Client Growth & Engagement Drive Record Schwab 1Q Results

4/16/26 7:30:00 AM ET

Investment Bankers/Brokers/Service

Finance

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March Core Net New Assets Equal $79.7 Billion, Second Highest Month Ever

Robust Engagement Drove 1Q Net Revenues to a Record $6.5 Billion, Up 16% Year-Over-Year

Record GAAP Earnings Per Share of $1.37; $1.43 Adjusted ⁽¹⁾ – up 38% versus 1Q25

The Charles Schwab Corporation reported net income for the first quarter totaling $2.5 billion, or earnings per share of $1.37. Excluding $143 million of pre-tax transaction-related costs, adjusted ⁽¹⁾ net income and earnings per share equaled $2.6 billion and $1.43, respectively.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260416458593/en/

Client Driven Growth	$140B 1Q26 Core Net New Assets	"Schwab's strong business momentum continued into 2026 as investors opened 1.3 million new brokerage accounts and brought $140 billion of core net new assets to the firm during the first quarter. Excluding a planned mutual fund clearing deconversion, asset gathering totaled $158 billion – an annualized growth rate of 5.4%." President & CEO Rick Wurster

Deepen Client Relationships	46% 1Q26 Managed Investing Net Flows Growth	"Clients continue to turn to us for more of their financial lives, helping wealth and banking solutions reach record levels in 1Q. Led by Schwab Wealth Advisory™, Managed Investing net flows grew 46% year-over-year while bank loans expanded 29% versus 1Q25 to $60.9 billion." President & CEO Rick Wurster

Diversified Revenue Growth	16% 1Q26 Revenue Growth vs. 1Q25	"Schwab's diversified model delivered record results within an increasingly uncertain macroeconomic environment. Driven by robust client engagement across our wealth, trading, and lending solutions, total first quarter revenue increased 16% year-over-year to $6.5 billion." CFO Mike Verdeschi

Opportunistic Capital Return	$2.4B 1Q26 Common Stock Repurchases	"During 1Q26, the company repurchased 24.3 million shares for $2.4 billion and increased its common stock dividend by 19%. These actions reflect Schwab's strong capital position as well as the sustained performance of the firm's through-the-cycle financial model." CFO Mike Verdeschi

1Q26 Client and Business Highlights

Total client assets increased 19% year-over-year to $11.77 trillion
Core net new assets totaled $140.0 billion, including a $17.5 billion outflow from a planned mutual fund clearing client deconversion; excluding this planned item, core net new assets for the quarter equaled $157.5 billion
New brokerage account openings equaled 1.3 million, pushing active brokerage accounts and total client accounts to 39.1 million and 47.2 million, respectively
Managed Investing Solutions net flows grew 46% versus 1Q25
Bank loan balances equaled $60.9 billion at March month-end, up 29% year-over-year
Margin loan balances increased 13% versus year-end 2025 to end the quarter at $126.7 billion – including $21.3 billion related to long/short strategies implemented by RIA clients ⁽²⁾
Daily average trading volume reached a record 9.9 million – up 34% versus 1Q25
Launched the Schwab Teen Investor™ Account, a unique and hands-on investing experience for young people ages 13–17
Closed Forge Global acquisition in early March
Schwab ranked #1 Overall Broker by StockBrokers.com, 2 years in a row ⁽³⁾

	Three Months Ended March 31,						%
Financial Highlights	2026			2025			Change

Net revenues (in millions)	$	6,482		$	5,599		16	%
Net income (in millions)
GAAP	$	2,479		$	1,909		30	%
Adjusted	$	2,588		$	2,008		29	%
Diluted earnings per common share
GAAP	$	1.37		$	.99		38	%
Adjusted	$	1.43		$	1.04		38	%
Pre-tax profit margin
GAAP		49.2	%		43.8	%
Adjusted		51.4	%		46.2	%
Return on average common stockholders' equity (annualized)		23	%		18	%
Return on tangible common equity (annualized)		40	%		35	%

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.

