2025 Annual Report
2025 Annual Report
Every decision we make is focused on doing right by our clients. And because every client’s journey is different, it’s critical that we listen, deliver experiences that build trust, and help clients feel supported and understood.
Rick Wurster:
The core question at the heart of everything we do at Schwab is, “Is this good for clients?” It's been the backbone of our “Through Clients’ Eyes” strategy for 51 years, and it hasn't changed. We ask ourselves, does this help our clients grow, protect, pass along their wealth and achieve their financial dreams?
Our momentum has never been stronger. We're innovating, we're advancing our capabilities, and we're building on our strong foundation to meet more of our clients’ financial needs. None of this would be possible without our 33,000 colleagues that wake up every day with a shared mission to see through clients’ eyes and deliver upon the financial goals and dreams that our clients have.
Because every client’s journey is different, it’s critical that we listen to them and hear directly from them.
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Schwab employees read real client comments to help us see Through Clients’ Eyes.
Employees reading client comments:
'Navigating this process was not for the faint of heart. It’s a mix of legalese, emotions, and about a million signatures…and somehow she made it all feel manageable.'
'I walked into your office without an appointment… I was immediately made to feel welcomed and comfortable.'
'I left feeling taken care of, with no anxiety.'
'The investments you’ve made in systems in recent years — and continue to make — have paid huge dividends in efficiency, productivity and happiness on our side.'
'She made a challenging and important process not only easier but actually quite human.'
'I at this point don’t know what I would do without you!'
There is such a thing as corporate culture. Keep doing what you’re doing. I appreciate it down to my toes.'
Rick Wurster:
It’s a privilege to work alongside my colleagues to make a difference in our clients’ financial lives. Trust is everything in our client relationships. We can't help clients achieve their financial goals and dreams if we can't walk alongside them in every part of their financial journey and have their trust.
Financial and Operating Results
Schwab delivered growth across all fronts in 2025—including record financial results—as our Through Clients’ Eyes strategy helps keep us positioned for long-term earnings expansion.
Mike Verdeschi, Chief Financial Officer
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2025
Schwab was there when clients when, where, and how they needed us
Processed more than 2.2 BILLION digital logins
Delivered more than 2.7 BILLION digital messages to 27.5 MILLION clients
Answered more than 30 MILLION calls
Informed millions with educational content, podcasts and industry insights…
And an industry-leading 500k+ subscribers on YouTube!
Supported thousands of clients in 400+ branches around the globe…
And, added 10 new branches
Announced plans to further democratize access to private markets for our clients
Expanded 24-hr trading to all clients
Launched National Investing Day celebrating what it means to be an investor.
Launched a campaign focused on our support of RIAs
Hosted the largest ever gathering of RIAs at IMPACT 2025
Fueled record-breaking RIA acquisitions
Invested $17.5 MILLION supporting financial literacy in communities
Packed 1 MILLION meals for families in need
Ranked as one of America’s 50 Most Community-Minded Companies
#1 in Retail Trading
(Schwab President and CEO Rick Wurster soundbite)
“There are no tradeoffs when you work with Schwab. We meet you where you are digitally, we're here for you if you want to call in, we're in 400 branches across the country where we're helping people navigate their financial lives every day."
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Source: Retail trading defined as leader in daily average trades amongst our publicly traded peers as of 11/4/2025
#1 in RIA Custodial Assets
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SOURCE: #1 The Cerulli Report—RIA Marketplace 2025: Solving for Scale
#1 in Total Client Assets
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(for publicly reported peers) 2025 Business Update
US News and World Report *Verified through investor relations and company data as of Sept. 18, 2025.
Named one of the Most Trusted Financial Companies
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(Source: IBD rankings)
The IBD Most Trusted Financial Companies accolade/recognition was published online by IBD on September 12, 2025, and is licensed for a 15-month timeframe. The criteria, evaluation, and ranking were determined by Investor’s Business Daily in conjunction with its research partner, TechnoMetrica Market Intelligence. Schwab paid a licensing fee to York Graphic Services, LLC. for use of the award and logos.
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Stock of the Hour
Schwab’s new assets rise on demand from retail investors
(image of Schwab President and CEO Rick Wurster)
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Rick Wurster
Charles Schwab President & CEO
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Stock of the Hour
Schwab’s new assets rise on demand from retail investors
(Charles Schwab logo)
Own your tomorrow®
© 2026 Charles Schwab & Co., Inc. (Schwab). All rights reserved. Member SIPC. (0126-4T3U)
1Further details on non-GAAP financial measures are included within our 10-K filed on February 25, 2026.
EOP = End of period.
In addition to historical information, this Annual Report on Form 10-K contains “forward-looking statements” within the meaning of Section 27A of the Securities Act, and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements, which reflect management’s expectations and objectives as of the date hereof, are based on the best judgment of Schwab’s senior management. These statements relate to, among other things: the company’s strategy, focus, and growth; competitive position; scale and pricing; investments and initiatives to meet investor needs; deepening client relationships; investor expectations; industry and competitive trends, including artificial intelligence, digital assets, private company securities and other alternative investments; expanded offers and services; plans to offer client access to select cryptocurrencies; the acquisition and integration of Forge Global and its private markets capabilities; disciplined financial management; and long-term earnings expansion and stockholder returns.
Achievement of these expectations and objectives is subject to risks and uncertainties that could cause actual results to differ materially. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of February 25, 2026. See “Forward-Looking Statements” in Management’s Discussion and Analysis of Financial Condition and Results of Operations on page 24 in the Form 10-K for a discussion of important factors that may cause such differences.