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SCHWAB REPORTS RECORD REVENUE AND EARNINGS
 Third Quarter Core Net New Assets Equal $137.5 Billion, Up 44% Year-Over-Year
3Q Net Revenues Up 27% Year-Over-Year to $6.1 Billion
Quarterly GAAP Earnings Per Share of $1.26, $1.31 Adjusted (1) – up 70% versus 3Q24

WESTLAKE, Texas, October 16, 2025 – The Charles Schwab Corporation reported net income for the third quarter totaling $2.4 billion, or $1.26 earnings per share. Excluding $127 million of pre-tax transaction-related costs, adjusted (1) net income and earnings per share equaled $2.5 billion and $1.31, respectively.

Client Driven
Growth
44%
3Q25 Core NNA
Growth vs. 3Q24
“Our unwavering focus on delivering for clients helped us attract $137.5 billion in 3Q core net new assets plus over 1 million new brokerage accounts for the fourth straight quarter.”
President & CEO Rick Wurster
Diversified Revenue Growth
27%
3Q25 Revenue
Growth vs. 3Q24
“Strengthening organic growth trends, increasing adoption of wealth solutions, and favorable macroeconomic tailwinds powered another quarter of record revenue and earnings per share.”
President & CEO Rick Wurster
Balance Sheet Management
$12.9B
3Q25 Reduction in Bank Supplemental Funding (2)
“Client transactional sweep cash grew by $13.5 billion versus 2Q25, helping us to further reduce higher cost bank funding by
$12.9 billion to $14.8 billion at quarter-end.”
CFO Mike Verdeschi
Opportunistic Capital Return
$2.7B
3Q25 Common
Stock Repurchases
“During 3Q25, we repurchased 28.9 million shares for $2.7 billion, bringing year-to-date capital return across all forms to $8.5 billion. This opportunistic return of excess capital complements our strong business momentum as we continue to prioritize capital flexibility.”
CFO Mike Verdeschi

3Q25 Client and Business Highlights

•Total client assets increased 17% year-over-year to a record $11.59 trillion
•Core net new assets of $137.5 billion brings year-to-date asset gathering to $355.5 billion – up 41% year-over-year
•New brokerage account openings exceeded 1 million for the 4th consecutive quarter, pushing active brokerage accounts and total client accounts to 38.0 million and 45.7 million, respectively
•Managed Investing Solutions net inflows grew 40% versus 3Q24
•Margin balances ended the quarter at $97.2 billion – up 16% versus year-end 2024
•Daily average trading volume was 7.4 million – up 30% versus 3Q24
•Charles Schwab named one of the most trusted financial services companies by Investor’s Business Daily (3)
•Charles Schwab recognized by Kiplinger as #1 in education and service for 2025 (4)

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Three Months Ended
September 30,		%Nine Months Ended
September 30,		%
Financial Highlights20252024Change20252024Change
Net revenues (in millions)$6,135 $4,847 27%$17,585 $14,277 23%
Net income (in millions)
GAAP$2,358 $1,408 67%$6,393 $4,102 56%
Adjusted$2,456 $1,525 61%$6,686 $4,459 50%
Diluted earnings per common share
GAAP$1.26 $.71 77%$3.33 $2.05 62%
Adjusted$1.31 $.77 70%$3.49 $2.25 55%
Pre-tax profit margin
GAAP49.2%38.0%47.1%37.7%
Adjusted51.3%41.2%49.3%41.0%
Return on average common
stockholders’ equity (annualized)21%14%20%14%
Return on tangible
common equity (annualized)38%31%37%33%
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.

