Schwab Reports Record 4Q and Full Year 2025 Results

By: The Charles Schwab Corporation via Business Wire

January 21, 2026 at 07:30 AM EST

4Q Core Net New Assets Total $163.9 Billion; Full-Year Organic Growth of 5.1%

4Q Net Revenues Up 19% Year-Over-Year to a Record $6.3 Billion

Quarterly GAAP Earnings Per Share of $1.33, $1.39 Adjusted ⁽¹⁾ – Up 38% versus 4Q24

The Charles Schwab Corporation reported net income for the fourth quarter totaling $2.5 billion, or $1.33 earnings per share. Excluding $127 million of pre-tax transaction-related costs, adjusted ⁽¹⁾ net income and earnings per share equaled $2.6 billion and $1.39, respectively.

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Client Driven Growth	$519B 2025 Core Net New Assets	“Schwab delivered growth on all fronts in 2025. Total client accounts grew 6% year-over-year to 46.5 million. New and existing clients entrusted us with $519 billion in core net new assets – a 5.1% organic growth rate – bringing total client assets to a record $11.90 trillion.” President & CEO Rick Wurster

Deepen Client Relationships	36% 2025 Managed Investing Net Inflows Growth	“Clients are conducting more of their financial lives at Schwab, with record engagement across wealth management, trading, and banking. Net inflows into our Managed Investing solutions grew by 36% versus 2024, while bank loan originations achieved another record year.” President & CEO Rick Wurster

Diversified Revenue Growth	22% 2025 Revenue Growth vs. 2024	“Doing more for our growing client base bolsters Schwab’s diversified revenue model. In 2025, the combination of our business momentum, strong engagement, and favorable equity markets resulted in record revenue of $23.9 billion – up 22% versus the prior year.” CFO Mike Verdeschi

Opportunistic Capital Return	$7.3B 2025 Common Stock Repurchases	“During 4Q25, we repurchased 29.2 million shares for $2.7 billion, bringing 2025 capital return to $11.8 billion across all forms. Our capital ratios remained strong while enhancing our balance sheet flexibility to meet the needs of clients in different environments.” CFO Mike Verdeschi

4Q25 Client and Business Highlights

Total client assets increased 18% year-over-year to a record $11.90 trillion
Record 4Q core net new assets of $163.9 billion brings total 2025 asset gathering to $519.4 billion – up 42% versus the prior year
New brokerage account openings exceeded 1 million for the 5th consecutive quarter, pushing active brokerage accounts and total client accounts to 38.5 million and 46.5 million, respectively
Managed Investing Solutions net inflows for the quarter grew 50% versus 4Q24
Bank loan balances equaled $58.0 billion at December month-end – up 28% year-over-year
Margin loan balances increased 34% versus year-end 2024 to end the quarter at $112.3 billion ⁽²⁾
Daily average trading volume was 8.3 million – up 31% versus 4Q24
Announced definitive agreement to acquire Forge Global; transaction expected to close during first half 2026
Schwab awarded by Forbes, Best Customer Service 2026 ⁽³⁾


	Three Months Ended December 31,						%		Twelve Months Ended December 31,						%
Financial Highlights	2025			2024			Change		2025			2024			Change

Net revenues (in millions)	$	6,336		$	5,329		19	%	$	23,921		$	19,606		22	%
Net income (in millions)
GAAP	$	2,459		$	1,840		34	%	$	8,852		$	5,942		49	%
Adjusted	$	2,556		$	1,974		29	%	$	9,242		$	6,433		44	%
Diluted earnings per common share
GAAP	$	1.33		$	.94		41	%	$	4.65		$	2.99		56	%
Adjusted	$	1.39		$	1.01		38	%	$	4.87		$	3.25		50	%
Pre-tax profit margin
GAAP		50.2	%		43.3	%				47.9	%		39.2	%
Adjusted		52.2	%		46.6	%				50.0	%		42.5	%
Return on average common stockholders’ equity (annualized)		22	%		18	%				21	%		15	%
Return on tangible common equity (annualized)		39	%		36	%				38	%		35	%

Note:

Items labeled “adjusted” are non-GAAP financial measures; further details are included on pages 10-12 of this release. All per-share results are rounded to the nearest cent, based on weighted-average diluted common shares outstanding.

4Q25 Financial Commentary

Quarterly net revenues grew year-over-year by 19% to a record $6.3 billion
Net interest margin for the fourth quarter equaled 2.90%, or 57 basis points of expansion versus 4Q24
Client transactional sweep cash balances ended December at $453.7 billion, an increase of $28.1 billion versus the prior quarter-end, reflecting organic growth, client net buying activity, and year-end seasonality
Bank Supplemental Funding ⁽⁴⁾ declined by $9.7 billion to end the quarter at $5.1 billion
Asset management and administration fees grew by 15% year-over-year to $1.7 billion, powered by the firm’s organic growth, equity market appreciation, and investors’ utilization of our wealth and asset management solutions
Trading revenue increased 22% versus 4Q24 due to continued strong engagement
GAAP expenses for the quarter increased 4% year-over-year; excluding amortization of acquired intangibles of $127 million, adjusted total expenses⁽¹⁾were up 6% relative to 4Q24
Full-year 2025 GAAP expense growth equaled 5% – 6% adjusted ⁽¹⁾ – including higher volume-related costs as well as incremental employee compensation and benefit spend
Capital ratios across the firm remained strong – including preliminary consolidated Tier 1 Leverage and adjusted Tier 1 Leverage⁽¹⁾ equaling 9.3% and 7.1%, respectively
Repurchased 29.2 million shares of our common stock for $2.7 billion during the quarter

⁽¹⁾		Further details on non-GAAP financial measures and a reconciliation of such measures to GAAP reported results are included on pages 10-12 of this release.
⁽²⁾		Includes $9.6 billion of client margin loans related to long/short strategies implemented by RIA clients.
⁽³⁾		Forbes Best Customer Service List 2026 was given on November 11, 2025, and expires November 10, 2026. The criteria, evaluation, and ranking were determined by Forbes, partnered with HundredX. For more information, visit https://www.forbes.com/lists/best-customer-service/. Schwab paid a licensing fee to Forbes for use of the award and logos.
⁽⁴⁾		Bank Supplemental Funding includes repurchase agreements at the banks, Schwab Bank Certificates of Deposit (CDs), and Federal Home Loan Bank balances.