1Q26 Financial Commentary

Quarterly net revenues grew year-over-year by 16% to a record $6.5 billion
Net interest margin for the quarter was 2.88%
Client transactional sweep cash balances ended March at $461.5 billion, an increase of $7.8 billion versus the prior quarter-end, reflecting seasonality, organic growth, and client asset allocation decisions
Average interest-earning assets for the quarter equaled $437.7 billion, up 2% versus 1Q25
Asset management and administration fees grew by 15% year-over-year to $1.8 billion, powered by the firm's organic growth and investors' utilization of our wealth and asset management solutions
Trading revenue increased 20% versus 1Q25 due to record engagement
GAAP expenses for the quarter increased 5% year-over-year; excluding acquisition and integration-related costs and the amortization of acquired intangibles of $143 million, adjusted total expenses⁽¹⁾were up 5% relative to 1Q25
Capital ratios across the firm remained strong – including preliminary consolidated Tier 1 Leverage and adjusted Tier 1 Leverage⁽¹⁾ equaling 8.9% and 6.8%, respectively
Increased the quarterly common stock dividend by 19% to $.32 per share
Repurchased 24.3 million shares of our common stock for $2.4 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⁾		Client margin loans and short credits related to certain long/short strategies utilized by RIAs are excluded from interest-earning assets and company funding sources.
⁽³⁾		The StockBrokers.com 2026 Annual Awards (https://www.stockbrokers.com/annual-awards-2026) were announced on January 27, 2026. Criteria, testing methodologies, and rankings were determined by StockBrokers.com. Companies were assessed across StockBrokers.com's 7 Primary Categories: Range of Investments, Advanced Trading, Mobile Trading Apps, Research, Education, Ease of Use, and Overall.

Spring Business Update

The company will host its Spring 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 business momentum, client relationships, capital position, and through-the-cycle financial model. 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 39.1 million active brokerage accounts, 5.8 million workplace plan participant accounts, 2.3 million banking accounts, and $11.77 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)

	Three Months Ended March 31,
	2026			2025
Net Revenues
Interest revenue	$	3,962		$	3,757
Interest expense		(818	)		(1,051	)
Net interest revenue		3,144			2,706
Asset management and administration fees		1,759			1,530
Trading revenue		1,089			908
Bank deposit account fees		295			245
Other		195			210
Total net revenues		6,482			5,599
Expenses Excluding Interest
Compensation and benefits		1,812			1,672
Professional services		303			269
Occupancy and equipment		285			274
Advertising and market development		101			96
Communications		163			153
Depreciation and amortization		201			217
Amortization of acquired intangible assets		132			130
Regulatory fees and assessments		75			89
Other		222			244
Total expenses excluding interest		3,294			3,144
Income before taxes on income		3,188			2,455
Taxes on income		709			546
Net Income		2,479			1,909
Preferred stock dividends and other		82			113
Net Income Available to Common Stockholders	$	2,397		$	1,796
Weighted-Average Common Shares Outstanding:
Basic		1,746			1,817
Diluted		1,752			1,822
Earnings Per Common Shares Outstanding:
Basic	$	1.37		$	.99
Diluted	$	1.37		$	.99

THE CHARLES SCHWAB CORPORATION
Financial and Operating Highlights
(Unaudited)

