Charles Schwab
SCHW NYSE Investment Banking & Brokerage Financials FY2016–FY2025
Charles Schwab's revenue rose 22.0% to $23.9 billion in fiscal 2025. Net income was $8.9 billion, up 49.0%. Its return on equity was 18.1%, up from 13.3% a year earlier. Its efficiency ratio was 52.1%, down from 60.8% a year earlier. It paid out $9.7 billion in dividends and buybacks. The diluted share count fell 1.4%.
What Charles Schwab does
Charles Schwab is a savings and loan holding company that runs a brokerage, a bank, and asset management, custody and advisory businesses. At the end of 2025 it had $11.90 trillion in client assets, 38.5 million active brokerage accounts, 5.7 million workplace plan participant accounts and 2.2 million banking accounts.
It serves clients through two segments. Investor Services offers brokerage, investment advice, banking and trust services to individual investors, and retirement plan and stock plan services to businesses and their employees. Advisor Services provides custody, trading, banking and support services to independent registered investment advisors, independent retirement advisors and recordkeepers. Its products include brokerage accounts, mutual funds, exchange-traded funds (ETFs), managed portfolios, checking and savings accounts, mortgages, home equity lines of credit and trust services.
Schwab says its major sources of revenue come from both segments, based on their levels of client assets and activity. Its risk factors say its income depends on how clients allocate their cash and on interest rate changes. It competes with brokerage, wealth management and asset management firms, banks, financial technology companies and others. In November 2025 it agreed to buy Forge Global Holdings, which runs a private market trading platform, in a deal valued at about $660 million.
- Legal name
- SCHWAB CHARLES CORP
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Feb 25, 2026
- Accession · CIK
- 0000316709-26-000009
0000316709
Revenue and margins
Charles Schwab had $23.9B of revenue in fiscal 2025, up 22.0% on the year before.
Net income and earnings per share
From fiscal 2016 to 2025, diluted EPS grew 15.1% a year. Loss periods are shown in red.
Returns and efficiency
For banks, return on equity and the efficiency ratio (costs as a share of revenue) say most about how well the business runs.
Dividends, buybacks and share count
Charles Schwab returned $9.7B to shareholders in fiscal 2025. The diluted share count fell 1.4%.
Value Charles Schwab yourself
Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.
Earnings multiple
Value per share
—
Reference multiples: today 16.5x · peers 13.6x · sector 13.7x.
Balance sheet
Loans, deposits and capital at each fiscal year end.
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Loans, net | $34.6B | $40.5B | $40.4B | $45.2B | $58.0B |
| Deposits | $443.8B | $366.7B | $290.0B | $259.1B | $255.7B |
| Loans / deposits | 7.8% | 11.1% | 14.0% | 17.5% | 22.7% |
| Total assets | $667.3B | $551.8B | $493.2B | $479.8B | $491.0B |