Winter Business Update

The company will host its Winter Business Update for institutional investors this morning from 7:30 a.m. - 8:30 a.m. CT, 8:30 a.m. - 9:30 a.m. ET.

Registration for this Update webcast is accessible at https://www.aboutschwab.com/schwabevents.

Forward-Looking Statements

This press release contains forward-looking statements relating to the company’s growing client base, client engagement, diversified revenue model, balance sheet flexibility, return of capital, and the closing of the Forge Global acquisition. These forward-looking statements reflect management’s expectations as of the date hereof. Achievement of these expectations and objectives is subject to risks and uncertainties that could cause actual results to differ materially from the expressed expectations. Important factors that may cause such differences are described in the company’s most recent reports on Form 10-K and Form 10-Q, which have been filed with the Securities and Exchange Commission and are available on the company’s website (https://www.aboutschwab.com/financial-reports) and on the Securities and Exchange Commission’s website (https://www.sec.gov). The company makes no commitment to update any forward-looking statements.

About Charles Schwab

The Charles Schwab Corporation (NYSE: SCHW) is a leading provider of financial services, with 38.5 million active brokerage accounts, 5.7 million workplace plan participant accounts, 2.2 million banking accounts, and $11.90 trillion in client assets. Through its operating subsidiaries, the company provides a full range of wealth management, securities brokerage, banking, asset management, custody, and financial advisory services to individual investors and independent investment advisors. Its broker-dealer subsidiary, Charles Schwab & Co., Inc. (member SIPC, https://www.sipc.org), and its affiliates offer a complete range of investment services and products including an extensive selection of mutual funds; financial planning and investment advice; retirement plan and equity compensation plan services; referrals to independent, fee-based investment advisors; and custodial, operational and trading support for independent, fee-based investment advisors through Schwab Advisor Services™. Its primary banking subsidiary, Charles Schwab Bank, SSB (member FDIC and an Equal Housing Lender), provides banking and lending services and products. More information is available at https://www.aboutschwab.com.

THE CHARLES SCHWAB CORPORATION
Consolidated Statements of Income
(In millions, except per share amounts)
(Unaudited)

	Three Months Ended December 31,						Twelve Months Ended December 31,
	2025			2024			2025			2024
Net Revenues
Interest revenue	$	4,004		$	3,851		$	15,504		$	15,537
Interest expense		(832	)		(1,320	)		(3,754	)		(6,393	)
Net interest revenue		3,172			2,531			11,750			9,144
Asset management and administration fees		1,733			1,509			6,506			5,716
Trading revenue		1,066			873			3,921			3,264
Bank deposit account fees		238			241			977			729
Other		127			175			767			753
Total net revenues		6,336			5,329			23,921			19,606
Expenses Excluding Interest
Compensation and benefits		1,630			1,533			6,491			6,043
Professional services		344			297			1,197			1,053
Occupancy and equipment		293			276			1,117			1,060
Advertising and market development		115			101			420			397
Communications		142			131			620			591
Depreciation and amortization		206			224			850			916
Amortization of acquired intangible assets		127			130			512			519
Regulatory fees and assessments		62			89			287			398
Other		237			243			968			937
Total expenses excluding interest		3,156			3,024			12,462			11,914
Income before taxes on income		3,180			2,305			11,459			7,692
Taxes on income		721			465			2,607			1,750
Net Income		2,459			1,840			8,852			5,942
Preferred stock dividends and other		92			123			435			464
Net Income Available to Common Stockholders	$	2,367		$	1,717		$	8,417		$	5,478
Weighted-Average Common Shares Outstanding:
Basic		1,772			1,831			1,804			1,828
Diluted		1,777			1,836			1,809			1,834
Earnings Per Common Shares Outstanding:
Basic	$	1.34		$	.94		$	4.67		$	3.00
Diluted	$	1.33		$	.94		$	4.65		$	2.99

THE CHARLES SCHWAB CORPORATION
Financial and Operating Highlights
(Unaudited)

