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    Schwab Reports Record First Quarter Revenue

    4/17/25 7:30:00 AM ET
    $SCHW
    Investment Bankers/Brokers/Service
    Finance
    Get the next $SCHW alert in real time by email

    March Core Net New Assets Equal $59.1 Billion, 1Q25 Totals $137.7 Billion

    1Q25 Net Revenues Up 18% Year-Over-Year to a Record $5.6 Billion

    Quarterly GAAP Earnings Per Share of $.99, $1.04 Adjusted (1)  – Up 41% Versus 1Q24

    The Charles Schwab Corporation reported net income for the first quarter totaling $1.9 billion, or $.99 earnings per share. Excluding $130 million of pre-tax transaction-related costs, adjusted (1) net income and earnings per share equaled $2.0 billion and $1.04, respectively.

    This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20250417974117/en/

    Client Driven

    Growth

     

    $137.7B

    1Q25 Core

    Net New Assets

     

    "Investors turned to Schwab to navigate an increasingly uncertain environment in 1Q25, entrusting us with $138 billion in core net new assets. This 44% year-over-year increase in asset gathering was powered by our unwavering focus on serving the needs of clients across Retail, Advisor Services, and Workplace Financial Services."

    President & CEO Rick Wurster

     

     

     

     

     

    Diversified

    Revenue Growth

     

    18%

    1Q25 Revenue

    Growth vs. 1Q24

     

    "Schwab delivered growth on all fronts during the first quarter, converting robust organic growth, increased trading volumes, strong Managed Investing net inflows, and sustained bank lending momentum into record net revenues totaling $5.6 billion."

    President & CEO Rick Wurster

     

     

     

     

     

    Balance Sheet

    Management

     

    $11.8B

    1Q25 Reduction in Bank

    Supplemental Funding (2)

     

    "Client transactional sweep cash equaled $407.8 billion at the end of March – reflecting normal first quarter deployment activity partially offset by client net selling following the re-emergence of market volatility. At the same time, we further reduced Bank Supplemental Funding to $38.1 billion at quarter-end – a 46% decrease versus 1Q24."

    CFO Mike Verdeschi

     

     

     

     

     

    Opportunistic

    Capital Return

     

    $1.5B

    Worth of Common

    Shares Repurchased

     

    "While continuing to meet the evolving needs of our growing client base, we increased capital return to stockholders during the quarter – including increasing the quarterly common dividend by 8% and repurchasing $1.5 billion worth of common stock."

    CFO Mike Verdeschi

    1Q25 Client and Business Highlights

    • Net asset gathering helped total client assets increase 9% year-over-year to $9.93 trillion
    • Core net new assets of $137.7 billion for the quarter represents a 5.5% annualized growth rate
    • New brokerage account openings increased 8% year-over-year to 1.2 million for the quarter, propelling total active brokerage accounts to 37.0 million
    • Managed Investing Solutions net inflows grew 15% relative to 1Q24 – setting a new quarterly record
    • Margin balances ended the quarter essentially flat versus 4Q24 at $83.6 billion, as investors reduced leverage during the back half of the quarter amidst an increasingly uncertain environment
    • Driven by a sharp increase in market volatility, daily average trading volume grew 17% quarter-over-quarter
    • Charles Schwab named #1 Overall Broker by StockBrokers.com (3)

     

     

    Three Months Ended

    March 31,

     

    %

    Financial Highlights

     

    2025

     

    2024

     

    Change

     

     

     

     

     

     

     

    Net revenues (in millions)

     

    $

    5,599

     

     

    $

    4,740

     

     

    18

    %

    Net income (in millions)

     

     

     

     

     

     

    GAAP

     

    $

    1,909

     

     

    $

    1,362

     

     

    40

    %

    Adjusted

     

    $

    2,008

     

     

    $

    1,469

     

     

    37

    %

    Diluted earnings per common share

     

     

     

     

     

     

    GAAP

     

    $

    .99

     

     

    $

    .68

     

     

    46

    %

    Adjusted

     

    $

    1.04

     

     

    $

    .74

     

     

    41

    %

    Pre-tax profit margin

     

     

     

     

     

     

    GAAP

     

     

    43.8

    %

     

     

    37.9

    %

     

     

    Adjusted

     

     

    46.2

    %

     

     

    40.9

    %

     

     

    Return on average common stockholders' equity (annualized)

     

     

    18

    %

     

     

    15

    %

     

     

    Return on tangible common equity (annualized)

     

     

    35

    %

     

     

    39

    %

     

     

    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.

    1Q25 Financial Commentary

    • Quarterly net revenues grew year-over-year by 18% to a record $5.6 billion
    • Net interest margin expanded sequentially by 20 basis points to 2.53%
    • Client transactional sweep cash balances ended at $407.8 billion, a sequential decline of $10.8 billion, reflecting typical first quarter seasonality as well as client net equity selling during the back half of the quarter
    • Bank Supplemental Funding (2) declined $11.8 billion during the quarter to $38.1 billion at March month-end
    • Asset management and administration fees increased by 14% year-over-year to $1.5 billion as organic growth and product utilization more than offset the impact of recent equity market weakness
    • Trading revenue increased 11% versus 1Q24 due to higher volumes
    • GAAP expenses for the quarter increased 7% versus 1Q24; excluding first quarter amortization of acquired intangibles of $130 million, adjusted total expenses (1) were up 8% year-over-year
    • Capital ratios across the firm continued to strengthen – including preliminary consolidated Tier 1 Leverage and adjusted Tier 1 Leverage (1) reaching 9.9% and 7.1%, respectively
    • Increased the quarterly common stock dividend by 8% to $.27 per share
    • Repurchased 19.2 million shares of our common stock for $1.5 billion in connection with The Toronto-Dominion Bank's secondary offer

    (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)

    StockBrokers.com Annual Awards 2025 was given on January 28, 2025. The criteria, evaluation, and ranking were determined by StockBrokers.com. Companies were assessed in StockBrokers.com's 7 Primary Categories: Range of Investments, Platforms & Tools, Research, Mobile Trading, Education, Ease of Use, and Overall. See https://www.stockbrokers.com/annual-awards-2025 for more information.

