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Schwab Delivers Record Net New Assets & Earnings

By Business Wire | October 15, 2026, 7:30 AM

Record Quarterly Core Net New Assets of $190.4 Billion, Up 38% Year-Over-Year
3Q Net Revenues Reached a Record $7.2 Billion, Up 17% Year-Over-Year
Record GAAP Earnings Per Share of $1.62; $1.69 Adjusted (1) – Up 29% versus 3Q25

WESTLAKE, Texas--(BUSINESS WIRE)--The Charles Schwab Corporation reported net income for the third quarter totaling $2.9 billion, or earnings per share of $1.62. Excluding $151 million of pre-tax transaction-related costs, adjusted (1) net income and earnings per share equaled $3.0 billion and $1.69, respectively.





Client Driven

Growth

 

$190.4B
3Q26 Core

Net New Assets

“During the third quarter, clients opened 1.2 million new brokerage accounts and entrusted Schwab with $190.4 billion in core net new assets – an annualized growth rate of 5.8%. We are delivering new capabilities and solutions, while our leading value proposition continues to resonate with investors and RIAs.”
President & CEO Rick Wurster

 

 

 

 

Deepen Client Relationships

 

55%
3Q26 Schwab Wealth Advisory™ Net Flows Growth vs. 3Q25

“As investing plays an increasingly central role in people’s financial lives, clients continue to turn to Schwab for our broad set of wealth, trading, and banking capabilities. During the quarter, Pledged Asset Line™ balances grew to $37.3 billion, up 59% year-over-year, while net flows into Schwab Wealth Advisory™ increased 55%.”
President & CEO Rick Wurster

 

 

 

 

Diversified Revenue Growth

 

17%
3Q26 Revenue

Growth vs. 3Q25

“Deeper client engagement across Schwab's platform continues to broaden and strengthen our revenue model, helping our third quarter revenue increase 17% year-over-year to a record $7.2 billion.”
CFO Mike Verdeschi

 

 

 

 

Strong Earnings Momentum

 

29%
3Q26 GAAP EPS

Growth vs. 3Q25

“Our diversified business model, continued focus on meeting clients’ evolving needs, and industry leading scale combined to drive year-over-year GAAP earnings growth of 29% to a record $1.62, or $1.69 on an adjusted (1) basis.”
CFO Mike Verdeschi

3Q26 Client and Business Highlights

  • Total client assets increased 15% year-over-year to $13.33 trillion
  • Core net new assets totaled $190.4 billion, up 38% versus 3Q25
  • New brokerage account openings equaled 1.2 million, helping bring total client accounts to 48.6 million
  • Managed Investing Solutions net flows grew 22% versus 3Q25
  • Bank loan balances equaled $72.3 billion at September month-end, up 35% year-over-year
  • Margin loan balances increased 14% quarter-over-quarter to $187.9 billion at quarter-end, including $60.7 billion related to long/short strategies (2)
  • Daily average trading volume equaled 10.7 million – up 44% versus 3Q25
  • Announced Single Stock Futures on the thinkorswim® trading platform and plans to expand digital assets available in Schwab Crypto™
  • Introduced Charley, a new AI-powered assistant that provides U.S. retail clients with conversational access to Schwab’s tools and insights
  • Partnered with Anthropic to bring Claude for Financial Advisors directly to the independent RIAs Schwab serves
  • Schwab was recognized as one of Fortune’s 2026 Most Innovative Companies (3)

 

Three Months Ended
September 30,

 

%

 

Nine Months Ended
September 30,

 

%

Financial Highlights

2026

 

2025

 

Change

 

2026

 

2025

 

Change

 

 

 

 

 

 

 

 

 

 

 

 

Net revenues (in millions)

$

7,171

 

 

$

6,135

 

 

17%

 

$

20,725

 

 

$

17,585

 

 

18%

Net income (in millions)

 

 

 

 

 

 

 

 

