March Core Net New Assets Equal $59.1 Billion, 1Q25 Totals $137.7 Billion

1Q25 Net Revenues Up 18% Year-Over-Year to a Record $5.6 Billion

Quarterly GAAP Earnings Per Share of $.99, $1.04 Adjusted ⁽¹⁾ – Up 41% Versus 1Q24

The Charles Schwab Corporation reported net income for the first quarter totaling $1.9 billion, or $.99 earnings per share. Excluding $130 million of pre-tax transaction-related costs, adjusted ⁽¹⁾ net income and earnings per share equaled $2.0 billion and $1.04, respectively.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20250417974117/en/

Client Driven Growth	$137.7B 1Q25 Core Net New Assets	"Investors turned to Schwab to navigate an increasingly uncertain environment in 1Q25, entrusting us with $138 billion in core net new assets. This 44% year-over-year increase in asset gathering was powered by our unwavering focus on serving the needs of clients across Retail, Advisor Services, and Workplace Financial Services." President & CEO Rick Wurster

Diversified Revenue Growth	18% 1Q25 Revenue Growth vs. 1Q24	"Schwab delivered growth on all fronts during the first quarter, converting robust organic growth, increased trading volumes, strong Managed Investing net inflows, and sustained bank lending momentum into record net revenues totaling $5.6 billion." President & CEO Rick Wurster

Balance Sheet Management	$11.8B 1Q25 Reduction in Bank Supplemental Funding ⁽²⁾	"Client transactional sweep cash equaled $407.8 billion at the end of March – reflecting normal first quarter deployment activity partially offset by client net selling following the re-emergence of market volatility. At the same time, we further reduced Bank Supplemental Funding to $38.1 billion at quarter-end – a 46% decrease versus 1Q24." CFO Mike Verdeschi

Opportunistic Capital Return	$1.5B Worth of Common Shares Repurchased	"While continuing to meet the evolving needs of our growing client base, we increased capital return to stockholders during the quarter – including increasing the quarterly common dividend by 8% and repurchasing $1.5 billion worth of common stock." CFO Mike Verdeschi

1Q25 Client and Business Highlights

Net asset gathering helped total client assets increase 9% year-over-year to $9.93 trillion
Core net new assets of $137.7 billion for the quarter represents a 5.5% annualized growth rate
New brokerage account openings increased 8% year-over-year to 1.2 million for the quarter, propelling total active brokerage accounts to 37.0 million
Managed Investing Solutions net inflows grew 15% relative to 1Q24 – setting a new quarterly record
Margin balances ended the quarter essentially flat versus 4Q24 at $83.6 billion, as investors reduced leverage during the back half of the quarter amidst an increasingly uncertain environment
Driven by a sharp increase in market volatility, daily average trading volume grew 17% quarter-over-quarter
Charles Schwab named #1 Overall Broker by StockBrokers.com ⁽³⁾

	Three Months Ended March 31,						%
Financial Highlights	2025			2024			Change

Net revenues (in millions)	$	5,599		$	4,740		18	%
Net income (in millions)
GAAP	$	1,909		$	1,362		40	%
Adjusted	$	2,008		$	1,469		37	%
Diluted earnings per common share
GAAP	$	.99		$	.68		46	%
Adjusted	$	1.04		$	.74		41	%
Pre-tax profit margin
GAAP		43.8	%		37.9	%
Adjusted		46.2	%		40.9	%
Return on average common stockholders' equity (annualized)		18	%		15	%
Return on tangible common equity (annualized)		35	%		39	%

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.

1Q25 Financial Commentary

Quarterly net revenues grew year-over-year by 18% to a record $5.6 billion
Net interest margin expanded sequentially by 20 basis points to 2.53%
Client transactional sweep cash balances ended at $407.8 billion, a sequential decline of $10.8 billion, reflecting typical first quarter seasonality as well as client net equity selling during the back half of the quarter
Bank Supplemental Funding ⁽²⁾ declined $11.8 billion during the quarter to $38.1 billion at March month-end
Asset management and administration fees increased by 14% year-over-year to $1.5 billion as organic growth and product utilization more than offset the impact of recent equity market weakness
Trading revenue increased 11% versus 1Q24 due to higher volumes
GAAP expenses for the quarter increased 7% versus 1Q24; excluding first quarter amortization of acquired intangibles of $130 million, adjusted total expenses ⁽¹⁾ were up 8% year-over-year
Capital ratios across the firm continued to strengthen – including preliminary consolidated Tier 1 Leverage and adjusted Tier 1 Leverage ⁽¹⁾ reaching 9.9% and 7.1%, respectively
Increased the quarterly common stock dividend by 8% to $.27 per share
Repurchased 19.2 million shares of our common stock for $1.5 billion in connection with The Toronto-Dominion Bank's secondary offer

