Pre-tax margin reached 78%, the eighth straight quarter above 70%. Annualized dividend was raised to $0.60 from $0.35. However, trading activity eased vs. Q2, with stock share volume down 24% YoY, while the company increased deployment into RIA tax-aware L/S strategies (c.$300 mn AUM at quarter-end) and proprietary AI trading.

In this cyclical, market‑driven brokerage industry, Interactive Brokers ($Interactive Brokers(IBKR.US)) is an outlier: it barely advertises, and its terminal interface long deterred retail novices. Brand awareness was so limited that it once failed to crack the top 10 in investment app download rankings.

Compared with the meteoric rise of HOOD over the past five years and the deep brand equity of SCHW, IBKR appears understated. Yet it has consistently delivered 70%+ OPM and approx. $2 mn revenue per employee per year. Dolphin Research believes the edge lies in 'licenses and technology'...