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Interactive Brokers (IBKR) stock

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NASDAQ: IBKR Nasdaq Investment Banking & Brokerage Next results ~January 19, 2027

B+ Fundamentals grade

Interactive Brokers is a US-listed company in the investment banking & brokerage industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$35

Valuation models combined (4)

Base case. Range ~$26–$48. Weighted average of 4 models (forward price-to-earnings vs peers, residual income, justified price-to-book, dividend discount (two-stage)), the forward price-to-earnings vs peers counting double.

Price vs value

Overvalued

The price is above our entire value range; our base value is 53% below it.

Price used: $74.83, November 2, 2026

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders1 buying, 2 selling9 purchases and 10 sales by directors and officers, last 12 monthsInsider trades
  • Funds578 adding, 444 cuttingOf 83 active managers that changed their stake, 48 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Interactive Brokers files

Where Interactive Brokers stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $2.73bn, up 22.1% on a year earlier, faster than 19.5% a quarter earlier. The diluted share count is up 4.7% on a year earlier, which dilutes existing holders. Our valuation models combined value is $34.98 a share, against a share price of $82.44.

Source: 10-Q filed August 6, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~January 19, 2027 (estimated)

Interactive Brokers's trailing-twelve-month revenue grew 21.3% year on year, with a free-cash-flow margin of 231.0%.

Current signal Free cash flow diverging from earnings: TTM free cash flow grew 5.1% while net income grew 34.4%: a 29pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Strengths

  • Fast growth. Revenue grew 21.3% over the last 12 months, against a median of 20.8% for investment banking & brokerage companies we cover.
  • Strong cash generation. 231.0% of revenue turned into free cash flow.
  • Net cash. Cash exceeds long-term debt by $7.7bn.
  • Estimates rising. Analysts' consensus for next year's earnings per share has risen 7.8% over 90 days.

Things to watch

  • Priced above our value. The share price of $74.83 is 53% above our value per share of $35.
  • Share dilution. Diluted shares rose 4.7% in a year.
  • Volatile shares. Over the past year the shares showed annualised volatility of 40% and a beta of 2.1 against the S&P 500.

Latest results: FY2026 Q2

Filed August 6, 2026
Earnings per share
$0.67 against an average estimate of $0.67: missed by 0.1%
Revenue
$1.90bn, up 28.1% on a year earlier
Share reaction
-1.7% in the first session after the results on October 15, 2026, against -0.8% for the S&P 500
Next report
October 15, 2026; average EPS estimate $0.74

Interactive Brokers' figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-2.7%
  • 1 week-7.1%
  • 1 month-15.3%
  • This year+16.7%
  • 1 year+6.8%
  • 5 years+307.0%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$6.9B
Net margin
16.4%
EPS (TTM, diluted)
$2.51

Growth

Revenue growth
+21.3%
Change in growth rate
+2.1 pts

Earnings

Last results
October 15, 2026
Next results (est.)
January 19, 2027

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Insider trade
  2. Results
  3. Announcement
  4. Results

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Fundamentalytics rating

model v1.6 · 2026-11-03
Sell12-month view
12-month price target
~$35
Price used
$76.66close November 3, 2026
Implied change
▼ 54%
Uncertainty
Medium

How we got here: the combined value of 4 valuation models built for a business like Interactive Brokers (see the models table below and how they are combined) , with a 10.43% cost of equity. The models span ~$26–~$48; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Valuation models