 

 

 

GAAP

$

2,906

 

 

$

2,358

 

 

23%

 

$

8,185

 

 

$

6,393

 

 

28%

Adjusted

$

3,021

 

 

$

2,456

 

 

23%

 

$

8,539

 

 

$

6,686

 

 

28%

Diluted earnings per common share

 

 

 

 

 

 

 

 

 

 

 

GAAP

$

1.62

 

 

$

1.26

 

 

29%

 

$

4.53

 

 

$

3.33

 

 

36%

Adjusted

$

1.69

 

 

$

1.31

 

 

29%

 

$

4.73

 

 

$

3.49

 

 

36%

Pre-tax profit margin

 

 

 

 

 

 

 

 

 

 

 

GAAP

 

52.7

%

 

 

49.2

%

 

 

 

 

51.3

%

 

 

47.1

%

 

 

Adjusted

 

54.8

%

 

 

51.3

%

 

 

 

 

53.5

%

 

 

49.3

%

 

 

Return on average common stockholders’ equity (annualized)

 

25

%

 

 

21

%

 

 

 

 

24

%

 

 

20

%

 

 

Return on tangible common equity (annualized)

 

44

%

 

 

38

%

 

 

 

 

42

%

 

 

37

%

 

 

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.

3Q26 Financial Commentary

  • Quarterly net revenues grew year-over-year by 17% to a record $7.2 billion
  • Net interest margin expanded quarter-over-quarter to 3.04%
  • Client transactional sweep cash balances ended September at $492.8 billion, an increase of $7.1 billion versus the prior quarter-end, reflecting continued demand for long/short strategies and organic growth, partially offset by client asset allocation decisions
  • Average interest-earning assets for the quarter equaled $451.5 billion, up 8% versus 3Q25
  • Asset management and administration fees grew by 14% year-over-year to $1.9 billion, powered by the firm’s organic growth and investors’ increased utilization of our wealth and asset management solutions
  • Clients remained engaged with the market, driving trading revenue of $1.2 billion, up 16% year-over-year
  • GAAP expenses for the quarter increased 9% year-over-year; excluding acquisition and integration-related costs and the amortization of acquired intangibles of $151 million, adjusted total expenses (1) were also up 9% relative to 3Q25
  • Capital ratios across the firm remained strong – including preliminary consolidated Tier 1 Leverage and adjusted Tier 1 Leverage (1) of 8.9% and 7.0%, respectively
  • Repurchased 4.7 million shares of our common stock for $0.5 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)

Client margin loans and short credits related to certain long/short strategies utilized by RIAs are excluded from interest-earning assets and company funding sources.

(3)

Fortune America’s Most Innovative Companies 2026 was given on March 25, 2026, and expires on March 24, 2027. The criteria, evaluation, and ranking were determined by Fortune, partnered with Statista. Visit https://www.fortune.com/ranking/americas-most-innovative-companies/ for more information. Schwab paid a licensing fee to Fortune for use of the award and logos.

Fall Business Update

The company will host its Fall 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 diversified business model, scale, capabilities, solutions, value proposition, and client engagement. 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 40.3 million active brokerage accounts, 5.9 million workplace plan participant accounts, 2.4 million banking accounts, and $13.33 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
September 30,

 

Nine Months Ended
September 30,

 

2026

 

2025

 

2026

 

2025

Net Revenues

 

 

 

 

 

 

 

Interest revenue

$

4,473

 

 

$

3,956

 

 

$

12,581

 

 

$

11,500

 

Interest expense

 

(997

)

 

 

(906

)

 

 

(2,604

)

 

 

(2,922

)

Net interest revenue

 

3,476

 

 

 

3,050

 

 

 

9,977

 

 

 

8,578

 

Asset management and administration fees

 

1,913

 

 

 

1,673

 

 

 

5,497

 

 

 

4,773

 

Trading revenue

 

1,158

 

 

 

