Interactive Brokers Group (IBKR)

Hold Recap: Q1 2026

A Record Quarter, and the Right Time to Take the Gain: Downgrading to Hold

Outperform Recap: Q4 2025

A Record Year and a New Catalyst Stack: Maintaining Outperform, With Valuation the Rising Risk

Outperform Recap: Q3 2025

The Trigger Fires: Record Net Interest Income Through the Fed's First Cut, and We Upgrade to Outperform

Hold Recap: Q2 2025

Records Across the Board, and We Initiate at Hold: A Best-in-Class Broker Priced for Perfection into a Rate-Cut Cycle