We value Interactive Brokers as an asset manager, broker or exchange, with every model that fits that kind of business. Cost of equity 10.4%: the 10-year Treasury yield (4.9%) plus a beta of 1.22 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$48 ~$37–$76 Primary model, counts double
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$28 ~$20–$40 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$26 ~$23–$30 Included
Price-to-book vs peers Book value per share times peers' typical (harmonic-mean) price-to-book. ~$1.3 ~$14–$56 Left out: out of range vs price (0.02x)
Dividend discount (two-stage) Dividends for five years at the growth the business can fund, then a steady payout and growth. ~$26 ~$22–$31 Included
Cash-flow model (DCF) Free cash flow after stock pay, grown then faded to 2.5%, discounted at 8.5%. — Does not apply: Noncontrolling ownership is material. Its fair value and share of cash flow must be valued separately; a book-value deduction is insufficient.
Growth cash-flow model Revenue for this year and next from analysts' consensus, then growth fading to 2.5%; the operating margin moving to profitable peers'; investment needed per dollar of growth from peers; reduced by a failure probability. For young or fast-growing companies. The starting margin is normalized to between -100% and 60%; net margin is a proxy when operating income is not tagged. Uses analysts' consensus estimates (third-party data), not our forecasts. — Does not apply: Noncontrolling ownership is material. Its fair value and share of cash flow must be valued separately; a book-value deduction is insufficient.
Revenue-to-maturity model Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable. — Does not apply: Noncontrolling ownership is material. Its fair value and share of cash flow must be valued separately; a book-value deduction is insufficient.
Combined value Weighted average of the models that apply: the primary model (forward price-to-earnings vs peers) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$35 ~$26–$48 4 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Interactive Brokers with brokers, investment banks and exchanges in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Moat

26 /100

Weak moat

How hard Interactive Brokers's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 0 / 20

    Net income has been a median 0.3% of total assets over 10 years.

  • Durability 9 / 20

    Net margin has been a median 10.7%; its worst year was 5.0%.

  • Discipline 10 / 20

    The diluted share count rose 47.5% over five years; stock-based pay has been a median 2.4% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (31 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Interactive Brokers: consensus estimates
Fiscal yearEPSGrowthRevenueGrowth
Current $2.70 +23% $7.4bn +21%
Next $3.33 +23% $8.9bn +20%

Next year's EPS estimate has moved +7.8% in 90 days, across 17 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is −1.2% on 90 days ago. In the last 30 days, 3 analysts raised Interactive Brokers's forecast and 4 cut it.

Consensus EPS forecast Interactive Brokers, last 90 days
$2.60 $2.80 $3.00 $3.20 $3.40 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $2.74 Current fiscal year, 60 days ago: $2.71 Current fiscal year, 30 days ago: $2.70 Current fiscal year, 7 days ago: $2.70 Current fiscal year, Now: $2.70 $2.70 Next fiscal year, 90 days ago: $3.09 Next fiscal year, 60 days ago: $3.18 Next fiscal year, 30 days ago: $3.18 Next fiscal year, 7 days ago: $3.26 Next fiscal year, Now: $3.33 $3.33

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $2.74$3.09
60 days ago $2.71$3.18
30 days ago $2.70$3.18
7 days ago $2.70$3.26
Now $2.70$3.33

Earnings against estimates

Interactive Brokers: reported EPS against the consensus estimate
Quarter toEstimateActualSurprise
Sept 2026 $0.67 $0.67 −0.1%
Jun 2026 $0.64 $0.69 +8.0%
Mar 2026 $0.60 $0.60 +0.1%
Dec 2025 $0.59 $0.65 +11.1%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, October 15, 2026

No numeric guidance in Interactive Brokers's latest earnings release (filed October 15, 2026). Some companies give their outlook only on the earnings call.

Analyst recommendations

17 analysts, Oct 2026
Buy1271%
Hold529%
Sell00%

Monthly trend

  1. Oct 2026210517
  2. Sep 2026274114
  3. Aug 2026273113
  4. Jul 2026272112

Counts of recommendations published by analysts covering Interactive Brokers, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
3.3%
of tradable shares
Days to cover
3.32
at average volume
Short interest, 1 month
+5%
to October 15, 2026
Held by institutions
88%
of shares
Held by insiders
2.7%
of shares
Employees
3,182
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +6.8%

$70.06 on October 31, 2025 to $74.83

Interactive Brokers: share-price change split into its parts
PartThenNowEffect
Revenue (last 12 months) $5.7bn $6.9bn +21.3%
Net margin 14.8% 16.4% +10.8%
P/E multiple 36.7x 29.8x −18.7%
Share count 438m 448m −2.2%

Biggest factor: p/e multiple.

