olivLaw · US equity research
The Charles Schwab Corporation SCHW
Security Brokers, Dealers & Flotation Companies · SIC 6211 · Vertical: Security Brokers, Dealers & Flotation Companies (SIC 6211)
Schwab is one of the largest financial services firms in the US, offering brokerage, banking, asset management and custody to individual investors and independent registered investment advisors (RIAs). With client assets of 13.33 trillion USD at the end of the third quarter of 2026, the company shows how scale and diversified revenue can support profit growth in a changing rate environment.
At the close of 04 Nov 2026, The Charles Schwab Corporation (SCHW) stock was 93.37 USD (+4.58% on the day), with market capitalisation 161.5 bn USD, P/E 16.8 on diluted EPS of 5.55 USD over the last 12 months, dividend yield 1.26%, beta 0.76, 52-week range 85.35–113.65 USD. Latest reported quarter (Q2 2026): revenue of 7.1 bn USD (+20.9% YoY), net income of 2.8 bn USD (+31.7% YoY), diluted EPS 1.54 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 49.5
- neutral
- Bollinger (20, 2)
- 85.86 – 98.17
- in the upper half of the band · %B 0.61 · band width 13.4%
- SMA 50 / 200
- 99.16 / 97.38
- mixed trend
- MACD (12, 26, 9)
- -2.57 / -3.03
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −4.7% | −1.1% | −3.6 pp | — |
| 3 months | −13.6% | −0.5% | −13.1 pp | — |
| 6 months | +1.3% | +4.4% | −3.1 pp | — |
| Year to date | −6.5% | +12.3% | −18.9 pp | — |
| 1 year | −0.5% | +13.5% | −14.0 pp | −16.4% |
| 3 years | +67.2% | +76.4% | −9.2 pp | +64.7% |
| 5 years | +15.1% | +63.7% | −48.6 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 4.8 bn | 5.3 bn | 5.6 bn | 5.9 bn | 6.1 bn | 6.3 bn | 6.5 bn | 7.1 bn |
| Interest expense | 1.7 bn | — | — | — | — | — | — | — |
| Pre-tax income | 1.8 bn | 2.3 bn | 2.5 bn | 2.8 bn | 3.0 bn | 3.2 bn | 3.2 bn | 3.7 bn |
| Income tax | 434.0 m | 465.0 m | 546.0 m | 677.0 m | 663.0 m | 721.0 m | 709.0 m | 869.0 m |
| Net income | 1.4 bn | 1.8 bn | 1.9 bn | 2.1 bn | 2.4 bn | 2.5 bn | 2.5 bn | 2.8 bn |
| Diluted EPS | 0.71 | 1.00 ≈ | 0.99 | 1.08 | 1.26 | 1.38 ≈ | 1.37 | 1.54 |
| Operating cash flow | 19.1 bn ≈ | -10.8 bn | 6.4 bn | 3.2 bn ≈ | 538.0 m ≈ | -763.0 m | 7.3 bn | 4.3 bn ≈ |
| Capex | 128.0 m ≈ | 254.0 m | 117.0 m | 128.0 m ≈ | 145.0 m ≈ | 158.0 m | 140.0 m | 185.0 m ≈ |
| Dividends paid | 563.0 m ≈ | 575.0 m | 595.0 m | 608.0 m ≈ | 562.0 m ≈ | 564.0 m | 632.0 m | 643.0 m ≈ |
| Share repurchases | 0 ≈ | 0 | 1.5 bn | 333.0 m ≈ | — | — | 2.4 bn | 999.0 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 21 percentile of its own 43-quarter history (min 13.1, median 24.1, max 32.0; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 10.1 bn | 10.7 bn | 11.7 bn | 18.5 bn | 20.8 bn | 18.8 bn | 19.6 bn | 23.9 bn |
| Revenue YoY | +17.6% | +5.8% | +9.0% | +58.4% | +12.1% | −9.3% | +4.1% | +22.0% |
| Net income | 3.5 bn | 3.7 bn | 3.3 bn | 5.9 bn | 7.2 bn | 5.1 bn | 5.9 bn | 8.9 bn |
| Net income YoY | +49.0% | +5.6% | −10.9% | +77.5% | +22.7% | −29.5% | +17.3% | +49.0% |
| Diluted EPS | 2.45 | 2.67 | 2.12 | 2.83 | 3.50 | 2.54 | 2.99 | 4.65 |
