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The Charles Schwab Corporation

SCHW Financial Capital Markets

The Charles Schwab Corporation’s revenue for fiscal 2025 (year ended December 2025) was $23.9 billion, up 22.0% from fiscal 2024.

Revenue
+16.9%
EPS
+29.4%
Free cash flow
+35.0%
Total debt
+12.2%

Quarter to September 2026, against a year earlier

92.72 0.65 −0.70%
Market cap
$160.1B
P/E
15.7×
Fwd P/E
14.2×
Dividend yield
1.33%
F-score
8/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Revenue by segment Fiscal 2025

  • Investor Services
  • Advisor Services

Every year since 2008 →

Insider Decisions last twelve months

Bought, $m 1.85
Sold, $m 340.18
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — 1 — — — — — —
Sell 1 4 9 4 6 5 — 12 16 1 2 2
Insider Ownership 5.67%

Capital & Financial Ratios $m

Size
Market Cap 160,100.00
Revenue ttm 27,061.00
Net income ttm 10,096.00
Free cash flow ttm 10,789.00
Net debt Q (50,922.00)
Valuation
P/E 15.74
Forward P/E 14.20
Price / sales 5.92
Forward P/S Powerpack
Price / FCF 14.85
Price / book 3.65
Financial health
Current ratio Q 0.64
Debt / equity Q 0.45
Interest coverage Q —
Growth
Revenue growth Q +16.89% (above 0%: growing)
Operating income growth Q +25.03% (above 0%: growing)
EPS, this year +32.55% (at or above 15%: strong)
EPS, next year A +22.02% (at or above 15%: strong)
Revenue, next year A +17.48% (at or above 10%: strong)
EPS, past 5 yrs +17.01% (at or above 15%: strong)
EPS, next 5 yrs A +23.80% (at or above 15%: strong)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

P/E against its own 10 years 11.59%
10-year low 10-year high
P/S against its own 10 years 29.81%
10-year low 10-year high
P/B against its own 10 years 52.48%
10-year low 10-year high

Dividends raised 2 years running

Yield
1.33%
Annual rate
1.23
Payout ratio
21.0%
Growth, 2018–26
+13.6%/yr
  1. 0.46 ’18
  2. 0.68 ’19 +48
  3. 0.72 ’20 +6
  4. 0.72 ’21 +0
  5. 0.84 ’22 +17
  6. 1.00 ’23 +19
  7. 1.00 ’24 +0
  8. 1.08 ’25 +8
  9. 1.28 ’26 +19
paid change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 75,173 80,304 88,961 73,591
Receivables 112,433 133,029 169,805 211,848
Inventory — — — —
Other — — — —
187,606 213,333 258,766 285,439
2023 2024 2025 Q'26
Payables 91,434 114,895 142,030 167,794
ST’ Debt — — — —
Other 316,353 275,821 257,597 250,182
426,092 409,040 419,371 444,450

Compound Annual Growth %

10y 5y 3y
Sales 14.13% 15.39% 4.83%
Cash Flow 22.28% 6.33% 65.42%
Earnings 19.96% 22.57% 8.25%
Book Value 13.94% (2.49%) 10.52%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 1.66 Actual 1.69

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 1.36 1.39 Beat by 0.03
Q1 FY26 1.39 1.43 Beat by 0.04
Q2 FY26 1.53 1.62 Beat by 0.09
Q3 FY26 1.66 1.69 Beat by 0.03
Q4 FY26 1.72 — Reports 20 January 2027

