Financials · NYSE: SCHW
Charles Schwab: how the business works
Charles Schwab runs brokerage accounts, funds, advice and a bank, holding $13.33 trillion of client assets at Sep 30, 2026, and earned $23.92 billion of revenue in FY2025.
By Hardik Bhandare · Checked against filings: . Editorial policy. Corrections
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The Charles Schwab Corporation · Westlake, Texas · Founded 1971
Updated for Q3 FY2026 · checked
- Revenue, FY2025
- $23.92B
- Net income for common stockholders, FY2025
- $8.42B
- Client assets, Sep 30, 2026
- $13.33 trillion
- Active brokerage accounts, Sep 30, 2026
- 40.26 million
- Employees (full-time equivalent), Dec 31, 2025
- About 33,000
The short version
Charles Schwab in 5 points
1 · What it sells
Charles Schwab runs brokerage accounts, funds, advice and a bank, with 40.26 million active brokerage accounts and $13.33 trillion of client assets at Sep 30, 2026.
2 · Who pays it
In FY2025, 49.1% of revenue was net interest on bonds and loans funded by client cash, 27.2% fees on funds and advice, 16.4% trading, 4.1% fees from TD's banks and 3.2% other.
3 · What it keeps from $100
Of every $100 that came in during FY2025, Schwab paid $13.6 in interest to depositors and lenders and kept $30.4 for common stockholders; it reports no operating income line, and pre-tax income was 47.9% of revenue.
4 · Where the operating profit comes from
Investor Services earned $9,321 million of FY2025 pre-tax income (81.3%) and Advisor Services $2,138 million (18.7%).
5 · The one thing to watch
Schwab's CET1 capital ratio fell to 24.4% at Jun 30, 2026 from 30.4% at Dec 31, 2025, as risk-weighted assets rose to $150.0 billion from $118.8 billion.
Sources: From Charles Schwab's FY2025 10-K, Q2 FY2026 10-Q and Q3 FY2026 earnings release (Oct 15, 2026) · checked
See the full receipt and the management scorecard below
01Where $100 of a bank's money goes · FY2025
Where does $100 of Charles Schwab's money go?
Charles Schwab · FY2025
Receipt for every $100
| Interest paid to depositors and lenders | $13.6 |
|---|---|
| Employees | $23.4 |
| Technology, offices, advertising and other costs | $21.6 |
| Provision for credit losses | $0.1 |
| Income tax | $9.4 |
| Preferred stock dividends and other | $1.6 |
| Kept as net income for common stockholders | $30.4 |
| Total | $100 |
Each line = amount ÷ total money in × 100. Lines may not add to exactly $100 because of rounding.
How this is worked out
Cityfort calculation from the FY2025 10-K. Of every $100 that came in during FY2025 (interest revenue of $15,504 million plus $12,186 million of fees, trading and other noninterest income, before the $15 million provision for credit losses that Schwab records inside other revenue): each line = line ÷ $27,690 million × 100. Rounded lines add to $100.1. Interest earned is counted in full here, so the profit share is lower than net income for common stockholders ÷ revenue (35.2%).
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02The business in one line
What does Charles Schwab do?
Investors and advisors keep their accounts at Schwab; it earns interest on the spare cash they leave there and fees on funds, advice and trades, staff are its biggest cost, and $30.4 of every $100 that came in was left for common stockholders in FY2025.
- In FY2025, net interest revenue was 49.1% of Schwab's $23.92 billion of revenue, and fees and trading made up the other 50.9%.
- The $13.33 trillion of client assets at Sep 30, 2026 belongs to clients; Schwab's own balance sheet held $520.7 billion of assets that day.
03Who pays it
Who pays Charles Schwab?
Borrowers and bond issuers (net interest revenue)
49%
of revenue
Interest on bonds, margin loans and bank loans funded mostly by client cash, minus interest Schwab pays
Fund investors and advice clients (asset management and administration fees)
27%
of revenue
Fees based on balances in Schwab and other funds, managed portfolios, trust and 401(k) recordkeeping
Traders and trade execution venues (trading revenue)
16%
of revenue
Commissions, order flow payments from venues that execute client orders, and bond trading
TD's banks (bank deposit account fees)
4%
of revenue
Fees for client cash swept to TD's banks under the 2023 agreement
Other
3%
of revenue
Service fees, gains on investments and other items, net of the provision for credit losses
- Borrowers and bond issuers (net interest revenue)49%
- Fund investors and advice clients (asset management and administration fees)27%
- Traders and trade execution venues (trading revenue)16%
- TD's banks (bank deposit account fees)4%
- Other3%
How spread out the customers are
Schwab's filings name no single customer that pays a large share of revenue. The largest single counterparty named is TD's banks, whose bank deposit account fees were 4.1% of FY2025 revenue (Cityfort calculation from the FY2025 10-K).
04Why it makes money
Why does Charles Schwab make money?
Client cash that earns clients little is Schwab's cheapest money
Clients leave spare cash in low-rate sweep accounts; Schwab's average rate on all bank deposits was 0.23% in Q3 FY2026. Schwab invests and lends that cash at higher rates. More client assets bring more of this cash and more fee income, spread over the same technology and staff.
Net interest margin
1.5%2.7%
FY2021 to FY2025
- Win client accounts and assets
- Clients leave some cash uninvested
- Bank invests and lends that cash
- Earn the interest gap
- Add fees on funds, advice and trades
- Spread costs over more clients
↺ Step 6 feeds back into step 1.
05Business segments · FY2025
Which businesses make up Charles Schwab?
Investor Services
79%Accounts, advice, banking and workplace plans for individual investors; $9,321 million of FY2025 pre-tax income, 81.3% of the total.
Revenue $19.0B · Operating profit $9.3B
Advisor Services
21%Custody, trading and banking for independent advisors; $2,138 million of FY2025 pre-tax income, 18.7% of the total.
