Company file · SCHW
Charles Schwab
Charles Schwab's net revenues and net income rose sharply in 2025
Total net revenues rose 22.0% to $23.9B, and net income rose 49.0% to $8.9B. Net interest income was 49% of net revenues.
Key facts
Charles Schwab (NYSE: SCHW) reported total net revenues of $23.9B for fiscal 2025, the year ended Dec 31, 2025, up 22.0% from fiscal 2024. Net income was $8.9B, up 49.0%. In its latest 10-Q, for the quarter ended Jun 30, 2026, net revenues were $7.1B, up 20.9% from the same quarter a year earlier, and net income was $2.8B. The largest piece by segment was Investor Services, at 79% of fiscal 2025 total net revenues. Sources: 10-K for fiscal 2025 (filed Feb 25, 2026) and 10-Q for the quarter ended Jun 30, 2026 (filed Aug 7, 2026).
Source: 10-K FY2025, filed Feb 25, 2026
Source: 10-Q filed May 8, 2026 · 10-Q filed Aug 7, 2026
How it makes money
By segment, FY2025
Source: 10-K FY2025, XBRL breakdown
Investor Services brought in $19.0B in 2025, 79% of segment revenue, and Advisor Services $4.9B. Net interest income was $11.8B.
Source: 10-K FY2025
What changed last quarter
Comparing Q2 2026 (Apr to Jun 2026) compared with Q2 2025 (Apr to Jun 2025)
Each pair of bars shows the dollar amount for both quarters. Longer bar, more money. Bars in a group share one scale.
Q2 2026Q2 2025
Company
Source: Charles Schwab 10-Q for the quarter ended Jun 30, 2026, filed Aug 7, 2026
By segment
Source: Charles Schwab 10-Q for the quarter ended Jun 30, 2026, filed Aug 7, 2026
The bull case and the bear case
The bull case
- Total net revenues rose 22.0% in 2025 to $23.9B, and net income rose 49.0% to $8.9B. 10-K, FY2025
- Net interest income rose 28.5% in 2025 to $11.8B. 10-K, FY2025
- Net revenues in the quarter ended Jun 30, 2026 were $7.1B, up 20.9% on a year earlier, and net income rose 31.7% to $2.8B. 10-Q, quarter ended Jun 30, 2026
The bear case
- Deposits fell 1.3% in 2025 to $255.7B, and were $249.7B at Jun 30, 2026. 10-Q, quarter ended Jun 30, 2026
- Net interest income was 49% of net revenues in 2025, so results move with interest rates and client cash balances. 10-K, FY2025
- The 10-K lists interest rates, market declines, client cash movements, cyberattacks and regulation among its risks. 10-K, Item 1A
What optimists and skeptics tend to point to, each tied to a filing. Ticker Sage doesn't pick a side, and neither list is a reason to buy or sell.
What the company does
Charles Schwab runs one of the largest US brokerages, holding investment accounts for individuals and for the independent advisers who manage money for clients.
Investor Services serves individual investors, offering brokerage, banking, retirement and wealth management accounts. Advisor Services provides custody, trading and support to independent investment advisers and their clients.
A large share of revenue is net interest income: it earns interest on client cash swept into its banks and on the securities and loans it holds. The rest is mainly asset management fees and trading revenue. Its fiscal year is the calendar year.
Source: 10-K, Item 1 Business
Main risks the company lists
Our plain-English paraphrase of the risk factors in Charles Schwab's latest 10-K. Read the original for the full list.
- Interest ratesChanges in rates affect what it earns on client cash and what it pays on deposits and borrowings.
- MarketsFalling markets reduce client assets, fees and trading.
- Client cashClients can move cash into higher-yielding investments, shrinking the deposits it earns on.
- Technology and cyberOutages or breaches could disrupt trading and harm clients.
- CompetitionIt competes with other brokers, banks and fintech apps on price and service.
- RegulationIt is regulated as a bank and broker-dealer holding company, with capital and liquidity rules.
Source: 10-K, Item 1A Risk Factors (the full list, in the company's words)
Three years of key numbers
Every number links to its filing; hover for the XBRL tag. A dash means the number isn't cleanly available, and we don't estimate it.
| US$ | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Total net revenues | $18.8B | $19.6B | $23.9B |
| Net income | $5.1B | $5.9B | $8.9B |
| Net interest income | $9.4B | $9.1B | $11.8B |
| Deposits (year end) | $290.0B | $259.1B | $255.7B |
| Total assets (year end) | $493.2B | $479.8B | $491.0B |
| Shareholders' equity (year end) | $41.0B | $48.4B | $49.4B |
| Diluted shares | 1.83B | 1.83B | 1.81B |
- Total net revenues: Net interest income on client cash and loans, plus asset management, trading and other fees.
- Net income: Profit after all costs and taxes.
- Net interest income: Interest earned on loans and securities minus interest paid on deposits and borrowings.
- Deposits: Money customers keep at the bank, a liability on its balance sheet.
- Total assets: Everything on the balance sheet: loans, securities, cash, trading assets and more.
- Shareholders' equity: Book value, including preferred stock.
- Diluted shares: Weighted average diluted common shares for the year.
