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Business Insider
a day ago
- Business
- Business Insider
Charles Schwab ETF (SCHG) Flaunts Top-Tier Growth Stock Package
If you're looking for a long-term core holding to anchor your portfolio, the Schwab U.S. Large-Cap Growth ETF (SCHG) is a compelling choice—and so is its sponsor, Charles Schwab Corporation (SCHW). SCHG, managed by Schwab Asset Management, oversees approximately $46 billion in non-discretionary assets (in addition to $1.3 trillion in discretionary assets) and offers diversified exposure to leading growth stocks tied to some of the market's most durable long-term themes. Elevate Your Investing Strategy: Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence. Its strong performance track record and ultra-low expense ratio make it particularly attractive for cost-conscious investors aiming to maximize long-term returns. At the same time, Charles Schwab Corporation, the parent company behind the fund, presents its own investment appeal as a major player in brokerage, banking, and asset management. Comparing SCHG with Vanguard Any serious discussion about what makes SCHG a compelling investment must start with its standout performance history. It's a well-known investing truth that few funds—whether ETFs, mutual funds, or even hedge funds—consistently outperform the market over time. SCHG is one of the rare exceptions, and it has been doing so for years. As of the most recent monthly close, SCHG delivered an impressive annualized return of 26.9% over the past three years. In comparison, the Vanguard S&P 500 ETF (VOO), which tracks the broader market via the S&P 500 (SPX), returned 19.6% annualized over the same period —strong in its own right, but trailing SCHG by a full seven percentage points annually. Looking further back, SCHG has continued to outperform. Over the past five years, it posted an 18.7% annualized return, outpacing VOO's 16.6%. And over the past decade, SCHG returned 16.7% annually, compared to VOO's 13.6%. Investing in a fund that delivers consistent double-digit annualized returns is a powerful way to grow portfolio value over time. To illustrate, a $10,000 investment in SCHG 10 years ago would be worth $45,645 today. While it's true that past performance doesn't guarantee future results, SCHG's long-term track record of outperformance positions it as a fund investors can reasonably count on to continue delivering strong results over time. SCHG's Miniscule Expense Ratio Not only has SCHG helped investors build wealth over time, but it also helps them preserve it with a negligible expense ratio of just 0.04%. This means that an investor putting $10,000 into the fund will pay just $4 in fees annually. Assuming that SCHG maintains this expense ratio and returns 5% per year going forward, the investor putting $10,000 into SCHG will pay just $34 in fees over the next 10 years. It's worth noting that this makes SCHG significantly cheaper than one of the other most popular tech- and growth-oriented ETFs, the Invesco QQQ Trust (QQQ), which charges a comparatively higher expense ratio of 0.20%. Exposure to Top Growth Stocks Importantly, SCHG's portfolio is where the rubber hits the road for investors. As a passively managed index fund, it offers solid diversification across 228 holdings, tracking the Dow Jones U.S. Large-Cap Growth Total Stock Market Index. That said, the fund is somewhat top-heavy—its top 10 holdings make up 58.5% of total assets. Nvidia (NVDA) leads the pack with a 12.3% weighting, followed closely by Microsoft (MSFT) at 11.0%, both reflecting their dominant roles in the current growth landscape. Below is a snapshot of SCHG's top 10 holdings, as sourced from TipRanks' holdings tool. As you can see, SCHG's top 10 holdings are a veritable who's who list of the top tech and growth stocks that have come to define the Tech market in recent years. In addition to the Magnificent Seven stocks, SCHG's top 10 holdings also include semiconductor giant Broadcom (AVGO), a key player in the AI revolution, and pharma megacap Eli Lilly (LLY), whose weight loss drugs have taken the healthcare sector by storm. Just outside of SCHG's top 10 holdings, other prominent positions include Visa (V), Mastercard (MA), Palantir (PLTR), Netflix (NFLX), and GE Aerospace (GE). What I find especially appealing about SCHG's portfolio is its dual advantage. On one hand, it offers immediate exposure to a roster of established market leaders with strong track records of outperformance. On the other hand, it positions investors to benefit from transformative, long-term growth themes. These include generative AI through companies like Nvidia, Microsoft, Broadcom, Meta Platforms (META), and Alphabet (GOOGL); autonomous vehicles via Tesla and Alphabet; robotics through Amazon (AMZN) and Tesla; and breakthroughs in biotech and weight-loss drugs through names like Eli Lilly (LLY). These are precisely the innovation-driven sectors that long-term investors should be targeting. One notable risk is SCHG's relatively high valuation—its holdings currently trade at a trailing 12-month price-to-earnings ratio of 36.8, well above the S&P 500's average of around 25. This is something investors should keep in mind. However, these are high-growth companies with strong earnings potential, which could make today's valuations appear more reasonable over time. For valuation-conscious investors like myself, strategies such as dollar-cost averaging or buying during market pullbacks can help mitigate this risk and build positions more prudently. SCHG is a Dividend Payer While it's not the fund's main calling card, SCHG is a dividend payer, albeit with a low dividend yield of just 0.38%. Still, the ETF has increased the size of its payout each of the past three years in a row, and I would expect it to continue to do so going forward as the stocks it holds increase their earnings over the years. Is SCHG a Good ETF to Buy? Turning to Wall Street, SCHG earns a Strong Buy consensus rating based on 201 Buys, 26 Holds, and one Sell rating assigned in the past three months. The average SCHG price target of $32.67 implies ~7.6% upside potential over the coming twelve months. Investor Takeaway While there's no shortage of ETFs on the market, few have consistently outperformed the broader indices over time, the way SCHG has. I'm bullish on SCHG due to its strong track record of long-term outperformance, ultra-low expense ratio, and high-quality portfolio of blue-chip growth stocks. These attributes make it a compelling choice for investors seeking a reliable, long-term core holding to anchor their portfolios for the long term.
