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			SCHWAB REPORTS RECORD 4Q AND FULL YEAR 2025 RESULTS 4Q Core Net New Assets Total $163.9 Billion; Full-Year Organic Growth of 5.1% 4Q Net Revenues Up 19% Year-Over-Year to a Record $6.3 Billion Quarterly GAAP Earnings Per Share of $1.33, $1.39 Adjusted (1) – Up 38% versus 4Q24

WESTLAKE, Texas, January 21, 2026 – The Charles Schwab Corporation reported net income for the fourth quarter totaling $2.5 billion, or $1.33 earnings per share. Excluding $127 million of pre-tax transaction-related costs, adjusted (1) net income and earnings per share equaled $2.6 billion and $1.39, respectively.

Client Driven Growth						$519B 2025 Core Net New Assets			“Schwab delivered growth on all fronts in 2025. Total client accounts grew 6% year-over-year to 46.5 million. New and existing clients entrusted us with $519 billion in core net new assets – a 5.1% organic growth rate – bringing total client assets to a record $11.90 trillion.” President & CEO Rick Wurster
Deepen Client Relationships						36% 2025 Managed Investing Net Inflows Growth			“Clients are conducting more of their financial lives at Schwab, with record engagement across wealth management, trading, and banking. Net inflows into our Managed Investing solutions grew by 36% versus 2024, while bank loan originations achieved another record year.” President & CEO Rick Wurster
Diversified Revenue Growth						22% 2025 Revenue Growth vs. 2024			“Doing more for our growing client base bolsters Schwab’s diversified revenue model. In 2025, the combination of our business momentum, strong engagement, and favorable equity markets resulted in record revenue of $23.9 billion – up 22% versus the prior year.” CFO Mike Verdeschi
Opportunistic Capital Return						$7.3B 2025 Common Stock Repurchases			“During 4Q25, we repurchased 29.2 million shares for $2.7 billion, bringing 2025 capital return to $11.8 billion across all forms. Our capital ratios remained strong while enhancing our balance sheet flexibility to meet the needs of clients in different environments.” CFO Mike Verdeschi

4Q25 Client and Business Highlights

•Total client assets increased 18% year-over-year to a record $11.90 trillion

•Record 4Q core net new assets of $163.9 billion brings total 2025 asset gathering to $519.4 billion – up 42% versus the prior year

•New brokerage account openings exceeded 1 million for the 5th consecutive quarter, pushing active brokerage accounts and total client accounts to 38.5 million and 46.5 million, respectively

•Managed Investing Solutions net inflows for the quarter grew 50% versus 4Q24

•Bank loan balances equaled $58.0 billion at December month-end – up 28% year-over-year

•Margin loan balances increased 34% versus year-end 2024 to end the quarter at $112.3 billion (2)

•Daily average trading volume was 8.3 million – up 31% versus 4Q24

•Announced definitive agreement to acquire Forge Global; transaction expected to close during first half 2026

•Schwab awarded by Forbes, Best Customer Service 2026 (3)

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			Three Months Ended December 31,												%						Twelve Months Ended December 31,												%
Financial Highlights			2025						2024						Change						2025						2024						Change
Net revenues (in millions)			$	6,336					$	5,329					19%						$	23,921					$	19,606					22%
Net income (in millions)
GAAP			$	2,459					$	1,840					34%						$	8,852					$	5,942					49%
Adjusted			$	2,556					$	1,974					29%						$	9,242					$	6,433					44%
Diluted earnings per common share
GAAP			$	1.33					$	.94					41%						$	4.65					$	2.99					56%
Adjusted			$	1.39					$	1.01					38%						$	4.87					$	3.25					50%
Pre-tax profit margin
GAAP			50.2		%				43.3		%										47.9		%				39.2		%
Adjusted			52.2		%				46.6		%										50.0		%				42.5		%
Return on average common
stockholders’ equity (annualized)			22		%				18		%										21		%				15		%
Return on tangible
common equity (annualized)			39		%				36		%										38		%				35		%
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.

