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Schwab Reports Record 4Q and Full Year 2025 Results
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260121223561/en/
| Client Driven |
| $519B | “Schwab delivered growth on all fronts in 2025. Total client accounts grew 6% year-over-year to 46.5 million. New and existing clients entrusted us with $519 billion in core net new assets – a 5.1% organic growth rate – bringing total client assets to a record $11.90 trillion.” | |
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| Deepen Client |
| 36% | “Clients are conducting more of their financial lives at Schwab, with record engagement across wealth management, trading, and banking. Net inflows into our Managed Investing solutions grew by 36% versus 2024, while bank loan originations achieved another record year.” | |
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| Diversified |
| 22% | “Doing more for our growing client base bolsters Schwab’s diversified revenue model. In 2025, the combination of our business momentum, strong engagement, and favorable equity markets resulted in record revenue of $23.9 billion – up 22% versus the prior year.” | |
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| Opportunistic |
| $7.3B | “During 4Q25, we repurchased 29.2 million shares for $2.7 billion, bringing 2025 capital return to $11.8 billion across all forms. Our capital ratios remained strong while enhancing our balance sheet flexibility to meet the needs of clients in different environments.” |
4Q25 Client and Business Highlights
- Total client assets increased 18% year-over-year to a record $11.90 trillion
- Record 4Q core net new assets of $163.9 billion brings total 2025 asset gathering to $519.4 billion – up 42% versus the prior year
- New brokerage account openings exceeded 1 million for the 5th consecutive quarter, pushing active brokerage accounts and total client accounts to 38.5 million and 46.5 million, respectively
- Managed Investing Solutions net inflows for the quarter grew 50% versus 4Q24
- Bank loan balances equaled $58.0 billion at December month-end – up 28% year-over-year
- Margin loan balances increased 34% versus year-end 2024 to end the quarter at $112.3 billion (2)
- Daily average trading volume was 8.3 million – up 31% versus 4Q24
- Announced definitive agreement to acquire Forge Global; transaction expected to close during first half 2026
- Schwab awarded by Forbes, Best Customer Service 2026 (3)
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| Three Months Ended |
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| Twelve Months Ended |
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| Financial Highlights | 2025 |
| 2024 |
| Change |
| 2025 |
| 2024 |
| Change | |||||||||||
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| Net revenues (in millions) | 6,336 |
| 5,329 |
| 19 | 23,921 |
| 19,606 |
| 22 | ||||||||||||
| Net income (in millions) |
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| GAAP | 2,459 |
| 1,840 |
| 34 | 8,852 |
| 5,942 |
| 49 | ||||||||||||
| Adjusted | 2,556 |
| 1,974 |
| 29 | 9,242 |
| 6,433 |
| 44 | ||||||||||||
| Diluted earnings per common share |
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| GAAP | 1.33 |
| .94 |
| 41 | 4.65 |
| 2.99 |
| 56 | ||||||||||||
| Adjusted | 1.39 |
| 1.01 |
| 38 | 4.87 |
| 3.25 |
| 50 | ||||||||||||
| Pre-tax profit margin |
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| GAAP |
| 50.2 |
| 43.3 |
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| 47.9 |
| 39.2 |
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| Adjusted |
| 52.2 |
| 46.6 |
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| 50.0 |
| 42.5 |
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| Return on average common stockholders’ equity (annualized) |
| 22 |
| 18 |
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| 21 |
| 15 |
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| Return on tangible common equity (annualized) |
| 39 |
| 36 |
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| 38 |
| 35 |
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| 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. |
4Q25 Financial Commentary
- Quarterly net revenues grew year-over-year by 19% to a record $6.3 billion
- Net interest margin for the fourth quarter equaled 2.90%, or 57 basis points of expansion versus 4Q24
- Client transactional sweep cash balances ended December at $453.7 billion, an increase of $28.1 billion versus the prior quarter-end, reflecting organic growth, client net buying activity, and year-end seasonality
- Bank Supplemental Funding (4) declined by $9.7 billion to end the quarter at $5.1 billion
- Asset management and administration fees grew by 15% year-over-year to $1.7 billion, powered by the firm’s organic growth, equity market appreciation, and investors’ utilization of our wealth and asset management solutions
- Trading revenue increased 22% versus 4Q24 due to continued strong engagement
- GAAP expenses for the quarter increased 4% year-over-year; excluding amortization of acquired intangibles of $127 million, adjusted total expenses (1) were up 6% relative to 4Q24
- Full-year 2025 GAAP expense growth equaled 5% – 6% adjusted (1) – including higher volume-related costs as well as incremental employee compensation and benefit spend
- Capital ratios across the firm remained strong – including preliminary consolidated Tier 1 Leverage and adjusted Tier 1 Leverage (1) equaling 9.3% and 7.1%, respectively
- Repurchased 29.2 million shares of our common stock for $2.7 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) | Includes $9.6 billion of client margin loans related to long/short strategies implemented by RIA clients. | |