| Shareholders' equity | $56.3B | $36.6B | $41.0B | $48.4B | $49.4B |
| Goodwill | $12.0B | $12.0B | $12.0B | $12.0B | $12.0B |
| Intangible assets | $9.4B | $8.8B | $8.3B | $7.7B | $7.2B |
| Provision / loans | −0.0% | 0.2% | −0.1% | −0.0% | 0.0% |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$56.5M
7 insiders
Of sales under plans
7%
$3.8M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Oct 1, 2026 | Neesha HathiMd, Head Wealth Adv, Bnk, Tst | Sold plan | 5,000 | $97.80 | $0.5M | Form 4 |
| Sep 1, 2026 | Neesha HathiMd, Head Wealth Adv, Bnk, Tst | Sold plan | 3,177 | $109.04 | $0.3M | Form 4 |
| Aug 28, 2026 | Neesha HathiMd, Head Wealth Adv, Bnk, Tst | Sold plan | 3,177 | $108.12 | $0.3M | Form 4 |
| Aug 28, 2026 | Walter W BettingerCo-Chairman, Director | Sold | 74,388 | $110.91 | $8.3M | Form 4 |
| Aug 26, 2026 | Carolyn Schwab-PomerantzDirector | Sold | 9,175 | $109.25 | $1.0M | Form 4 |
| Aug 24, 2026 | Charles R. SchwabCo-Chairman, Director | Sold | 117,000 | $113.20 | $13.2M | Form 4 |
| Aug 24, 2026 | Walter W BettingerCo-Chairman, Director | Sold | 176,210 | $113.49 | $20.0M | Form 4 |
| Aug 17, 2026 | Jonathan S BeattyMd, Head of Advisor Services | Sold | 1,000 | $111.33 | $0.1M | Form 4 |
| Aug 14, 2026 | Jonathan M. CraigMd, Head of Retail Investing | Sold plan | 21,866 | $111.03 | $2.4M | Form 4 |
| Aug 13, 2026 | Dennis HowardMd, Chief Tech, OPS & Data Off | Sold plan | 2,198 | $110.00 | $0.2M | Form 4 |
| Aug 12, 2026 | Charles R. SchwabCo-Chairman, Director | Sold | 46,410 | $108.18 | $5.0M | Form 4 |
| Aug 11, 2026 | Charles R. SchwabCo-Chairman, Director | Sold | 46,445 | $107.78 | $5.0M | Form 4 |
Similar companies
Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.
| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-score | |
|---|---|---|---|---|---|---|---|---|
| Charles Schwab SCHW | $163.9B | 22.0% | — | — | — | 16.5x | — | |
| Raymond James Financial RJF | $32.6B | 6.6% | — | — | — | 13.8x | — | Compare → |
| Goldman Sachs GS | $278.1B | 8.9% | — | — | — | 13.5x | — | Compare → |
| Morgan Stanley MS | $285.7B | 14.4% | — | — | — | 14.5x | — | Compare → |
| Stifel SF | $7.3B | 6.7% | — | — | — | 11.9x | — | Compare → |
10 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $7.5B | $8.6B | $10.1B | $10.7B | $11.7B | $18.5B | $20.8B | $18.8B | $19.6B | $23.9B |
| Net interest income | $3.3B | $4.3B | $5.8B | $6.5B | $6.1B | $8.0B | $10.7B | $9.4B | $9.1B | $11.8B |
| Noninterest expense | $4.5B | $5.0B | $5.6B | $5.9B | $7.4B | $10.8B | $11.4B | $12.5B | $11.9B | $12.5B |
| Provision for credit losses | −$5.0M | $0.0M | −$6.0M | −$5.0M | $10.0M | −$12.0M | $58.0M | −$35.0M | −$17.0M | $15.0M |
| Pretax income | $3.0B | $3.7B | $4.6B | $4.8B | $4.3B | $7.7B | $9.4B | $6.4B | $7.7B | $11.5B |
| Income tax | $1.1B | $1.3B | $1.1B | $1.1B | $1.0B | $1.9B | $2.2B | $1.3B | $1.8B | $2.6B |
| Net income | $1.9B | $2.4B | $3.5B | $3.7B | $3.3B | $5.9B | $7.2B | $5.1B | $5.9B | $8.9B |