Business Wire
18-07-2025
- Business
- Business Wire
25% Revenue Growth Powers Record 2Q25 Results
WESTLAKE, Texas--(BUSINESS WIRE)--The Charles Schwab Corporation reported net income for the second quarter totaling $2.1 billion, or $1.08 earnings per share. Excluding $128 million of pre-tax transaction-related costs, adjusted (1) net income and earnings per share equaled $2.2 billion and $1.14, respectively. 2Q25 Client and Business Highlights Total client assets increased 14% year-over-year to a record $10.76 trillion Core net new assets of $80.3 billion brings year-to-date asset gathering to $218.0 billion – up 39% year-over-year New brokerage account openings increased 11% year-over-year to 1.1 million for the quarter, helping active brokerage accounts and total client accounts reach 37.5 million and 45.2 million, respectively Managed Investing Solutions net inflows grew 37% versus 2Q24 Margin balances ended the quarter at $83.4 billion – essentially flat quarter-over-quarter – as investors selectively increased leverage while equity markets rebounded following the disruption in early April Daily average trading volume remained robust at 7.6 million – up 38% versus 2Q24 Charles Schwab recognized as Best Investing Platform Overall by U.S. News (3) Charles Schwab Bank ranked #1 in J.D. Power's U.S. Direct Banking Satisfaction Study for the 7 th consecutive year (4) Three Months Ended June 30, % Six Months Ended June 30, % Financial Highlights 2025 2024 Change 2025 2024 Change Net income (in millions) GAAP $ 2,126 $ 1,332 60 % $ 4,035 $ 2,694 50 % Adjusted $ 2,222 $ 1,465 52 % $ 4,230 $ 2,934 44 % Diluted earnings per common share GAAP $ 1.08 $ .66 64 % $ 2.07 $ 1.34 54 % Adjusted $ 1.14 $ .73 56 % $ 2.17 $ 1.47 48 % Pre-tax profit margin GAAP 47.9 % 37.2 % 45.9 % 37.6 % Adjusted 50.1 % 41.0 % 48.2 % 40.9 % Return on average common stockholders' equity (annualized) 19 % 14 % 18 % 15 % Return on tangible common equity (annualized) 35 % 34 % 34 % 36 % Expand 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. Expand 2Q25 Financial Commentary Quarterly net revenues grew year-over-year by 25% to a record $5.9 billion Net interest margin expanded sequentially by 12 basis points to 2.65% due primarily to the further reduction of higher cost liabilities and a rebound in securities lending activity Client transactional sweep cash balances ended at $412.1 billion, a sequential build of $4.3 billion, reflecting tax seasonality as well as client net equity selling during the period Bank Supplemental Funding (2) declined $10.4 billion during the quarter to $27.7 billion at June month-end Asset management and administration fees increased by 14% year-over-year to $1.6 billion, powered by organic growth, rebounding equity markets, and sustained product utilization Trading revenue increased 23% versus 2Q24 due to robust volumes GAAP expenses for the quarter increased 4% year-over-year; excluding second quarter amortization of acquired intangibles of $128 million, adjusted total expenses (1) were up 5% relative to 2Q24 Capital ratios across the firm remained strong – including preliminary consolidated Tier 1 Leverage and adjusted Tier 1 Leverage (1) equaling 9.8% and 7.2%, respectively Redeemed $2.5 billion Series G Preferred Stock Repurchased 3.9 million shares of our common stock for $351 million 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) Bank Supplemental Funding includes repurchase agreements at the banks, Schwab Bank Certificates of Deposit (CDs), and Federal Home Loan Bank balances. (3) U.S. News & World Report's Best Investing Platforms award was given on April 23, 2025. The criteria, evaluation, and ranking were determined by U.S. News & World Report. See for more information. Schwab paid a licensing fee to U.S. News & World Report for use of the award and logos. (4) Charles Schwab Bank received the highest score in the checking segment of the J.D. Power 2019–2025 U.S. Direct Banking Satisfaction Studies, which measures overall satisfaction with direct branchless banks. Visit for more details. The J.D. Power 2025 U.S. Direct Banking Satisfaction Study is independently conducted, and the participating firms do not pay to participate. Use of study results in promotional materials is subject to a license fee. Expand Summer Business Update The company will host its Summer 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 Forward-Looking Statements This press release contains forward-looking statements relating to the company's revenue model, scale and efficiency, and capital ratios. 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 ( and on the Securities and Exchange Commission's website ( 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 37.5 million active brokerage accounts, 5.6 million workplace plan participant accounts, 2.1 million banking accounts, and $10.76 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, 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 THE CHARLES SCHWAB CORPORATION Financial and Operating Highlights (Unaudited) Q2-25 % change 2025 2024 vs. vs. Second First Fourth Third Second (In millions, except per share amounts and as noted) Q2-24 Q1-25 Quarter Quarter Quarter Quarter Quarter Net Revenues Net interest revenue 31 % 4 % $ 2,822 $ 2,706 $ 2,531 $ 2,222 $ 2,158 Asset management and administration fees 14 % 3 % 1,570 1,530 1,509 1,476 1,383 Trading revenue 23 % 5 % 952 908 873 797 777 Bank deposit account fees 61 % 1 % 247 245 241 152 