	Q1-26 % change				2026			2025
(In millions, except per share amounts and as noted)	vs.		vs.		First			Fourth			Third			Second			First
(In millions, except per share amounts and as noted)	Q1-25		Q4-25		Quarter			Quarter			Quarter			Quarter			Quarter
Net Revenues
Net interest revenue	16	%	(1	)%	$	3,144		$	3,172		$	3,050		$	2,822		$	2,706
Asset management and administration fees	15	%	2	%		1,759			1,733			1,673			1,570			1,530
Trading revenue	20	%	2	%		1,089			1,066			995			952			908
Bank deposit account fees	20	%	24	%		295			238			247			247			245
Other	(7	)%	54	%		195			127			170			260			210
Total net revenues	16	%	2	%		6,482			6,336			6,135			5,851			5,599
Expenses Excluding Interest
Compensation and benefits	8	%	11	%		1,812			1,630			1,653			1,536			1,672
Professional services	13	%	(12	)%		303			344			293			291			269
Occupancy and equipment	4	%	(3	)%		285			293			280			270			274
Advertising and market development	5	%	(12	)%		101			115			101			108			96
Communications	7	%	15	%		163			142			149			176			153
Depreciation and amortization	(7	)%	(2	)%		201			206			212			215			217
Amortization of acquired intangible assets	2	%	4	%		132			127			127			128			130
Regulatory fees and assessments	(16	)%	21	%		75			62			59			77			89
Other	(9	)%	(6	)%		222			237			240			247			244
Total expenses excluding interest	5	%	4	%		3,294			3,156			3,114			3,048			3,144
Income before taxes on income	30	%	—			3,188			3,180			3,021			2,803			2,455
Taxes on income	30	%	(2	)%		709			721			663			677			546
Net Income	30	%	1	%		2,479			2,459			2,358			2,126			1,909
Preferred stock dividends and other	(27	)%	(11	)%		82			92			81			149			113
Net Income Available to Common Stockholders	33	%	1	%	$	2,397		$	2,367		$	2,277		$	1,977		$	1,796
Earnings per common share:
Basic	38	%	2	%	$	1.37		$	1.34		$	1.26		$	1.09		$	.99
Diluted	38	%	3	%	$	1.37		$	1.33		$	1.26		$	1.08		$	.99
Dividends declared per common share	19	%	19	%	$	.32		$	.27		$	.27		$	.27		$	.27
Weighted-average common shares outstanding:
Basic	(4	)%	(1	)%		1,746			1,772			1,806			1,817			1,817
Diluted	(4	)%	(1	)%		1,752			1,777			1,811			1,822			1,822
Performance Measures
Pre-tax profit margin						49.2	%		50.2	%		49.2	%		47.9	%		43.8	%
Return on average common stockholders' equity (annualized) ⁽¹⁾						23	%		22	%		21	%		19	%		18	%
Financial Condition (at quarter end, in billions)
Cash and cash equivalents	29	%	(2	)%	$	45.0		$	46.0		$	30.6		$	32.2		$	35.0
Cash and investments segregated	4	%	(7	)%		39.8			42.9			47.8			45.6			38.4
Receivables from brokers, dealers, and clearing organizations	N/M		64	%		11.8			7.2			4.7			4.3			2.9
Receivables from brokerage clients — net	26	%	1	%		106.2			104.7			93.8			82.8			84.4
Available for sale securities	(18	)%	(2	)%		61.1			62.4			62.3			67.6			74.8
Held to maturity securities	(8	)%	(2	)%		131.7			134.0			136.7			139.7			143.8
Bank loans — net	29	%	5	%		60.9			58.0			53.6			50.4			47.1
Total assets	7	%	—			493.3			491.0			465.3			458.9			462.9
Bank deposits	3	%	(1	)%		253.0			255.7			239.1			233.1			246.2
Payables to brokers, dealers, and clearing organizations	79	%	9	%		28.1			25.7			22.4			18.6			15.7
Payables to brokerage clients	17	%	1	%		118.0			116.3			115.4			109.4			100.6
Accrued expenses and other liabilities	9	%	(6	)%		12.0			12.8			11.4			10.8			11.0
Other short-term borrowings	81	%	81	%		12.5			6.9			6.5			8.5			6.9
Federal Home Loan Bank borrowings	(100	)%	(100	)%		—			1.9			0.9			9.0			11.5
Long-term debt	(5	)%	(8	)%		20.5			22.2			20.2			20.2			21.5
Total liabilities	7	%	1	%		444.1			441.6			415.9			409.5			413.4
Stockholders' equity	(1	)%	—			49.2			49.4			49.4			49.5			49.5
Total liabilities and stockholders' equity	7	%	—			493.3			491.0			465.3			458.9			462.9
Other
Full-time equivalent employees (at quarter end, in thousands)	4	%	2	%		33.5			33.0			32.7			32.6			32.1
Capital expenditures — purchases of equipment, office facilities, and property, net (in millions)	11	%	9	%	$	173		$	158		$	152		$	136		$	156
Expenses excluding interest as a percentage of average client assets (annualized)						0.11	%		0.11	%		0.11	%		0.12	%		0.12	%
Clients' Daily Average Trades (DATs) (in thousands)	34	%	20	%		9,899			8,274			7,421			7,571			7,391
Number of Trading Days	2	%	(3	)%		61.0			63.0			63.5			62.0			60.0
Revenue Per Trade ⁽²⁾	(12	)%	(12	)%	$	1.80		$	2.05		$	2.11		$	2.03		$	2.05

⁽¹⁾		Return on average common stockholders' equity is calculated using net income available to common stockholders divided by average common stockholders' equity.
⁽²⁾		Revenue per trade is calculated as trading revenue divided by the product of DATs and the number of trading days.
N/M Not meaningful. Percentage changes greater than 200% are presented as not meaningful.