EPS $

Mar Jun Sep Dec Year
’26 1.37 1.54 1.62 — —
’25 0.99 1.08 1.26 1.33 4.65
’24 0.68 0.66 0.71 0.94 2.99
’23 0.83 0.64 0.56 0.51 2.54
’22 0.67 0.87 0.99 0.97 3.50
’21 0.73 0.59 0.74 0.76 2.83
’20 0.58 0.48 0.48 0.57 2.12
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 6,482 7,072 7,171 — —
’25 5,599 5,851 6,135 6,336 23,921
’24 4,740 4,690 4,847 5,329 19,606
’23 5,116 4,656 4,606 4,459 18,837
’22 4,672 5,093 5,500 5,497 20,762
’21 4,715 4,527 4,570 4,708 18,520
’20 2,617 2,450 2,448 4,176 11,691
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 7,342 4,300 — — —
’25 6,359 3,177 538 (763) 9,311
’24 (1,349) (4,252) 19,098 (10,827) 2,670
’23 9,777 (5,216) (5,011) 20,037 19,587
’22 3,053 (7,943) 9,054 (2,107) 2,057
’21 (4,742) (594) 1,815 5,639 2,118
’20 10,118 (16,443) (80) 13,257 6,852
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 7,202 4,115 — — —
’25 6,242 3,049 393 (921) 8,763
’24 (1,498) (4,341) 18,970 (11,081) 2,050
’23 9,618 (5,455) (5,250) 19,974 18,887
’22 2,757 (8,184) 8,822 (2,309) 1,086
’21 (4,928) (833) 1,637 5,326 1,202
’20 9,962 (16,622) (210) 13,091 6,221
Fiscal quarters ending in the months shown.

Valuation

The price implies the dividend a share growing 42.6% a year for ten years. It grew 16.0% a year over the last ten.

Implied
42.6%
10 years, reported
16.0%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

1.7
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 7,478 8,618 10,132 10,721 11,691 18,520 20,762 18,837 19,606 23,921 27,061 +13.8% 28,103 31,632 34,812 +13.3%
Gross margin, % 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 0.0 pt
EBT 2,993 3,650 4,562 4,848 4,300 7,713 9,388 6,378 7,692 11,459 13,814 +16.1%
EBT margin, % 40.02 42.35 45.03 45.22 36.78 41.65 45.22 33.86 39.23 47.90 51.05 +7.9 pt
Net income 1,889 2,354 3,507 3,704 3,299 5,855 7,183 5,067 5,942 8,852 10,096 +18.7%
Per share, $
Per share, $ Revenue 5.65 6.44 7.52 8.18 8.18 9.81 11.01 10.33 10.73 13.26 15.66 +9.9%
Earnings 1.32 1.63 2.47 2.69 2.13 2.84 3.52 2.55 3.00 4.67 5.89 +15.1%
Cash flow 2.72 (0.63) 9.24 7.11 4.80 1.12 1.09 10.74 1.46 5.16 0.00 +7.4%
Capex (0.26) (0.30) (0.42) (0.54) (0.44) (0.49) (0.52) (0.38) (0.34) (0.30) 0.00 +1.7%
Free cash flow 2.46 (0.93) 8.82 6.57 4.35 0.64 0.58 10.35 1.12 4.86 0.00 +7.9%
Book value 12.40 13.84 15.33 16.59 39.23 29.82 19.42 22.46 26.46 27.40 0.00 +9.2%
Shares, m 1,324 1,339 1,348 1,311 1,429 1,887 1,885 1,824 1,828 1,804 1,753 +3.5%
Valuation, ×
Valuation, × P/E 30.23 31.56 16.81 17.75 25.02 29.61 23.28 27.10 24.67 21.35 15.74 24.7
P/S 7.12 7.99 5.53 5.82 6.48 8.57 7.44 6.69 6.90 7.53 5.92 7.0
P/B 3.90 4.38 3.13 3.29 1.57 3.43 5.74 3.97 3.45 4.22 3.65 3.7
EV/Sales 3.09 5.14 2.11 1.86 (0.11) 3.28 4.44 4.09 3.95 4.74 — 3.3
EV/FCF 7.09 (35.73) 1.80 2.32 (0.21) 50.49 84.81 4.08 37.76 12.95 — 16.5
Cash, $m
Cash, $m Operating cash flow 3,603 (839) 12,456 9,325 6,852 2,118 2,057 19,587 2,670 9,311 11,417 +11.1%
Capex (346) (400) (570) (708) (631) (916) (971) (700) (620) (548) (628) +5.2%
Free cash flow 3,257 (1,239) 11,886 8,617 6,221 1,202 1,086 18,887 2,050 8,763 10,789 +11.6%
Balance, $m
Balance, $m Working capital (137,349) 18,523 (189,173) (175,023) (300,317) (349,970) (304,062) (238,486) (195,707) (160,605) (159,011) +1.8%
Net debt (30,126) (24,603) (34,623) (42,398) (77,115) (98,010) (62,350) (49,045) (57,876) (66,762) (50,922) +9.2%
Shareholders’ equity 16,421 18,525 20,670 21,745 56,060 56,261 36,608 40,958 48,375 49,425 50,147 +13.0%
Returns, %
Returns, % ROA 0.86 0.93 1.23 1.19 0.72 0.88 1.09 0.89 1.13 1.73 0.00 +0.9 pt
ROIC 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.0 pt
ROE 13.65 14.85 19.81 19.15 9.05 11.33 18.13 15.85 15.44 20.57 0.00 +6.9 pt
People
People Employees 16,200 17,600 19,500 19,700 32,000 33,400 35,300 33,000 32,100 33,000 — +8.2%
Revenue/emp, $m 0.46 0.49 0.52 0.54 0.37 0.55 0.59 0.57 0.61 0.72 — +5.1%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 2 Nov 2026