153 Other 19 % 24 % 260 210 175 200 219 Total net revenues 25 % 5 % 5,851 5,599 5,329 4,847 4,690 Expenses Excluding Interest Compensation and benefits 6 % (8 )% 1,536 1,672 1,533 1,522 1,450 Professional services 12 % 8 % 291 269 297 256 259 Occupancy and equipment 9 % (1 )% 270 274 276 271 248 Advertising and market development 1 % 13 % 108 96 101 101 107 Communications 2 % 15 % 176 153 131 147 172 Depreciation and amortization (8 )% (1 )% 215 217 224 231 233 Amortization of acquired intangible assets (1 )% (2 )% 128 130 130 130 129 Regulatory fees and assessments (20 )% (13 )% 77 89 89 88 96 Other (1 )% 1 % 247 244 243 259 249 Total expenses excluding interest 4 % (3 )% 3,048 3,144 3,024 3,005 2,943 Income before taxes on income 60 % 14 % 2,803 2,455 2,305 1,842 1,747 Taxes on income 63 % 24 % 677 546 465 434 415 Net Income 60 % 11 % 2,126 1,909 1,840 1,408 1,332 Preferred stock dividends and other 23 % 32 % 149 113 123 109 121 Net Income Available to Common Stockholders 63 % 10 % $ 1,977 $ 1,796 $ 1,717 $ 1,299 $ 1,211 Earnings per common share: Basic 65 % 10 % $ 1.09 $ .99 $ .94 $ .71 $ .66 Diluted 64 % 9 % $ 1.08 $ .99 $ .94 $ .71 $ .66 Dividends declared per common share 8 % — $ .27 $ .27 $ .25 $ .25 $ .25 Weighted-average common shares outstanding: Basic (1 )% — 1,817 1,817 1,831 1,829 1,828 Diluted (1 )% — 1,822 1,822 1,836 1,834 1,834 Performance Measures Pre-tax profit margin 47.9 % 43.8 % 43.3 % 38.0 % 37.2 % Return on average common stockholders' equity (annualized) (1) 19 % 18 % 18 % 14 % 14 % Financial Condition (at quarter end, in billions) Cash and cash equivalents 27 % (8 )% $ 32.2 $ 35.0 $ 42.1 $ 34.9 $ 25.4 Cash and investments segregated 110 % 19 % 45.6 38.4 38.2 33.7 21.7 Receivables from brokers, dealers, and clearing organizations 34 % 48 % 4.3 2.9 2.4 3.4 3.2 Receivables from brokerage clients — net 14 % (2 )% 82.8 84.4 85.4 74.0 72.8 Available for sale securities (28 )% (10 )% 67.6 74.8 83.0 90.0 93.6 Held to maturity securities (9 )% (3 )% 139.7 143.8 146.5 149.9 153.2 Bank loans — net 19 % 7 % 50.4 47.1 45.2 43.3 42.2 Total assets 2 % (1 )% 458.9 462.9 479.8 466.1 449.7 Bank deposits (8 )% (5 )% 233.1 246.2 259.1 246.5 252.4 Payables to brokers, dealers, and clearing organizations (2) N/M 18 % 18.6 15.7 13.3 16.4 5.9 Payables to brokerage clients 37 % 9 % 109.4 100.6 101.6 89.2 80.0 Accrued expenses and other liabilities (2) 2 % (2 )% 10.8 11.0 12.3 11.2 10.6 Other short-term borrowings (15 )% 23 % 8.5 6.9 6.0 10.6 10.0 Federal Home Loan Bank borrowings (63 )% (22 )% 9.0 11.5 16.7 22.6 24.4 Long-term debt (10 )% (6 )% 20.2 21.5 22.4 22.4 22.4 Total liabilities 1 % (1 )% 409.5 413.4 431.5 418.8 405.7 Stockholders' equity 13 % — 49.5 49.5 48.4 47.2 44.0 Total liabilities and stockholders' equity 2 % (1 )% 458.9 462.9 479.8 466.1 449.7 Other Full-time equivalent employees (at quarter end, in thousands) 1 % 2 % 32.6 32.1 32.1 32.1 32.3 Capital expenditures — purchases of equipment, office facilities, and property, net (in millions) 48 % (13 )% $ 136 $ 156 $ 258 $ 135 $ 92 Expenses excluding interest as a percentage of average client assets (annualized) 0.12 % 0.12 % 0.12 % 0.12 % 0.13 % Clients' Daily Average Trades (DATs) (in thousands) 38 % 2 % 7,571 7,391 6,312 5,697 5,486 Number of Trading Days (2 )% 3 % 62.0 60.0 63.0 63.5 63.0 Expand (1) Return on average common stockholders' equity is calculated using net income available to common stockholders divided by average common stockholders' equity. (2) Beginning in the fourth quarter of 2024, payables to brokers, dealers, and clearing organizations are presented separately from accrued expenses and other liabilities. Prior period amounts have been reclassified to reflect this change. Payables to brokers, dealers, and clearing organizations include securities loaned. (3) Revenue per trade is calculated as trading revenue divided by the product of DATs multiplied by the number of trading days. N/M Not meaningful. Percentage changes greater than 200% are presented as not meaningful. Expand THE CHARLES SCHWAB CORPORATION Net Interest Revenue Information (In millions, except ratios or as noted) (Unaudited) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 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 $ 28,000 $ 305 4.30 % $ 28,839 $ 382 5.24 % $ 29,236 $ 633 4.30 % $ 31,394 $ 836 5.26 % Cash and investments segregated 47,574 506 4.20 % 21,493 281 5.17 % 43,117 918 4.23 % 25,503 669 5.19 % Receivables from brokerage clients 79,616 1,332 6.62 % 68,715 1,351 7.78 % 81,367 2,714 6.63 % 66,259 2,611 7.80 % Available for sale securities (1) 77,750 405 2.08 % 104,045 555 2.13 % 81,151 838 2.06 % 107,956 1,149 2.12 % Held to maturity securities (1) 141,098 602 1.70 % 154,314 658 1.70 % 142,740 1,224 1.71 % 155,862 1,348 1.73 % Bank loans 48,691 518 4.27 % 41,562 460 4.44 % 47,374 1,011 4.29 % 41,046 900 4.40 % Total interest-earning assets 422,729 3,668 3.45 % 418,968 3,687 3.50 % 424,985 7,338 3.44 % 428,020 7,513 3.49 % Securities lending revenue 96 95 156 171 Other interest revenue 23 35 50 74 Total interest-earning assets $ 422,729 $ 3,787 3.56 % $ 418,968 $ 3,817 3.62 % $ 424,985 $ 7,544 3.54 % $ 428,020 $ 7,758 3.60 % Funding sources Bank deposits $ 237,645 $ 326 0.55 % $ 258,119 $ 840 1.31 % $ 241,660 $ 762 0.64 % $ 266,243 $ 1,761 1.33 % Payables to brokers, dealers, and clearing organizations (2) 16,657 167 3.97 % 5,642 57 3.98 % 15,424 304 3.93 % 5,577 112 3.97 % Payables to brokerage clients 92,425 69 