THE CHARLES SCHWAB CORPORATION
Net Interest Revenue Information
(In millions, except ratios or as noted)
(Unaudited)

	Three Months Ended March 31,
	2026						2025
	Average Balance		Interest Revenue/ Expense		Average Yield/ Rate		Average Balance		Interest Revenue/ Expense		Average Yield/ Rate
Interest-earning assets
Cash and cash equivalents	$	32,477	$	288	3.56	%	$	30,483	$	328	4.31	%
Cash and investments segregated		43,946		397	3.61	%		38,611		412	4.27	%
Receivables from brokerage clients ⁽¹⁾		104,520		1,499	5.74	%		82,902		1,379	6.65	%
Available for sale securities ⁽²⁾		65,255		326	2.00	%		84,590		433	2.05	%
Held to maturity securities ⁽²⁾		132,192		567	1.72	%		144,401		622	1.72	%
Bank loans		59,285		627	4.27	%		46,043		493	4.32	%
Total interest-earning assets		437,675		3,704	3.39	%		427,030		3,667	3.44	%
Securities lending revenue				91						60
Other interest revenue ⁽¹⁾				167						30
Total interest-earning assets	$	437,675	$	3,962	3.63	%	$	427,030	$	3,757	3.52	%
Funding sources
Bank deposits	$	242,679	$	118	0.20	%	$	245,719	$	436	0.72	%
Payables to brokers, dealers, and clearing organizations		25,508		217	3.40	%		14,177		137	3.88	%
Payables to brokerage clients ⁽¹⁾		105,095		56	0.22	%		90,173		49	0.22	%
Other short-term borrowings		9,103		92	4.07	%		6,695		82	4.96	%
Federal Home Loan Bank borrowings		1,277		12	3.85	%		10,725		133	4.94	%
Long-term debt		21,702		201	3.71	%		22,281		212	3.81	%
Total interest-bearing liabilities		405,364		696	0.69	%		389,770		1,049	1.08	%
Non-interest-bearing funding sources		32,311						37,260
Other interest expense ⁽¹⁾				122						2
Total funding sources	$	437,675	$	818	0.75	%	$	427,030	$	1,051	0.99	%
Net interest revenue			$	3,144	2.88	%			$	2,706	2.53	%

⁽¹⁾		Beginning in the fourth quarter of 2025, average balances of client margin loans and short credits related to certain client long/short strategies from which the Company earns a fixed net yield are excluded from interest-earning assets and funding sources. Prior period amounts and average yields have been reclassified and recalculated to reflect this change. Average margin loans related to these client strategies totaled $14.1 billion and $235 million for the three months ended March 31, 2026 and 2025, respectively. Average short credits related to these client strategies totaled $14.4 billion and $237 million for the three months ended March 31, 2026 and 2025, respectively. Interest revenue and expense related to these client strategies are presented in other interest revenue and other interest expense, respectively.
⁽²⁾		Amounts have been calculated based on amortized cost.

THE CHARLES SCHWAB CORPORATION
Asset Management and Administration Fees Information
(In millions, except ratios or as noted)
(Unaudited)

	Three Months Ended March 31,
	2026						2025
	Average Client Assets		Revenue		Average Fee		Average Client Assets		Revenue		Average Fee
Schwab money market funds	$	696,558	$	468	0.27	%	$	621,474	$	418	0.27	%
Schwab equity and bond funds, exchange-traded funds (ETFs), and collective trust funds (CTFs)		818,316		146	0.07	%		658,588		122	0.08	%
Mutual Fund OneSource^® and other no-transaction-fee funds (NTFs)		468,101		262	0.23	%		359,696		222	0.25	%
Other third-party mutual funds, ETFs, and alternatives ⁽¹⁾		665,887		115	0.07	%		642,852		116	0.07	%
Total mutual funds, ETFs, CTFs, and alternatives ^(1,2)	$	2,648,862	$	991	0.15	%	$	2,282,610	$	878	0.16	%
Managed investing solutions ⁽²⁾
Fee-based	$	727,883	$	674	0.38	%	$	590,483	$	569	0.39	%
Non-fee-based		145,628		—	—			120,442		—	—
Total managed investing solutions	$	873,511	$	674	0.31	%	$	710,925	$	569	0.32	%
Other balance-based fees ^(1,3)		963,502		69	0.03	%		822,350		64	0.03	%
Other ⁽⁴⁾				25						19
Total asset management and administration fees			$	1,759					$	1,530