| Diluted EPS YoY | +52.2% | +9.0% | −20.6% | +33.5% | +23.7% | −27.4% | +17.7% | +55.5% |
| net % | 34.6% | 34.5% | 28.2% | 31.6% | 34.6% | 26.9% | 30.3% | 37.0% |
| Free cash flow | 11.9 bn | 8.6 bn | 6.2 bn | 1.2 bn | 1.1 bn | 18.9 bn | 2.1 bn | 8.8 bn |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 46.0 bn USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 49.4 bn USD
- Total assets
- 491.0 bn USD
- Debt / equity
- unavailable
- Current ratio
- unavailable
- ROE
- 18.1%
- ROA
- 1.8%
- FCF margin
- 36.6%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 11.7 bn | 18.5 bn | 20.8 bn | 18.8 bn | 19.6 bn | 23.9 bn | SEC (XBRL)· 25 Feb 2026verified |
| Depreciation & amortisation | 414.0 m | 549.0 m | 652.0 m | 804.0 m | — | — | SEC (XBRL)· 23 Feb 2024verified |
| Interest expense | 418.0 m | 476.0 m | 1.5 bn | 6.7 bn | — | — | SEC (XBRL)· 23 Feb 2024verified |
| Pre-tax income | 4.3 bn | 7.7 bn | 9.4 bn | 6.4 bn | 7.7 bn | 11.5 bn | SEC (XBRL)· 25 Feb 2026verified |
| Income tax | 1.0 bn | 1.9 bn | 2.2 bn | 1.3 bn | 1.8 bn | 2.6 bn | SEC (XBRL)· 25 Feb 2026verified |
| Net income | 3.3 bn | 5.9 bn | 7.2 bn | 5.1 bn | 5.9 bn | 8.9 bn | SEC (XBRL)· 25 Feb 2026verified |
| Diluted EPS | 2.12 | 2.83 | 3.50 | 2.54 | 2.99 | 4.65 | SEC (XBRL)· 25 Feb 2026verified |
| Weighted average diluted shares | 1.4 bn | 1.9 bn | 1.9 bn | 1.8 bn | 1.8 bn | 1.8 bn | SEC (XBRL)· 25 Feb 2026verified |
| Dividend per share | 0.72 | 0.72 | 0.84 | 1.00 | 1.00 | 1.08 | SEC (XBRL)· 25 Feb 2026verified |
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 40.3 bn | 63.0 bn | 40.2 bn | 43.3 bn | 42.1 bn | 46.0 bn | SEC (XBRL)· 25 Feb 2026verified |
| Property, plant & equipment, net | 2.9 bn | 3.4 bn | 3.7 bn | — | — | — | SEC (XBRL)· 08 May 2023verified |
| Goodwill | 12.0 bn | 12.0 bn | 12.0 bn | 12.0 bn | 12.0 bn | 12.0 bn | SEC (XBRL)· 25 Feb 2026verified |
| Intangibles (excl. goodwill) | 10.0 bn | 9.4 bn | 8.8 bn | 8.3 bn | 7.7 bn | 7.2 bn | SEC (XBRL)· 25 Feb 2026verified |
| Total assets | 549.0 bn | 667.3 bn | 551.8 bn | 493.2 bn | 479.8 bn | 491.0 bn | SEC (XBRL)· 25 Feb 2026verified |
| Short-term debt | 0 | 4.9 bn | 17.1 bn | — | — | — | SEC (XBRL)· 24 Feb 2023verified |
| Long-term debt | 13.6 bn | 18.9 bn | — | — | — | — | SEC (XBRL)· 24 Feb 2022verified |
| Total liabilities | 492.9 bn | 611.0 bn | 515.2 bn | 452.2 bn | 431.5 bn | 441.6 bn | SEC (XBRL)· 25 Feb 2026verified |
| Equity | 56.1 bn † | 56.3 bn † | 36.6 bn † | 41.0 bn † | 48.4 bn † | 49.4 bn † | SEC (XBRL)· 25 Feb 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 6.9 bn | 2.1 bn | 2.1 bn | 19.6 bn | 2.7 bn | 9.3 bn | SEC (XBRL)· 25 Feb 2026verified |
| Capex | 631.0 m | 916.0 m | 971.0 m | 700.0 m | 620.0 m | 548.0 m | SEC (XBRL)· 25 Feb 2026verified |
| Free cash flow | 6.2 bn ≈ | 1.2 bn ≈ | 1.1 bn ≈ | 18.9 bn ≈ | 2.1 bn ≈ | 8.8 bn ≈ | SEC (XBRL)· 25 Feb 2026derived |
| Investing cash flow | -125.9 bn | -75.7 bn | 32.0 bn | 57.4 bn | 35.4 bn | 24.5 bn | SEC (XBRL)· 25 Feb 2026verified |
| Financing cash flow | 144.0 bn | 96.3 bn | -68.7 bn | -61.2 bn | -47.1 bn | -29.7 bn | SEC (XBRL)· 25 Feb 2026verified |
