Interactive Brokers (IBKR)
Market Price (10/19/2026): $82.62 | Market Cap: $36.8 BilInvestor Relations Sector: Financials | Industry: Investment Banking & Brokerage
Interactive Brokers (IBKR)
Market Price (10/19/2026): $82.62Market Cap: $36.8 BilSector: FinancialsIndustry: Investment Banking & Brokerage
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -21% Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 86% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 144%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 143%, CFO LTM is 16 Bil, FCF LTM is 16 Bil Attractive yieldFCF Yield is 43% Low stock price volatilityVol 12M is 39% Megatrend and thematic driversMegatrends include Fintech & Digital Payments, AI in Financial Services, and Crypto & Blockchain. Themes include Wealth Management Technology, Show more. | Expensive valuation multiplesP/EPrice/Earnings or Price/(Net Income) is 33x Key risksIBKR key risks include [1] significant earnings sensitivity to interest rate fluctuations impacting profit spreads on customer cash, Show more. |
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -21% |
| Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 86% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 144%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 143%, CFO LTM is 16 Bil, FCF LTM is 16 Bil |
| Attractive yieldFCF Yield is 43% |
| Low stock price volatilityVol 12M is 39% |
| Megatrend and thematic driversMegatrends include Fintech & Digital Payments, AI in Financial Services, and Crypto & Blockchain. Themes include Wealth Management Technology, Show more. |
| Expensive valuation multiplesP/EPrice/Earnings or Price/(Net Income) is 33x |
| Key risksIBKR key risks include [1] significant earnings sensitivity to interest rate fluctuations impacting profit spreads on customer cash, Show more. |
Qualitative Assessment
AI Analysis | Feedback
Updated on 10/15/2026
Interactive Brokers (IBKR) stock has lost about 5% since 6/30/2026 because of the following key factors:
1. Strong Net Interest Income Growth Largely Offset Mixed Trading Performance.
Interactive Brokers' net interest income surged by 19% year-over-year to $1.15 billion in fiscal Q3 2026, primarily driven by higher average customer margin loans and credit balances, outperforming analyst expectations. This significant increase was a direct benefit of the rising interest rate environment, notably influenced by the Federal Reserve's rate hike in September 2026, bringing the federal funds rate to 3.75–4.00%. While total revenue of $1.91 billion exceeded analyst estimates, commission revenue of $602 million, despite a 12% year-over-year increase, was slightly below the $619 million expected by S&P Global, and stock trading volumes declined by 24% year-over-year. The robust net interest income provided a strong financial foundation, offsetting the less-than-expected commission revenue and contributing to the stock's overall stability.
2. Significant Dividend Increase Signaled Management Confidence.
Interactive Brokers announced a substantial 71% increase in its quarterly cash dividend, raising it from $0.0875 to $0.15 per share, payable on December 14, 2026. This pronounced increase, despite adjusted earnings per share of $0.67 merely matching analyst consensus for fiscal Q3 2026, conveyed strong management confidence in the company's sustained profitability, cash generation capabilities, and future growth outlook. This proactive return of capital to shareholders acted as a significant positive catalyst, helping to underpin the stock's value and prevent downward pressure.
Show more
Interactive Brokers (IBKR) stock has lost about 5% since 6/30/2026 because of the following key factors:
1. Strong Net Interest Income Growth Largely Offset Mixed Trading Performance.
Interactive Brokers' net interest income surged by 19% year-over-year to $1.15 billion in fiscal Q3 2026, primarily driven by higher average customer margin loans and credit balances, outperforming analyst expectations. This significant increase was a direct benefit of the rising interest rate environment, notably influenced by the Federal Reserve's rate hike in September 2026, bringing the federal funds rate to 3.75–4.00%. While total revenue of $1.91 billion exceeded analyst estimates, commission revenue of $602 million, despite a 12% year-over-year increase, was slightly below the $619 million expected by S&P Global, and stock trading volumes declined by 24% year-over-year. The robust net interest income provided a strong financial foundation, offsetting the less-than-expected commission revenue and contributing to the stock's overall stability.
2. Significant Dividend Increase Signaled Management Confidence.
Interactive Brokers announced a substantial 71% increase in its quarterly cash dividend, raising it from $0.0875 to $0.15 per share, payable on December 14, 2026. This pronounced increase, despite adjusted earnings per share of $0.67 merely matching analyst consensus for fiscal Q3 2026, conveyed strong management confidence in the company's sustained profitability, cash generation capabilities, and future growth outlook. This proactive return of capital to shareholders acted as a significant positive catalyst, helping to underpin the stock's value and prevent downward pressure.
Show more
Updated on 10/15/2026
Interactive Brokers (IBKR) stock has lost about 5% since 6/30/2026 because of the following key factors:
1. Strong Net Interest Income Growth Largely Offset Mixed Trading Performance.
Interactive Brokers' net interest income surged by 19% year-over-year to $1.15 billion in fiscal Q3 2026, primarily driven by higher average customer margin loans and credit balances, outperforming analyst expectations. This significant increase was a direct benefit of the rising interest rate environment, notably influenced by the Federal Reserve's rate hike in September 2026, bringing the federal funds rate to 3.75–4.00%. While total revenue of $1.91 billion exceeded analyst estimates, commission revenue of $602 million, despite a 12% year-over-year increase, was slightly below the $619 million expected by S&P Global, and stock trading volumes declined by 24% year-over-year. The robust net interest income provided a strong financial foundation, offsetting the less-than-expected commission revenue and contributing to the stock's overall stability.
2. Significant Dividend Increase Signaled Management Confidence.
Interactive Brokers announced a substantial 71% increase in its quarterly cash dividend, raising it from $0.0875 to $0.15 per share, payable on December 14, 2026. This pronounced increase, despite adjusted earnings per share of $0.67 merely matching analyst consensus for fiscal Q3 2026, conveyed strong management confidence in the company's sustained profitability, cash generation capabilities, and future growth outlook. This proactive return of capital to shareholders acted as a significant positive catalyst, helping to underpin the stock's value and prevent downward pressure.
