Interactive Brokers: Changes Brewing (Ticker: IBKR)

Disruptive forces are coming that the brokerage will need to face head on

Today, we have a quarterly update for Interactive Brokers. Below is a table of recently published articles, along with the upcoming Emerging Moats schedule for Q1 2026.

As usual, DM me on Substack to receive your one-time complimentary paywalled article.

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“Throughout 2025, we introduced a wide range of new products and enhancements worldwide, guided by deep engagement with and a strong understanding of the needs of our diverse client base. This year, we expanded market access to Brazil, Taiwan, the UAE, and Slovenia, with additional countries planned for 2026.” - Nancy Stuebe, Director of IR, Q4 2025 CC

The fourth quarter for Interactive Brokers (IBKR) brought more of the same. More global access. More account openings. More revenue. More interest income. A steady drumbeat of market share gains.

My thesis at $75 is the same as when I bought shares below $40 in April of 2025. IBKR has a growing advantage due to its global market access and automated expertise, allowing the brokerage to offer a better client proposition at a lower cost. No competitor can match this.

There is no reason to expect the core brokerage business's market share gains to halt in 2026.

Taking a longer view, winds are beginning to shift that may change the underlying nature of all financial assets. Many internal projects and competitive forces have begun to bubble to the surface, creating a vast ocean of opportunities (and potential risks) for IBKR’s business over the next decade. I have confidence this team is setting itself up to deftly navigate these changing trade winds while legacy competitors are run aground.

In this newsletter:

• Q4 earnings review

• Prediction Market opportunities

• The 24/7 gravy train

• An underestimated growth runway

• Is there still an emerging moat?

• Valuation limbo

• My investment decision

Let’s begin.