SCHWAB CHARLES (SCHW) Company Report

The Board declared a 19% increase in the quarterly common stock dividend to $0.32 per share, payable February 27, 2026, to holders of record as of February 13, 2026.
Dividends on five series of preferred stock were declared for the December 1, 2025–February 28, 2026 period, including Series D at $14.88 per share ($0.372 per depositary share) and Series K at $1,250 per share ($12.50 per depositary share).
Co-Chairman Walt Bettinger said the increase reflects the Board’s confidence in continuing profitable growth through the “Through Clients’ Eyes” strategy.

5 days ago

Press Release

Charles Schwab reports record Q4 and full-year 2025 results

SCHW

Earnings

Share Buyback

Q4 net revenues of $6.3 B, up 19% YoY; GAAP net income of $2.5 B (EPS $1.33), adjusted EPS $1.39 (+38% vs 4Q24)
Q4 core net new assets of $163.9 B, bringing full-year core net new assets to $519.4 B (organic growth 5.1%); total client assets reached $11.90 T, +18% YoY
Full-year revenue of $23.9 B, up 22% vs 2024; net inflows into managed investing solutions grew 36% YoY
Share repurchases of 29.2 M shares for $2.7 B in 4Q, contributing to $11.8 B of capital returned in 2025

Jan 21, 2026, 9:16 PM

8-K

Schwab posts record 2025 results, nearly $12T assets

SCHW

Earnings

Charles Schwab reported Q4 GAAP net income of $2.5 billion ($1.33/share) and adjusted EPS of $1.39, with Q4 revenue of $6.34 billion and full-year revenue of $23.9 billion.
Full-year net income was $8.85–8.9 billion, and total client assets reached a record $11.9 trillion at year-end 2025.
TD Ameritrade integration is 100% complete, unlocking nearly $2 billion in annual cost synergies and enabling a shift toward AI-driven advice and private-market access.
Schwab saw $519 billion in core net new assets for 2025 (Q4 core NNA $164 billion), over 46 million client accounts, and robust trading/digital engagement, supported by a 2.90% net interest margin.

Jan 21, 2026, 6:05 PM

Bloomberg

Schwab reports record 2025 performance and outlines 2026 outlook

SCHW

Guidance Update

Share Buyback

M&A

Core net new assets of $519 B (+42%) and 4.7 M new brokerage accounts (+13%) in 2025; record total net revenues of $23.9 B and adjusted EPS of $4.87 (+50%).
Q4 2025 revenue grew 19% to $6.3 B, net interest revenue +25%, trading revenue +22%, and adjusted EPS $1.39 (+38%).
Continued scale and efficiency drove cost per account down 20% over five years and expense ratio (EOCA) from 15 bps to 11 bps; launched Advisor ProDirect, agreed to acquire Forge, and invested in Carta to expand alternatives and private investing.
2026 guidance: revenue growth of 9.5–10.5%, net interest margin of 2.85–2.95%, expense growth of 5.5–6.5%, and adjusted EPS of $5.70–5.80.
Strong capital management with an adjusted Tier 1 leverage ratio of 7.1%, $2.7 B share repurchases in Q4 and $11.8 B returned YTD; committed to ongoing capital return.

Jan 21, 2026, 1:30 PM

Transcript

Charles Schwab announces Q4 2025 results

SCHW

Earnings

Guidance Update

Share Buyback

Record annual net revenues of $23.9 billion and adjusted EPS of $4.87, up 50% year-over-year; attracted $519 billion in net new assets (42% increase) and opened 4.7 million new accounts (13% increase) in 2025.
In Q4, asset management fees grew 15% and trading revenue rose 22% year-over-year, supported by a quarterly average of 8.3 million daily trades.
Balance sheet strength with $58 billion in bank lending balances (up 28% YoY), $112 billion in margin loans (up 34% YoY), $453.7 billion in cash, and an Adjusted Tier-One Leverage Ratio of 7.1%; repurchased $2.7 billion of common stock in Q4.
2026 guidance assumes 9.5–10.5% total revenue growth, net interest margin of 2.85–2.95%, expense growth of 5.5–6.5%, and adjusted EPS of $5.70–$5.80.

Jan 21, 2026, 1:30 PM

Transcript

Schwab reports record FY25 results and 2026 outlook

SCHW

Earnings

Share Buyback

Guidance Update

Record FY25 comprising $58 B total net revenues (up 28%) and $4.87 adjusted EPS (up 56%).
Client-driven growth with $519 B core net new assets (+42%), 4.7 M new brokerage accounts (+13%), and $11.9 T total client assets in FY25.
Returned $11.8 B of capital in 2025 — $7.3 B in buybacks, $1.9 B in dividends, $2.5 B in preferred redemptions — while maintaining a 9.3% regulatory Tier 1 leverage ratio at year-end.
For 2026, expects Fed Funds at ~3.25%, equity markets +6.5%, organic net asset growth near 5%, and daily trades of ~7.4 M to drive earnings growth through the cycle.