995

 

 

 

3,462

 

 

 

2,855

 

Bank deposit account fees

 

345

 

 

 

247

 

 

 

973

 

 

 

739

 

Other

 

279

 

 

 

170

 

 

 

816

 

 

 

640

 

Total net revenues

 

7,171

 

 

 

6,135

 

 

 

20,725

 

 

 

17,585

 

Expenses Excluding Interest

 

 

 

 

 

 

 

Compensation and benefits

 

1,756

 

 

 

1,653

 

 

 

5,358

 

 

 

4,861

 

Professional services

 

325

 

 

 

293

 

 

 

935

 

 

 

853

 

Occupancy and equipment

 

316

 

 

 

280

 

 

 

902

 

 

 

824

 

Advertising and market development

 

114

 

 

 

101

 

 

 

326

 

 

 

305

 

Communications

 

172

 

 

 

149

 

 

 

533

 

 

 

478

 

Depreciation and amortization

 

196

 

 

 

212

 

 

 

595

 

 

 

644

 

Amortization of acquired intangible assets

 

141

 

 

 

127

 

 

 

415

 

 

 

385

 

Regulatory fees and assessments

 

73

 

 

 

59

 

 

 

211

 

 

 

225

 

Other

 

301

 

 

 

240

 

 

 

816

 

 

 

731

 

Total expenses excluding interest

 

3,394

 

 

 

3,114

 

 

 

10,091

 

 

 

9,306

 

Income before taxes on income

 

3,777

 

 

 

3,021

 

 

 

10,634

 

 

 

8,279

 

Taxes on income

 

871

 

 

 

663

 

 

 

2,449

 

 

 

1,886

 

Net Income

 

2,906

 

 

 

2,358

 

 

 

8,185

 

 

 

6,393

 

Preferred stock dividends and other

 

95

 

 

 

81

 

 

 

296

 

 

 

343

 

Net Income Available to Common Stockholders

$

2,811

 

 

$

2,277

 

 

$

7,889

 

 

$

6,050

 

Weighted-Average Common Shares Outstanding:

 

 

 

 

 

 

 

Basic

 

1,728

 

 

 

1,806

 

 

 

1,736

 

 

 

1,815

 

Diluted

 

1,733

 

 

 

1,811

 

 

 

1,741

 

 

 

1,820

 

Earnings Per Common Shares Outstanding:

 

 

 

 

 

 

 

Basic

$

1.63

 

 

$

1.26

 

 

$

4.54

 

 

$

3.33

 

Diluted

$

1.62

 

 

$

1.26

 

 

$

4.53

 

 

$

3.33

 

 

THE CHARLES SCHWAB CORPORATION

Financial and Operating Highlights

(Unaudited)

 

 

Q3-26 % change

 

2026

 

2025

(In millions, except per share amounts and as noted)

vs.

 

vs.

 

 

Third

 

Second

 

First

 

Fourth

 

Third

Q3-25

 

Q2-26

 

 

Quarter

 

Quarter

 

Quarter

 

Quarter

 

Quarter

Net Revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest revenue

14%

 

4%

 

 

$

3,476

 

 

$

3,357

 

 

$

3,144

 

 

$

3,172

 

 

$

3,050

 

Asset management and administration fees

14%

 

5%

 

 

 

1,913

 

 

 

1,825

 

 

 

1,759

 

 

 

1,733

 

 

 

1,673

 

Trading revenue

16%

 

(5)%

 

 

 

1,158

 

 

 

1,215

 

 

 

1,089

 

 

 

1,066

 

 

 

995

 

Bank deposit account fees

40%

 

4%

 

 

 

345

 

 

 

333

 

 

 

295

 

 

 

238

 

 

 

247

 

Other

64%

 

(18)%

 

 

 

279

 

 

 

342

 

 

 

195

 

 

 

127

 

 

 

170

 

Total net revenues

17%

 

1%

 