⁽¹⁾		Beginning in the first quarter of 2026, alternative investments and related revenue were moved from other balance-based fees to other third-party mutual funds, ETFs, and alternatives. Prior period amounts and average fees have been reclassified and recalculated to reflect this change.
⁽²⁾		Managed investing solutions includes managed portfolios, specialized strategies, and customized investment advice such as Schwab Wealth Advisory™, Schwab Managed Portfolios™, Managed Account Select^®, Schwab Advisor Network^®, Windhaven Strategies^®, ThomasPartners^® Strategies, Wasmer Schroeder Strategies™, Schwab Index Advantage advised retirement plan balances, Schwab Intelligent Portfolios^®, Institutional Intelligent Portfolios^®, Schwab Intelligent Portfolios Premium^®, Schwab Wealth Portfolios™, 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.
⁽³⁾		Includes various asset-related fees, such as trust fees, 401(k) recordkeeping fees, and mutual fund clearing fees and other service fees.
⁽⁴⁾		Includes miscellaneous service and transaction fees relating to mutual funds and ETFs that are not balance-based.

THE CHARLES SCHWAB CORPORATION
Growth in Client Assets and Accounts
(Unaudited)

	Q1-26 % Change				2026			2025
(In billions, at quarter end, except as noted)	vs.		vs.		First			Fourth			Third			Second			First
(In billions, at quarter end, except as noted)	Q1-25		Q4-25		Quarter			Quarter			Quarter			Quarter			Quarter
Assets in client accounts
Schwab One^®, certain cash equivalents, and bank deposits	13	%	3	%	$	390.5		$	379.5		$	357.1		$	342.7		$	345.2
Bank deposit account balances	(12	)%	(4	)%		73.5			76.2			78.5			82.1			83.7
Proprietary mutual funds (Schwab Funds^® and Laudus Funds^®) and CTFs
Money market funds	9	%	1	%		700.8			693.8			666.4			653.5			641.5
Equity and bond funds and CTFs ⁽¹⁾	20	%	(2	)%		271.8			277.4			269.7			249.7			227.0
Total proprietary mutual funds and CTFs	12	%	—			972.6			971.2			936.1			903.2			868.5
Mutual Fund Marketplace^{® (2)}
Mutual Fund OneSource^® and other NTF funds	30	%	(2	)%		443.3			454.2			473.5			453.9			340.3
Mutual fund clearing services	11	%	(5	)%		311.1			327.7			320.2			298.3			280.6
Other third-party mutual funds	6	%	(1	)%		1,263.7			1,274.3			1,237.2			1,168.5			1,195.4
Total Mutual Fund Marketplace	11	%	(2	)%		2,018.1			2,056.2			2,030.9			1,920.7			1,816.3
Total mutual fund assets	11	%	(1	)%		2,990.7			3,027.4			2,967.0			2,823.9			2,684.8
Exchange-traded funds
Proprietary ETFs ⁽¹⁾	29	%	3	%		512.6			495.3			476.0			439.7			398.2
Other third-party ETFs	32	%	2	%		2,579.8			2,527.5			2,395.7			2,175.6			1,960.1
Total ETF assets	31	%	2	%		3,092.4			3,022.8			2,871.7			2,615.3			2,358.3
Equity and other securities	21	%	(3	)%		4,566.9			4,722.6			4,624.7			4,188.7			3,765.5
Fixed income securities	1	%	(1	)%		780.6			786.8			792.1			788.0			775.8
Margin loans outstanding	52	%	13	%		(126.7	)		(112.3	)		(97.2	)		(83.4	)		(83.6	)
Total client assets	19	%	(1	)%	$	11,767.9		$	11,903.0		$	11,593.9		$	10,757.3		$	9,929.7
Client assets by business
Investor Services ⁽³⁾	18	%	(2	)%	$	6,566.4		$	6,707.5		$	6,577.2		$	6,069.9		$	5,557.4
Advisor Services	19	%	—			5,201.5			5,195.5			5,016.7			4,687.4			4,372.3
Total client assets	19	%	(1	)%	$	11,767.9		$	11,903.0		$	11,593.9		$	10,757.3		$	9,929.7
Net growth in assets in client accounts (for the quarter ended)
Net new assets by business
Investor Services ⁽³⁾	(22	)%	(10	)%	$	54.1		$	60.4		$	52.7		$	31.2		$	69.5
Advisor Services	36	%	(12	)%		85.8			97.8			81.7			42.4			62.9
Total net new assets	6	%	(12	)%	$	139.9		$	158.2		$	134.4		$	73.6		$	132.4
Net market gains (losses)						(275.0	)		150.9			702.2			754.0			(304.0	)
Net growth (decline)					$	(135.1	)	$	309.1		$	836.6		$	827.6		$	(171.6	)
New brokerage accounts (in thousands, for the quarter ended)	10	%	2	%		1,299			1,268			1,143			1,098			1,183
Client accounts (in thousands)
Active brokerage accounts	6	%	2	%		39,099			38,506			37,963			37,476			37,011
Banking accounts	11	%	3	%		2,281			2,214			2,150			2,096			2,050
Workplace Plan Participant Accounts ⁽⁴⁾	6	%	2	%		5,844			5,740			5,619			5,586			5,495