    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 results 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 (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 37.0 million active brokerage accounts, 5.5 million workplace plan participant accounts, 2.1 million banking accounts, and $9.93 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,

     

     

    2025

     

    2024

    Net Revenues

     

     

     

     

    Interest revenue

     

    $

    3,757

     

     

    $

    3,941

     

    Interest expense

     

     

    (1,051

    )

     

     

    (1,708

    )

    Net interest revenue

     

     

    2,706

     

     

     

    2,233

     

    Asset management and administration fees

     

     

    1,530

     

     

     

    1,348

     

    Trading revenue

     

     

    908

     

     

     

    817

     

    Bank deposit account fees

     

     

    245

     

     

     

    183

     

    Other

     

     

    210

     

     

     

    159

     

    Total net revenues

     

     

    5,599

     

     

     

    4,740

     

    Expenses Excluding Interest

     

     

     

     

    Compensation and benefits

     

     

    1,672

     

     

     

    1,538

     

    Professional services

     

     

    269

     

     

     

    241

     

    Occupancy and equipment

     

     

    274

     

     

     

    265

     

    Advertising and market development

     

     

    96

     

     

     

    88

     

    Communications

     

     

    153

     

     

     

    141

     

    Depreciation and amortization

     

     

    217

     

     

     

    228

     

    Amortization of acquired intangible assets

     

     

    130

     

     

     

    130

     

    Regulatory fees and assessments

     

     

    89

     

     

     

    125

     

    Other

     

     

    244

     

     

     

    186

     

    Total expenses excluding interest

     

     

    3,144

     

     

     

    2,942

     

    Income before taxes on income

     

     

    2,455

     

     

     

    1,798

     

    Taxes on income

     

     

    546

     

     

     

    436

     

    Net Income

     

     

    1,909

     

     

     

    1,362

     

    Preferred stock dividends and other

     

     

    113

     

     

     

    111

     

    Net Income Available to Common Stockholders

     

    $

    1,796

     

     

    $

    1,251

     

    Weighted-Average Common Shares Outstanding:

     

     

     

     

    Basic

     

     

    1,817

     

     

     

    1,825

     

    Diluted

     

     

    1,822

     

     

     

    1,831

     

    Earnings Per Common Shares Outstanding:

     

     

     

     

    Basic

     

    $

    .99

     

     

    $

    .69

     

    Diluted

     

    $

    .99

     

     

    $

    .68

     

     

    THE CHARLES SCHWAB CORPORATION

    Financial and Operating Highlights

    (Unaudited)

     

    Q1-25 % change

     

    2025

     

    2024

     

     

    vs.

     

    vs.

     

     

    First

     

    Fourth

     

    Third

     

    Second

     

    First

    (In millions, except per share amounts and as noted)

     

    Q1-24

     

    Q4-24

     

     

    Quarter

     

    Quarter

     

    Quarter

     

    Quarter

     

    Quarter

    Net Revenues

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Net interest revenue

     

    21

    %

     

    7

    %

     

     

    $

    2,706

     

     

    $

    2,531

     

     

    $

    2,222

     

     

    $

    2,158

     

     

    $

    2,233

     

    Asset management and administration fees

     

    14

    %

     

    1

    %

     

     

     

    1,530

     

     

     

    1,509

     

     

     

    1,476

     

     

     

    1,383

     

     

     

    1,348

     

    Trading revenue

     

    11

    %

     

    4

    %

     

     

     

    908

     

     

     

    873

     

     

     

    797

     

     

     

    777

     

     

     

    817

     

    Bank deposit account fees

     

    34

    %

     

    2

    %

     

     

     

    245

     

     

     

    241

     

     

     

    152

     

     

     

    153

     

     

     

    183

     

    Other

     

    32

    %

     

    20

    %

     

     

     

    210

     

     

     

    175

     

     

     

    200

     

     

     

    219

     

     

     

    159

     

    Total net revenues

     

    18

    %

     

    5

    %

     

     

     

    5,599

     

     

     

    5,329

     

     

     

    4,847

     

     

     

    4,690

     

     

     

    4,740

     

    Expenses Excluding Interest

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Compensation and benefits

     

    9

    %

     

    9

    %

     

     

     

    1,672

     

     

     

    1,533

     

     

     

    1,522

     

     

     

    1,450

     

     

     

    1,538

     

    Professional services

     

    12

    %

     

    (9

    )%

     

     

     

    269

     

     

     

    297

     

     

     

    256

     

     

     

    259

     

     

     

    241

     

    Occupancy and equipment

     

    3

    %

     

    (1

    )%

     

     

     

    274

     

     

     

    276

     

     

     

    271

     

     

     

    248

     

     

     

    265

     

    Advertising and market development

     

    9

    %

     

    (5

    )%

     

     

     

    96

     

     

     

    101

     

     

     

    101

     

     

     

    107

     

     

     

    88

     

    Communications

     

    9

    %

     

    17

    %

     

     

     

    153

     

     

     

    131

     

     

     

    147

     

     

     

    172

     

     

     

    141

     

    Depreciation and amortization

     

    (5

    )%

     

    (3

    )%

     

     

     

    217

     

     

     

    224

     

     

     

    231

     

     

     

    233

     

     

     

    228

     

    Amortization of acquired intangible assets

     

    —

     

     

    —

     

     

     

     

    130

     

     

     

    130

     

     

     

    130

     

     

     

    129

     

     

     

    130

     

    Regulatory fees and assessments

     

    (29

    )%

     

    —

     

     

     

     

    89

     

     

     

    89

     

     

     

    88

     

     

     

    96

     

     

     

    125

     

    Other

     

    31

    %

     

    —

     

     

     

     

    244

     

     

     

    243

     

     

     

    259

     

     

     

    249

     

     

     

    186

     

    Total expenses excluding interest

     

    7

    %

     

    4

    %

     

     

     

    3,144

     

     

     

    3,024

     

     

     

    3,005

     

     

     

    2,943

     

     

     

    2,942

     

    Income before taxes on income

     

    37

    %

     

    7

    %

     

     

     

    2,455

     

     

     

    2,305

     

     

     

    1,842

     

     

     

    1,747

     

     

     

    1,798

     

    Taxes on income

     

    25

    %

     

    17

    %

     

     

     

    546

     

     

     

    465

     

     

     

    434

     

     

     

    415

     

     

     

    436

     

    Net Income

     

    40

    %

     

    4

    %

     

     

     

    1,909

     

