Interactive Brokers Group, Inc.
Financials · Capital Markets
Structural read: IBKR is the operating leverage trade in retail/pro brokerage - automated stack, ~75% pretax margin, account count compounding ~25-30% YoY, and a balance sheet that turns every Fed hold into NII. Distinct from $HOOD (gamified retail), $SCHW (advisor + banking), $LPLA (advisor platform): IBKR is the multi-asset, multi-currency, margin-heavy power-user venue.
- Accounts ~3.5M+, growing 25-30% YoY, client equity >$550B
- NII the dominant revenue line; every 25bp Fed delay = direct EPS tailwind
- Pretax margin sustained >70% - best-in-class operating leverage in capital markets
- Stock-lending + margin-loan book scales linearly with client equity
- Global reach (150+ markets, 27 currencies) = moat vs $HOOD/$SCHW US-centric peers
- NII is the dominant lever - Fed cuts compress the highest-margin revenue line first
- Peterffy controls IBG Holdings supervoting structure - minority holder governance discount
- Crypto/$HOOD-style gamification gap on retail Gen-Z funnel; brand skews quant/pro
- Sweep-cash beta rises as competitors (Fidelity, $SCHW) lift yields
- Regulatory drift on PFOF + best-ex globally could pressure commission line
No major news in the last 7 days for IBKR - only listicles and opinion pieces, which we filter out by default. See everything anyway.
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