Interactive Brokers Group, Inc.
- Open
- 95.26
- Day high
- 97.56
- Day low
- 94.44
- Prev close
- 95.84
- Volume
- 3.5M
- Mkt cap
- $44.1B
- P/E (TTM)
- 38.5
- EPS (TTM)
- $2.53
- P/B
- 7.5
- P/S
- 4.0
- Yield
- 0.25%
- Per share
- $0.25
- ▲Insiders net buying $4K over the last 3 months (2 open-market buys, 0 sales)
- 🏛Institutions accumulating (13F)
Interactive Brokers Group, Inc. (IBKR) is a Financial Services company listed on NASDAQ. The stock is up 49% over the past year. Over the trailing 3 months, insiders filed 2 open-market buys and 0 sales (SEC Form 4). Drillr has 4 published research articles covering IBKR.
Interactive Brokers Group, Inc. (IBKR) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 5 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
IBKR earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Jul 21, 2026 | $0.64 | $0.69 | +7.8% | $1.9B | -1.7% |
| Apr 21, 2026 | $0.57 | $0.60 | +5.3% | $1.7B | -2.9% |
| Jan 20, 2026 | $0.60 | $0.65 | +9.1% | $2.7B | +64.7% |
| Oct 16, 2025 | $0.54 | $0.57 | +5.2% | $2.8B | +80.4% |
| Jul 17, 2025 | $0.47 | $0.51 | +7.8% | $2.5B | +79.0% |
| Apr 15, 2025 | $0.48 | $0.47 | -2.5% | $1.4B | +1.2% |
| Jan 21, 2025 | $0.46 | $0.51 | +10.3% | $1.4B | +2.4% |
| Oct 15, 2024 | $0.46 | $0.44 | -4.1% | $1.4B | +1.8% |
| Jul 16, 2024 | $0.43 | $0.44 | +1.1% | $1.3B | -2.1% |
| Apr 16, 2024 | $0.41 | $0.41 | +0.2% | $1.2B | -1.1% |
| Jan 16, 2024 | $0.38 | $0.38 | -0.5% | $1.1B | -1.1% |
| Oct 17, 2023 | $0.37 | $0.39 | +5.1% | $1.2B | +3.6% |
IBKR insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Aug 4, 2026 | Nemser Earl Hdirector, officer: Vice Chairman | Grant | 803,568 | $87.99 |
| Aug 4, 2026 | Conkling Lori Adirector | Buy | 25 | $87.03 |
| Jul 1, 2026 | Conkling Lori Adirector | Buy | 25 | $88.03 |
| Jun 2, 2026 | Conkling Lori Adirector | Buy | 25 | $86.10 |
| May 28, 2026 | Nemser Earl Hdirector, officer: Vice Chairman | Tax | 22,486 | $84.42 |
| May 28, 2026 | Galik Milandirector, officer: Chief Executive Officer | Tax | 255,039 | $84.42 |
| May 28, 2026 | Mendonca Denisofficer: Chief Accounting Officer | Tax | 11,157 | $84.42 |
| May 28, 2026 | Frank Thomas AJofficer: Executive Vice President | Tax | 31,730 | $84.42 |
| May 28, 2026 | Brody Paul Jonathandirector, officer: Chief Financial Officer | Tax | 82,920 | $84.42 |
| May 4, 2026 | Conkling Lori Adirector | Buy | 25 | $79.64 |
| Apr 29, 2026 | Harris Lawrence Edirector | Sell | 26,000 | $76.93 |
| Apr 2, 2026 | Conkling Lori Adirector | Buy | 25 | $68.38 |
| Mar 26, 2026 | Conkling Lori Adirector | Buy | 25 | $69.21 |
| Mar 26, 2026 | Conkling Lori Adirector | Buy | 50 | $73.21 |
| Jan 28, 2026 | Nemser Earl Hdirector, officer: Vice Chairman | Sell | 20,469 | $75.75 |
Source: IBKR SEC Form 4 filings, latest Aug 4, 2026. For informational purposes only — not investment advice.