| (3) | Forbes Best Customer Service List 2026 was given on November 11, 2025, and expires November 10, 2026. The criteria, evaluation, and ranking were determined by Forbes, partnered with HundredX. For more information, visit https://www.forbes.com/lists/best-customer-service/. Schwab paid a licensing fee to Forbes for use of the award and logos. | |
| (4) | Bank Supplemental Funding includes repurchase agreements at the banks, Schwab Bank Certificates of Deposit (CDs), and Federal Home Loan Bank balances. |
Winter Business Update
The company will host its Winter 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 growing client base, client engagement, diversified revenue model, balance sheet flexibility, return of capital, and the closing of the Forge Global acquisition. 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 38.5 million active brokerage accounts, 5.7 million workplace plan participant accounts, 2.2 million banking accounts, and $11.90 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) | ||||||||||||||||
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| Three Months Ended |
| Twelve Months Ended | ||||||||||||
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| 2025 |
| 2024 |
| 2025 |
| 2024 | ||||||||
| Net Revenues |
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| Interest revenue | 4,004 |
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| 3,851 |
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| 15,504 |
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| 15,537 |
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| Interest expense |
| (832 |
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| (1,320 |
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| (3,754 |
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| (6,393 | |||||
| Net interest revenue |
| 3,172 |
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| 2,531 |
|
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| 11,750 |
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| 9,144 |
| |
| Asset management and administration fees |
| 1,733 |
|
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| 1,509 |
|
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| 6,506 |
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| 5,716 |
| |
| Trading revenue |
| 1,066 |
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| 873 |
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| 3,921 |
|
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| 3,264 |
| |
| Bank deposit account fees |
| 238 |
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| 241 |
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|
| 977 |
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| 729 |
| |
| Other |
| 127 |
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| 175 |
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| 767 |
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| 753 |
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| Total net revenues |
| 6,336 |
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| 5,329 |
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| 23,921 |
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| 19,606 |
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| Expenses Excluding Interest |
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| Compensation and benefits |
| 1,630 |
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| 1,533 |
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| 6,491 |
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| 6,043 |
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| Professional services |
| 344 |
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| 297 |
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| 1,197 |
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| 1,053 |
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| Occupancy and equipment |
| 293 |
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| 276 |
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| 1,117 |
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| 1,060 |
| |
| Advertising and market development |
| 115 |
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| 101 |
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| 420 |
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| 397 |
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| Communications |
| 142 |
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| 131 |
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| 620 |
|
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| 591 |
| |
| Depreciation and amortization |
| 206 |
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| 224 |
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|
| 850 |
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| 916 |
| |
| Amortization of acquired intangible assets |
| 127 |
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| 130 |
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| 512 |
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| 519 |
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| Regulatory fees and assessments |
| 62 |
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| 89 |
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| 287 |
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| 398 |
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| Other |
| 237 |
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| 243 |
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| 968 |
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| 937 |
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| Total expenses excluding interest |
| 3,156 |
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| 3,024 |
