olivLaw · US equity research
Interactive Brokers Group, Inc. IBKR
Security Brokers, Dealers & Flotation Companies · SIC 6211 · Vertical: Security Brokers, Dealers & Flotation Companies (SIC 6211)
Interactive Brokers Group is an automated global broker that routes, executes and custodies trades in stocks, options, futures, forex and other instruments on more than 170 exchanges in 40 countries. The company joined the S&P 500 in August 2025 and reported net revenues of 1,914 million USD in the third quarter of 2026, making it relevant for investors and clients interested in electronic access to global markets. Its model rests on low costs and proprietary technology, while revenue depends heavily on trading volumes and interest rate levels.
At the close of 04 Nov 2026, Interactive Brokers Group, Inc. (IBKR) stock was 77.88 USD (+0.54% on the day), with market capitalisation 3.3 bn USD, P/E 17.1 on diluted EPS of 4.55 USD over the last 12 months, dividend yield -0.06%, beta 1.80, 52-week range 61.05–98.19 USD. Latest reported quarter (Q2 2026): revenue of 760.0 m USD (+31.5% YoY), net income of 1.3 bn USD (+33.0% YoY), diluted EPS 0.69 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 39.2
- weak (30–45)
- Bollinger (20, 2)
- 75.14 – 89.85
- in the lower half of the band · %B 0.19 · band width 17.8%
- SMA 50 / 200
- 87.30 / 83.04
- mixed trend
- MACD (12, 26, 9)
- -2.81 / -2.36
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −12.5% | −1.1% | −11.4 pp | — |
| 3 months | −12.2% | −0.5% | −11.8 pp | — |
| 6 months | −10.5% | +4.4% | −14.9 pp | — |
| Year to date | +21.1% | +12.3% | +8.8 pp | — |
| 1 year | +10.2% | +13.5% | −3.4 pp | −16.4% |
| 3 years | +291.8% | +76.4% | +215.4 pp | +61.7% |
| 5 years | +322.0% | +63.7% | +258.3 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 507.0 m | 558.0 m | 592.0 m | 578.0 m | 603.0 m | 667.0 m | 699.0 m | 760.0 m |
| SG&A | 153.0 m | 59.0 m | 62.0 m | 61.0 m | 62.0 m | 62.0 m | 68.0 m | 68.0 m |
| Depreciation & amortisation | 17.0 m | 16.0 m | 15.0 m | 15.0 m | 15.0 m | 16.0 m | 16.0 m | 17.0 m |
| Pre-tax income | 909.0 m | 1.0 bn | 1.1 bn | 1.1 bn | 1.3 bn | 1.3 bn | 1.3 bn | 1.5 bn |
| Income tax | 75.0 m | 71.0 m | 91.0 m | 98.0 m | 126.0 m | 99.0 m | 117.0 m | 118.0 m |
| Net income | 834.0 m | 969.0 m | 964.0 m | 1.0 bn | 1.2 bn | 1.2 bn | 1.2 bn | 1.3 bn |
| Diluted EPS | 0.42 | 2.21 ≈ | 0.48 | 0.51 | 0.59 | 2.68 ≈ | 0.59 | 0.69 |
| Operating cash flow | 3.6 bn ≈ | 1.8 bn | 2.6 bn | 7.1 bn ≈ | 4.5 bn ≈ | 1.6 bn | 3.6 bn | 6.2 bn ≈ |
| Dividends paid | 27.0 m ≈ | 27.0 m | 27.0 m | 35.0 m | 36.0 m ≈ | 36.0 m | 36.0 m | 39.0 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 95 percentile of its own 39-quarter history (min 2.0, median 3.3, max 19.1; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 2.4 bn | 2.6 bn | 1.3 bn | 1.6 bn | 1.5 bn | 1.6 bn | 2.0 bn | 2.4 bn |
| Revenue YoY | +22.8% | +9.0% | −50.1% | +21.8% | −4.0% | +3.4% | +27.0% | +23.4% |
| Net income | 1.1 bn | 1.1 bn | 1.2 bn | 1.6 bn | 1.8 bn | 2.8 bn | 3.4 bn | 4.4 bn |
| Net income YoY | +41.9% | −3.2% | +8.3% | +38.8% | +12.6% | +52.7% | +21.2% | +27.9% |
| Diluted EPS | 2.28 | 2.10 | 2.42 | 3.24 | 3.75 | 1.42 | 1.73 | 2.22 |
| Diluted EPS YoY | +113.1% | −7.9% | +15.2% | +33.9% | +15.7% | −62.1% | +21.8% | +28.3% |
| net % | 47.5% | 42.2% | 91.6% | 104.3% | 122.3% | 180.6% | 172.3% | 178.6% |
| Free cash flow | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 5.0 bn USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 20.5 bn USD
- Total assets
- 203.2 bn USD
- Debt / equity
- unavailable
- Current ratio
- unavailable
- ROE
- 23.5%
- ROA
- 2.5%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 1.3 bn | 1.6 bn | 1.5 bn | 1.6 bn | 2.0 bn | 2.4 bn | SEC (XBRL)· 27 Feb 2026verified |
