Interactive Brokers: Forecast strong 2Q26 driven by robust trading & account growth; Raising PO

研报英文原文证据摘录

Interactive Brokers: Forecast strong 2Q26 driven by robust trading & account growth; Raising PO

Accessible version

Interactive Brokers

Forecast strong 2Q26 driven by robust

trading & account growth; Raising PO

Reiterate Rating: BUY | PO: 106.00 USD | Price: 92.61 USD

Impressive 2Q26 account growth at +34% y/y 13 July 2026

We expect IBKR to deliver strong 2Q26 results supported by (1) strong account growth Equity

of 34% y/y and (2) robust margin balances approaching ~$100B. While trading activity

skewed towards equities relative to options, overall client engagement remained robust.

Key ChangesIn 2Q26, we estimate IBKR added 431K accounts globally, fueled partly by strong

interest in tech stocks, growing influence of social media and retail investing, and (US$) Previous Current

increased investor education in Europe. Price Obj. 83.00 106.00

2026E Rev (m) 6,884.7 7,190.2

2027E Rev (m) 7,965.0 8,259.9International momentum outpaces the US

IBKR is seeing stronger growth internationally. Europe remains in the early innings of a 2028E Rev (m) 9,122.6 9,516.0

structural transition from traditional brokerage and banking channels toward self- 2026E EPS 2.42 2.58

directed investing, and the market’s fragmentation creates a barrier for many 2027E EPS 2.85 3.01

competitors but plays to IBKR’s strength as a cross-border platform. Asia is exhibiting 2028E EPS 3.31 3.52

similar adoption trends supported by retail participation and institutional demand.

Craig Siegenthaler, CFA

Increasing EPS & PO; 12% return potential ResearchBofAS Analyst

We raised our 2Q26/2026/2027/2028 EPS estimates to $0.63/$2.58/$3.01/$3.52 from +1 646 855 5004

craig.siegenthaler@bofa.com

$0.58/$2.42/$2.85/$3.31 to account for stronger account growth and trading activity.

Kareem Seif