3. Consistent Customer Account Growth and High Operational Efficiency.
The company demonstrated continued underlying business expansion in fiscal Q3 2026, with total customer accounts growing 35% year-over-year to 5.58 million and customer equity increasing 27% year-over-year to $964.7 billion. Although these customer metrics slightly missed some analyst estimates, the consistent double-digit growth highlights Interactive Brokers' success in expanding its global client base and the appeal of its platform. Furthermore, the company maintained an impressive 78% pretax profit margin for the eighth consecutive quarter, showcasing strong operational efficiency and cost management. These fundamental strengths provided steady support for the stock, preventing significant declines.
4. Mixed Macroeconomic Environment and Existing Valuation Concerns.
During fiscal Q3 2026, the broader market experienced a mixed macroeconomic environment characterized by surging long-term interest rates and volatility in AI-related stocks. While major indices like the S&P 500 and Nasdaq saw modest gains (approximately 2% and 2.5% respectively), other indices such as the Dow and Russell 2000 recorded declines of around 2.7% and over 7%. This uneven market performance, coupled with pre-existing concerns about Interactive Brokers' valuation (with some analyses indicating the stock was significantly overvalued around mid-October 2026), likely tempered any significant upward movement. These external market dynamics and valuation pressures counterbalanced the company's positive financial results, contributing to the stock's trend of largely remaining at the same level.
Show less
Interactive Brokers (IBKR) stock has lost about 5% since 6/30/2026 because of the following key factors:
1. Strong Net Interest Income Growth Largely Offset Mixed Trading Performance.
Interactive Brokers' net interest income surged by 19% year-over-year to $1.15 billion in fiscal Q3 2026, primarily driven by higher average customer margin loans and credit balances, outperforming analyst expectations. This significant increase was a direct benefit of the rising interest rate environment, notably influenced by the Federal Reserve's rate hike in September 2026, bringing the federal funds rate to 3.75–4.00%. While total revenue of $1.91 billion exceeded analyst estimates, commission revenue of $602 million, despite a 12% year-over-year increase, was slightly below the $619 million expected by S&P Global, and stock trading volumes declined by 24% year-over-year. The robust net interest income provided a strong financial foundation, offsetting the less-than-expected commission revenue and contributing to the stock's overall stability.
2. Significant Dividend Increase Signaled Management Confidence.
Interactive Brokers announced a substantial 71% increase in its quarterly cash dividend, raising it from $0.0875 to $0.15 per share, payable on December 14, 2026. This pronounced increase, despite adjusted earnings per share of $0.67 merely matching analyst consensus for fiscal Q3 2026, conveyed strong management confidence in the company's sustained profitability, cash generation capabilities, and future growth outlook. This proactive return of capital to shareholders acted as a significant positive catalyst, helping to underpin the stock's value and prevent downward pressure.
3. Consistent Customer Account Growth and High Operational Efficiency.
The company demonstrated continued underlying business expansion in fiscal Q3 2026, with total customer accounts growing 35% year-over-year to 5.58 million and customer equity increasing 27% year-over-year to $964.7 billion. Although these customer metrics slightly missed some analyst estimates, the consistent double-digit growth highlights Interactive Brokers' success in expanding its global client base and the appeal of its platform. Furthermore, the company maintained an impressive 78% pretax profit margin for the eighth consecutive quarter, showcasing strong operational efficiency and cost management. These fundamental strengths provided steady support for the stock, preventing significant declines.
4. Mixed Macroeconomic Environment and Existing Valuation Concerns.
During fiscal Q3 2026, the broader market experienced a mixed macroeconomic environment characterized by surging long-term interest rates and volatility in AI-related stocks. While major indices like the S&P 500 and Nasdaq saw modest gains (approximately 2% and 2.5% respectively), other indices such as the Dow and Russell 2000 recorded declines of around 2.7% and over 7%. This uneven market performance, coupled with pre-existing concerns about Interactive Brokers' valuation (with some analyses indicating the stock was significantly overvalued around mid-October 2026), likely tempered any significant upward movement. These external market dynamics and valuation pressures counterbalanced the company's positive financial results, contributing to the stock's trend of largely remaining at the same level.
Show less
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Stock Movement Drivers
Fundamental Drivers
The -4.9% change in IBKR stock from 6/30/2026 to 10/18/2026 was primarily driven by a -12.2% change in the company's P/E Multiple.| (LTM values as of) | 6302026 | 10182026 | Change |
|---|---|---|---|
| Stock Price ($) | 86.96 | 82.69 | -4.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 10,558 | 11,085 | 5.0% |
| Net Income Margin (%) | 9.8% | 10.2% | 3.3% |
| P/E Multiple | 37.3 | 32.7 | -12.2% |
| Shares Outstanding (Mil) | 445 | 446 | -0.2% |
| Cumulative Contribution | -4.9% |
Market Drivers
6/30/2026 to 10/18/2026| Return | Correlation | |
|---|---|---|
| IBKR | -4.9% | |
| Market (SPY) | 2.2% | 59.9% |
| Sector (XLF) | 3.6% | 43.4% |
Fundamental Drivers
The 23.5% change in IBKR stock from 3/31/2026 to 10/18/2026 was primarily driven by a 8.4% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 3312026 | 10182026 | Change |
|---|---|---|---|
| Stock Price ($) | 66.94 | 82.69 | 23.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 10,222 | 11,085 | 8.4% |
| Net Income Margin (%) | 9.6% | 10.2% | 5.5% |
| P/E Multiple | 30.2 | 32.7 | 8.3% |
| Shares Outstanding (Mil) | 444 | 446 | -0.3% |
| Cumulative Contribution | 23.5% |
Market Drivers
3/31/2026 to 10/18/2026| Return | Correlation | |
|---|---|---|
| IBKR | 23.5% | |
| Market (SPY) | 17.7% | 59.6% |
| Sector (XLF) | 12.9% | 42.4% |
Fundamental Drivers
The 20.7% change in IBKR stock from 9/30/2025 to 10/18/2026 was primarily driven by a 16.3% change in the company's Net Income Margin (%).| (LTM values as of) | 9302025 | 10182026 | Change |
|---|---|---|---|
