25% Revenue Growth Powers Record 2Q25 Results

Second Quarter Core Net New Assets Equal $80.3 Billion, Up 31% Year-Over-Year

New Accounts Exceed 1 Million and Total Client Assets Reach a Record $10.76 Trillion

Record Quarterly GAAP Earnings Per Share of $1.08, $1.14 Adjusted ⁽¹⁾

The Charles Schwab Corporation reported net income for the second quarter totaling $2.1 billion, or $1.08 earnings per share. Excluding $128 million of pre-tax transaction-related costs, adjusted ⁽¹⁾ net income and earnings per share equaled $2.2 billion and $1.14, respectively.

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Client Driven Growth	31% 2Q25 Core NNA Growth vs. 2Q24	“Retail investors and RIAs continued to turn to Schwab as a trusted partner, opening over 1 million new brokerage accounts and gathering $80.3 billion in core net new assets – up 31% versus 2Q24.” President & CEO Rick Wurster

Diversified Revenue Growth	25% 2Q25 Revenue Growth vs. 2Q24	“Schwab delivered growth on all fronts during the second quarter. The firm’s diversified revenue model, coupled with our best-in-class scale and efficiency, produced quarterly records for both revenue and earnings per share.” President & CEO Rick Wurster

Balance Sheet Management	$10.4B 2Q25 Reduction in Bank Supplemental Funding ⁽²⁾	“Client transactional sweep cash finished June at $412.1 billion, enabling us to further reduce higher cost bank funding by $10.4 billion to $27.7 billion at quarter-end.” CFO Mike Verdeschi

Opportunistic Capital Return	$2.8B of Excess Capital Returned	“During the second quarter, we continued to enhance stockholder value by returning excess capital through multiple forms – including redeeming approximately $2.5 billion in preferred equity and repurchasing just over $350 million of common stock.” CFO Mike Verdeschi

2Q25 Client and Business Highlights

Total client assets increased 14% year-over-year to a record $10.76 trillion
Core net new assets of $80.3 billion brings year-to-date asset gathering to $218.0 billion – up 39% year-over-year
New brokerage account openings increased 11% year-over-year to 1.1 million for the quarter, helping active brokerage accounts and total client accounts reach 37.5 million and 45.2 million, respectively
Managed Investing Solutions net inflows grew 37% versus 2Q24
Margin balances ended the quarter at $83.4 billion – essentially flat quarter-over-quarter – as investors selectively increased leverage while equity markets rebounded following the disruption in early April
Daily average trading volume remained robust at 7.6 million – up 38% versus 2Q24
Charles Schwab recognized as Best Investing Platform Overall by U.S. News ⁽³⁾
Charles Schwab Bank ranked #1 in J.D. Power’s U.S. Direct Banking Satisfaction Study for the 7^th consecutive year ⁽⁴⁾

	Three Months Ended June 30,						%		Six Months Ended June 30,						%
Financial Highlights	2025			2024			Change		2025			2024			Change

Net revenues (in millions)	$	5,851		$	4,690		25	%	$	11,450		$	9,430		21	%
Net income (in millions)
GAAP	$	2,126		$	1,332		60	%	$	4,035		$	2,694		50	%
Adjusted	$	2,222		$	1,465		52	%	$	4,230		$	2,934		44	%
Diluted earnings per common share
GAAP	$	1.08		$	.66		64	%	$	2.07		$	1.34		54	%
Adjusted	$	1.14		$	.73		56	%	$	2.17		$	1.47		48	%
Pre-tax profit margin
GAAP		47.9	%		37.2	%				45.9	%		37.6	%
Adjusted		50.1	%		41.0	%				48.2	%		40.9	%
Return on average common stockholders’ equity (annualized)		19	%		14	%				18	%		15	%
Return on tangible common equity (annualized)		35	%		34	%				34	%		36	%

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.