4Q25 Financial Commentary

•Quarterly net revenues grew year-over-year by 19% to a record $6.3 billion

•Net interest margin for the fourth quarter equaled 2.90%, or 57 basis points of expansion versus 4Q24

•Client transactional sweep cash balances ended December at $453.7 billion, an increase of $28.1 billion versus the prior quarter-end, reflecting organic growth, client net buying activity, and year-end seasonality

•Bank Supplemental Funding (4) declined by $9.7 billion to end the quarter at $5.1 billion

•Asset management and administration fees grew by 15% 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 22% versus 4Q24 due to continued strong engagement

•GAAP expenses for the quarter increased 4% year-over-year; excluding amortization of acquired intangibles of $127 million, adjusted total expenses (1) were up 6% relative to 4Q24

•Full-year 2025 GAAP expense growth equaled 5% – 6% adjusted (1) – including higher volume-related costs as well as incremental employee compensation and benefit spend

•Capital ratios across the firm remained strong – including preliminary consolidated Tier 1 Leverage and adjusted Tier 1 Leverage (1) equaling 9.3% and 7.1%, respectively

•Repurchased 29.2 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) Includes $9.6 billion of client margin loans related to long/short strategies implemented by RIA clients.

(3) Forbes Best Customer Service List 2026 was given on November 11, 2025, and expires November 10, 2026. The criteria, evaluation, and ranking were determined by Forbes, partnered with HundredX. For more information, visit https://www.forbes.com/lists/best-customer-service/. Schwab paid a licensing fee to Forbes for use of the award and logos.

(4) Bank Supplemental Funding includes repurchase agreements at the banks, Schwab Bank Certificates of Deposit (CDs), and Federal Home Loan Bank balances.

Winter Business Update

The company will host its Winter 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 the company’s growing client base, client engagement, diversified revenue model, balance sheet flexibility, return of capital, and the closing of the Forge Global acquisition. 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 38.5 million active brokerage accounts, 5.7 million workplace plan participant accounts, 2.2 million banking accounts, and $11.90 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 December 31,												Twelve Months Ended December 31,
			2025						2024						2025						2024
Net Revenues
Interest revenue			$	4,004					$	3,851					$	15,504					$	15,537
Interest expense			(832)						(1,320)						(3,754)						(6,393)
Net interest revenue			3,172						2,531						11,750						9,144
Asset management and administration fees			1,733						1,509						6,506						5,716
Trading revenue			1,066						873						3,921						3,264
Bank deposit account fees			238						241						977						729
Other			127						175						767						753
Total net revenues			6,336						5,329						23,921						19,606
Expenses Excluding Interest
Compensation and benefits			1,630						1,533						6,491						6,043
Professional services			344						297						1,197						1,053
Occupancy and equipment			293						276						1,117						1,060
Advertising and market development			115						101						420						397
Communications			142						131						620						591
Depreciation and amortization			206						224						850						916
Amortization of acquired intangible assets			127						130						512						519
Regulatory fees and assessments			62						89						287						398
Other			237						243						968						937
Total expenses excluding interest			3,156						3,024						12,462						11,914
Income before taxes on income			3,180						2,305						11,459						7,692
Taxes on income			721						465						2,607						1,750
Net Income			2,459						1,840						8,852						5,942
Preferred stock dividends and other			92						123						435						464
Net Income Available to Common Stockholders			$	2,367					$	1,717					$	8,417					$	5,478
Weighted-Average Common Shares Outstanding:
Basic			1,772						1,831						1,804						1,828
Diluted			1,777						1,836						1,809						1,834
Earnings Per Common Shares Outstanding:
Basic			$	1.34					$	.94					$	4.67					$	3.00
Diluted			$	1.33					$	.94					$	4.65					$	2.99

        