 

 

7,171

 

 

 

7,072

 

 

 

6,482

 

 

 

6,336

 

 

 

6,135

 

Expenses Excluding Interest

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Compensation and benefits

6%

 

(2)%

 

 

 

1,756

 

 

 

1,790

 

 

 

1,812

 

 

 

1,630

 

 

 

1,653

 

Professional services

11%

 

6%

 

 

 

325

 

 

 

307

 

 

 

303

 

 

 

344

 

 

 

293

 

Occupancy and equipment

13%

 

5%

 

 

 

316

 

 

 

301

 

 

 

285

 

 

 

293

 

 

 

280

 

Advertising and market development

13%

 

3%

 

 

 

114

 

 

 

111

 

 

 

101

 

 

 

115

 

 

 

101

 

Communications

15%

 

(13)%

 

 

 

172

 

 

 

198

 

 

 

163

 

 

 

142

 

 

 

149

 

Depreciation and amortization

(8)%

 

(1)%

 

 

 

196

 

 

 

198

 

 

 

201

 

 

 

206

 

 

 

212

 

Amortization of acquired intangible assets

11%

 

(1)%

 

 

 

141

 

 

 

142

 

 

 

132

 

 

 

127

 

 

 

127

 

Regulatory fees and assessments

24%

 

16%

 

 

 

73

 

 

 

63

 

 

 

75

 

 

 

62

 

 

 

59

 

Other

25%

 

3%

 

 

 

301

 

 

 

293

 

 

 

222

 

 

 

237

 

 

 

240

 

Total expenses excluding interest

9%

 

—

 

 

 

3,394

 

 

 

3,403

 

 

 

3,294

 

 

 

3,156

 

 

 

3,114

 

Income before taxes on income

25%

 

3%

 

 

 

3,777

 

 

 

3,669

 

 

 

3,188

 

 

 

3,180

 

 

 

3,021

 

Taxes on income

31%

 

—

 

 

 

871

 

 

 

869

 

 

 

709

 

 

 

721

 

 

 

663

 

Net Income

23%

 

4%

 

 

 

2,906

 

 

 

2,800

 

 

 

2,479

 

 

 

2,459

 

 

 

2,358

 

Preferred stock dividends and other

17%

 

(20)%

 

 

 

95

 

 

 

119

 

 

 

82

 

 

 

92

 

 

 

81

 

Net Income Available to Common Stockholders

23%

 

5%

 

 

$

2,811

 

 

$

2,681

 

 

$

2,397

 

 

$

2,367

 

 

$

2,277

 

Earnings per common share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

29%

 

5%

 

 

$

1.63

 

 

$

1.55

 

 

$

1.37

 

 

$

1.34

 

 

$

1.26

 

Diluted

29%

 

5%

 

 

$

1.62

 

 

$

1.54

 

 

$

1.37

 

 

$

1.33

 

 

$

1.26

 

Dividends declared per common share

19%

 

—

 

 

$

.32

 

 

$

.32

 

 

$

.32

 

 

$

.27

 

 

$

.27

 

Weighted-average common shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

(4)%

 

—

 

 

 

1,728

 

 

 

1,735

 

 

 

1,746

 

 

 

1,772

 

 

 

1,806

 

Diluted

(4)%

 

—

 

 

 

1,733

 

 

 

1,739

 

 

 

1,752

 

 

 

1,777

 

 

 

1,811

 

Performance Measures

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pre-tax profit margin

 

 

 

 

 

 

52.7

%

 

 

51.9

%

 

 

49.2

%

 

 

50.2

%

 

 

49.2

%

Return on average common stockholders’ equity (annualized) (1)

 

 

 

 

 

 

25

%

 

 

25

%

 

 

23

%

 

 

22

%

 

 

21

%

Financial Condition (at quarter end, in billions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

20%

 

(10)%

 

 

$

36.7

 

 

$

40.6

 