	Q4-25 % change				2025												2024
(In millions, except per share amounts and as noted)	vs.		vs.		Fourth			Third			Second			First			Fourth
(In millions, except per share amounts and as noted)	Q4-24		Q3-25		Quarter			Quarter			Quarter			Quarter			Quarter
Net Revenues
Net interest revenue	25	%	4	%	$	3,172		$	3,050		$	2,822		$	2,706		$	2,531
Asset management and administration fees	15	%	4	%		1,733			1,673			1,570			1,530			1,509
Trading revenue	22	%	7	%		1,066			995			952			908			873
Bank deposit account fees	(1	)%	(4	)%		238			247			247			245			241
Other	(27	)%	(25	)%		127			170			260			210			175
Total net revenues	19	%	3	%		6,336			6,135			5,851			5,599			5,329
Expenses Excluding Interest
Compensation and benefits	6	%	(1	)%		1,630			1,653			1,536			1,672			1,533
Professional services	16	%	17	%		344			293			291			269			297
Occupancy and equipment	6	%	5	%		293			280			270			274			276
Advertising and market development	14	%	14	%		115			101			108			96			101
Communications	8	%	(5	)%		142			149			176			153			131
Depreciation and amortization	(8	)%	(3	)%		206			212			215			217			224
Amortization of acquired intangible assets	(2	)%	—			127			127			128			130			130
Regulatory fees and assessments	(30	)%	5	%		62			59			77			89			89
Other	(2	)%	(1	)%		237			240			247			244			243
Total expenses excluding interest	4	%	1	%		3,156			3,114			3,048			3,144			3,024
Income before taxes on income	38	%	5	%		3,180			3,021			2,803			2,455			2,305
Taxes on income	55	%	9	%		721			663			677			546			465
Net Income	34	%	4	%		2,459			2,358			2,126			1,909			1,840
Preferred stock dividends and other	(25	)%	14	%		92			81			149			113			123
Net Income Available to Common Stockholders	38	%	4	%	$	2,367		$	2,277		$	1,977		$	1,796		$	1,717
Earnings per common share:
Basic	43	%	6	%	$	1.34		$	1.26		$	1.09		$	.99		$	.94
Diluted	41	%	6	%	$	1.33		$	1.26		$	1.08		$	.99		$	.94
Dividends declared per common share	8	%	—		$	.27		$	.27		$	.27		$	.27		$	.25
Weighted-average common shares outstanding:
Basic	(3	)%	(2	)%		1,772			1,806			1,817			1,817			1,831
Diluted	(3	)%	(2	)%		1,777			1,811			1,822			1,822			1,836
Performance Measures
Pre-tax profit margin						50.2	%		49.2	%		47.9	%		43.8	%		43.3	%
Return on average common stockholders’ equity (annualized) ⁽¹⁾						22	%		21	%		19	%		18	%		18	%
Financial Condition (at quarter end, in billions)
Cash and cash equivalents	9	%	50	%	$	46.0		$	30.6		$	32.2		$	35.0		$	42.1
Cash and investments segregated	12	%	(10	)%		42.9			47.8			45.6			38.4			38.2
Receivables from brokers, dealers, and clearing organizations	200	%	53	%		7.2			4.7			4.3			2.9			2.4
Receivables from brokerage clients — net	23	%	12	%		104.7			93.8			82.8			84.4			85.4
Available for sale securities	(25	)%	—			62.4			62.3			67.6			74.8			83.0
Held to maturity securities	(9	)%	(2	)%		134.0			136.7			139.7			143.8			146.5
Bank loans — net	28	%	8	%		58.0			53.6			50.4			47.1			45.2
Total assets	2	%	6	%		491.0			465.3			458.9			462.9			479.8
Bank deposits	(1	)%	7	%		255.7			239.1			233.1			246.2			259.1
Payables to brokers, dealers, and clearing organizations	93	%	15	%		25.7			22.4			18.6			15.7			13.3
Payables to brokerage clients	14	%	1	%		116.3			115.4			109.4			100.6			101.6
Accrued expenses and other liabilities	4	%	12	%		12.8			11.4			10.8			11.0			12.3
Other short-term borrowings	15	%	6	%		6.9			6.5			8.5			6.9			6.0
Federal Home Loan Bank borrowings	(89	)%	111	%		1.9			0.9			9.0			11.5			16.7
Long-term debt	(1	)%	10	%		22.2			20.2			20.2			21.5			22.4
Total liabilities	2	%	6	%		441.6			415.9			409.5			413.4			431.5
Stockholders’ equity	2	%	—			49.4			49.4			49.5			49.5			48.4
Total liabilities and stockholders’ equity	2	%	6	%		491.0			465.3			458.9			462.9			479.8
Other
Full-time equivalent employees (at quarter end, in thousands)	3	%	1	%		33.0			32.7			32.6			32.1			32.1
Capital expenditures — purchases of equipment, office facilities, and property, net (in millions)	(39	)%	4	%	$	158		$	152		$	136		$	156		$	258
Expenses excluding interest as a percentage of average client assets (annualized)						0.11	%		0.11	%		0.12	%		0.12	%		0.12	%
Clients’ Daily Average Trades (DATs) (in thousands)	31	%	11	%		8,274			7,421			7,571			7,391			6,312
Number of Trading Days	—		(1	)%		63.0			63.5			62.0			60.0			63.0
Revenue Per Trade ⁽²⁾	(7	)%	(3	)%	$	2.05		$	2.11		$	2.03		$	2.05		$	2.20

⁽¹⁾		Return on average common stockholders’ equity is calculated using net income available to common stockholders divided by average common stockholders’ equity.
⁽²⁾		Revenue per trade is calculated as trading revenue divided by the product of DATs multiplied by the number of trading days.

THE CHARLES SCHWAB CORPORATION
Net Interest Revenue Information
(In millions, except ratios or as noted)
(Unaudited)