| SG&A | — | — | 165.0 m | 211.0 m | 314.0 m | 247.0 m | SEC (XBRL)· 27 Feb 2026verified |
| Depreciation & amortisation | 42.0 m | 50.0 m | 58.0 m | 65.0 m | 67.0 m | 61.0 m | SEC (XBRL)· 27 Feb 2026verified |
| Interest expense | 261.0 m | 224.0 m | 1.0 bn | 3.4 bn | — | — | SEC (XBRL)· 27 Feb 2024verified |
| Pre-tax income | 1.3 bn | 1.8 bn | 2.0 bn | 3.1 bn | 3.7 bn | 4.8 bn | SEC (XBRL)· 27 Feb 2026verified |
| Income tax | 77.0 m | 151.0 m | 156.0 m | 257.0 m | 288.0 m | 414.0 m | SEC (XBRL)· 27 Feb 2026verified |
| Net income | 1.2 bn | 1.6 bn | 1.8 bn | 2.8 bn | 3.4 bn | 4.4 bn | SEC (XBRL)· 27 Feb 2026verified |
| Diluted EPS | 2.42 | 3.24 | 3.75 | 1.42 | 1.73 | 2.22 | SEC (XBRL)· 27 Feb 2026verified |
| Weighted average diluted shares | 80.6 m | 95.0 m | 101.3 m | 423.4 m | 436.0 m | 443.9 m | SEC (XBRL)· 27 Feb 2026verified |
| Dividend per share | 0.10 | 0.10 | 0.10 | 0.03 | — | — | SEC (XBRL)· 27 Feb 2026verified |
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 4.3 bn | 2.4 bn | 3.4 bn | 3.8 bn | 3.6 bn | 5.0 bn | SEC (XBRL)· 27 Feb 2026verified |
| Property, plant & equipment, net | 67.0 m | 85.0 m | 93.0 m | 81.0 m | 59.0 m | 60.0 m | SEC (XBRL)· 27 Feb 2026verified |
| Intangibles (excl. goodwill) | 37.0 m | 46.0 m | 48.0 m | 43.0 m | 48.0 m | 52.0 m | SEC (XBRL)· 27 Feb 2026verified |
| Total assets | 95.7 bn | 109.1 bn | 115.1 bn | 128.3 bn | 150.1 bn | 203.2 bn | SEC (XBRL)· 27 Feb 2026verified |
| Total liabilities | 86.7 bn | 98.9 bn | 103.5 bn | 114.2 bn | 133.5 bn | 182.8 bn | SEC (XBRL)· 27 Feb 2026verified |
| Equity | 9.0 bn | 10.2 bn | 11.6 bn | 14.1 bn | 16.6 bn | 20.5 bn | SEC (XBRL)· 27 Feb 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 8.1 bn | 5.9 bn | 4.0 bn | 4.5 bn | 8.7 bn | 15.8 bn | SEC (XBRL)· 27 Feb 2026verified |
| Investing cash flow | -50.0 m | -188.0 m | -67.0 m | -52.0 m | -44.0 m | -171.0 m | SEC (XBRL)· 27 Feb 2026verified |
| Financing cash flow | -229.0 m | -523.0 m | -470.0 m | -624.0 m | -833.0 m | -969.0 m | SEC (XBRL)· 27 Feb 2026verified |
| Dividends paid | 32.0 m | 38.0 m | 40.0 m | 42.0 m | 92.0 m | 134.0 m | SEC (XBRL)· 27 Feb 2026verified |
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 5 of at least 6
- score weight coverage: 39.6% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 3.3 bn USD
Key indicators
Coverage and freshness
Score by group
40% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 0.33 – 88.85 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/E47.56 – 88.85 (Mid 66.85)17 companies used · median multiple 14.7x · quartiles 10.4x – 19.5xBLK, COHN, ETOR, HOOD, JEF, MIAX, MKTX, MS, OPY, PIPR, RJF, SCHW, SEIC, SF, TIGR, VIRT, WT
- Dividend discount (DDM)0.33 – 0.44 (Mid 0.38)
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 5 of at least 6; score weight coverage: 39.6% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 179.4% | 100 (vs peers) | 16% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | 17.5% | 100 (on a fixed band) | 21% |
| EPS CAGR 3Y · Growth | -16.0% | 0 (on a fixed band) | 21% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | unavailable | unavailable | — |
| P/E (TTM) · Valuation | 17.1x | 42 (vs peers) | 26% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 4.5% | 64 (on a fixed band) | 16% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partialunavailable · 0/3 factors with a value
- Growth50/100 · 2/2 factors with a value
- Quality· partial100/100 · 1/3 factors with a value
- Returns· partial64/100 · 1/2 factors with a value
- Valuation· partial42/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
INTERACTIVE BROKERS GROUP, INC. (IBKR). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 2.4 bn USD in 2025; YoY growth 23.4%; net margin 179.4%; ROE 91.3%.