| Stock Price ($) | 68.52 | 82.69 | 20.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 9,595 | 11,085 | 15.5% |
| Net Income Margin (%) | 8.7% | 10.2% | 16.3% |
| P/E Multiple | 35.9 | 32.7 | -8.9% |
| Shares Outstanding (Mil) | 439 | 446 | -1.5% |
| Cumulative Contribution | 20.7% |
Market Drivers
9/30/2025 to 10/18/2026| Return | Correlation | |
|---|---|---|
| IBKR | 20.7% | |
| Market (SPY) | 15.5% | 66.4% |
| Sector (XLF) | 4.3% | 48.2% |
Fundamental Drivers
The 288.2% change in IBKR stock from 9/30/2023 to 10/18/2026 was primarily driven by a 88.9% change in the company's P/E Multiple.| (LTM values as of) | 9302023 | 10182026 | Change |
|---|---|---|---|
| Stock Price ($) | 21.30 | 82.69 | 288.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 6,294 | 11,085 | 76.1% |
| Net Income Margin (%) | 8.1% | 10.2% | 25.9% |
| P/E Multiple | 17.3 | 32.7 | 88.9% |
| Shares Outstanding (Mil) | 413 | 446 | -7.3% |
| Cumulative Contribution | 288.2% |
Market Drivers
9/30/2023 to 10/18/2026| Return | Correlation | |
|---|---|---|
| IBKR | 288.2% | |
| Market (SPY) | 84.7% | 60.3% |
| Sector (XLF) | 74.7% | 54.0% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| IBKR Return | 31% | -8% | 15% | 114% | 46% | 34% | 483% |
| Peers Return | 32% | -7% | 15% | 68% | 70% | -3% | 292% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 14% | 108% |
Monthly Win Rates [3] | |||||||
| IBKR Win Rate | 58% | 50% | 50% | 75% | 58% | 70% | |
| Peers Win Rate | 63% | 55% | 50% | 63% | 63% | 54% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| IBKR Max Drawdown | -24% | -34% | -20% | -15% | -39% | -19% | |
| Peers Max Drawdown | -15% | -37% | -33% | -22% | -30% | -29% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: SCHW, MS, HOOD, GS, LPLA. See IBKR Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 10/16/2026 (YTD)
How Low Can It Go
| Event | IBKR | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -37.9% | -18.8% |
| % Gain to Breakeven | 61.0% | 23.1% |
| Time to Breakeven | 86 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -13.0% | -7.8% |
| % Gain to Breakeven | 14.9% | 8.5% |
| Time to Breakeven | 22 days | 18 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -17.3% | -6.7% |
| % Gain to Breakeven | 20.9% | 7.1% |
| Time to Breakeven | 75 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -32.7% | -24.5% |
| % Gain to Breakeven | 48.5% | 32.4% |
| Time to Breakeven | 169 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -36.7% | -33.7% |
| % Gain to Breakeven | 58.1% | 50.9% |
| Time to Breakeven | 261 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -15.6% | -19.2% |
| % Gain to Breakeven | 18.5% | 23.8% |
| Time to Breakeven | 9 days | 105 days |
In The Past
Interactive Brokers's stock fell -37.9% during the 2025 US Tariff Shock. Such a loss loss requires a 61.0% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
| Event | IBKR | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -37.9% | -18.8% |
| % Gain to Breakeven | 61.0% | 23.1% |
| Time to Breakeven | 86 days | 79 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -32.7% | -24.5% |
| % Gain to Breakeven | 48.5% | 32.4% |
| Time to Breakeven | 169 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -36.7% | -33.7% |
| % Gain to Breakeven | 58.1% | 50.9% |
| Time to Breakeven | 261 days | 140 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -29.5% | -12.2% |
| % Gain to Breakeven | 41.8% | 13.9% |
| Time to Breakeven | 563 days | 62 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -61.0% | -53.4% |
| % Gain to Breakeven | 156.1% | 114.4% |
| Time to Breakeven | 2018 days | 1085 days |
In The Past
Interactive Brokers's stock fell -37.9% during the 2025 US Tariff Shock. Such a loss loss requires a 61.0% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Interactive Brokers (IBKR)
Interactive Brokers (IBKR) operates as a global automated electronic broker, specializing in facilitating a broad spectrum of financial transactions. The company's core function involves executing, clearing, and settling trades across a wide range of financial instruments. This includes traditional assets like stocks, options, futures, bonds, mutual funds, and Exchange Traded Funds (ETTs), as well as foreign exchange, metals, and cryptocurrencies, all accessible through approximately 150 electronic exchanges and market centers worldwide.
Beyond trade execution, Interactive Brokers provides comprehensive services such as custody and servicing of investment accounts, prime brokerage, and various lending services including securities and margin lending. Its customer base is diverse, serving both institutional clients like hedge funds, mutual funds, registered investment advisors, proprietary trading groups, and introducing brokers, alongside individual investors.
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The **Charles Schwab** or **Fidelity** for professional and institutional investors, offering a global marketplace for virtually all financial instruments, from stocks to futures and crypto.
It's like the **Amazon** for financial trading, providing access to a vast, global selection of virtually every financial instrument—stocks, options, futures, forex, and even cryptocurrencies—all through one electronic platform.
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- Electronic Brokerage: Facilitates the execution, clearing, and settlement of trades across a wide range of financial instruments including stocks, options, futures, and cryptocurrencies.
- Custody Services: Provides secure holding and servicing of client assets for both institutional and individual investors.
- Prime Brokerage: Offers comprehensive services primarily to institutional clients such as hedge funds, encompassing trading, financing, and operational support.
- Securities Lending: Provides services for lending and borrowing securities, allowing clients to generate income or facilitate short selling strategies.
- Margin Lending: Extends credit to clients, allowing them to borrow funds against their investment portfolios for increased purchasing power or liquidity.
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Major Customers of Interactive Brokers (IBKR)
Interactive Brokers serves a diverse range of customers, which can be broadly categorized as:
- Funds and Asset Managers: This category includes institutional clients such as hedge funds, mutual funds, exchange-traded funds (ETFs), and registered investment advisors (RIAs). These entities utilize Interactive Brokers for executing, clearing, settling trades, and custody services as they manage investment portfolios for their own clients.