	Three Months Ended December 31,												Twelve Months Ended December 31,
	2025						2024						2025						2024
	Average Balance		Interest Revenue/ Expense		Average Yield/ Rate		Average Balance		Interest Revenue/ Expense		Average Yield/ Rate		Average Balance		Interest Revenue/ Expense		Average Yield/ Rate		Average Balance		Interest Revenue/ Expense		Average Yield/ Rate
Interest-earning assets
Cash and cash equivalents	$	29,491	$	292	3.88	%	$	28,332	$	334	4.61	%	$	28,054	$	1,189	4.18	%	$	29,676	$	1,539	5.10	%
Cash and investments segregated		45,114		450	3.91	%		36,510		429	4.60	%		44,359		1,862	4.14	%		28,450		1,443	4.99	%
Receivables from brokerage clients ⁽¹⁾		100,086		1,546	6.04	%		77,524		1,378	6.95	%		87,300		5,700	6.44	%		70,811		5,420	7.53	%
Available for sale securities ⁽²⁾		66,031		340	2.05	%		92,216		486	2.09	%		74,478		1,538	2.06	%		101,659		2,166	2.12	%
Held to maturity securities ⁽²⁾		134,742		575	1.70	%		147,608		638	1.72	%		139,447		2,386	1.71	%		152,566		2,636	1.72	%
Bank loans		55,677		600	4.29	%		44,248		483	4.36	%		50,595		2,168	4.28	%		42,255		1,867	4.42	%
Total interest-earning assets		431,141		3,803	3.48	%		426,438		3,748	3.46	%		424,233		14,843	3.47	%		425,417		15,071	3.51	%
Securities lending revenue				98						72						437						330
Other interest revenue ⁽¹⁾				103						31						224						136
Total interest-earning assets	$	431,141	$	4,004	3.66	%	$	426,438	$	3,851	3.56	%	$	424,233	$	15,504	3.62	%	$	425,417	$	15,537	3.61	%
Funding sources
Bank deposits	$	239,867	$	175	0.29	%	$	244,176	$	550	0.90	%	$	238,088	$	1,185	0.50	%	$	256,212	$	3,152	1.23	%
Payables to brokers, dealers, and clearing organizations		22,871		209	3.57	%		13,045		142	4.28	%		18,236		701	3.79	%		8,522		372	4.30	%
Payables to brokerage clients ⁽¹⁾		100,746		68	0.27	%		82,279		43	0.21	%		94,884		244	0.26	%		72,776		272	0.37	%
Other short-term borrowings		6,148		68	4.35	%		9,094		122	5.33	%		7,020		324	4.60	%		9,146		504	5.51	%
Federal Home Loan Bank borrowings		3,237		34	4.08	%		19,392		257	5.18	%		7,682		356	4.57	%		23,102		1,245	5.32	%
Long-term debt		21,284		211	3.88	%		22,438		206	3.67	%		21,093		836	3.91	%		23,083		846	3.66	%
Total interest-bearing liabilities		394,153		765	0.76	%		390,424		1,320	1.34	%		387,003		3,646	0.94	%		392,841		6,391	1.62	%
Non-interest-bearing funding sources		36,988						36,014						37,230						32,576
Other interest expense ⁽¹⁾				67						—						108						2
Total funding sources	$	431,141	$	832	0.76	%	$	426,438	$	1,320	1.23	%	$	424,233	$	3,754	0.88	%	$	425,417	$	6,393	1.49	%
Net interest revenue			$	3,172	2.90	%			$	2,531	2.33	%			$	11,750	2.74	%			$	9,144	2.12	%

⁽¹⁾		Beginning in the fourth quarter of 2025, average balances of client margin loans and short credits related to certain client long/short strategies from which the Company earns a fixed net yield are excluded from interest-earning assets and funding sources. Average margin loans related to these client strategies totaled $7.2 billion and $2.8 billion for the three and twelve months ended December 31, 2025, respectively. Average short credits related to these client strategies totaled $7.4 billion and $2.8 billion for the three and twelve months ended December 31, 2025, respectively. Interest revenue and expense related to these client strategies are presented in other interest revenue and other interest expense, respectively. Year-to-date 2025 amounts and average yields have been reclassified and recalculated to reflect this change. This updated presentation results in an increase to net interest margin for the three and nine months ended September 30, 2025 of 0.02% and 0.01%, respectively, an increase of 0.01% for the three months ended June 30, 2025, and no impact to the six months ended June 30, 2025, the three months ended March 31, 2025, and prior-year amounts.
⁽²⁾		Amounts have been calculated based on amortized cost.

THE CHARLES SCHWAB CORPORATION
Asset Management and Administration Fees Information
(In millions, except ratios or as noted)
(Unaudited)

	Three Months Ended December 31,												Twelve Months Ended December 31,
	2025						2024						2025						2024
	Average Client Assets		Revenue		Average Fee		Average Client Assets		Revenue		Average Fee		Average Client Assets		Revenue		Average Fee		Average Client Assets		Revenue		Average Fee
Schwab money market funds	$	681,688	$	465	0.27	%	$	580,957	$	389	0.27	%	$	652,798	$	1,783	0.27	%	$	539,113	$	1,461	0.27	%
Schwab equity and bond funds, exchange-traded funds (ETFs), and collective trust funds (CTFs)		777,071		140	0.07	%		647,170		125	0.08	%		708,243		516	0.07	%		588,999		462	0.08	%
Mutual Fund OneSource^® and other no-transaction-fee funds (NTFs)		462,417		267	0.23	%		363,024		231	0.25	%		404,065		966	0.24	%		342,615		878	0.26	%
Other third-party mutual funds and ETFs		627,846		98	0.06	%		629,913		106	0.07	%		620,042		400	0.06	%		611,999		420	0.07	%
Total mutual funds, ETFs, and CTFs ⁽¹⁾	$	2,549,022	$	970	0.15	%	$	2,221,064	$	851	0.15	%	$	2,385,148	$	3,665	0.15	%	$	2,082,726	$	3,221	0.15	%
Managed investing solutions ⁽¹⁾
Fee-based	$	695,933	$	663	0.38	%	$	582,464	$	557	0.38	%	$	633,960	$	2,440	0.38	%	$	542,253	$	2,129	0.39	%
Non-fee-based		132,573		—	—			115,712		—	—			125,333		—	—			111,571		—	—
Total managed investing solutions	$	828,506	$	663	0.32	%	$	698,176	$	557	0.32	%	$	759,293	$	2,440	0.32	%	$	653,824	$	2,129	0.33	%
Other balance-based fees ⁽²⁾		965,676		85	0.03	%		827,930		76	0.04	%		893,953		318	0.04	%		776,715		286	0.04	%
Other ⁽³⁾				15						25						83						80
Total asset management and administration fees			$	1,733					$	1,509					$	6,506					$	5,716

⁽¹⁾		Managed investing solutions includes managed portfolios, specialized strategies, and customized investment advice such as Schwab Wealth Advisory™, Schwab Managed Portfolios™, Managed Account Select^®, Schwab Advisor Network^®, Windhaven Strategies^®, ThomasPartners^® Strategies, Wasmer Schroeder^® Strategies, Schwab Index Advantage advised retirement plan balances, Schwab Intelligent Portfolios^®, Institutional Intelligent Portfolios^®, Schwab Intelligent Portfolios Premium^®, Schwab Wealth Portfolios™, AdvisorDirect^®, Essential Portfolios, Selective Portfolios, and Personalized Portfolios; as well as legacy non-fee managed investing solutions including Schwab Advisor Source and certain retirement plan balances. Average client assets for managed investing solutions may also include the asset balances contained in the mutual fund and/or ETF categories listed above. For the total end of period view, please see the Monthly Activity Report.
⁽²⁾		Includes various asset-related fees, such as trust fees, 401(k) recordkeeping fees, and mutual fund clearing fees and other service fees.
⁽³⁾		Includes miscellaneous service and transaction fees relating to mutual funds and ETFs that are not balance-based.

