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Client Growth & Engagement Drive Record Schwab 1Q Results

The Charles Schwab Corporation reported net income for the first quarter totaling $2.5 billion, or earnings per share of $1.37. Excluding $143 million of pre-tax transaction-related costs, adjusted (1) net income and earnings per share equaled $2.6 billion and $1.43, respectively.

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This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260416458593/en/

Client Driven Growth

 

$140B
1Q26 Core
Net New Assets

“Schwab’s strong business momentum continued into 2026 as investors opened 1.3 million new brokerage accounts and brought $140 billion of core net new assets to the firm during the first quarter. Excluding a planned mutual fund clearing deconversion, asset gathering totaled $158 billion – an annualized growth rate of 5.4%.”
President & CEO Rick Wurster

 

 

 

 

Deepen Client Relationships

 

46%
1Q26 Managed Investing

Net Flows Growth

“Clients continue to turn to us for more of their financial lives, helping wealth and banking solutions reach record levels in 1Q. Led by Schwab Wealth Advisory™, Managed Investing net flows grew 46% year-over-year while bank loans expanded 29% versus 1Q25 to $60.9 billion.”
President & CEO Rick Wurster

 

 

 

 

Diversified Revenue Growth

 

16%
1Q26 Revenue

Growth vs. 1Q25

“Schwab’s diversified model delivered record results within an increasingly uncertain macroeconomic environment. Driven by robust client engagement across our wealth, trading, and lending solutions, total first quarter revenue increased 16% year-over-year to $6.5 billion.”
CFO Mike Verdeschi

 

 

 

 

Opportunistic Capital Return

 

$2.4B
1Q26 Common Stock Repurchases

“During 1Q26, the company repurchased 24.3 million shares for $2.4 billion and increased its common stock dividend by 19%. These actions reflect Schwab’s strong capital position as well as the sustained performance of the firm’s through-the-cycle financial model.”
CFO Mike Verdeschi

1Q26 Client and Business Highlights
  • Total client assets increased 19% year-over-year to $11.77 trillion
  • Core net new assets totaled $140.0 billion, including a $17.5 billion outflow from a planned mutual fund clearing client deconversion; excluding this planned item, core net new assets for the quarter equaled $157.5 billion
  • New brokerage account openings equaled 1.3 million, pushing active brokerage accounts and total client accounts to 39.1 million and 47.2 million, respectively
  • Managed Investing Solutions net flows grew 46% versus 1Q25
  • Bank loan balances equaled $60.9 billion at March month-end, up 29% year-over-year
  • Margin loan balances increased 13% versus year-end 2025 to end the quarter at $126.7 billion – including $21.3 billion related to long/short strategies implemented by RIA clients (2)
  • Daily average trading volume reached a record 9.9 million – up 34% versus 1Q25
  • Launched the Schwab Teen Investor™ Account, a unique and hands-on investing experience for young people ages 13–17
  • Closed Forge Global acquisition in early March
  • Schwab ranked #1 Overall Broker by StockBrokers.com, 2 years in a row (3)

 

Three Months Ended
March 31,

 

Financial Highlights

2026

 

2025

 

Change

 

 

 

 

 

 

Net revenues (in millions)

6,482

 

 

5,599

 

 

16

Net income (in millions)

 

 

 

 

 

GAAP

2,479

 

 

1,909

 

 

30

Adjusted

2,588

 

 

2,008

 

 

29

Diluted earnings per common share

 

 

 

 

 

GAAP

1.37

 

 

.99

 

 

38

Adjusted

1.43

 

 

1.04

 

 

38

Pre-tax profit margin

 

 

 

 

 

GAAP

 

49.2

 

 

43.8

 

 

Adjusted

 

51.4

 

 

46.2

 

 

Return on average common stockholders’ equity (annualized)

 

23

 

 

18

 

 

Return on tangible common equity (annualized)

 

40

 

 

35

 

 

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.