Last 3 years +282.5%

$19.57 on November 3, 2023 to $74.83

Interactive Brokers: share-price change split into its parts
PartThenNowEffect
Revenue (last 12 months) $4.8bn $6.9bn +43.5%
Net margin 10.6% 16.4% +54.4%
P/E multiple 16.0x 29.8x +86.5%
Share count 415m 448m −7.5%

Biggest factor: p/e multiple.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Interactive Brokers: yearly return, monthly win rate and worst fall against the S&P 500
Calendar year 202120222023202420252026 to date
Return
IBKR+31%−8%+15%+114%+46%+17%
Industry peers (median)+26%−20%+19%+43%+8%−16%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
IBKR58%50%50%75%58%55%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
IBKR−25%−34%−20%−15%−39%−24%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 55% from May 11, 2018 to March 23, 2020. Getting back needed a 123% gain, reached on March 9, 2021, 351 days after the low.

Price behaviour

52-week range
$60.79 – $98.10
From 52-week high
−23.7%
vs 50-day average
−15.0%
vs 200-day average
−9.7%
Volatility (1 year)
40%
Beta vs S&P 500
2.12

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
6 up, 6 down
typical move ±4.0%
After a week
5 up, 7 down
typical move ±4.3%
After a month
8 up, 3 down
typical move ±9.6%
Interactive Brokers: share-price change after each results release
Results releasedNext dayS&P 500 next day5 days21 days
October 15, 2026 −1.7% −0.8% −2.2% —
July 21, 2026 +2.0% +0.7% −0.8% −1.2%
April 21, 2026 −3.9% +0.4% −4.6% +3.1%
January 20, 2026 +3.3% −0.9% +2.9% +0.9%
October 16, 2025 −5.1% −0.1% −3.7% −5.4%
July 17, 2025 +7.7% +0.5% +8.8% +6.5%
April 15, 2025 −8.7% −2.5% −6.5% +19.7%
January 21, 2025 +10.4% +1.5% +9.3% +18.9%
October 15, 2024 −3.0% −0.3% −1.7% +18.1%
July 16, 2024 −1.0% −0.8% −2.1% −5.3%
April 16, 2024 +0.1% −0.8% +5.1% +11.8%
January 16, 2024 +0.9% −0.9% +3.5% +14.4%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Interactive Brokers’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Implied vs realised volatility

Options look fairly priced

Implied volatility is within its normal range against realised. Selling options earns the usual premium, nothing extra.

  • Implied is 1.13× the last 60 days’ realised volatility , richer than 37% of the 229 stocks we screen today.
  • Why: implied is not far enough above realised, or not unusual against our coverage.

Our rule for “rich”: implied at least 1.2× 60-day realised (beyond measurement noise), above 1-year realised (not just a calm spell), and in the top 20% of our coverage that day. Never with results inside the option’s life. These are our conventions, built on research showing option prices usually imply more movement than follows, most when the gap is wide. How we judge this.

Cash-secured put

Not offered: rated Sell.

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

IBKR Interactive Brokers Grade B+ $75.76

Own 100 shares, sell the $80.00 call expiring December 18, 2026 (46 days) for $2.30 a share — $230 per contract.

Previous session · Bid $2.30, ask $2.85, quoted Mon 2 Nov, 17:26 New York time with IBKR at $75.76. Option prices move with the shares: check the live chain at your broker before trading.

  • If IBKR ends below $80.00: you keep your shares and the $230 — 3.0% extra on the position, 24.1% a year at that pace.
  • If it ends above $80.00: your shares are sold at $80.00, a total return of 8.6% including the premium — at or above our value of ~$35.
$654 $0 −$1.5k Break-even $73.46 Price $75.76 ← Our value ~$35
Profit or loss per contract at expiry, by share price (including the shares bought at today's price).
Premium
$230
Annualised
24.1%
Break-even
$73.46
Max gain
$654
Chance of selling
~41%

Collar

Own the shares, buy the $70.00 put and sell the $80.00 call, both expiring December 18, 2026 (46 days).