THE CHARLES SCHWAB CORPORATION
Growth in Client Assets and Accounts
(Unaudited)

	Q4-25 % Change				2025												2024
(In billions, at quarter end, except as noted)	vs.		vs.		Fourth			Third			Second			First			Fourth
(In billions, at quarter end, except as noted)	Q4-24		Q3-25		Quarter			Quarter			Quarter			Quarter			Quarter
Assets in client accounts
Schwab One^®, certain cash equivalents, and bank deposits	6	%	6	%	$	379.5		$	357.1		$	342.7		$	345.2		$	358.8
Bank deposit account balances	(13	)%	(3	)%		76.2			78.5			82.1			83.7			87.5
Proprietary mutual funds (Schwab Funds^® and Laudus Funds^®) and CTFs
Money market funds ⁽¹⁾	16	%	4	%		693.8			666.4			653.5			641.5			596.5
Equity and bond funds and CTFs ⁽²⁾	19	%	3	%		277.4			269.7			249.7			227.0			232.2
Total proprietary mutual funds and CTFs	17	%	4	%		971.2			936.1			903.2			868.5			828.7
Mutual Fund Marketplace^{® (3)}
Mutual Fund OneSource^® and other NTF funds	31	%	(4	)%		454.2			473.5			453.9			340.3			347.8
Mutual fund clearing services	17	%	2	%		327.7			320.2			298.3			280.6			280.7
Other third-party mutual funds	5	%	3	%		1,274.3			1,237.2			1,168.5			1,195.4			1,211.1
Total Mutual Fund Marketplace	12	%	1	%		2,056.2			2,030.9			1,920.7			1,816.3			1,839.6
Total mutual fund assets	13	%	2	%		3,027.4			2,967.0			2,823.9			2,684.8			2,668.3
Exchange-traded funds
Proprietary ETFs ⁽²⁾	25	%	4	%		495.3			476.0			439.7			398.2			395.0
Other third-party ETFs	30	%	6	%		2,527.5			2,395.7			2,175.6			1,960.1			1,940.6
Total ETF assets	29	%	5	%		3,022.8			2,871.7			2,615.3			2,358.3			2,335.6
Equity and other securities	19	%	2	%		4,722.6			4,624.7			4,188.7			3,765.5			3,972.6
Fixed income securities	3	%	(1	)%		786.8			792.1			788.0			775.8			762.3
Margin loans outstanding	34	%	16	%		(112.3	)		(97.2	)		(83.4	)		(83.6	)		(83.8	)
Total client assets	18	%	3	%	$	11,903.0		$	11,593.9		$	10,757.3		$	9,929.7		$	10,101.3
Client assets by business
Investor Services ⁽⁴⁾	17	%	2	%	$	6,707.5		$	6,577.2		$	6,069.9		$	5,557.4		$	5,721.6
Advisor Services ⁽⁵⁾	19	%	4	%		5,195.5			5,016.7			4,687.4			4,372.3			4,379.7
Total client assets	18	%	3	%	$	11,903.0		$	11,593.9		$	10,757.3		$	9,929.7		$	10,101.3
Net growth in assets in client accounts (for the quarter ended)
Net new assets by business
Investor Services ⁽⁴⁾	31	%	15	%	$	60.4		$	52.7		$	31.2		$	69.5		$	46.2
Advisor Services ⁽⁵⁾	57	%	20	%		97.8			81.7			42.4			62.9			62.2
Total net new assets	46	%	18	%	$	158.2		$	134.4		$	73.6		$	132.4		$	108.4
Net market gains (losses)						150.9			702.2			754.0			(304.0	)		72.4
Net growth (decline)					$	309.1		$	836.6		$	827.6		$	(171.6	)	$	180.8
New brokerage accounts (in thousands, for the quarter ended)	13	%	11	%		1,268			1,143			1,098			1,183			1,119
Client accounts (in thousands)
Active brokerage accounts	6	%	1	%		38,506			37,963			37,476			37,011			36,456
Banking accounts	11	%	3	%		2,214			2,150			2,096			2,050			1,998
Workplace Plan Participant Accounts ⁽⁶⁾	6	%	2	%		5,740			5,619			5,586			5,495			5,399

⁽¹⁾		Total client assets in purchased money market funds are located at: https://www.aboutschwab.com/investor-relations.
⁽²⁾		Includes balances held on and off the Schwab platform. As of December 31, 2025, off-platform equity and bond funds, CTFs, and ETFs were $42.6 billion, $5.0 billion, and $178.2 billion, respectively.
⁽³⁾		Excludes all proprietary mutual funds and ETFs.
⁽⁴⁾		Fourth quarter of 2025 includes net outflows of $5.7 billion from off-platform Schwab Bank Retail CDs. Third quarter of 2025 includes net outflows of $3.1 billion from off-platform Schwab Bank Retail CDs. Second quarter of 2025 includes net outflows of $6.7 billion from off-platform Schwab Bank Retail CDs. First quarter of 2025 includes net outflows of $5.3 billion from off-platform Schwab Bank Retail CDs. Fourth quarter of 2024 includes net outflows of $5.5 billion from off-platform Schwab Bank Retail CDs and an outflow of $0.6 billion from a large international relationship.
⁽⁵⁾		Fourth quarter of 2024 includes an outflow of $0.3 billion from a large international relationship.
⁽⁶⁾		Includes Retirement Plan Services, Stock Plan Services, Designated Brokerage Services, and Retirement Business Services. Participants may be enrolled in services in more than one Workplace business.