2Q25 Financial Commentary

Quarterly net revenues grew year-over-year by 25% to a record $5.9 billion
Net interest margin expanded sequentially by 12 basis points to 2.65% due primarily to the further reduction of higher cost liabilities and a rebound in securities lending activity
Client transactional sweep cash balances ended at $412.1 billion, a sequential build of $4.3 billion, reflecting tax seasonality as well as client net equity selling during the period
Bank Supplemental Funding ⁽²⁾ declined $10.4 billion during the quarter to $27.7 billion at June month-end
Asset management and administration fees increased by 14% year-over-year to $1.6 billion, powered by organic growth, rebounding equity markets, and sustained product utilization
Trading revenue increased 23% versus 2Q24 due to robust volumes
GAAP expenses for the quarter increased 4% year-over-year; excluding second quarter amortization of acquired intangibles of $128 million, adjusted total expenses ⁽¹⁾ were up 5% relative to 2Q24
Capital ratios across the firm remained strong – including preliminary consolidated Tier 1 Leverage and adjusted Tier 1 Leverage ⁽¹⁾ equaling 9.8% and 7.2%, respectively
Redeemed $2.5 billion Series G Preferred Stock
Repurchased 3.9 million shares of our common stock for $351 million 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⁾		U.S. News & World Report’s Best Investing Platforms award was given on April 23, 2025. The criteria, evaluation, and ranking were determined by U.S. News & World Report. See https://money.usnews.com/investing/best-brokers/methodology for more information. Schwab paid a licensing fee to U.S. News & World Report for use of the award and logos.
⁽⁴⁾		Charles Schwab Bank received the highest score in the checking segment of the J.D. Power 2019–2025 U.S. Direct Banking Satisfaction Studies, which measures overall satisfaction with direct branchless banks. Visit https://jdpower.com/awards for more details. The J.D. Power 2025 U.S. Direct Banking Satisfaction Study is independently conducted, and the participating firms do not pay to participate. Use of study results in promotional materials is subject to a license fee.

Summer Business Update

The company will host its Summer 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.

Forward-Looking Statements

This press release contains forward-looking statements relating to the company’s revenue model, scale and efficiency, and capital ratios. 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 37.5 million active brokerage accounts, 5.6 million workplace plan participant accounts, 2.1 million banking accounts, and $10.76 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 Services. 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.

THE CHARLES SCHWAB CORPORATION Consolidated Statements of Income (In millions, except per share amounts) (Unaudited)

	Three Months Ended June 30,						Six Months Ended June 30,
	2025			2024			2025			2024
Net Revenues
Interest revenue	$	3,787		$	3,817		$	7,544		$	7,758
Interest expense		(965	)		(1,659	)		(2,016	)		(3,367	)
Net interest revenue		2,822			2,158			5,528			4,391
Asset management and administration fees		1,570			1,383			3,100			2,731
Trading revenue		952			777			1,860			1,594
Bank deposit account fees		247			153			492			336
Other		260			219			470			378
Total net revenues		5,851			4,690			11,450			9,430
Expenses Excluding Interest
Compensation and benefits		1,536			1,450			3,208			2,988
Professional services		291			259			560			500
Occupancy and equipment		270			248			544			513
Advertising and market development		108			107			204			195
Communications		176			172			329			313
Depreciation and amortization		215			233			432			461
Amortization of acquired intangible assets		128			129			258			259
Regulatory fees and assessments		77			96			166			221
Other		247			249			491			435
Total expenses excluding interest		3,048			2,943			6,192			5,885
Income before taxes on income		2,803			1,747			5,258			3,545
Taxes on income		677			415			1,223			851
Net Income		2,126			1,332			4,035			2,694
Preferred stock dividends and other		149			121			262			232
Net Income Available to Common Stockholders	$	1,977		$	1,211		$	3,773		$	2,462
Weighted-Average Common Shares Outstanding:
Basic		1,817			1,828			1,819			1,827
Diluted		1,822			1,834			1,825			1,832
Earnings Per Common Shares Outstanding:
Basic	$	1.09		$	.66		$	2.07		$	1.35
Diluted	$	1.08		$	.66		$	2.07		$	1.34