See the full IBKR insider & 13F page →IBKR research & analysis
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Interactive Brokers Group, Inc. company profile
Overview
Interactive Brokers Group, Inc. (NASDAQ:IBKR) is a leading automated electronic brokerage firm founded in 1977 by Thomas Peterffy, a Hungarian-American entrepreneur who pioneered computerized trading on Wall Street. The company went public in 2007 and has grown from a small electronic trading operation into one of the world's largest online brokers, serving over 2 million accounts globally. Headquartered in Greenwich, Connecticut, Interactive Brokers operates as a technology-driven financial services company that provides direct market access to stocks, options, futures, currencies, bonds, and other financial instruments across approximately 150 electronic exchanges and market centers worldwide.
Business
Interactive Brokers operates in the electronic brokerage industry, which sits within the broader financial services sector. The company functions as an intermediary between individual and institutional investors and global financial markets, providing the technological infrastructure and regulatory framework necessary for clients to execute trades across multiple asset classes and geographic regions. The company's core offering is its electronic trading platform that enables clients to buy and sell financial securities directly through automated systems rather than traditional human brokers. This platform supports trading in stocks, options, futures, foreign exchange (forex), bonds, mutual funds, exchange-traded funds (ETFs), metals, and cryptocurrencies. The platform is designed to provide sophisticated investors with professional-grade tools, real-time market data, advanced order types, and direct market access at institutional-quality execution speeds. Interactive Brokers serves several distinct client segments. Individual retail investors represent the fastest-growing segment, comprising sophisticated traders who value low costs and advanced technology. Financial advisors and registered investment advisors (RIAs) use the platform to manage client portfolios, with specialized tools for portfolio management and reporting. Hedge funds and proprietary trading firms utilize the company's prime brokerage services, which include custody, margin lending, securities lending, and sophisticated risk management tools. Introducing brokers are independent financial professionals who refer clients to Interactive Brokers while maintaining their own client relationships. The company also operates market-making activities through its proprietary trading operations, though this represents a smaller portion of the business. Additionally, Interactive Brokers provides custody and clearing services, acting as the custodian for client assets and handling the settlement of trades. Recent innovations include ForecastEx, a prediction market platform that allows trading on political and economic events, representing the company's expansion into alternative trading venues.
Revenue model
Interactive Brokers generates revenue through multiple complementary streams that benefit from both market volatility and client asset growth. The company's business model is built on high-volume, low-margin transactions enabled by technological efficiency and automation. Commission revenue represents the largest revenue stream, generated from fees charged on each trade executed across various asset classes. Unlike traditional brokers that charge fixed commissions, Interactive Brokers uses a tiered pricing structure where costs decrease as trading volume increases, appealing to active traders. The company benefits from increased market volatility and trading activity, particularly in options and futures markets. Commission revenue reached $477 million in Q4 2024, driven by strong options trading volumes and the popularity of zero-day expiration options. Net interest income has become increasingly important, representing the spread between interest earned on client cash balances and margin loans versus interest paid to clients on their cash deposits. This revenue stream benefits directly from higher interest rate environments and reached a record $807 million in Q4 2024. The company earns interest by investing client cash balances in high-quality securities while paying clients competitive rates, and by charging interest on margin loans extended to clients for leveraged trading. Other fees and services include market data subscriptions, account maintenance fees, securities lending revenue, and specialized services for institutional clients. This segment has grown significantly, reaching $81 million in Q4 2024, up from previous periods due to expanded service offerings and increased client sophistication. Several factors influence the company's profit margins. Interest rate environments directly impact net interest income, with higher rates generally benefiting the company through improved spreads on client cash balances. Market volatility drives trading activity and commission revenue, though extreme volatility can also increase operational risks. Regulatory changes in market structure, particularly around payment for order flow and market making, could impact revenue streams. Competition from zero-commission brokers pressures commission rates, though Interactive Brokers' sophisticated client base values advanced tools over zero fees. Technology investments in automation and platform capabilities help maintain operational efficiency and support margin expansion, while global expansion provides revenue diversification and access to new client segments with potentially higher trading activity levels.