| Net income to common | $1.7B | $2.2B | $3.3B | $3.5B | $3.0B | $5.4B | $6.6B | $4.6B | $5.5B | $8.4B |
| Diluted EPS | $1.31 | $1.61 | $2.45 | $2.67 | $2.12 | $2.83 | $3.50 | $2.54 | $2.99 | $4.65 |
| Diluted shares | 1.33B | 1.35B | 1.36B | 1.32B | 1.44B | 1.90B | 1.89B | 1.83B | 1.83B | 1.81B |
| Cash flow | ||||||||||
| Stock-based compensation | $141M | $153M | $197M | $183M | $204M | $254M | $366M | $320M | $337M | $317M |
| Share buybacks | $0.0M | $0.0M | $1.0B | $2.2B | $0.0M | $0.0M | $3.4B | $2.8B | $0.0M | $7.3B |
| Dividends paid | $486M | $592M | $787M | $1.1B | $1.3B | $1.8B | $2.1B | $2.3B | $2.3B | $2.3B |
| Dividends and buybacks | $486M | $592M | $1.8B | $3.3B | $1.3B | $1.8B | $5.5B | $5.1B | $2.3B | $9.7B |
| Balance sheet | ||||||||||
| Loans, net | $15.4B | $16.5B | $16.6B | $18.2B | $23.8B | $34.6B | $40.5B | $40.4B | $45.2B | $58.0B |
| Deposits | $163.5B | $169.7B | $231.4B | $220.1B | $358.0B | $443.8B | $366.7B | $290.0B | $259.1B | $255.7B |
| Goodwill | $1.2B | $1.2B | $1.2B | $1.2B | $12.0B | $12.0B | $12.0B | $12.0B | $12.0B | $12.0B |
| Intangible assets | $144M | $108M | $152M | $128M | $10.0B | $9.4B | $8.8B | $8.3B | $7.7B | $7.2B |
| Total assets | $223.4B | $243.3B | $296.5B | $294.0B | $549.0B | $667.3B | $551.8B | $493.2B | $479.8B | $491.0B |
| Preferred stock | $2.8B | $2.8B | $2.8B | $2.8B | $7.7B | $10.0B | $9.7B | $9.2B | $9.2B | $6.8B |
| Shareholders' equity | $16.4B | $18.5B | $20.7B | $21.7B | $56.1B | $56.3B | $36.6B | $41.0B | $48.4B | $49.4B |
| Margins | ||||||||||
| Net margin | 25.3% | 27.3% | 34.6% | 34.6% | 28.2% | 31.6% | 34.6% | 26.9% | 30.3% | 37.0% |
| Net interest share of revenue | 44.4% | 49.7% | 57.5% | 60.8% | 52.3% | 43.4% | 51.5% | 50.1% | 46.6% | 49.1% |
| Efficiency ratio | 60.0% | 57.7% | 55.0% | 54.8% | 63.2% | 58.4% | 54.8% | 66.1% | 60.8% | 52.1% |
| Returns | ||||||||||
| Return on equity | 12.7% | 13.5% | 17.9% | 17.5% | 8.5% | 10.4% | 15.5% | 13.1% | 13.3% | 18.1% |
| Return on assets | 0.9% | 1.0% | 1.3% | 1.3% | 0.8% | 1.0% | 1.2% | 1.0% | 1.2% | 1.8% |
| Return on tangible equity | 15.3% | 16.4% | 21.6% | 20.7% | 13.8% | 20.9% | 42.6% | 52.5% | 35.3% | 39.2% |
| Growth | ||||||||||
| Revenue growth | 17.2% | 15.2% | 17.6% | 5.8% | 9.1% | 58.4% | 12.1% | −9.3% | 4.1% | 22.0% |
| Net income growth | 30.6% | 24.6% | 49.0% | 5.6% | −10.9% | 77.5% | 22.7% | −29.5% | 17.3% | 49.0% |
| EPS growth | 27.2% | 22.9% | 52.2% | 9.0% | −20.6% | 33.5% | 23.7% | −27.4% | 17.7% | 55.5% |
| Share count change | 0.5% | 1.4% | 0.6% | −3.0% | 8.7% | 32.2% | −0.2% | −3.3% | 0.2% | −1.4% |
| Financial health | ||||||||||
| Loans / deposits | 9.4% | 9.7% | 7.2% | 8.3% | 6.7% | 7.8% | 11.1% | 14.0% | 17.5% | 22.7% |
| Provision / loans | −0.0% | 0.0% | −0.0% | −0.0% | 0.1% | −0.0% | 0.2% | −0.1% | −0.0% | 0.0% |
| Capital allocation | ||||||||||
| Stock comp / revenue | 1.9% | 1.8% | 1.9% | 1.7% | 1.7% | 1.4% | 1.8% | 1.7% | 1.7% | 1.3% |
Source: SEC EDGAR XBRL filings (CIK 0000316709). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.