Charles Schwab (SCHW) Q3 2025 earnings summary

Executive summary

• Net income for Q3 2025 was $2.4B, up 67% year-over-year; adjusted net income was $2.5B excluding transaction-related costs.

• Total net revenues for Q3 were $6.1B, up 27% year-over-year; YTD net revenues were $17.6B, up 23%.

• Core net new assets reached $137.5B, up 44% year-over-year; active brokerage accounts reached 38M.

• Announced acquisition of Forge Global Holdings for $660M to enhance private markets capabilities.

• Over 1 million new brokerage accounts opened for the fourth consecutive quarter.

Financial highlights

• Net interest revenue for Q3 was $3.1B, up 37% year-over-year; YTD $8.6B, up 30%.

• Asset management and administration fees for Q3 were $1.7B, up 13%; YTD $4.8B, up 13%.

• Trading revenue for Q3 was $995M, up 25%; YTD $2.9B, up 19%.

• Pre-tax profit margin for Q3 was 49.2% (GAAP), up from 38.0% in 2024; adjusted margin was 51.3%.

• Net interest margin expanded sequentially by 21 bps to 2.86%.

Outlook and guidance

• Management expects continued strong client engagement, organic growth, and asset growth, supported by improved investor sentiment and equity market appreciation.

• Capital expenditures for full-year 2025 are expected at the lower end of the 3-5% of total net revenues range.

• Forward-looking statements note risks and uncertainties that could impact future results.