1Q26 Financial Commentary
  • Quarterly net revenues grew year-over-year by 16% to a record $6.5 billion
  • Net interest margin for the quarter was 2.88%
  • Client transactional sweep cash balances ended March at $461.5 billion, an increase of $7.8 billion versus the prior quarter-end, reflecting seasonality, organic growth, and client asset allocation decisions
  • Average interest-earning assets for the quarter equaled $437.7 billion, up 2% versus 1Q25
  • Asset management and administration fees grew by 15% year-over-year to $1.8 billion, powered by the firm’s organic growth and investors’ utilization of our wealth and asset management solutions
  • Trading revenue increased 20% versus 1Q25 due to record engagement
  • GAAP expenses for the quarter increased 5% year-over-year; excluding acquisition and integration-related costs and the amortization of acquired intangibles of $143 million, adjusted total expenses (1) were up 5% relative to 1Q25
  • Capital ratios across the firm remained strong – including preliminary consolidated Tier 1 Leverage and adjusted Tier 1 Leverage (1) equaling 8.9% and 6.8%, respectively
  • Increased the quarterly common stock dividend by 19% to $.32 per share
  • Repurchased 24.3 million shares of our common stock for $2.4 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)

The StockBrokers.com 2026 Annual Awards (https://www.stockbrokers.com/annual-awards-2026) were announced on January 27, 2026. Criteria, testing methodologies, and rankings were determined by StockBrokers.com. Companies were assessed across StockBrokers.com’s 7 Primary Categories: Range of Investments, Advanced Trading, Mobile Trading Apps, Research, Education, Ease of Use, and Overall.

Spring Business Update

The company will host its Spring 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 business momentum, client relationships, capital position, and through-the-cycle financial model. 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 39.1 million active brokerage accounts, 5.8 million workplace plan participant accounts, 2.3 million banking accounts, and $11.77 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
March 31,

 

 

2026

 

2025

Net Revenues

 

 

 

Interest revenue

3,962

 

 

3,757

 

Interest expense

 

(818

 

 

(1,051

Net interest revenue

 

3,144

 

 

 

2,706

 

Asset management and administration fees

 

1,759

 

 

 

1,530

 

Trading revenue

 

1,089

 

 

 

908

 

Bank deposit account fees

 

295

 

 

 

245

 

Other

 

195

 

 

 

210

 

Total net revenues

 

6,482

 

 

 

5,599

 

Expenses Excluding Interest

 

 

 

Compensation and benefits

 

1,812

 

 

 

1,672

 

Professional services

 

303

 

 

 

269

 

Occupancy and equipment

 

285

 

 

 

274

 

Advertising and market development

 

101

 

 

 

96

 

Communications

 

163

 

 

 

153

 

Depreciation and amortization

 

201

 

 

 

217

 

Amortization of acquired intangible assets

 

132

 

 

 

130

 

Regulatory fees and assessments

 

75

 

 

 

89

 

Other

 

222

 

 

 

244

 

Total expenses excluding interest

 

3,294

 

 

 

3,144

 

Income before taxes on income

 

3,188

 

 

 

2,455

 

Taxes on income

 

709

 

 

 

546

 

Net Income

 

2,479

 

 

 

1,909

 

Preferred stock dividends and other

 

82

 

 

 

113

 

Net Income Available to Common Stockholders

2,397

 

 

1,796

 

Weighted-Average Common Shares Outstanding:

 

 

 

Basic

 

1,746

 

 

 

1,817

 

Diluted

 

1,752

 

 

 

1,822

 

Earnings Per Common Shares Outstanding:

 

 

 

Basic

1.37

 

 

.99

 

Diluted

1.37

 

 

.99

 

 

THE CHARLES SCHWAB CORPORATION

Financial and Operating Highlights

(Unaudited)

 

 

Q1-26 % change

2026

2025

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

vs.

vs.