| Dividends paid | 1.3 bn | 1.8 bn | 2.1 bn | 2.3 bn | 2.3 bn | 2.3 bn | SEC (XBRL)· 25 Feb 2026verified |
| Share repurchases | 0 | 0 | 3.4 bn | 2.8 bn | 0 | 7.3 bn | SEC (XBRL)· 25 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 58.3% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 161.5 bn USD
Key indicators
Coverage and freshness
Score by group
58% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 58.04 – 108.42 USD.
Methods computed but outside the aggregate range: Dividend discount (DDM) (a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate).
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · the reported interest expense is far older than the latest period (the filer changed its XBRL tag): a stale figure is not used
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/E58.04 – 108.42 (Mid 81.57)17 companies used · median multiple 14.7x · quartiles 10.4x – 19.5xBLK, COHN, ETOR, HOOD, IBKR, JEF, MIAX, MKTX, MS, OPY, PIPR, RJF, SEIC, SF, TIGR, VIRT, WT
- Dividend discount (DDM)outside the aggregate14.19 – 19.09 (Mid 16.28)a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 58.3% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 38.8% | 85 (vs peers) | 11% |
| FCF conversion · Quality | 106.9% | 100 (on a fixed band) | 11% |
| Revenue CAGR 3Y · Growth | 4.8% | 40 (on a fixed band) | 14% |
| EPS CAGR 3Y · Growth | 9.9% | 66 (on a fixed band) | 14% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | unavailable | unavailable | — |
| P/E (TTM) · Valuation | 16.8x | 47 (vs peers) | 18% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 6.7% | 84 (on a fixed band) | 14% |
| Shareholder yield (distributions) · Returns | 7.0% | 100 (on a fixed band) | 11% |
| Payout ratio (FCF) · Returns | 22.3% | 100 (on a fixed band) | 7% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partialunavailable · 0/3 factors with a value
- Growth53/100 · 2/2 factors with a value
- Quality92/100 · 2/3 factors with a value
- Returns100/100 · 2/2 factors with a value
- Valuation63/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
SCHWAB CHARLES CORP (SCHW). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 23.9 bn USD in 2025; YoY growth 22.0%; net margin 38.8%; ROE 20.3%.
The estimated value range is 58.04–108.42 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 81.57 USD, the price of 93.37 USD leaves a potential of -12.6% (value / price − 1) and a margin of safety of -14.5% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 58.3% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 38.8%
- FCF conversion: 106.9%
- FCF yield: 6.7%
- Shareholder yield (distributions): 7.0%
- Payout ratio (FCF): 22.3%
What contradicts it
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
Not assessed (insufficient data or a ratio without meaning): ROIC, Net debt / EBITDA, Interest coverage, Current ratio, EV/EBITDA.
Versus the vertical median
Security Brokers, Dealers & Flotation Companies (SIC 6211) · same industry (4-digit SIC) · compared with 29 companies
The size band was not applied: too few companies would have remained; the vertical includes much smaller or larger companies.