- Professional Trading Groups and Financial Intermediaries: This segment includes proprietary trading groups, which trade their own capital, and introducing brokers, who refer clients to Interactive Brokers and typically receive a share of the commissions. These clients often benefit from advanced trading tools and prime brokerage services.
- Individual Investors: These are retail clients who use Interactive Brokers' platform to manage their personal investments and execute trades across a wide range of asset classes, including stocks, options, futures, foreign exchange, bonds, and cryptocurrencies.
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Thomas Peterffy, Founder, Chairman of the Board of Directors
Thomas Peterffy emigrated to the U.S. from Hungary in 1965 and has been instrumental in applying computer technology to automate trading and brokerage functions. He purchased a seat on the American Stock Exchange in 1977 and formed T.P. & Co. the following year, which later became Timber Hill Inc. and eventually Interactive Brokers. He pioneered the development of computerized mathematical models for valuing equity options and built an automated market-making system for stocks, options, and futures. Mr. Peterffy was CEO until December 2019 and remains the founder and chairman.
Milan Galik, Chief Executive Officer, President and Director
Mr. Galik joined Interactive Brokers in 1990 as a software developer, recruited by founder Thomas Peterffy. He helped launch the company's German operations in Frankfurt in 1991, running the derivatives trading desk on the first electronic exchange there. Upon returning to the U.S. in 1992, he contributed to building Interactive Brokers' automated market-making systems and later focused on developing the firm's electronic brokerage segment. He was appointed President in 2014 and became Chief Executive Officer in 2019.
Paul J. Brody, Chief Financial Officer, Treasurer, Secretary and Director
Mr. Brody joined Interactive Brokers in 1987 as Treasurer, taking charge of all back-office operations, and was appointed Chief Financial Officer in 2003. He has also served as a director and member Vice Chairman of The Options Clearing Corporation and as a director of Quadriserv Inc., an electronic securities lending platform. Prior to Interactive Brokers, Mr. Brody held positions in marketing, new business development, and as Credit Manager for Mocatta Metals Corp., an international commodities trading firm.
Earl H. Nemser, Vice Chairman and Director
Mr. Nemser became Vice Chairman in November 2006, having served as a director and/or officer for various Interactive Brokers affiliates since 1988. He is an Independent Advisor to the law firm Dechert LLP, where he previously served as Special Counsel. His earlier career includes being a Partner at law firms Swidler Berlin Shereff Friedman and Cadwalader, Wickersham & Taft, specializing in commercial counseling and litigation with an emphasis on securities and commodities law.
Steven Sanders, Executive Vice President of Marketing and Product Development
Mr. Sanders serves as the Executive Vice President of Marketing and Product Development at Interactive Brokers. He focuses on enhancing the company's global offerings and expanding the suite of tradeable products, driven by customer demand and a steering committee, with a strong emphasis on advanced technology. Before joining Interactive Brokers LLC in 2001, he held positions at Salomon Smith Barney Inc. and Citicorp Securities, Inc.
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Here are the key risks to Interactive Brokers' business:
- Sensitivity to Interest Rate Fluctuations: Interactive Brokers' profitability is significantly influenced by interest rates, as a substantial portion of its revenue comes from net interest income on client cash balances and margin lending. A decline in interest rates would compress the spread between what the company earns and pays out, directly impacting its earnings.
- Regulatory and Compliance Burden: Operating across approximately 150 electronic exchanges and market centers in numerous countries exposes Interactive Brokers to a complex and evolving web of global regulatory regimes. Changes in capital requirements, margin lending regulations, investor protection rules, or new compliance mandates (such as Anti-Money Laundering programs) in major markets could increase operational costs, constrain growth, or reduce profitable revenue streams.
- Geopolitical Fragmentation and Cross-Border Restrictions: Interactive Brokers' global infrastructure and its ability to facilitate cross-border capital movement are key competitive advantages. However, increasing geopolitical tensions, trade conflicts, sanctions regimes, and tighter capital controls or data-residency rules could introduce friction into cross-border flows. This could lead to higher compliance costs, reduced accessibility to certain markets, lengthened settlement timelines, and diverging liquidity conditions, thereby complicating the scalability of its global business model.
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Interactive Brokers (IBKR) operates in several significant addressable markets globally for its diverse range of products and services.
Here are the estimated sizes for their main addressable markets:
* Online Brokerage and Trading Platforms: The global online trading platform market was valued at approximately USD 10.82 billion in 2025 and is projected to reach USD 18.50 billion by 2034.
* Foreign Exchange Instruments: The global foreign exchange (FX) market recorded an average daily turnover of $9.6 trillion in April 2025.
* Bonds: The global bond market was valued at $141.34 trillion in 2024 and is expected to grow to $166.81 trillion by 2030.
* Exchange Traded Funds (ETFs): Assets invested in the global ETF industry reached a record USD 19.85 trillion at the end of December 2025.
* Mutual Funds: The global mutual fund assets market size was valued at approximately USD 67.48 trillion in 2022 and is projected to grow to around USD 145.23 trillion by 2030.
* Futures Trading Services: The global futures trading service market size was valued at USD 5.2 billion in 2023 and is projected to reach USD 10.8 billion by 2032.
* Options Trading Platforms: The global options trading platform market size was estimated at approximately USD 1.5 billion in 2023 and is projected to reach around USD 3.0 billion by 2032.
* Cryptocurrencies: The global cryptocurrency exchange platform market size was estimated at USD 45.9 billion in 2023 and is projected to reach USD 264.3 billion by 2030.
* Securities Lending: The global securities lending market size was valued at $12.16 billion in 2024 and is projected to reach $21.50 billion by 2034.
* Prime Brokerage: null
* Metals Trading: null
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Interactive Brokers (IBKR) is expected to drive future revenue growth over the next 2-3 years through several key initiatives and market trends:
- Continued Growth in Customer Accounts and Client Equity: Interactive Brokers has demonstrated strong net new account growth and rapid global customer expansion. The company added over 1 million net new accounts in 2025, reaching 4.4 million active client accounts. Management continues to emphasize sustaining growth through attracting new clients internationally, which leads to increased client equity and assets under custody.