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THE CHARLES SCHWAB CORPORATION
Financial and Operating Highlights
(Unaudited)
			Q4-25 % change															2025																								2024
			vs.						vs.									Fourth						Third						Second						First						Fourth
(In millions, except per share amounts and as noted)			Q4-24						Q3-25									Quarter						Quarter						Quarter						Quarter						Quarter
Net Revenues
Net interest revenue			25		%				4		%							$	3,172					$	3,050					$	2,822					$	2,706					$	2,531
Asset management and administration fees			15		%				4		%							1,733						1,673						1,570						1,530						1,509
Trading revenue			22		%				7		%							1,066						995						952						908						873
Bank deposit account fees			(1)		%				(4)		%							238						247						247						245						241
Other			(27)		%				(25)		%							127						170						260						210						175
Total net revenues			19		%				3		%							6,336						6,135						5,851						5,599						5,329
Expenses Excluding Interest
Compensation and benefits			6		%				(1)		%							1,630						1,653						1,536						1,672						1,533
Professional services			16		%				17		%							344						293						291						269						297
Occupancy and equipment			6		%				5		%							293						280						270						274						276
Advertising and market development			14		%				14		%							115						101						108						96						101
Communications			8		%				(5)		%							142						149						176						153						131
Depreciation and amortization			(8)		%				(3)		%							206						212						215						217						224
Amortization of acquired intangible assets			(2)		%				—									127						127						128						130						130
Regulatory fees and assessments			(30)		%				5		%							62						59						77						89						89
Other			(2)		%				(1)		%							237						240						247						244						243
Total expenses excluding interest			4		%				1		%							3,156						3,114						3,048						3,144						3,024
Income before taxes on income			38		%				5		%							3,180						3,021						2,803						2,455						2,305
Taxes on income			55		%				9		%							721						663						677						546						465
Net Income			34		%				4		%							2,459						2,358						2,126						1,909						1,840
Preferred stock dividends and other			(25)		%				14		%							92						81						149						113						123
Net Income Available to Common Stockholders			38		%				4		%							$	2,367					$	2,277					$	1,977					$	1,796					$	1,717
Earnings per common share:
Basic			43		%				6		%							$	1.34					$	1.26					$	1.09					$	.99					$	.94
Diluted			41		%				6		%							$	1.33					$	1.26					$	1.08					$	.99					$	.94
Dividends declared per common share			8		%				—									$	.27					$	.27					$	.27					$	.27					$	.25
Weighted-average common shares outstanding:
Basic			(3)		%				(2)		%							1,772						1,806						1,817						1,817						1,831
Diluted			(3)		%				(2)		%							1,777						1,811						1,822						1,822						1,836
Performance Measures
Pre-tax profit margin																		50.2		%				49.2		%				47.9		%				43.8		%				43.3		%
Return on average common stockholders’ equity (annualized) (1)																		22		%				21		%				19		%				18		%				18		%
Financial Condition (at quarter end, in billions)
Cash and cash equivalents			9		%				50		%							$	46.0					$	30.6					$	32.2					$	35.0					$	42.1
Cash and investments segregated			12		%				(10)		%							42.9						47.8						45.6						38.4						38.2
Receivables from brokers, dealers, and clearing organizations			200		%				53		%							7.2						4.7						4.3						2.9						2.4
Receivables from brokerage clients — net			23		%				12		%							104.7						93.8						82.8						84.4						85.4
Available for sale securities			(25)		%				—									62.4						62.3						67.6						74.8						83.0
Held to maturity securities			(9)		%				(2)		%							134.0						136.7						139.7						143.8						146.5
Bank loans — net			28		%				8		%							58.0						53.6						50.4						47.1						45.2
Total assets			2		%				6		%							491.0						465.3						458.9						462.9						479.8
Bank deposits			(1)		%				7		%							255.7						239.1						233.1						246.2						259.1
Payables to brokers, dealers, and clearing organizations			93		%				15		%							25.7						22.4						18.6						15.7						13.3
Payables to brokerage clients			14		%				1		%							116.3						115.4						109.4						100.6						101.6
Accrued expenses and other liabilities			4		%				12		%							12.8						11.4						10.8						11.0						12.3
Other short-term borrowings			15		%				6		%							6.9						6.5						8.5						6.9						6.0
Federal Home Loan Bank borrowings			(89)		%				111		%							1.9						0.9						9.0						11.5						16.7
Long-term debt			(1)		%				10		%							22.2						20.2						20.2						21.5						22.4
