Brokers 2Q26 Preview: Full Steam Ahead

Research evidence excerpt

Brokers 2Q26 Preview: Full Steam Ahead

Equity Research

9 July 2026

U.S. Brokers, Asset Managers & Exchanges

Brokers 2Q26 Preview: Full Steam

Ahead

The backdrop for trading and NII remains quite healthy going U.S. Brokers, Asset Managers & Exchanges

into the Q and into 2H. While we see valuation support at POSITIVE Unchanged

SCHW & LPL, we believe momentum is strongest at HOOD & U.S. Brokers, Asset Managers &

ExchangesIBKR, which should continue into 2H.

Benjamin Budish, CFA

+1 212 526 2418

benjamin.budish@barclays.com

Stock-Specific Quick Takes BCI, US

Chris O'Brien

IBKR: Total customer DARTs increased sequentially in Q2 and were ahead of our prior model. +1 212 526 9284

We revise our commission estimate higher to $677M, now ~4% ahead of Street estimates, and chris.obrien@barclays.com

revise our NII estimate to $990M, now 3% ahead of Consensus. For the quarter our EPS estimate BCI, US

is $0.62, 2% ahead of the Street. Account growth at IBKR continues to be quite robust: Mason Fleming

annualized growth was ~46% in June, and DARTs per account accelerated throughout the +1 212 526 7025

quarter, and could be a tailwind heading into Q3. mason.fleming@barclays.com

BCI, US

HOOD: Trading activity rose sequentially and was ahead of our model across all asset classes,

Mark McLaughlin, CFAparticularly on prediction markets. We revise our transaction revenue up for Q2 on the back of

+1 212 526 9320

strong volumes, and are now 11% ahead of the Street. Additionally, our NII comes up 3% for Q2,

mark.mclaughlin@barclays.com

now in line with the Street. Our adj. EBITDA estimate is now 11% ahead of the Street for Q2. On BCI, US

the call, we think the focus will be on outlook for prediction markets and Rothera, and what has

been driving the recent strength in trading activity.