Charles Schwab (SCHW) Q3 2026 earnings summary

Executive summary

• Record Q3 net revenue reached $7.171B, up 17% YoY; adjusted diluted EPS was $1.69, up 29%, and core net new assets were $190.4B, up 38%.

• Growth spanned client acquisition, managed investing, lending and trading; management expects ~800 bps of 2026 operating leverage.

• Durable growth strategy centers on attracting clients, deepening relationships and expanding advice, trading, lending and wealth capabilities, pairing people with AI.

Financial highlights

• Q3 net interest revenue was $3.476B, up 14% YoY; asset management and administration fees were $1.913B, up 14%.

• Trading revenue was $1.158B, up 16% YoY; bank deposit account fees rose 40% to $345M, and other revenue rose 64% to $279M.

• GAAP net income was $2.906B and diluted EPS was $1.62; adjusted net income was $3.021B and adjusted diluted EPS was $1.69, up 29% YoY.

• GAAP expenses excluding interest were $3.394B; adjusted expenses were $3.243B, both up 9% YoY.

• Nine-month net revenue was $20.725B, up 18% YoY; GAAP net income was $8.185B, up 28%, and diluted EPS was $4.53, up 36%.

Outlook and guidance

• FY 2026 revenue growth and NIM expansion are expected toward the lower end of summer-update ranges; expenses are expected at the low end of guidance.

• FY 2026 positive operating leverage is expected at ~800 bps, roughly double the beginning-of-year expectation.

• Q4 NIM is expected to expand ~25–30 bps YoY, with further expansion expected in 2027.

• Organic cash growth, seasonal Q4 inflows and positive lending and trading trends are expected to continue.

• The long-term framework targets high-single-digit to low-double-digit revenue growth, positive operating leverage and mid-teens EPS growth; a detailed 2027 scenario is planned for the January winter business update.