Total liabilities			2		%				6		%							441.6						415.9						409.5						413.4						431.5
Stockholders’ equity			2		%				—									49.4						49.4						49.5						49.5						48.4
Total liabilities and stockholders’ equity			2		%				6		%							491.0						465.3						458.9						462.9						479.8
Other
Full-time equivalent employees (at quarter end, in thousands)			3		%				1		%							33.0						32.7						32.6						32.1						32.1
Capital expenditures — purchases of equipment, office facilities, and property,   net (in millions)			(39)		%				4		%							$	158					$	152					$	136					$	156					$	258
Expenses excluding interest as a percentage of average client assets (annualized)																		0.11		%				0.11		%				0.12		%				0.12		%				0.12		%
Clients’ Daily Average Trades (DATs) (in thousands)			31		%				11		%							8,274						7,421						7,571						7,391						6,312
Number of Trading Days			—						(1)		%							63.0						63.5						62.0						60.0						63.0
Revenue Per Trade (2)			(7)		%				(3)		%							$	2.05					$	2.11					$	2.03					$	2.05					$	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) 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 December 31,																																										Twelve Months Ended December 31,
			2025																					2024																					2025																					2024
			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			$	29,491					$	292					3.88		%							$	28,332					$	334					4.61		%							$	28,054					$	1,189					4.18		%							$	29,676					$	1,539					5.10		%
Cash and investments segregated			45,114						450						3.91		%							36,510						429						4.60		%							44,359						1,862						4.14		%							28,450						1,443						4.99		%
Receivables from brokerage clients (1)			100,086						1,546						6.04		%							77,524						1,378						6.95		%							87,300						5,700						6.44		%							70,811						5,420						7.53		%
Available for sale securities (2)			66,031						340						2.05		%							92,216						486						2.09		%							74,478						1,538						2.06		%							101,659						2,166						2.12		%
Held to maturity securities (2)			134,742						575						1.70		%							147,608						638						1.72		%							139,447						2,386						1.71		%							152,566						2,636						1.72		%
Bank loans			55,677						600						4.29		%							44,248						483						4.36		%							50,595						2,168						4.28		%							42,255						1,867						4.42		%
Total interest-earning assets			431,141						3,803						3.48		%							426,438						3,748						3.46		%							424,233						14,843						3.47		%							425,417						15,071						3.51		%
Securities lending revenue									98																					72																					437																					330
Other interest revenue (1)									103																					31																					224																					136
Total interest-earning assets			$	431,141					$	4,004					3.66		%							$	426,438					$	3,851					3.56		%							$	424,233					$	15,504					3.62		%							$	425,417					$	15,537					3.61		%
Funding sources
Bank deposits			$	239,867					$	175					0.29		%							$	244,176					$	550					0.90		%							$	238,088					$	1,185					0.50		%							$	256,212					$	3,152					1.23		%
Payables to brokers, dealers, and   clearing organizations			22,871						209						3.57		%							13,045						142						4.28		%							18,236						701						3.79		%							8,522						372						4.30		%
Payables to brokerage clients (1)			100,746						68						0.27		%							82,279						43						0.21		%							94,884						244						0.26		%							72,776						272						0.37		%
Other short-term borrowings			6,148						68						4.35		%							9,094						122						5.33		%							7,020						324						4.60		%							9,146						504						5.51		%
Federal Home Loan Bank borrowings			3,237						34						4.08		%							19,392						257						5.18		%							7,682						356						4.57		%							23,102						1,245						5.32		%
Long-term debt			21,284						211						3.88		%							22,438						206						3.67		%							21,093						836						3.91		%							23,083						846						3.66		%
Total interest-bearing liabilities			394,153						765						0.76		%							390,424						1,320						1.34		%							387,003						3,646						0.94		%							392,841						6,391						1.62		%
Non-interest-bearing funding sources			36,988																					36,014																					37,230																					32,576
Other interest expense (1)									67																					—																					108																					2
Total funding sources			$	431,141					$	832					0.76		%							$	426,438					$	1,320					1.23		%							$	424,233					$	3,754					0.88		%							$	425,417					$	6,393					1.49		%
Net interest revenue									$	3,172					2.90		%													$	2,531					2.33		%													$	11,750					2.74		%													$	9,144					2.12		%