- Increased Trading Activity and Daily Average Revenue Trades (DARTs): A growing client base naturally translates into higher trading volumes across various financial instruments, including stocks, options, and futures. Interactive Brokers has observed robust gains in commission revenue driven by increased trading activity and significant year-over-year increases in Total Customer DARTs.
- Robust Net Interest Income from Client Balances: The company benefits from net interest income generated from larger client cash and margin lending balances. While there is a potential sensitivity to declining benchmark interest rates, substantial customer credit balances and securities lending opportunities from an expanding account base contribute significantly to revenue.
- Product Innovations and Platform Enhancements: Interactive Brokers continuously introduces new products and enhances its trading platform to attract and retain clients. Recent initiatives include expanding cryptocurrency trading options, launching new futures contracts, and developing AI-powered tools such as "Ask IBKR" within platforms like GlobalTrader 2.0. These technological advancements and product expansions are crucial for driving future growth.
- Strategic Global and Market Expansion: Management is actively pursuing global expansion by entering new geographic markets and offering new tax-advantaged accounts. The company expanded market access to regions like Brazil, Taiwan, the UAE, and Slovenia, and introduced new account types in Sweden, Japan, and Canada in 2025, with further international expansion planned for 2026. This broadens its client reach and revenue streams.
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Share Issuance
- Interactive Brokers Group, Inc. announced a four-for-one forward stock split in April 2025, with trading on a split-adjusted basis commencing in June 2025, to enhance accessibility for investors.
- The company expanded its authorized share counts in 2025.
- From 2011 through 2025, Interactive Brokers issued 165,613,780 shares of common stock, with a fair value of $2.2 billion, to Holdings in exchange for an equivalent number of member interests in IBG LLC.
Peer Outperformance in Investment Banking & Brokerage
IBKR has outperformed 100% of its 12 Investment Banking & Brokerage peers over 5Y. Investment Banking & Brokerage ranks 4th of 18 industries in Financials by median 5Y return.
Share of Investment Banking & Brokerage constituents that IBKR has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
92%
of 13 industry peers · 25.4% return
3Y
92%
of 13 industry peers · 313.8% return
5Y
100%
of 12 industry peers · 374.3% return
No Investment Banking & Brokerage peer with a comparable growth profile has beaten IBKR by more than 20pp over 5Y.
Median price return by industry across the Financials sector, ranked by 5Y. Investment Banking & Brokerage is IBKR's own industry. Use this to see which corners of the sector have carried the returns.
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Reinsurance | 6 | 27.4% | 70.5% | 119.2% | SPNT 170% · RNR 149% · RGA 146% |
| Diversified Banks | 12 | 32.1% | 137.5% | 92.3% | CM 138% · JPM 131% · RY 123% |
| Life & Health Insurance | 20 | 15.2% | 56.6% | 81.5% | JXN 492% · UNM 290% · MFC 179% |
| Investment Banking & Brokerage ← | 13 | -10.5% | 101.1% | 77.6% | IBKR 374% · SNEX 180% · HOOD 143% |
| Property & Casualty Insurance | 41 | 13.5% | 79.5% | 66.6% | TRV 180% · PGR 170% · WRB 152% |
| Multi-line Insurance | 9 | 8.6% | 63.5% | 63.3% | GNW 108% · L 97% · AIZ 90% |
| Regional Banks | 262 | 31.4% | 92.8% | 50.8% | CBC 229% · FCNCA 152% · FBP 141% |
| Multi-Sector Holdings | 3 | 3.4% | 51.4% | 50.0% | BRK-B 88% · VOYA 50% · JEF 31% |
| Financial Exchanges & Data | 15 | 7.1% | 36.3% | 32.4% | VIRT 165% · CBOE 164% · CME 69% |
| Consumer Finance | 30 | 4.8% | 82.0% | 23.2% | ENVA 393% · EZPW 312% · FCFS 161% |
| Insurance Brokers | 15 | -8.1% | 3.9% | 13.7% | LIFE 336% · ARX 88% · AJG 67% |
| Diversified Financial Services | 4 | 2.0% | 18.9% | 9.2% | FRHC 183% · EQH 88% |
| Asset Management & Custody Banks | 82 | -10.2% | 18.3% | 8.3% | WT 298% · VCTR 252% · AAMI 252% |
| Commercial & Residential Mortgage Finance | 14 | -57.5% | 25.0% | -10.6% | FNMA 284% · FMCC 270% · ACT 166% |
| Specialized Finance | 3 | 10.1% | 37.3% | -12.2% | CACC -12% · HASI -18% |
| Mortgage REITs | 34 | -20.3% | -0.6% | -33.7% | RITM 27% · DX 18% · AGNC 7% |
| Transaction & Payment Processing Services | 17 | 3.6% | 4.6% | -40.3% | V 81% · MA 77% · CPAY 49% |
| Diversified Capital Markets | 20 | -52.7% | 16.8% | -65.4% | LPLA 90% · TW 39% · RIOT -54% |
Median of constituents with a full price history over each window. Top names are limited to companies above $2B market cap.