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| MSMorgan Stanley | 304.6 bn | 15.6 | 18.0% | — | unavailable | +14% / +144% |
| BLKBlackRock, Inc. | 189.7 bn | 28.1 | 12.2% | 24.2% | +89.3% | +17% / +63% |
| SCHWSchwab Charles Corp | 161.5 bn | 16.8 | 20.3% | 38.8% | +22.0% | −1% / +67% |
| RJFRaymond James Financial, Inc. | 32.4 bn | 14.7 | 18.5% | 13.6% | +6.6% | +8% / +60% |
| SEICSei Investments Company | 12.9 bn | 18.9 | 28.9% | 28.1% | +8.1% | +34% / +85% |
| FRHCFreedom Holding Corp. | 11.9 bn | 73.8 | 11.2% | 6.5% | +9.3% | +42% / +129% |
| JEFJefferies Financial Group Inc. | 10.5 bn | 11.5 | 8.6% | 7.5% | +2.9% | −11% / +44% |
| MKTXMarketaxess Holdings Inc | 5.8 bn | 19.5 | 23.3% | 35.2% | +3.6% | +1% / −31% |
| SFStifel Financial Corp | 5.1 bn | 5.2 | 16.5% | 14.6% | +6.7% | −10% / +79% |
| IBKRInteractive Brokers Group, Inc. | 5.0 bn | 17.1 | 91.3% | 179.4% | +23.4% | +20% / +300% |
| PIPRPiper Sandler Companies | 5.0 bn | 6.0 | 23.6% | 14.5% | +24.3% | −16% / +82% |
| MIAXMiami International Holdings, Inc. | 3.5 bn | 12.5 | 28.9% | 19.8% | +19.6% | −23% / unavailable |
| WTWisdomTree, Inc. | 3.0 bn | 38.2 | 18.7% | 13.3% | +15.4% | +81% / +208% |
| JSMNavient Holdings, Inc. | 1.5 bn | — | -2.0% | — | −15.6% | −21% / −19% |
| MTCMmtec, Inc. | 534.8 m | — | -272.7% | -6,944.3% | −56.8% | +97% / −42% |
| SIEBSiebert Financial Corp. | 75.2 m | — | -1.3% | -1.1% | +12.3% | −43% / −3% |
| DOMHDominari Holdings Inc. | 39.8 m | — | -315.4% | -51.6% | +487.0% | −65% / −28% |
| LGHLLion Group Holding Ltd. | 34.3 m | — | -27.4% | -52.8% | unavailable | −100% / −100% |
| COHNCohen & Co Inc. | 33.0 m | 1.9 | 33.3% | 5.6% | +246.2% | −33% / +66% |
| AXGSolowin Holdings, Ltd. | 26.5 m | — | -88.9% | -47.4% | +895.0% | −53% / −38% |
| GLXYGalaxy Digital Inc. | 1.4 k | — | -16.7% | -0.5% | +41.8% | −47% / unavailable |
| HOODRobinhood Markets, Inc. | 0 | 40.3 | 21.3% | 39.0% | +51.6% | −32% / +893% |
| ETOReToro Group Ltd. | — | 10.4 | 1.4% | 1.6% | +9.5% | −43% / unavailable |
| NMRNomura America Finance, LLC | — | — | — | — | +12.7% | +29% / +138% |
| FUTUFutu Holdings Ltd | 0 | 75.9 | 33.3% | 49.6% | +67.8% | −42% / +82% |
1- and 3-year price returns: for SCHW from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 58.20 Total return -37% · Per year -37% | 102.88 Total return 12% · Per year 12% | 154.95 Total return 68% · Per year 68% |
| 3 years | 56.87 Total return -36% · Per year -14% | 113.07 Total return 25% · Per year 8% | 186.93 Total return 106% · Per year 27% |
| 5 years | 55.56 Total return -35% · Per year -8% | 124.27 Total return 41% · Per year 7% | 225.50 Total return 152% · Per year 20% |
- Exit P/E± 28.27
- Net margin± 19.79
- Annual revenue growth± 16.19
- Annual dilution± 1.66
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Schwab is one of the largest financial services firms in the US, offering brokerage, banking, asset management and custody to individual investors and independent registered investment advisors (RIAs). With client assets of 13.33 trillion USD at the end of the third quarter of 2026, the company shows how scale and diversified revenue can support profit growth in a changing rate environment.
SWOT
Strengths
- Large scale of client assets and accounts, allowing operating costs to be spread over a wide client base.
- Diversified revenue model combining interest, fees, trading and banking services.
- Strong brand and reputation in an industry built on trust, supported by a service-oriented culture.
Weaknesses
- Interest revenue is sensitive to rate changes and to how clients allocate their cash.
- Reliance on costly funding emerged during periods of rapid rate increases and weighed on profit.