⁽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⁾		StockBrokers.com Annual Awards 2025 was given on January 28, 2025. The criteria, evaluation, and ranking were determined by StockBrokers.com. Companies were assessed in StockBrokers.com's 7 Primary Categories: Range of Investments, Platforms & Tools, Research, Mobile Trading, Education, Ease of Use, and Overall. See https://www.stockbrokers.com/annual-awards-2025 for more information.

Spring Business Update

The company will host its Spring 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 business results 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 37.0 million active brokerage accounts, 5.5 million workplace plan participant accounts, 2.1 million banking accounts, and $9.93 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 March 31,
	2025			2024
Net Revenues
Interest revenue	$	3,757		$	3,941
Interest expense		(1,051	)		(1,708	)
Net interest revenue		2,706			2,233
Asset management and administration fees		1,530			1,348
Trading revenue		908			817
Bank deposit account fees		245			183
Other		210			159
Total net revenues		5,599			4,740
Expenses Excluding Interest
Compensation and benefits		1,672			1,538
Professional services		269			241
Occupancy and equipment		274			265
Advertising and market development		96			88
Communications		153			141
Depreciation and amortization		217			228
Amortization of acquired intangible assets		130			130
Regulatory fees and assessments		89			125
Other		244			186
Total expenses excluding interest		3,144			2,942
Income before taxes on income		2,455			1,798
Taxes on income		546			436
Net Income		1,909			1,362
Preferred stock dividends and other		113			111
Net Income Available to Common Stockholders	$	1,796		$	1,251
Weighted-Average Common Shares Outstanding:
Basic		1,817			1,825
Diluted		1,822			1,831
Earnings Per Common Shares Outstanding:
Basic	$	.99		$	.69
Diluted	$	.99		$	.68