THE CHARLES SCHWAB CORPORATION
Financial and Operating Highlights
(Unaudited)
	Q2-25 % change				2025						2024
	vs.		vs.		Second			First			Fourth			Third			Second
(In millions, except per share amounts and as noted)	Q2-24		Q1-25		Quarter			Quarter			Quarter			Quarter			Quarter
Net Revenues
Net interest revenue	31	%	4	%	$	2,822		$	2,706		$	2,531		$	2,222		$	2,158
Asset management and administration fees	14	%	3	%		1,570			1,530			1,509			1,476			1,383
Trading revenue	23	%	5	%		952			908			873			797			777
Bank deposit account fees	61	%	1	%		247			245			241			152			153
Other	19	%	24	%		260			210			175			200			219
Total net revenues	25	%	5	%		5,851			5,599			5,329			4,847			4,690
Expenses Excluding Interest
Compensation and benefits	6	%	(8	)%		1,536			1,672			1,533			1,522			1,450
Professional services	12	%	8	%		291			269			297			256			259
Occupancy and equipment	9	%	(1	)%		270			274			276			271			248
Advertising and market development	1	%	13	%		108			96			101			101			107
Communications	2	%	15	%		176			153			131			147			172
Depreciation and amortization	(8	)%	(1	)%		215			217			224			231			233
Amortization of acquired intangible assets	(1	)%	(2	)%		128			130			130			130			129
Regulatory fees and assessments	(20	)%	(13	)%		77			89			89			88			96
Other	(1	)%	1	%		247			244			243			259			249
Total expenses excluding interest	4	%	(3	)%		3,048			3,144			3,024			3,005			2,943
Income before taxes on income	60	%	14	%		2,803			2,455			2,305			1,842			1,747
Taxes on income	63	%	24	%		677			546			465			434			415
Net Income	60	%	11	%		2,126			1,909			1,840			1,408			1,332
Preferred stock dividends and other	23	%	32	%		149			113			123			109			121
Net Income Available to Common Stockholders	63	%	10	%	$	1,977		$	1,796		$	1,717		$	1,299		$	1,211
Earnings per common share:
Basic	65	%	10	%	$	1.09		$	.99		$	.94		$	.71		$	.66
Diluted	64	%	9	%	$	1.08		$	.99		$	.94		$	.71		$	.66
Dividends declared per common share	8	%	—		$	.27		$	.27		$	.25		$	.25		$	.25
Weighted-average common shares outstanding:
Basic	(1	)%	—			1,817			1,817			1,831			1,829			1,828
Diluted	(1	)%	—			1,822			1,822			1,836			1,834			1,834
Performance Measures
Pre-tax profit margin						47.9	%		43.8	%		43.3	%		38.0	%		37.2	%
Return on average common stockholders’ equity (annualized) ⁽¹⁾						19	%		18	%		18	%		14	%		14	%
Financial Condition (at quarter end, in billions)
Cash and cash equivalents	27	%	(8	)%	$	32.2		$	35.0		$	42.1		$	34.9		$	25.4
Cash and investments segregated	110	%	19	%		45.6			38.4			38.2			33.7			21.7
Receivables from brokers, dealers, and clearing organizations	34	%	48	%		4.3			2.9			2.4			3.4			3.2
Receivables from brokerage clients — net	14	%	(2	)%		82.8			84.4			85.4			74.0			72.8
Available for sale securities	(28	)%	(10	)%		67.6			74.8			83.0			90.0			93.6
Held to maturity securities	(9	)%	(3	)%		139.7			143.8			146.5			149.9			153.2
Bank loans — net	19	%	7	%		50.4			47.1			45.2			43.3			42.2
Total assets	2	%	(1	)%		458.9			462.9			479.8			466.1			449.7
Bank deposits	(8	)%	(5	)%		233.1			246.2			259.1			246.5			252.4
Payables to brokers, dealers, and clearing organizations⁽²⁾	N/M		18	%		18.6			15.7			13.3			16.4			5.9
Payables to brokerage clients	37	%	9	%		109.4			100.6			101.6			89.2			80.0
Accrued expenses and other liabilities⁽²⁾	2	%	(2	)%		10.8			11.0			12.3			11.2			10.6
Other short-term borrowings	(15	)%	23	%		8.5			6.9			6.0			10.6			10.0
Federal Home Loan Bank borrowings	(63	)%	(22	)%		9.0			11.5			16.7			22.6			24.4
Long-term debt	(10	)%	(6	)%		20.2			21.5			22.4			22.4			22.4
Total liabilities	1	%	(1	)%		409.5			413.4			431.5			418.8			405.7
Stockholders’ equity	13	%	—			49.5			49.5			48.4			47.2			44.0
Total liabilities and stockholders' equity	2	%	(1	)%		458.9			462.9			479.8			466.1			449.7
Other
Full-time equivalent employees (at quarter end, in thousands)	1	%	2	%		32.6			32.1			32.1			32.1			32.3
Capital expenditures — purchases of equipment, office facilities, and property, net (in millions)	48	%	(13	)%	$	136		$	156		$	258		$	135		$	92
Expenses excluding interest as a percentage of average client assets (annualized)						0.12	%		0.12	%		0.12	%		0.12	%		0.13	%
Clients’ Daily Average Trades (DATs) (in thousands)	38	%	2	%		7,571			7,391			6,312			5,697			5,486
Number of Trading Days	(2	)%	3	%		62.0			60.0			63.0			63.5			63.0
Revenue Per Trade ⁽³⁾	(10	)%	(1	)%	$	2.03		$	2.05		$	2.20		$	2.20		$	2.25