(1) Beginning in the fourth quarter of 2025, average balances of client margin loans and short credits related to certain client long/short strategies from which the Company earns a fixed net yield are excluded from interest-earning assets and funding sources. Average margin loans related to these client strategies totaled $7.2 billion and $2.8 billion for the three and twelve months ended December 31, 2025, respectively. Average short credits related to these client strategies totaled $7.4 billion and $2.8 billion for the three and twelve months ended December 31, 2025, respectively. Interest revenue and expense related to these client strategies are presented in other interest revenue and other interest expense, respectively. Year-to-date 2025 amounts and average yields have been reclassified and recalculated to reflect this change. This updated presentation results in an increase to net interest margin for the three and nine months ended September 30, 2025 of 0.02% and 0.01%, respectively, an increase of 0.01% for the three months ended June 30, 2025, and no impact to the six months ended June 30, 2025, the three months ended March 31, 2025, and prior-year amounts.

(2) Amounts have been calculated based on amortized cost.

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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 December 31,																																										Twelve Months Ended December 31,
			2025																					2024																					2025																					2024
			Average Client Assets						Revenue						Average Fee									Average Client Assets						Revenue						Average Fee									Average Client Assets						Revenue						Average Fee									Average Client Assets						Revenue						Average Fee
Schwab money market funds			$	681,688					$	465					0.27		%							$	580,957					$	389					0.27		%							$	652,798					$	1,783					0.27		%							$	539,113					$	1,461					0.27		%
Schwab equity and bond funds, exchange-traded   funds (ETFs), and collective trust funds (CTFs)			777,071						140						0.07		%							647,170						125						0.08		%							708,243						516						0.07		%							588,999						462						0.08		%
Mutual Fund OneSource ® and other no-   transaction-fee funds (NTFs)			462,417						267						0.23		%							363,024						231						0.25		%							404,065						966						0.24		%							342,615						878						0.26		%
Other third-party mutual funds and ETFs			627,846						98						0.06		%							629,913						106						0.07		%							620,042						400						0.06		%							611,999						420						0.07		%
Total mutual funds, ETFs, and CTFs (1)			$	2,549,022					$	970					0.15		%							$	2,221,064					$	851					0.15		%							$	2,385,148					$	3,665					0.15		%							$	2,082,726					$	3,221					0.15		%
Managed investing solutions (1)
Fee-based			$	695,933					$	663					0.38		%							$	582,464					$	557					0.38		%							$	633,960					$	2,440					0.38		%							$	542,253					$	2,129					0.39		%
Non-fee-based			132,573						—						—									115,712						—						—									125,333						—						—									111,571						—						—
Total managed investing solutions			$	828,506					$	663					0.32		%							$	698,176					$	557					0.32		%							$	759,293					$	2,440					0.32		%							$	653,824					$	2,129					0.33		%
Other balance-based fees (2)			965,676						85						0.03		%							827,930						76						0.04		%							893,953						318						0.04		%							776,715						286						0.04		%
Other (3)									15																					25																					83																					80
Total asset management and administration fees									$	1,733																				$	1,509																				$	6,506																				$	5,716

(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)