Revenue $4.9B · Operating profit $2.1B
How the mix changed
- Investor Services
- Advisor Services
Revenue by segment, FY2021 to FY2025.
US$
See the numbers
06The numbers · Consolidated · US$
How has Charles Schwab done?
Net interest income
$11.8BFY2025
Net interest revenue rose from $8,030 million in FY2021 to $11,750 million in FY2025, after falling to $9,144 million in FY2024 as funding costs rose.
US$ · interest earned minus interest paid
See the yearly numbers
See the quarterly numbers
Net income
$8.4BFY2025
Net income for common stockholders rose from $4,649 million in FY2023 to $8,417 million in FY2025.
US$ · after the provision for credit losses and tax
See the yearly numbers
See the quarterly numbers
Net interest margin
2.74%FY2025
The net interest margin rose from 1.45% in FY2021 to 2.74% in FY2025 and was 3.04% in Q3 FY2026.
% · net interest income as a share of the assets that earn interest, as reported by the company
See the numbers
Loans written off (net charge-offs)
0.0%FY2025
Schwab reported no net charge-offs on bank loans in FY2023 to FY2025 ($3 million in FY2022), and its allowance was $36 million, 0.06% of $57,991 million of bank loans, at Dec 31, 2025; margin loans are not in these figures.
% of average loans · loans written off as unlikely to be repaid, minus amounts later recovered, as reported
See the numbers
See all yearly numbers
Diluted EPS for common stockholders, after preferred stock dividends.
Net interest income = interest earned on loans and securities minus interest paid to depositors and lenders. Revenue (net of interest expense) = net interest income + noninterest income (fees and other income). Provision for credit losses = money set aside for loans that may not be repaid. Net income is the amount for common stockholders. Fiscal years are the company's own (December 31).
- All figures are consolidated for The Charles Schwab Corporation, as reported in its 10-Ks, 10-Qs and earnings releases.
- Schwab records its provision for credit losses inside "other" revenue, not as an expense, so noninterest income here is already net of the provision and "profit before credit losses" equals pre-tax income. The provision was $15 million or less in each year shown except FY2022 ($58 million).
- Loans are bank loans (first mortgages, home equity lines and securities-backed lines of credit). Margin loans to brokerage clients, $104,660 million of receivables from brokerage clients at Dec 31, 2025 and $187.9 billion of margin loans at Sep 30, 2026, are not included.
- Net charge-offs were zero in FY2021 and FY2023 to FY2025, shown as 0.00%; the company reports the ratio as nil. Schwab publishes no quarterly charge-off ratio, and the allowance rollforwards in its 10-Qs show no charge-offs in any quarter from Q4 FY2024 to Q2 FY2026.
- Q3 FY2026 provision, charge-offs, CET1 and noninterest-bearing deposits are in the Q3 FY2026 10-Q, filed Nov 6, 2026, after this page's figures were collected, so they are not shown. Q4 FY2024 and Q4 FY2025 provisions are Cityfort calculations from the FY2025 10-K and Q3 FY2025 10-Q: the full year minus the first nine months.
- Net interest margins for Q2 FY2025 and Q3 FY2025 are as recast in later releases (first reported 2.65% and 2.86%), after Schwab began leaving client long-short strategy balances out of interest-earning assets.
- The efficiency ratio is a Cityfort calculation from the FY2022 to FY2025 10-Ks (noninterest expense ÷ revenue); Schwab does not report one, nor a return on assets. ROE and ROTCE are as Schwab reports them; ROTCE is the company's own measure.
- CET1 is for the consolidated company under the standardized approach; as a Category III banking organization, Schwab leaves most unrealized securities losses (AOCI) out of capital. The regulatory minimum CET1 ratio is 4.5%.
Learn: What is net interest income and margin? NII and NIM at real US banks · How to read a US earnings release: Nvidia's Q2 fiscal 2027 · What a margin means: dollars kept per $100
Sources (12)
- Form 10-K, fiscal year 2023 (ended Dec 31, 2023)
- Form 10-K, fiscal year 2022 (ended Dec 31, 2022)
- Form 10-K, fiscal year 2025 (ended Dec 31, 2025)
- Form 10-K, fiscal year 2024 (ended Dec 31, 2024)
- Form 10-Q, third quarter 2025 (ended Sep 30, 2025)
- Fourth quarter 2025 earnings release (8-K Exhibit 99.1)
- Third quarter 2025 earnings release (8-K Exhibit 99.1)
- Form 10-Q, first quarter 2026 (ended Mar 31, 2026)
- First quarter 2026 earnings release (8-K Exhibit 99.1)
- Form 10-Q, second quarter 2026 (ended Jun 30, 2026)
- Second quarter 2026 earnings release (8-K Exhibit 99.1)
- Third quarter 2026 earnings release (8-K Exhibit 99.1)
07Who runs it
Who runs Charles Schwab, and did they deliver?
Rick Wurster
Chief Executive Officer · since 2025
President since 2021; became CEO in January 2025.
Walt Bettinger
Co-Chairman · since 2025
CEO from 2008 to December 2024.
Charles R. Schwab
Founder and Co-Chairman
Founded the company; holds 5.9% of the shares.
Michael Verdeschi
Chief Financial Officer · since 2024
CFO since October 2024.
Tyler Woulfe
Chief Executive Officer, Charles Schwab Bank · since 2026
Named on Jan 29, 2026 to succeed Paul Woolway as the bank's CEO, effective Jul 1, 2026.
What they said, and what happened
2 delivered
Said on Feb 25, 2026
The FY2025 10-K said the Forge Global acquisition was expected to close in March 2026, subject to regulatory approvals.
DeliveredWhat happened
Schwab completed the acquisition on Mar 2, 2026, for $636 million of cash and other consideration.
