The Charles Schwab Corporation provides brokerage, banking, wealth and asset management, custody and advisory services through Investor Services and Advisor Services. Its economics depend on client cash, investment assets, lending and trading activity—not brokerage commissions alone.
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A snapshot of what SCHWAB CHARLES CORP owns and owes at a point in time.
Read the company’s balance sheet in the original annual reports below.
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3 reports in this collection
| Report period | Filed with SEC | Form | Source |
|---|---|---|---|
| Dec 31, 20230000316709-24-000018 | Feb 23, 2024 | 10-K | Open 10-Ksec.gov |
| Dec 31, 20240000316709-25-000010 | Feb 26, 2025 | 10-K | Open 10-Ksec.gov |
| Dec 31, 20250000316709-26-000009 | Feb 25, 2026 | 10-K | Open 10-Ksec.gov |
Dates describe the filing metadata. Figures and reporting periods should be checked against the original statement. SEC links open in a new tab.
Schwab’s recovery reflects both a growing client franchise and relief from the expensive funding that strained earnings in 2023. In 2025, net revenue reached $23.921 billion and GAAP net income $8.852 billion, principally helped by lower funding costs, stronger asset-based fees and trading activity. Growth continued through September 2026, although trading revenue lagged trade-count growth and corporate cash declined sequentially. The business remains sensitive to client cash allocation, markets, borrowing costs and regulatory capital. Large client-asset and sweep-cash balances are not money available to shareholders. Forge’s acquisition is completed, but its purchase accounting remains provisional and its disclosed contribution was loss-making. New crypto services broaden capabilities while adding custody and recovery risks. Capital returns coexist with increased broker-dealer funding, rather than demonstrating that wholesale funding dependence has disappeared.
Sources: 10-K · 2023-12-31 · 10-K · 2025-12-31 · 10-Q · 2026-06-30 · EX-99.1 · 2026-10-15
Schwab serves individual investors and workplace businesses through Investor Services, and independent investment advisers through Advisor Services. Adviser custody generally carries no standalone custody fee: Schwab earns from the associated cash, investments and transactions. Uninvested cash supports securities and lending spreads; invested assets generate administration and advisory fees; trading generates commissions, order-flow payments and principal revenue. This creates a trade-off when clients move low-cost sweep deposits into higher-yielding funds: assets may remain on the platform while their funding value falls. Year-end 2025 client assets were $11.903 trillion, distinct from $490.995 billion of corporate assets. Account counts are not unique customer counts.
Sources: 10-K · 2025-12-31 · 10-K · 2023-12-31
After 2023’s cash-reallocation pressure, 2024 brought a partial recovery and completion of Ameritrade integration. In 2025, net revenue increased 22% to $23.921 billion and GAAP net income increased 49% to $8.852 billion. Net interest revenue increased $2.606 billion even though gross interest revenue fell slightly: interest expense declined $2.639 billion as costly bank funding was repaid and funding rates fell. Asset-management fees and trading also grew. Noninterest expenses increased 5%, substantially slower than revenue, lifting pretax margin to 47.9%. Diluted EPS increased faster than consolidated profit, to $4.65, helped by fewer shares and changes in income available to common shareholders.
Sources: 10-K · 2023-12-31 · 10-K · 2024-12-31 · 10-K · 2025-12-31
Operating cash flow was $9.311 billion in 2025, versus $2.670 billion in 2024 and $19.587 billion in 2023. Those swings reflect brokerage receivables, client payables and segregated investments as well as earnings; they are not equivalent changes in profit or distributable cash. At June 30, 2026, balance-sheet cash was $40.580 billion, while the cash-flow total included another $28.622 billion of restricted cash. First-half reported capital expenditure of $965 million included a $633 million financed software asset. Cash property purchases were only $325 million, with software-debt payments classified separately. An ordinary industrial-company free-cash-flow calculation would therefore obscure important financing and custody movements.
Sources: 10-K · 2025-12-31 · 10-Q · 2026-06-30
Bank supplemental funding fell 90% during 2025 to $5.1 billion, but securities-lending liabilities and broker-dealer borrowing expanded alongside margin lending. Schwab spent $7.346 billion on common-stock repurchases in 2025 and approximately $3.4 billion in first-half 2026; third-quarter purchases were another $0.5 billion. The quarterly common dividend increased to $0.32 in January 2026. These distributions compete with lending growth and funding repayment for capital. At September 30, preliminary regulatory Tier 1 leverage was 8.9%, versus 7.0% under Schwab’s non-GAAP measure incorporating accumulated other comprehensive income. The difference remains material; neither ratio is a cash balance or assurance of unlimited distributions.
Sources: 10-K · 2025-12-31 · 10-Q · 2026-06-30 · EX-99.1 · 2026-10-15
The October 15 release reported third-quarter revenue of $7.171 billion and GAAP net income of $2.906 billion, up 17% and 23%. Nine-month figures were $20.725 billion and $8.185 billion; quarterly amounts are already included. Core third-quarter inflows were $190.4 billion, while client assets reached $13.3332 trillion. Trading revenue grew more slowly than trade counts because revenue per trade declined. Forge closed March 2 for $636 million of cash and other consideration and contributed a $39 million net loss from acquisition through June. A phased spot-crypto rollout began in May. August guidance increased expected full-year expense growth to 10–11%, including Forge and activity-related costs; the October release did not establish a reaffirmation.
Sources: 8-K · 2026-03-02 · 10-Q · 2026-06-30 · EX-99.1 · 2026-10-15
Client cash reallocations can force replacement borrowing, while securities valuation losses can become realized losses if assets must be sold. Margin and pledged-asset lending depend on collateral values and liquidation capacity. The TD deposit agreement remains in force despite TD’s ownership exit and imposes balance requirements and potential nonperformance payments. Crypto adds exposure to sub-custodian failure and losses exceeding recoveries, without FDIC or SIPC protection. Technology outages have affected access even though prior cybersecurity events were not reported as materially affecting financial condition. The Corrente settlement received district-court approval but remained under appeal in the latest supplied quarterly report.
Sources: 10-K · 2025-12-31 · 10-Q · 2026-06-30
USD 8.852 bn
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 8.852 bn | 49.0% |
| 2024 | USD 5.942 bn | 17.3% |
| 2023 | USD 5.067 bn | — |
Consolidated GAAP net income before preferred dividends and allocations to participating securities.
Sources: 10-K · 2025-12-31
USD 9.311 bn
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 9.311 bn | 248.7% |
| 2024 | USD 2.67 bn | -86.4% |
| 2023 | USD 19.587 bn | — |
Consolidated GAAP operating cash flow, including brokerage receivable, payable, and segregated-investment movements.
Sources: 10-K · 2025-12-31
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