			Q4-25 % Change															2025																								2024
			vs.						vs.									Fourth						Third						Second						First						Fourth
(In billions, at quarter end, except as noted)			Q4-24						Q3-25									Quarter						Quarter						Quarter						Quarter						Quarter
Assets in client accounts
Schwab One®, certain cash equivalents, and bank deposits			6		%				6		%							$	379.5					$	357.1					$	342.7					$	345.2					$	358.8
Bank deposit account balances			(13)		%				(3)		%							76.2						78.5						82.1						83.7						87.5
Proprietary mutual funds (Schwab Funds® and Laudus Funds®) and CTFs
Money market funds (1)			16		%				4		%							693.8						666.4						653.5						641.5						596.5
Equity and bond funds and CTFs (2)			19		%				3		%							277.4						269.7						249.7						227.0						232.2
Total proprietary mutual funds and CTFs			17		%				4		%							971.2						936.1						903.2						868.5						828.7
Mutual Fund Marketplace® (3)
Mutual Fund OneSource® and other NTF funds			31		%				(4)		%							454.2						473.5						453.9						340.3						347.8
Mutual fund clearing services			17		%				2		%							327.7						320.2						298.3						280.6						280.7
Other third-party mutual funds			5		%				3		%							1,274.3						1,237.2						1,168.5						1,195.4						1,211.1
Total Mutual Fund Marketplace			12		%				1		%							2,056.2						2,030.9						1,920.7						1,816.3						1,839.6
Total mutual fund assets			13		%				2		%							3,027.4						2,967.0						2,823.9						2,684.8						2,668.3
Exchange-traded funds
Proprietary ETFs (2)			25		%				4		%							495.3						476.0						439.7						398.2						395.0
Other third-party ETFs			30		%				6		%							2,527.5						2,395.7						2,175.6						1,960.1						1,940.6
Total ETF assets			29		%				5		%							3,022.8						2,871.7						2,615.3						2,358.3						2,335.6
Equity and other securities			19		%				2		%							4,722.6						4,624.7						4,188.7						3,765.5						3,972.6
Fixed income securities			3		%				(1)		%							786.8						792.1						788.0						775.8						762.3
Margin loans outstanding			34		%				16		%							(112.3)						(97.2)						(83.4)						(83.6)						(83.8)
Total client assets			18		%				3		%							$	11,903.0					$	11,593.9					$	10,757.3					$	9,929.7					$	10,101.3
Client assets by business
Investor Services (4)			17		%				2		%							$	6,707.5					$	6,577.2					$	6,069.9					$	5,557.4					$	5,721.6
Advisor Services (5)			19		%				4		%							5,195.5						5,016.7						4,687.4						4,372.3						4,379.7
Total client assets			18		%				3		%							$	11,903.0					$	11,593.9					$	10,757.3					$	9,929.7					$	10,101.3
Net growth in assets in client accounts (for the quarter ended)
Net new assets by business
Investor Services (4)			31		%				15		%							$	60.4					$	52.7					$	31.2					$	69.5					$	46.2
Advisor Services (5)			57		%				20		%							97.8						81.7						42.4						62.9						62.2
Total net new assets			46		%				18		%							$	158.2					$	134.4					$	73.6					$	132.4					$	108.4
Net market gains (losses)																		150.9						702.2						754.0						(304.0)						72.4
Net growth (decline)																		$	309.1					$	836.6					$	827.6					$	(171.6)					$	180.8
New brokerage accounts (in thousands, for the quarter ended)			13		%				11		%							1,268						1,143						1,098						1,183						1,119
Client accounts (in thousands)
Active brokerage accounts			6		%				1		%							38,506						37,963						37,476						37,011						36,456
Banking accounts			11		%				3		%							2,214						2,150						2,096						2,050						1,998
Workplace Plan Participant Accounts (6)			6		%				2		%							5,740						5,619						5,586						5,495						5,399

(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 December 31, 2025, off-platform equity and bond funds, CTFs, and ETFs were $42.6 billion, $5.0 billion, and $178.2 billion, respectively.

(3) Excludes all proprietary mutual funds and ETFs.

(4) Fourth quarter of 2025 includes net outflows of $5.7 billion from off-platform Schwab Bank Retail CDs. 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.

(5) Fourth quarter of 2024 includes an outflow of $0.3 billion from a large international relationship.