0.30 % 67,680 77 0.45 % 91,305 120 0.27 % 68,011 150 0.44 % Other short-term borrowings 7,644 87 4.55 % 9,268 129 5.59 % 7,172 169 4.74 % 8,327 232 5.60 % Federal Home Loan Bank borrowings 9,753 110 4.48 % 25,582 348 5.42 % 10,236 243 4.72 % 25,220 678 5.35 % Long-term debt 20,624 206 3.94 % 22,460 208 3.70 % 21,448 418 3.87 % 23,730 432 3.64 % Total interest-bearing liabilities (2) 384,748 965 1.00 % 388,751 1,659 1.71 % 387,245 2,016 1.04 % 397,108 3,365 1.70 % Non-interest-bearing funding sources (2) 37,981 30,217 37,740 30,912 Other interest expense — — — 2 Total funding sources $ 422,729 $ 965 0.91 % $ 418,968 $ 1,659 1.59 % $ 424,985 $ 2,016 0.95 % $ 428,020 $ 3,367 1.57 % Net interest revenue $ 2,822 2.65 % $ 2,158 2.03 % $ 5,528 2.59 % $ 4,391 2.03 % Expand (1) Amounts have been calculated based on amortized cost. (2) Beginning in the fourth quarter of 2024, payables to brokers, dealers, and clearing organizations is presented separately from non-interest-bearing funding sources and included in total interest-bearing liabilities. This line item includes securities loaned and related interest expense. Prior period amounts have been reclassified to reflect this change. Expand (1) Managed investing solutions includes managed portfolios, specialized strategies, and customized investment advice such as Schwab Wealth Advisory TM, Schwab Managed Portfolios TM, Managed Account Select ®, Schwab Advisor Network ®, Windhaven Strategies ®, ThomasPartners ® Strategies, Wasmer Schroeder TM Strategies, Schwab Index Advantage advised retirement plan balances, Schwab Intelligent Portfolios ®, Institutional Intelligent Portfolios ®, Schwab Intelligent Portfolios Premium ®, 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. (2) Includes various asset-related fees, such as trust fees, 401(k) recordkeeping fees, and mutual fund clearing fees and other service fees. (3) Includes miscellaneous service and transaction fees relating to mutual funds and ETFs that are not balance-based. Expand THE CHARLES SCHWAB CORPORATION Growth in Client Assets and Accounts (Unaudited) Q2-25 % Change 2025 2024 vs. vs. Second First Fourth Third Second (In billions, at quarter end, except as noted) Q2-24 Q1-25 Quarter Quarter Quarter Quarter Quarter Assets in client accounts Schwab One ®, certain cash equivalents, and bank deposits 4 % (1 )% $ 342.7 $ 345.2 $ 358.8 $ 334.1 $ 330.7 Bank deposit account balances (3 )% (2 )% 82.1 83.7 87.5 84.0 84.5 Proprietary mutual funds (Schwab Funds ® and Laudus Funds ®) and CTFs Money market funds (1) 22 % 2 % 653.5 641.5 596.5 562.1 533.6 Equity and bond funds and CTFs (2) 16 % 10 % 249.7 227.0 232.2 228.9 214.4 Total proprietary mutual funds and CTFs 21 % 4 % 903.2 868.5 828.7 791.0 748.0 Mutual Fund Marketplace ® (3) Mutual Fund OneSource ® and other no-transaction-fee funds 32 % 33 % 453.9 340.3 347.8 358.0 344.8 Mutual fund clearing services 13 % 6 % 298.3 280.6 280.7 280.8 264.7 Other third-party mutual funds (1 )% (2 )% 1,168.5 1,195.4 1,211.1 1,236.5 1,177.5 Total Mutual Fund Marketplace 7 % 6 % 1,920.7 1,816.3 1,839.6 1,875.3 1,787.0 Total mutual fund assets 11 % 5 % 2,823.9 2,684.8 2,668.3 2,666.3 2,535.0 Exchange-traded funds Proprietary ETFs (2) 26 % 10 % 439.7 398.2 395.0 385.9 349.6 Other third-party ETFs 25 % 11 % 2,175.6 1,960.1 1,940.6 1,888.2 1,738.6 Total ETF assets 25 % 11 % 2,615.3 2,358.3 2,335.6 2,274.1 2,088.2 Equity and other securities 15 % 11 % 4,188.7 3,765.5 3,972.6 3,839.6 3,648.8 Fixed income securities (1 )% 2 % 788.0 775.8 762.3 795.4 792.0 Margin loans outstanding 16 % — (83.4 ) (83.6 ) (83.8 ) (73.0 ) (71.7 ) Total client assets 14 % 8 % $ 10,757.3 $ 9,929.7 $ 10,101.3 $ 9,920.5 $ 9,407.5 Client assets by business (4) Investor Services (5) 14 % 9 % $ 6,069.9 $ 5,557.4 $ 5,721.6 $ 5,576.7 $ 5,317.5 Advisor Services (6) 15 % 7 % 4,687.4 4,372.3 4,379.7 4,343.8 4,090.0 Total client assets 14 % 8 % $ 10,757.3 $ 9,929.7 $ 10,101.3 $ 9,920.5 $ 9,407.5 Net growth in assets in client accounts (for the quarter ended) Net new assets by business (4) Investor Services (5) (22 )% (55 )% $ 31.2 $ 69.5 $ 46.2 $ 37.2 $ 40.1 Advisor Services (6) 24 % (33 )% 42.4 62.9 62.2 53.6 34.1 Total net new assets (1 )% (44 )% $ 73.6 $ 132.4 $ 108.4 $ 90.8 $ 74.2 Net market gains (losses) 754.0 (304.0 ) 72.4 422.2 214.9 Net growth (decline) $ 827.6 $ (171.6 ) $ 180.8 $ 513.0 $ 289.1 New brokerage accounts (in thousands, for the quarter ended) 11 % (7 )% 1,098 1,183 1,119 972 985 Client accounts (in thousands) Active brokerage accounts 5 % 1 % 37,476 37,011 36,456 35,982 35,612 Banking accounts 9 % 2 % 2,096 2,050 1,998 1,954 1,931 Workplace Plan Participant Accounts (7) 4 % 2 % 5,586 5,495 5,399 5,388 5,363 Expand (1) Total client assets in purchased money market funds are located at: (2) Includes balances held on and off the Schwab platform. As of June 30, 2025, off-platform equity and bond funds, CTFs, and ETFs were $38.0 billion, $4.5 billion, and $156.9 billion, respectively. (3) Excludes all proprietary mutual funds and ETFs. (4) In the fourth quarter of 2024, Retirement Business Services moved from Advisor Services to Investor Services. Prior periods have been recast. (5) Second quarter of 2025 includes net outflows of $6.7 billion from off-platform Schwab Bank Retail CDs. First quarter of 2025 includes net outflows of $5.3 billion from off-platform Schwab Bank Retail CDs. Fourth quarter of 2024 includes net outflows of $5.5 billion from off-platform Schwab Bank Retail