Interactive Brokers Group Inc.: 2Q26 Review: Full Steam Ahead

研报英文原文证据摘录

Interactive Brokers Group Inc.: 2Q26 Review: Full Steam Ahead

Equity Research

U.S. Brokers, Asset Managers & Exchanges

21 July 2026

Interactive Brokers Group Inc.

2Q26 Review: Full Steam Ahead

EPS came in nicely ahead of the Street, helped by a strong NII

beat driven by higher sec lending revenues. On the call

management struck a confident tone on retail engagement, IBKR OVERWEIGHT Unchanged

the i-broker pipeline, ongoing geographic/product expansion, U.S. Brokers, Asset POSITIVE

and more. Managers & Exchanges Unchanged

Price Target USD 114.00

raised 6% from USD 108.00

Summary: Q2 EPS of $0.69 came in 9% ahead of Bloomberg consensus, driven by a strong NII

beat (largely due to sec lending). Growth in Q2 was quite strong, with commission revenue up Price (21-Jul-26) USD 94.42

30% y/y and NII up 23% despite a lower environment, and while industry-wide exchange data Potential Upside/Downside +20.7%

Source: Bloomberg, Barclays Research

shows some softening of equities and options trading into July, messaging was quite

constructive. Management struck a confident tone on the overall backdrop for retail trading,

noting ongoing healthy levels of engagement, growing overnight volumes, increasing utilization Market Cap (USD mn) 160519

of AI integrations, and noting an "exceptionally strong" pipeline of introducing brokers and Shares Outstanding (mn) 1700.06

growing tracking within the high-touch prime brokerage offering. Free Float (%) 97.04

52 Wk Avg Daily Volume (mn) 5.2

Positives in the quarter: Dividend Yield (%) 0.37

Return on Equity TTM (%) 20.58

• Strong NII beat drives top-line outperformance; securities lending revenues could be Current BVPS (USD) 12.54

more sustainable. With ample data in hand going into results there are typically few minor Source: Bloomberg