     

     

    1,840

     

     

     

    1,408

     

     

     

    1,332

     

     

     

    1,362

     

    Preferred stock dividends and other

     

    2

    %

     

    (8

    )%

     

     

     

    113

     

     

     

    123

     

     

     

    109

     

     

     

    121

     

     

     

    111

     

    Net Income Available to Common Stockholders

     

    44

    %

     

    5

    %

     

     

    $

    1,796

     

     

    $

    1,717

     

     

    $

    1,299

     

     

    $

    1,211

     

     

    $

    1,251

     

    Earnings per common share:

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Basic

     

    43

    %

     

    5

    %

     

     

    $

    .99

     

     

    $

    .94

     

     

    $

    .71

     

     

    $

    .66

     

     

    $

    .69

     

    Diluted

     

    46

    %

     

    5

    %

     

     

    $

    .99

     

     

    $

    .94

     

     

    $

    .71

     

     

    $

    .66

     

     

    $

    .68

     

    Dividends declared per common share

     

    8

    %

     

    8

    %

     

     

    $

    .27

     

     

    $

    .25

     

     

    $

    .25

     

     

    $

    .25

     

     

    $

    .25

     

    Weighted-average common shares outstanding:

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Basic

     

    —

     

     

    (1

    )%

     

     

     

    1,817

     

     

     

    1,831

     

     

     

    1,829

     

     

     

    1,828

     

     

     

    1,825

     

    Diluted

     

    —

     

     

    (1

    )%

     

     

     

    1,822

     

     

     

    1,836

     

     

     

    1,834

     

     

     

    1,834

     

     

     

    1,831

     

    Performance Measures

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Pre-tax profit margin

     

     

     

     

     

     

     

    43.8

    %

     

     

    43.3

    %

     

     

    38.0

    %

     

     

    37.2

    %

     

     

    37.9

    %

    Return on average common stockholders' equity (annualized) (1)

     

     

     

     

     

     

     

    18

    %

     

     

    18

    %

     

     

    14

    %

     

     

    14

    %

     

     

    15

    %

    Financial Condition (at quarter end, in billions)

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Cash and cash equivalents

     

    10

    %

     

    (17

    )%

     

     

    $

    35.0

     

     

    $

    42.1

     

     

    $

    34.9

     

     

    $

    25.4

     

     

    $

    31.8

     

    Cash and investments segregated

     

    48

    %

     

    1

    %

     

     

     

    38.4

     

     

     

    38.2

     

     

     

    33.7

     

     

     

    21.7

     

     

     

    25.9

     

    Receivables from brokers, dealers, and clearing organizations

     

    (29

    )%

     

    21

    %

     

     

     

    2.9

     

     

     

    2.4

     

     

     

    3.4

     

     

     

    3.2

     

     

     

    4.1

     

    Receivables from brokerage clients — net

     

    19

    %

     

    (1

    )%

     

     

     

    84.4

     

     

     

    85.4

     

     

     

    74.0

     

     

     

    72.8

     

     

     

    71.2

     

    Available for sale securities

     

    (26

    )%

     

    (10

    )%

     

     

     

    74.8

     

     

     

    83.0

     

     

     

    90.0

     

     

     

    93.6

     

     

     

    101.1

     

    Held to maturity securities

     

    (8

    )%

     

    (2

    )%

     

     

     

    143.8

     

     

     

    146.5

     

     

     

    149.9

     

     

     

    153.2

     

     

     

    156.4

     

    Bank loans — net

     

    15

    %

     

    4

    %

     

     

     

    47.1

     

     

     

    45.2

     

     

     

    43.3

     

     

     

    42.2

     

     

     

    40.8

     

    Total assets

     

    (1

    )%

     

    (4

    )%

     

     

     

    462.9

     

     

     

    479.8

     

     

     

    466.1

     

     

     

    449.7

     

     

     

    468.8

     

    Bank deposits

     

    (9

    )%

     

    (5

    )%

     

     

     

    246.2

     

     

     

    259.1

     

     

     

    246.5

     

     

     

    252.4

     

     

     

    269.5

     

    Payables to brokers, dealers, and clearing organizations (2)

     

    134

    %

     

    18

    %

     

     

     

    15.7

     

     

     

    13.3

     

     

     

    16.4

     

     

     

    5.9

     

     

     

    6.7

     

    Payables to brokerage clients

     

    20

    %

     

    (1

    )%

     

     

     

    100.6

     

     

     

    101.6

     

     

     

    89.2

     

     

     

    80.0

     

     

     

    84.0

     

    Accrued expenses and other liabilities (2)

     

    1

    %

     

    (11

    )%

     

     

     

    11.0

     

     

     

    12.3

     

     

     

    11.2

     

     

     

    10.6

     

     

     

    10.9

     

    Other short-term borrowings

     

    (18

    )%

     

    15

    %

     

     

     

    6.9

     

     

     

    6.0

     

     

     

    10.6

     

     

     

    10.0

     

     

     

    8.4

     

    Federal Home Loan Bank borrowings

     

    (52

    )%

     

    (31

    )%

     

     

     

    11.5

     

     

     

    16.7

     

     

     

    22.6

     

     

     

    24.4

     

     

     

    24.0

     

    Long-term debt

     

    (6

    )%

     

    (4

    )%

     

     

     

    21.5

     

     

     

    22.4

     

     

     

    22.4

     

     

     

    22.4

     

     

     

    22.9

     

    Total liabilities

     

    (3

    )%

     

    (4

    )%

     

     

     

    413.4

     

     

     

    431.5

     

     

     

    418.8

     

     

     

    405.7

     

     

     

    426.4

     

    Stockholders' equity

     

    17

    %

     

    2

    %

     

     

     

    49.5

     

     

     

    48.4

     

     

     

    47.2

     

     

     

    44.0

     

     

     

    42.4

     

    Total liabilities and stockholders' equity

     

    (1

    )%

     

    (4

    )%

     

     

     

    462.9

     

     

     

    479.8

     

     

     

    466.1

     

     

     

    449.7

     

     

     

    468.8

     

    Other

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Full-time equivalent employees (at quarter end, in thousands)

     

    (2

    )%

     

    —

     

     

     

     

    32.1

     

     

     

    32.1

     

     

     

    32.1

     

     

     

    32.3

     

     

     

    32.6

     