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| 12,462 |
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| 11,914 |
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| Income before taxes on income |
| 3,180 |
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| 2,305 |
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| 11,459 |
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| 7,692 |
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| Taxes on income |
| 721 |
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| 465 |
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| 2,607 |
|
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| 1,750 |
| |
| Net Income |
| 2,459 |
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| 1,840 |
|
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| 8,852 |
|
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| 5,942 |
| |
| Preferred stock dividends and other |
| 92 |
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| 123 |
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| 435 |
|
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| 464 |
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| Net Income Available to Common Stockholders | 2,367 |
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| 1,717 |
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| 8,417 |
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| 5,478 |
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| Weighted-Average Common Shares Outstanding: |
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| Basic |
| 1,772 |
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| 1,831 |
|
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| 1,804 |
|
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| 1,828 |
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| Diluted |
| 1,777 |
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| 1,836 |
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| 1,809 |
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| 1,834 |
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| Earnings Per Common Shares Outstanding: |
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| Basic | 1.34 |
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| .94 |
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| 4.67 |
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| 3.00 |
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| Diluted | 1.33 |
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| .94 |
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| 4.65 |
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| 2.99 |
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| THE CHARLES SCHWAB CORPORATION | ||||||||||||||||||||||||||
| Financial and Operating Highlights | ||||||||||||||||||||||||||
| (Unaudited) | ||||||||||||||||||||||||||
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| Q4-25 % change | 2025 | 2024 | |||||||||||||||||||||||
| (In millions, except per share amounts and as noted) | vs. | vs. | Fourth | Third | Second | First | Fourth | |||||||||||||||||||
| Q4-24 | Q3-25 | Quarter | Quarter | Quarter | Quarter | Quarter | ||||||||||||||||||||
| Net Revenues |
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| Net interest revenue | 25 | 4 | 3,172 |
| 3,050 |
| 2,822 |
| 2,706 |
| 2,531 |
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| Asset management and administration fees | 15 | 4 |
| 1,733 |
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| 1,673 |
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| 1,570 |
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| 1,530 |
|
| 1,509 |
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| Trading revenue | 22 | 7 |
| 1,066 |
|
| 995 |
|
| 952 |
|
| 908 |
|
| 873 |
| |||||||||
| Bank deposit account fees | (1 | (4 |
| 238 |
|
| 247 |
|
| 247 |
|
| 245 |
|
| 241 |
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| Other | (27 | (25 |
| 127 |
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| 170 |
|
| 260 |
|
| 210 |
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| 175 |
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| Total net revenues | 19 | 3 |
| 6,336 |
|
| 6,135 |
|
| 5,851 |
|
| 5,599 |
|
| 5,329 |
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| Expenses Excluding Interest |
|
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|
|
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| |||||||||||||||||||
| Compensation and benefits | 6 | (1 |
| 1,630 |
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| 1,653 |
|
| 1,536 |
|
| 1,672 |
|
| 1,533 |
| |||||||||
| Professional services | 16 | 17 |
| 344 |
|
| 293 |
|
| 291 |
|
| 269 |
|
| 297 |
| |||||||||
| Occupancy and equipment | 6 | 5 |
| 293 |
|
| 280 |
|
| 270 |
|
| 274 |
|
| 276 |
| |||||||||
| Advertising and market development | 14 | 14 |
| 115 |
|
| 101 |
|
| 108 |
|
| 96 |
|
| 101 |
| |||||||||
| Communications | 8 | (5 |
| 142 |
|
| 149 |
|
| 176 |
|
| 153 |
|
| 131 |
| |||||||||
| Depreciation and amortization | (8 | (3 |
| 206 |
|
| 212 |
|
| 215 |
|
| 217 |
|
| 224 |
| |||||||||
| Amortization of acquired intangible assets | (2 | — |
|
| 127 |
|
| 127 |
|
| 128 |
|
| 130 |
|
| 130 |
| ||||||||
| Regulatory fees and assessments | (30 | 5 |
| 62 |
|
| 59 |
|
| 77 |
|
| 89 |
|
| 89 |
| |||||||||
| Other | (2 | (1 |
| 237 |
|
| 240 |
|
| 247 |
|
| 244 |
|
| 243 |
| |||||||||
| Total expenses excluding interest | 4 | 1 |
| 3,156 |
|
| 3,114 |
|
| 3,048 |
|
| 3,144 |
|
| 3,024 |
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| Income before taxes on income | 38 | 5 |
| 3,180 |
|
| 3,021 |
|
| 2,803 |
|
| 2,455 |
|
| 2,305 |
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