3Q25 Financial Commentary

•Quarterly net revenues grew year-over-year by 27% to a record $6.1 billion
•Net interest margin expanded sequentially by 21 basis points to 2.86% due to the further reduction of higher cost liabilities, strong securities lending activity, and clients’ increased utilization of our lending solutions
•Client transactional sweep cash balances ended September at $425.6 billion, an increase of $13.5 billion versus the prior quarter-end, reflecting organic growth, client net buying activity, and seasonality
•Bank Supplemental Funding (2) declined by $12.9 billion to end the quarter at $14.8 billion
•Asset management and administration fees increased by 13% year-over-year to $1.7 billion, powered by the firm’s organic growth, equity market appreciation, and investors’ utilization of our wealth and asset management solutions
•Trading revenue increased 25% versus 3Q24 due to robust volumes and stronger client interest in derivatives
•GAAP expenses for the quarter increased 4% year-over-year; excluding third quarter amortization of acquired intangibles of $127 million, adjusted total expenses (1) were up 5% relative to 3Q24
•Capital ratios across the firm remained strong – including preliminary consolidated Tier 1 Leverage and adjusted Tier 1 Leverage (1) equaling 9.7% and 7.3%, respectively
•Repurchased 28.9 million shares of our common stock for $2.7 billion during the quarter

(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) The IBD Most Trusted Financial Companies award was given to Charles Schwab on September 12, 2025, and is licensed for a 15-month timeframe. The criteria, evaluation, and ranking were determined by Investor’s Business Daily in conjunction with its research partner, TechnoMetrica Market Intelligence. Schwab paid a licensing fee to York Graphic Services, LLC. for use of the award and logos.
(4) The Kiplinger Best Online Brokers and Trading Platforms for 2025 survey was published by Kiplinger on September 9, 2025, and is for a 12-month timeframe. The criteria, evaluation, and ranking were determined Kiplinger. For more information on methodology, visit https://www.kiplinger.com/investing/wealth-management/online-brokers/605136/the-best-online-brokers-and-trading-platforms. Schwab paid a licensing fee to Adcetera, for the use of the accolade and corresponding logos through October 15, 2026.

Fall Business Update
The company will host its Fall 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.

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Forward-Looking Statements
This press release contains forward-looking statements relating to client adoption of wealth solutions, and the company’s organic growth, capital ratios and return of capital. 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 38.0 million active brokerage accounts, 5.6 million workplace plan participant accounts, 2.2 million banking accounts, and $11.59 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 ServicesTM. 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.

Contact Information

MEDIA
Mayura Hooper, 415-667-1525
public.relations@schwab.com

INVESTORS/ANALYSTS
Jeff Edwards, 817-854-6177
investor.relations@schwab.com
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THE CHARLES SCHWAB CORPORATION
Consolidated Statements of Income
(In millions, except per share amounts)
(Unaudited)




Three Months Ended
September 30,		Nine Months Ended
September 30,
2025202420252024
Net Revenues
Interest revenue$3,956 $3,928 $11,500 $11,686 
Interest expense(906)(1,706)(2,922)(5,073)
Net interest revenue3,050 2,222 8,578 6,613 
Asset management and administration fees
1,673 1,476 4,773 4,207 
Trading revenue995 797 2,855 2,391 
Bank deposit account fees247 152 739 488 
Other170 200 640 578 
Total net revenues6,135 4,847 17,585 14,277 
Expenses Excluding Interest
Compensation and benefits1,653 1,522 4,861 4,510 
Professional services293 256 853 756 
Occupancy and equipment280 271 824 784 
Advertising and market development101 101 305 296 
Communications149 147 478 460 
Depreciation and amortization212 231 644 692 
Amortization of acquired intangible assets127 130 385 389 
Regulatory fees and assessments59 88 225 309 
Other240 259 731 694 
Total expenses excluding interest3,114 3,005 9,306 8,890 
Income before taxes on income3,021 1,842 8,279 5,387 
Taxes on income663 434 1,886 1,285 
Net Income2,358 1,408 6,393 4,102 
Preferred stock dividends and other81 109 343 341 
Net Income Available to Common Stockholders$2,277 $1,299 $6,050 $3,761 
Weighted-Average Common Shares Outstanding:
Basic1,806 1,829 1,815 1,827 
Diluted1,811 1,834 1,820 1,833 
Earnings Per Common Shares Outstanding:
Basic$1.26 $.71 $3.33 $2.06 
Diluted$1.26 $.71 $3.33 $2.05 