Said on Feb 25, 2026
The FY2025 10-K said expanded access to select cryptocurrencies was expected to be offered to clients beginning in 2026.
DeliveredWhat happened
Schwab began a phased rollout of Schwab Crypto, spot bitcoin and ether trading, to retail clients in May 2026.
Sources (5)
08What could go wrong
What could go wrong for Charles Schwab?
- Cash and liquidity
Clients moving cash out
Client cash is Schwab's main funding. When rates rose, bank deposits fell from $443,778 million at the end of FY2021 to $289,953 million at the end of FY2023, and Schwab used higher-cost borrowing.
Watch Bank deposits ($244.1 billion at Sep 30, 2026) and transactional sweep cash ($492.8 billion) each quarter.
- Pricing
Interest rates
Net interest revenue was 49.1% of FY2025 revenue. The 10-K says lower rates may reduce net interest revenue and bank deposit account fees, and higher rates may raise funding costs.
Watch Net interest margin each quarter (3.04% in Q3 FY2026).
- Regulation
Capital falling as lending grows
The CET1 ratio fell from 30.4% at Dec 31, 2025 to 24.4% at Jun 30, 2026 as risk-weighted assets rose from $118.8 billion to $150.0 billion. The regulatory minimum is 4.5%.
Watch CET1 in the Q3 FY2026 10-Q, and the adjusted Tier 1 leverage ratio (7.0% at Sep 30, 2026).
- Concentration
Loans backed by securities and homes
Margin loans were $187.9 billion at Sep 30, 2026, including $60.7 billion tied to long-short strategies. 41% of first mortgages and home equity lines were in California at Dec 31, 2025.
Watch Margin loan balances and any charge-offs in the 10-Qs.
- Competition
Price competition
The 10-K lists aggressive price competition as a risk factor. Trading revenue was $3,921 million in FY2025, 16.4% of revenue.
Watch Revenue per trade ($1.69 in Q3 FY2026).
- Technology
Cyber attacks and outages
The 10-K names security breaches and technology failures as risks; Schwab serves 40.26 million active brokerage accounts.
Watch Any outage or breach disclosed in an 8-K or 10-Q.
- Legal
TD Ameritrade antitrust case
A 2022 class action alleges the TD Ameritrade acquisition broke antitrust law; a settlement won final approval on Nov 24, 2025, and objectors appealed.
Watch The appeal's outcome in the 10-Qs.
09Both sides
What do supporters and critics point to?
What supporters point to
- Net interest revenue rose from $9,144 million in FY2024 to $11,750 million in FY2025.
- Pre-tax income was 47.9% of revenue in FY2025, up from 33.9% in FY2023.
- Core net new assets were $519.4 billion in FY2025, up from $305.7 billion in FY2023.
- Schwab reported no net charge-offs on bank loans in FY2023 to FY2025.
What critics point to
- Bank deposits fell from $443,778 million at the end of FY2021 to $255,747 million at the end of FY2025.
- The CET1 ratio fell from 30.4% to 24.4% in the first half of FY2026.
- Net interest revenue, which depends on rates and client cash, was 49.1% of FY2025 revenue.
- Counting unrealized securities losses, the adjusted Tier 1 leverage ratio was 7.0% at Sep 30, 2026, against 8.9% on the regulatory basis.
10What to watch next
What should you watch next at Charles Schwab?
Next event
Q4 FY2026 results
Date not announced yet.
The Q3 FY2026 10-Q
Filed Nov 6, 2026, after this page's figures were collected, it reports the Sep 30, 2026 CET1 ratio, provision and charge-offs that this page does not yet show.
Client cash and deposits
Bank deposits were $244.1 billion at Sep 30, 2026, down from $255.7 billion at Dec 31, 2025.
Capital as lending grows
CET1 was 24.4% at Jun 30, 2026; bank loans reached $72.3 billion at Sep 30, 2026.
Net interest margin
It was 3.04% in Q3 FY2026, up from 2.88% a year earlier.
11Key facts
Key facts about Charles Schwab
- What does Charles Schwab do?
- Charles Schwab (NYSE: SCHW) runs brokerage accounts, investment funds, advice, retirement plans and a bank for individual investors and independent advisors; it had 40.26 million active brokerage accounts and $13.33 trillion of client assets at Sep 30, 2026.
- How does Charles Schwab make money?
- Charles Schwab earned $23.92 billion of revenue in FY2025: 49.1% net interest revenue, 27.2% asset management and administration fees, 16.4% trading revenue, 4.1% bank deposit account fees and 3.2% other revenue.
- Is Charles Schwab a bank?
- Charles Schwab is a savings and loan holding company that owns Charles Schwab Bank, SSB, but it is mainly a broker and wealth manager: its bank deposits were $255.7 billion at Dec 31, 2025, of which $232.4 billion was cash swept from brokerage accounts.
- Is Charles Schwab profitable?
- Charles Schwab's net income for common stockholders was $8,417 million in FY2025, up from $5,478 million in FY2024, and its pre-tax income was 47.9% of revenue in FY2025.
- What is Charles Schwab's revenue by segment?
- In FY2025, Charles Schwab's Investor Services segment had $18,999 million of revenue (79.4%) and its Advisor Services segment $4,922 million (20.6%).
- How much does Charles Schwab earn from trading?
- Charles Schwab's trading revenue was $3,921 million in FY2025, including $1,930 million of order flow revenue paid by trade execution venues and $1,797 million of commissions.
- How much does Charles Schwab earn from funds and advice?
- Charles Schwab earned $6,506 million of asset management and administration fees in FY2025, from fees on its own and other firms' funds, managed portfolios and advice, trust and 401(k) recordkeeping.
- What does Charles Schwab earn from TD's banks?
- Charles Schwab earned $977 million of bank deposit account fees in FY2025 for sweeping client cash to TD's banks under an agreement amended on May 4, 2023.