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 139.50 |
| Mkt Cap | 124.0 |
| Rev LTM | 22,817 |
| Op Inc LTM | 2,270 |
| FCF LTM | -377 |
| FCF 3Y Avg | 540 |
| CFO LTM | -4 |
| CFO 3Y Avg | 849 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 19.6% |
| Rev Chg 3Y Avg | 17.4% |
| Rev Chg Q | 29.8% |
| QoQ Delta Rev Chg LTM | 6.6% |
| Op Inc Chg LTM | 19.0% |
| Op Inc Chg 3Y Avg | 24.2% |
| Op Mgn LTM | 46.0% |
| Op Mgn 3Y Avg | 34.0% |
| QoQ Delta Op Mgn LTM | 0.1% |
| CFO/Rev LTM | 1.8% |
| CFO/Rev 3Y Avg | 19.1% |
| FCF/Rev LTM | -0.6% |
| FCF/Rev 3Y Avg | 16.4% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Interest income | 7,782 | 7,339 | 6,230 | 2,686 | 1,372 |
| Commissions | 2,149 | 1,697 | 1,360 | 1,322 | 1,350 |
| Risk exposure fees | 80 | 100 | 46 | 33 | 38 |
| Market data fees | 79 | 71 | 70 | 76 | 78 |
| Payments for order flow | 51 | 45 | 31 | 37 | 40 |
| Other | 44 | 36 | 31 | 28 | 38 |
| Federal Deposit Insurance Corporation (FDIC) sweep fees | 37 | 28 | 19 | 10 | 6 |
| Minimum activity fees | 18 | ||||
| Total | 10,222 | 9,316 | 7,787 | 4,192 | 2,940 |
| $ Mil | 2015 |
|---|---|
| Electronic brokerage | 536 |
| Market making | 130 |
| Corporate and eliminations | -208 |
| Total | 458 |
| $ Mil | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|
| Electronic brokerage | 69,857 | 58,631 | 58,787 | 50,072 | 44,421 |
| Market making | 2,806 | 2,736 | 8,469 | 11,765 | 10,825 |
| Corporate | -987 | -820 | -6,094 | -7,164 | |
| Corporate and eliminations | -6,512 | ||||
| Total | 71,676 | 60,547 | 61,162 | 54,673 | 48,734 |
Price Behavior
Price Behavior
| Market Price | $82.69 | |
| Market Cap ($ Bil) | 36.9 | |
| First Trading Date | 05/04/2007 | |
| Distance from 52W High | -15.7% | |
| 50 Days | 200 Days | |
| DMA Price | $90.20 | $82.28 |
| DMA Trend | down | up |
| Distance from DMA | -8.3% | 0.5% |
| 3M | 1YR | |
| Volatility | 38.5% | 39.5% |
| Downside Capture | 309.86 | 236.49 |
| Upside Capture | 209.69 | 220.12 |
| Correlation (S&P 500) | 63.9% | 66.1% |
IBKR Betas & Captures as of 9/30/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 2.40 | 1.80 | 2.10 | 1.79 | 1.99 | 1.46 |
| Up Beta | 4.07 | 0.41 | 1.40 | 1.52 | 1.53 | 1.38 |
| Down Beta | 3.81 | 3.73 | 3.40 | 1.34 | 1.72 | 1.58 |
| Up Capture | 164% | 190% | 210% | 245% | 408% | 486% |
| Bmk +ve Days | 6 | 16 | 27 | 66 | 132 | 424 |
| Stock +ve Days | 6 | 15 | 24 | 57 | 120 | 416 |
| Down Capture | 296% | 231% | 206% | 183% | 159% | 107% |
| Bmk -ve Days | 16 | 26 | 37 | 60 | 120 | 328 |
| Stock -ve Days | 16 | 27 | 40 | 69 | 132 | 334 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with IBKR | |
|---|---|---|---|---|
| IBKR | 19.1% | 39.5% | 0.53 | - |
| Sector ETF (XLF) | 5.6% | 14.7% | 0.14 | 48.7% |
| Equity (SPY) | 15.8% | 12.7% | 0.86 | 66.0% |
| Gold (GLD) | -1.4% | 29.4% | -0.05 | 38.0% |
| Commodities (DBC) | 52.4% | 20.7% | 1.92 | -7.9% |
| Real Estate (VNQ) | 4.8% | 13.7% | 0.09 | 16.9% |
| Bitcoin (BTCUSD) | -26.5% | 43.6% | -0.59 | 51.4% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with IBKR | |
|---|---|---|---|---|
| IBKR | 36.5% | 35.3% | 0.95 | - |
| Sector ETF (XLF) | 9.1% | 18.3% | 0.36 | 55.9% |
| Equity (SPY) | 13.2% | 17.1% | 0.59 | 56.7% |
| Gold (GLD) | 18.4% | 18.9% | 0.79 | 8.6% |
| Commodities (DBC) | 9.9% | 19.5% | 0.39 | 7.7% |
| Real Estate (VNQ) | 1.6% | 18.8% | -0.02 | 25.5% |
| Bitcoin (BTCUSD) | 8.6% | 51.8% | 0.34 | 33.7% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with IBKR | |
|---|---|---|---|---|
| IBKR | 25.5% | 33.7% | 0.76 | - |
| Sector ETF (XLF) | 13.0% | 22.1% | 0.53 | 60.2% |
| Equity (SPY) | 15.2% | 17.9% | 0.72 | 59.3% |
| Gold (GLD) | 12.3% | 16.4% | 0.61 | 1.8% |
| Commodities (DBC) | 8.3% | 18.1% | 0.37 | 15.2% |
| Real Estate (VNQ) | 5.2% | 20.7% | 0.21 | 34.6% |
| Bitcoin (BTCUSD) | 63.1% | 66.2% | 1.03 | 22.0% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Earnings Returns History
Updated 10/19/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 10/15/2026 | -3.9% | ||
| 7/21/2026 | -1.0% | -3.7% | -4.1% |
| 4/21/2026 | -1.9% | -2.7% | 5.2% |
| 1/20/2026 | -2.5% | 2.7% | 2.1% |
| 10/16/2025 | -3.3% | -2.0% | -3.6% |