    Capital expenditures — purchases of equipment, office facilities, and property, net (in millions)

     

    28

    %

     

    (40

    )%

     

     

    $

    156

     

     

    $

    258

     

     

    $

    135

     

     

    $

    92

     

     

    $

    122

     

    Expenses excluding interest as a percentage of average client assets (annualized)

     

     

     

     

     

     

     

    0.12

    %

     

     

    0.12

    %

     

     

    0.12

    %

     

     

    0.13

    %

     

     

    0.14

    %

    Clients' Daily Average Trades (DATs) (in thousands)

     

    24

    %

     

    17

    %

     

     

     

    7,391

     

     

     

    6,312

     

     

     

    5,697

     

     

     

    5,486

     

     

     

    5,958

     

    Number of Trading Days

     

    (2

    )%

     

    (5

    )%

     

     

     

    60.0

     

     

     

    63.0

     

     

     

    63.5

     

     

     

    63.0

     

     

     

    61.0

     

    Revenue Per Trade (3)

     

    (9

    )%

     

    (7

    )%

     

     

    $

    2.05

     

     

    $

    2.20

     

     

    $

    2.20

     

     

    $

    2.25

     

     

    $

    2.25

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    (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.

     

    THE CHARLES SCHWAB CORPORATION

    Net Interest Revenue Information

    (In millions, except ratios or as noted)

    (Unaudited)

     

     

    Three Months Ended

    March 31,

     

     

    2025

     

     

    2024

     

     

    Average

    Balance

     

    Interest

    Revenue/

    Expense

     

    Average

    Yield/

    Rate

     

     

    Average

    Balance

     

    Interest

    Revenue/

    Expense

     

    Average

    Yield/

    Rate

    Interest-earning assets

     

     

     

     

     

     

     

     

     

     

     

     

     

    Cash and cash equivalents

     

    $

    30,483

     

    $

    328

     

    4.31

    %

     

     

    $

    33,791

     

    $

    454

     

    5.31

    %

    Cash and investments segregated

     

     

    38,611

     

     

    412

     

    4.27

    %

     

     

     

    29,297

     

     

    388

     

    5.24

    %

    Receivables from brokerage clients

     

     

    83,137

     

     

    1,382

     

    6.65

    %

     

     

     

    63,804

     

     

    1,260

     

    7.81

    %

    Available for sale securities (1)

     

     

    84,590

     

     

    433

     

    2.05

    %

     

     

     

    111,867

     

     

    594

     

    2.12

    %

    Held to maturity securities (1)

     

     

    144,401

     

     

    622

     

    1.72

    %

     

     

     

    157,410

     

     

    690

     

    1.75

    %

    Bank loans

     

     

    46,043

     

     

    493

     

    4.32

    %

     

     

     

    40,529

     

     

    440

     

    4.36

    %

    Total interest-earning assets

     

     

    427,265

     

     

    3,670

     

    3.44

    %

     

     

     

    436,698

     

     

    3,826

     

    3.48

    %

    Securities lending revenue

     

     

     

     

    60

     

     

     

     

     

     

     

    76

     

     

    Other interest revenue

     

     

     

     

    27

     

     

     

     

     

     

     

    39

     

     

    Total interest-earning assets

     

    $

    427,265

     

    $

    3,757

     

    3.52

    %

     

     

    $

    436,698

     

    $

    3,941

     

    3.59

    %

    Funding sources

     

     

     

     

     

     

     

     

     

     

     

     

     

    Bank deposits

     

    $

    245,719

     

    $

    436

     

    0.72

    %

     

     

    $

    274,368

     

    $

    921

     

    1.35

    %

    Payables to brokers, dealers, and clearing organizations (2)

     

     

    14,177

     

     

    137

     

    3.88

    %

     

     

     

    5,513

     

     

    55

     

    3.96

    %

    Payables to brokerage clients

     

     

    90,173

     

     

    51

     

    0.23

    %

     

     

     

    68,343

     

     

    73

     

    0.43

    %

    Other short-term borrowings

     

     

    6,695

     

     

    82

     

    4.96

    %

     

     

     

    7,385

     

     

    103

     

    5.61

    %

    Federal Home Loan Bank borrowings

     

     

    10,725

     

     

    133

     

    4.94

    %

     

     

     

    24,857

     

     

    330

     

    5.27

    %

    Long-term debt

     

     

    22,281

     

     

    212

     

    3.81

    %

     

     

     

    25,000

     

     

    224

     

    3.59

    %

    Total interest-bearing liabilities (2)

     

     

    389,770

     

     

    1,051

     

    1.09

    %

     

     

     

    405,466

     

     

    1,706

     

    1.69

    %

    Non-interest-bearing funding sources (2)

     

     

    37,495

     

     

     

     

     

     

     

    31,232

     

     

     

     

    Other interest expense

     

     

     

     

    —

     

     

     

     

     

     

     

    2

     

     

    Total funding sources

     

    $

    427,265

     

    $

    1,051

     

    0.99

    %

     

     

    $

    436,698

     

    $

    1,708

     

    1.57

    %

    Net interest revenue

     

     

     

    $

    2,706

     

    2.53

    %

     

     

     

     

    $

    2,233

     

    2.02

    %

    (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.

     

    THE CHARLES SCHWAB CORPORATION

    Asset Management and Administration Fees Information

    (In millions, except ratios or as noted)

    (Unaudited)

     

     

    Three Months Ended

    March 31,

     

     

    2025

     

     

    2024

     

     

    Average

    Client

    Assets

     

    Revenue

     

    Average

    Fee

     

     

    Average

    Client

    Assets

     

    Revenue

     

    Average

    Fee

    Schwab money market funds

     

    $

    621,474

     

    $

    418

     

    0.27

    %

     

     

    $

    499,887

     

    $

    336

     

    0.27

    %

    Schwab equity and bond funds, exchange-traded funds (ETFs), and collective trust funds (CTFs)

     

     

    658,588

     

     

    122

     

    0.08

    %

     

     

     

    539,661

     

     

    107

     

    0.08

    %

    Mutual Fund OneSource® and other no-transaction-fee funds

     

     

    359,696

     

     

    222

     

    0.25

    %

     

     

     

    314,576

     

     

    209

     

    0.27

    %

    Other third-party mutual funds and ETFs

     

     

