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Charles Schwab

SCHW Q4 2025 Earnings

Reported Jan 21, 2026 at 4:16 PM ET · SEC Source

Q4 25 EPS

$1.39

BEAT +0.00%

Est. $1.39

Q4 25 Revenue

$6.34B

BEAT +91.30%

Est. $3.31B

vs S&P Since Q4 25

-14.8%

TRAILING MARKET

SCHW -10.2% vs S&P +4.6%

Full Year 2025 Results

FY 25 EPS

$4.87

BEAT +0.13%

Est. $4.86

FY 25 Revenue

$23.92B

BEAT +0.43%

Est. $23.82B

Market Reaction

Did SCHW Beat Earnings? Q4 2025 Results

Charles Schwab capped 2025 with a record-setting fourth quarter, matching the Wall Street consensus of $1.39 in adjusted EPS while delivering revenue of $6.34 billion that left estimates of $3.31 billion well behind, even as reported revenue slipped … Read more Charles Schwab capped 2025 with a record-setting fourth quarter, matching the Wall Street consensus of $1.39 in adjusted EPS while delivering revenue of $6.34 billion that left estimates of $3.31 billion well behind, even as reported revenue slipped 4.7% from a year ago. The primary engine behind the quarter's strength was net interest revenue, which climbed 25% year-over-year to $3.17 billion, powered by a 57-basis-point expansion in net interest margin to 2.90% and rising client sweep cash balances that ended December at $453.70 billion. Full-year adjusted EPS of $4.87 reflected a 50% jump from 2024's $3.25, underscoring the breadth of the company's recovery and growth trajectory. Total client assets rose 18% year-over-year to $11.90 trillion, while core net new assets reached $163.90 billion for the quarter alone. The company also signaled confidence in its outlook by raising its quarterly dividend 19% and announcing a definitive agreement to acquire Forge Global, a private securities marketplace, expected to close in the first half of 2026.

Key Takeaways

  • • Net interest margin expanded 57 basis points year-over-year to 2.90%
  • • Core net new assets of $163.9 billion in Q4, up 42% full-year versus 2024
  • • Total client assets grew 18% year-over-year to a record $11.90 trillion
  • • Daily average trading volume up 31% year-over-year to 8.3 million
  • • Managed Investing Solutions net inflows grew 50% versus Q4 2024
  • • Bank loan balances grew 28% year-over-year to $58.0 billion
  • • Margin loan balances increased 34% year-over-year to $112.3 billion
  • • New brokerage account openings exceeded 1 million for 5th consecutive quarter
  • • Organic growth rate of 5.1% for full year 2025
24/7 Wall St

SCHW YoY Financials

Q4 2025 vs Q4 2024, source: SEC Filings

24/7 Wall St

SCHW Revenue by Segment

With YoY comparisons, source: SEC Filings

Q2 25 Q1 26

“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.”

— Rick Wurster, Q4 2025 Earnings Press Release

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