IG Group’s quarter to 30 November 2025: strong organic growth, faster guidance, bigger buyback
IG Group has posted a standout quarter, with organic net trading revenue up 29% on last year and customer growth re-accelerating. Management is confident enough to bring forward its medium-term revenue ambitions, target the mid-point of guidance in calendar year 2026, and extend the share buyback by £75 million to £200 million.
In plain English: more customers, more trading activity, and a clearer line of sight to hitting 2026 targets. There is a trade-off though – net interest income is falling as rates drift lower and IG passes more to customers – but core trading engines are doing the heavy lifting.
Quarterly headline numbers investors should know
The figures below refer to the three months ended 30 November 2025. “Organic” excludes Freetrade, which was consolidated from 1 April 2025.
| Metric | 3 months to 30 Nov 2025 | Year-on-year | Quarter-on-quarter | Notes |
|---|---|---|---|---|
| Net trading revenue | £278.2 million | +33% | +17% | Organic: £270.7 million, +29% YoY |
| Net interest income | £29.4 million | (13%) | (0%) | Organic: £27.7 million, (18%) YoY |
| Total revenue | £307.6 million | +26% | +15% | Organic: £298.4 million, +23% YoY |
| Customer cash balances | £4.9 billion | +13% | +5% | £450 million held on IG’s balance sheet |
| Average monthly active customers | 748.4k | +179% | +1% | Organic: 289.0k, +8% YoY |
| First trades (new customers placing first trade) | 37.6k | +118% | +19% | Organic: 28.2k, +64% YoY |
Quick jargon check: net trading revenue is the income IG earns from client trading. Net interest income is the interest earned on client cash net of what is passed back to clients. “Organic” excludes the impact of acquired businesses like Freetrade so you can see the underlying trend.
What drove the beat: products and regions
Growth was broad-based. OTC derivatives net trading revenue rose to £210.9 million, up 27% year-on-year and 15% quarter-on-quarter, helped by faster product rollouts such as 24/5 trading, pre-IPO markets, and a stronger professional client offer. Exchange traded derivatives delivered £44.0 million, up 29% year-on-year and 19% quarter-on-quarter.
Stock trading and investments jumped to £23.0 million, up 143% year-on-year and 25% quarter-on-quarter. Within that, organic was £15.5 million, up 64% year-on-year, and Freetrade contributed £7.5 million in the quarter.
By geography, the United States remains the star. Tastytrade delivered total net trading revenue of $65.3 million, up 51% year-on-year and 19% quarter-on-quarter. Within exchange traded derivatives alone, tastytrade contributed $58.2 million, up 46% year-on-year and 18% quarter-on-quarter. The US total for the Group in sterling was £53.1 million, up 45% year-on-year and 20% quarter-on-quarter.
Customer momentum: acquisition up, retention holding steady
New customer acquisition accelerated, with first trades up 64% year-on-year and 18% quarter-on-quarter on an organic basis. Active customers were up 8% year-on-year and 4% quarter-on-quarter organically, supported by stable retention.
The zero-commission share dealing proposition is clearly resonating. Launched in the UK in April 2025 and expanded to Ireland in October, and to Singapore and France in November, organic share dealing volumes in the UK and Ireland rose 99% year-on-year and 20% quarter-on-quarter to over 775k trades, with overseas volumes now 42% of the total.
Freetrade integration: AuA rising and higher-value users growing
Freetrade continues to perform well post-acquisition. Assets under administration reached £3.3 billion at 30 November 2025, up 36% year-on-year and 11% since 31 August 2025. Customers with at least £10k in AuA grew to 46.9k, up 16% year-on-year and 5% since 31 August 2025, holding an average of about £65k each.
In the quarter, Freetrade delivered net trading revenue of £7.5 million, up 16% quarter-on-quarter and 32% year-on-year on a pro forma basis, with net interest income of £1.7 million, up 11% quarter-on-quarter and 25% year-on-year pro forma. Total revenue was £9.2 million, up 15% quarter-on-quarter and 31% year-on-year pro forma.
Interest income trending lower, but cash balances are bigger
Organic net interest income fell 18% year-on-year to £27.7 million, in line with guidance, reflecting lower rates and higher pass-through to clients. Customer cash balances climbed to £4.9 billion, up 13% year-on-year and 5% quarter-on-quarter, with £450 million on IG’s balance sheet at period end.
The mix shift here matters: with more client cash and lower rates, trading revenue needs to carry more of the growth burden – and it is.
Crypto licences and APAC expansion: optionality for 2026
IG secured a UK FCA cryptoasset licence on 30 September and an EU licence under MiCA on 20 November. These approvals will let IG expand spot crypto offerings in 2026 across APAC, the Middle East and Europe,