(6) 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 December 2025

			2024			2025																																				Change
			Dec			Jan			Feb			Mar			Apr			May			Jun			Jul			Aug			Sep			Oct			Nov			Dec			Mo.			Yr.
Market Indices (at month end)
Dow Jones Industrial Average®			42,544			44,545			43,841			42,002			40,669			42,270			44,095			44,131			45,545			46,398			47,563			47,716			48,063			1%			13%
Nasdaq Composite®			19,311			19,627			18,847			17,299			17,446			19,114			20,370			21,122			21,456			22,660			23,725			23,366			23,242			(1)%			20%
Standard & Poor’s® 500			5,882			6,041			5,955			5,612			5,569			5,912			6,205			6,339			6,460			6,688			6,840			6,849			6,846			—			16%
Client Assets (in billions of dollars)
Beginning Client Assets			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			11,828.0			11,834.3
Net New Assets (1)			60.2			30.5			46.6			55.3			1.1			33.6			38.9			45.7			43.3			45.4			41.6			38.7			77.9			101%			29%
Net Market Gains (Losses)			(264.3)			201.3			(99.5)			(405.8)			(38.6)			423.2			369.4			160.5			221.3			320.4			192.5			(32.4)			(9.2)
Total Client Assets (at month end)			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			11,828.0			11,834.3			11,903.0			1%			18%
Core Net New Assets (1,2)			61.4			30.6			48.0			59.1			2.7			35.0			42.6			46.9			44.4			46.2			44.4			40.4			79.1			96%			29%
Receiving Ongoing Advisory Services (at month end)
Investor Services			682.0			698.7			703.5			688.8			688.2			711.2			737.6			747.9			771.1			792.5			807.6			817.9			824.8			1%			21%
Advisor Services			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			5,106.1			5,155.9			5,195.5			1%			19%
Client Accounts (at month end, in thousands)
Active Brokerage Accounts			36,456			36,709			36,861			37,011			37,254			37,375			37,476			37,658			37,798			37,963			38,145			38,266			38,506			1%			6%
Banking Accounts			1,998			2,019			2,033			2,050			2,066			2,077			2,096			2,116			2,137			2,150			2,172			2,189			2,214			1%			11%
Workplace Plan Participant Accounts (3)			5,399			5,450			5,464			5,495			5,518			5,563			5,586			5,619			5,606			5,619			5,696			5,730			5,740			—			6%
Client Activity
New Brokerage Accounts (in thousands)			431			433			362			388			439			336			323			377			382			384			429			365			474			30%			10%
Client Cash as a Percentage of Client Assets (4)			10.1		%	9.8		%	10.0		%	10.6		%	10.5		%	10.1		%	9.9		%	9.7		%	9.5		%	9.4		%	9.3		%	9.4		%	9.7		%	30 bp			(40) bp
Derivative Trades as a Percentage of Total Trades			18.6		%	19.3		%	19.9		%	19.5		%	18.4		%	21.0		%	20.8		%	21.3		%	22.5		%	22.3		%	23.8		%	21.7		%	21.4		%	(30) bp			280 bp
Selected Average Balances (in millions of dollars)
Average Interest-Earning Assets (5)			431,177			431,367			424,572			424,912			430,402			418,749			416,486			416,714			414,415			419,818			428,281			429,080			435,995			2%			1%
Average Margin Balances			81,507			82,551			84,233			82,725			77,478			79,132			82,339			85,492			90,399			94,609			101,192			108,863			111,960			3%			37%
Average Bank Deposit Account Balances (6)			85,384			84,790			83,089			84,302			84,060			81,495			81,014			80,755			79,781			79,308			76,203			73,803			74,542			1%			(13)%
Mutual Funds and Exchange-Traded Funds
Net Buys (Sells) (7,8) (in millions of dollars)
Equities			14,805			10,050			4,987			(1,221)			7,950			10,473			8,987			10,936			8,402			8,832			6,895			4,883			18,616
Hybrid			124			(1,324)			(464)			(603)			(1,663)			(287)			(1,038)			(463)			(604)			(452)			(1,278)			(600)			(203)
Bonds			10,969			8,747			12,162			11,438			(1,490)			8,483			6,050			11,920			12,993			12,502			16,206			13,371			17,718
Net Buy (Sell) Activity (in millions of dollars)
Mutual Funds (7)			(4,331)			(6,785)			(3,971)			(8,537)			(13,955)			(3,224)			(5,351)			(3,442)			(2,217)			(4,754)			(6,289)			(7,255)			(3,625)
Exchange-Traded Funds (8)			30,229			24,258			20,656			18,151			18,752			21,893			19,350			25,835			23,008			25,636			28,112			24,909			39,756
Money Market Funds			8,956			11,584			12,306			14,586			(6,158)			5,794			5,814			2,452			4,319			(517)			6,333			7,969			6,910

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.

(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. Beginning in December 2025, average balances of client margin loans and short credits related to certain client long/short strategies from which the Company earns a fixed net yield are excluded from average interest-earning assets. The 2025 amounts have been adjusted accordingly; December 2024 balances were not impacted.

(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 fourth 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 Measure			Definition			Usefulness to Investors and Uses by Management
Acquisition and integration-related costs, amortization of acquired intangible assets, and restructuring costs			Schwab 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 equity			Return 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 December 31,															Twelve Months Ended December 31,
			2025						2024									2025						2024
			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)			$	3,156		$	2,459		$	3,024		$	1,840					$	12,462		$	8,852		$	11,914		$	5,942
Amortization of acquired intangible assets			(127)			127			(130)			130						(512)			512			(519)			519
Acquisition and integration-related costs (1)			—			—			(20)			20						—			—			(117)			117
Restructuring costs (2)			—			—			(27)			27						—			—			(9)			9
Income tax effects (3)			N/A			(30)			N/A			(43)						N/A			(122)			N/A			(154)
Adjusted total expenses (non-GAAP),   Adjusted net income (non-GAAP)			$	3,029		$	2,556		$	2,847		$	1,974					$	11,950		$	9,242		$	11,269		$	6,433

(1) There were no acquisition and integration-related costs for the three and twelve months ended December 31, 2025. Acquisition and integration-related costs for the three and twelve months ended December 31, 2024 primarily consist of $10 million and $54 million of compensation and benefits, $4 million and $36 million of professional services, and $6 million and $19 million of depreciation and amortization.