| 7/17/2025 | 7.8% | 8.9% | 6.5% |
| 4/15/2025 | -9.0% | -6.8% | 19.4% |
| 1/21/2025 | 1.4% | 7.2% | 22.4% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 8 | 7 | 15 |
| # Negative | 17 | 17 | 9 |
| Median Positive | 1.6% | 6.8% | 7.6% |
| Median Negative | -1.9% | -3.6% | -4.5% |
| Max Positive | 7.8% | 10.7% | 22.4% |
| Max Negative | -9.0% | -9.0% | -17.5% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 10/15/2026 | -3.9% | ||
| 7/21/2026 | -1.0% | -3.7% | -4.1% |
| 4/21/2026 | -1.9% | -2.7% | 5.2% |
| 1/20/2026 | -2.5% | 2.7% | 2.1% |
| 10/16/2025 | -3.3% | -2.0% | -3.6% |
| 7/17/2025 | 7.8% | 8.9% | 6.5% |
| 4/15/2025 | -9.0% | -6.8% | 19.4% |
| 1/21/2025 | 1.4% | 7.2% | 22.4% |
| 10/15/2024 | -4.0% | -2.8% | 16.8% |
| 7/16/2024 | -0.2% | -1.3% | -4.5% |
| 4/16/2024 | 1.7% | 6.8% | 13.6% |
| 1/16/2024 | -1.3% | 3.1% | 14.3% |
| 10/17/2023 | -4.1% | -7.0% | -7.3% |
| 7/18/2023 | -5.0% | -3.9% | 5.8% |
| 4/18/2023 | -0.8% | -6.8% | -12.1% |
| 1/17/2023 | -0.0% | 3.6% | 11.8% |
| 10/18/2022 | 6.9% | 10.7% | 4.7% |
| 7/19/2022 | -1.1% | -1.8% | 13.8% |
| 4/19/2022 | 1.5% | -6.3% | -17.5% |
| 1/18/2022 | -3.8% | -9.0% | -1.1% |
| 10/19/2021 | 1.7% | -1.4% | 0.3% |
| 7/20/2021 | 0.5% | -3.8% | -1.9% |
| 4/20/2021 | -1.1% | -2.5% | -10.4% |
| 1/19/2021 | 1.0% | -2.2% | 7.6% |
| 10/20/2020 | -0.6% | -3.6% | 5.9% |
| SUMMARY STATS | |||
| # Positive | 8 | 7 | 15 |
| # Negative | 17 | 17 | 9 |
| Median Positive | 1.6% | 6.8% | 7.6% |
| Median Negative | -1.9% | -3.6% | -4.5% |
| Max Positive | 7.8% | 10.7% | 22.4% |
| Max Negative | -9.0% | -9.0% | -17.5% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/06/2026 | 10-Q |
| 03/31/2026 | 05/07/2026 | 10-Q |
| 12/31/2025 | 02/27/2026 | 10-K |
| 09/30/2025 | 11/05/2025 | 10-Q |
| 06/30/2025 | 08/06/2025 | 10-Q |
| 03/31/2025 | 05/08/2025 | 10-Q |
| 12/31/2024 | 02/27/2025 | 10-K |
| 09/30/2024 | 11/07/2024 | 10-Q |
| 06/30/2024 | 08/05/2024 | 10-Q |
| 03/31/2024 | 05/06/2024 | 10-Q |
| 12/31/2023 | 02/27/2024 | 10-K |
| 09/30/2023 | 11/06/2023 | 10-Q |
| 06/30/2023 | 08/08/2023 | 10-Q |
| 03/31/2023 | 05/08/2023 | 10-Q |
| 12/31/2022 | 02/24/2023 | 10-K |
| 09/30/2022 | 11/08/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/06/2026 | 10-Q |
| 03/31/2026 | 05/07/2026 | 10-Q |
| 12/31/2025 | 02/27/2026 | 10-K |
| 09/30/2025 | 11/05/2025 | 10-Q |
| 06/30/2025 | 08/06/2025 | 10-Q |
| 03/31/2025 | 05/08/2025 | 10-Q |
| 12/31/2024 | 02/27/2025 | 10-K |
| 09/30/2024 | 11/07/2024 | 10-Q |
| 06/30/2024 | 08/05/2024 | 10-Q |
| 03/31/2024 | 05/06/2024 | 10-Q |
| 12/31/2023 | 02/27/2024 | 10-K |
| 09/30/2023 | 11/06/2023 | 10-Q |
| 06/30/2023 | 08/08/2023 | 10-Q |
| 03/31/2023 | 05/08/2023 | 10-Q |
| 12/31/2022 | 02/24/2023 | 10-K |
| 09/30/2022 | 11/08/2022 | 10-Q |
| 06/30/2022 | 08/09/2022 | 10-Q |
| 03/31/2022 | 05/09/2022 | 10-Q |
| 12/31/2021 | 02/25/2022 | 10-K |
| 09/30/2021 | 11/09/2021 | 10-Q |
| 06/30/2021 | 08/09/2021 | 10-Q |
| 03/31/2021 | 05/10/2021 | 10-Q |
| 12/31/2020 | 03/01/2021 | 10-K |
| 09/30/2020 | 11/09/2020 | 10-Q |
| 06/30/2020 | 08/10/2020 | 10-Q |
| 03/31/2020 | 05/11/2020 | 10-Q |
| 12/31/2019 | 02/28/2020 | 10-K |
| 09/30/2019 | 11/12/2019 | 10-Q |
Insider Activity
Updated 10/5/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Conkling, Lori A | Direct | Buy | 10052026 | 85.42 | 25 | 2,136 | 220,725 | Form | |
| 2 | Conkling, Lori A | Direct | Buy | 9022026 | 94.53 | 25 | 2,363 | 241,902 | Form | |
| 3 | Conkling, Lori A | Direct | Buy | 8042026 | 87.03 | 25 | 2,176 | 220,534 | Form | |
| 4 | Conkling, Lori A | Direct | Buy | 7012026 | 88.03 | 25 | 2,201 | 220,867 | Form | |
| 5 | Conkling, Lori A | Direct | Buy | 6022026 | 86.10 | 25 | 2,152 | 213,872 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Conkling, Lori A | Direct | Buy | 10052026 | 85.42 | 25 | 2,136 | 220,725 | Form | |
| 2 | Conkling, Lori A | Direct | Buy | 9022026 | 94.53 | 25 | 2,363 | 241,902 | Form | |
| 3 | Conkling, Lori A | Direct | Buy | 8042026 | 87.03 | 25 | 2,176 | 220,534 | Form | |
| 4 | Conkling, Lori A | Direct | Buy | 7012026 | 88.03 | 25 | 2,201 | 220,867 | Form | |
