Interactive Brokers

Management prioritizes organic investment in technology and automation with minimal capex, occasional tactical investments, and disciplined expense control. Shareholder returns combine a small regular dividend (raised in April 2025 and reset post split to $0.08 per quarter) and limited net buybacks mainly to cover employee tax withholdings.

The dual‑class/LLC structure channels material distributions to noncontrolling interests and imposes TRA payments, so cash returns to IBKR common remain modest. Given strong reinvestment economics and the founder’s long‑term orientation, we view the policy as rational, though pure buyback flexibility is structurally constrained.