The estimated value range is 23.94–44.64 USD per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 33.61 USD, the price of 77.88 USD leaves a potential of -56.8% (value / price − 1) and a margin of safety of -131.7% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (indicators available: 5 of at least 6; score weight coverage: 39.6% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 179.4%
- Revenue CAGR 3Y: 17.5%
What contradicts it
- EPS CAGR 3Y: -16.0%
- The price is above the estimated value range
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Net debt / EBITDA, Interest coverage, Current ratio, EV/EBITDA, FCF yield, Payout ratio (FCF).
Versus the vertical median
Security Brokers, Dealers & Flotation Companies (SIC 6211) · same industry (4-digit SIC) · compared with 29 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| MSMorgan Stanley | 304.6 bn | 15.6 | 18.0% | — | unavailable | +14% / +144% |
| BLKBlackRock, Inc. | 189.7 bn | 28.1 | 12.2% | 24.2% | +89.3% | +17% / +63% |
| SCHWSchwab Charles Corp | 161.5 bn | 16.8 | 20.3% | 38.8% | +22.0% | +1% / +52% |
| RJFRaymond James Financial, Inc. | 32.4 bn | 14.7 | 18.5% | 13.6% | +6.6% | +8% / +60% |
| SEICSei Investments Company | 12.9 bn | 18.9 | 28.9% | 28.1% | +8.1% | +34% / +85% |
| FRHCFreedom Holding Corp. | 11.9 bn | 73.8 | 11.2% | 6.5% | +9.3% | +42% / +129% |
| JEFJefferies Financial Group Inc. | 10.5 bn | 11.5 | 8.6% | 7.5% | +2.9% | −11% / +44% |
| MKTXMarketaxess Holdings Inc | 5.8 bn | 19.5 | 23.3% | 35.2% | +3.6% | +1% / −31% |
| SFStifel Financial Corp | 5.1 bn | 5.2 | 16.5% | 14.6% | +6.7% | −10% / +79% |
| IBKRInteractive Brokers Group, Inc. | 5.0 bn | 17.1 | 91.3% | 179.4% | +23.4% | +10% / +292% |
| PIPRPiper Sandler Companies | 5.0 bn | 6.0 | 23.6% | 14.5% | +24.3% | −16% / +82% |
| MIAXMiami International Holdings, Inc. | 3.5 bn | 12.5 | 28.9% | 19.8% | +19.6% | −23% / unavailable |
| WTWisdomTree, Inc. | 3.0 bn | 38.2 | 18.7% | 13.3% | +15.4% | +81% / +208% |
| JSMNavient Holdings, Inc. | 1.5 bn | — | -2.0% | — | −15.6% | −21% / −19% |
| MTCMmtec, Inc. | 534.8 m | — | -272.7% | -6,944.3% | −56.8% | +97% / −42% |
| SIEBSiebert Financial Corp. | 75.2 m | — | -1.3% | -1.1% | +12.3% | −43% / −3% |
| DOMHDominari Holdings Inc. | 39.8 m | — | -315.4% | -51.6% | +487.0% | −65% / −28% |
| LGHLLion Group Holding Ltd. | 34.3 m | — | -27.4% | -52.8% | unavailable | −100% / −100% |
| COHNCohen & Co Inc. | 33.0 m | 1.9 | 33.3% | 5.6% | +246.2% | −33% / +66% |
| AXGSolowin Holdings, Ltd. | 26.5 m | — | -88.9% | -47.4% | +895.0% | −53% / −38% |
| GLXYGalaxy Digital Inc. | 1.4 k | — | -16.7% | -0.5% | +41.8% | −47% / unavailable |
| VIRTVirtu Financial, Inc. | — | 8.7 | 33.6% | 13.5% | +26.2% | +48% / +195% |
| NMRNomura America Finance, LLC | — | — | — | — | +12.7% | +29% / +138% |
| ETOReToro Group Ltd. | — | 10.4 | 1.4% | 1.6% | +9.5% | −43% / unavailable |
| OPYOppenheimer Holdings Inc. | — | 12.4 | 9.1% | 4.9% | +14.4% | +35% / +131% |
1- and 3-year price returns: for IBKR from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 1,296.25 Total return 1,564% · Per year 1,564% | 2,281.21 Total return 2,829% · Per year 2,829% | 3,421.81 Total return 4,294% · Per year 4,294% |
| 3 years | 1,537.56 Total return 1,874% · Per year 170% | 3,016.90 Total return 3,774% · Per year 238% | 4,927.41 Total return 6,227% · Per year 298% |
| 5 years | 1,823.79 Total return 2,242% · Per year 88% | 3,989.85 Total return 5,023% · Per year 120% | 7,095.47 Total return 9,011% · Per year 147% |
