Charles Schwab reported record fourth quarter and full-year 2025 results, driven by strong client asset gathering, diversified revenue growth, and improved net interest margins.
Record 4Q net revenues of $6.3 billion, up 19% year-over-year.
positiveFull-year 2025 net revenues reached a record $23.9 billion, up 22% year-over-year.
positiveRecord 4Q core net new assets of $163.9 billion, bringing full-year asset gathering to $519.4 billion, up 42% year-over-year.
positiveTotal client assets increased 18% year-over-year to a record $11.90 trillion.
positiveNet interest margin expanded 57 basis points year-over-year to 2.90% in 4Q25.
positiveManaged Investing Solutions net inflows grew 50% versus 4Q24.
positiveBank loan balances increased 28% year-over-year to $58.0 billion.
positiveMargin loan balances increased 34% year-over-year to $112.3 billion.
positiveDaily average trading volume was up 31% versus 4Q24.
positiveAnnounced definitive agreement to acquire Forge Global.
neutralBank deposit account balances decreased 13% year-over-year.
attentionAvailable for sale securities decreased 25% year-over-year.
attentionFederal Home Loan Bank borrowings decreased 89% year-over-year.
attentionMargin expansion indicates improving profitability and operational efficiency. Measured in basis points (bps): 100 bps = 1.0%.
Special items are non-recurring events that may distort period-over-period comparisons. Analysts typically adjust for these when calculating normalized earnings.
Schwab delivered growth on all fronts in 2025, with total client accounts growing 6% year-over-year to 46.5 million.
Clients are conducting more of their financial lives at Schwab, with record engagement across wealth management, trading, and banking.
Doing more for our growing client base bolsters Schwab’s diversified revenue model.
Commentary excerpts from earnings call transcripts provide management's perspective on performance, strategy, and outlook. Always review full transcripts for complete context.
Operational metrics provide insight into business drivers and customer engagement beyond traditional financial measures.