The Charles Schwab Corporation Monthly Activity Report For December 2025

	2024		2025																								Change
	Dec		Jan		Feb		Mar		Apr		May		Jun		Jul		Aug		Sep		Oct		Nov		Dec		Mo.		Yr.
Market Indices (at month end)
Dow Jones Industrial Average^®	42,544		44,545		43,841		42,002		40,669		42,270		44,095		44,131		45,545		46,398		47,563		47,716		48,063		1	%	13	%
Nasdaq Composite^®	19,311		19,627		18,847		17,299		17,446		19,114		20,370		21,122		21,456		22,660		23,725		23,366		23,242		(1	)%	20	%
Standard & Poor’s^® 500	5,882		6,041		5,955		5,612		5,569		5,912		6,205		6,339		6,460		6,688		6,840		6,849		6,846		—		16	%
Client Assets (in billions of dollars)
Beginning Client Assets	10,305.4		10,101.3		10,333.1		10,280.2		9,929.7		9,892.2		10,349.0		10,757.3		10,963.5		11,228.1		11,593.9		11,828.0		11,834.3
Net New Assets ⁽¹⁾	60.2		30.5		46.6		55.3		1.1		33.6		38.9		45.7		43.3		45.4		41.6		38.7		77.9		101	%	29	%
Net Market Gains (Losses)	(264.3	)	201.3		(99.5	)	(405.8	)	(38.6	)	423.2		369.4		160.5		221.3		320.4		192.5		(32.4	)	(9.2	)
Total Client Assets (at month end)	10,101.3		10,333.1		10,280.2		9,929.7		9,892.2		10,349.0		10,757.3		10,963.5		11,228.1		11,593.9		11,828.0		11,834.3		11,903.0		1	%	18	%
Core Net New Assets ^(1,2)	61.4		30.6		48.0		59.1		2.7		35.0		42.6		46.9		44.4		46.2		44.4		40.4		79.1		96	%	29	%
Receiving Ongoing Advisory Services (at month end)
Investor Services	682.0		698.7		703.5		688.8		688.2		711.2		737.6		747.9		771.1		792.5		807.6		817.9		824.8		1	%	21	%
Advisor Services	4,379.7		4,496.6		4,493.2		4,372.3		4,353.0		4,525.6		4,687.4		4,765.1		4,888.2		5,016.7		5,106.1		5,155.9		5,195.5		1	%	19	%
Client Accounts (at month end, in thousands)
Active Brokerage Accounts	36,456		36,709		36,861		37,011		37,254		37,375		37,476		37,658		37,798		37,963		38,145		38,266		38,506		1	%	6	%
Banking Accounts	1,998		2,019		2,033		2,050		2,066		2,077		2,096		2,116		2,137		2,150		2,172		2,189		2,214		1	%	11	%
Workplace Plan Participant Accounts ⁽³⁾	5,399		5,450		5,464		5,495		5,518		5,563		5,586		5,619		5,606		5,619		5,696		5,730		5,740		—		6	%
Client Activity
New Brokerage Accounts (in thousands)	431		433		362		388		439		336		323		377		382		384		429		365		474		30	%	10	%
Client Cash as a Percentage of Client Assets ⁽⁴⁾	10.1	%	9.8	%	10.0	%	10.6	%	10.5	%	10.1	%	9.9	%	9.7	%	9.5	%	9.4	%	9.3	%	9.4	%	9.7	%	30 bp		(40) bp
Derivative Trades as a Percentage of Total Trades	18.6	%	19.3	%	19.9	%	19.5	%	18.4	%	21.0	%	20.8	%	21.3	%	22.5	%	22.3	%	23.8	%	21.7	%	21.4	%	(30) bp		280 bp
Selected Average Balances (in millions of dollars)
Average Interest-Earning Assets ⁽⁵⁾	431,177		431,367		424,572		424,912		430,402		418,749		416,486		416,714		414,415		419,818		428,281		429,080		435,995		2	%	1	%
Average Margin Balances	81,507		82,551		84,233		82,725		77,478		79,132		82,339		85,492		90,399		94,609		101,192		108,863		111,960		3	%	37	%
Average Bank Deposit Account Balances ⁽⁶⁾	85,384		84,790		83,089		84,302		84,060		81,495		81,014		80,755		79,781		79,308		76,203		73,803		74,542		1	%	(13	)%
Mutual Funds and Exchange-Traded Funds
Net Buys (Sells) ^(7,8) (in millions of dollars)
Equities	14,805		10,050		4,987		(1,221	)	7,950		10,473		8,987		10,936		8,402		8,832		6,895		4,883		18,616
Hybrid	124		(1,324	)	(464	)	(603	)	(1,663	)	(287	)	(1,038	)	(463	)	(604	)	(452	)	(1,278	)	(600	)	(203	)
Bonds	10,969		8,747		12,162		11,438		(1,490	)	8,483		6,050		11,920		12,993		12,502		16,206		13,371		17,718
Net Buy (Sell) Activity (in millions of dollars)
Mutual Funds ⁽⁷⁾	(4,331	)	(6,785	)	(3,971	)	(8,537	)	(13,955	)	(3,224	)	(5,351	)	(3,442	)	(2,217	)	(4,754	)	(6,289	)	(7,255	)	(3,625	)
Exchange-Traded Funds ⁽⁸⁾	30,229		24,258		20,656		18,151		18,752		21,893		19,350		25,835		23,008		25,636		28,112		24,909		39,756
Money Market Funds	8,956		11,584		12,306		14,586		(6,158	)	5,794		5,814		2,452		4,319		(517	)	6,333		7,969		6,910

