SCHW Research | Milton Maxwell

SCHW

The Charles Schwab Corporation

96.00

+0.72+0.76%

Dec 16, 4:00:02 PM EST

Upcoming Earnings

Report date

Jan 21, 2026

Earnings Call Transcripts

This Quarter (Q4 '25)

No earnings call transcript available yet

Last Quarter (Q3 '25)

FY Q3 '25

Advisors thrive amid peer slowdown

10/15/25Oct 15, 2025

Q&A unpacked Schwab's advisor business thriving amid peer slowdowns since April, with NNA accelerating across existing RIAs, new converts, and improving legacy Ameritrade clients—now positive NNA contributors with satisfaction up sharply. Management detailed balance sheet shift post-borrowing paydown: prioritizing PAL lending (low penetration, strong upside) and 2-4 year securities reinvestments for yield boost, using BDA for flexibility. Crypto spot stays profitable bait, not just Gen Z lure—they're already winning young investors big. Deposits normal; cash to rise on lower rates. Earnings lift tops July scenario by 2%. Advisors are crushing it. Confident tone; watch lending growth, crypto H1 2026 launch.

Key Stats

Market Cap

174.26B

P/E (TTM)

22.48

Basic EPS (TTM)

4.27

Dividend Yield

0.01%

Recent Filings

8-K

Schwab issues $2B notes

11/14/25Nov 14, 2025

Charles Schwab issued $2B in fixed-to-floating rate senior notes on November 14, 2025—$1B at 4.343% due 2031 and $1B at 4.914% due 2036—under a new Senior Indenture with BNY Mellon. Net proceeds hit ~$1.986B after fees. Funds general corporate purposes. Notes lock in rates amid volatility.

10-Q

Q3 FY2025 results

11/7/25Nov 7, 2025

Schwab posted $6.1B total net revenues for Q3 ended September 30, 2025, up 27% y/y, driven by 37% net interest revenue growth to $3.1B from bank supplemental funding cuts and margin/bank lending expansion, while asset management fees rose 13% on higher client assets. Expenses excluding interest climbed just 4% to $3.1B, yielding 49.2% pre-tax margins—up from 38.0%—and $1.26 diluted EPS, 77% ahead y/y. Client metrics shone: 1.1M new accounts, $11.6T assets, core net new $137.5B (44% y/y). Cash from operations hit $10.1B YTD; repurchased $4.6B stock, redeemed $2.5B preferred, Tier 1 leverage steady at 9.7%. Signed Forge deal for $660M, closing H1 2026. Client cash allocations remain sensitive to rates.

8-K

Schwab buys Forge for $660M

11/6/25Nov 6, 2025

Schwab announced a definitive agreement on November 6, 2025, to acquire Forge Global for $660 million in cash at $45 per share, expected to close in H1 2026 pending approvals. This bolsters Schwab's private markets push, merging Forge's $17B+ transaction platform with Schwab's 46 million accounts for deeper liquidity and retail access. Revenue synergies loom large. Risks include regulatory hurdles.

8-K

Record Q3 revenues, assets soar

10/16/25Oct 16, 2025

Charles Schwab smashed Q3 records with $6.1B net revenues, up 27% YoY, and $2.4B net income as core net new assets hit $137.5B, up 44%. Client assets swelled 17% to $11.59T amid 1M+ new accounts; repurchased $2.7B in shares. Growth roared, yet intangibles amortization lingers.

10-Q

Q2 FY2025 results

8/8/25Aug 8, 2025

Schwab posted $5.9B total net revenues for Q2 ended June 30, 2025, up 25% y/y, driven by 31% net interest revenue growth to $2.8B from bank supplemental funding cuts and bank lending expansion, while asset management fees rose 14% on higher client assets. Expenses excluding interest climbed just 4% to $3.0B amid controlled investments, yielding 47.9% pre-tax margins and $1.08 diluted EPS, up 64% y/y. Core net new assets hit $80.3B, up 31% y/y. Cash at $32.2B backed $22.2B YTD funding paydowns; Tier 1 Leverage held at 9.8%. Redeemed $2.5B Series G preferred. Client cash allocations remain sensitive to deposit rates.

About

The Charles Schwab Corporation, together with its subsidiaries, operates as a savings and loan holding company that provides wealth management, securities brokerage, banking, asset management, custody, and financial advisory services in the United States and internationally. The company operates in two segments, Investor Services and Advisor Services. It offers brokerage accounts with equity and fixed income trading, margin lending, options trading, futures and forex trading, and cash management capabilities, including certificates of deposit; third-party mutual funds through the Mutual Fund Marketplace and Mutual Fund OneSource service, as well as mutual fund trading and clearing services to broker-dealers; exchange-traded funds; advisory solutions for managed portfolios, separately managed accounts, customized personal advice for tailored portfolios, specialized planning, and full-time portfolio management; banking products comprising checking and savings accounts, first lien residential real estate mortgage loans, home equity lines of credit, and pledged asset lines; and trust custody services, personal trust reporting services, and administrative trustee services. It provides digital retirement calculators; integrated web-, mobile-, and software-based trading platforms, real-time market data, options trading, premium research, and multi-channel access; self-service education and support tools; online research and analysis tools; equity compensation plan sponsors full-service recordkeeping for stock plans, stock options, restricted stock, performance shares, and stock appreciation rights; retirement plan services; mutual fund clearing services; and advisor services, including interactive tools and educational content. The Company operates through branch offices. The Charles Schwab Corporation was founded in 1971 and is headquartered in Westlake, Texas.

CEO

Mr. Charles Robert Schwab

IPO

9/22/1987

Website

https://www.schwab.com

Employees

32,700

Sector

Financial Services

Industry

Capital Markets