THE CHARLES SCHWAB CORPORATION
Financial and Operating Highlights
(Unaudited)
	Q1-25 % change					2025			2024
		vs.		vs.		First			Fourth			Third			Second			First
(In millions, except per share amounts and as noted)		Q1-24		Q4-24		Quarter			Quarter			Quarter			Quarter			Quarter
Net Revenues
Net interest revenue		21	%	7	%	$	2,706		$	2,531		$	2,222		$	2,158		$	2,233
Asset management and administration fees		14	%	1	%		1,530			1,509			1,476			1,383			1,348
Trading revenue		11	%	4	%		908			873			797			777			817
Bank deposit account fees		34	%	2	%		245			241			152			153			183
Other		32	%	20	%		210			175			200			219			159
Total net revenues		18	%	5	%		5,599			5,329			4,847			4,690			4,740
Expenses Excluding Interest
Compensation and benefits		9	%	9	%		1,672			1,533			1,522			1,450			1,538
Professional services		12	%	(9	)%		269			297			256			259			241
Occupancy and equipment		3	%	(1	)%		274			276			271			248			265
Advertising and market development		9	%	(5	)%		96			101			101			107			88
Communications		9	%	17	%		153			131			147			172			141
Depreciation and amortization		(5	)%	(3	)%		217			224			231			233			228
Amortization of acquired intangible assets		—		—			130			130			130			129			130
Regulatory fees and assessments		(29	)%	—			89			89			88			96			125
Other		31	%	—			244			243			259			249			186
Total expenses excluding interest		7	%	4	%		3,144			3,024			3,005			2,943			2,942
Income before taxes on income		37	%	7	%		2,455			2,305			1,842			1,747			1,798
Taxes on income		25	%	17	%		546			465			434			415			436
Net Income		40	%	4	%		1,909			1,840			1,408			1,332			1,362
Preferred stock dividends and other		2	%	(8	)%		113			123			109			121			111
Net Income Available to Common Stockholders		44	%	5	%	$	1,796		$	1,717		$	1,299		$	1,211		$	1,251
Earnings per common share:
Basic		43	%	5	%	$	.99		$	.94		$	.71		$	.66		$	.69
Diluted		46	%	5	%	$	.99		$	.94		$	.71		$	.66		$	.68
Dividends declared per common share		8	%	8	%	$	.27		$	.25		$	.25		$	.25		$	.25
Weighted-average common shares outstanding:
Basic		—		(1	)%		1,817			1,831			1,829			1,828			1,825
Diluted		—		(1	)%		1,822			1,836			1,834			1,834			1,831
Performance Measures
Pre-tax profit margin							43.8	%		43.3	%		38.0	%		37.2	%		37.9	%
Return on average common stockholders' equity (annualized) ⁽¹⁾							18	%		18	%		14	%		14	%		15	%
Financial Condition (at quarter end, in billions)
Cash and cash equivalents		10	%	(17	)%	$	35.0		$	42.1		$	34.9		$	25.4		$	31.8
Cash and investments segregated		48	%	1	%		38.4			38.2			33.7			21.7			25.9
Receivables from brokers, dealers, and clearing organizations		(29	)%	21	%		2.9			2.4			3.4			3.2			4.1
Receivables from brokerage clients — net		19	%	(1	)%		84.4			85.4			74.0			72.8			71.2
Available for sale securities		(26	)%	(10	)%		74.8			83.0			90.0			93.6			101.1
Held to maturity securities		(8	)%	(2	)%		143.8			146.5			149.9			153.2			156.4
Bank loans — net		15	%	4	%		47.1			45.2			43.3			42.2			40.8
Total assets		(1	)%	(4	)%		462.9			479.8			466.1			449.7			468.8
Bank deposits		(9	)%	(5	)%		246.2			259.1			246.5			252.4			269.5
Payables to brokers, dealers, and clearing organizations⁽²⁾		134	%	18	%		15.7			13.3			16.4			5.9			6.7
Payables to brokerage clients		20	%	(1	)%		100.6			101.6			89.2			80.0			84.0
Accrued expenses and other liabilities⁽²⁾		1	%	(11	)%		11.0			12.3			11.2			10.6			10.9
Other short-term borrowings		(18	)%	15	%		6.9			6.0			10.6			10.0			8.4
Federal Home Loan Bank borrowings		(52	)%	(31	)%		11.5			16.7			22.6			24.4			24.0
Long-term debt		(6	)%	(4	)%		21.5			22.4			22.4			22.4			22.9
Total liabilities		(3	)%	(4	)%		413.4			431.5			418.8			405.7			426.4
Stockholders' equity		17	%	2	%		49.5			48.4			47.2			44.0			42.4
Total liabilities and stockholders' equity		(1	)%	(4	)%		462.9			479.8			466.1			449.7			468.8
Other
Full-time equivalent employees (at quarter end, in thousands)		(2	)%	—			32.1			32.1			32.1			32.3			32.6
Capital expenditures — purchases of equipment, office facilities, and property, net (in millions)		28	%	(40	)%	$	156		$	258		$	135		$	92		$	122
Expenses excluding interest as a percentage of average client assets (annualized)							0.12	%		0.12	%		0.12	%		0.13	%		0.14	%
Clients' Daily Average Trades (DATs) (in thousands)		24	%	17	%		7,391			6,312			5,697			5,486			5,958
Number of Trading Days		(2	)%	(5	)%		60.0			63.0			63.5			63.0			61.0
Revenue Per Trade ⁽³⁾		(9	)%	(7	)%	$	2.05		$	2.20		$	2.20		$	2.25		$	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.

THE CHARLES SCHWAB CORPORATION
Net Interest Revenue Information
(In millions, except ratios or as noted)
(Unaudited)
	Three Months Ended March 31,
	2025						2024
	Average Balance		Interest Revenue/ Expense		Average Yield/ Rate		Average Balance		Interest Revenue/ Expense		Average Yield/ Rate
Interest-earning assets
Cash and cash equivalents	$	30,483	$	328	4.31	%	$	33,791	$	454	5.31	%
Cash and investments segregated		38,611		412	4.27	%		29,297		388	5.24	%
Receivables from brokerage clients		83,137		1,382	6.65	%		63,804		1,260	7.81	%
Available for sale securities ⁽¹⁾		84,590		433	2.05	%		111,867		594	2.12	%
Held to maturity securities ⁽¹⁾		144,401		622	1.72	%		157,410		690	1.75	%
Bank loans		46,043		493	4.32	%		40,529		440	4.36	%
Total interest-earning assets		427,265		3,670	3.44	%		436,698		3,826	3.48	%
Securities lending revenue				60						76
Other interest revenue				27						39
Total interest-earning assets	$	427,265	$	3,757	3.52	%	$	436,698	$	3,941	3.59	%
Funding sources
Bank deposits	$	245,719	$	436	0.72	%	$	274,368	$	921	1.35	%
Payables to brokers, dealers, and clearing organizations ⁽²⁾		14,177		137	3.88	%		5,513		55	3.96	%
Payables to brokerage clients		90,173		51	0.23	%		68,343		73	0.43	%
Other short-term borrowings		6,695		82	4.96	%		7,385		103	5.61	%
Federal Home Loan Bank borrowings		10,725		133	4.94	%		24,857		330	5.27	%
Long-term debt		22,281		212	3.81	%		25,000		224	3.59	%
Total interest-bearing liabilities ⁽²⁾		389,770		1,051	1.09	%		405,466		1,706	1.69	%
Non-interest-bearing funding sources ⁽²⁾		37,495						31,232
Other interest expense				—						2
Total funding sources	$	427,265	$	1,051	0.99	%	$	436,698	$	1,708	1.57	%
Net interest revenue			$	2,706	2.53	%			$	2,233	2.02	%