- How much does Charles Schwab lend?
- Charles Schwab had $187.9 billion of margin loans to brokerage clients and $72.3 billion of bank loans at Sep 30, 2026.
- Who owns Charles Schwab?
- Vanguard Capital Management reported 7.18% of Charles Schwab's common stock as of Mar 31, 2026, and founder Charles R. Schwab held 5.9% as of Mar 3, 2026; directors and executive officers as a group held 6.3%.
Terms on this page
- Allowance for credit losses
- CET1 ratio
- Dividend payout ratio
- Earnings per share (EPS)
- Efficiency ratio
- Market cap
- Net charge-offs
- Net interest income and margin
- P/E ratio
- Stock buyback
Each explains the term in plain English, with the same number from other companies on Cityfort.
Go deeper
More detail from the same filings. Open any section.
12What it sells
12What it sells
What does Charles Schwab sell?
Brokerage accounts
Accounts to trade stocks, ETFs, options, futures, bonds and forex, including the thinkorswim platform from TD Ameritrade, plus margin loans against the securities in the account.
Funds, managed portfolios and advice
Schwab's own mutual funds and ETFs, other firms' funds through Mutual Fund OneSource, managed portfolios and advice programs such as Schwab Wealth Advisory.
Banking
Checking and savings accounts, first mortgages, home equity lines and lines of credit backed by clients' investment accounts, through Charles Schwab Bank.
Services for independent advisors
Custody, trading, banking and support for independent registered investment advisors, who manage their own clients' money held at Schwab.
Workplace services
401(k) plan recordkeeping and stock plan services for employers; Schwab had 5.87 million workplace accounts at Sep 30, 2026.
Spot crypto trading
Schwab Crypto, bitcoin and ether trading for retail clients, rolled out in phases from May 2026.
What it does
- Does: Holds investment accounts for individuals and advisors
- Does: Earns interest on clients' uninvested cash
- Does: Runs its own mutual funds and ETFs
- Does: Lends against clients' securities and homes
What it does not do
- Does not: Own the $13.33 trillion of client assets: that money belongs to clients
- Does not: Earn most of its revenue from commissions: they were $1,797 million, 8% of FY2025 net revenues
- Does not: Run an investment bank or lend to companies
13How the money flows
13How the money flows · FY2025
How does money flow through Charles Schwab?
Money in
- Interest earned on bonds, margin loans and bank loans$15.5B
- Fees, trading and other noninterest income (before the provision)$12.2B
The company
Charles Schwab
$27.7B came in
Money out
- Interest paid to depositors and lenders$3.8B
- Employees$6.5B
- Technology, offices, advertising and other costs$6.0B
- Provision for credit losses$15M
- Income tax$2.6B
- Preferred stock dividends and other$435M
- Net income for common stockholders$8.4B
- Clients open accounts and leave some cash uninvested; Schwab sweeps much of it to its bank.
- Schwab invests that cash in bonds and lends it out, earning $15,504 million of interest in FY2025.
- Clients pay fees on funds and advice, and trade execution venues pay for client orders.
- Interest to depositors and lenders, staff, technology and offices take the next share.
- After tax and preferred dividends, $8,417 million was left for common stockholders.
14Where growth could come from
14Where growth could come from
Where could Charles Schwab's growth come from?
In the Q2 FY2026 10-Q (filed Aug 7, 2026), Schwab said it now expects full-year 2026 expenses excluding interest to rise about 10% to 11%. That includes trading-volume costs and Forge, a company it bought in March 2026. In the FY2025 10-K (filed Feb 25, 2026), it had expected a rise of about 5.5% to 6.5%, before Forge costs. That 10-K also put US investable wealth at more than $80 trillion, against Schwab's $11.90 trillion of client assets.
New client assets
WorkingCore net new assets $519.4B in FY2025
Up from $305.7 billion in FY2023; $190.4 billion came in during Q3 FY2026, up 38% from a year earlier.
Status: Working, on track against what the company said.
Bank lending
WorkingBank loans $72.3B, Sep 30, 2026
Up 35% in a year; securities-backed lines of credit reached $37.3 billion, up 59%.
Status: Working, on track against what the company said.
Client trading
Working10.7 million trades a day in Q3 FY2026
Daily average trades rose 44% from a year earlier; revenue per trade was $1.69.
Status: Working, on track against what the company said.
Private markets (Forge Global)
NewBought Mar 2, 2026 for $636 million
Forge runs a marketplace for shares of private companies; Schwab agreed to buy it on Nov 6, 2025.
Status: New, recently announced.
Spot crypto trading
EarlyPhased rollout from May 2026
Schwab Crypto offers bitcoin and ether trading, held by Charles Schwab Premier Bank with Paxos as sub-custodian.
Status: Early, too early to judge.
Status compares progress with what the company itself said it would do: Working = on track against what the company said; Mixed = partly on track; Behind = behind the company's own plan; New = recently announced; Early = too early to judge.
Sources (5)
- Form 10-Q, second quarter 2026 (ended Jun 30, 2026)
- Form 10-K, fiscal year 2025 (ended Dec 31, 2025)
- Third quarter 2026 earnings release (8-K Exhibit 99.1)
- Form 8-K filed Nov 6, 2025, Exhibit 99.1 (agreement to acquire Forge Global)
- Form 8-K filed Mar 2, 2026, Exhibit 99.1 (Forge Global acquisition completed)
15The company's own measures (non-GAAP)
15The company's own measures · FY2025 and Q3 FY2026
What do Charles Schwab's own measures show?
Official (GAAP): Diluted EPS, FY2025
$4.65
Company's own measure: Adjusted diluted EPS, FY2025
$4.87
Leaves out acquisition and integration costs, amortization of acquired intangibles and restructuring costs, with their tax effect. Schwab also uses it to fund annual bonuses.