Business profile

Updated

The Charles Schwab Corporation is a savings and loan holding company that provides wealth management, securities brokerage, banking, asset management, custody, and financial advisory services through its subsidiaries. Its principal operating businesses include broker-dealer Charles Schwab & Co., Inc., Charles Schwab Bank, and Charles Schwab Investment Management.

Schwab serves two groups. Investor Services provides individual investors with brokerage accounts, trading, advice, banking and trust services; it also serves employers and their employees through retirement-plan, stock-plan and corporate-brokerage services. Advisor Services provides independent registered investment advisors, retirement advisors and recordkeepers with custody, trading, banking, trust and operating-support services for their clients.

Where the money comes from and where it goes Fiscal 2025

Fiscal 2025: revenue by segment, and margins
Investor Services 18,999 79.42%
Advisor Services 4,922 20.58%
Gross margin 100.00%
Operating margin 53.15%
Pre-tax margin 47.90%

Revenue by segment since 2008

The Charles Schwab Corporation vs peers in Capital Markets (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
MS Morgan Stanley $286.5B 14.4× 14.3× +6.69% (above 0%: growing) +8.48% (above 0%: growing) −132.22% (below 0%: shrinking) 95.59% 58.35% Compare
GS The Goldman Sachs Group, Inc. $250.6B 12.4× 12.5× +23.02% (above 0%: growing) +38.81% (above 0%: growing) +63.65% (above 0%: growing) 100.00% 37.49% Compare
SCHW The Charles Schwab Corporation $160.1B 15.7× 14.2× +16.89% (above 0%: growing) +29.37% (above 0%: growing) +34.96% (above 0%: growing) 100.00% 57.89%
HOOD Robinhood Markets, Inc. $70.6B 35.8× 40.8× +11.77% (above 0%: growing) −15.86% (below 0%: shrinking) +175.82% (above 0%: growing) 95.22% 48.10% Compare
IBKR Interactive Brokers Group, Inc. $33.0B 27.7× 28.2× +15.65% (above 0%: growing) +16.95% (above 0%: growing) −13.01% (below 0%: shrinking) 93.00% 78.11% Compare
TW Tradeweb Markets Inc. $29.6B 29.0× 34.5× +14.93% (above 0%: growing) +22.86% (above 0%: growing) +2.33% (above 0%: growing) 100.00% 43.36% Compare
NMR Nomura Holdings Inc ADR $27.8B 9.6× 9.1× +0.18% (above 0%: growing) +4.32% (above 0%: growing) +106.20% (above 0%: growing) 94.68% 70.95% Compare
LPLA LPL Financial Holdings Inc. $23.4B 17.2× 15.2× +17.40% (above 0%: growing) n/m +103.60% (above 0%: growing) 31.10% 11.06% Compare
CRCL Circle Internet Group, Inc. $17.7B 37.4× 65.3× +16.91% (above 0%: growing) −4.30% (below 0%: shrinking) −88.69% (below 0%: shrinking) 0.00% 24.09% Compare
Median of peers $31.3B 22.5× 21.7× +15.29% +8.48% +32.99% 94.95% 45.73%

