Interactive Brokers reported $1.9 billion in Q2 2026 net revenue as client accounts reached 5.19 million. Review trading volumes, commission income, margin lending, net interest margins and the quarterly dividend.
Interactive Brokers Q2 2026 Net Revenue Rises to $1.9 Billion as Client Accounts Reach 5.19 Million
Automated broker Interactive Brokers announced its second-quarter results for the period ended 30 June after the US market closed on 21 July 2026. Both profit and revenue increased, supported by growth in client accounts, trading volumes and margin lending across its core business lines. (Source: Interactive Brokers Group, 2Q2026 Results, published: 21 July 2026.)
The company reported second-quarter net revenue of $1.9 billion ($1.90 billion underGAAP), up 28% from $1.48 billion a year earlier. Diluted earnings per share increased from $0.51 to $0.69. Pre-tax income rose 32% year on year to $1.46 billion, while the pre-tax profit margin reached 77%. The Greenwich, Connecticut-based company had 5.19 million client accounts at the end of June, up 34% year on year and 9% from the first quarter. Client equity reached $930.3 billion, representing growth of 40% year on year and 18% quarter on quarter.
Trading and Lending Businesses Drive Growth
Trading and lending activities were the primary drivers of revenue growth during the quarter. Commission revenue increased 30% to $673 million, which the company attributed to higher client trading volumes. Net interest income, its largest revenue source, rose 23% to $1.06 billion, mainly due to higher average client margin loans and credit balances. (Sources: Interactive Brokers Group, 2Q2026 Results and earnings call transcript, published: 21 July 2026.)
Year-on-year changes in trading activity by asset class were as follows:
Options trading volume increased 17%, the highest growth rate among the categories.
Share trading volume increased 14%.
Futures trading volume increased 2%.
Daily average revenue trades (DARTs) increased 36% to 4.82 million.
In the lending business, margin loan balances stood at $108.5 billion at the end of the quarter, up 67% year on year, while client credit balances increased 27% to $182.4 billion. Over the past year, the broker integrated prediction market contracts from Kalshi, theCMEand ForecastEx into a single interface for retail and institutional clients, while also introducing AI trading tools from ChatGPT and Grok for options and futures traders.
Year-on-Year Comparison of Core Financial Indicators
The table below presents the main financial and operating indicators for the quarter and compares them with the same period a year earlier:
| Indicator | Q2 2026 | Q2 2025 | Change |
|---|---|---|---|
| Net revenue | $1.9 billion | $1.48 billion | +28% |
| Diluted earnings per share | $0.69 | $0.51 | +35% |
| Pre-tax income | $1.46 billion | $1.1 billion | +32% |
| Pre-tax profit margin | 77% | 75% | +2 percentage points |
| Commission revenue | $673 million | $516 million | +30% |
| Net interest income | $1.06 billion | $860 million | +23% |
| Client accounts | 5.19 million | 3.87 million | +34% |
Lower Yields Put Pressure on Net Interest Margin
Despite the increase in interest income, profitability in the lending business declined. As yields across interest-earning assets generally fell, the net interest margin narrowed from 2.07% a year earlier to 1.93%, indicating that growth in net interest income was driven by larger balances rather than improved interest rates. (Source: Interactive Brokers Group, 2Q2026 Results, published: 21 July 2026.)
Specific changes in yields included:
The annualised yield on client margin loans declined from 4.67% to 4.10%.
The yield on segregated cash and securities declined from 3.86% to 3.32%.
The pre-tax profit margin remained at 77%, above 75% in the same period last year but below the 79% reported by the company in the third quarter of 2025. Commission per cleared order was $2.64, broadly unchanged from $2.65 a year earlier, indicating that the increase in total commission revenue reflected higher trading volumes rather than higher pricing per transaction.
Mixed Conditions Across the Retail Brokerage Sector
Interactive Brokers primarily serves active traders, financial advisers and institutional clients, whose trading volumes remained stable during the quarter. Retail market conditions showed a different trend. Robinhood's first-quarter net revenue increased 15%, but growth slowed and cryptocurrency trading volumes declined. Its strategists also issued a pullback signal to clients, noting that net buying had decreased as gains in US equities slowed during 2026.
Dividend Unchanged and Currency Basket Impact
The board declared a quarterly cash dividend of $0.0875 per share, unchanged from the previous quarter. It will be paid on 14 September 2026 to shareholders of record as of 1 September 2026. Total equity stood at $22.3 billion at the end of June. (Source: Interactive Brokers Group, 2Q2026 Results, published: 21 July 2026.)
Interactive Brokers invests its net worth in a basket of ten major currencies known as the “GLOBAL” currency basket. During the quarter, the basket's US dollar value declined by approximately 0.21%, reducing comprehensive income by $36 million. This contrasted sharply with the beginning of 2025, when a stronger currency basket generated a gain of $127 million. In terms of profit attribution, most of the quarter's net income was attributable to non-controlling interests within the group's holding structure, leaving a correspondingly smaller portion attributable to common shareholders.
Questions About Interactive Brokers' Second-Quarter Results
What was Interactive Brokers' net revenue in the second quarter of 2026?
The company reported second-quarter net revenue of $1.9 billion, up 28% from $1.48 billion a year earlier. Diluted earnings per share increased from $0.51 to $0.69. The reporting period covered the three months ended 30 June 2026.
How much did client accounts and client equity increase during the quarter?
At the end of June 2026, client accounts reached 5.19 million, up 34% year on year and 9% from the first quarter. Client equity stood at $930.3 billion, representing growth of 40% year on year and 18% quarter on quarter.
Which businesses were the main sources of revenue growth?
Trading and lending activities were the main drivers. Commission revenue increased 30% to $673 million, while net interest income, the company's largest revenue source, rose 23% to $1.06 billion, mainly due to higher average client margin loans and credit balances.
Why did the net interest margin narrow despite higher interest income?
The net interest margin narrowed from 2.07% a year earlier to 1.93%. This was because yields on interest-earning assets generally declined, including the annualised yield on margin loans, which fell from 4.67% to 4.10%. Growth in net interest income therefore came from larger balances rather than improved interest rates.
What dividend did the company declare for the quarter?
The board declared a quarterly cash dividend of $0.0875 per share, unchanged from the previous quarter. It will be paid on 14 September 2026 to shareholders of record as of 1 September 2026.