CDs and an outflow of $0.6 billion from a large international relationship. Third quarter of 2024 includes net outflows of $4.4 billion from off-platform Schwab Bank Retail CDs and an outflow of $0.1 billion from a large international relationship. Second quarter of 2024 includes net inflows of $2.7 billion from off-platform Schwab Bank Retail CDs and an inflow of $10.3 billion from a mutual fund clearing services client. (6) Fourth quarter of 2024 includes an outflow of $0.3 billion from a large international relationship. (7) Includes Retirement Plan Services, Stock Plan Services, Designated Brokerage Services, and Retirement Business Services. Participants may be enrolled in services in more than one Workplace business. Expand The Charles Schwab Corporation Monthly Activity Report For June 2025 2024 2025 Change Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Mo. Yr. Market Indices (at month end) Dow Jones Industrial Average ® 39,119 40,843 41,563 42,330 41,763 44,911 42,544 44,545 43,841 42,002 40,669 42,270 44,095 4 % 13 % Nasdaq Composite ® 17,733 17,599 17,714 18,189 18,095 19,218 19,311 19,627 18,847 17,299 17,446 19,114 20,370 7 % 15 % Standard & Poor's ® 500 5,460 5,522 5,648 5,762 5,705 6,032 5,882 6,041 5,955 5,612 5,569 5,912 6,205 5 % 14 % Client Assets (in billions of dollars) Beginning Client Assets 9,206.3 9,407.5 9,572.1 9,737.7 9,920.5 9,852.0 10,305.4 10,101.3 10,333.1 10,280.2 9,929.7 9,892.2 10,349.0 Net New Assets (1) 33.2 29.0 31.5 30.3 22.7 25.5 60.2 30.5 46.6 55.3 1.1 33.6 38.9 16 % 17 % Net Market Gains (Losses) 168.0 135.6 134.1 152.5 (91.2 ) 427.9 (264.3 ) 201.3 (99.5 ) (405.8 ) (38.6 ) 423.2 369.4 Total Client Assets (at month end) 9,407.5 9,572.1 9,737.7 9,920.5 9,852.0 10,305.4 10,101.3 10,333.1 10,280.2 9,929.7 9,892.2 10,349.0 10,757.3 4 % 14 % Core Net New Assets (1,2) 29.1 29.0 32.8 33.5 24.6 28.8 61.4 30.6 48.0 59.1 2.7 35.0 42.6 22 % 46 % Receiving Ongoing Advisory Services (at month end) Investor Services 632.9 649.1 663.7 675.1 665.6 688.9 682.0 698.7 703.5 688.8 688.2 711.2 737.6 4 % 17 % Advisor Services 4,090.0 4,185.4 4,268.1 4,343.8 4,303.3 4,489.2 4,379.7 4,496.6 4,493.2 4,372.3 4,353.0 4,525.6 4,687.4 4 % 15 % Client Accounts (at month end, in thousands) Active Brokerage Accounts 35,612 35,743 35,859 35,982 36,073 36,222 36,456 36,709 36,861 37,011 37,254 37,375 37,476 — 5 % Banking Accounts 1,931 1,937 1,940 1,954 1,967 1,980 1,998 2,019 2,033 2,050 2,066 2,077 2,096 1 % 9 % Workplace Plan Participant Accounts (3) 5,363 5,382 5,373 5,388 5,407 5,393 5,399 5,450 5,464 5,495 5,518 5,563 5,586 — 4 % Client Activity New Brokerage Accounts (in thousands) 310 327 324 321 331 357 431 433 362 388 439 336 323 (4 )% 4 % Client Cash as a Percentage of Client Assets (4) 9.7 % 9.6 % 9.5 % 9.5 % 9.8 % 9.5 % 10.1 % 9.8 % 10.0 % 10.6 % 10.5 % 10.1 % 9.9 % (20) bp 20 bp Derivative Trades as a Percentage of Total Trades 21.3 % 21.2 % 20.8 % 21.5 % 21.4 % 19.7 % 18.6 % 19.3 % 19.9 % 19.5 % 18.4 % 21.0 % 20.8 % (20) bp (50) bp Selected Average Balances (in millions of dollars) Average Interest-Earning Assets (5) 417,150 417,379 420,191 420,203 422,327 425,789 431,177 431,523 424,805 425,228 430,884 419,638 417,768 — — Average Margin Balances 69,730 73,206 73,326 72,755 74,105 76,932 81,507 82,551 84,233 82,725 77,478 79,132 82,339 4 % 18 % Average Bank Deposit Account Balances (6) 85,195 83,979 82,806 82,336 83,261 84,385 85,384 84,790 83,089 84,302 84,060 81,495 81,014 (1 )% (5 )% Mutual Funds and Exchange-Traded Funds Net Buys (Sells) (7,8) (in millions of dollars) Equities 3,379 10,908 5,609 5,217 7,176 13,226 14,805 10,050 4,987 (1,221 ) 7,950 10,473 8,987 Hybrid (843 ) (1,155 ) (1,377 ) (432 ) (1,397 ) (329 ) 124 (1,324 ) (464 ) (603 ) (1,663 ) (287 ) (1,038 ) Bonds 6,346 8,651 10,919 11,015 10,442 7,473 10,969 8,747 12,162 11,438 (1,490 ) 8,483 6,050 Net Buy (Sell) Activity (in millions of dollars) Mutual Funds (7) (4,254 ) (4,679 ) (4,003 ) (1,261 ) (4,905 ) (4,492 ) (4,331 ) (6,785 ) (3,971 ) (8,537 ) (13,955 ) (3,224 ) (5,351 ) Exchange-Traded Funds (8) 13,136 23,083 19,154 17,061 21,126 24,862 30,229 24,258 20,656 18,151 18,752 21,893 19,350 Money Market Funds 3,858 9,110 8,048 9,672 11,032 9,172 8,956 11,584 12,306 14,586 (6,158 ) 5,794 5,814 Expand Note: Certain supplemental details related to the information above can be found at: (1) Unless otherwise noted, differences between net new assets and core net new assets are net flows from off-platform Schwab Bank Retail CDs. 2024 also includes outflows from a large international relationship of $0.1 billion in August, $0.3 billion in October, and $0.6 billion in November. (2) Net new assets before significant one-time inflows or outflows, such as acquisitions/divestitures or extraordinary flows (generally greater than $25 billion beginning in 2025; $10 billion in prior periods) relating to a specific client, and activity from off-platform Schwab Bank Retail CDs. These flows may span multiple reporting periods. (3) Includes Retirement Plan Services, Stock Plan Services, Designated Brokerage Services, and Retirement Business Services. Participants may be enrolled in services in more than one Workplace business. (4) Schwab One ®, certain cash equivalents, bank deposits, third-party bank deposit accounts, and money market fund balances as a percentage of total client assets; client cash excludes brokered CDs issued by Charles Schwab Bank. (5) Represents average total interest-earning assets on the