Official (GAAP): Diluted EPS, Q3 FY2026
$1.62
Company's own measure: Adjusted diluted EPS, Q3 FY2026
$1.69
Same definition; Q3 FY2026 left out $141 million of acquired-intangible amortization and $10 million of acquisition and integration costs, less $36 million of tax.
Official (GAAP): Total expenses excluding interest, FY2025
$12.5B
Company's own measure: Adjusted total expenses excluding interest, FY2025
$12.0B
The same items as adjusted EPS, before tax.
Official (GAAP): Return on average common equity, FY2025
21.0%
Company's own measure: Return on tangible common equity (ROTCE), FY2025
38%
Adjusted net income for common stockholders ÷ average common equity minus goodwill and acquired intangibles (net of related deferred taxes). Average goodwill of $11,951 million from past acquisitions in FY2025, plus acquired intangibles, makes the two figures far apart.
Official (GAAP): Tier 1 leverage ratio, Sep 30, 2026 (preliminary)
8.9%
Company's own measure: Adjusted Tier 1 leverage ratio, Sep 30, 2026
7.0%
Counts unrealized losses on securities (AOCI) against capital, which the regulatory ratio leaves out.
Official (GAAP): Total assets on the balance sheet, Sep 30, 2026
$520.7B
Company's own measure: Client assets, Sep 30, 2026
13,333.2 US$ billion
The value of everything clients hold at Schwab. It is clients' money and mostly not on Schwab's balance sheet.
Official (GAAP)
No official figure measures this; it is the company's own operating measure.
Company's own measure: Core net new assets, Q3 FY2026
190.4 US$ billion
Assets clients brought in minus assets they took out, excluding flows Schwab treats as unusual.
These are the company's own measures, defined by the company. They are not comparable across companies, and they are not added together. Each sits beside the nearest official (GAAP) figure.
Learn: Non-GAAP measures: what a company's "adjusted" numbers leave out
16Financial strength: capital, loan losses, deposits
16Financial strength · FY2025
How strong is Charles Schwab's balance sheet?
- Loans made$58.0B
- Deposits taken$255.7B
- of which pay no interest$1.2B
Loans were 22.7% of deposits at the end of FY2025 (Cityfort calculation from the reported totals: loans ÷ deposits).
Noninterest-bearing deposits, such as many checking accounts, were 0.5% of deposits (Cityfort calculation: noninterest-bearing deposits ÷ total deposits).
- CET1 capital ratio
- 30.4%
- common equity capital as a share of risk-weighted assets (standardized approach); regulators set a minimum
- Allowance for credit losses
- $36M
- money set aside for expected loan losses: 0.06% of loans
- Net charge-offs
- $0M
- loans written off, minus recoveries: 0.0% of average loans
- Efficiency ratio
- 52.1%
- $ of noninterest expense per $100 of revenue (net interest income + noninterest income)
- Return on equity
- 21.0%
- net income as % of average common equity
- Return on tangible common equity
- 38.0%
- the company's own measure (non-GAAP): equity without goodwill and other intangibles
Figures at the end of FY2025, consolidated, as reported by the company in its 10-K and earnings release; see the dates on each source.
Learn: What are net charge-offs? Loans written off, with real US companies · What is the allowance for credit losses? Loss reserves at US banks · What is the CET1 ratio? A bank's core capital, with real US companies · What is a bank efficiency ratio? Costs vs revenue, with real US banks · How to read a 10-K in 10 minutes
17Who owns it
17Who owns it · ownership as of Mar 3, 2026
Who owns Charles Schwab?
- Officers and directors (as a group), shares
- 6.3%
Share classes
Holders of 5% or more
From the company's proxy statement (DEF 14A), later Schedule 13G filings and the share counts on its latest annual or quarterly report. Each holder row shows the date of its own filing.
Insider trades · Form 4 data as of Nov 6, 2026
What did Charles Schwab's insiders report trading?
Charles Schwab's insiders made 118 Form 4A filing an insider must make within two business days of buying or selling the company's shares. Learn more filings in the 12 months to Nov 6, 2026.
They reported 1 purchase (21,959 shares) and 93 sales (3.4 million shares) in the open market or privately (codes P and S).
36 of the 93 sales were on forms with the Rule 10b5-1 plan box checked.
The same filings report 91 other share transactions (M: 43, G: 19, A: 18, F: 11).
They also report 79 transactions in options, stock units or other derivatives.
Insiders are a company's officers, directors and owners of more than 10% of a class of its shares. Most changes in their holdings must be reported to the SEC on a Form 4 within two business days. Source: SEC Form 4 filings on EDGAR.
- P
- a purchase in the open market or privately
- S
- a sale in the open market or privately
- A
- a grant, award or other acquisition from the company under Rule 16b-3
- F
- shares withheld or handed over to pay an exercise price or tax when an award is received, exercised or vests
- M
- exercise or conversion of an option or other derivative, exempt under Rule 16b-3
- G
- a bona fide gift
Code meanings: General Instruction 8 of Form 4 (SEC).
The latest 25 of 185 transactions
Shares: A = acquired, D = disposed of. A price the filing gives only in a footnote shows as “See filing”. The 10b5-1 box is checked when at least one trade on the form was made under a Rule 10b5-1 plan. A Form 4/A replaces the form it amends. See all of Charles Schwab's Form 4 filings on EDGAR.
Learn: How to read a proxy statement (DEF 14A): Nvidia's 2026 proxy · Form 4 insider filings: who files, the codes and the footnotes · Rule 10b5-1 trading plans: how insiders pre-schedule their trades
Sources (6)
- Form 10-K, fiscal year 2025 (ended Dec 31, 2025)
- Form 10-Q, second quarter 2026 (ended Jun 30, 2026)
- Form 8-A filed Oct 6, 2026 (common stock registered on the Texas Stock Exchange; accession 0001193125-26-415008)
- Schedule 13G by Vanguard Capital Management (event date Mar 31, 2026)
- Schedule 13G/A by The Vanguard Group (event date Mar 13, 2026)
- 2026 proxy statement (DEF 14A)
18What it does with profit
18What it does with profit
What does Charles Schwab do with its profit?
