Record Quarterly Core Net New Assets of $190.4 Billion, Up 38% Year-Over-Year

3Q Net Revenues Reached a Record $7.2 Billion, Up 17% Year-Over-Year

Record GAAP Earnings Per Share of $1.62; $1.69 Adjusted ⁽¹⁾ – Up 29% versus 3Q25

The Charles Schwab Corporation reported net income for the third quarter totaling $2.9 billion, or earnings per share of $1.62. Excluding $151 million of pre-tax transaction-related costs, adjusted ⁽¹⁾ net income and earnings per share equaled $3.0 billion and $1.69, respectively.

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Client Driven Growth	$190.4B 3Q26 Core Net New Assets	"During the third quarter, clients opened 1.2 million new brokerage accounts and entrusted Schwab with $190.4 billion in core net new assets – an annualized growth rate of 5.8%. We are delivering new capabilities and solutions, while our leading value proposition continues to resonate with investors and RIAs." President & CEO Rick Wurster

Deepen Client Relationships	55% 3Q26 Schwab Wealth Advisory™ Net Flows Growth vs. 3Q25	"As investing plays an increasingly central role in people’s financial lives, clients continue to turn to Schwab for our broad set of wealth, trading, and banking capabilities. During the quarter, Pledged Asset Line™ balances grew to $37.3 billion, up 59% year-over-year, while net flows into Schwab Wealth Advisory™ increased 55%." President & CEO Rick Wurster

Diversified Revenue Growth	17% 3Q26 Revenue Growth vs. 3Q25	"Deeper client engagement across Schwab's platform continues to broaden and strengthen our revenue model, helping our third quarter revenue increase 17% year-over-year to a record $7.2 billion." CFO Mike Verdeschi

Strong Earnings Momentum	29% 3Q26 GAAP EPS Growth vs. 3Q25	"Our diversified business model, continued focus on meeting clients’ evolving needs, and industry leading scale combined to drive year-over-year GAAP earnings growth of 29% to a record $1.62, or $1.69 on an adjusted ⁽¹⁾ basis." CFO Mike Verdeschi

3Q26 Client and Business Highlights

Total client assets increased 15% year-over-year to $13.33 trillion
Core net new assets totaled $190.4 billion, up 38% versus 3Q25
New brokerage account openings equaled 1.2 million, helping bring total client accounts to 48.6 million
Managed Investing Solutions net flows grew 22% versus 3Q25
Bank loan balances equaled $72.3 billion at September month-end, up 35% year-over-year
Margin loan balances increased 14% quarter-over-quarter to $187.9 billion at quarter-end, including $60.7 billion related to long/short strategies ⁽²⁾
Daily average trading volume equaled 10.7 million – up 44% versus 3Q25
Announced Single Stock Futures on the thinkorswim^® trading platform and plans to expand digital assets available in Schwab Crypto™
Introduced Charley, a new AI-powered assistant that provides U.S. retail clients with conversational access to Schwab’s tools and insights
Partnered with Anthropic to bring Claude for Financial Advisors directly to the independent RIAs Schwab serves
Schwab was recognized as one of Fortune’s 2026 Most Innovative Companies ⁽³⁾

	Three Months Ended September 30,						%	Nine Months Ended September 30,						%
Financial Highlights	2026			2025			Change	2026			2025			Change

Net revenues (in millions)	$	7,171		$	6,135		17%	$	20,725		$	17,585		18%
Net income (in millions)
GAAP	$	2,906		$	2,358		23%	$	8,185		$	6,393		28%
Adjusted	$	3,021		$	2,456		23%	$	8,539		$	6,686		28%
Diluted earnings per common share
GAAP	$	1.62		$	1.26		29%	$	4.53		$	3.33		36%
Adjusted	$	1.69		$	1.31		29%	$	4.73		$	3.49		36%
Pre-tax profit margin
GAAP		52.7	%		49.2	%			51.3	%		47.1	%
Adjusted		54.8	%		51.3	%			53.5	%		49.3	%
Return on average common stockholders’ equity (annualized)		25	%		21	%			24	%		20	%
Return on tangible common equity (annualized)		44	%		38	%			42	%		37	%

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.

3Q26 Financial Commentary

Quarterly net revenues grew year-over-year by 17% to a record $7.2 billion
Net interest margin expanded quarter-over-quarter to 3.04%
Client transactional sweep cash balances ended September at $492.8 billion, an increase of $7.1 billion versus the prior quarter-end, reflecting continued demand for long/short strategies and organic growth, partially offset by client asset allocation decisions
Average interest-earning assets for the quarter equaled $451.5 billion, up 8% versus 3Q25
Asset management and administration fees grew by 14% year-over-year to $1.9 billion, powered by the firm’s organic growth and investors’ increased utilization of our wealth and asset management solutions
Clients remained engaged with the market, driving trading revenue of $1.2 billion, up 16% year-over-year
GAAP expenses for the quarter increased 9% year-over-year; excluding acquisition and integration-related costs and the amortization of acquired intangibles of $151 million, adjusted total expenses⁽¹⁾were also up 9% relative to 3Q25
Capital ratios across the firm remained strong – including preliminary consolidated Tier 1 Leverage and adjusted Tier 1 Leverage⁽¹⁾ of 8.9% and 7.0%, respectively
Repurchased 4.7 million shares of our common stock for $0.5 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⁾		Client margin loans and short credits related to certain long/short strategies utilized by RIAs are excluded from interest-earning assets and company funding sources.
⁽³⁾		Fortune America’s Most Innovative Companies 2026 was given on March 25, 2026, and expires on March 24, 2027. The criteria, evaluation, and ranking were determined by Fortune, partnered with Statista. Visit https://www.fortune.com/ranking/americas-most-innovative-companies/ for more information. Schwab paid a licensing fee to Fortune for use of the award and logos.