⁽¹⁾		Includes balances held on and off the Schwab platform. As of March 31, 2026, off-platform equity and bond funds, CTFs, and ETFs were $46.5 billion, $4.5 billion, and $187.2 billion, respectively.
⁽²⁾		Excludes all proprietary mutual funds and ETFs.
⁽³⁾		First quarter of 2026 includes net outflows of $0.1 billion from off-platform Schwab Bank Retail CDs. Fourth quarter of 2025 includes net outflows of $5.7 billion from off-platform Schwab Bank Retail CDs. Third quarter of 2025 includes net outflows of $3.1 billion from off-platform Schwab Bank Retail CDs. 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.
⁽⁴⁾		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.

The Charles Schwab Corporation Monthly Activity Report For March 2026

	2025																				2026						Change
	Mar		Apr		May		Jun		Jul		Aug		Sep		Oct		Nov		Dec		Jan		Feb		Mar		Mo.		Yr.
Number of Trading Days	21.0		21.0		21.0		20.0		21.5		21.0		21.0		23.0		18.5		21.5		20.0		19.0		22.0
Market Indices (at month end)
Dow Jones Industrial Average^®	42,002		40,669		42,270		44,095		44,131		45,545		46,398		47,563		47,716		48,063		48,892		48,978		46,342		(5	)%	10	%
Nasdaq Composite^®	17,299		17,446		19,114		20,370		21,122		21,456		22,660		23,725		23,366		23,242		23,462		22,668		21,591		(5	)%	25	%
Standard & Poor's^® 500	5,612		5,569		5,912		6,205		6,339		6,460		6,688		6,840		6,849		6,846		6,939		6,879		6,529		(5	)%	16	%
Client Assets (in billions of dollars)
Beginning Client Assets	10,280.2		9,929.7		9,892.2		10,349.0		10,757.3		10,963.5		11,228.1		11,593.9		11,828.0		11,834.3		11,903.0		12,148.5		12,220.3
Net New Assets ⁽¹⁾	55.3		1.1		33.6		38.9		45.7		43.3		45.4		41.6		38.7		77.9		27.6		32.5		79.8		146	%	44	%
Net Market Gains (Losses)	(405.8	)	(38.6	)	423.2		369.4		160.5		221.3		320.4		192.5		(32.4	)	(9.2	)	217.9		39.3		(532.2	)
Total Client Assets (at month end)	9,929.7		9,892.2		10,349.0		10,757.3		10,963.5		11,228.1		11,593.9		11,828.0		11,834.3		11,903.0		12,148.5		12,220.3		11,767.9		(4	)%	19	%
Core Net New Assets ^(1,2)	59.1		2.7		35.0		42.6		46.9		44.4		46.2		44.4		40.4		79.1		27.8		32.5		79.7		145	%	35	%
Receiving Ongoing Advisory Services (at month end)
Investor Services	688.8		688.2		711.2		737.6		747.9		771.1		792.5		807.6		817.9		824.8		849.5		866.8		841.3		(3	)%	22	%
Advisor Services	4,372.3		4,353.0		4,525.6		4,687.4		4,765.1		4,888.2		5,016.7		5,106.1		5,155.9		5,195.5		5,311.7		5,394.3		5,201.5		(4	)%	19	%
Client Accounts (at month end, in thousands)
Active Brokerage Accounts	37,011		37,254		37,375		37,476		37,658		37,798		37,963		38,145		38,266		38,506		38,730		38,925		39,099		—		6	%
Banking Accounts	2,050		2,066		2,077		2,096		2,116		2,137		2,150		2,172		2,189		2,214		2,239		2,258		2,281		1	%	11	%
Workplace Plan Participant Accounts ⁽³⁾	5,495		5,518		5,563		5,586		5,619		5,606		5,619		5,696		5,730		5,740		5,793		5,829		5,844		—		6	%
Client Activity
New Brokerage Accounts (in thousands)	388		439		336		323		377		382		384		429		365		474		476		395		428		8	%	10	%