        
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THE CHARLES SCHWAB CORPORATION
Financial and Operating Highlights
(Unaudited)
Q3-25 % change20252024
vs.vs.ThirdSecondFirstFourthThird
(In millions, except per share amounts and as noted)Q3-24Q2-25QuarterQuarterQuarterQuarterQuarter
Net Revenues
Net interest revenue37%8%$3,050 $2,822 $2,706 $2,531 $2,222 
Asset management and administration fees13%7%1,673 1,570 1,530 1,509 1,476 
Trading revenue 25%5%995 952 908 873 797 
Bank deposit account fees63%— 247 247 245 241 152 
Other (15)%(35)%170 260 210 175 200 
Total net revenues27%5%6,135 5,851 5,599 5,329 4,847 
Expenses Excluding Interest
Compensation and benefits9%8%1,653 1,536 1,672 1,533 1,522 
Professional services14%1%293 291 269 297 256 
Occupancy and equipment3%4%280 270 274 276 271 
Advertising and market development— (6)%101 108 96 101 101 
Communications1%(15)%149 176 153 131 147 
Depreciation and amortization (8)%(1)%212 215 217 224 231 
Amortization of acquired intangible assets(2)%(1)%127 128 130 130 130 
Regulatory fees and assessments(33)%(23)%59 77 89 89 88 
Other(7)%(3)%240 247 244 243 259 
Total expenses excluding interest4%2%3,114 3,048 3,144 3,024 3,005 
Income before taxes on income64%8%3,021 2,803 2,455 2,305 1,842 
Taxes on income53%(2)%663 677 546 465 434 
Net Income67%11%2,358 2,126 1,909 1,840 1,408 
Preferred stock dividends and other(26)%(46)%81 149 113 123 109 
Net Income Available to Common Stockholders75%15%$2,277 $1,977 $1,796 $1,717 $1,299 
Earnings per common share:
Basic77%16%$1.26 $1.09 $.99 $.94 $.71 
Diluted77%17%$1.26 $1.08 $.99 $.94 $.71 
Dividends declared per common share8%— $.27 $.27 $.27 $.25 $.25 
Weighted-average common shares outstanding:
Basic(1)%(1)%1,806 1,817 1,817 1,831 1,829 
Diluted(1)%(1)%1,811 1,822 1,822 1,836 1,834 
Performance Measures
Pre-tax profit margin49.2%47.9%43.8%43.3%38.0%
Return on average common stockholders’ equity (annualized) (1)
21%19%18%18%14%
Financial Condition (at quarter end, in billions)
Cash and cash equivalents(12)%(5)%$30.6 $32.2 $35.0 $42.1 $34.9 
Cash and investments segregated42%5%47.8 45.6 38.4 38.2 33.7 
Receivables from brokers, dealers, and clearing organizations 38%9%4.7 4.3 2.9 2.4 3.4 
Receivables from brokerage clients — net27%13%93.8 82.8 84.4 85.4 74.0 
Available for sale securities(31)%(8)%62.3 67.6 74.8 83.0 90.0 
Held to maturity securities(9)%(2)%136.7 139.7 143.8 146.5 149.9 
Bank loans — net24%6%53.6 50.4 47.1 45.2 43.3 
Total assets— 1%465.3 458.9 462.9 479.8 466.1 
Bank deposits(3)%3%239.1 233.1 246.2 259.1 246.5 
Payables to brokers, dealers, and clearing organizations (2)
37%20%22.4 18.6 15.7 13.3 16.4 
Payables to brokerage clients29%5%115.4 109.4 100.6 101.6 89.2 
Accrued expenses and other liabilities (2)
2%6%11.4 10.8 11.0 12.3 11.2 
Other short-term borrowings(39)%(24)%6.5 8.5 6.9 6.0 10.6 
Federal Home Loan Bank borrowings(96)%(90)%0.9 9.0 11.5 16.7 22.6 
Long-term debt(10)%— 20.2 20.2 21.5 22.4 22.4 
Total liabilities(1)%2%415.9 409.5 413.4 431.5 418.8 
Stockholders’ equity5%— 49.4 49.5 49.5 48.4 47.2 
Total liabilities and stockholders’ equity— 1%465.3 458.9 462.9 479.8 466.1 
Other