 

$

45.0

 

 

$

46.0

 

 

$

30.6

 

Cash and investments segregated

(33)%

 

(4)%

 

 

 

31.8

 

 

 

33.0

 

 

 

39.8

 

 

 

42.9

 

 

 

47.8

 

Receivables from brokers, dealers, and clearing organizations

N/M

 

24%

 

 

 

27.2

 

 

 

22.0

 

 

 

11.8

 

 

 

7.2

 

 

 

4.7

 

Receivables from brokerage clients — net

37%

 

4%

 

 

 

128.1

 

 

 

122.8

 

 

 

106.2

 

 

 

104.7

 

 

 

93.8

 

Available for sale securities

(5)%

 

(6)%

 

 

 

59.0

 

 

 

62.5

 

 

 

61.1

 

 

 

62.4

 

 

 

62.3

 

Held to maturity securities

(7)%

 

(3)%

 

 

 

126.6

 

 

 

130.6

 

 

 

131.7

 

 

 

134.0

 

 

 

136.7

 

Bank loans — net

35%

 

8%

 

 

 

72.3

 

 

 

67.0

 

 

 

60.9

 

 

 

58.0

 

 

 

53.6

 

Total assets

12%

 

1%

 

 

 

520.7

 

 

 

517.3

 

 

 

493.3

 

 

 

491.0

 

 

 

465.3

 

Bank deposits

2%

 

(2)%

 

 

 

244.1

 

 

 

249.7

 

 

 

253.0

 

 

 

255.7

 

 

 

239.1

 

Payables to brokers, dealers, and clearing organizations

108%

 

6%

 

 

 

46.5

 

 

 

43.8

 

 

 

28.1

 

 

 

25.7

 

 

 

22.4

 

Payables to brokerage clients

8%

 

1%

 

 

 

125.2

 

 

 

124.0

 

 

 

118.0

 

 

 

116.3

 

 

 

115.4

 

Accrued expenses and other liabilities

18%

 

7%

 

 

 

13.4

 

 

 

12.5

 

 

 

12.0

 

 

 

12.8

 

 

 

11.4

 

Other short-term borrowings

118%

 

2%

 

 

 

14.2

 

 

 

13.9

 

 

 

12.5

 

 

 

6.9

 

 

 

6.5

 

Federal Home Loan Bank borrowings

122%

 

N/M

 

 

 

2.0

 

 

 

0.5

 

 

 

—

 

 

 

1.9

 

 

 

0.9

 

Long-term debt

18%

 

5%

 

 

 

23.8

 

 

 

22.7

 

 

 

20.5

 

 

 

22.2

 

 

 

20.2

 

Total liabilities

13%

 

—

 

 

 

469.2

 

 

 

467.1

 

 

 

444.1

 

 

 

441.6

 

 

 

415.9

 

Stockholders’ equity

4%

 

3%

 

 

 

51.4

 

 

 

50.1

 

 

 

49.2

 

 

 

49.4

 

 

 

49.4

 

Total liabilities and stockholders’ equity

12%

 

1%

 

 

 

520.7

 

 

 

517.3

 

 

 

493.3

 

 

 

491.0

 

 

 

465.3

 

Other

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Full-time equivalent employees (at quarter end, in thousands)

4%

 

1%

 

 

 

33.9

 

 

 

33.7

 

 

 

33.5

 

 

 

33.0

 

 

 

32.7

 

Capital expenditures — purchases of equipment, office facilities, and property, net (in millions) (2)

110%

 

(60)%

 

 

$

319

 

 

$

792

 

 

$

173

 

 

$

158

 

 

$

152

 

Expenses excluding interest as a percentage of average client assets (annualized)

 

 

 

 

 

 

0.10

%

 

 

0.11

%

 

 

0.11

%

 

 

0.11

%

 

 

0.11

%

Clients’ Daily Average Trades (DATs) (in thousands)

44%

 