Fall Business Update

The company will host its Fall Business Update for institutional investors this morning from 7:30 a.m. - 8:30 a.m. CT, 8:30 a.m. - 9:30 a.m. ET.

Registration for this Update webcast is accessible at https://www.aboutschwab.com/schwabevents.

Forward-Looking Statements

This press release contains forward-looking statements relating to the company’s diversified business model, scale, capabilities, solutions, value proposition, and client engagement. 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 40.3 million active brokerage accounts, 5.9 million workplace plan participant accounts, 2.4 million banking accounts, and $13.33 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 September 30,						Nine Months Ended September 30,
	2026			2025			2026			2025
Net Revenues
Interest revenue	$	4,473		$	3,956		$	12,581		$	11,500
Interest expense		(997	)		(906	)		(2,604	)		(2,922	)
Net interest revenue		3,476			3,050			9,977			8,578
Asset management and administration fees		1,913			1,673			5,497			4,773
Trading revenue		1,158			995			3,462			2,855
Bank deposit account fees		345			247			973			739
Other		279			170			816			640
Total net revenues		7,171			6,135			20,725			17,585
Expenses Excluding Interest
Compensation and benefits		1,756			1,653			5,358			4,861
Professional services		325			293			935			853
Occupancy and equipment		316			280			902			824
Advertising and market development		114			101			326			305
Communications		172			149			533			478
Depreciation and amortization		196			212			595			644
Amortization of acquired intangible assets		141			127			415			385
Regulatory fees and assessments		73			59			211			225
Other		301			240			816			731
Total expenses excluding interest		3,394			3,114			10,091			9,306
Income before taxes on income		3,777			3,021			10,634			8,279
Taxes on income		871			663			2,449			1,886
Net Income		2,906			2,358			8,185			6,393
Preferred stock dividends and other		95			81			296			343
Net Income Available to Common Stockholders	$	2,811		$	2,277		$	7,889		$	6,050
Weighted-Average Common Shares Outstanding:
Basic		1,728			1,806			1,736			1,815
Diluted		1,733			1,811			1,741			1,820
Earnings Per Common Shares Outstanding:
Basic	$	1.63		$	1.26		$	4.54		$	3.33
Diluted	$	1.62		$	1.26		$	4.53		$	3.33

THE CHARLES SCHWAB CORPORATION
Financial and Operating Highlights
(Unaudited)

