Interactive Brokers Group
IBKR on Nasdaq. Interactive Brokers Group sells brokerage services for stocks, options, and futures to traders and investors. Market value $23.8bn.
Price checks use the past 12 months to June 2026. Some use the latest annual report instead, as marked. Quality checks use five annual reports, the latest for the year to December 2025.
We can't read total debt from the filing, so debt is left out.
Cash flow or capital spending isn't reported, so free cash flow is unknown.
Should I look at this?
Good business, but not cheap right now
Why it could be worth it
What to watch out for
See cheaper Financial services stocks on the list
This is not advice. Check the numbers below.
Yearly profit per dollar of owners' money: 19 cents. Above 10 is good.
What you pay for each dollar of net assets: $6.81.
Profit per $100 you pay: $2.80.
Quality score: 100 of 100. Price score: 17 of 100. Our list needs 70 on quality and 60 on price.
$90.58 a share, 54% above its 1-year low
Over the past year the price has ranged from $58.95 to $98.75.
Expected to report results Thursday 15 Oct, after the market closes.
Dividend: 0.3% a year
Paid every year for at least 5 years
Payouts have jumped around in recent years, so this may not repeat.
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | $2.7bn | $3.1bn | $4.3bn | $5.2bn | $6.2bn |
| Operating margin | |||||
| Operating margin | n/a | n/a | n/a | n/a | n/a |
| Debt to equity | |||||
| Debt to equity | n/a | n/a | n/a | n/a | n/a |
| Shares outstanding | |||||
| Shares outstanding | 0.10bn | 0.10bn | 0.42bn | 0.44bn | 0.44bn |
Health checks
- Free cash flow positiveDoesn't apply to banks and insurers
- Accounting checksDoesn't apply to banks and insurers
- DebtDoesn't apply to banks and insurers
- Revenue growth, five yearsStrong, 22.8% a year
- Buying back its own sharesNo, 367% more shares since 2021
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $1.9 billion last quarter, up 28% on a year ago.
- Profit: $312 million, up 39% on a year ago.
- 2% more shares than a year ago. Each share owns a bit less of the company.
- Sales grew on a year ago in each of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $1.4bn |
| December 2024 | $1.4bn |
| March 2025 | $1.4bn |
| June 2025 | $1.5bn |
| September 2025 | $1.7bn |
| December 2025 | $1.6bn |
| March 2026 | $1.7bn |
| June 2026 | $1.9bn |
| Quarter to | Amount |
|---|---|
| September 2024 | $184m |
| December 2024 | $217m |
| March 2025 | $213m |
| June 2025 | $224m |
| September 2025 | $263m |
| December 2025 | $284m |
| March 2026 | $267m |
| June 2026 | $312m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- 15 October 2026
- Last annual report (10-K)
- 27 February 2026
- Next quarterly (estimated, 10-Q)
- 5 November 2026
Who owns it
12 long-term investors we follow own it, up from 11 last quarter. 1,112 funds in all.
- Orbis Investment ManagementOrbis team (Allan Gray lineage)
- Value
- $528m
- Share of fund
- 1.8%
- Oakcliff CapitalBryan Lawrence
- Value
- $90m
- Share of fund
- 33.4%
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Orbis Investment ManagementOrbis team (Allan Gray lineage) | $528m | 1.8% | |
| Viking Global InvestorsAndreas Halvorsen | $420m | 1.2% | Added |
| Egerton CapitalJohn Armitage | $359m | 3.5% | Cut |
| Hosking PartnersJeremy Hosking | $92m | 3.1% | Cut |
| Oakcliff CapitalBryan Lawrence | $90m | 33.4% | |
| Cantillon Capital ManagementWilliam von Mueffling | $45m | 6.8% | Cut |
| Marathon Asset ManagementNeil Ostrer | $37m | 1.5% | Cut |
| Mawer Investment ManagementMawer team | $19m | 0.1% | Cut |
| Gotham Asset ManagementJoel Greenblatt | $10m | <0.1% | Cut |
| GMOJeremy Grantham | $2m | <0.1% | New |
| GAMCO InvestorsMario Gabelli | $1m | <0.1% | Cut |
| Heartland AdvisorsBill Nasgovitz | $595,267 | <0.1% | Cut |
Largest holders overall
- BlackRock$2.9bnAdded
- Vanguard Capital Management$2.5bn
- State Street$1.7bn
- FMR$1.0bnCut
- Geode Capital Management$925m
- Greenwich Wealth Management$864m
- Invesco$845m
- Vanguard Portfolio Management$759mCut
- TWO Sigma Investments, LP$726m
- Wellington Management Group LLP$643mCut
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
3 investors own more than 5%.