Dividend per share
$1.08FY2025
Dividend paid for each share, by financial year.
$ per share
See the numbers
Buyback · Dec 31, 2022
FY2022 repurchases of common and nonvoting stock, including $1.0 billion of nonvoting stock bought from a TD Bank affiliate on Aug 1, 2022.
$3.4B
Buyback · Dec 31, 2023
FY2023 repurchases of common stock.
$2.8B
Buyback · Dec 31, 2025
FY2025 repurchases of common and nonvoting stock, including $1.5 billion of nonvoting stock bought from TD Bank on Feb 12, 2025.
$7.3B
Buyback · Sep 30, 2026
Q3 FY2026: 4.7 million shares.
$500M
Money raised · Nov 14, 2025
$1.0 billion of 4.343% senior notes due 2031 and $1.0 billion of 4.914% notes due 2036.
$2.0B
Money raised · Apr 22, 2026
6.100% Series L preferred stock (1.5 million depositary shares), net proceeds of about $1,480 million. Schwab eliminated its Series I preferred stock on Jun 1, 2026.
$1.5B
Money raised · May 21, 2026
4.744% senior notes due 2030 and 5.493% notes due 2037, net proceeds of about $2,236 million.
$2.2B
Money raised · Jun 25, 2026
$1.0 billion of 4.603% senior notes due 2029, net proceeds of about $995.5 million.
$996M
Money raised · Aug 12, 2026
5.108% senior notes due 2032 and 5.655% notes due 2037, net proceeds of about $2,582 million.
$2.6B
Sources (10)
- Form 10-K, fiscal year 2023 (ended Dec 31, 2023)
- Form 10-K, fiscal year 2025 (ended Dec 31, 2025)
- Form 10-K, fiscal year 2022 (ended Dec 31, 2022)
- Form 8-K filed Feb 12, 2025 (TD secondary sale and Schwab repurchase of nonvoting stock)
- Third quarter 2026 earnings release (8-K Exhibit 99.1)
- Form 8-K filed Apr 22, 2026 (Series L preferred stock issued)
- Form 8-K filed Jun 1, 2026 (Series I preferred stock eliminated)
- Form 8-K filed May 21, 2026 (senior notes due 2030 and 2037)
- Form 8-K filed Jun 29, 2026 (senior notes due 2029)
- Form 8-K filed Aug 12, 2026 (senior notes due 2032 and 2037)
19Governance signals
19Governance signals
What do Charles Schwab's governance filings show?
- Auditor
- Deloitte & Touche LLP, since 1976
- Auditor changes
- None in the period covered
- Audit qualifications
- None reported
- Related-party dealings
- The 2026 proxy statement lists the insured deposit account agreement with TD's banks, under which Schwab earned about $977 million of bank deposit account fees in 2025, and ordinary-course business with BlackRock and Vanguard, which each reported more than 5% of Schwab's stock at some point since early 2025, including a BlackRock technology license.
- Credit rating
- Moody's, S&P and Fitch (as stated in Schwab's Q2 FY2026 10-Q) Senior notes A2 (Moody's), A- (S&P), A (Fitch); commercial paper P1, A2, F1 (Not stated in the filing), Jun 30, 2026
A credit rating describes the company's ability to repay debt. It is not a rating of the share.
Flags to know about
related party · Feb 12, 2025
TD Bank sold its stake
TD Bank sold 165,443,530 Schwab shares at $79.25 on Feb 12, 2025, Schwab bought back $1.5 billion of the nonvoting shares, and TD's two board designees resigned. TD's banks still pay Schwab fees for client cash swept to them.
other
Antitrust class action over the TD Ameritrade deal
A class action filed Jun 6, 2022 in the Eastern District of Texas alleges the TD Ameritrade acquisition violated Section 7 of the Clayton Act. A settlement with non-monetary undertakings got final approval on Nov 24, 2025; objectors appealed, and the status was unchanged at Jun 30, 2026.
other
Senior changes
On Jan 29, 2026 Schwab announced that bank CEO Paul Woolway and its General Auditor would retire on Jul 1, 2026, and created a Wealth Advisory and Banking Services organization under Neesha Hathi.
other
Insider hedging policy
The 2026 proxy statementThe yearly filing about shareholder votes, the board and executive pay. Learn more says Schwab's insider trading policy prohibits certain hedging of Schwab stock and its use as collateral for loans.
disclosure
Q3 FY2026 10-Q not yet reflected
The Q3 FY2026 10-Q, with the Sep 30, 2026 CET1 ratio, provision and charge-offs, was filed on Nov 6, 2026, after this page's figures were collected; for Q3 FY2026 this page uses the Oct 15, 2026 earnings release.
Sources (7)
- Form 10-K, fiscal year 2025 (ended Dec 31, 2025)
- 2026 proxy statement (DEF 14A)
- Form 10-Q, second quarter 2026 (ended Jun 30, 2026)
- Form 8-K filed Feb 12, 2025 (TD secondary sale and Schwab repurchase of nonvoting stock)
- Form 8-K filed Jan 29, 2026, Exhibit 99.1 (executive transitions)
- EDGAR filing list for The Charles Schwab Corporation (CIK 0000316709), checked Nov 7, 2026
- Third quarter 2026 earnings release (8-K Exhibit 99.1)
20What the market paid
20What the market paid · price as of Nov 5, 2026
What did the market pay for Charles Schwab on Nov 5, 2026?
