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Operating Expense Breakdown
Details core costs like R&D, marketing, and admin, offering insight into how efficiently the company runs and where it’s prioritizing investment.Employee compensation is the dominant, steadily rising expense — aligned with management’s headcount and pay increases — making margins sensitive to staffing and wage trends. Execution, clearing and distribution fees surged into 2024/early‑2025 then fell back as SEC fee changes and exchange rebates took effect; that decline largely reduces reported revenues because many execution costs are pass‑through. G&A has ticked up from advertising while bad debt remains immaterial and volatile. Profitability now depends on sustaining volume-driven revenue growth and reigning in staff/advertising inflation amid rate sensitivity to NII.
Date | General and Administrative | Execution Clearing and Distribution Fees | Employee Compensation and Benefits | Occupancy, Depreciation, and Amortization | Communications | Customer Bad Debt |
|---|---|---|---|---|---|---|
Jun 30, 2026 | $68.00M | $142.00M | $182.00M | $27.00M | $11.00M | $10.00M |
Mar 31, 2026 | $68.00M | $106.00M | $167.00M | $27.00M | $12.00M | $1.00M |
Dec 31, 2025 | $62.00M | $91.00M | $153.00M | $25.00M | $11.00M | $1.00M |
Sep 30, 2025 | $62.00M | $92.00M | $156.00M | $24.00M | $11.00M | -$2.00M |
Jun 30, 2025 | $61.00M | $116.00M | $163.00M | $24.00M | $11.00M | $1.00M |
Mar 31, 2025 | $62.00M | $121.00M | $154.00M | $24.00M | $10.00M | $1.00M |
Dec 31, 2024 | $59.00M | $115.00M | $138.00M | $24.00M | $10.00M | $1.00M |
Sep 30, 2024 | $75.00M | $116.00M | $145.00M | $26.00M | $9.00M | $7.00M |
Jun 30, 2024 | $52.00M | $115.00M | $146.00M | $25.00M | $10.00M | $2.00M |
Mar 31, 2024 | $50.00M | $101.00M | $145.00M | $26.00M | $10.00M | $5.00M |