| Condensed Statements of Financial Condition |
Parent Company Only – Condensed Statements of Financial Condition
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December 31, |
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(in millions, except share amounts) |
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2025 |
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2024 |
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Assets |
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Cash and cash equivalents |
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$ |
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1 |
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$ |
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1 |
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Investments in subsidiaries, equity basis |
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5,366 |
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4,270 |
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Other assets |
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255 |
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233 |
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Total assets |
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$ |
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5,622 |
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$ |
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4,504 |
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Liabilities and Equity |
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Liabilities: |
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Payable to affiliates |
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$ |
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217 |
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$ |
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195 |
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Accrued expenses and other liabilities |
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42 |
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29 |
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259 |
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224 |
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Stockholders' equity: |
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Common stock, $0.01 par value per share: |
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Class A – Authorized - 4,000,000,000, Issued - 446,130,605 and 436,244,236 shares, Outstanding – 445,413,716 and 435,618,452 shares as of December 31, 2025 and 2024 |
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1 |
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1 |
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Class B – Authorized - 1,000 shares, Issued and Outstanding - 400 as of December 31, 2025 and 2024 |
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— |
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— |
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Additional paid-in capital |
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1,957 |
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1,816 |
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Retained earnings |
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3,365 |
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2,515 |
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Accumulated other comprehensive income, net of income taxes of $0 and $0 as of December 31, 2025 and 2024 |
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56 |
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(45 |
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Treasury stock, at cost, 716,889 and 625,784 shares as of December 31, 2025 and 2024 |
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(16 |
) |
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(7 |
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Total equity |
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5,363 |
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4,280 |
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Total liabilities and equity |
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$ |
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5,622 |
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$ |
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4,504 |
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(1)As of December 31, 2025 and 2024, receivables from affiliates were immaterial. (2)As of December 31, 2025 and 2024, respectively, payable to affiliates of $217 million and $195 million consisted primarily of amounts payable to Holdings under the Tax Receivable Agreement.
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| Condensed Statements of Comprehensive Income |
Parent Company Only – Condensed Statements of Comprehensive Income
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Year-Ended December 31, |
(in millions) |
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2025 |
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2024 |
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2023 |
Income (loss) before income from subsidiaries |
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$ |
(4) |
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$ |
(12) |
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$ |
5 |
Undistributed gains of subsidiaries, net |
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1,189 |
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913 |
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737 |
Income tax expense |
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201 |
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146 |
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142 |
Net income |
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$ |
984 |
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$ |
755 |
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$ |
600 |
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Net income available for common stockholders |
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$ |
984 |
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$ |
755 |
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$ |
600 |
Cumulative translation adjustment, net of tax |
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101 |
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(53) |
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30 |
Comprehensive income available for common stockholders |
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$ |
1,085 |
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$ |
702 |
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$ |
630 |
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| Condensed Statements of Cash Flows |
Parent Company Only – Condensed Statements of Cash Flows
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Year-Ended December 31, |
(in millions) |
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2025 |
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2024 |
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2023 |
Cash flows from operating activities |
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Net income |
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$ |
984 |
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$ |
755 |
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$ |
600 |
Adjustments to reconcile net income to net cash used in operating activities |
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Undistributed gains of subsidiaries, net |
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(1,189) |
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(913) |
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(737) |
Deferred income taxes |
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35 |
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2 |
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34 |
(Gain) loss on remeasurement of Tax Receivable Agreement liability |
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3 |
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10 |
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(7) |
Changes in operating assets and liabilities |
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(83) |
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64 |
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(33) |
Net cash used in operating activities |
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(250) |
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(82) |
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(143) |
Cash flows provided by investing activities |
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294 |
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246 |
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185 |
Cash flows used in financing activities |
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(145) |
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(116) |
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(67) |
Effect of exchange rate changes on cash and cash equivalents |
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101 |
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(53) |
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30 |
Net increase in cash and cash equivalents |
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— |
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(5) |
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5 |
Cash and cash equivalents at beginning of period |
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1 |
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6 |
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1 |
Cash and cash equivalents at end of period |
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$ |
1 |
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$ |
1 |
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$ |
6 |
Supplemental disclosures of cash flow information |
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Cash paid for interest |
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$ |
1 |
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$ |
3 |
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$ |
2 |
Cash paid for taxes, net |
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$ |
145 |
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$ |
117 |
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$ |
111 |
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Non-cash investing activities: |
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Non-cash distributions from subsidiaries |
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$ |
25 |
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$ |
— |
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$ |
— |
(1)Dividends received from IBG LLC for the three years ended December 31, 2025, 2024, and 2023, were $319 million, $246 million and $185 million, respectively.
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