Client Daily Average Trades (DATs) (in thousands)	7,365		8,362		7,184		7,147		7,252		7,182		7,832		8,617		8,459		7,746		9,512		9,922		10,232		3	%	39	%
Derivative Trades as a Percentage of Total Trades	19.5	%	18.4	%	21.0	%	20.8	%	21.3	%	22.5	%	22.3	%	23.8	%	21.7	%	21.4	%	20.1	%	20.1	%	20.4	%	30 bp		90 bp
Margin Balances at month end (in billions of dollars)	83.6		76.2		81.3		83.4		88.3		92.4		97.2		105.6		110.1		112.3		116.3		120.6		126.7		5	%	52	%
Schwab Trading Activity Index™ (STAX) ⁽⁴⁾	48.4		41.2		39.7		40.7		41.8		43.7		46.1		48.1		48.8		48.5		50.0		57.3		56.0		(2	)%	16	%
Selected Balances (in billions of dollars)
Average Interest-Earning Assets ⁽⁵⁾	424.9		430.4		418.7		416.5		416.7		414.4		419.8		428.3		429.1		436.0		441.7		434.2		436.8		1	%	3	%
Transactional Sweep Cash ⁽⁶⁾ (at month end)	407.8		403.3		398.1		412.1		407.5		406.7		425.6		428.8		427.5		453.7		433.3		436.1		461.5		6	%	13	%
Total Money Market Funds (at month end)	641.9		637.8		645.8		653.9		658.6		665.2		667.0		675.5		685.9		694.5		693.4		696.2		702.2		1	%	9	%
Client Cash as a Percentage of Client Assets ⁽⁷⁾	10.6	%	10.5	%	10.1	%	9.9	%	9.7	%	9.5	%	9.4	%	9.3	%	9.4	%	9.7	%	9.3	%	9.3	%	9.9	%	60 bp		(70) bp
Net Buy (Sell) Activity (in billions of dollars) ⁽⁸⁾
Mutual Funds	(8.5	)	(14.0	)	(3.2	)	(5.4	)	(3.4	)	(2.2	)	(4.8	)	(6.3	)	(7.3	)	(3.6	)	(0.9	)	(2.4	)	(8.5	)
Exchange-Traded Funds (ETFs)	18.2		18.8		21.9		19.4		25.8		23.0		25.6		28.1		24.9		39.8		34.8		37.4		25.3

⁽¹⁾		Unless otherwise noted, differences between net new assets and core net new assets are net flows from off-platform Schwab Bank Retail CDs.
⁽²⁾		Net new assets before significant one-time inflows or outflows, such as acquisitions/divestitures or extraordinary flows (generally greater than $25 billion) 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⁾		For additional information regarding STAX, please visit: https://www.schwab.com/investment-research/stax/view-schwab-trading-activity-index.
⁽⁵⁾		Represents average total interest-earning assets on the Company's balance sheet. Beginning in December 2025, average balances of client margin loans and short credits related to certain client long/short strategies from which the Company earns a fixed net yield are excluded from average interest-earning assets. Prior period amounts have been adjusted accordingly.
⁽⁶⁾		Transactional sweep cash includes bank sweep deposits, broker-dealer cash balances, other client cash held on the balance sheet (such as bank checking and savings deposits, short credits related to certain client long/short strategies, and broker-dealer non-interest-bearing credits), and bank deposit account balances; excludes proprietary and third-party CDs.
⁽⁷⁾		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.
⁽⁸⁾		Represents the principal value of client mutual fund and ETF transactions handled by Schwab, including transactions in proprietary funds. Includes institutional funds available only to investment managers. Excludes money market fund transactions.

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 first 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.