	Q3-26 % change		2026									2025
(In millions, except per share amounts and as noted)	vs.	vs.	Third			Second			First			Fourth			Third
(In millions, except per share amounts and as noted)	Q3-25	Q2-26	Quarter			Quarter			Quarter			Quarter			Quarter
Net Revenues
Net interest revenue	14%	4%	$	3,476		$	3,357		$	3,144		$	3,172		$	3,050
Asset management and administration fees	14%	5%		1,913			1,825			1,759			1,733			1,673
Trading revenue	16%	(5)%		1,158			1,215			1,089			1,066			995
Bank deposit account fees	40%	4%		345			333			295			238			247
Other	64%	(18)%		279			342			195			127			170
Total net revenues	17%	1%		7,171			7,072			6,482			6,336			6,135
Expenses Excluding Interest
Compensation and benefits	6%	(2)%		1,756			1,790			1,812			1,630			1,653
Professional services	11%	6%		325			307			303			344			293
Occupancy and equipment	13%	5%		316			301			285			293			280
Advertising and market development	13%	3%		114			111			101			115			101
Communications	15%	(13)%		172			198			163			142			149
Depreciation and amortization	(8)%	(1)%		196			198			201			206			212
Amortization of acquired intangible assets	11%	(1)%		141			142			132			127			127
Regulatory fees and assessments	24%	16%		73			63			75			62			59
Other	25%	3%		301			293			222			237			240
Total expenses excluding interest	9%	—		3,394			3,403			3,294			3,156			3,114
Income before taxes on income	25%	3%		3,777			3,669			3,188			3,180			3,021
Taxes on income	31%	—		871			869			709			721			663
Net Income	23%	4%		2,906			2,800			2,479			2,459			2,358
Preferred stock dividends and other	17%	(20)%		95			119			82			92			81
Net Income Available to Common Stockholders	23%	5%	$	2,811		$	2,681		$	2,397		$	2,367		$	2,277
Earnings per common share:
Basic	29%	5%	$	1.63		$	1.55		$	1.37		$	1.34		$	1.26
Diluted	29%	5%	$	1.62		$	1.54		$	1.37		$	1.33		$	1.26
Dividends declared per common share	19%	—	$	.32		$	.32		$	.32		$	.27		$	.27
Weighted-average common shares outstanding:
Basic	(4)%	—		1,728			1,735			1,746			1,772			1,806
Diluted	(4)%	—		1,733			1,739			1,752			1,777			1,811
Performance Measures
Pre-tax profit margin				52.7	%		51.9	%		49.2	%		50.2	%		49.2	%
Return on average common stockholders’ equity (annualized) ⁽¹⁾				25	%		25	%		23	%		22	%		21	%
Financial Condition (at quarter end, in billions)
Cash and cash equivalents	20%	(10)%	$	36.7		$	40.6		$	45.0		$	46.0		$	30.6
Cash and investments segregated	(33)%	(4)%		31.8			33.0			39.8			42.9			47.8
Receivables from brokers, dealers, and clearing organizations	N/M	24%		27.2			22.0			11.8			7.2			4.7
Receivables from brokerage clients — net	37%	4%		128.1			122.8			106.2			104.7			93.8
Available for sale securities	(5)%	(6)%		59.0			62.5			61.1			62.4			62.3
Held to maturity securities	(7)%	(3)%		126.6			130.6			131.7			134.0			136.7
Bank loans — net	35%	8%		72.3			67.0			60.9			58.0			53.6
Total assets	12%	1%		520.7			517.3			493.3			491.0			465.3
Bank deposits	2%	(2)%		244.1			249.7			253.0			255.7			239.1
Payables to brokers, dealers, and clearing organizations	108%	6%		46.5			43.8			28.1			25.7			22.4
Payables to brokerage clients	8%	1%		125.2			124.0			118.0			116.3			115.4
Accrued expenses and other liabilities	18%	7%		13.4			12.5			12.0			12.8			11.4
Other short-term borrowings	118%	2%		14.2			13.9			12.5			6.9			6.5
Federal Home Loan Bank borrowings	122%	N/M		2.0			0.5			—			1.9			0.9
Long-term debt	18%	5%		23.8			22.7			20.5			22.2			20.2
Total liabilities	13%	—		469.2			467.1			444.1			441.6			415.9
Stockholders’ equity	4%	3%		51.4			50.1			49.2			49.4			49.4
Total liabilities and stockholders’ equity	12%	1%		520.7			517.3			493.3			491.0			465.3
Other
Full-time equivalent employees (at quarter end, in thousands)	4%	1%		33.9			33.7			33.5			33.0			32.7
Capital expenditures — purchases of equipment, office facilities, and property, net (in millions) ⁽²⁾	110%	(60)%	$	319		$	792		$	173		$	158		$	152
Expenses excluding interest as a percentage of average client assets (annualized)				0.10	%		0.11	%		0.11	%		0.11	%		0.11	%
Clients’ Daily Average Trades (DATs) (in thousands)	44%	(10)%		10,687			11,920			9,899			8,274			7,421
Number of Trading Days	1%	3%		64.0			62.0			61.0			63.0			63.5
Revenue Per Trade ⁽³⁾	(20)%	3%	$	1.69		$	1.64		$	1.80		$	2.05		$	2.11

⁽¹⁾		Return on average common stockholders’ equity is calculated using net income available to common stockholders divided by average common stockholders’ equity.
⁽²⁾		Second quarter of 2026 includes incremental capital expenditures of $633 million related to a multi-year software license agreement with a corresponding liability recognized in long-term debt.
⁽³⁾		Revenue per trade is calculated as trading revenue divided by the product of DATs and 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 September 30,												Nine Months Ended September 30,
	2026						2025						2026						2025
	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	$	34,525	$	317	3.59	%	$	24,298	$	264	4.26	%	$	32,577	$	883	3.58	%	$	27,571	$	897	4.29	%
Cash and investments segregated		31,251		289	3.62	%		46,046		494	4.20	%		38,795		1,060	3.60	%		44,104		1,412	4.22	%
Receivables from brokerage clients ⁽¹⁾		123,061		1,792	5.70	%		87,292		1,454	6.52	%		113,307		4,900	5.70	%		82,992		4,154	6.60	%
Available for sale securities ⁽²⁾		65,149		379	2.31	%		69,794		360	2.05	%		65,422		1,063	2.16	%		77,324		1,198	2.06	%
Held to maturity securities ⁽²⁾		128,026		553	1.72	%		137,672		587	1.70	%		130,433		1,690	1.72	%		141,032		1,811	1.71	%
Bank loans		69,526		775	4.43	%		51,849		557	4.27	%		64,249		2,095	4.35	%		48,882		1,568	4.28	%
Total interest-earning assets		451,538		4,105	3.58	%		416,951		3,716	3.51	%		444,783		11,691	3.48	%		421,905		11,040	3.46	%
Securities lending revenue				238						183						507						339
Other interest revenue ^(1,3)				130						57						383						121
Total interest-earning assets	$	451,538	$	4,473