SCHWAB CHARLES (SCHW) Company Report

On November 14, 2025, Charles Schwab issued $1 billion of 4.343% fixed-to-floating rate senior notes due November 14, 2031 and $1 billion of 4.914% fixed-to-floating rate senior notes due November 14, 2036.
The offering generated net proceeds of approximately $1.986 billion after underwriting discounts and estimated offering expenses.
The notes were issued under the Senior Indenture and First Supplemental Indenture dated November 14, 2025, with a pricing date of November 12, 2025 and settlement on a T+2 basis.
Spreads were +68 bps to the 3.625% UST due October 31, 2030 and +85 bps to the 4.250% UST due August 15, 2035, yielding 4.343% and 4.914%, respectively.

Nov 14, 2025, 10:02 PM

8-K

Schwab Records $44.4 Billion Net New Assets in October

SCHW

Charles Schwab’s core net new assets reached $44.4 billion in October 2025, an 80% increase year-over-year and a company record for the month.
Total client assets climbed to $11.83 trillion, up 20% from October 2024 and 2% from September 2025.
Customer engagement surged with 429,000 new brokerage accounts (30% YoY) and 8.6 million daily average trades.
Margin loan balances rose 7% month-over-month, reflecting heightened investor activity amid a bullish U.S. market.
Analysts maintain a consensus Strong Buy rating with an average price target of $114.87, implying a 21.17% upside.

Nov 14, 2025, 2:10 PM

Morningstar

Schwab to acquire Forge Global to deepen private market access

SCHW

M&A

Revenue Acceleration/Inflection

New Projects/Investments

Charles Schwab will acquire Forge Global for $45 per share in a $660 million all-cash deal, expected to close in 1H 2026 pending stockholder and regulatory approvals.
The transaction combines Forge’s private markets platform—3 million+ unique users and $17 billion+ in lifetime transaction volume—with Schwab’s 46 million accounts and $11.6 trillion in client assets.
Schwab expects revenue synergies from increased client engagement in private markets, modest expense savings, and no material near-term financial impact, while targeting meaningful revenue upside over time.
The acquisition advances Schwab’s strategy to diversify revenue, enhance retail and RIA offerings, and strengthen workplace solutions by integrating private market capabilities.

Nov 6, 2025, 1:30 PM

8-K

Schwab announces acquisition of Forge Global

SCHW

M&A

Charles Schwab will acquire Forge Global in an all-cash deal at $4.45 per share, valuing Forge at $660 million, funded by Schwab’s cash reserves; the transaction is approved by both boards and expected to close in H1 2026.
The deal will be accretive with modest near-term financial impact, aiming to enhance long-term shareholder value through expense synergies and medium-term revenue opportunities across Schwab’s platform.
Forge’s private markets platform, featuring over $17 billion in transaction volume, 3 million unique users, and 625 private firms, will be integrated into Schwab’s 46 million client accounts and $11.59 trillion in assets, diversifying revenue and expanding private securities access.
Schwab will immediately roll out select ultra-high-net-worth offerings, 1940 Act funds for indirect private market exposure in Q1 2026, and expand access to retail and RIA clients, with a fully integrated private markets experience targeted within the next two years.

Nov 6, 2025, 1:30 PM

Transcript

Schwab announces acquisition of Forge Global

SCHW

M&A

All-cash deal at $4.45 per share (implying a $660 million equity value), expected to close in 1H 2026.
Adds Forge’s private market platform (3 million+ users; 625+ private firms) to Schwab’s client base, enabling direct pre-IPO investing and 1940 Act funds for qualified clients.
Leverages Schwab’s scale (46 million accounts, $11.59 trillion AUM) to expand alternatives offerings and deepen liquidity in private securities.
Deal is accretive with modest near-term expense synergies and significant medium-term revenue upside across retail, RIA, and workplace segments.
Funded entirely with cash on hand and subject to customary closing conditions.

Nov 6, 2025, 1:30 PM

Transcript

Schwab announces acquisition of Forge Global

SCHW

M&A

Schwab will acquire Forge Global in an all-cash transaction at $4.45 per share, valuing Forge equity at $660 million, with closing expected in H1 2026.
Forge has facilitated $17 billion in private market transactions, serves 3 million unique users, and partners with 625 private companies, bolstering Schwab’s direct private securities and alternatives offerings for its 46 million client accounts.
The deal is expected to be accretive over time, featuring modest near-term expense synergies and medium-term revenue upside across Schwab’s retail, advisor services, and workplace businesses.
Schwab plans an immediate rollout to select ultra-high net worth clients, a Q1 2026 launch of 1940 Act funds for diversified private company exposure, expansion to over 1 million retail clients and RIAs, and full integration of private market capabilities within the next 1–2 years.

Nov 6, 2025, 1:30 PM

Transcript

Schwab acquires Forge Global

SCHW

M&A

Schwab will acquire Forge Global for $45 per share, implying an equity value of $660 million, in a 100% cash deal.
The transaction is expected to close in 1H 2026, subject to customary closing conditions and regulatory approvals.
Forge operates a private secondary marketplace with $17 billion+ transaction volume and 3 million+ unique users as of September 30, 2025.
Schwab anticipates no material near-term financial impact, with meaningful revenue upside over time from expanded private market solutions.

Nov 6, 2025, 1:30 PM

Presentation

Charles Schwab reports record Q3 2025 results

SCHW

Earnings

Share Buyback

Revenue Acceleration/Inflection

3Q25 net revenues of $6.1 billion, up 27% year-over-year
GAAP EPS of $1.26 (+77%) and adjusted EPS of $1.31 (+70%) versus 3Q24
Core net new assets of $137.5 billion, up 44% YoY; total client assets reached $11.59 trillion, up 17% YoY
$2.7 billion in common stock repurchases and a $12.9 billion reduction in bank supplemental funding

Oct 16, 2025, 8:25 PM

8-K

Schwab reports record Q3 profit

SCHW

Earnings

Share Buyback

Achieved adjusted EPS of $1.31 and revenue of $6.14 billion, both above Wall Street estimates.
Total client assets rose 17% to $11.59 trillion, driven by $137.5 billion in core net new assets.
Trading revenue increased 25% to $995 million on strong market activity and derivative demand.
Returned $2.7 billion to shareholders via repurchasing nearly 29 million shares.
Client sweep cash grew by $13.5 billion, enabling a $12.9 billion reduction in higher-cost funding.

Oct 16, 2025, 1:32 PM

Morningstar

Schwab provides fall 2025 business update

SCHW

Guidance Update

Share Buyback

Product Launch

Record revenue of $6.1 billion (27% yoy) and adjusted EPS of $1.31 (70% yoy) in 3Q 2025
1.1 million net new brokerage accounts and $138 billion in core net new assets in Q3 (YTD $356 billion)
Supplemental borrowings reduced to $14.8 billion (85% below May 2023 peak) and $2.7 billion returned via share repurchases in Q3; capital ratios held above target range
On track to launch spot crypto (Bitcoin & Ethereum) in 2026; market-implied three 25 bp rate cuts in 2025 could drive ~2% uplift in 4Q EPS vs July scenario

Oct 16, 2025, 12:30 PM

Transcript

Earnings Transcripts

Quarterly earnings call transcripts for SCHWAB CHARLES.

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