Company's balance sheet. (6) Represents average clients' uninvested cash sweep account balances held in deposit accounts at third-party financial institutions. (7) Represents the principal value of client mutual fund transactions handled by Schwab, including transactions in proprietary funds. Includes institutional funds available only to investment managers. Excludes money market fund transactions. (8) Represents the principal value of client ETF transactions handled by Schwab, including transactions in proprietary ETFs. Expand THE CHARLES SCHWAB CORPORATION Non-GAAP Financial Measures (In millions, except ratios and per share amounts) (Unaudited) In addition to disclosing financial results in accordance with generally accepted accounting principles in the U.S. (GAAP), Schwab's second quarter earnings release contains references to the non-GAAP financial measures described below. We believe these non-GAAP financial measures provide useful supplemental information about the financial performance of the Company, and facilitate meaningful comparison of Schwab's results in the current period to both historic and future results. These non-GAAP measures should not be considered a substitute for, or superior to, financial measures calculated in accordance with GAAP, and may not be comparable to non-GAAP financial measures presented by other companies. Schwab's use of non-GAAP measures is reflective of certain adjustments made to GAAP financial measures as described below. Non-GAAP Adjustment or Measure Definition Usefulness to Investors and Uses by Management Acquisition and integration-related costs, amortization of acquired intangible assets, and restructuring costs Schwab adjusts certain GAAP financial measures to exclude the impact of acquisition and integration-related costs incurred as a result of the Company's acquisitions, amortization of acquired intangible assets, restructuring costs, and, where applicable, the income tax effect of these expenses. Adjustments made to exclude amortization of acquired intangible assets are reflective of all acquired intangible assets, which were recorded as part of purchase accounting. These acquired intangible assets contribute to the Company's revenue generation. Amortization of acquired intangible assets will continue in future periods over their remaining useful lives. We exclude acquisition and integration-related costs, amortization of acquired intangible assets, and restructuring costs for the purpose of calculating certain non-GAAP measures because we believe doing so provides additional transparency of Schwab's ongoing operations, and is useful in both evaluating the operating performance of the business and facilitating comparison of results with prior and future periods. Costs related to acquisition and integration or restructuring fluctuate based on the timing of acquisitions, integration and restructuring activities, thereby limiting comparability of results among periods, and are not representative of the costs of running the Company's ongoing business. Amortization of acquired intangible assets is excluded because management does not believe it is indicative of the Company's underlying operating performance. Return on tangible common equity Return on tangible common equity represents annualized adjusted net income available to common stockholders as a percentage of average tangible common equity. Tangible common equity represents common equity less goodwill, acquired intangible assets — net, and related deferred tax liabilities. Acquisitions typically result in the recognition of significant amounts of goodwill and acquired intangible assets. We believe return on tangible common equity may be useful to investors as a supplemental measure to facilitate assessing capital efficiency and returns relative to the composition of Schwab's balance sheet. Adjusted Tier 1 Leverage Ratio Adjusted Tier 1 Leverage Ratio represents the Tier 1 Leverage Ratio as prescribed by bank regulatory guidance for the consolidated company and for Charles Schwab Bank, SSB (CSB), adjusted to reflect the inclusion of accumulated other comprehensive income (AOCI) in the ratio. Inclusion of the impacts of AOCI in the Company's Tier 1 Leverage Ratio provides additional information regarding the Company's current capital position. We believe Adjusted Tier 1 Leverage Ratio may be useful to investors as a supplemental measure of the Company's capital levels. Expand The Company also uses adjusted diluted EPS and return on tangible common equity as components of performance criteria for employee bonus and certain executive management incentive compensation arrangements. The Compensation Committee of CSC's Board of Directors maintains discretion in evaluating performance against these criteria. Additionally, the Company uses adjusted Tier 1 Leverage Ratio in managing capital, including its use of the measure as its long-term operating objective. THE CHARLES SCHWAB CORPORATION Non-GAAP Financial Measures (In millions, except ratios and per share amounts) (Unaudited) The tables below present reconciliations of GAAP measures to non-GAAP measures: Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Total Expenses Excluding Interest Net Income Total Expenses Excluding Interest Net Income Total Expenses Excluding Interest Net Income Total Expenses Excluding Interest Net Income Total expenses excluding interest (GAAP), Net income (GAAP) $ 3,048 $ 2,126 $ 2,943 $ 1,332 $ 6,192 $ 4,035 $ 5,885 $ 2,694 Amortization of acquired intangible assets (128 ) 128 (129 ) 129 (258 ) 258 (259 ) 259 Acquisition and integration-related costs (1) — — (36 ) 36 — — (74 ) 74 Restructuring costs (2) — — (10 ) 10 — — 18 (18 ) Income tax effects (3) N/A (32 ) N/A (42 ) N/A (63 ) N/A (75 ) Adjusted total expenses (non-GAAP), Adjusted net income (non-GAAP) $ 2,920 $ 2,222 $ 2,768 $ 1,465 $ 5,934 $ 4,230 $ $ 2,934 Expand (1) There were no acquisition and integration-related costs for the three and six months ended June 30, 2025. Acquisition and integration-related costs for the three and six months ended June 30, 2024 primarily consist of $18 million and $35 million of compensation and benefits, $12 million and $29 million of professional services, and $5 million of depreciation and amortization. (2) There were no restructuring costs for the three and six months ended June 30, 2025. Restructuring costs for the three and six months ended June 30, 2024 reflect a benefit due to a change in estimate of $3 million and $34 million in compensation and benefits, offset by $1 million and $3 million of occupancy and equipment expense and $12 million and $13 million of other expense. (3) The income tax effects of the non-GAAP adjustments are determined using an effective tax rate reflecting the exclusion of non-deductible acquisition costs and are used to present the acquisition and integration-related costs, amortization of acquired intangible assets, and restructuring costs on an after-tax basis. N/A Not applicable. Expand Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Amount % of Total Net Revenues Amount % of Total Net Revenues Amount % of Total Net Revenues Amount % of Total Net Revenues Income before taxes on income (GAAP), Pre-tax profit margin (GAAP) $ 2,803 47.9 % $ 1,747 37.2 % $ 5,258 45.9 % $ 3,545 37.6 % Amortization of acquired intangible assets 128 2.2 % 129 2.8 % 258 2.3 % 259 2.7 % Acquisition and integration-related costs — — 36 0.8 % — — 74 0.8 % Restructuring costs — — 10 0.2 % — — (18 ) (0.2 )% Adjusted income before taxes on income (non-GAAP), Adjusted pre-tax profit margin (non-GAAP) $ 2,931 50.1 % $ 1,922 41.0 % $ 5,516 48.2 % $ 3,860 40.9 % Expand Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Amount Diluted EPS Amount Diluted EPS Amount Diluted EPS Amount Diluted EPS Net income available to common stockholders (GAAP), Earnings per common share — diluted (GAAP) $ 1,977 $ 1.08 $ 1,211 $ .66 $ 3,773 $ 2.07 $ 2,462 $ 1.34 Amortization of acquired intangible assets 128 .07 129 .07 258 .14 259 .14 Acquisition and integration-related costs — — 36 .02 — — 74 .04 Restructuring costs — — 10 .01 — — (18 ) (.01 ) Income tax effects (32 ) (.01 ) (42 ) (.03 ) (63 ) (.04 ) (75 ) (.04 ) Adjusted net income available to common stockholders (non-GAAP), Adjusted diluted EPS (non-GAAP) $ 2,073 $ 1.14 $ 1,344 $ .73 $ 3,968 $ 2.17 $ 2,702 $ 1.47 Expand THE CHARLES SCHWAB CORPORATION Non-GAAP Financial Measures (In millions, except ratios and per share amounts) (Unaudited) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Return on average common stockholders' equity (GAAP) 19 % 14 % 18 % 15 % Average common stockholders' equity $ 41,504 $ 33,991 $ 40,936 $ 33,264 Less: Average goodwill (11,951 ) (11,951 ) (11,951 ) (11,951 ) Less: Average acquired intangible assets — net (7,551 ) (8,067 ) (7,615 ) (8,132 ) Plus: Average deferred tax liabilities related to goodwill and acquired intangible assets — net 1,710 1,747 1,716 1,753 Average tangible common equity $ 23,712 $ 15,720 $ 23,086 $ 14,934 Adjusted net income available to common stockholders (1) $ 2,073 $ 1,344 $ 3,968 $ 2,702 Return on tangible common equity (non-GAAP) 35 % 34 % 34 % 36 % Expand (1) See table above for the reconciliation of net income available to common stockholders to adjusted net income available to common stockholders (non-GAAP). Expand (Preliminary) June 30, 2025 CSC CSB Tier 1 Leverage Ratio (GAAP) 9.8 % 12.2 % Tier 1 Capital $ 44,267 $ 32,114 Plus: AOCI adjustment (12,589 ) (10,932 ) Adjusted Tier 1 Capital 31,678 21,182 Average assets with regulatory adjustments 451,314 264,107 Plus: AOCI adjustment (13,231 ) (11,623 ) Adjusted average assets with regulatory adjustments $ 438,083 $ 252,484 Adjusted Tier 1 Leverage Ratio (non-GAAP) 7.2 % 8.4 % Expand
Yahoo
17-07-2025
- Business
- Yahoo
Jim Cramer on Charles Schwab: 'Be Very Careful Before You Do Some Buying'
The Charles Schwab Corporation (NYSE:SCHW) is one of the stocks that Jim Cramer shared insights on. During the episode, Cramer recommended caution before investing in the stock after its recent run. He said: 'Finally, don't say I didn't tell you so, we've been championing Charles Schwab from the days when the doubters cast dispersions on the balance sheet. That was 25 points ago. They've been silent of late. But I think the short sellers like to come out and color the opening of trading when Schwab opens. I say be very careful before you do some buying.' A corporate finance professional studying a financial performance chart. Charles Schwab (NYSE:SCHW) provides a broad range of financial services, including wealth management, brokerage, banking, and advisory solutions. Furthermore, the company offers trading platforms, investment products, retirement tools, and support for individual investors and financial advisors. Baron Asset Fund stated the following regarding The Charles Schwab Corporation (NYSE:SCHW) in its Q1 2025 investor letter: 'Strength in Financials came from specialty insurer Arch Capital Group Ltd. and brokerage firm The Charles Schwab Corporation (NYSE:SCHW). Schwab's shares outperformed for a second consecutive quarter, helped by an improved earnings outlook. After reaching trough levels last year, Schwab's cash balances continued to trend higher during the quarter. Investors believe Schwab will use these balances to pay down higher cost borrowings, which should drive net interest income and earnings higher.' While we acknowledge the potential of SCHW as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock. READ NEXT: 30 Stocks That Should Double in 3 Years and 11 Hidden AI Stocks to Buy Right Now. Disclosure: None. This article is originally published at Insider Monkey. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
