Interactive Brokers Group Inc.: Q2 Commissions Shaping Up Ahead of Street

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Interactive Brokers Group Inc.: Q2 Commissions Shaping Up Ahead of Street

Equity Research

U.S. Brokers, Asset Managers & Exchanges

1 July 2026

Interactive Brokers Group Inc.

Q2 Commissions Shaping Up

Ahead of Street

Accounts grew 34% y/y (and 46% annualized), and total IBKR OVERWEIGHT

POSITIVEaccounts were ahead of Q2 consensus. We believe Q2 U.S.ManagersBrokers,& ExchangesAsset

commissions could beat by ~4%. Average margin and cash Price Target USD 93.00

balances were also ahead. Margin balances rose 8% m/m, Price (30-Jun-26) USD 87.04 Potential Upside/Downside +6.8%

Source: Bloomberg, Barclays Researchwhile cash was up 1%.

IBKR released June monthly metrics. Highlights include the following: U.S. Brokers, Asset Managers &

Exchanges

•• Accounts grew 34% y/y. June marked the 19th consecutive month with y/y growth above Benjamin Budish, CFA

30%, with ~190k net new accounts (record monthly net new accounts). On an annualized +1 212 526 2418

benjamin.budish@barclays.com basis this represents ~46% growth. For Q2, total accounts were 3% ahead of Street estimates.

BCI, US

•• Commission revenues could come in 4% ahead of the Street for Q2. Total client DARTs Chris O'Brien

rose sequentially in June, while total Q2 DARTs were 8% ahead of the Street. For the quarter, +1 212 526 9284

total volumes rose 4% for options, though fell 11% for futures and 7% for equities. Based on chris.obrien@barclays.com

the relative mix of product traded and the reported average commission per BCI, US

cleared commissionable order, we think revenue per trade declined modestly vs. Q1, though

commissions could come in 4% ahead of the current Bloomberg consensus estimates.

•• Margin balances rose 8% m/m and were 16% ahead the Street for Q2, while client credits

rose 1% and were 11% ahead.