(2) There were no restructuring costs for the three and twelve months ended December 31, 2025. Restructuring costs for the three months ended December 31, 2024 primarily consist of $24 million of other expense. Restructuring costs for the twelve months ended December 31, 2024 reflect a benefit due to a change in estimate of $34 million in compensation and benefits, offset by $5 million of occupancy and equipment expense and $37 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 December 31,															Twelve Months Ended December 31,
			2025						2024									2025						2024
			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)			$	3,180		50.2		%	$	2,305		43.3		%				$	11,459		47.9		%	$	7,692		39.2		%
Amortization of acquired intangible assets			127			2.0		%	130			2.4		%				512			2.1		%	519			2.7		%
Acquisition and integration-related costs			—			—			20			0.4		%				—			—			117			0.6		%
Restructuring costs			—			—			27			0.5		%				—			—			9			—
Adjusted income before taxes on income (non-GAAP),   Adjusted pre-tax profit margin (non-GAAP)			$	3,307		52.2		%	$	2,482		46.6		%				$	11,971		50.0		%	$	8,337		42.5		%

			Three Months Ended December 31,															Twelve Months Ended December 31,
			2025						2024									2025						2024
			Amount			Diluted EPS			Amount			Diluted EPS						Amount			Diluted EPS			Amount			Diluted EPS
Net income available to common stockholders (GAAP),   Earnings per common share — diluted (GAAP)			$	2,367		$	1.33		$	1,717		$	.94					$	8,417		$	4.65		$	5,478		$	2.99
Amortization of acquired intangible assets			127			.08			130			.07						512			.29			519			.28
Acquisition and integration-related costs			—			—			20			.01						—			—			117			.06
Restructuring costs			—			—			27			.01						—			—			9			—
Income tax effects			(30)			(.02)			(43)			(.02)						(122)			(.07)			(154)			(.08)
Adjusted net income available to common stockholders   (non-GAAP), Adjusted diluted EPS (non-GAAP)			$	2,464		$	1.39		$	1,851		$	1.01					$	8,807		$	4.87		$	5,969		$	3.25

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THE CHARLES SCHWAB CORPORATION

Non-GAAP Financial Measures

(In millions, except ratios and per share amounts)

(Unaudited)

			Three Months Ended December 31,									Twelve Months Ended December 31,
			2025			2024						2025			2024
Return on average common stockholders’ equity (GAAP)			22		%	18		%				21		%	15		%
Average common stockholders’ equity			$	42,642		$	38,604					$	40,923		$	35,475
Less: Average goodwill			(11,951)			(11,951)						(11,951)			(11,951)
Less: Average acquired intangible assets — net			(7,297)			(7,808)						(7,488)			(8,002)
Plus: Average deferred tax liabilities related to goodwill   and acquired intangible assets — net			1,669			1,723						1,691			1,741
Average tangible common equity			$	25,063		$	20,568					$	23,175		$	17,263
Adjusted net income available to common stockholders (1)			$	2,464		$	1,851					$	8,807		$	5,969
Return on tangible common equity (non-GAAP)			39		%	36		%				38		%	35		%

(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)
			December 31, 2025
			CSC			CSB
Tier 1 Leverage Ratio (GAAP)			9.3%			11.1%
Tier 1 Capital			$	42,888		$	28,122
Plus: AOCI adjustment			(11,017)			(9,562)
Adjusted Tier 1 Capital			31,871			18,560
Average assets with regulatory adjustments			462,517			252,824
Plus: AOCI adjustment			(11,333)			(9,875)
Adjusted average assets with regulatory adjustments			$	451,184		$	242,949
Adjusted Tier 1 Leverage Ratio (non-GAAP)			7.1		%	7.6		%

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