Price as of Nov 5, 2026 (shown for education; prices change daily).
Price as of Nov 5, 2026: Schwab's common stock (NYSE: SCHW) closed at $92.58, from Nasdaq.com's historical price table. Market value of about $160.1 billion (Cityfort calculation from the Nov 5, 2026 closing price and the Q2 FY2026 10-Q cover) = $92.58 × 1,729.3 million shares (Jul 31, 2026); Schwab bought back 4.7 million shares in Q3 FY2026. P/E is price ÷ earnings per share: 15.8 on $5.86, the sum of diluted EPS for the four quarters to Sep 30, 2026 (Cityfort calculation from the Q3 FY2026 earnings release). EV/EBITDA is left blank because it does not fit a bank.
- Share price
- $92.58
- Market value (market cap)
- $160.1B
- P/E
- 15.8×
More price-based ratios · as of Nov 5, 2026
Each ratio divides a number from the company's filings by the market value or share price on Nov 5, 2026. Prices change daily, so these ratios do too.
Price to sales (P/S)
5.9×
$160.1B market value ÷ $27.1B revenue (four quarters to Sep 30, 2026) = 5.9×
Cityfort calculation from the Nov 5, 2026 closing price and the Q4 FY2025 to Q3 FY2026 earnings releases. Source: SCHW historical prices, Oct 6 to Nov 5, 2026 (Nasdaq.com historical table; SCHW is listed on the NYSE); Form 10-Q, second quarter 2026 (ended Jun 30, 2026); Third quarter 2026 earnings release (8-K Exhibit 99.1) and 3 more
How price ratios workDividend yield
1.17%
$1.08 dividends per share (FY2025) ÷ $92.58 share price = 1.17%
Cityfort calculation from the FY2025 10-K and the Nov 5, 2026 closing price. Source: SCHW historical prices, Oct 6 to Nov 5, 2026 (Nasdaq.com historical table; SCHW is listed on the NYSE); Form 10-Q, second quarter 2026 (ended Jun 30, 2026); Third quarter 2026 earnings release (8-K Exhibit 99.1) and 1 more
What dividend yield means
Shares used for the market value: 1,729.34 million ($92.58 × 1,729.34 million shares ≈ $160.1B). Source: Form 10-K, fiscal year 2025 (ended Dec 31, 2025); Form 10-Q, second quarter 2026 (ended Jun 30, 2026); Form 8-A filed Oct 6, 2026 (common stock registered on the Texas Stock Exchange; accession 0001193125-26-415008)
Source: SCHW historical prices, Oct 6 to Nov 5, 2026 (Nasdaq.com historical table; SCHW is listed on the NYSE); Form 10-Q, second quarter 2026 (ended Jun 30, 2026); Third quarter 2026 earnings release (8-K Exhibit 99.1)
Sources (8)
- SCHW historical prices, Oct 6 to Nov 5, 2026 (Nasdaq.com historical table; SCHW is listed on the NYSE)
- Form 10-Q, second quarter 2026 (ended Jun 30, 2026)
- Third quarter 2026 earnings release (8-K Exhibit 99.1)
- Fourth quarter 2025 earnings release (8-K Exhibit 99.1)
- First quarter 2026 earnings release (8-K Exhibit 99.1)
- Second quarter 2026 earnings release (8-K Exhibit 99.1)
- Form 10-K, fiscal year 2025 (ended Dec 31, 2025)
- Form 8-A filed Oct 6, 2026 (common stock registered on the Texas Stock Exchange; accession 0001193125-26-415008)
21How it got here
21How it got here
How did Charles Schwab get here?
1971
Milestone
Broker-dealer incorporated
Charles Schwab & Co., Inc. was incorporated; it is still Schwab's main broker-dealer.
2020
Business-model change
TD Ameritrade bought
The acquisition closed on Oct 6, 2020, adding millions of accounts and the thinkorswim platform, and made TD Bank a large Schwab shareholder.
2023
Crisis
Client cash leaves
As rates rose, clients moved cash to higher-yielding products; bank deposits fell to $289,953 million at the end of FY2023 from $443,778 million two years earlier.
2023
Milestone
TD deposit agreement amended
On May 4, 2023 Schwab and TD amended the agreement under which client cash is swept to TD's banks for a fee.
2025
Milestone
New CEO, TD exits
Rick Wurster became CEO in January 2025, and TD Bank sold its whole stake on Feb 12, 2025.
2026
Milestone
Forge Global and crypto
Schwab bought private-market platform Forge Global on Mar 2, 2026, and began rolling out spot crypto trading in May 2026.
