Charles Schwab (SCHW) Q4 2025 earnings summary

Executive summary

• Achieved record net revenues of $6.3B in Q4 2025, up 19% year-over-year, and $23.9B for the full year, up 22% from 2024.

• Net income for Q4 was $2.5B (GAAP), up 34% year-over-year; adjusted net income was $2.6B, up 29%.

• Diluted EPS for Q4 was $1.33 (GAAP), up 41% year-over-year; adjusted EPS was $1.39, up 38%.

• Total client assets reached a record $11.90T, up 18% year-over-year, with 46.5M total client accounts, up 6%.

• Core net new assets for Q4 were $163.9B, with full-year organic growth of 5.1%.

Financial highlights

• Q4 pre-tax profit margin was 50.2% (GAAP) and 52.2% (adjusted); full-year margins were 47.9% and 50.0%, respectively.

• Return on average common equity was 22% for Q4 and 21% for the year; return on tangible common equity was 39% for Q4 and 38% for the year.

• Net interest margin for Q4 was 2.90%, up 57 basis points year-over-year.

• Asset management and administration fees grew 15% year-over-year to $1.7B in Q4.

• Trading revenue increased 22% year-over-year in Q4.

Outlook and guidance

• Management expects continued growth in client base, engagement, and diversified revenue, with a focus on balance sheet flexibility and capital return.

• The acquisition of Forge Global is expected to close in the first half of 2026.