  • Net cost of $0.45 a share ($45.00 per contract of 100 shares).
  • Worst case at expiry: -8.2%, if the shares fall below $70.00 (-7.6% from today).
  • Best case at expiry: +5.0%, if the shares rise above $80.00 (+5.6%); gains beyond that go to the call buyer.

Offered because the shares trade at or above our fair value of $35.00: a way to hold on with a floor under the price, paid for by giving up upside the model does not expect. Strikes near 25-delta; the put at its ask and the call at its bid. Protection has a cost over time: research on protective puts finds they have usually lowered returns.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Interactive Brokers in five measures

Fundamentals grade B+
Growth Profitability Cash Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Interactive Brokers
$4B $5B $6B $7B FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $5.1B Revenue (TTM), FY23 Q4: $4.3B Revenue (TTM), FY24 Q1: $4.5B Revenue (TTM), FY24 Q2: $4.7B Revenue (TTM), FY24 Q3: $4.9B Revenue (TTM), FY24 Q4: $5.2B Revenue (TTM), FY25 Q1: $5.4B Revenue (TTM), FY25 Q2: $5.7B Revenue (TTM), FY25 Q3: $5.9B Revenue (TTM), FY25 Q4: $6.2B Revenue (TTM), FY26 Q1: $6.4B Revenue (TTM), FY26 Q2: $6.9B $6.9B

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $5.1B
FY23 Q4 $4.3B
FY24 Q1 $4.5B
FY24 Q2 $4.7B
FY24 Q3 $4.9B
FY24 Q4 $5.2B
FY25 Q1 $5.4B
FY25 Q2 $5.7B
FY25 Q3 $5.9B
FY25 Q4 $6.2B
FY26 Q1 $6.4B
FY26 Q2 $6.9B
Revenue growth, TTM YoY Interactive Brokers
-50% 0% 50% 100% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: 90.6% Revenue growth, TTM YoY, FY23 Q4: 24.3% Revenue growth, TTM YoY, FY24 Q1: 8.2% Revenue growth, TTM YoY, FY24 Q2: -1.3% Revenue growth, TTM YoY, FY24 Q3: -3.9% Revenue growth, TTM YoY, FY24 Q4: 19.5% Revenue growth, TTM YoY, FY25 Q1: 20.5% Revenue growth, TTM YoY, FY25 Q2: 20.0% Revenue growth, TTM YoY, FY25 Q3: 20.5% Revenue growth, TTM YoY, FY25 Q4: 19.7% Revenue growth, TTM YoY, FY26 Q1: 19.2% Revenue growth, TTM YoY, FY26 Q2: 21.3% 21.3%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 90.6%
FY23 Q4 24.3%
FY24 Q1 8.2%
FY24 Q2 -1.3%
FY24 Q3 -3.9%
FY24 Q4 19.5%
FY25 Q1 20.5%
FY25 Q2 20.0%
FY25 Q3 20.5%
FY25 Q4 19.7%
FY26 Q1 19.2%
FY26 Q2 21.3%
FCF margin (TTM) Interactive Brokers
0% 100% 200% 300% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: 40.5% FCF margin (TTM), FY23 Q4: 103.2% FCF margin (TTM), FY24 Q1: 157.9% FCF margin (TTM), FY24 Q2: 139.6% FCF margin (TTM), FY24 Q3: 186.1% FCF margin (TTM), FY24 Q4: 167.0% FCF margin (TTM), FY25 Q1: 176.7% FCF margin (TTM), FY25 Q2: 266.5% FCF margin (TTM), FY25 Q3: 268.6% FCF margin (TTM), FY25 Q4: 253.8% FCF margin (TTM), FY26 Q1: 260.2% FCF margin (TTM), FY26 Q2: 231.0% 231.0%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q3 40.5%
FY23 Q4 103.2%
FY24 Q1 157.9%
FY24 Q2 139.6%
FY24 Q3 186.1%
FY24 Q4 167.0%
FY25 Q1 176.7%
FY25 Q2 266.5%
FY25 Q3 268.6%
FY25 Q4 253.8%
FY26 Q1 260.2%
FY26 Q2 231.0%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-K/A, 10-Q, 10-Q/A. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

What Interactive Brokers earned on its loans and securities in FY2025, what it paid depositors and lenders, and how its revenue split between running costs, credit losses, tax and profit.