⁽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.
N/M Not meaningful. Percentage changes greater than 200% are presented as not meaningful.

THE CHARLES SCHWAB CORPORATION Net Interest Revenue Information (In millions, except ratios or as noted) (Unaudited)

	Three Months Ended June 30,												Six Months Ended June 30,
	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	$	28,000	$	305	4.30	%	$	28,839	$	382	5.24	%	$	29,236	$	633	4.30	%	$	31,394	$	836	5.26	%
Cash and investments segregated		47,574		506	4.20	%		21,493		281	5.17	%		43,117		918	4.23	%		25,503		669	5.19	%
Receivables from brokerage clients		79,616		1,332	6.62	%		68,715		1,351	7.78	%		81,367		2,714	6.63	%		66,259		2,611	7.80	%
Available for sale securities ⁽¹⁾		77,750		405	2.08	%		104,045		555	2.13	%		81,151		838	2.06	%		107,956		1,149	2.12	%
Held to maturity securities ⁽¹⁾		141,098		602	1.70	%		154,314		658	1.70	%		142,740		1,224	1.71	%		155,862		1,348	1.73	%
Bank loans		48,691		518	4.27	%		41,562		460	4.44	%		47,374		1,011	4.29	%		41,046		900	4.40	%
Total interest-earning assets		422,729		3,668	3.45	%		418,968		3,687	3.50	%		424,985		7,338	3.44	%		428,020		7,513	3.49	%
Securities lending revenue				96						95						156						171
Other interest revenue				23						35						50						74
Total interest-earning assets	$	422,729	$	3,787	3.56	%	$	418,968	$	3,817	3.62	%	$	424,985	$	7,544	3.54	%	$	428,020	$	7,758	3.60	%
Funding sources
Bank deposits	$	237,645	$	326	0.55	%	$	258,119	$	840	1.31	%	$	241,660	$	762	0.64	%	$	266,243	$	1,761	1.33	%
Payables to brokers, dealers, and clearing organizations ⁽²⁾		16,657		167	3.97	%		5,642		57	3.98	%		15,424		304	3.93	%		5,577		112	3.97	%
Payables to brokerage clients		92,425		69	0.30	%		67,680		77	0.45	%		91,305		120	0.27	%		68,011		150	0.44	%
Other short-term borrowings		7,644		87	4.55	%		9,268		129	5.59	%		7,172		169	4.74	%		8,327		232	5.60	%
Federal Home Loan Bank borrowings		9,753		110	4.48	%		25,582		348	5.42	%		10,236		243	4.72	%		25,220		678	5.35	%
Long-term debt		20,624		206	3.94	%		22,460		208	3.70	%		21,448		418	3.87	%		23,730		432	3.64	%
Total interest-bearing liabilities ⁽²⁾		384,748		965	1.00	%		388,751		1,659	1.71	%		387,245		2,016	1.04	%		397,108		3,365	1.70	%
Non-interest-bearing funding sources ⁽²⁾		37,981						30,217						37,740						30,912
Other interest expense				—						—						—						2
Total funding sources	$	422,729	$	965	0.91	%	$	418,968	$	1,659	1.59	%	$	424,985	$	2,016	0.95	%	$	428,020	$	3,367	1.57	%
Net interest revenue			$	2,822	2.65	%			$	2,158	2.03	%			$	5,528	2.59	%			$	4,391	2.03	%

⁽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.