10-07-2025
- Business
- Yahoo
The Charles Schwab Corporation (SCHW) Receives Results of Federal Reserve's 2025 CCAR
The Charles Schwab Corporation (NYSE:SCHW) is one of the The company received the results of the Federal Reserve's 2025 Comprehensive Capital Analysis and Review (CCAR). On the basis of these results, the company's calculated stress capital buffer (SCB) remains well below the 2.5% minimum, leading to the SCB at that floor. The 2.5% SCB will be applicable to Schwab for a four-quarter period beginning October 1, 2025. A corporate finance professional studying a financial performance chart. The Charles Schwab Corporation (NYSE:SCHW)'s Common Equity Tier 1 (CET1) ratio of 32% as of March 31, 2025 remained well in excess of the regulatory minimum of 4.5% combined with the SCB of 2.5% because of the relatively low risk nature of the company's balance sheet assets. The Charles Schwab Corporation (NYSE:SCHW)'s robust organic growth, mainly in Net New Assets, along with effective capital management, can benefit the shareholders. The core net new assets brought by new and existing clients saw an increase of 13% YoY in May 2025 to reach $35.0 billion. In Q1 2025, the company saw daily average trading volume grow by 17% quarter-over-quarter because of the sharp increase in market volatility. Baron Funds, an investment management company, released its Q1 2025 investor letter. Here is what the fund said: 'Strength in Financials came from specialty insurer Arch Capital Group Ltd. and brokerage firm The Charles Schwab Corporation (NYSE:SCHW). Schwab's shares outperformed for a second consecutive quarter, helped by an improved earnings outlook. After reaching trough levels last year, Schwab's cash balances continued to trend higher during the quarter. Investors believe Schwab will use these balances to pay down higher cost borrowings, which should drive net interest income and earnings higher.' While we acknowledge the potential of SCHW as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock. READ NEXT: 13 Cheap AI Stocks to Buy According to Analysts and 11 Unstoppable Growth Stocks to Invest in Now Disclosure: None. This article is originally published at Insider Monkey. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Business Wire
01-07-2025
- Business
- Business Wire
Charles Schwab Discloses Results of the Federal Reserve's 2025 Comprehensive Capital Analysis and Review
WESTLAKE, Texas--(BUSINESS WIRE)--The Charles Schwab Corporation (CSC or Schwab) announced today that it has received the results of the Federal Reserve's 2025 Comprehensive Capital Analysis and Review (CCAR). These results included the Federal Reserve's estimate of Schwab's minimum capital ratios under the supervisory severely adverse scenario for the nine-quarter horizon beginning December 31, 2024 and ending March 31, 2027. Based on these results, Schwab's calculated stress capital buffer (SCB) remains well below the 2.5% minimum, resulting in a SCB at that floor. This 2.5% SCB will continue to be applicable to Schwab for the four-quarter period beginning October 1, 2025. Schwab's Common Equity Tier 1 (CET1) ratio of 32% as of March 31, 2025 was well in excess of the regulatory minimum of 4.5% combined with the SCB of 2.5% due to the relatively low risk nature of our balance sheet assets. Schwab ended the first quarter of 2025 with a consolidated adjusted Tier 1 Leverage Ratio of 7.13%, up from 6.85% at year-end 2024. This consolidated adjusted Tier 1 Leverage Ratio is above the long-term operating objective for CSC of 6.75% to 7.00%. CFO Mike Verdeschi commented, 'Schwab's CCAR stress test results reinforce the strength of our capital position and durability of our diversified model across a range of environments. The firm will continue to prioritize maintaining capital levels to support the evolving needs of our clients as well as long-term franchise growth – while at the same time seeking to enhance through-the-cycle stockholder value via the opportunistic return of capital in multiple forms.' Forward-looking Statements This press release contains forward-looking statements relating to the company's business results, capital ratios, balance sheet management and capital return. 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 ( and on the Securities and Exchange Commission's website ( 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 37.4 million active brokerage accounts, 5.6 million workplace plan participant accounts, 2.1 million banking accounts, and $10.35 trillion in client assets as of May 31, 2025. 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, 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