Note: Certain supplemental details related to the information above can be found at: https://www.aboutschwab.com/financial-reports.
⁽¹⁾		Unless otherwise noted, differences between net new assets and core net new assets are net flows from off-platform Schwab Bank Retail CDs.
⁽²⁾		Net new assets before significant one-time inflows or outflows, such as acquisitions/divestitures or extraordinary flows (generally greater than $25 billion beginning in 2025; $10 billion in prior periods) relating to a specific client, and activity from off-platform Schwab Bank Retail CDs. These flows may span multiple reporting periods.
⁽³⁾		Includes Retirement Plan Services, Stock Plan Services, Designated Brokerage Services, and Retirement Business Services. Participants may be enrolled in services in more than one Workplace business.
⁽⁴⁾		Schwab One^®, certain cash equivalents, bank deposits, third-party bank deposit accounts, and money market fund balances as a percentage of total client assets; client cash excludes brokered CDs issued by Charles Schwab Bank.
⁽⁵⁾		Represents average total interest-earning assets on the Company’s balance sheet. Beginning in December 2025, average balances of client margin loans and short credits related to certain client long/short strategies from which the Company earns a fixed net yield are excluded from average interest-earning assets. The 2025 amounts have been adjusted accordingly; December 2024 balances were not impacted.
⁽⁶⁾		Represents average clients’ uninvested cash sweep account balances held in deposit accounts at third-party financial institutions.
⁽⁷⁾		Represents the principal value of client mutual fund transactions handled by Schwab, including transactions in proprietary funds. Includes institutional funds available only to investment managers. Excludes money market fund transactions.
⁽⁸⁾		Represents the principal value of client ETF transactions handled by Schwab, including transactions in proprietary ETFs.

THE CHARLES SCHWAB CORPORATION

Non-GAAP Financial Measures

(In millions, except ratios and per share amounts)

(Unaudited)

In addition to disclosing financial results in accordance with generally accepted accounting principles in the U.S. (GAAP), Schwab’s fourth quarter earnings release contains references to the non-GAAP financial measures described below. We believe these non-GAAP financial measures provide useful supplemental information about the financial performance of the Company, and facilitate meaningful comparison of Schwab’s results in the current period to both historic and future results. These non-GAAP measures should not be considered a substitute for, or superior to, financial measures calculated in accordance with GAAP, and may not be comparable to non-GAAP financial measures presented by other companies.

Schwab’s use of non-GAAP measures is reflective of certain adjustments made to GAAP financial measures as described below.

Non-GAAP Adjustment or Measure	Definition	Usefulness to Investors and Uses by Management
Acquisition and integration-related costs, amortization of acquired intangible assets, and restructuring costs	Schwab adjusts certain GAAP financial measures to exclude the impact of acquisition and integration-related costs incurred as a result of the Company’s acquisitions, amortization of acquired intangible assets, restructuring costs, and, where applicable, the income tax effect of these expenses. Adjustments made to exclude amortization of acquired intangible assets are reflective of all acquired intangible assets, which were recorded as part of purchase accounting. These acquired intangible assets contribute to the Company’s revenue generation. Amortization of acquired intangible assets will continue in future periods over their remaining useful lives.	We exclude acquisition and integration-related costs, amortization of acquired intangible assets, and restructuring costs for the purpose of calculating certain non-GAAP measures because we believe doing so provides additional transparency of Schwab’s ongoing operations, and is useful in both evaluating the operating performance of the business and facilitating comparison of results with prior and future periods. Costs related to acquisition and integration or restructuring fluctuate based on the timing of acquisitions, integration and restructuring activities, thereby limiting comparability of results among periods, and are not representative of the costs of running the Company’s ongoing business. Amortization of acquired intangible assets is excluded because management does not believe it is indicative of the Company’s underlying operating performance.
Return on tangible common equity	Return on tangible common equity represents annualized adjusted net income available to common stockholders as a percentage of average tangible common equity. Tangible common equity represents common equity less goodwill, acquired intangible assets — net, and related deferred tax liabilities.	Acquisitions typically result in the recognition of significant amounts of goodwill and acquired intangible assets. We believe return on tangible common equity may be useful to investors as a supplemental measure to facilitate assessing capital efficiency and returns relative to the composition of Schwab’s balance sheet.
Adjusted Tier 1 Leverage Ratio	Adjusted Tier 1 Leverage Ratio represents the Tier 1 Leverage Ratio as prescribed by bank regulatory guidance for the consolidated company and for Charles Schwab Bank, SSB (CSB), adjusted to reflect the inclusion of accumulated other comprehensive income (AOCI) in the ratio.	Inclusion of the impacts of AOCI in the Company’s Tier 1 Leverage Ratio provides additional information regarding the Company’s current capital position. We believe Adjusted Tier 1 Leverage Ratio may be useful to investors as a supplemental measure of the Company’s capital levels.

The Company also uses adjusted diluted EPS and return on tangible common equity as components of performance criteria for employee bonus and certain executive management incentive compensation arrangements. The Compensation Committee of CSC’s Board of Directors maintains discretion in evaluating performance against these criteria. Additionally, the Company uses adjusted Tier 1 Leverage Ratio in managing capital, including its use of the measure as its long-term operating objective.

THE CHARLES SCHWAB CORPORATION

Non-GAAP Financial Measures

(In millions, except ratios and per share amounts)

(Unaudited)

The tables below present reconciliations of GAAP measures to non-GAAP measures:

	Three Months Ended December 31,												Twelve Months Ended December 31,
	2025						2024						2025						2024
	Total Expenses Excluding Interest			Net Income			Total Expenses Excluding Interest			Net Income			Total Expenses Excluding Interest			Net Income			Total Expenses Excluding Interest			Net Income
Total expenses excluding interest (GAAP), Net income (GAAP)	$	3,156		$	2,459		$	3,024		$	1,840		$	12,462		$	8,852		$	11,914		$	5,942
Amortization of acquired intangible assets		(127	)		127			(130	)		130			(512	)		512			(519	)		519
Acquisition and integration-related costs ⁽¹⁾		—			—			(20	)		20			—			—			(117	)		117
Restructuring costs ⁽²⁾		—			—			(27	)		27			—			—			(9	)		9
Income tax effects ⁽³⁾		N/A			(30	)		N/A			(43	)		N/A			(122	)		N/A			(154	)
Adjusted total expenses (non-GAAP), Adjusted net income (non-GAAP)	$	3,029		$	2,556		$	2,847		$	1,974		$	11,950		$	9,242		$	11,269		$	6,433