Full-time equivalent employees (at quarter end, in thousands)2%— 32.7 32.6 32.1 32.1 32.1 
Capital expenditures — purchases of equipment, office facilities, and property,
  net (in millions)		13%12%$152 $136 $156 $258 $135 
Expenses excluding interest as a percentage of average client assets (annualized)0.11%0.12%0.12%0.12%0.12%
Clients’ Daily Average Trades (DATs) (in thousands)
30%(2)%7,421 7,571 7,391 6,312 5,697 
Number of Trading Days— 2%63.5 62.0 60.0 63.0 63.5 
Revenue Per Trade (3)
(4)%4%$2.11 $2.03 $2.05 $2.20 $2.20 
(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.
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THE CHARLES SCHWAB CORPORATION
Net Interest Revenue Information
(In millions, except ratios or as noted)
(Unaudited)
Three Months Ended
September 30,		Nine Months Ended
September 30,
2025202420252024
Average
Balance		Interest
Revenue/
Expense		Average
Yield/
Rate		Average
Balance		Interest
Revenue/
Expense		Average
Yield/
Rate		Average
Balance		Interest
Revenue/
Expense		Average
Yield/
Rate		Average
Balance		Interest
Revenue/
Expense		Average
Yield/
Rate
Interest-earning assets
Cash and cash equivalents$24,298 $264 4.26%$27,623 $369 5.24%$27,571 $897 4.29%$30,128 $1,205 5.26%
Cash and investments segregated46,046 494 4.20%26,220 345 5.15%44,104 1,412 4.22%25,744 1,014 5.18%
Receivables from brokerage clients90,121 1,490 6.47%73,102 1,431 7.66%84,317 4,204 6.57%68,557 4,042 7.75%
Available for sale securities (1)
69,794 360 2.05%98,645 531 2.14%77,324 1,198 2.06%104,830 1,680 2.13%
Held to maturity securities (1)
137,672 587 1.70%151,004 650 1.71%141,032 1,811 1.71%154,231 1,998 1.72%
Bank loans51,849 557 4.27%42,653 484 4.52%48,882 1,568 4.28%41,585 1,384 4.44%
Total interest-earning assets419,780 3,752 3.52%419,247 3,810 3.58%423,230 11,090 3.47%425,075 11,323 3.52%
Securities lending revenue183 87 339 258 
Other interest revenue21 31 71 105 
Total interest-earning assets$419,780 $3,956 3.71%$419,247 $3,928 3.69%$423,230 $11,500 3.60%$425,075 $11,686 3.63%
Funding sources
Bank deposits$229,281 $248 0.43%$248,405 $841 1.35%$237,488 $1,010 0.57%$260,254 $2,602 1.34%
Payables to brokers, dealers, and
  clearing organizations (2)
19,131 188 3.84%9,825 118 4.68%16,673 492 3.89%7,004 230 4.31%
Payables to brokerage clients96,064 97 0.40%72,700 79 0.43%92,909 217 0.31%69,586 229 0.44%
Other short-term borrowings7,593 87 4.56%10,821 150 5.52%7,314 256 4.68%9,164 382 5.57%
Federal Home Loan Bank borrowings7,103 79 4.35%22,621 310 5.38%9,180 322 4.62%24,347 988 5.36%
Long-term debt20,204 207 4.01%22,446 208 3.71%21,029 625 3.92%23,299 640 3.66%
Total interest-bearing liabilities (2)
379,376 906 0.94%386,818 1,706 1.75%384,593 2,922 1.01%393,654 5,071 1.71%
Non-interest-bearing funding sources (2)
40,404 32,429 38,637 31,421 
Other interest expense— — — 2 
Total funding sources$419,780 $906 0.85%$419,247 $1,706 1.61%$423,230 $2,922 0.92%$425,075 $5,073 1.59%
Net interest revenue$3,050 2.86%$2,222 2.08%$8,578 2.68%$6,613 2.04%
(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.
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THE CHARLES SCHWAB CORPORATION
Asset Management and Administration Fees Information
(In millions, except ratios or as noted)
(Unaudited)