THE CHARLES SCHWAB CORPORATION Asset Management and Administration Fees Information (In millions, except ratios or as noted) (Unaudited)

	Three Months Ended June 30,												Six Months Ended June 30,
	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	$	644,811	$	442	0.27	%	$	523,665	$	357	0.27	%	$	633,143	$	860	0.27	%	$	511,776	$	693	0.27	%
Schwab equity and bond funds, exchange-traded funds (ETFs), and collective trust funds (CTFs)		661,793		122	0.07	%		565,848		112	0.08	%		660,191		244	0.07	%		552,755		219	0.08	%
Mutual Fund OneSource^® and other no- transaction-fee funds		350,487		218	0.25	%		338,198		214	0.25	%		355,092		440	0.25	%		326,387		423	0.26	%
Other third-party mutual funds and ETFs		603,509		102	0.07	%		600,902		102	0.07	%		613,576		205	0.07	%		603,263		208	0.07	%
Total mutual funds, ETFs, and CTFs ⁽¹⁾	$	2,260,600	$	884	0.16	%	$	2,028,613	$	785	0.16	%	$	2,262,002	$	1,749	0.16	%	$	1,994,181	$	1,543	0.16	%
Managed investing solutions ⁽¹⁾
Fee-based	$	595,203	$	589	0.40	%	$	525,689	$	510	0.39	%	$	592,843	$	1,158	0.39	%	$	515,911	$	1,013	0.39	%
Non-fee-based		120,726		—	—			110,234		—	—			120,584		—	—			108,133		—	—
Total managed investing solutions	$	715,929	$	589	0.33	%	$	635,923	$	510	0.32	%	$	713,427	$	1,158	0.33	%	$	624,044	$	1,013	0.33	%
Other balance-based fees ⁽²⁾		846,552		75	0.04	%		763,750		69	0.04	%		844,053		152	0.04	%		741,599		138	0.04	%
Other ⁽³⁾				22						19						41						37
Total asset management and administration fees			$	1,570					$	1,383					$	3,100					$	2,731

⁽¹⁾		Managed investing solutions includes managed portfolios, specialized strategies, and customized investment advice such as Schwab Wealth Advisory^TM, Schwab Managed Portfolios^TM, Managed Account Select^®, Schwab Advisor Network^®, Windhaven Strategies^®, ThomasPartners^® Strategies, Wasmer Schroeder^TM Strategies, Schwab Index Advantage advised retirement plan balances, Schwab Intelligent Portfolios^®, Institutional Intelligent Portfolios^®, Schwab Intelligent Portfolios Premium^®, 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.

THE CHARLES SCHWAB CORPORATION Growth in Client Assets and Accounts (Unaudited)