  1. Interest income $7.8B
  2. Fee and other income $2.6B · 42.6%
  3. Interest paid $4.2B
  4. Net interest income $3.6B · 57.4%
  5. Revenue $6.2B
  6. Non-interest expense $1.4B · 23.1%
  7. Pre-tax profit $4.8B · 76.9%
  8. Income tax $414M · 6.7%
  9. Other $3.4B · 54.4%
  10. Net income $984M · 15.9%
Where Interactive Brokers's revenue went, FY2025
Interest income $7.8B
Fee and other income $2.6B 42.6% of revenue
Interest paid $4.2B
Net interest income $3.6B 57.4% of revenue
Revenue $6.2B
Non-interest expense $1.4B 23.1% of revenue
Pre-tax profit $4.8B 76.9% of revenue
Income tax $414M 6.7% of revenue
Other $3.4B 54.4% of revenue
Net income $984M 15.9% of revenue

Shares of revenue. Source: Interactive Brokers's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

Financial statements

US$ billions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Interactive Brokers: annual financial statements
Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Jun 2026
Income
Revenue 1.2 1.0 1.4 1.2 1.1 1.1 1.3 1.5 1.9 2.4 2.6 2.2 2.7 3.1 4.3 5.2 6.2 6.9
Net income 0.0 −0.0 0.1 0.0 0.0 0.0 0.0 0.1 0.1 0.2 0.2 0.2 0.3 0.4 0.6 0.8 1.0 1.1
Diluted EPS $0.20 −$0.06 $0.34 $0.22 $0.18 $0.19 $0.20 $0.31 $0.27 $0.57 $0.53 $0.60 $0.81 $0.94 $1.42 $1.73 $2.22 $2.51
Growth (year on year)
Revenue −46.4% −15.5% +46.2% −17.5% −5.4% −1.2% +12.6% +17.4% +30.6% +22.8% +9.0% −14.0% +22.4% +13.0% +41.5% +19.5% +19.7% +21.3%
Net income −61.5% −126.7% — −32.5% −11.4% +20.3% +10.0% +71.4% −9.5% +122.4% −4.7% +21.1% +57.9% +23.4% +57.9% +25.8% +30.3% +34.4%
Diluted EPS −64.7% −129.1% — −35.0% −18.0% +5.5% +1.3% +60.3% −14.4% +113.1% −7.9% +15.2% +33.9% +15.7% +51.5% +21.8% +28.3% —
Margins
Net margin 3.1% −1.0% 4.3% 3.5% 3.3% 4.0% 3.9% 5.7% 3.9% 7.1% 6.2% 8.8% 11.3% 12.4% 13.8% 14.6% 15.9% 16.4%
Cash flow
Cash from operations 0.2 1.7 1.0 0.7 0.1 0.4 0.7 0.6 1.1 2.4 2.7 8.1 5.9 4.0 4.5 8.7 15.8 15.9
Stock-based pay 0.0 0.0 0.0 0.1 0.0 0.0 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1
Balance sheet
Cash 0.8 1.0 1.3 1.4 1.2 1.3 1.6 1.9 1.7 2.6 2.9 4.3 2.4 3.4 3.8 3.6 5.0 7.7
Total debt 0.3 0.2 0.0 0.1 0.0 0.0 0.0 0.1 0.0 0.0 0.0 0.1 0.0 0.0 0.0 0.0 0.0 0.0
Net debt (negative = net cash) −0.5 −0.8 −1.3 −1.3 −1.2 −1.2 −1.6 −1.9 −1.7 −2.6 −2.9 −4.2 −2.4 −3.4 −3.7 −3.6 −4.9 −7.7
Diluted shares 167m 170m 177m 188m 204m 231m 250m 269m 284m 297m 307m 323m 380m 405m 423m 436m 444m 448m
Returned to shareholders
Dividends 0.0 0.1 0.0 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.1 0.1
Buybacks 0.0 0.0 — — — — — — — — — — — — — — — —
Total returned 0.0 0.1 0.0 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.1 0.1