Sources (7)
- Form 10-K, fiscal year 2025 (ended Dec 31, 2025)
- Form 10-K, fiscal year 2023 (ended Dec 31, 2023)
- Form 10-K, fiscal year 2022 (ended Dec 31, 2022)
- 2026 proxy statement (DEF 14A)
- Form 8-K filed Feb 12, 2025 (TD secondary sale and Schwab repurchase of nonvoting stock)
- Form 10-Q, second quarter 2026 (ended Jun 30, 2026)
- Form 8-K filed Mar 2, 2026, Exhibit 99.1 (Forge Global acquisition completed)
22Sources and changes
Where every number on this page comes from
Sources (30 documents)
- S1Form 10-K, fiscal year 2025 (ended Dec 31, 2025) · The Charles Schwab Corporation (SEC EDGAR) · Tier 1: company or exchange filing · Feb 25, 2026
- S2Form 10-K, fiscal year 2024 (ended Dec 31, 2024) · The Charles Schwab Corporation (SEC EDGAR) · Tier 1: company or exchange filing · Feb 26, 2025
- S3Form 10-K, fiscal year 2023 (ended Dec 31, 2023) · The Charles Schwab Corporation (SEC EDGAR) · Tier 1: company or exchange filing · Feb 23, 2024
- S4Form 10-K, fiscal year 2022 (ended Dec 31, 2022) · The Charles Schwab Corporation (SEC EDGAR) · Tier 1: company or exchange filing · Feb 24, 2023
- S5Form 10-Q, second quarter 2026 (ended Jun 30, 2026) · The Charles Schwab Corporation (SEC EDGAR) · Tier 1: company or exchange filing · Aug 7, 2026
- S6Form 10-Q, first quarter 2026 (ended Mar 31, 2026) · The Charles Schwab Corporation (SEC EDGAR) · Tier 1: company or exchange filing · May 8, 2026
- S7Form 10-Q, third quarter 2025 (ended Sep 30, 2025) · The Charles Schwab Corporation (SEC EDGAR) · Tier 1: company or exchange filing · Nov 7, 2025
- S8Third quarter 2026 earnings release (8-K Exhibit 99.1) · The Charles Schwab Corporation (SEC EDGAR) · Tier 1: company or exchange filing · Oct 15, 2026
- S9Second quarter 2026 earnings release (8-K Exhibit 99.1) · The Charles Schwab Corporation (SEC EDGAR) · Tier 1: company or exchange filing · Jul 21, 2026
- S10First quarter 2026 earnings release (8-K Exhibit 99.1) · The Charles Schwab Corporation (SEC EDGAR) · Tier 1: company or exchange filing · Apr 16, 2026
- S11Fourth quarter 2025 earnings release (8-K Exhibit 99.1) · The Charles Schwab Corporation (SEC EDGAR) · Tier 1: company or exchange filing · Jan 21, 2026
- S12Third quarter 2025 earnings release (8-K Exhibit 99.1) · The Charles Schwab Corporation (SEC EDGAR) · Tier 1: company or exchange filing · Oct 16, 2025
- S13Second quarter 2025 earnings release (8-K Exhibit 99.1) · The Charles Schwab Corporation (SEC EDGAR) · Tier 1: company or exchange filing · Jul 18, 2025
- S14First quarter 2025 earnings release (8-K Exhibit 99.1) · The Charles Schwab Corporation (SEC EDGAR) · Tier 1: company or exchange filing · Apr 17, 2025
- S15Fourth quarter 2024 earnings release (8-K Exhibit 99.1) · The Charles Schwab Corporation (SEC EDGAR) · Tier 1: company or exchange filing · Jan 21, 2025
- S162026 proxy statement (DEF 14A) · The Charles Schwab Corporation (SEC EDGAR) · Tier 1: company or exchange filing · Apr 6, 2026
- S17Schedule 13G by Vanguard Capital Management (event date Mar 31, 2026) · Vanguard Capital Management (SEC EDGAR) · Tier 1: company or exchange filing · Apr 29, 2026
- S18Schedule 13G/A by The Vanguard Group (event date Mar 13, 2026) · The Vanguard Group (SEC EDGAR) · Tier 1: company or exchange filing · Mar 26, 2026
- S19Form 8-K filed Feb 12, 2025 (TD secondary sale and Schwab repurchase of nonvoting stock) · The Charles Schwab Corporation (SEC EDGAR) · Tier 1: company or exchange filing · Feb 12, 2025
- S20Form 8-K filed Nov 6, 2025, Exhibit 99.1 (agreement to acquire Forge Global) · The Charles Schwab Corporation (SEC EDGAR) · Tier 1: company or exchange filing · Nov 6, 2025
- S21Form 8-K filed Mar 2, 2026, Exhibit 99.1 (Forge Global acquisition completed) · The Charles Schwab Corporation (SEC EDGAR) · Tier 1: company or exchange filing · Mar 2, 2026
- S22Form 8-K filed Jan 29, 2026, Exhibit 99.1 (executive transitions) · The Charles Schwab Corporation (SEC EDGAR) · Tier 1: company or exchange filing · Jan 29, 2026
- S23Form 8-K filed Apr 22, 2026 (Series L preferred stock issued) · The Charles Schwab Corporation (SEC EDGAR) · Tier 1: company or exchange filing · Apr 22, 2026
- S24Form 8-K filed May 21, 2026 (senior notes due 2030 and 2037) · The Charles Schwab Corporation (SEC EDGAR) · Tier 1: company or exchange filing · May 21, 2026
- S25Form 8-K filed Jun 29, 2026 (senior notes due 2029) · The Charles Schwab Corporation (SEC EDGAR) · Tier 1: company or exchange filing · Jun 29, 2026
- S26Form 8-K filed Aug 12, 2026 (senior notes due 2032 and 2037) · The Charles Schwab Corporation (SEC EDGAR) · Tier 1: company or exchange filing · Aug 12, 2026
- S27Form 8-K filed Jun 1, 2026 (Series I preferred stock eliminated) · The Charles Schwab Corporation (SEC EDGAR) · Tier 1: company or exchange filing · Jun 1, 2026
- S28SCHW historical prices, Oct 6 to Nov 5, 2026 (Nasdaq.com historical table; SCHW is listed on the NYSE) · Nasdaq, Inc. · Tier 1: company or exchange filing · Nov 6, 2026
- S29EDGAR filing list for The Charles Schwab Corporation (CIK 0000316709), checked Nov 7, 2026 · U.S. Securities and Exchange Commission · Tier 1: company or exchange filing · Nov 6, 2026
- S30Form 8-A filed Oct 6, 2026 (common stock registered on the Texas Stock Exchange; accession 0001193125-26-415008) · The Charles Schwab Corporation (SEC EDGAR) · Tier 1: company or exchange filing · Oct 6, 2026
Changes to this page (v1 · Nov 6, 2026)
- v1 · Nov 6, 2026First version, through Q3 FY2026 (quarter ended Sep 30, 2026). (first version)
Numbers come only from tier 1 and tier 2 sources. Read how we research.
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