Three Months Ended
September 30,		Nine Months Ended
September 30,
2025202420252024
Average
Client
Assets		RevenueAverage
Fee		Average
Client
Assets		RevenueAverage
Fee		Average
Client
Assets		RevenueAverage
Fee		Average
Client
Assets		RevenueAverage
Fee
Schwab money market funds$663,218 $458 0.27%$551,945 $379 0.27%$643,168 $1,318 0.27%$525,166 $1,072 0.27%
Schwab equity and bond funds, exchange-traded
  funds (ETFs), and collective trust funds (CTFs) 		735,519 132 0.07%603,314 118 0.08%685,300 376 0.07%569,608 337 0.08%
Mutual Fund OneSource ® and other no-
  transaction-fee funds
443,660 259 0.23%354,664 224 0.25%384,614 699 0.24%335,813 647 0.26%
Other third-party mutual funds and ETFs618,032 97 0.06%611,555 106 0.07%617,441 302 0.07%606,026 314 0.07%
Total mutual funds, ETFs, and CTFs (1)
$2,460,429 $946 0.15%$2,121,478 $827 0.16%$2,330,523 $2,695 0.15%$2,036,613 $2,370 0.16%
Managed investing solutions (1)
Fee-based$654,220 $619 0.38%$554,726 $559 0.40%$613,302 $1,777 0.39%$528,850 $1,572 0.40%
Non-fee-based127,592 — —114,307 — —122,920 — —110,191 — —
Total managed investing solutions$781,812 $619 0.31%$669,033 $559 0.33%$736,222 $1,777 0.32%$639,041 $1,572 0.33%
Other balance-based fees (2)
922,030 81 0.03%795,737 72 0.04%870,045 233 0.04%759,645 210 0.04%
Other (3)
27 18 68 55 
Total asset management and administration fees$1,673 $1,476 $4,773 $4,207 
(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 Schroeder® Strategies, Schwab Index Advantage advised retirement plan balances, Schwab Intelligent Portfolios®, Institutional Intelligent Portfolios®, Schwab Intelligent Portfolios Premium®, Schwab Wealth Portfolios™, 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.
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THE CHARLES SCHWAB CORPORATION
Growth in Client Assets and Accounts
(Unaudited)