First

Fourth

Third

Second

First

Q1-25

Q4-25

Quarter

Quarter

Quarter

Quarter

Quarter

Net Revenues

 

 

 

 

 

 

 

Net interest revenue

16

(1

3,144

 

3,172

 

3,050

 

2,822

 

2,706

 

Asset management and administration fees

15

2

 

1,759

 

 

1,733

 

 

1,673

 

 

1,570

 

 

1,530

 

Trading revenue

20

2

 

1,089

 

 

1,066

 

 

995

 

 

952

 

 

908

 

Bank deposit account fees

20

24

 

295

 

 

238

 

 

247

 

 

247

 

 

245

 

Other

(7

54

 

195

 

 

127

 

 

170

 

 

260

 

 

210

 

Total net revenues

16

2

 

6,482

 

 

6,336

 

 

6,135

 

 

5,851

 

 

5,599

 

Expenses Excluding Interest

 

 

 

 

 

 

 

Compensation and benefits

8

11

 

1,812

 

 

1,630

 

 

1,653

 

 

1,536

 

 

1,672

 

Professional services

13

(12

 

303

 

 

344

 

 

293

 

 

291

 

 

269

 

Occupancy and equipment

4

(3

 

285

 

 

293

 

 

280

 

 

270

 

 

274

 

Advertising and market development

5

(12

 

101

 

 

115

 

 

101

 

 

108

 

 

96

 

Communications

7

15

 

163

 

 

142

 

 

149

 

 

176

 

 

153

 

Depreciation and amortization

(7

(2

 

201

 

 

206

 

 

212

 

 

215

 

 

217

 

Amortization of acquired intangible assets

2

4

 

132

 

 

127

 

 

127

 

 

128

 

 

130

 

Regulatory fees and assessments

(16

21

 

75

 

 

62

 

 

59

 

 

77

 

 

89

 

Other

(9

(6

 

222

 

 

237

 

 

240

 

 

247

 

 

244

 

Total expenses excluding interest

5

4

 

3,294

 

 

3,156

 

 

3,114

 

 

3,048

 

 

3,144

 

Income before taxes on income

30

—

 

 

3,188

 

 

3,180

 

 

3,021

 

 

2,803

 

 

2,455

 

Taxes on income

30

(2

 

709

 

 

721

 

 

663

 

 

677

 

 

546

 

Net Income

30

1

 

2,479

 

 

2,459

 

 

2,358

 

 

2,126

 

 

1,909

 

Preferred stock dividends and other

(27

(11

 

82

 

 

92

 

 

81

 

 

149

 

 

113

 

Net Income Available to Common Stockholders

33

1

2,397

 

2,367

 

2,277

 

1,977

 

1,796

 

Earnings per common share:

 

 

 

 

 

 

 

Basic

38

2

1.37

 

1.34

 

1.26

 

1.09

 

.99

 

Diluted

38

3

1.37

 

1.33

 

1.26

 

1.08

 

.99

 

Dividends declared per common share

19

19

.32

 

.27

 

.27

 

.27

 

.27

 

Weighted-average common shares outstanding:

 

 

 

 

 

 

 

Basic

(4

(1

 

1,746

 

 

1,772

 

 

1,806

 

 

1,817

 

 

1,817

 

Diluted

(4

(1

 

1,752

 

 

1,777

 

 

1,811

 

 

1,822

 

 

1,822

 

Performance Measures

 

 

 

 

 

 

 

Pre-tax profit margin

 

 

 

49.2

 

50.2

 

49.2

 

47.9

 

43.8

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

 

 

 

23

 

22

 

21

 

19

 

18

Financial Condition (at quarter end, in billions)

 

 

 

 

 

 

 

Cash and cash equivalents

29

(2

45.0

 

46.0

 

30.6

 

32.2

 

35.0

 

Cash and investments segregated

4

(7

 

39.8

 

 

42.9

 

 

47.8

 

 

45.6

 

 

38.4

 

Receivables from brokers, dealers, and clearing organizations

N/M

 

64

 

11.8

 

 

7.2

 

 

4.7

 

 

4.3

 

 

2.9

 

Receivables from brokerage clients — net

26

1

 

106.2

 

 

104.7

 

 

93.8

 

 

82.8

 

 

84.4

 

Available for sale securities

(18

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