- Exit P/E± 754.22
- Net margin± 527.96
- Annual revenue growth± 393.76
- Annual dilution± 44.36
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Interactive Brokers Group is an automated global broker that routes, executes and custodies trades in stocks, options, futures, forex and other instruments on more than 170 exchanges in 40 countries. The company joined the S&P 500 in August 2025 and reported net revenues of 1,914 million USD in the third quarter of 2026, making it relevant for investors and clients interested in electronic access to global markets. Its model rests on low costs and proprietary technology, while revenue depends heavily on trading volumes and interest rate levels.
SWOT
Strengths
- Proprietary technology and extensive automation allow very low costs and a high pretax profit margin. The company trades across many exchanges and currencies from one platform.
- The client base is diverse and growing, including individual investors, hedge funds and advisors. Inclusion in the S&P 500 has raised the company's visibility.
- Currency diversification and attractive funding terms for clients reinforce the company's position in the market.
Weaknesses
- Revenues depend heavily on trading volumes and interest rate levels, which makes them hard to predict and subject to large swings.
- The founder's majority control of voting power may limit the influence of minority shareholders and discourage takeover attempts.
- The company does not have fully redundant systems, and system failures could affect operations and reputation.
Opportunities
- Growing interest in global trading, options and forecast contracts could open new revenue sources.
- Expansion into new markets and products, such as cryptocurrency trading through third-party providers, could attract new clients.
- If the recovery of the IPO market continues, trading and financing activity could increase.
Threats
- Lower interest rates could reduce net interest income, the company's main revenue source.
- Consolidation of market centers or regulatory changes could affect order routing and execution costs.
- Competition among brokers could pressure commissions and margins, while legal and regulatory risks could raise costs.
Risks
- Dependence on trading volumeshigh
Revenues depend on trading volumes, which can fluctuate widely. A drop in retail activity could reduce commissions and fees.
- Sensitivity to interest rateshigh
Lower benchmark rates reduce net interest income, which makes up most of revenue. The effect depends on monetary policy developments.
- Concentrated controlmedium
The founder and Chairman controls most of the voting power, which can create conflicts of interest and influence the share price.
- Operational and technology risksmedium
Systems are not fully redundant, and failures or cyber-attacks could disrupt services and damage the company's reputation.
- Regulation and litigationmedium
Regulatory changes, including those affecting prediction markets and cryptocurrencies, could affect operations and costs.
Investment thesis
What would need to be true (bull case)
- The automated model with very low costs could sustain high margins even when volumes vary.
- Growth in accounts and client balances could support interest and commission revenue over the medium term.
- If markets stay active and interest in technology continues, the company could benefit from higher volumes.
What would break the thesis
- A sharper decline in interest rates could significantly reduce net interest income.