⁽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 March 31,
	2025						2024
	Average Client Assets		Revenue		Average Fee		Average Client Assets		Revenue		Average Fee
Schwab money market funds	$	621,474	$	418	0.27	%	$	499,887	$	336	0.27	%
Schwab equity and bond funds, exchange-traded funds (ETFs), and collective trust funds (CTFs)		658,588		122	0.08	%		539,661		107	0.08	%
Mutual Fund OneSource^® and other no-transaction-fee funds		359,696		222	0.25	%		314,576		209	0.27	%
Other third-party mutual funds and ETFs		623,647		103	0.07	%		605,625		106	0.07	%
Total mutual funds, ETFs, and CTFs⁽¹⁾	$	2,263,405	$	865	0.15	%	$	1,959,749	$	758	0.16	%
Managed investing solutions ⁽¹⁾
Fee-based	$	590,483	$	569	0.39	%	$	506,133	$	503	0.40	%
Non-fee-based		120,442		—	—			106,032		—	—
Total managed investing solutions	$	710,925	$	569	0.32	%	$	612,165	$	503	0.33	%
Other balance-based fees ⁽²⁾		841,555		77	0.04	%		719,447		69	0.04	%
Other ⁽³⁾				19						18
Total asset management and administration fees			$	1,530					$	1,348

⁽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)

	Q1-25 % Change					2025			2024
		vs.		vs.		First			Fourth			Third			Second			First
(In billions, at quarter end, except as noted)		Q1-24		Q4-24		Quarter			Quarter			Quarter			Quarter			Quarter
Assets in client accounts
Schwab One^®, certain cash equivalents, and bank deposits		(1	)%	(4	)%	$	345.2		$	358.8		$	334.1		$	330.7		$	348.2
Bank deposit account balances		(7	)%	(4	)%		83.7			87.5			84.0			84.5			90.2
Proprietary mutual funds (Schwab Funds^® and Laudus Funds^®) and CTFs
Money market funds ⁽¹⁾		24	%	8	%		641.5			596.5			562.1			533.6			515.7
Equity and bond funds and CTFs ⁽²⁾		10	%	(2	)%		227.0			232.2			228.9			214.4			206.0
Total proprietary mutual funds and CTFs		20	%	5	%		868.5			828.7			791.0			748.0			721.7
Mutual Fund Marketplace^{® (3)}
Mutual Fund OneSource^® and other no-transaction-fee funds		3	%	(2	)%		340.3			347.8			358.0			344.8			329.2
Mutual fund clearing services		13	%	—			280.6			280.7			280.8			264.7			248.1
Other third-party mutual funds		1	%	(1	)%		1,195.4			1,211.1			1,236.5			1,177.5			1,182.9
Total Mutual Fund Marketplace		3	%	(1	)%		1,816.3			1,839.6			1,875.3			1,787.0			1,760.2
Total mutual fund assets		8	%	1	%		2,684.8			2,668.3			2,666.3			2,535.0			2,481.9
Exchange-traded funds
Proprietary ETFs ⁽²⁾		16	%	1	%		398.2			395.0			385.9			349.6			342.9
Other third-party ETFs		17	%	1	%		1,960.1			1,940.6			1,888.2			1,738.6			1,676.6
Total ETF assets		17	%	1	%		2,358.3			2,335.6			2,274.1			2,088.2			2,019.5
Equity and other securities		9	%	(5	)%		3,765.5			3,972.6			3,839.6			3,648.8			3,467.7
Fixed income securities		—		2	%		775.8			762.3			795.4			792.0			779.0
Margin loans outstanding		23	%	—			(83.6	)		(83.8	)		(73.0	)		(71.7	)		(68.1	)
Total client assets		9	%	(2	)%	$	9,929.7		$	10,101.3		$	9,920.5		$	9,407.5		$	9,118.4
Client assets by business⁽⁴⁾
Investor Services ⁽⁵⁾		9	%	(3	)%	$	5,557.4		$	5,721.6		$	5,576.7		$	5,317.5		$	5,108.9
Advisor Services ⁽⁶⁾		9	%	—			4,372.3			4,379.7			4,343.8			4,090.0			4,009.5
Total client assets		9	%	(2	)%	$	9,929.7		$	10,101.3		$	9,920.5		$	9,407.5		$	9,118.4
Net growth in assets in client accounts (for the quarter ended)
Net new assets by business ⁽⁴⁾
Investor Services ⁽⁵⁾		85	%	50	%	$	69.5		$	46.2		$	37.2		$	40.1		$	37.6
Advisor Services ⁽⁶⁾		24	%	1	%		62.9			62.2			53.6			34.1			50.6
Total net new assets		50	%	22	%	$	132.4		$	108.4		$	90.8		$	74.2		$	88.2
Net market gains (losses)							(304.0	)		72.4			422.2			214.9			513.6
Net growth (decline)						$	(171.6	)	$	180.8		$	513.0		$	289.1		$	601.8
New brokerage accounts (in thousands, for the quarter ended)		8	%	6	%		1,183			1,119			972			985			1,094
Client accounts (in thousands)
Active brokerage accounts		5	%	2	%		37,011			36,456			35,982			35,612			35,301
Banking accounts		9	%	3	%		2,050			1,998			1,954			1,931			1,885
Workplace Plan Participant Accounts ⁽⁷⁾		4	%	2	%		5,495			5,399			5,388			5,363			5,277