	Q2-25 % Change				2025						2024
	vs.		vs.		Second			First			Fourth			Third			Second
(In billions, at quarter end, except as noted)	Q2-24		Q1-25		Quarter			Quarter			Quarter			Quarter			Quarter
Assets in client accounts
Schwab One^®, certain cash equivalents, and bank deposits	4	%	(1	)%	$	342.7		$	345.2		$	358.8		$	334.1		$	330.7
Bank deposit account balances	(3	)%	(2	)%		82.1			83.7			87.5			84.0			84.5
Proprietary mutual funds (Schwab Funds^® and Laudus Funds^®) and CTFs
Money market funds ⁽¹⁾	22	%	2	%		653.5			641.5			596.5			562.1			533.6
Equity and bond funds and CTFs ⁽²⁾	16	%	10	%		249.7			227.0			232.2			228.9			214.4
Total proprietary mutual funds and CTFs	21	%	4	%		903.2			868.5			828.7			791.0			748.0
Mutual Fund Marketplace^{® (3)}
Mutual Fund OneSource^® and other no-transaction-fee funds	32	%	33	%		453.9			340.3			347.8			358.0			344.8
Mutual fund clearing services	13	%	6	%		298.3			280.6			280.7			280.8			264.7
Other third-party mutual funds	(1	)%	(2	)%		1,168.5			1,195.4			1,211.1			1,236.5			1,177.5
Total Mutual Fund Marketplace	7	%	6	%		1,920.7			1,816.3			1,839.6			1,875.3			1,787.0
Total mutual fund assets	11	%	5	%		2,823.9			2,684.8			2,668.3			2,666.3			2,535.0
Exchange-traded funds
Proprietary ETFs ⁽²⁾	26	%	10	%		439.7			398.2			395.0			385.9			349.6
Other third-party ETFs	25	%	11	%		2,175.6			1,960.1			1,940.6			1,888.2			1,738.6
Total ETF assets	25	%	11	%		2,615.3			2,358.3			2,335.6			2,274.1			2,088.2
Equity and other securities	15	%	11	%		4,188.7			3,765.5			3,972.6			3,839.6			3,648.8
Fixed income securities	(1	)%	2	%		788.0			775.8			762.3			795.4			792.0
Margin loans outstanding	16	%	—			(83.4	)		(83.6	)		(83.8	)		(73.0	)		(71.7	)
Total client assets	14	%	8	%	$	10,757.3		$	9,929.7		$	10,101.3		$	9,920.5		$	9,407.5
Client assets by business ⁽⁴⁾
Investor Services ⁽⁵⁾	14	%	9	%	$	6,069.9		$	5,557.4		$	5,721.6		$	5,576.7		$	5,317.5
Advisor Services ⁽⁶⁾	15	%	7	%		4,687.4			4,372.3			4,379.7			4,343.8			4,090.0
Total client assets	14	%	8	%	$	10,757.3		$	9,929.7		$	10,101.3		$	9,920.5		$	9,407.5
Net growth in assets in client accounts (for the quarter ended)
Net new assets by business ⁽⁴⁾
Investor Services ⁽⁵⁾	(22	)%	(55	)%	$	31.2		$	69.5		$	46.2		$	37.2		$	40.1
Advisor Services ⁽⁶⁾	24	%	(33	)%		42.4			62.9			62.2			53.6			34.1
Total net new assets	(1	)%	(44	)%	$	73.6		$	132.4		$	108.4		$	90.8		$	74.2
Net market gains (losses)						754.0			(304.0	)		72.4			422.2			214.9
Net growth (decline)					$	827.6		$	(171.6	)	$	180.8		$	513.0		$	289.1
New brokerage accounts (in thousands, for the quarter ended)	11	%	(7	)%		1,098			1,183			1,119			972			985
Client accounts (in thousands)
Active brokerage accounts	5	%	1	%		37,476			37,011			36,456			35,982			35,612
Banking accounts	9	%	2	%		2,096			2,050			1,998			1,954			1,931
Workplace Plan Participant Accounts ⁽⁷⁾	4	%	2	%		5,586			5,495			5,399			5,388			5,363

⁽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 June 30, 2025, off-platform equity and bond funds, CTFs, and ETFs were $38.0 billion, $4.5 billion, and $156.9 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⁾		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. Second quarter of 2024 includes net inflows of $2.7 billion from off-platform Schwab Bank Retail CDs and an inflow of $10.3 billion from a mutual fund clearing services client.
⁽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.