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Dividends, buybacks and capital spending

Dividends (TTM)
$147M
Returned to shareholders
1%
of free cash flow
Total shareholder yield
0.4%
dividends 0.4% + buybacks 0.0% of market value
Dividend payout ratio
13%
of net income paid out
Sales & admin spending
3.8%
of revenue

Competitors: side by side with peers

Closest by revenue in investment banking & brokerage
Growth, margins and cash generation against peers
Last 12 months unless stated IBKR SF HOOD EVR VIRT JEF Median
Revenue, last 12 months $6.9bn $6.7bn $5.1bn $4.7bn $4.1bn $12.2bn $2.0bn
Revenue growth, last 12 months 21.3% 11.0% 20.9% 45.7% 20.8% 13.5% 20.7%
Revenue growth, 3-year average 12.8% 11.4% 42.0% 23.8% 23.1% 18.7% 16.2%
Revenue growth, latest quarter 28.1% 9.9% 11.8% 19.1% 19.0% 11.1% 17.4%
Net margin 16.4% 14.3% 39.0% 15.7% 13.5% 7.3% 5.8%
Cash from operations / revenue 231.9% 6.8% 59.9% 35.2% 13.7% 36.3% 7.7%
Free-cash-flow margin 231.0% 5.4% 59.1% 34.3% 12.8% 34.5% 5.2%
Free-cash-flow margin, 3-year average 212.3% 8.9% 58.8% 28.0% 17.7% −1.5% 16.8%
Stock pay / revenue 1.8% 2.7% 6.9% 16.1% 3.0% 3.1% 4.7%
Change in share count 4.7% −0.1% 0.6% 0.2% −0.6% 0.0% 1.2%

Median of all 40 companies we cover in investment banking & brokerage. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

40 investment banking & brokerage companies
Measures ranked against peers
Measure Company Peer median Rank
Revenue growth Growth 21.3% 20.8% 18 of 40
Change in growth rate Growth +2.1pp -0.3pp 15 of 40
Net margin Profitability 16.4% 6.0% 9 of 40
Stock pay as % of revenue Cash generation 1.8% 4.8% 11 of 36

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Products and services
Line of business Revenue Share YoY
Commissions $2.1B 88.1% ▲ 26.6%
Risk Exposure Fees $80M 3.3% ▼ 20.0%
Market Data Fees $79M 3.2% ▲ 11.3%
Payments For Order Flow $51M 2.1% ▲ 13.3%
Others $44M 1.8% ▲ 22.2%
Fdic Sweep Fees $37M 1.5% ▲ 32.1%
Geography
Region Revenue Share YoY
United States $1.5B 60.7% ▲ 20.5%
Outside the US $958M 39.3% ▲ 28.2%

From Interactive Brokers's 10-K filed February 27, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Reported value
$33.8B
Institutions reporting
1,106
Shares held vs prior quarter
▲ 2.3%
Positions opened / closed
179 / 68

Top buyers and sellers, Q2 2026: 578 institutions bought and 444 sold ; the biggest buyer was Ninety One Uk Ltd (+5.3M shares) and the biggest seller Cantillon Capital Management LLC (−10.7M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $2.9B 33.1M 8.5% ▲ 5.6%
Vanguard Capital Management LLC $2.5B 28.3M 7.3% ▲ 0.6%
State Street Corp $1.7B 19.4M 5.0% ▲ 1.8%
FMR LLC $1B 11.8M 3.0% ▼ 5.4%
Geode Capital Management, LLC $925M 10.6M 2.7% ▲ 1.9%
Greenwich Wealth Management LLC $864M 9.9M 2.6% 0.0%
Invesco Ltd. $845M 9.7M 2.5% ▲ 0.6%
Vanguard Portfolio Management LLC $759M 8.7M 2.2% ▼ 41.8%
Two Sigma Investments, LP $726M 8.3M 2.1% ▲ 0.3%
Wellington Management Group LLP $643M 7.4M 1.9% ▼ 24.5%
Kayne Anderson Rudnick Investment Management LLC $554M 6.4M 1.6% ▼ 36.4%
Norges Bank $551M 6.3M 1.6% —