Q3-25 % Change20252024
vs.vs.ThirdSecondFirstFourthThird
(In billions, at quarter end, except as noted)Q3-24Q2-25QuarterQuarterQuarterQuarterQuarter
Assets in client accounts
Schwab One®, certain cash equivalents, and bank deposits
7%4%$357.1 $342.7 $345.2 $358.8 $334.1 
Bank deposit account balances(7)%(4)%78.5 82.1 83.7 87.5 84.0 
Proprietary mutual funds (Schwab Funds® and Laudus Funds®) and CTFs
Money market funds (1)
19%2%666.4 653.5 641.5 596.5 562.1 
Equity and bond funds and CTFs (2)
18%8%269.7 249.7 227.0 232.2 228.9 
Total proprietary mutual funds and CTFs18%4%936.1 903.2 868.5 828.7 791.0 
Mutual Fund Marketplace® (3)
Mutual Fund OneSource® and other no-transaction-fee funds
32%4%473.5 453.9 340.3 347.8 358.0 
Mutual fund clearing services14%7%320.2 298.3 280.6 280.7 280.8 
Other third-party mutual funds— 6%1,237.2 1,168.5 1,195.4 1,211.1 1,236.5 
Total Mutual Fund Marketplace8%6%2,030.9 1,920.7 1,816.3 1,839.6 1,875.3 
Total mutual fund assets11%5%2,967.0 2,823.9 2,684.8 2,668.3 2,666.3 
Exchange-traded funds
Proprietary ETFs (2)
23%8%476.0 439.7 398.2 395.0 385.9 
Other third-party ETFs27%10%2,395.7 2,175.6 1,960.1 1,940.6 1,888.2 
Total ETF assets26%10%2,871.7 2,615.3 2,358.3 2,335.6 2,274.1 
Equity and other securities20%10%4,624.7 4,188.7 3,765.5 3,972.6 3,839.6 
Fixed income securities— 1%792.1 788.0 775.8 762.3 795.4 
Margin loans outstanding33%17%(97.2)(83.4)(83.6)(83.8)(73.0)
Total client assets17%8%$11,593.9 $10,757.3 $9,929.7 $10,101.3 $9,920.5 
Client assets by business (4)
Investor Services (5)
18%8%$6,577.2 $6,069.9 $5,557.4 $5,721.6 $5,576.7 
Advisor Services (6)
15%7%5,016.7 4,687.4 4,372.3 4,379.7 4,343.8 
Total client assets17%8%$11,593.9 $10,757.3 $9,929.7 $10,101.3 $9,920.5 
Net growth in assets in client accounts (for the quarter ended)
Net new assets by business (4)
Investor Services (5)
42%69%$52.7 $31.2 $69.5 $46.2 $37.2 
Advisor Services (6)
52%93%81.7 42.4 62.9 62.2 53.6 
Total net new assets48%83%$134.4 $73.6 $132.4 $108.4 $90.8 
Net market gains (losses)702.2 754.0 (304.0)72.4 422.2 
Net growth (decline)$836.6 $827.6 $(171.6)$180.8 $513.0 
New brokerage accounts (in thousands, for the quarter ended)18%4%1,143 1,098 1,183 1,119 972 
Client accounts (in thousands)
Active brokerage accounts6%1%37,963 37,476 37,011 36,456 35,982 
Banking accounts10%3%2,150 2,096 2,050 1,998 1,954 
Workplace Plan Participant Accounts (7)
4%1%5,619 5,586 5,495 5,399 5,388 
(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 September 30, 2025, off-platform equity and bond funds, CTFs, and ETFs were $41.1 billion, $4.9 billion, and $169.5 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) Third quarter of 2025 includes net outflows of $3.1 billion from off-platform Schwab Bank Retail CDs. Second quarter of 2025 includes net outflows of $6.7 billion from off-platform Schwab Bank Retail CDs. 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.
(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.