The Charles Schwab Corporation Monthly Activity Report For June 2025

	2024														2025												Change
	Jun		Jul		Aug		Sep		Oct		Nov		Dec		Jan		Feb		Mar		Apr		May		Jun		Mo.		Yr.
Market Indices (at month end)
Dow Jones Industrial Average^®	39,119		40,843		41,563		42,330		41,763		44,911		42,544		44,545		43,841		42,002		40,669		42,270		44,095		4	%	13	%
Nasdaq Composite^®	17,733		17,599		17,714		18,189		18,095		19,218		19,311		19,627		18,847		17,299		17,446		19,114		20,370		7	%	15	%
Standard & Poor’s^® 500	5,460		5,522		5,648		5,762		5,705		6,032		5,882		6,041		5,955		5,612		5,569		5,912		6,205		5	%	14	%
Client Assets (in billions of dollars)
Beginning Client Assets	9,206.3		9,407.5		9,572.1		9,737.7		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
Net New Assets⁽¹⁾	33.2		29.0		31.5		30.3		22.7		25.5		60.2		30.5		46.6		55.3		1.1		33.6		38.9		16	%	17	%
Net Market Gains (Losses)	168.0		135.6		134.1		152.5		(91.2	)	427.9		(264.3	)	201.3		(99.5	)	(405.8	)	(38.6	)	423.2		369.4
Total Client Assets (at month end)	9,407.5		9,572.1		9,737.7		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		4	%	14	%
Core Net New Assets^(1,2)	29.1		29.0		32.8		33.5		24.6		28.8		61.4		30.6		48.0		59.1		2.7		35.0		42.6		22	%	46	%
Receiving Ongoing Advisory Services (at month end)
Investor Services	632.9		649.1		663.7		675.1		665.6		688.9		682.0		698.7		703.5		688.8		688.2		711.2		737.6		4	%	17	%
Advisor Services	4,090.0		4,185.4		4,268.1		4,343.8		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	%	15	%
Client Accounts (at month end, in thousands)
Active Brokerage Accounts	35,612		35,743		35,859		35,982		36,073		36,222		36,456		36,709		36,861		37,011		37,254		37,375		37,476		—		5	%
Banking Accounts	1,931		1,937		1,940		1,954		1,967		1,980		1,998		2,019		2,033		2,050		2,066		2,077		2,096		1	%	9	%
Workplace Plan Participant Accounts ⁽³⁾	5,363		5,382		5,373		5,388		5,407		5,393		5,399		5,450		5,464		5,495		5,518		5,563		5,586		—		4	%
Client Activity
New Brokerage Accounts (in thousands)	310		327		324		321		331		357		431		433		362		388		439		336		323		(4	)%	4	%
Client Cash as a Percentage of Client Assets⁽⁴⁾	9.7	%	9.6	%	9.5	%	9.5	%	9.8	%	9.5	%	10.1	%	9.8	%	10.0	%	10.6	%	10.5	%	10.1	%	9.9	%	(20) bp		20 bp
Derivative Trades as a Percentage of Total Trades	21.3	%	21.2	%	20.8	%	21.5	%	21.4	%	19.7	%	18.6	%	19.3	%	19.9	%	19.5	%	18.4	%	21.0	%	20.8	%	(20) bp		(50) bp
Selected Average Balances (in millions of dollars)
Average Interest-Earning Assets ⁽⁵⁾	417,150		417,379		420,191		420,203		422,327		425,789		431,177		431,523		424,805		425,228		430,884		419,638		417,768		—		—
Average Margin Balances	69,730		73,206		73,326		72,755		74,105		76,932		81,507		82,551		84,233		82,725		77,478		79,132		82,339		4	%	18	%
Average Bank Deposit Account Balances ⁽⁶⁾	85,195		83,979		82,806		82,336		83,261		84,385		85,384		84,790		83,089		84,302		84,060		81,495		81,014		(1	)%	(5	)%
Mutual Funds and Exchange-Traded Funds
Net Buys (Sells)^(7,8) (in millions of dollars)
Equities	3,379		10,908		5,609		5,217		7,176		13,226		14,805		10,050		4,987		(1,221	)	7,950		10,473		8,987
Hybrid	(843	)	(1,155	)	(1,377	)	(432	)	(1,397	)	(329	)	124		(1,324	)	(464	)	(603	)	(1,663	)	(287	)	(1,038	)
Bonds	6,346		8,651		10,919		11,015		10,442		7,473		10,969		8,747		12,162		11,438		(1,490	)	8,483		6,050
Net Buy (Sell) Activity (in millions of dollars)
Mutual Funds ⁽⁷⁾	(4,254	)	(4,679	)	(4,003	)	(1,261	)	(4,905	)	(4,492	)	(4,331	)	(6,785	)	(3,971	)	(8,537	)	(13,955	)	(3,224	)	(5,351	)
Exchange-Traded Funds ⁽⁸⁾	13,136		23,083		19,154		17,061		21,126		24,862		30,229		24,258		20,656		18,151		18,752		21,893		19,350
Money Market Funds	3,858		9,110		8,048		9,672		11,032		9,172		8,956		11,584		12,306		14,586		(6,158	)	5,794		5,814

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 $0.1 billion in August, $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.

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 second 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.