- Dependence on bank deposit arrangements with third parties limits flexibility in managing interest revenue.
Opportunities
- Large growth potential in US investable wealth, far above the company's current client assets.
- Expansion into alternative and private market investments through the Forge Global acquisition.
- Greater use of managed solutions and AI tools by advisers and investors.
Threats
- Fintech competition and price cuts could squeeze margins.
- Changes in banking regulation and FDIC costs could raise capital burdens.
- Cybersecurity and data security risks could damage client confidence.
Risks
- Interest rate riskhigh
Changes in interest rates can alter net interest revenue and deposit fee income, a major driver of profitability 1.
- Client cash allocationhigh
Moving cash out of sweep balances into higher-yielding investments can reduce income, as seen during rapid rate increases 1.
- Liquidity and funding riskmedium
If funding becomes more expensive or harder to obtain during market stress, the company could need costly funding sources 1.
- Cybersecuritymedium
Cyber attacks or data losses could expose the company to liability and damage its reputation 1.
- Regulation and FDIC costslow
Capital requirements and possible special FDIC assessments could affect profitability if further bank failures occur 1.
Investment thesis
What would need to be true (bull case)
- If client assets and net new asset flows keep growing, fee and asset management revenue could support rising earnings, as the record third quarter 2026 results indicate 3.
- Revenue diversification and operating scale could help the company sustain high margins even as interest rates change 13.
- The Forge acquisition and expansion into alternative investments could open new revenue sources from existing clients 1.
What would break the thesis
- If rates fall or clients move cash into higher-yielding investments, interest and deposit revenue could drop significantly 1.
- Rising regulatory and FDIC costs could reduce profitability, especially if new bank failures occur 1.
- Competition from fintech firms and banks could pressure pricing and margins over the longer term 1.
What to watch
- Trend in net interest margin and client cash allocationQ4 2026
- Completion of the Forge Global acquisition and integration of private market capabilities2027
- Development of core net new assets and new account openingsQ1 2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Its revenue model rests on net interest revenue, asset management and administration fees, trading revenue and bank deposit account fees, each supported by its broker-dealer, bank and asset management subsidiaries 1. Net interest revenue depends on client cash balances held as a funding source, a factor sensitive to the level of rates 1.
Segments
Investor Services
The Investor Services segment provides retail brokerage, investment advisory, banking and trust services to individual investors, as well as retirement plan and equity compensation services for employers 1. It includes programmes such as Schwab Wealth Advisory and Schwab Private Client Services for clients with more than one million dollars in qualifying assets 1.
Advisor Services
The Advisor Services segment provides custody, trading, banking, trust and support services to independent RIAs, independent retirement advisors and recordkeepers 1. The company describes itself as one of the largest providers of these services and says its scale helps lower costs per client 12.
Market context
Schwab's share in a competitive market depends on pricing, deposit rates and its ability to attract new assets 1. Fintech competition and lower pricing could weigh on margins over time.
Trends
- Sensitivity to interest ratesmixed
Net interest revenue depends on the spread between interest earned and interest paid on funding; falling rates could reduce revenue, while rising rates could raise funding costs 1. The net interest margin reached 3.04% in the third quarter of 2026 3.
- Digitalisation and artificial intelligencetailwind
The company launched an AI assistant for retail clients and announced a partnership with an AI provider for RIAs 23. These investments could widen the client base, but they also increase the need for cybersecurity 1.
- Banking regulation and FDIC costsheadwind
Higher capital requirements and FDIC costs after the 2023 bank failures could weigh on profitability 1. Regulatory changes can directly affect the cost of running the bank.
Competitive position
In individual investing, Schwab competes with brokerage and asset management firms, banks, fintech companies and retirement service providers 1. In serving RIAs, it competes with institutional custodians, wirehouses, regional and independent broker-dealers, fintech custodians, banks and trust companies 1.
Management cites scale, operating efficiency, an integrated structure combining bank, wealth management and broker-dealer, brand reputation and service culture as its advantages 1. These advantages could be tested by aggressively priced fintech offerings.
- Interactive BrokersIBKR
Direct competitor in brokerage for individual and professional investors, with a focus on low costs.
- Morgan StanleyMS
Competes in wealth management and adviser services, named among wealth management firms in the sources.