    623,647

     

     

    103

     

    0.07

    %

     

     

     

    605,625

     

     

    106

     

    0.07

    %

    Total mutual funds, ETFs, and CTFs (1)

     

    $

    2,263,405

     

    $

    865

     

    0.15

    %

     

     

    $

    1,959,749

     

    $

    758

     

    0.16

    %

    Managed investing solutions (1)

     

     

     

     

     

     

     

     

     

     

     

     

     

    Fee-based

     

    $

    590,483

     

    $

    569

     

    0.39

    %

     

     

    $

    506,133

     

    $

    503

     

    0.40

    %

    Non-fee-based

     

     

    120,442

     

     

    —

     

    —

     

     

     

     

    106,032

     

     

    —

     

    —

     

    Total managed investing solutions

     

    $

    710,925

     

    $

    569

     

    0.32

    %

     

     

    $

    612,165

     

    $

    503

     

    0.33

    %

    Other balance-based fees (2)

     

     

    841,555

     

     

    77

     

    0.04

    %

     

     

     

    719,447

     

     

    69

     

    0.04

    %

    Other (3)

     

     

     

     

    19

     

     

     

     

     

     

     

    18

     

     

    Total asset management and administration fees

     

     

     

    $

    1,530

     

     

     

     

     

     

    $

    1,348

     

     

    (1) 

    Managed investing solutions includes managed portfolios, specialized strategies, and customized investment advice such as Schwab Wealth AdvisoryTM, Schwab Managed PortfoliosTM, Managed Account Select®, Schwab Advisor Network®, Windhaven Strategies®, ThomasPartners® Strategies, Wasmer SchroederTM 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.

     

    THE CHARLES SCHWAB CORPORATION

    Growth in Client Assets and Accounts

    (Unaudited)

       

     

    Q1-25 % Change

     

    2025

     

    2024

     

     

    vs.

     

    vs.

     

     

    First

     

    Fourth

     

    Third

     

    Second

     

    First

    (In billions, at quarter end, except as noted)

     

    Q1-24

     

    Q4-24

     

     

    Quarter

     

    Quarter

     

    Quarter

     

    Quarter

     

    Quarter

    Assets in client accounts

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Schwab One®, certain cash equivalents, and bank deposits

     

    (1

    )%

     

    (4

    )%

     

     

    $

    345.2

     

     

    $

    358.8

     

     

    $

    334.1

     

     

    $

    330.7

     

     

    $

    348.2

     

    Bank deposit account balances

     

    (7

    )%

     

    (4

    )%

     

     

     

    83.7

     

     

     

    87.5

     

     

     

    84.0

     

     

     

    84.5

     

     

     

    90.2

     

    Proprietary mutual funds (Schwab Funds® and Laudus Funds®) and CTFs

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Money market funds (1)

     

    24

    %

     

    8

    %

     

     

     

    641.5

     

     

     

    596.5

     

     

     

    562.1

     

     

     

    533.6

     

     

     

    515.7

     

    Equity and bond funds and CTFs (2)

     

    10

    %

     

    (2

    )%

     

     

     

    227.0

     

     

     

    232.2

     

     

     

    228.9

     

     

     

    214.4

     

     

     

    206.0

     

    Total proprietary mutual funds and CTFs

     

    20

    %

     

    5

    %

     

     

     

    868.5

     

     

     

    828.7

     

     

     

    791.0

     

     

     

    748.0

     

     

     

    721.7

     

    Mutual Fund Marketplace® (3)

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Mutual Fund OneSource® and other no-transaction-fee funds

     

    3

    %

     

    (2

    )%

     

     

     

    340.3

     

     

     

    347.8

     

     

     

    358.0

     

     

     

    344.8

     

     

     

    329.2

     

    Mutual fund clearing services

     

    13

    %

     

    —

     

     

     

     

    280.6

     

     

     

    280.7

     

     

     

    280.8

     

     

     

    264.7

     

     

     

    248.1

     

    Other third-party mutual funds

     

    1

    %

     

    (1

    )%

     

     

     

    1,195.4

     

     

     

    1,211.1

     

     

     

    1,236.5

     

     

     

    1,177.5

     

     

     

    1,182.9

     

    Total Mutual Fund Marketplace

     

    3

    %

     

    (1

    )%

     

     

     

    1,816.3

     

     

     

    1,839.6

     

     

     

    1,875.3

     

     

     

    1,787.0

     

     

     

    1,760.2

     

    Total mutual fund assets

     

    8

    %

     

    1

    %

     

     

     

    2,684.8

     

     

     

    2,668.3

     

     

     

    2,666.3

     

     

     

    2,535.0

     

     

     

    2,481.9

     

    Exchange-traded funds

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Proprietary ETFs (2)

     

    16

    %

     

    1

    %

     

     

     

    398.2

     

     

     

    395.0

     

     

     

    385.9

     

     

     

    349.6

     

     

     

    342.9

     

    Other third-party ETFs

     

    17

    %

     

    1

    %

     

     

     

    1,960.1

     

     

     

    1,940.6

     

     

     

    1,888.2

     

     

     

    1,738.6

     

     

     

    1,676.6

     

    Total ETF assets

     

    17

    %

     

    1

    %

     

     

     

    2,358.3

     

     

     

    2,335.6

     

     

     

    2,274.1

     

     

     

    2,088.2

     

     

     

    2,019.5

     

    Equity and other securities

     

    9

    %

     

    (5

    )%

     

     

     

    3,765.5

     

     

     

    3,972.6

     

     

     

    3,839.6

     

     

     

    3,648.8

     

     

     

    3,467.7

     

    Fixed income securities

     

    —

     

     

    2

    %

     

     

     

    775.8

     

     

     

    762.3

     

     

     

    795.4

     

     

     

    792.0

     

     

     

    779.0

     

    Margin loans outstanding

     

    23

    %

     

    —

     

     

     

     

    (83.6

    )

     

     

    (83.8

    )

     

     

    (73.0

    )

     

     

    (71.7

    )

     

     

    (68.1

    )

    Total client assets

     

    9

    %

     

    (2

    )%

     

     

    $

    9,929.7

     

     

    $

    10,101.3

     

     

    $

    9,920.5

     

     

    $

    9,407.5

     

     

    $

    9,118.4

     

    Client assets by business (4)