All 97 Capital Markets stocks →

From the latest earnings call

Updated

  • At the Q2 2026 call, Mike Verdeschi said Schwab expected FY2026 revenue growth of 17.5%–18.5% and annual expense growth of 9.50%–10.5%.
  • Rick Wurster said client demand for long-short strategies had moved into a more stable growth environment, with Schwab aiming to support RIA clients.

Analyst rating changes each firm’s latest, last six months

Firm Date Action Rating Target
Bank of America Oct 15, 2026 Reiterated Underperform —
Evercore ISI Oct 14, 2026 Initiated Hold 107.00
Truist Securities Oct 14, 2026 Target cut Buy 130.00 → 125.00

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 82.99%
Held by the ten largest 38.96%
Holder Shares Stake Change
Vanguard 151.22m 8.74% −743.97k
BlackRock 134.41m 7.77% +1.26m
Dodge & Cox 76.97m 4.45% +1.97m
State Street 73.17m 4.23% +410.51k
JPMorgan Chase 49.17m 2.84% −24.68m
Fidelity (FMR) 44.27m 2.56% +8.58m
T. Rowe Price 43.31m 2.50% −5.35m
Franklin Templeton 38.74m 2.24% +2.96m
Geode Capital Management 37.29m 2.16% −1.40m
PRIMECAP Management 25.12m 1.45% +1.68m
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 6 April 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 18.76m 27.23m 201.00
2024 26.39m 29.41m 147.00
2023 23.87m 4.17m 135.00
2022 24.39m 57.88m 160.00
2021 21.94m 41.63m 160.00

Ownership

Directors and executive officers, together 6.30%
Charles R. Schwab 5.90%
Blackrock, Inc. 5.60%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

The Charles Schwab Corporation (SCHW) Latest News

29 Oct

Impact 4 · · beincrypto.com
Impact 4 · · wealthmanagement.com
Impact 4 · · wealthmanagement.com
Impact 4 · · Simply Wall St.
Impact 4 · · Business Wire
Impact 4 · · The Daily Upside
Impact 3 · · Bloomberg
Impact 3 · · Bloomberg
Impact 3 · · Trefis
Impact 3 · · Bloomberg
Impact 3 · · Zacks

28 Oct

Impact 4 · · Bloomberg
Impact 4 · · wealthmanagement.com
Impact 4 · · Business Wire
Impact 3 · · Bloomberg
Impact 3 · · wealthmanagement.com

26 Oct

Impact 3 · · Bloomberg
Impact 3 · · Zacks

23 Oct

Impact 4 · · 24/7 Wall St.

20 Oct

Impact 3 · · NYSE
Impact 3 · · 24/7 Wall St.

19 Oct

Impact 4 · · digitaltrends.com
Impact 4 · · Simply Wall St.
Impact 4 · · 24/7 Wall St.
Impact 3 · · Business Wire

18 Oct

Impact 4 · · 24/7 Wall St.

17 Oct

Impact 4 · · Forkast News
Impact 3 · · Benzinga
Impact 3 · · Stocktwits
Impact 3 · · Stocktwits

SCHW metrics, ten years each

stockrow.com/SCHW · Data as of Nov 2, 2026 · For information only; not investment advice. · © 2026 stockrow.com