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The Charles Schwab Corporation Monthly Activity Report For September 2025
2024
2025
Change
SepOctNovDecJanFebMarAprMayJunJulAugSepMo.Yr.
Market Indices (at month end)
Dow Jones Industrial Average®
42,330 41,763 44,911 42,544 44,545 43,841 42,002 40,669 42,270 44,095 44,131 45,545 46,398 2%10%
Nasdaq Composite®
18,189 18,095 19,218 19,311 19,627 18,847 17,299 17,446 19,114 20,370 21,122 21,456 22,660 6%25%
Standard & Poor’s® 500
5,762 5,705 6,032 5,882 6,041 5,955 5,612 5,569 5,912 6,205 6,339 6,460 6,688 4%16%
Client Assets (in billions of dollars)
Beginning Client Assets9,737.7 9,920.5 9,852.0 10,305.4 10,101.3 10,333.1 10,280.2 9,929.7 9,892.2 10,349.0 10,757.3 10,963.5 11,228.1 
Net New Assets (1)
30.3 22.7 25.5 60.2 30.5 46.6 55.3 1.1 33.6 38.9 45.7 43.3 45.4 5%50%
Net Market Gains (Losses)152.5 (91.2)427.9 (264.3)201.3 (99.5)(405.8)(38.6)423.2 369.4 160.5 221.3 320.4 
Total Client Assets (at month end)9,920.5 9,852.0 10,305.4 10,101.3 10,333.1 10,280.2 9,929.7 9,892.2 10,349.0 10,757.3 10,963.5 11,228.1 11,593.9 3%17%
Core Net New Assets (1,2)
33.5 24.6 28.8 61.4 30.6 48.0 59.1 2.7 35.0 42.6 46.9 44.4 46.2 4%38%
Receiving Ongoing Advisory Services (at month end)
Investor Services675.1 665.6 688.9 682.0 698.7 703.5 688.8 688.2 711.2 737.6 747.9 771.1 792.5 3%17%
Advisor Services4,343.8 4,303.3 4,489.2 4,379.7 4,496.6 4,493.2 4,372.3 4,353.0 4,525.6 4,687.4 4,765.1 4,888.2 5,016.7 3%15%
Client Accounts (at month end, in thousands)
Active Brokerage Accounts35,982 36,073 36,222 36,456 36,709 36,861 37,011 37,254 37,375 37,476 37,658 37,798 37,963 —6%
Banking Accounts 1,954 1,967 1,980 1,998 2,019 2,033 2,050 2,066 2,077 2,096 2,116 2,137 2,150 1%10%
Workplace Plan Participant Accounts (3)
5,388 5,407 5,393 5,399 5,450 5,464 5,495 5,518 5,563 5,586 5,619 5,606 5,619 —4%
Client Activity
New Brokerage Accounts (in thousands)321 331 357 431 433 362 388 439 336 323 377 382 384 1%20%
Client Cash as a Percentage of Client Assets (4)
9.5%9.8%9.5%10.1%9.8%10.0%10.6%10.5%10.1%9.9%9.7%9.5%9.4% (10) bp  (10) bp
Derivative Trades as a Percentage of Total Trades21.5%21.4%19.7%18.6%19.3%19.9%19.5%18.4%21.0%20.8%21.3%22.5%22.3%(20) bp80 bp
Selected Average Balances (in millions of dollars)
Average Interest-Earning Assets (5)
420,203 422,327 425,789 431,177 431,523 424,805 425,228 430,884 419,638 417,768 418,640 417,194 423,629 2%1%
Average Margin Balances72,755 74,105 76,932 81,507 82,551 84,233 82,725 77,478 79,132 82,339 85,492 90,399 94,609 5%30%
Average Bank Deposit Account Balances (6)
82,336 83,261 84,385 85,384 84,790 83,089 84,302 84,060 81,495 81,014 80,755 79,781 79,308 (1)%(4)%
Mutual Funds and Exchange-Traded Funds
  Net Buys (Sells) (7,8) (in millions of dollars)
Equities5,217 7,176 13,226 14,805 10,050 4,987 (1,221)7,950 10,473 8,987 10,936 8,402 8,832 
Hybrid(432)(1,397)(329)124 (1,324)(464)(603)(1,663)(287)(1,038)(463)(604)(452)
Bonds11,015 10,442 7,473 10,969 8,747 12,162 11,438 (1,490)8,483 6,050 11,920 12,993 12,502 
Net Buy (Sell) Activity (in millions of dollars)
Mutual Funds (7)
(1,261)(4,905)(4,492)(4,331)(6,785)(3,971)(8,537)(13,955)(3,224)(5,351)(3,442)(2,217)(4,754)
Exchange-Traded Funds (8)
17,061 21,126 24,862 30,229 24,258 20,656 18,151 18,752 21,893 19,350 25,835 23,008 25,636 
Money Market Funds9,672 11,032 9,172 8,956 11,584 12,306 14,586 (6,158)5,794 5,814 2,452 4,319 (517)
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. 2024 also includes outflows from a large international relationship of $0.3 billion in October and $0.6 billion in November.
(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.

