.57 | ||
| Q2 24 | $1.65 | $3.37 | ||
| Q1 24 | $1.61 | $3.22 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $5.0B | $515.3M |
| Total DebtLower is stronger | — | $6.2B |
| Stockholders' EquityBook value | $5.4B | $-2.7B |
| Total Assets | $203.2B | $5.7B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $5.0B | $515.3M | ||
| Q3 25 | $5.1B | $400.1M | ||
| Q2 25 | $4.7B | $347.3M | ||
| Q1 25 | $3.5B | $360.7M | ||
| Q4 24 | $3.6B | $409.4M | ||
| Q3 24 | $3.6B | $501.0M | ||
| Q2 24 | $3.9B | $451.4M | ||
| Q1 24 | $4.1B | $519.3M |
| Q4 25 | — | $6.2B | ||
| Q3 25 | — | $5.5B | ||
| Q2 25 | — | $4.5B | ||
| Q1 25 | — | $4.5B | ||
| Q4 24 | — | $4.5B | ||
| Q3 24 | — | $4.5B | ||
| Q2 24 | — | $4.5B | ||
| Q1 24 | — | $4.5B |
| Q4 25 | $5.4B | $-2.7B | ||
| Q3 25 | $5.1B | $-1.9B | ||
| Q2 25 | $4.8B | $-886.2M | ||
| Q1 25 | $4.5B | $-958.6M | ||
| Q4 24 | $4.3B | $-940.0M | ||
| Q3 24 | $4.1B | $-751.0M | ||
| Q2 24 | $3.9B | $-734.5M | ||
| Q1 24 | $3.7B | $-650.5M |
| Q4 25 | $203.2B | $5.7B | ||
| Q3 25 | $200.2B | $5.4B | ||
| Q2 25 | $181.5B | $5.4B | ||
| Q1 25 | $157.7B | $5.3B | ||
| Q4 24 | $150.1B | $5.4B | ||
| Q3 24 | $148.5B | $5.4B | ||
| Q2 24 | $136.6B | $5.5B | ||
| Q1 24 | $132.2B | $5.5B |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $1.6B | $501.1M |
| Free Cash FlowOCF − Capex | — | $488.7M |
| FCF MarginFCF / Revenue | — | 59.4% |
| Capex IntensityCapex / Revenue | — | 1.5% |
| Cash ConversionOCF / Net Profit | 1.34× | 1.76× |
| TTM Free Cash FlowTrailing 4 quarters | — | $1.5B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.6B | $501.1M | ||
| Q3 25 | $4.5B | $449.4M | ||
| Q2 25 | $7.1B | $336.1M | ||
| Q1 25 | $2.6B | $301.7M | ||
| Q4 24 | $1.8B | $430.6M | ||
| Q3 24 | $3.6B | $421.6M | ||
| Q2 24 | $1.6B | $349.2M | ||
| Q1 24 | $1.7B | $300.1M |
| Q4 25 | — | $488.7M | ||
| Q3 25 | — | $445.5M | ||
| Q2 25 | — | $324.7M | ||
| Q1 25 | — | $290.2M | ||
| Q4 24 | — | $416.4M | ||
| Q3 24 | — | $415.0M | ||
| Q2 24 | — | $340.6M | ||
| Q1 24 | — | $295.9M |
| Q4 25 | — | 59.4% | ||
| Q3 25 | — | 56.2% | ||
| Q2 25 | — | 42.0% | ||
| Q1 25 | — | 38.9% | ||
| Q4 24 | — | 56.0% | ||
| Q3 24 | — | 57.3% | ||
| Q2 24 | — | 48.1% | ||
| Q1 24 | — | 43.5% |
| Q4 25 | — | 1.5% | ||
| Q3 25 | — | 0.5% | ||
| Q2 25 | — | 1.5% | ||
| Q1 25 | — | 1.5% | ||
| Q4 24 | — | 1.9% | ||
| Q3 24 | — | 0.9% | ||
| Q2 24 | — | 1.2% | ||
| Q1 24 | — | 0.6% |
| Q4 25 | 1.34× | 1.76× | ||
| Q3 25 | 3.78× | 1.38× | ||
| Q2 25 | 7.10× | 1.11× | ||
| Q1 25 | 2.68× | 1.05× | ||
| Q4 24 | 1.90× | 1.41× | ||
| Q3 24 | 4.29× | 1.50× | ||
| Q2 24 | 2.00× | 1.31× | ||
| Q1 24 | 2.12× | 1.17× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
IBKR
| Commissions | $582.0M | 87% |
| Risk Exposure Fees | $21.0M | 3% |
| Market Data Fees | $20.0M | 3% |
| Payments For Order Flow | $17.0M | 3% |
| Other | $17.0M | 3% |
| Fdic Sweep Fees | $10.0M | 1% |
MSCI
| Recurring Subscriptions | $246.4M | 30% |
| Asset Based Fees | $211.7M | 26% |
| Analytics Segment | $182.3M | 22% |
| Sustainability And Climate Segment | $90.3M | 11% |
| Other | $70.9M | 9% |
| Non Recurring | $21.1M | 3% |