(10)%

 

 

 

10,687

 

 

 

11,920

 

 

 

9,899

 

 

 

8,274

 

 

 

7,421

 

Number of Trading Days

1%

 

3%

 

 

 

64.0

 

 

 

62.0

 

 

 

61.0

 

 

 

63.0

 

 

 

63.5

 

Revenue Per Trade (3)

(20)%

 

3%

 

 

$

1.69

 

 

$

1.64

 

 

$

1.80

 

 

$

2.05

 

 

$

2.11

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1)

Return on average common stockholders’ equity is calculated using net income available to common stockholders divided by average common stockholders’ equity.

(2)

Second quarter of 2026 includes incremental capital expenditures of $633 million related to a multi-year software license agreement with a corresponding liability recognized in long-term debt.

(3)

Revenue per trade is calculated as trading revenue divided by the product of DATs and the number of trading days.

N/M Not meaningful. Percentage changes greater than 200% are presented as not meaningful.

THE CHARLES SCHWAB CORPORATION

Net Interest Revenue Information

(In millions, except ratios or as noted)

(Unaudited)

 

 

 

 

 

 

 

 

Three Months Ended
September 30,

 

 

Nine Months Ended
September 30,

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

 

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

$

34,525

 

$

317

 

 

3.59

%

 

 

$

24,298

 

$

264

 

4.26

%

 

 

$

32,577

 

$

883

 

3.58

%

 

 

$

27,571

 

$

897

 

4.29

%

Cash and investments segregated

 

31,251

 

 

289

 

 

3.62

%

 

 

 

46,046

 

 

494

 

4.20

%

 

 

 

38,795

 

 

1,060

 

3.60

%

 

 

 

44,104

 

 

1,412

 

4.22

%

Receivables from brokerage clients (1)

 

123,061

 

 

1,792

 

 

5.70

%

 

 

 

87,292

 

 

1,454

 

6.52

%

 

 

 

113,307

 

 

4,900

 

5.70

%

 

 

 

82,992

 

 

4,154

 

6.60

%

Available for sale securities (2)

 

65,149

 

 

379

 

 

2.31

%

 

 

 

69,794

 

 

360

 

2.05

%

 

 

 

65,422

 

 

1,063

 

2.16

%

 

 

 

77,324

 

 

1,198

 

2.06

%

Held to maturity securities (2)

 

128,026

 

 

553

 

 

1.72

%

 

 

 

137,672

 

 

587

 

1.70

%

 

 

 

130,433

 

 

1,690

 

1.72

%

 

 

 

141,032

 

 

1,811

 

1.71

%

Bank loans

 

69,526

 

 

775

 

 

4.43

%

 

 

 

51,849

 

 

557

 

4.27

%

 

 

 

64,249

 

 

2,095

 

4.35

%

 

 

 

48,882

 

 

1,568

 

4.28

%

Total interest-earning assets

 

451,538

 

 

4,105

 

 

3.58

%

 

 

 

416,951

 

 

3,716

 

3.51

%

 

 

 

444,783

 

 

11,691

 

3.48

%

 

 

 

421,905

 

 

11,040

 

3.46

%

Securities lending revenue

 

 

 

238

 

 

 

 

 

 

 

 

183

 

 

 

 

 

 

 

507

 

 

 

 

 

 

 

339

 

 

Other interest revenue (1,3)

 

 

 

130

 

 

 

 

 

 

 

 

57

 

 

 

 

 

 

 

383

 

 

 

 

 

 

 

121

 

 

Total interest-earning assets

$

451,538

 

$

4,473

 

 

3.90

%

 

 

$

416,951

 

$

3,956

 

3.74

%

 

 

$

444,783

 

$

12,581

 

3.75

%

 

 

$

421,905

 

$

11,500

 

3.61

%

Funding sources

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Bank deposits

$

244,309

 

$

139

 

 

0.23

%

 

 