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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 third 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 MeasureDefinitionUsefulness to Investors and Uses by Management
Acquisition and integration-related costs, amortization of acquired intangible assets, and restructuring costsSchwab 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 equityReturn 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.


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THE CHARLES SCHWAB CORPORATION
Non-GAAP Financial Measures
(In millions, except ratios and per share amounts)
(Unaudited)
The tables below present reconciliations of GAAP measures to non-GAAP measures:
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
Total
Expenses
Excluding
Interest		Net
Income		Total
Expenses
Excluding
Interest		Net
Income		Total
Expenses
Excluding
Interest		Net
Income		Total
Expenses Excluding
Interest		Net
Income
Total expenses excluding interest (GAAP),
  Net income (GAAP)		$3,114 $2,358 $3,005 $1,408 $9,306 $6,393 $8,890 $4,102 
Amortization of acquired intangible assets(127)127 (130)130 (385)385 (389)389 
Acquisition and integration-related costs (1)
— — (23)23 — — (97)97 
Restructuring costs (2)
— — — — — — 18 (18)
Income tax effects (3)
N/A(29)N/A(36)N/A(92)N/A(111)
Adjusted total expenses (non-GAAP),
  Adjusted net income (non-GAAP)		$2,987 $2,456 $2,852 $1,525 $8,921 $6,686 $8,422 $4,459 
(1) There were no acquisition and integration-related costs for the three and nine months ended September 30, 2025. Acquisition and integration-related costs for the three and nine months ended September 30, 2024 primarily consist of $9 million and $44 million of compensation and benefits, $3 million and $32 million of professional services, and $8 million and $13 million of depreciation and amortization.
(2) There were no restructuring costs for the three and nine months ended September 30, 2025 and three months ended September 30, 2024. Restructuring costs for the nine months ended September 30, 2024 reflect a benefit due to a change in estimate of $34 million in compensation and benefits, offset by $3 million of occupancy and equipment expense and $13 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 September 30,Nine Months Ended September 30,
2025202420252024
Amount% of
Total Net Revenues		Amount% of
Total Net Revenues		Amount% of
Total Net Revenues		Amount% of
Total Net Revenues
Income before taxes on income (GAAP),
  Pre-tax profit margin (GAAP)		$3,021 49.2%$1,842 38.0%$8,279 47.1%$5,387 37.7%
Amortization of acquired intangible assets127 2.1%130 2.7%385 2.2%389 2.7%
Acquisition and integration-related costs— — 23 0.5%— — 97 0.7%
Restructuring costs— — — — — — (18)(0.1)%
Adjusted income before taxes on income (non-GAAP),
  Adjusted pre-tax profit margin (non-GAAP)		$3,148 51.3%$1,995 41.2%$8,664 49.3%$5,855 41.0%

Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
AmountDiluted
EPS		AmountDiluted
EPS		AmountDiluted
EPS		AmountDiluted
EPS
Net income available to common stockholders (GAAP),
  Earnings per common share — diluted (GAAP)		$2,277 $1.26 $1,299 $.71 $6,050 $3.33 $3,761 $2.05 
Amortization of acquired intangible assets127 .07 130 .07 385 .21 389 .21 
Acquisition and integration-related costs— — 23 .01 — — 97 .05 
Restructuring costs— — — — — — (18)(.01)
Income tax effects(29)(.02)(36)(.02)(92)(.05)(111)(.05)
Adjusted net income available to common stockholders
  (non-GAAP), Adjusted diluted EPS (non-GAAP)		$2,375 $1.31 $1,416 $.77 $6,343 $3.49 $4,118 $2.25 

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THE CHARLES SCHWAB CORPORATION
Non-GAAP Financial Measures
(In millions, except ratios and per share amounts)
(Unaudited)
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
Return on average common stockholders’ equity (GAAP)
21%14%20%14%
Average common stockholders’ equity
$42,655 $36,393 $40,903 $34,895 
Less: Average goodwill(11,951)(11,951)(11,951)(11,951)
Less: Average acquired intangible assets — net(7,423)(7,938)(7,552)(8,067)
Plus: Average deferred tax liabilities related to goodwill
  and acquired intangible assets — net		1,695 1,735 1,695 1,747 
Average tangible common equity$24,976 $18,239 $23,095 $16,624 
Adjusted net income available to common stockholders (1)
$2,375 $1,416 $6,343 $4,118 
Return on tangible common equity (non-GAAP)38%31%37%33%
(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)
September 30, 2025
CSCCSB
Tier 1 Leverage Ratio (GAAP)
9.7%12.4%
Tier 1 Capital
$43,491 $31,514 
Plus: AOCI adjustment(11,826)(10,272)
Adjusted Tier 1 Capital31,665 21,242 
Average assets with regulatory adjustments
447,094 253,874 
Plus: AOCI adjustment(12,176)(10,613)
Adjusted average assets with regulatory adjustments$434,918 $243,261 
Adjusted Tier 1 Leverage Ratio (non-GAAP)
7.3%8.7%
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