About these numbers
- Total net revenues are net interest income plus asset management and administration fees, trading revenue and other revenue, as Schwab reports them.
- Segment figures add up to total net revenues.
What we left out
- Operating cash flow: for a brokerage with bank subsidiaries it mostly reflects client and funding flows, so we leave it out.
- Total debt: borrowing is part of how Schwab funds its balance sheet alongside client deposits, so a debt total isn't comparable with other companies' and isn't shown.
- Cash: much of its cash is held for clients and for liquidity, so it isn't shown as a cushion.
- Noninterest revenue: Schwab doesn't tag a noninterest revenue total, so it isn't shown separately.
Recent filings
Latest filings
- Oct 154:18 PM ET
8-K
Charles Schwab files an 8-K on quarterly results
Charles Schwab filed a Form 8-K on Oct 15, 2026 at 4:18 PM ET under Item 2.02 (Results of Operations and Financial Condition).
- Oct 58:28 PM ET
Form 4
Charles Schwab director Charles A. Ruffel reports an award of 1,222 Nonqualified stock option (right to buy)s
The filing reports 1,222 Nonqualified stock option (right to buy)s in a grant or award (code A).
- Oct 58:00 PM ET
Form 4
Charles Schwab director Frank C. Herringer reports an award of 445 restricted stock units
The filing reports 445 restricted stock units in a grant or award (code A).
- Oct 57:47 PM ET
Form 4
Charles Schwab director Stephen A. Ellis reports an award of 369 restricted stock units
The filing reports 369 restricted stock units in a grant or award (code A).
- Oct 57:31 PM ET
Form 4
Charles Schwab director Marianne Catherine Brown reports an award of 407 restricted stock units
The filing reports 407 restricted stock units in a grant or award (code A).
Common questions about Charles Schwab
How does Charles Schwab make money?
Charles Schwab's total net revenues were $23.9B in fiscal 2025. Investor Services brought in $19.0B in 2025, 79% of segment revenue, and Advisor Services $4.9B. Net interest income was $11.8B. Source: 10-K for fiscal 2025, filed Feb 25, 2026.
What was Charles Schwab's revenue in fiscal 2025?
$23.9B of total net revenues for the fiscal year ended Dec 31, 2025, up 22.0% from $19.6B in fiscal 2024. Fiscal 2023 was $18.8B. Source: 10-K for fiscal 2025, filed Feb 25, 2026.
Is Charles Schwab profitable?
Charles Schwab reported net income of $8.9B for fiscal 2025, up 49.0% from $5.9B in fiscal 2024. That is a profit under US accounting rules (GAAP). In the quarter ended Jun 30, 2026, net income was $2.8B. The page's About these numbers section explains what is included. Source: 10-K for fiscal 2025, filed Feb 25, 2026.
What did Charles Schwab report in its latest quarterly filing?
Net revenues were $7.1B in the quarter ended Jun 30, 2026, up 20.9% from $5.9B a year earlier. Net income was $2.8B, up 31.7% from $2.1B. Source: 10-Q for the quarter ended Jun 30, 2026, filed Aug 7, 2026.
What are the main risks Charles Schwab lists?
Charles Schwab's 10-K for fiscal 2025, filed Feb 25, 2026, lists its risk factors in Item 1A. We group them into 6 areas: Interest rates; markets; client cash; technology and cyber; competition; regulation. The first: Changes in rates affect what it earns on client cash and what it pays on deposits and borrowings. Source: 10-K, Item 1A Risk Factors.
Where do these Charles Schwab numbers come from?
From Charles Schwab's own SEC filings: the 10-K for fiscal 2025 (filed Feb 25, 2026) and the 10-Q for the quarter ended Jun 30, 2026 (filed Aug 7, 2026), read through the SEC's public XBRL data. Each number on this page links to its filing. Methodology explains how fiscal years and missing numbers are handled.
Disclosures
- Editor holdings in SCHW
- The editor holds no position in Charles Schwab (SCHW). As of Oct 25, 2026.
- Trading rule
- The editor does not buy or sell SCHW from 3 days before to 3 days after this page is published or substantively updated.
- Compensation
- Nobody paid for this page. No affiliate links on this page.
- Sources
- The company's SEC filings, linked next to each number or, for charts, in the source line under them.
- Last updated
- Oct 25, 2026
General education, the same for every reader. Not a recommendation to buy, sell or hold SCHW, and it doesn't consider your situation.
Compare with peers
| Company | Fiscal year | Revenue | Revenue growth | Net income |
|---|---|---|---|---|
| Charles SchwabSCHW | FY2025 | $23.9B | +22.0% | $8.9B |
| Morgan StanleyMS | FY2025 | $70.6B | +14.4% | $16.9B |
| Goldman SachsGS | FY2025 | $58.3B | +8.9% | $17.2B |
| BlackRockBLK | FY2025 | $24.2B | +18.7% | $5.6B |
Each row is that company’s latest fiscal year from its own 10-K, using its own revenue and net income lines. Fiscal years end in different months, and line definitions differ (banks, insurers and oil companies count revenue differently), so this is a rough side-by-side, not a like-for-like comparison.
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New to filings? Learn lists the first explainer topics. Methodology & Disclosures covers where every number comes from.