- Retail volumes are hard to predict, and a quieter market could reduce commissions.
- Concentrated control and dependence on one major shareholder may limit the influence of minority investors.
What to watch
- Trend in net interest margin and net interest incomeQ4 2026
- Trading volume trends in stocks and optionsQ4 2026
- Federal Reserve decisions on the benchmark rate2027
- Annual results and any changes to the IBG LLC structurenext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
The company operates as an automated global broker with proprietary platforms such as TWS, IBKR Desktop, the mobile app and APIs, through which institutional and individual clients can trade across many markets from one account. Net interest income of 3563 million USD in 2025 was the main revenue source, followed by commissions of 2149 million USD. Products also include ForecastTrader, fractional share trading and an insured bank deposit sweep program for cash balances.
The legal structure is a holding company: IBG, Inc. owned about 26.5% of IBG LLC as of June 30, 2026, while about 73.5% is held by IBG Holdings LLC, controlled by the founder and Chairman. This structure affects dividend distribution and voting rights, topics discussed in the SEC filings 12.
The company serves customers in over 200 countries and territories, including hedge funds, financial advisors, proprietary trading firms and introducing brokers. It reported that customer accounts grew 35% in the third quarter of 2026 to 5.58 million 3.
Segments
Net interest income
The largest revenue segment comes from net interest income, generated by margin loans, customer credit balances and securities lending. In 2025 net interest income rose 13%, while net interest margin fell to 2.08% due to lower rates 1.
Market context
The electronic brokerage market is shaped by global trading volumes, volatility and interest rate levels. In 2025 average daily volume in US listed cash equities rose 45%, and the average VIX rose 22% to 18.9 1. In the second quarter of 2026 average daily equity volumes rose 10% and equity options volumes rose 27% 2.
The rate environment has shifted: the Federal Reserve cut the benchmark rate by 75 basis points in the second half of 2025 and held it unchanged in the first half of 2026 12. Lower rates reduce interest income but also funding costs, and the net effect depends on market developments.
Trends
- Retail trading volumesmixed
Retail participation in equity and options markets has stayed elevated, but the company notes these volumes can fluctuate with investor sentiment and market conditions. If retail interest declines, commission revenue could be affected.
- Interest ratesmixed
Lower benchmark rates reduce interest earned on segregated cash and margin loans, as well as interest paid to customers. The net effect on margins depends on monetary policy in the US and other countries.
- Consolidation of market centersheadwind
Consolidation among market centers could reduce the value of the IB SmartRouting software, since there would be fewer venues to choose from for best prices. The company flags this risk in its discussion of trends 1.
- Interest in AI and IPO activitytailwind
Investor interest in artificial intelligence related companies and the recovery of the IPO market supported trading activity in 2025 and 2026, particularly in technology 12.
Competitive position
The company notes competition among broker-dealers may continue to intensify, particularly in direct market access and non-clearing brokerage. Competitors include large online brokers with trading platforms and firms offering commission-free or low-cost trading. The SEC filings do not name direct competitors.
Its stated competitive edge rests on low costs, automated technology and access to more than 170 exchanges. The company argues that low margin lending rates and attractive customer cash rates draw clients, but competition could erode these advantages 12.
- Other US online brokers
Brokers offering electronic trading to individual and institutional clients, competing directly on commissions and trading platforms; the company does not name them in the reviewed documents.
- Stock exchanges and execution venues
Exchanges and market centers that concentrate volumes; their consolidation could affect the value of automated order routing, according to the company.
- Zero-commission trading apps
Mobile apps offering commission-free trading to individual investors, competing for retail clients.