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 June 30,												Six Months Ended June 30,
	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)	$	3,048		$	2,126		$	2,943		$	1,332		$	6,192		$	4,035		$	5,885		$	2,694
Amortization of acquired intangible assets		(128	)		128			(129	)		129			(258	)		258			(259	)		259
Acquisition and integration-related costs ⁽¹⁾		—			—			(36	)		36			—			—			(74	)		74
Restructuring costs ⁽²⁾		—			—			(10	)		10			—			—			18			(18	)
Income tax effects ⁽³⁾		N/A			(32	)		N/A			(42	)		N/A			(63	)		N/A			(75	)
Adjusted total expenses (non-GAAP), Adjusted net income (non-GAAP)	$	2,920		$	2,222		$	2,768		$	1,465		$	5,934		$	4,230		$	5,570		$	2,934

⁽¹⁾		There were no acquisition and integration-related costs for the three and six months ended June 30, 2025. Acquisition and integration-related costs for the three and six months ended June 30, 2024 primarily consist of $18 million and $35 million of compensation and benefits, $12 million and $29 million of professional services, and $5 million of depreciation and amortization.
⁽²⁾		There were no restructuring costs for the three and six months ended June 30, 2025. Restructuring costs for the three and six months ended June 30, 2024 reflect a benefit due to a change in estimate of $3 million and $34 million in compensation and benefits, offset by $1 million and $3 million of occupancy and equipment expense and $12 million 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 June 30,								Six Months Ended June 30,
	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)	$	2,803	47.9	%	$	1,747	37.2	%	$	5,258	45.9	%	$	3,545		37.6	%
Amortization of acquired intangible assets		128	2.2	%		129	2.8	%		258	2.3	%		259		2.7	%
Acquisition and integration-related costs		—	—			36	0.8	%		—	—			74		0.8	%
Restructuring costs		—	—			10	0.2	%		—	—			(18	)	(0.2	)%
Adjusted income before taxes on income (non-GAAP), Adjusted pre-tax profit margin (non-GAAP)	$	2,931	50.1	%	$	1,922	41.0	%	$	5,516	48.2	%	$	3,860		40.9	%

	Three Months Ended June 30,												Six Months Ended June 30,
	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)	$	1,977		$	1.08		$	1,211		$	.66		$	3,773		$	2.07		$	2,462		$	1.34
Amortization of acquired intangible assets		128			.07			129			.07			258			.14			259			.14
Acquisition and integration-related costs		—			—			36			.02			—			—			74			.04
Restructuring costs		—			—			10			.01			—			—			(18	)		(.01	)
Income tax effects		(32	)		(.01	)		(42	)		(.03	)		(63	)		(.04	)		(75	)		(.04	)
Adjusted net income available to common stockholders (non-GAAP), Adjusted diluted EPS (non-GAAP)	$	2,073		$	1.14		$	1,344		$	.73		$	3,968		$	2.17		$	2,702		$	1.47

THE CHARLES SCHWAB CORPORATION

Non-GAAP Financial Measures

(In millions, except ratios and per share amounts)

(Unaudited)

	Three Months Ended June 30,						Six Months Ended June 30,
	2025			2024			2025			2024
Return on average common stockholders’ equity (GAAP)		19	%		14	%		18	%		15	%
Average common stockholders’ equity	$	41,504		$	33,991		$	40,936		$	33,264
Less: Average goodwill		(11,951	)		(11,951	)		(11,951	)		(11,951	)
Less: Average acquired intangible assets — net		(7,551	)		(8,067	)		(7,615	)		(8,132	)
Plus: Average deferred tax liabilities related to goodwill and acquired intangible assets — net		1,710			1,747			1,716			1,753
Average tangible common equity	$	23,712		$	15,720		$	23,086		$	14,934
Adjusted net income available to common stockholders ⁽¹⁾	$	2,073		$	1,344		$	3,968		$	2,702
Return on tangible common equity (non-GAAP)		35	%		34	%		34	%		36	%

⁽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)
	June 30, 2025
	CSC			CSB
Tier 1 Leverage Ratio (GAAP)		9.8	%		12.2	%
Tier 1 Capital	$	44,267		$	32,114
Plus: AOCI adjustment		(12,589	)		(10,932	)
Adjusted Tier 1 Capital		31,678			21,182
Average assets with regulatory adjustments		451,314			264,107
Plus: AOCI adjustment		(13,231	)		(11,623	)
Adjusted average assets with regulatory adjustments	$	438,083		$	252,484
Adjusted Tier 1 Leverage Ratio (non-GAAP)		7.2	%		8.4	%

View source version on businesswire.com: https://www.businesswire.com/news/home/20250718660688/en/

Contacts

Contact Information

MEDIA

Mayura Hooper, 415-667-1525

public.relations@schwab.com

INVESTORS/ANALYSTS

Jeff Edwards, 817-854-6177

investor.relations@schwab.com