- Fintech custodians
Fintech providers offering custody and trading to independent advisers, cited explicitly as competition in Advisor Services.
- Banks and trust companies
Institutions offering deposits, trust services and asset administration, competing for both investors and advisers.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
- AI Creating New Pathways to Engage Clients, Says Schwab CEOBloomberg Markets · 29 Oct 2026 · EN
- Forumul Guvernanței Mondiale din China/ Klaus Schwab – omenirea la răscruce între co-evoluție și co-dispariție; Andrei Rădulescu – China, motor al integrării economice în Sudul GlobalFinancial Intelligence (RO) · 29 Oct 2026 · RO
- Schwab CEO Says It's Easy to Find Top Talent in TexasBloomberg Markets · 26 Oct 2026 · EN
- The Charles Schwab Corporation $SCHW Shares Bought by Sowell Financial Services LLCSurge — GDELT DOC · 23 Oct 2026 · RO
- Analyst Weekly Ratings Updates for Charles Schwab ( SCHW )Surge — GDELT DOC · 20 Oct 2026 · RO
- Infinite Factor Structure in Conditional Asset Pricing -- by Mikhail Chernov, Bryan T. Kelly, Semyon Malamud, Johannes SchwabNBER — New Working Papers · 19 Oct 2026 · EN
- Schwab to create 'tax-aware' strategy that's been attracting billions from wealthy investorsCNBC — Top News · 16 Oct 2026 · EN
- From Charles Schwab to DoorDash: Why these bargain stocks could lead the market higherMarketWatch — Top Stories · 14 Oct 2026 · EN
- How Meta's Muse, Vanguard AI Threat Triggered Schwab Sell SignalYahoo Finance — News · 23 Sept 2026 · EN
- ETF League Tables: Schwab Sheds Almost $15BYahoo Finance — News · 22 Sept 2026 · EN
- The Schwab U.S. Dividend Equity ETF Is Near Its All-Time High: Is It Still a Good Buy?Yahoo Finance — News · 22 Sept 2026 · EN
- Schwab Treasury ETF vs SPDR Corporate Bond ETF. Which Bond Fund Is the Better Insurance Policy for Your Portfolio?Yahoo Finance — News · 19 Sept 2026 · EN
- A $1,000 Monthly Investment in the Schwab U.S. Dividend Equity ETF (SCHD) Could Build Serious Passive Income Over 20 YearsYahoo Finance — News · 19 Sept 2026 · EN
- Charles Schwab's Sonders Favors Commodities Over Equities, But Not for AllYahoo Finance — News · 18 Sept 2026 · EN
- Schwab Is Neutral on Equities, Favorable on Commodities, Sonders SaysBloomberg Markets · 17 Sept 2026 · EN
- Stock Of The Day XP, The Charles Schwab Of Brazil, Nears Buy PointYahoo Finance — News · 17 Sept 2026 · EN
- Bond Rout Spurs Record Outflow From $3.6 Billion Schwab Muni ETFBloomberg Markets · 17 Sept 2026 · EN
- ‘That Could Result in a Rate Hike as Soon as Next Week’: Schwab Strategist on Friday’s CPIYahoo Finance — News · 11 Sept 2026 · EN
- XRP ETFs Enter Wall Street Repo Market via Schwab Money Fund CollateralYahoo Finance — News · 11 Sept 2026 · EN
- Will a State Street Global Stocks ETF Give You Better Returns Than a Schwab Emerging Markets Fund?Yahoo Finance — News · 10 Sept 2026 · EN
SEC filings
- Current report15 Oct 2026Results of operations · Financial statements and exhibits
- Current report12 Aug 2026Other events · Financial statements and exhibits
- Quarterly report07 Aug 2026
- Current report21 Jul 2026Results of operations · Financial statements and exhibits
- Current report29 Jun 2026Other events · Financial statements and exhibits
- Current report01 Jun 2026Amendments to articles or bylaws · Financial statements and exhibits
- Current report22 May 2026Shareholder vote
- Current report21 May 2026Other events · Financial statements and exhibits
- Quarterly report08 May 2026
- Current report22 Apr 2026Item 3.03 · Amendments to articles or bylaws · Other events · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / The Charles Schwab Corporation · 25 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / The Charles Schwab Corporation · 07 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / The Charles Schwab Corporation · 15 Oct 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.