- Institutional brokers and proprietary trading firms
Firms competing on execution services for hedge funds and proprietary trading firms, an important segment for the company.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
- Is Interactive Brokers Stock Outperforming the S&P 500?Yahoo Finance — News · 21 Sept 2026 · EN
- Interactive Brokers Stock Turned $10,000 Into About $110,000 in a Decade. The Customer Base Grew Even Faster.Yahoo Finance — News · 20 Sept 2026 · EN
- Interactive Brokers (IBKR) Turns Every Revenue Dollar Into 77 Cents of Pretax ProfitYahoo Finance — News · 19 Sept 2026 · EN
- Interactive Brokers Senior Economist Shares The Oil Price That Creates “Serious Risk” For The American ConsumerYahoo Finance — News · 16 Sept 2026 · EN
- Prediction: Interactive Brokers Ends 2026 With More Than 6 Million Customer AccountsYahoo Finance — News · 14 Sept 2026 · EN
- Interactive Brokers' Friedland on Risk AppetiteBloomberg Markets · 10 Sept 2026 · EN
- Charles Schwab, Robinhood In Or Near Buy Zones But Interactive Brokers Triggers A Sell SignalYahoo Finance — News · 04 Sept 2026 · EN
- Robinhood Rallies 11% on Price Target Hikes, Webull Climbs 7%, Interactive Brokers Gains 4%Yahoo Finance — News · 03 Sept 2026 · EN
- Interactive Brokers Profits When Trading Is Hot. What Happens When It Cools?Yahoo Finance — News · 29 Aug 2026 · EN
- Interactive Brokers Group (IBKR) vs. Paysafe Limited (PSFE): Which Fintech Stock has the Stronger Growth Story?Yahoo Finance — News · 28 Aug 2026 · EN
- Interactive Brokers Rides Market Volatility, Hits Highs As Sales JumpYahoo Finance — News · 28 Aug 2026 · EN
- Americanii de la Interactive Brokers anunţă oficial că oferă clienţilor din întreaga lume acces la acţiunile de pe Bursa de Valori Bucureşti, „una dintre cele mai puternice pieţe din Europa în 2025"Ziarul Financiar · 13 Aug 2026 · RO
- ETF-urile și acțiunile companiilor listate la BVB au intrat la tranzacționare pe platforma globală Interactive BrokersCursDeGuvernare.ro · 13 Aug 2026 · RO
- Interactive Brokers introduce acțiunile BVB pe platforma sa globală. Investitorii internaționali pot cumpăra direct titluri româneștiEconomedia · 13 Aug 2026 · RO
- Bursa de Valori Bucureşti confirmă: acţiunile de pe Piaţa Reglementată şi ETF-urile locale sunt disponibile de joi prin Interactive Brokers, platforma americană cu peste 5 milioane de clienţiZiarul Financiar · 13 Aug 2026 · RO
- EXCLUSIV ZF. Analiză ZF. Ce costuri au brokerii de la Bursa de Valori Bucureşti şi cum se compară cu Interactive Brokers din SUA. Atenţie însă la partea fiscalăZiarul Financiar · 05 Aug 2026 · RO
- Cât costă tranzacţionarea acţiunilor româneşti prin Interactive Brokers: comision de 0,28% din valoarea ordinului, minimum 10 lei, plus o taxă de custodie de 0,1% pe an. Cum sunt aspectele fiscale?Ziarul Financiar · 27 Jul 2026 · RO
- Bursă. Andrei Popescu de la Think Tax. Cât costă tranzacţionarea acţiunilor româneşti prin Interactive Brokers: comision de 0,28% din valoarea ordinului, minimum 10 lei, plus o taxă de custodie de 0,1% pe an. Cum sunt aspectele fiscale?Ziarul Financiar · 27 Jul 2026 · RO
- Lupta pentru clienţi: Tradeville, unul dintre cei mai mari brokeri de la Bursa de Valori, reduce comisioanele ca reacţie imediată la intrarea pe piaţa românească a platformei globale de tranzacţionare Interactive BrokersZiarul Financiar · 24 Jul 2026 · RO
- Interactive Brokers deschide Bursa de Valori București către peste 5 milioane de investitori din întreaga lume. AROBS: „Este un pas important pentru internaționalizarea pieței de capital”Economedia · 23 Jul 2026 · RO
The latest news item in our archive is from 21 Sept 2026; the newest SEC filing is from 15 Oct 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Current report15 Oct 2026Results of operations · Financial statements and exhibits
- Quarterly report06 Aug 2026
- Current report31 Jul 2026Other events · Financial statements and exhibits
- Current report31 Jul 2026Other events · Financial statements and exhibits
- Current report21 Jul 2026Results of operations · Financial statements and exhibits
- Quarterly report07 May 2026
- Current report29 Apr 2026Shareholder vote · Financial statements and exhibits
- Current report21 Apr 2026Results of operations · Financial statements and exhibits
- Proxy statement11 Mar 2026
- Annual report27 Feb 2026
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Interactive Brokers Group, Inc. · 27 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Interactive Brokers Group, Inc. · 06 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Interactive Brokers Group, Inc. · 15 Oct 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.