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Interactive Brokers's complete shareholder register. Values are as reported by the filers ; 3 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Recent insider open-market transactions
Insider Date Trade Shares Price Value
Harris Lawrence E Director October 28, 2026 Sell 25,000 $82.61 $2.1M
Conkling Lori A Director October 1, 2026 Buy pre-set plan 25 $85.42 $2,136
Conkling Lori A Director September 1, 2026 Buy pre-set plan 25 $94.53 $2,363
Conkling Lori A Director August 3, 2026 Buy pre-set plan 25 $87.03 $2,176
Conkling Lori A Director July 1, 2026 Buy pre-set plan 25 $88.03 $2,201
Conkling Lori A Director June 1, 2026 Buy pre-set plan 25 $86.10 $2,152
Conkling Lori A Director May 1, 2026 Buy pre-set plan 25 $79.64 $1,991
Harris Lawrence E Director April 28, 2026 Sell 26,000 $76.93 $2M
Conkling Lori A Director April 1, 2026 Buy pre-set plan 25 $68.38 $1,710
Conkling Lori A Director March 2, 2026 Buy pre-set plan 25 $69.21 $1,730
Conkling Lori A Director February 25, 2026 Buy pre-set plan 50 $73.21 $3,660
Nemser Earl H Vice Chairman January 27, 2026 Sell 20,469 $75.75 $1.6M

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 12 trades and filings

No trades in Interactive Brokers disclosed in the last 12 months; 12 earlier trades on record.

  • Lisa C. McClain(R-MI 9):Sale (full), $1,001 - $15,000, traded October 14, 2025, filed November 21, 2025
  • Lisa C. McClain(R-MI 9):Purchase, $1,001 - $15,000, traded August 13, 2025, filed September 12, 2025
  • Lisa C. McClain(R-MI 9):Sale (full), $1,001 - $15,000, traded June 24, 2025, filed August 13, 2025

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around January 19, 2027 estimated from the company's past filing pattern, not announced

  • October 15, 2026
  • July 21, 2026
  • April 21, 2026
  • January 20, 2026
  • October 16, 2025
  • July 17, 2025

Recent SEC filings

Data status

When each part of this page on Interactive Brokers was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Interactive Brokers in brief

What does Interactive Brokers do?
Interactive Brokers is a US-listed company in the investment banking & brokerage industry. Its financial year ends in December.
What is Interactive Brokers's stock ticker?
Interactive Brokers trades under the ticker IBKR on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Interactive Brokers's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Interactive Brokers reported revenue of $6.9B, 21.3% higher than a year earlier, according to its SEC filings.
What is Interactive Brokers's free cash flow?
Interactive Brokers's free-cash-flow margin is 231.0% of revenue over the trailing twelve months.
Who are Interactive Brokers's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Vanguard Capital Management LLC and State Street Corp. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is Interactive Brokers's market cap?
On November 2, 2026, Interactive Brokers's market capitalisation was about $33.5B, with a price-to-earnings ratio of 29.8 and net debt of -$7.7B. Market figures come from third-party market data and may be delayed.
Does Interactive Brokers pay a dividend?
Yes: Interactive Brokers paid $147M in dividends over the trailing twelve months, a dividend yield of 0.44% and a payout ratio of 13.1%.
Who are Interactive Brokers's competitors?
In our Investment Banking & Brokerage peer group, the companies closest to Interactive Brokers are Stifel Financial Corp, Robinhood Markets, Evercore Inc., Virtu Financial, Inc. and Jefferies Financial Group Inc. The side-by-side comparison below sets their revenue, margins and growth against Interactive Brokers's.
Are insiders buying or selling Interactive Brokers stock?
Over the last 12 months, Interactive Brokers's directors and officers reported 9 open-market purchases and 10 sales on Form 4. The insider trading page charts every trade.
When is Interactive Brokers's next earnings date?
Around January 19, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Interactive Brokers announces its own schedule.