| 5 | Conkling, Lori A | Direct | Buy | 6022026 | 86.10 | 25 | 2,152 | 213,872 | Form | |
| 6 | Conkling, Lori A | Direct | Buy | 5042026 | 79.64 | 25 | 1,991 | 195,835 | Form | |
| 7 | Harris, Lawrence E | Direct | Sell | 4292026 | 76.93 | 26,000 | 2,000,180 | 13,345,970 | Form | |
| 8 | Conkling, Lori A | Direct | Buy | 4022026 | 68.38 | 25 | 1,710 | 166,437 | Form | |
| 9 | Conkling, Lori A | Direct | Buy | 3262026 | 69.21 | 25 | 1,730 | 166,727 | Form | |
| 10 | Conkling, Lori A | Direct | Buy | 3262026 | 73.21 | 50 | 3,660 | 174,533 | Form | |
| 11 | Nemser, Earl H | Vice Chairman | by EN Holdings LLC | Sell | 1282026 | 75.30 | 60,200 | Form | ||
| 12 | Nemser, Earl H | Vice Chairman | by EN Holdings LLC | Sell | 1282026 | 76.19 | 94,800 | 7,222,778 | 4,586,617 | Form |
| 13 | Nemser, Earl H | Vice Chairman | by EN Holdings LLC | Sell | 1262026 | 77.85 | 145,000 | 11,288,682 | 12,067,212 | Form |
| 14 | Nemser, Earl H | Vice Chairman | by EN Holdings LLC | Sell | 1262026 | 76.81 | 100,000 | 7,681,000 | 23,043,000 | Form |
| 15 | Harris, Lawrence E | Direct | Sell | 10312025 | 69.00 | 10,645 | 734,505 | 13,710,576 | Form | |
| 16 | Harris, Lawrence E | Direct | Sell | 10292025 | 69.15 | 6,855 | 474,023 | 14,476,483 | Form | |
| 17 | Harris, Lawrence E | Direct | Sell | 10292025 | 69.73 | 7,500 | 522,975 | 15,075,905 | Form | |
| 18 | Harris, Lawrence E | Direct | Sell | 10272025 | 68.50 | 8,000 | 548,000 | 15,323,724 | Form | |
| 19 | Bright, Jill | Direct | Buy | 10272025 | 65.95 | 400 | 26,380 | 679,549 | Form | |
| 20 | Harris, Lawrence E | Direct | Sell | 10272025 | 67.63 | 22,000 | 1,487,860 | 15,670,142 | Form | |
| 21 | Brody, Paul Jonathan | Chief Financial Officer | by PJB Holdings LLC | Sell | 10012025 | 69.56 | 3,134 | 217,995 | 481,898 | Form |
| 22 | Brody, Paul Jonathan | Chief Financial Officer | by PJB Holdings LLC | Sell | 10012025 | 67.87 | 18,227 | 1,236,997 | 682,869 | Form |
Investor Activity (13F)
Updated Oct 19, 202613F holdings as of Mar 31, 2026 (Q1 2026)
Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Ancient Art, L.P. | $86.2 Mil | 18.8% | 16 | TRIM -21.8% | 13F |
| RV Capital AG | $51.1 Mil | 13.4% | 13 | Hold | 13F |
| Progeny 3, Inc. | $147.3 Mil | 7.9% | 32 | Hold | 13F |
| Bristol Gate Capital Partners Inc. | $76.1 Mil | 4.9% | 31 | TRIM -6.3% | 13F |
| Egerton Capital (UK) LLP | $420.9 Mil | 4.7% | 24 | TRIM -9.6% | 13F |
| Rovida Investment Management Ltd | $20.1 Mil | 2.5% | 17 | Hold | 13F |
| Firetrail Investments PTY LTD | $6.9 Mil | 2.4% | 28 | ADD +5.1% | 13F |
| Blue Whale Capital LLP | $47.9 Mil | 2.3% | 26 | ADD +24.4% | 13F |
| One Madison Group LLC | $14.7 Mil | 1.7% | 28 | ADD +56.7% | 13F |
| Stony Point Capital LLC | $20.6 Mil | 1.7% | 31 | Hold | 13F |
| Azora Capital LP | $14.2 Mil | 0.9% | 45 | New | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | As Of | Filing |
|---|---|---|---|---|---|---|
| Hudson Way Capital Management LLC | $10.1 Mil | 0.8% | 17 | Exited | Dec 31, 2025 | 13F |
| VMS Asset Management Limited | $5.7 Mil | 2.2% | 42 | Exited | Dec 31, 2025 | 13F |
| Ancient Art, L.P. | $86.2 Mil | 18.8% | 16 | TRIM -21.8% | Mar 31, 2026 | 13F |
| Egerton Capital (UK) LLP | $420.9 Mil | 4.7% | 24 | TRIM -9.6% | Mar 31, 2026 | 13F |
| Bristol Gate Capital Partners Inc. | $76.1 Mil | 4.9% | 31 | TRIM -6.3% | Mar 31, 2026 | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Egerton Capital (UK) LLP | $420.9 Mil | 4.7% | 24 | TRIM -9.6% | 13F |
| Progeny 3, Inc. | $147.3 Mil | 7.9% | 32 | Hold | 13F |
| Ancient Art, L.P. | $86.2 Mil | 18.8% | 16 | TRIM -21.8% | 13F |
| Bristol Gate Capital Partners Inc. | $76.1 Mil | 4.9% | 31 | TRIM -6.3% | 13F |
| RV Capital AG | $51.1 Mil | 13.4% | 13 | Hold | 13F |
| Blue Whale Capital LLP | $47.9 Mil | 2.3% | 26 | ADD +24.4% | 13F |
| Stony Point Capital LLC | $20.6 Mil | 1.7% | 31 | Hold | 13F |
| Rovida Investment Management Ltd | $20.1 Mil | 2.5% | 17 | Hold | 13F |
| One Madison Group LLC | $14.7 Mil | 1.7% | 28 | ADD +56.7% | 13F |
| Azora Capital LP | $14.2 Mil | 0.9% | 45 | New | 13F |
| Firetrail Investments PTY LTD | $6.9 Mil | 2.4% | 28 | ADD +5.1% | 13F |
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