⁽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 March 31, 2025, off-platform equity and bond funds, CTFs, and ETFs were $34.5 billion, $3.9 billion, and $144.8 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⁾		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. First quarter of 2024 includes net outflows of $7.4 billion from off-platform Schwab Bank Retail CDs.
⁽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 March 2025
	2024													2025					Change
	Mar	Apr		May	Jun	Jul	Aug	Sep	Oct		Nov	Dec		Jan	Feb		Mar		Mo.		Yr.
Market Indices (at month end)
Dow Jones Industrial Average^®	39,807	37,816		38,686	39,119	40,843	41,563	42,330	41,763		44,911	42,544		44,545	43,841		42,002		(4	)%	6	%
Nasdaq Composite^®	16,379	15,658		16,735	17,733	17,599	17,714	18,189	18,095		19,218	19,311		19,627	18,847		17,299		(8	)%	6	%
Standard & Poor's^® 500	5,254	5,036		5,278	5,460	5,522	5,648	5,762	5,705		6,032	5,882		6,041	5,955		5,612		(6	)%	7	%
Client Assets (in billions of dollars)
Beginning Client Assets	8,879.5	9,118.4		8,847.5	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
Net New Assets⁽¹⁾	41.7	10.0		31.0	33.2	29.0	31.5	30.3	22.7		25.5	60.2		30.5	46.6		55.3		19	%	33	%
Net Market Gains (Losses)	197.2	(280.9	)	327.8	168.0	135.6	134.1	152.5	(91.2	)	427.9	(264.3	)	201.3	(99.5	)	(405.8	)
Total Client Assets (at month end)	9,118.4	8,847.5		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		(3	)%	9	%
Core Net New Assets^(1,2)	45.0	1.0		31.1	29.1	29.0	32.8	33.5	24.6		28.8	61.4		30.6	48.0		59.1		23	%	31	%
Receiving Ongoing Advisory Services (at month end)
Investor Services	618.5	602.2		624.0	632.9	649.1	663.7	675.1	665.6		688.9	682.0		698.7	703.5		688.8		(2	)%	11	%
Advisor Services	4,009.5	3,893.9		4,027.3	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		(3	)%	9	%
Client Accounts (at month end, in thousands)
Active Brokerage Accounts	35,301	35,426		35,524	35,612	35,743	35,859	35,982	36,073		36,222	36,456		36,709	36,861		37,011		—		5	%
Banking Accounts	1,885	1,901		1,916	1,931	1,937	1,940	1,954	1,967		1,980	1,998		2,019	2,033		2,050		1	%	9	%
Workplace Plan Participant Accounts ⁽³⁾	5,277	5,282		5,345	5,363	5,382	5,373	5,388	5,407		5,393

Schwab Reports Record First Quarter Revenue