SCHWAB CHARLES CORPSCHW
SCHWAB CHARLES CORP Financial Overview 2021–2025
Updated Jul 10, 2026Charles Schwab attracted $519.4 billion in core net new assets during FY2025, a 42% annual surge that highlights the platform's sustained organic growth. The firm has successfully absorbed its largest competitor and eliminated high-cost temporary funding, cementing its position as a highly profitable asset-gathering machine.
Total client assets expanded from $8.14 trillion in FY2021 to $11.90 trillion in FY2025. Over this timeline, Schwab executed the TD Ameritrade integration—finalizing account conversions in May 2024—and subsequently recalibrated its balance sheet. By FY2025, net interest revenue jumped 28% to $11.8 billion as the company aggressively reduced its reliance on expensive supplemental bank funding. This restored operational efficiency drove net income up 49% year-over-year to $8.9 billion, funding $7.3 billion in shareholder capital returns through stock repurchases and rising dividends.
At the close of FY2025, the stock traded at $99.91, representing a multiple of 21.5x its $4.65 in diluted earnings per share for the year. With the integration behind it, Schwab is now deploying capital to expand its product suite, closing its $660 million acquisition of private market platform Forge Global in March 2026 and preparing to launch retail cryptocurrency trading.
Recent Developments (Q4 2025 and Q1 2026)
In Q1 2026, Schwab generated $6.5 billion in total net revenues, a 16% year-over-year expansion. Growth was driven by a 16% increase in net interest revenue to $3.1 billion and a 15% rise in asset management fees to $1.8 billion. The firm constrained operating expenses to a 5% increase, lifting net income by 30% to $2.5 billion and driving a 38% increase in diluted earnings per share to $1.37.
Schwab restructured its capital stack, eliminating Series I preferred stock, issuing Series L preferred stock, and raising $3.25 billion in senior notes. Operationally, Dennis Howard was appointed Chief Technology, Operations and Data Officer in January 2026. Bulls highlight the firm's operating leverage and a 19% dividend increase to $0.32 per share. Bears caution the stock is richly valued at 29.6x earnings as of May 8, 2026, particularly as total client assets declined sequentially to $11.77 trillion.
What to watch: yields on the newly issued floating-rate debt; trading activity from the 1.3 million new brokerage accounts.
Rev
$19.61B
FY2024
NI
$5.94B
FY2024
EPS$SCHW
$3.00
FY2024
OCF
$2.67B
FY2024
Year-over-year comparison from 10-K annual reports
Data from SEC Company Facts
Recent SEC Filings
SCHWAB CHARLES CORP 8-K Report, Corporate Update (Jun 29, 2026)
The Charles Schwab Corporation (SCHW) has announced the issuance of $1 billion in aggregate principal amount of 4.603% Fixed-to-Floating Rate Senior Notes due 2029. This transaction, which closed on June 25, 2026, raised approximately $995.5 million in net proceeds after accounting for underwriting discounts, commissions, and offering expenses. The issuance was conducted under an established shelf registration statement and indenture framework, ensuring compliance with regulatory requirements. This debt offering provides Schwab with additional capital, strengthening its financial position and flexibility. Investors should note that these are senior unsecured notes, and their interest rate will transition from a fixed rate to a floating rate in the future. The proceeds are expected to be used for general corporate purposes, which may include supporting its ongoing business operations and strategic initiatives.
SCHWAB CHARLES CORP 8-K Report, Bylaw Amendment (Jun 1, 2026)
The Charles Schwab Corporation (SCHW) has filed an 8-K report on June 1, 2026, detailing the elimination of its 4.000% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series I. This action, formalized by filing a Certificate of Elimination with the Delaware Secretary of State, effectively removes the terms and provisions related to this specific series of preferred stock from the Company's Fifth Restated Certificate of Incorporation. This move suggests a simplification of the Company's capital structure, potentially reducing complexity and administrative overhead associated with managing different classes of preferred stock.
SCHWAB CHARLES CORP 8-K Report, Shareholder Vote Results (May 22, 2026)
Schwab Charles Corp. (SCHW) has filed an 8-K report detailing the outcomes of its 2026 Annual Meeting of Stockholders. The meeting saw all director nominees elected successfully, indicating continued confidence in the board's leadership. Additionally, shareholders ratified the appointment of Deloitte & Touche LLP as the company's independent auditor for the fiscal year 2026, a routine but important vote for financial oversight. The advisory vote on executive compensation was also approved, suggesting shareholder alignment with the company's approach to compensating its named executive officers. However, a significant proposal to declassify the Board of Directors, which would have required an 80% supermajority vote of all outstanding common shares, did not achieve the necessary threshold for approval. This outcome means the board will remain classified, with directors serving staggered terms, a structure that provides for continuity but can also limit direct shareholder influence on board composition in the short term. Investors should note this outcome as it pertains to corporate governance.
SCHWAB CHARLES CORP 8-K Report, Corporate Update (May 21, 2026)
The Charles Schwab Corporation (SCHW) announced on May 21, 2026, the successful issuance of senior notes totaling $2.25 billion. This offering includes $1 billion of 4.744% Fixed-to-Floating Rate Senior Notes due 2030 and $1.25 billion of 5.493% Fixed-to-Floating Rate Senior Notes due 2030. The net proceeds from this transaction are approximately $2,236 million, intended to support the company's general corporate purposes and further strengthen its financial position. The issuance was structured under an existing Senior Indenture and a new Second Supplemental Indenture, with the offering details outlined in a prospectus supplement. This move indicates Schwab's ongoing strategy to manage its capital structure and potentially fund growth initiatives or ongoing operational needs. Investors should note the fixed-to-floating rate nature of these notes, which introduces potential variability in future interest payments.
SCHWAB CHARLES CORP 8-K Report, Rights Modification (Apr 22, 2026)
Schwab Charles Corp (SCHW) has filed an 8-K report detailing the issuance of a new class of preferred stock, designated as Series L Preferred Stock. This issuance, through 1,500,000 depositary shares each representing a 1/100th interest in a share of Series L Preferred Stock, was completed on April 22, 2026, in connection with a Preferred Issuance. The filing outlines the establishment of the voting rights, preferences, and privileges of this new stock series, as well as restrictions that may impact Schwab's ability to pay dividends or repurchase its common stock if dividends on the Series L Preferred Stock are not met. This move signifies a capital raise activity for Schwab, impacting its capital structure. Investors should note the specific terms of the Series L Preferred Stock, particularly its dividend terms and voting rights, as detailed in the Certificate of Designations. The company has entered into an Underwriting Agreement with several major financial institutions, indicating a public offering of these depositary shares. The attached exhibits provide comprehensive details on the underwriting, the preferred stock terms, and the depositary arrangements.
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