- Vanguard Capital ManagementPassive investor7.3%Since 31 March 2026
- BlackRock, Inc.Passive investor6.2%−3.3 ptsSince 30 September 2025
- Bares Capital Management, Inc.Passive investorn/aSince 31 October 2025
- ORBIS INVESTMENT MANAGEMENT LTDPassive investorSold down below 5%Since 31 December 2024
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
Vanguard Capital Management Passive investor | 7.3% | 31 March 2026 | |
BlackRock, Inc. Passive investor | 6.2%−3.3 pts | 30 September 2025 | |
Bares Capital Management, Inc. Passive investor | n/a | 31 October 2025 | |
ORBIS INVESTMENT MANAGEMENT LTD Passive investor | Sold down below 5% | 31 December 2024 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
In the last 12 months, 2 insiders bought $46,499 of shares on the open market. 2 sold $36m.
- Conkling Lori ADirectorBoughtunder a preset trading plan
- Date
- 1 October 2026
- Shares
- 25
- Price
- $85.42
- Value
- $2,136
- Conkling Lori ADirectorBoughtunder a preset trading plan
- Date
- 1 September 2026
- Shares
- 25
- Price
- $94.53
- Value
- $2,363
- Conkling Lori ADirectorBoughtunder a preset trading plan
- Date
- 3 August 2026
- Shares
- 25
- Price
- $87.03
- Value
- $2,176
- Conkling Lori ADirectorBoughtunder a preset trading plan
- Date
- 1 July 2026
- Shares
- 25
- Price
- $88.03
- Value
- $2,201
- Conkling Lori ADirectorBoughtunder a preset trading plan
- Date
- 1 June 2026
- Shares
- 25
- Price
- $86.10
- Value
- $2,153
- Conkling Lori ADirectorBoughtunder a preset trading plan
- Date
- 1 May 2026
- Shares
- 25
- Price
- $79.64
- Value
- $1,991
- Harris Lawrence EDirectorSold
- Date
- 28 April 2026
- Shares
- 26,000
- Price
- $76.93
- Value
- $2m
- Conkling Lori ADirectorBoughtunder a preset trading plan
- Date
- 1 April 2026
- Shares
- 25
- Price
- $68.38
- Value
- $1,710
- Conkling Lori ADirectorBoughtunder a preset trading plan
- Date
- 2 March 2026
- Shares
- 25
- Price
- $69.21
- Value
- $1,730
- Conkling Lori ADirectorBoughtunder a preset trading plan
- Date
- 25 February 2026
- Shares
- 50
- Price
- $73.21
- Value
- $3,661
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 1 October 2026 | Conkling Lori A Director | Bought under a preset trading plan | 25 | $85.42 | $2,136 |
| 1 September 2026 | Conkling Lori A Director | Bought under a preset trading plan | 25 | $94.53 | $2,363 |
| 3 August 2026 | Conkling Lori A Director | Bought under a preset trading plan | 25 | $87.03 | $2,176 |
| 1 July 2026 | Conkling Lori A Director | Bought under a preset trading plan | 25 | $88.03 | $2,201 |
| 1 June 2026 | Conkling Lori A Director | Bought under a preset trading plan | 25 | $86.10 | $2,153 |
| 1 May 2026 | Conkling Lori A Director | Bought under a preset trading plan | 25 | $79.64 | $1,991 |
| 28 April 2026 | Harris Lawrence E Director | Sold | 26,000 | $76.93 | $2m |
| 1 April 2026 | Conkling Lori A Director | Bought under a preset trading plan | 25 | $68.38 | $1,710 |
| 2 March 2026 | Conkling Lori A Director | Bought under a preset trading plan | 25 | $69.21 | $1,730 |
| 25 February 2026 | Conkling Lori A Director | Bought under a preset trading plan | 50 | $73.21 | $3,661 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
None of the warning signs we check for were found.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 27 Feb 2026, plus the 10-Q filed 6 Aug 2026 and 5 later 8-Ks.
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
Cheap for a reason is the question the numbers cannot answer.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.