$

229,281

 

$

248

 

0.43

%

 

 

$

244,451

 

$

371

 

0.20

%

 

 

$

237,488

 

$

1,010

 

0.57

%

Payables to brokers, dealers, and clearing organizations

 

42,113

 

 

376

 

 

3.50

%

 

 

 

19,131

 

 

188

 

3.84

%

 

 

 

33,165

 

 

869

 

3.46

%

 

 

 

16,673

 

 

492

 

3.89

%

Payables to brokerage clients (1)

 

106,900

 

 

59

 

 

0.22

%

 

 

 

96,064

 

 

67

 

0.28

%

 

 

 

106,952

 

 

174

 

0.22

%

 

 

 

92,909

 

 

176

 

0.25

%

Other short-term borrowings

 

14,349

 

 

148

 

 

4.06

%

 

 

 

7,593

 

 

87

 

4.56

%

 

 

 

11,531

 

 

351

 

4.04

%

 

 

 

7,314

 

 

256

 

4.68

%

Federal Home Loan Bank borrowings

 

929

 

 

10

 

 

3.97

%

 

 

 

7,103

 

 

79

 

4.35

%

 

 

 

776

 

 

23

 

3.90

%

 

 

 

9,180

 

 

322

 

4.62

%

Long-term debt

 

23,572

 

 

272

 

 

4.52

%

 

 

 

20,204

 

 

207

 

4.01

%

 

 

 

22,206

 

 

701

 

4.16

%

 

 

 

21,029

 

 

625

 

3.92

%

Total interest-bearing liabilities

 

432,172

 

 

1,004

 

 

0.91

%

 

 

 

379,376

 

 

876

 

0.91

%

 

 

 

419,081

 

 

2,489

 

0.79

%

 

 

 

384,593

 

 

2,881

 

0.99

%

Non-interest-bearing funding sources

 

19,366

 

 

 

 

 

 

 

37,575

 

 

 

 

 

 

 

25,702

 

 

 

 

 

 

 

37,312

 

 

 

 

Other interest expense (1,3)

 

 

 

(7

)

 

 

 

 

 

 

 

30

 

 

 

 

 

 

 

115

 

 

 

 

 

 

 

41

 

 

Total funding sources

$

451,538

 

$

997

 

 

0.86

%

 

 

$

416,951

 

$

906

 

0.86

%

 

 

$

444,783

 

$

2,604

 

0.78

%

 

 

$

421,905

 

$

2,922

 

0.92

%

Net interest revenue

 

 

$

3,476

 

 

3.04

%

 

 

 

 

$

3,050

 

2.88

%

 

 

 

 

$

9,977

 

2.97

%

 

 

 

 

$

8,578

 

2.69

%

(1)

Beginning in the fourth quarter of 2025, average balances of margin loans and short credits related to client long/short strategies from which the Company earns a fixed net yield are excluded from interest-earning assets and funding sources. Also beginning in the fourth quarter of 2025, related interest revenue and expense were moved from receivables from brokerage clients and payables to brokerage clients, respectively, to other interest revenue and other interest expense, respectively. Amounts and average yields have been reclassified and recalculated for 2025 periods to reflect these changes. Average margin loans related to these client strategies totaled $51.4 billion and $33.0 billion for the three and nine months ended September 30, 2026, respectively, compared to $2.8 billion and $1.3 billion for the same periods in 2025. Average short credits related to these client strategies totaled $53.3 billion and $34.2 billion for the three and nine months ended September 30, 2026, respectively, compared to $2.8 billion and $1.3 billion for the same periods in 2025.

(2)

Amounts have been calculated based on amortized cost.

(3)

Beginning in the second quarter of 2026, the net fixed yield earned on client long/short strategies is presented in other interest revenue; amounts for periods prior to the three months ended June 30, 2026 have not been recast as the impact of this change was not material.