Jan 21, 2026, 1:30 PM

Presentation

Schwab reports Q4 and full-year 2025 results

SCHW

Earnings

Guidance Update

$519 B core net new assets, up 42% YoY, and 4.7 M new brokerage accounts, up 13% YoY in 2025.
Record full-year net revenues of $23.9 B and adjusted EPS of $4.87, up 22% and 50% YoY, respectively.
Q4 2025: total revenues of $6.3 B (+19% YoY), net interest revenue +25%, and trading revenue +22%.
End-2025: 46 M client accounts with ~$12 T in total client assets; bank lending (PAL) at $58 B (+28% YoY) and margin loans at $112 B (+34% YoY).
2026 outlook: 9.5–10.5% revenue growth, NIM of 2.85–2.95%, adjusted EPS of $5.70–5.80, and expense growth of 5.5–6.5%.

Jan 21, 2026, 1:30 PM

Transcript

Schwab presents 2026 Winter Business Update

SCHW

Guidance Update

Product Launch

New Projects/Investments

Schwab delivered record 2025 results, attracting $519 billion in core net new assets (+42%), opening 4.7 million new brokerage accounts (+13%), achieving $23.9 billion in net revenues and $4.87 adjusted EPS (+50%), and ending with 46 million accounts holding $12 trillion in assets.
2026 guidance assumes ~5% organic asset growth, 7.4 million daily average trades, 9.5%–10.5% total revenue growth, NIM of 2.85%–2.95%, expense growth of 5.5%–6.5%, and $5.70–$5.80 adjusted EPS.
Expanded client solutions, including opening 10 new branches; launching Advisor ProDirect, long-short SMAs; pending Forge acquisition; Carta investment; and spot Bitcoin/Ethereum trading planned in H1 2026.
Efficiency and capital management: deployed 220+ AI use cases and automation to reduce cost per account by 20% to ~11 bps EOCA; established hedges cutting interest-rate sensitivity by ~⅓; maintaining 6.75%–7% adjusted Tier 1 ratio and 20%–30% GAAP earnings payout.

Jan 21, 2026, 1:30 PM

Transcript

Charles Schwab reports Q4 2025 earnings and full-year results

SCHW

Earnings

Guidance Update

Record 2025 financials: Total net revenues of $23.9 billion and record adjusted EPS of $4.87, up 22% and 50% year-over-year, respectively.
Q4 2025 highlights: Revenue of $6.3 billion (+19% YoY), net interest revenue +25%, trading revenue +22%; adjusted expenses +6% and pre-tax margin ~52%, with EPS of $1.39 (+38%).
Balance sheet & capital: Bank loan balances reached $58 billion (+28% YoY), margin loans $112 billion (+34%), cash $453.7 billion; adjusted Tier 1 leverage ratio 7.1%; repurchased $2.7 billion of shares in Q4 (total $11.8 billion in 2025).
2026 outlook: Projects total revenue growth of 9.5–10.5%, net interest margin of 2.85–2.95%, expense growth of 5.5–6.5%, ~7.4 million daily trades, and adjusted EPS of $5.70–$5.80.

Jan 21, 2026, 1:30 PM

Transcript

Schwab delivers record 2025 results and outlines 2026 guidance

SCHW

Guidance Update

Share Buyback

M&A

Schwab reported record 2025 results: $519 billion in core net new assets (+42% y/y), 4.7 million new brokerage accounts (+13%), total net revenues of $23.9 billion, and adjusted EPS of $4.87 (+50%).
In 4Q 2025, management delivered $6.3 billion in revenue (+19% y/y), net interest revenue up 25%, trading revenue +22%, and adjusted EPS of $1.39 (+38%), with a pre-tax margin over 52%.
Client lending balances hit all-time highs: bank loans of $58 billion (+28% y/y) and margin loans of $112 billion (+34% y/y); cash balances rose to $453.7 billion at year-end.
For 2026, Schwab forecasts revenue growth of 9.5%–10.5%, a net interest margin of 2.85%–2.95%, expense growth of 5.5%–6.5%, and adjusted EPS of $5.70–5.80.
Capital management remains a priority: ended 2025 with an adjusted Tier 1 leverage ratio of 7.1%, repurchased $2.7 billion of shares in 4Q, and returned $11.8 billion of capital in 2025.