Competitive moat
Interactive Brokers possesses a moderate to strong competitive moat built primarily on technological superiority, operational efficiency, and network effects, though this moat faces ongoing challenges from well-funded competitors and changing market dynamics. The company's strongest competitive advantage lies in its proprietary technology platform developed over decades, which provides sophisticated traders and institutions with professional-grade tools, direct market access, and execution quality that rivals or exceeds larger investment banks. This technology moat is reinforced by continuous investment in platform development and the expertise of founder Thomas Peterffy, who pioneered electronic trading. The platform's ability to access over 150 global exchanges through a single interface creates significant switching costs for sophisticated users who rely on these capabilities. Operational efficiency represents another key moat element, with the company maintaining industry-leading pretax margins of approximately 75% through extensive automation and lean operations. This efficiency allows Interactive Brokers to offer competitive pricing while maintaining profitability, creating a cost advantage that is difficult for less efficient competitors to match. The company's global scale and technology infrastructure create economies of scale that benefit from increased client activity and asset levels. Network effects provide additional competitive protection, particularly in market-making activities and liquidity provision. As more clients trade through the platform, Interactive Brokers can provide better execution quality and tighter spreads, attracting additional sophisticated traders. The company's introducing broker network also creates network effects, as successful brokers attract more clients to the platform. However, the moat faces several challenges. Large technology companies like Charles Schwab, Fidelity, and newer entrants with significant capital resources continue to invest heavily in trading technology and can offer zero-commission trading supported by other revenue streams. Regulatory changes around market structure, particularly potential restrictions on payment for order flow or market making activities, could level the competitive playing field. Cryptocurrency and fintech disruption from companies like Robinhood, Coinbase, and others threatens to commoditize certain aspects of trading services. Additionally, the company's sophisticated client focus may limit its addressable market compared to mass-market competitors, though this also provides some protection from price-based competition. Overall, Interactive Brokers maintains a solid competitive position supported by genuine technological and operational advantages, but the moat requires continuous investment and innovation to remain effective against well-funded competitors and evolving market dynamics.
Risks & safety
Interactive Brokers demonstrates a strong margin of safety with excellent financial health, though valuation metrics suggest limited upside at current levels. **Financial Strength:** • Minimal debt with debt-to-equity ratio of just 0.003, indicating virtually no financial leverage risk • Strong cash generation with $8.7 billion in free cash flow for 2024 and consistent positive operating cash flows • Substantial excess capital of approximately $6 billion above regulatory requirements • Current ratio of 1.16 indicates adequate short-term liquidity, though this reflects the nature of the brokerage business structure **Valuation Metrics:** • Price-to-earnings ratio of 22.2x appears reasonable for a profitable, growing financial services company • Price-to-book ratio of 4.5x reflects premium valuation typical of asset-light, technology-driven businesses • EV/EBITDA of 3.2x suggests moderate valuation relative to cash generation ability • Return on equity of 18% demonstrates efficient capital utilization **Other Considerations:** • Regulatory capital requirements provide built-in safety buffers for brokerage operations • Diversified revenue streams reduce dependence on any single income source • Strong competitive position in a growing market provides earnings stability • Interest rate sensitivity creates some earnings volatility risk but also upside potential
Recent development
Over the past few years, Interactive Brokers has pursued an aggressive global expansion strategy while enhancing its technology platform and diversifying service offerings. The company has systematically expanded its international presence by obtaining regulatory licenses in key markets, including opening a licensed office in Dubai, receiving a bank license in Hungary, and launching trading capabilities on exchanges in Saudi Arabia, Malaysia, and Korea. This geographic diversification reduces dependence on U.S. markets and captures growing international demand for sophisticated trading tools. Product innovation has focused on serving increasingly sophisticated client needs across multiple segments. The company launched IBKR Desktop, a new professional trading platform, and significantly enhanced its Advisor Portal with AI-powered tools including tax loss harvesting capabilities and a "Commentary Builder" using generative AI. For institutional clients, Interactive Brokers introduced High Touch Prime Brokerage services targeting hedge funds, representing a move upmarket toward higher-value clients. The company has embraced cryptocurrency trading as a strategic growth area, launching crypto offerings in the UK and Hong Kong while exploring expansion into the European Union. Additionally, Interactive Brokers developed ForecastEx, a prediction market exchange for trading contracts on political and economic events, demonstrating innovation in alternative trading venues. Technology investments have focused on automation, AI integration, and platform scalability. The company has implemented AI tools for customer service, developed advanced options trading algorithms, and expanded API functionality for introducing brokers. These investments support the company's goal of serving up to 10 million accounts while maintaining operational efficiency. Strategic acquisitions remain a priority, with management actively seeking opportunities to acquire less efficient brokers, though they have been selective and have not completed major transactions recently. The company has also increased its dividend significantly, raising the quarterly payment from $0.10 to $0.25, reflecting confidence in cash generation capabilities.
IBKR company profile · for informational purposes only — not investment advice.
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