---
type: "Topics"
locale: "en"
url: "https://longbridge.com/en/dolphin/post/44376475.md"
description: "IBKR 3Q26 First Take: Q3 results slightly beat. Compared with SCHW’s print last night, IBKR’s less diversified biz looked more solid, in our view due to stronger competitiveness-driven organic growth.Q3’s market backdrop was weak, and growth still hinged on rapid user expansion. Accounts reached 5.58 mn at end-Q3, with net adds of 0.39 mn QoQ; growth did slow, but the annualized pace remains around 30%.By contrast, SCHW’s net account adds fell 35%, while IBKR’s decline was only about 10%. SCHW’s annualized growth was under 5%, underscoring IBKR’s product competitiveness.Broader user penetration lifted total assets under custody (AUC) QoQ. This offset the drag from sharp Q3 market swings on client asset balances.Earnings growth was driven by scale expansion and a steady NIM. Q3 NIM fell 40bps YoY, but interest-earning assets rose 28% YoY.Margin lending contributed the most, being both the largest and fastest-growing book.Since mid-year, higher rate expectations in an inflationary setting have eased the YoY NIM compression headwind. The 25bps hike in Sep will flow through in Q4.In general, steady small hikes are marginally positive for IBKR.However, wider divergence on AI investing and recurrent geopolitics are weakening risk appetite. This could erode IBKR’s rate tailwinds.On costs, IBKR’s operating efficiency kept opex broadly stable. Notably, G&A (incl. marketing) rose 15% QoQ.While the absolute increase is modest at about $10 mn, the trend vs. prior years suggests IBKR is stepping up marketing to capitalize on current user migration tailwinds.Beyond CAC, product innovation continued: the Agentic autonomous trading feature rolled out and improved in Jun–Jul, prediction markets expanded by connecting more platforms, and IBKR is gradually onboarding smaller RIAs. We therefore expect ongoing incremental marketing spend for product rollouts and promotion.Even so, management’s discipline on expenses should keep profits relatively stable. OP reached $1.5 bn (+15%), with OPM at 78%, down slightly YoY.$Interactive Brokers(IBKR.US)"
datetime: "2026-10-15T23:47:31.000Z"
locales:
  - [en](https://longbridge.com/en/dolphin/post/44376475.md)
  - [zh-CN](https://longbridge.com/zh-CN/dolphin/post/44376475.md)
  - [zh-HK](https://longbridge.com/zh-HK/dolphin/post/44376475.md)
author: "[Dolphin Research](https://longbridge.com/en/dolphin.md)"
generator: "portal-rs"
---

# IBKR 3Q26 First Take: Q3 results slightly beat. Co…


### Related Stocks

- [IBKR.US](https://longbridge.com/en/quote/IBKR.US.md)
- [SCHW.US](https://longbridge.com/en/quote/SCHW.US.md)
- [SCHW-D.US](https://longbridge.com/en/quote/SCHW-D.US.md)
- [SCHW-J.US](https://longbridge.com/en/quote/SCHW-J.US.md)

## Comments (12)

- **ken wong · 2026-10-16T21:57:45.000Z**: 👍
- **successful · 2026-10-16T17:25:58.000Z**: So far so good
- **Rilakkuma · 2026-10-16T11:58:27.000Z**: Nice
- **NewUser_mCQEjBu · 2026-10-16T10:10:02.000Z**: Nice
- **NewUser_o8x6Qo · 2026-10-16T02:23:46.000Z**: nicely done
- **ken wong · 2026-10-16T01:43:21.000Z**: Gd
- **12157-2 · 2026-10-16T00:58:37.000Z**: Nice
- **xiaochu · 2026-10-16T00:38:12.000Z**: Yes
- **gwenieeee · 2026-10-16T00:28:31.000Z**: thats great
- **gq.ong88 · 2026-10-16T00:17:57.000Z**: yes thats good
- **TAISHO99 · 2026-10-16T00:13:26.000Z**: Good company, just hold it for the long term
- **MARKosk · 2026-10-16T00:05:13.000Z**: Good


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> **Disclaimer: This article is for reference only and does not constitute any investment advice.**