Haverhill Financial Research · News · Earnings preview · October 15, 2026
The short version
Interactive Brokers reports third-quarter results at about 4:00 p.m. Eastern today, with a call at 4:30. Its monthly reports give a good preview. The broker ended September with 5.58 million client accounts, up 35% from a year ago, and $964.7 billion of client equity. Trading cooled, though: daily average revenue trades fell from 4.82 million in the second quarter to 4.11 million in September.
The monthly numbers
| Measure | September | Change |
|---|---|---|
| Client accountsJuly 5.32M, August 5.46M | 5.58M | +35% |
| Daily average revenue tradesJuly 4.43M, August 4.28M | 4.11M | +6% |
| Client equityJuly $906.7B, August $962.8B | $964.7B | +27% |
| Client credit balancesIncludes $6.4B of insured bank sweeps | $186.2B | +20% |
| Margin loansEnd of June $108.5B | $105.2B | +36% |
| Average commission per orderCleared commissionable orders | $2.57 | $2.52 in August |
Daily average revenue trades, second quarter and July to September 2026. Source: Interactive Brokers company releases.
Where the second quarter left off
Interactive Brokers earned $0.69 a share on $1.90 billion of net revenue in the second quarter. Commissions rose 30% to a record $673 million, net interest income rose 23% to $1.06 billion, and the pretax margin was 77%. The company doesn't give earnings guidance.
What we will be watching
Commissions. Our simple average of the monthly figures puts trading volume about 11% below the second quarter. Commissions will likely follow.
Net interest income. Client cash grew and margin loans ended September below June. Interest income is the bigger line, so this is the one to watch.
Account growth. Adding about 390,000 accounts in a quarter keeps the long-term story intact even when trading slows.
Our take
A softer quarter for trading was expected after a record spring. What makes Interactive Brokers different is that it keeps adding clients at more than 30% a year with a very high margin, and the monthly data suggests that hasn't changed.
Sources and disclosures
Figures come from Interactive Brokers' own releases: the second-quarter 2026 earnings release, monthly brokerage metrics for July, August and September, and its earnings call announcement. The quarterly trading average and account count change are our calculations.
Disclosures. Haverhill Financial Research is a publisher of general financial commentary. This article is not personalized investment advice and does not consider any reader's financial situation; readers should do their own research. Nothing here is a recommendation to buy or sell any security. Company figures and guidance can change. The author of this post does not hold positions in Interactive Brokers or the other companies named. Data as of October 15, 2026.