 

THE CHARLES SCHWAB CORPORATION

Asset Management and Administration Fees Information

(In millions, except ratios or as noted)

(Unaudited)

 

 

 

 

 

 

 

 

Three Months Ended
September 30,

 

 

Nine Months Ended
September 30,

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

 

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

$

699,067

 

$

481

 

0.27

%

 

 

$

663,218

 

$

458

 

0.27

%

 

 

$

696,173

 

$

1,422

 

0.27

%

 

 

$

643,168

 

$

1,318

 

0.27

%

Schwab equity and bond funds, exchange-traded funds (ETFs), and collective trust funds (CTFs)

 

943,891

 

 

167

 

0.07

%

 

 

 

735,519

 

 

132

 

0.07

%

 

 

 

881,581

 

 

470

 

0.07

%

 

 

 

685,300

 

 

376

 

0.07

%

Mutual Fund OneSource ® and other no-transaction-fee funds (NTFs)

 

486,893

 

 

277

 

0.23

%

 

 

 

443,660

 

 

259

 

0.23

%

 

 

 

479,690

 

 

812

 

0.23

%

 

 

 

384,614

 

 

699

 

0.24

%

Other third-party mutual funds, ETFs, and alternatives (1)

 

696,598

 

 

126

 

0.07

%

 

 

 

639,677

 

 

112

 

0.07

%

 

 

 

680,066

 

 

358

 

0.07

%

 

 

 

637,610

 

 

344

 

0.07

%

Total mutual funds, ETFs, CTFs, and alternatives (1,2)

$

2,826,449

 

$

1,051

 

0.15

%

 

 

$

2,482,074

 

$

961

 

0.15

%

 

 

$

2,737,510

 

$

3,062

 

0.15

%

 

 

$

2,350,692

 

$

2,737

 

0.16

%

Managed investing solutions (2)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fee-based

$

801,949

 

$

761

 

0.38

%

 

 

$

654,220

 

$

619

 

0.38

%

 

 

$

764,516

 

$

2,142

 

0.37

%

 

 

$

613,302

 

$

1,777

 

0.39

%

Non-fee-based

 

165,151

 

 

—

 

—

 

 

 

 

127,592

 

 

—

 

—

 

 

 

 

156,678

 

 

—

 

—

 

 

 

 

122,920

 

 

—

 

—

 

Total managed investing solutions

$

967,100

 

$

761

 

0.31

%

 

 

$

781,812

 

$

619

 

0.31

%

 

 

$

921,194

 

$

2,142

 

0.31

%

 

 

$

736,222

 

$

1,777

 

0.32

%

Other balance-based fees (1,3)

 

1,020,380

 

 

70

 

0.03

%

 

 

 

900,385

 

 

66

 

0.03

%

 

 

 

991,943

 

 

209

 

0.03

%

 

 

 

849,876

 

 

191

 

0.03

%

Other (4)

 

 

 

31

 

 

 

 

 

 

 

27

 

 

 

 

 

 

 

84

 

 

 

 

 

 

 

68

 

 

Total asset management and administration fees

 

$

1,913

 

 

 

 

 

 

$

1,673

 

 

 

 

 

 

$

5,497

 

 

 

 

 

 

$

4,773

 

 

(1)

Beginning in the first quarter of 2026, alternative investments and related revenue were moved from other balance-based fees to other third-party mutual funds, ETFs, and alternatives. Prior period amounts and average fees have been reclassified and recalculated to reflect this change.

(2)

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.

(3)

Includes various asset-related fees, such as trust fees, 401(k) recordkeeping fees, and mutual fund clearing fees and other service fees.

(4)

Includes miscellaneous service and transaction fees, including fees relating to mutual funds and ETFs that are not balance-based.

 

Contacts

MEDIA
Mayura Hooper, 415-667-1525
public.relations@schwab.com

INVESTORS/ANALYSTS
Kartik Sharma, 817-662-7648
investor.relations@schwab.com


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