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 March 31,
	2026						2025
	Total Expenses Excluding Interest			Net Income			Total Expenses Excluding Interest			Net Income
Total expenses excluding interest (GAAP), Net income (GAAP)	$	3,294		$	2,479		$	3,144		$	1,909
Amortization of acquired intangible assets		(132	)		132			(130	)		130
Acquisition and integration-related costs ⁽¹⁾		(11	)		11			—			—
Income tax effects ⁽²⁾		N/A			(34	)		N/A			(31	)
Adjusted total expenses (non-GAAP), Adjusted net income (non-GAAP)	$	3,151		$	2,588		$	3,014		$	2,008

⁽¹⁾		Acquisition and integration-related costs for the three months ended March 31, 2026 primarily consist of professional services. There were no acquisition and integration-related costs for the three months ended March 31, 2025.
⁽²⁾		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.

	Three Months Ended March 31,
	2026				2025
	Amount		% of Total Net Revenues		Amount		% of Total Net Revenues
Income before taxes on income (GAAP), Pre-tax profit margin (GAAP)	$	3,188	49.2	%	$	2,455	43.8	%
Amortization of acquired intangible assets		132	2.0	%		130	2.4	%
Acquisition and integration-related costs		11	0.2	%		—	—
Adjusted income before taxes on income (non-GAAP), Adjusted pre-tax profit margin (non-GAAP)	$	3,331	51.4	%	$	2,585	46.2	%

	Three Months Ended March 31,
	2026						2025
	Amount			Diluted EPS			Amount			Diluted EPS
Net income available to common stockholders (GAAP), Earnings per common share — diluted (GAAP)	$	2,397		$	1.37		$	1,796		$	.99
Amortization of acquired intangible assets		132			.07			130			.07
Acquisition and integration-related costs		11			.01			—			—
Income tax effects		(34	)		(.02	)		(31	)		(.02	)
Adjusted net income available to common stockholders (non-GAAP), Adjusted diluted EPS (non-GAAP)	$	2,506		$	1.43		$	1,895		$	1.04

THE CHARLES SCHWAB CORPORATION
Non-GAAP Financial Measures
(In millions, except ratios and per share amounts)
(Unaudited)

	Three Months Ended March 31,
	2026			2025
Return on average common stockholders' equity (GAAP)		23	%		18	%
Average common stockholders' equity	$	42,567		$	39,752
Less: Average goodwill		(12,125	)		(11,951	)
Less: Average acquired intangible assets — net		(7,323	)		(7,679	)
Plus: Average deferred tax liabilities related to goodwill and acquired intangible assets — net		1,693			1,709
Average tangible common equity	$	24,812		$	21,831
Adjusted net income available to common stockholders ⁽¹⁾	$	2,506		$	1,895
Return on tangible common equity (non-GAAP)		40	%		35	%

⁽¹⁾		See table above for the reconciliation of net income available to common stockholders to adjusted net income available to common stockholders (non-GAAP).

	(Preliminary)
	March 31, 2026
	CSC			CSB
Tier 1 Leverage Ratio (GAAP)		8.9	%		10.9	%
Tier 1 Capital	$	41,894		$	27,474
Plus: AOCI adjustment		(10,631	)		(9,240	)
Adjusted Tier 1 Capital		31,263			18,234
Average assets with regulatory adjustments		471,426			252,021
Plus: AOCI adjustment		(10,703	)		(9,341	)
Adjusted average assets with regulatory adjustments	$	460,723		$	242,680
Adjusted Tier 1 Leverage Ratio (non-GAAP)		6.8	%		7.5	%

View source version on businesswire.com: https://www.businesswire.com/news/home/20260416458593/en/

MEDIA

Mayura Hooper, 415-667-1525

[email protected]

INVESTORS/ANALYSTS

Jeff Edwards, 817-854-6177

[email protected]

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Date	Price Target	Rating	Analyst
4/8/2026	$110.00	Outperform	Keefe Bruyette
12/11/2025	$119.00	Buy	UBS
10/3/2025	$110.00	Outperform	BMO Capital Markets
6/9/2025	$82.00	Sell → Neutral	Redburn Atlantic
4/25/2025	$100.00	Neutral → Buy	Goldman
4/8/2025	$76.00	Equal-Weight → Overweight	Morgan Stanley
4/2/2025	$102.00	Buy → Neutral	Citigroup
4/2/2025	$102.00	Neutral → Buy	Citigroup

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