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Investor Services (5)

     

    9

    %

     

    (3

    )%

     

     

    $

    5,557.4

     

     

    $

    5,721.6

     

     

    $

    5,576.7

     

     

    $

    5,317.5

     

     

    $

    5,108.9

     

    Advisor Services (6)

     

    9

    %

     

    —

     

     

     

     

    4,372.3

     

     

     

    4,379.7

     

     

     

    4,343.8

     

     

     

    4,090.0

     

     

     

    4,009.5

     

    Total client assets

     

    9

    %

     

    (2

    )%

     

     

    $

    9,929.7

     

     

    $

    10,101.3

     

     

    $

    9,920.5

     

     

    $

    9,407.5

     

     

    $

    9,118.4

     

    Net growth in assets in client accounts (for the quarter ended)

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Net new assets by business (4)

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Investor Services (5)

     

    85

    %

     

    50

    %

     

     

    $

    69.5

     

     

    $

    46.2

     

     

    $

    37.2

     

     

    $

    40.1

     

     

    $

    37.6

     

    Advisor Services (6)

     

    24

    %

     

    1

    %

     

     

     

    62.9

     

     

     

    62.2

     

     

     

    53.6

     

     

     

    34.1

     

     

     

    50.6

     

    Total net new assets

     

    50

    %

     

    22

    %

     

     

    $

    132.4

     

     

    $

    108.4

     

     

    $

    90.8

     

     

    $

    74.2

     

     

    $

    88.2

     

    Net market gains (losses)

     

     

     

     

     

     

     

    (304.0

    )

     

     

    72.4

     

     

     

    422.2

     

     

     

    214.9

     

     

     

    513.6

     

    Net growth (decline)

     

     

     

     

     

     

    $

    (171.6

    )

     

    $

    180.8

     

     

    $

    513.0

     

     

    $

    289.1

     

     

    $

    601.8

     

    New brokerage accounts (in thousands, for the quarter ended)

     

    8

    %

     

    6

    %

     

     

     

    1,183

     

     

     

    1,119

     

     

     

    972

     

     

     

    985

     

     

     

    1,094

     

    Client accounts (in thousands)

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Active brokerage accounts

     

    5

    %

     

    2

    %

     

     

     

    37,011

     

     

     

    36,456

     

     

     

    35,982

     

     

     

    35,612

     

     

     

    35,301

     

    Banking accounts

     

    9

    %

     

    3

    %

     

     

     

    2,050

     

     

     

    1,998

     

     

     

    1,954

     

     

     

    1,931

     

     

     

    1,885

     

    Workplace Plan Participant Accounts (7)

     

    4

    %

     

    2

    %

     

     

     

    5,495

     

     

     

    5,399

     

     

     

    5,388

     

     

     

    5,363

     

     

     

    5,277

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    (1) 

    Total client assets in purchased money market funds are located at: https://www.aboutschwab.com/investor-relations.

    (2) 

    Includes balances held on and off the Schwab platform. As of March 31, 2025, off-platform equity and bond funds, CTFs, and ETFs were $34.5 billion, $3.9 billion, and $144.8 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) 

    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. First quarter of 2024 includes net outflows of $7.4 billion from off-platform Schwab Bank Retail CDs.

    (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.

     

    The Charles Schwab Corporation Monthly Activity Report For March 2025

     

     

    2024

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    2025

     

     

     

     

     

    Change

     

     

    Mar

     

    Apr

     

    May

     

    Jun

     

    Jul

     

    Aug

     

    Sep

     

    Oct

     

    Nov

     

    Dec

     

    Jan

     

    Feb

     

    Mar

     

    Mo.

     

    Yr.

    Market Indices (at month end)

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Dow Jones Industrial Average®

     

    39,807

     

     

    37,816

     

     

    38,686

     

     

    39,119

     

     

    40,843

     

     

    41,563

     

     

    42,330

     

     

    41,763

     

     

    44,911

     

     

    42,544

     

     

    44,545

     

     

    43,841

     

     

    42,002

     

     

    (4

    )%

     

    6

    %

    Nasdaq Composite®

     

    16,379

     

     

    15,658

     

     

    16,735

     

     

    17,733

     

     

    17,599

     

     

    17,714

     

     

    18,189

     

     

    18,095

     

     

    19,218

     

     

    19,311

     

     

    19,627

     

     

    18,847

     

     

    17,299

     

     

    (8

    )%

     

    6

    %

    Standard & Poor's® 500

     

    5,254

     

     

    5,036

     

     

    5,278

     

     

    5,460

     

     

    5,522

     

     

    5,648

     

     

    5,762

     

     

    5,705

     

     

    6,032

     

     

    5,882

     

     

    6,041

     

     

    5,955

     

     

    5,612

     

     

    (6

    )%

     

    7

    %

    Client Assets (in billions of dollars)

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Beginning Client Assets

     

    8,879.5

     

     

    9,118.4

     

     

    8,847.5

     

     

    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

     

     

     

     

     

    Net New Assets (1)

     

    41.7

     

     

    10.0

     

     

    31.0

     

     

    33.2

     

     

    29.0

     

     

    31.5

     

     

    30.3

     

     

    22.7

     

     

    25.5

     

     

    60.2

     

     

    30.5

     

     

    46.6

     

     

    55.3

     

     

    19

    %

     

    33

    %

    Net Market Gains (Losses)

     

    197.2

     

     

    (280.9

    )

     

    327.8

     

     

    168.0

     

     

    135.6

     

     

    134.1

     

     

    152.5

     

     

    (91.2

    )

     

    427.9

     

     

    (264.3

    )

     

    201.3

     

     

    (99.5

    )

     

    (405.8

    )

     

     

     

     

    Total Client Assets (at month end)

     

    9,118.4

     

     

    8,847.5

     

     

    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

     

     

    (3

    )%

     

    9

    %

    Core Net New Assets (1,2)

     

    45.0

     

     

    1.0

     

     

    31.1

     

     

    29.1

     

     

    29.0

     

     

    32.8

     

     

    33.5

     

     

    24.6

     

     

    28.8

     

     

    61.4

     

     

    30.6

     

     

    48.0

     

     

    59.1

     

     

    23

    %

     

    31

    %

    Receiving Ongoing Advisory Services (at month end)

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Investor Services

     

    618.5

     

     

    602.2

     