⁽¹⁾		There were no acquisition and integration-related costs for the three and twelve months ended December 31, 2025. Acquisition and integration-related costs for the three and twelve months ended December 31, 2024 primarily consist of $10 million and $54 million of compensation and benefits, $4 million and $36 million of professional services, and $6 million and $19 million of depreciation and amortization.
⁽²⁾		There were no restructuring costs for the three and twelve months ended December 31, 2025. Restructuring costs for the three months ended December 31, 2024 primarily consist of $24 million of other expense. Restructuring costs for the twelve months ended December 31, 2024 reflect a benefit due to a change in estimate of $34 million in compensation and benefits, offset by $5 million of occupancy and equipment expense and $37 million of other expense.
⁽³⁾		The income tax effects of the non-GAAP adjustments are determined using an effective tax rate reflecting the exclusion of non-deductible acquisition costs and are used to present the acquisition and integration-related costs, amortization of acquired intangible assets, and restructuring costs on an after-tax basis.
N/A Not applicable.

	Three Months Ended December 31,								Twelve Months Ended December 31,
	2025				2024				2025				2024
	Amount		% of Total Net Revenues		Amount		% of Total Net Revenues		Amount		% of Total Net Revenues		Amount		% of Total Net Revenues
Income before taxes on income (GAAP), Pre-tax profit margin (GAAP)	$	3,180	50.2	%	$	2,305	43.3	%	$	11,459	47.9	%	$	7,692	39.2	%
Amortization of acquired intangible assets		127	2.0	%		130	2.4	%		512	2.1	%		519	2.7	%
Acquisition and integration-related costs		—	—			20	0.4	%		—	—			117	0.6	%
Restructuring costs		—	—			27	0.5	%		—	—			9	—
Adjusted income before taxes on income (non-GAAP), Adjusted pre-tax profit margin (non-GAAP)	$	3,307	52.2	%	$	2,482	46.6	%	$	11,971	50.0	%	$	8,337	42.5	%

	Three Months Ended December 31,												Twelve Months Ended December 31,
	2025						2024						2025						2024
	Amount			Diluted EPS			Amount			Diluted EPS			Amount			Diluted EPS			Amount			Diluted EPS
Net income available to common stockholders (GAAP), Earnings per common share — diluted (GAAP)	$	2,367		$	1.33		$	1,717		$	.94		$	8,417		$	4.65		$	5,478		$	2.99
Amortization of acquired intangible assets		127			.08			130			.07			512			.29			519			.28
Acquisition and integration-related costs		—			—			20			.01			—			—			117			.06
Restructuring costs		—			—			27			.01			—			—			9			—
Income tax effects		(30	)		(.02	)		(43	)		(.02	)		(122	)		(.07	)		(154	)		(.08	)
Adjusted net income available to common stockholders (non-GAAP), Adjusted diluted EPS (non-GAAP)	$	2,464		$	1.39		$	1,851		$	1.01		$	8,807		$	4.87		$	5,969		$	3.25

THE CHARLES SCHWAB CORPORATION

Non-GAAP Financial Measures

(In millions, except ratios and per share amounts)

(Unaudited)

	Three Months Ended December 31,						Twelve Months Ended December 31,
	2025			2024			2025			2024
Return on average common stockholders’ equity (GAAP)		22	%		18	%		21	%		15	%
Average common stockholders’ equity	$	42,642		$	38,604		$	40,923		$	35,475
Less: Average goodwill		(11,951	)		(11,951	)		(11,951	)		(11,951	)
Less: Average acquired intangible assets — net		(7,297	)		(7,808	)		(7,488	)		(8,002	)
Plus: Average deferred tax liabilities related to goodwill and acquired intangible assets — net		1,669			1,723			1,691			1,741
Average tangible common equity	$	25,063		$	20,568		$	23,175		$	17,263
Adjusted net income available to common stockholders ⁽¹⁾	$	2,464		$	1,851		$	8,807		$	5,969
Return on tangible common equity (non-GAAP)		39	%		36	%		38	%		35	%

⁽¹⁾		See table above for the reconciliation of net income available to common stockholders to adjusted net income available to common stockholders (non-GAAP).

	(Preliminary)
	December 31, 2025
	CSC			CSB
Tier 1 Leverage Ratio (GAAP)		9.3	%		11.1	%
Tier 1 Capital	$	42,888		$	28,122
Plus: AOCI adjustment		(11,017	)		(9,562	)
Adjusted Tier 1 Capital		31,871			18,560
Average assets with regulatory adjustments		462,517			252,824
Plus: AOCI adjustment		(11,333	)		(9,875	)
Adjusted average assets with regulatory adjustments	$	451,184		$	242,949
Adjusted Tier 1 Leverage Ratio (non-GAAP)		7.1	%		7.6	%

View source version on businesswire.com: https://www.businesswire.com/news/home/20260121223561/en/

Contacts

MEDIA

Mayura Hooper, 415-667-1525

public.relations@schwab.com

INVESTORS/ANALYSTS

Jeff Edwards, 817-854-6177

investor.relations@schwab.com

Symbol	Price	Change (%)
AMZN	227.60	-3.40 (-1.47%)
AAPL	245.88	-0.82 (-0.33%)
AMD	244.66	+12.74 (5.49%)
BAC	52.20	+0.09 (0.18%)
GOOG	326.36	+4.20 (1.30%)
META	607.78	+3.66 (0.61%)
MSFT	439.10	-15.42 (-3.39%)
NVDA	181.02	+2.95 (1.66%)
ORCL	171.18	-8.74 (-4.86%)
TSLA	426.67	+7.42 (1.77%)

Schwab Reports Record 4Q and Full Year 2025 Results

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