     

    624.0

     

     

    632.9

     

     

    649.1

     

     

    663.7

     

     

    675.1

     

     

    665.6

     

     

    688.9

     

     

    682.0

     

     

    698.7

     

     

    703.5

     

     

    688.8

     

     

    (2

    )%

     

    11

    %

    Advisor Services

     

    4,009.5

     

     

    3,893.9

     

     

    4,027.3

     

     

    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

     

     

    (3

    )%

     

    9

    %

    Client Accounts (at month end, in thousands)

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Active Brokerage Accounts

     

    35,301

     

     

    35,426

     

     

    35,524

     

     

    35,612

     

     

    35,743

     

     

    35,859

     

     

    35,982

     

     

    36,073

     

     

    36,222

     

     

    36,456

     

     

    36,709

     

     

    36,861

     

     

    37,011

     

     

    —

     

     

    5

    %

    Banking Accounts

     

    1,885

     

     

    1,901

     

     

    1,916

     

     

    1,931

     

     

    1,937

     

     

    1,940

     

     

    1,954

     

     

    1,967

     

     

    1,980

     

     

    1,998

     

     

    2,019

     

     

    2,033

     

     

    2,050

     

     

    1

    %

     

    9

    %

    Workplace Plan Participant Accounts (3)

     

    5,277

     

     

    5,282

     

     

    5,345

     

     

    5,363

     

     

    5,382

     

     

    5,373

     

     

    5,388

     

     

    5,407

     

     

    5,393

     

     

    5,399

     

     

    5,450

     

     

    5,464

     

     

    5,495

     

     

    1

    %

     

    4

    %

    Client Activity

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    New Brokerage Accounts (in thousands)

     

    383

     

     

    361

     

     

    314

     

     

    310

     

     

    327

     

     

    324

     

     

    321

     

     

    331

     

     

    357

     

     

    431

     

     

    433

     

     

    362

     

     

    388

     

     

    7

    %

     

    1

    %

    Client Cash as a Percentage of Client Assets (4)

     

    10.0

    %

     

    10.2

    %

     

    9.9

    %

     

    9.7

    %

     

    9.6

    %

     

    9.5

    %

     

    9.5

    %

     

    9.8

    %

     

    9.5

    %

     

    10.1

    %

     

    9.8

    %

     

    10.0

    %

     

    10.6

    %

     

    60 bp

     

    60 bp

    Derivative Trades as a Percentage of Total Trades

     

    21.9

    %

     

    22.1

    %

     

    21.9

    %

     

    21.3

    %

     

    21.2

    %

     

    20.8

    %

     

    21.5

    %

     

    21.4

    %

     

    19.7

    %

     

    18.6

    %

     

    19.3

    %

     

    19.9

    %

     

    19.5

    %

     

    (40) bp

     

    (240) bp

    Selected Average Balances (in millions of dollars)

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Average Interest-Earning Assets (5)

     

    431,456

     

     

    423,532

     

     

    415,950

     

     

    417,150

     

     

    417,379

     

     

    420,191

     

     

    420,203

     

     

    422,327

     

     

    425,789

     

     

    431,177

     

     

    431,523

     

     

    424,805

     

     

    425,228

     

     

    —

     

     

    (1

    )%

    Average Margin Balances

     

    66,425

     

     

    68,827

     

     

    67,614

     

     

    69,730

     

     

    73,206

     

     

    73,326

     

     

    72,755

     

     

    74,105

     

     

    76,932

     

     

    81,507

     

     

    82,551

     

     

    84,233

     

     

    82,725

     

     

    (2

    )%

     

    25

    %

    Average Bank Deposit Account Balances (6)

     

    90,774

     

     

    88,819

     

     

    86,844

     

     

    85,195

     

     

    83,979

     

     

    82,806

     

     

    82,336

     

     

    83,261

     

     

    84,385

     

     

    85,384

     

     

    84,790

     

     

    83,089

     

     

    84,302

     

     

    1

    %

     

    (7

    )%

    Mutual Funds and Exchange-Traded Funds

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Net Buys (Sells) (7,8) (in millions of dollars)

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Equities

     

    10,379

     

     

    3,472

     

     

    5,734

     

     

    3,379

     

     

    10,908

     

     

    5,609

     

     

    5,217

     

     

    7,176

     

     

    13,226

     

     

    14,805

     

     

    10,050

     

     

    4,987

     

     

    (1,221

    )

     

     

     

     

    Hybrid

     

    (439

    )

     

    (703

    )

     

    (558

    )

     

    (843

    )

     

    (1,155

    )

     

    (1,377

    )

     

    (432

    )

     

    (1,397

    )

     

    (329

    )

     

    124

     

     

    (1,324

    )

     

    (464

    )

     

    (603

    )

     

     

     

     

    Bonds

     

    7,561

     

     

    5,949

     

     

    5,854

     

     

    6,346

     

     

    8,651

     

     

    10,919

     

     

    11,015

     

     

    10,442

     

     

    7,473

     

     

    10,969

     

     

    8,747

     

     

    12,162

     

     

    11,438

     

     

     

     

     

    Net Buy (Sell) Activity (in millions of dollars)

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Mutual Funds (7)

     

    (1,607

    )

     

    (4,818

    )

     

    (5,544

    )

     

    (4,254

    )

     

    (4,679

    )

     

    (4,003

    )

     

    (1,261

    )

     

    (4,905

    )

     

    (4,492

    )

     

    (4,331

    )

     

    (6,785

    )

     

    (3,971

    )

     

    (8,537

    )

     

     

     

     

    Exchange-Traded Funds (8)

     

    19,108

     

     

    13,536

     

     

    16,574

     

     

    13,136

     

     

    23,083

     

     

    19,154

     

     

    17,061

     

     

    21,126

     

     

    24,862

     

     

    30,229

     

     

    24,258

     

     

    20,656

     

     

    18,151

     

     

     

     

     

    Money Market Funds

     

    9,085

     

     

    (2,357

    )

     

    9,790

     

     

    3,858

     

     

    9,110

     

     

    8,048

     

     

    9,672

     

     

    11,032

     

     

    9,172

     

     

    8,956

     

     

    11,584

     

     

    12,306

     

     

    14,586

     

     

     

     

     

    Note: Certain supplemental details related to the information above can be found at: https://www.aboutschwab.com/financial-reports.

    (1)

    Unless otherwise noted, differences between net new assets and core net new assets are net flows from off-platform Schwab Bank Retail CDs. Additionally, 2024 includes outflows from a large international relationship of $0.1 billion in August, $0.3 billion in October, $0.6 billion in November, and an inflow of $10.3 billion from a mutual fund clearing services client in April.

    (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.

     

    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 tables below present reconciliations of GAAP measures to non-GAAP measures:

     

     

    Three Months Ended March 31,

     

     

    2025

     

    2024

     

     

    Total

    Expenses

    Excluding

    Interest

     

    Net

    Income

     

    Total

    Expenses

    Excluding

    Interest

     

    Net

    Income

    Total expenses excluding interest (GAAP), Net income (GAAP)

     

    $

    3,144

     

     

    $

    1,909

     

     

    $

    2,942

     

     

    $

    1,362

     

    Amortization of acquired intangible assets

     

     

    (130

    )

     

     

    130

     

     

     

    (130

    )

     

     

    130

     

    Acquisition and integration-related costs (1)

     

     

    —

     

     

     

    —

     

     

     

    (38

    )

     

     

    38

     

    Restructuring costs (2)

     

     

    —

     

     

     

    —

     

     

     

    28

     

     

     

    (28

    )

    Income tax effects (3)

     

     

    N/A

     

     

     

    (31

    )

     

     

    N/A

     

     

     

    (33

    )

    Adjusted total expenses (non-GAAP), Adjusted net income (non-GAAP)

     

    $

    3,014

     

     

    $

    2,008

     

     

    $

    2,802

     

     

    $

    1,469

     

    (1)

    There were no acquisition and integration-related costs for the three months ended March 31, 2025. Acquisition and integration-related costs for the three months ended March 31, 2024 primarily consist of $17 million of compensation and benefits and $17 million of professional services.

    (2)

    There were no restructuring costs for the three months ended March 31, 2025. Restructuring costs for the three months ended March 31, 2024 reflect a change in estimate of $31 million in compensation and benefits, partially offset by $2 million of occupancy and equipment expense and $1 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.

     

     

    Three Months Ended March 31,

     

     

    2025

     

    2024

     

     

    Amount

     

    % of

    Total Net

    Revenues

     

    Amount

     

    % of

    Total Net

    Revenues

    Income before taxes on income (GAAP), Pre-tax profit margin (GAAP)

     

    $

    2,455

     

    43.8

    %

     

    $

    1,798

     

     

    37.9

    %

    Amortization of acquired intangible assets

     

     

    130

     

    2.4

    %

     

     

    130

     

     

    2.7

    %

    Acquisition and integration-related costs

     

     

    —

     

    —

     

     

     

    38

     

     

    0.8

    %

    Restructuring costs

     

     

    —

     

    —

     

     

     

    (28

    )

     

    (0.5

    )%

    Adjusted income before taxes on income (non-GAAP), Adjusted pre-tax profit margin (non-GAAP)

     

    $

    2,585

     

    46.2

    %

     

    $

    1,938

     

     

    40.9

    %

     

     

    Three Months Ended March 31,

     

     

    2025

     

    2024

     

     

    Amount

     

    Diluted

    EPS

     

    Amount

     

    Diluted

    EPS

    Net income available to common stockholders (GAAP), Earnings per common share — diluted (GAAP)

     

    $

    1,796

     

     

    $

    .99

     

     

    $

    1,251

     

     

    $

    .68

     

    Amortization of acquired intangible assets

     

     

    130

     

     

     

    .07

     

     

     

    130

     

     

     

    .07

     

    Acquisition and integration-related costs

     

     

    —

     

     

     

    —

     

     

     

    38

     

     

     

    .02

     

    Restructuring costs

     

     

    —

     

     

     

    —

     

     

     

    (28

    )

     

     

    (.01

    )

    Income tax effects

     

     

    (31

    )

     

     

    (.02

    )

     

     

    (33

    )

     

     

    (.02

    )

    Adjusted net income available to common stockholders (non-GAAP), Adjusted diluted EPS (non-GAAP)

     

    $

    1,895

     

     

    $

    1.04

     

     

    $

    1,358

     

     

    $

    .74

     

     

     

    Three Months Ended March 31,

     

     

    2025

     

    2024

    Return on average common stockholders' equity (GAAP)

     

     

    18

    %

     

     

    15

    %

    Average common stockholders' equity

     

    $

              39,752

     

     

    $

              32,493

     

    Less: Average goodwill

     

     

               (11,951

    )  

     

     

               (11,951

    )  

    Less: Average acquired intangible assets — net

     

     

                (7,679

    )  

     

     

                (8,196

    )  

    Plus: Average deferred tax liabilities related to goodwill

      and acquired intangible assets — net

     

     

                  1,709

     

     

     

                  1,759

     

    Average tangible common equity

     

    $

              21,831

     

     

    $

              14,105

     

    Adjusted net income available to common stockholders (1)

     

    $

                1,895

     

     

    $

                1,358

     

    Return on tangible common equity (non-GAAP)

     

     

    35

    %

     

     

    39

    %

    (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, 2025

     

     

    CSC

     

    CSB

    Tier 1 Leverage Ratio (GAAP)

     

     

    9.9

    %

     

     

    12.1

    %

    Tier 1 Capital

     

    $

              45,213

     

     

    $

              33,078

     

    Plus: AOCI adjustment

     

     

               (13,614

    )  

     

     

               (11,835

    )  

    Adjusted Tier 1 Capital

     

     

                31,599

     

     

     

                21,243

     

    Average assets with regulatory adjustments

     

     

              457,495

     

     

     

              272,273

     

    Plus: AOCI adjustment

     

     

               (14,165

    )  

     

     

               (12,419

    )  

    Adjusted average assets with regulatory adjustments

     

    $

             443,330

     

     

    $

             259,854

     

    Adjusted Tier 1 Leverage Ratio (non-GAAP)

     

     

    7.1

    %

     

     

    8.2

    %

     

    View source version on businesswire.com: https://www.businesswire.com/news/home/20250417974117/en/

    MEDIA

    Mayura Hooper, 415-667-1525

    [email protected]

    INVESTORS/ANALYSTS

    Jeff Edwards, 817-854-6177

    [email protected]

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