SCHWAB REPORTS RECORD 4Q AND FULL YEAR 2025 RESULTS (Form 8-K)

SCHWAB REPORTS RECORD 4Q AND FULL YEAR 2025 RESULTS 4Q Core Net New Assets Total $163.9 Billion; Full-Year Organic Growth of 5.1% 4Q Net Revenues Up 19% Year-Over-Year to a Record $6.3 Billion Quarterly GAAP Earnings Per Share of $1.33, $1.39 Adjusted (1) - Up 38% versus 4Q24

WESTLAKE, Texas, January 21, 2026 - The Charles Schwab Corporation reported net income for the fourth quarter totaling $2.5 billion, or $1.33 earnings per share. Excluding $127 million of pre-tax transaction-related costs, adjusted (1) net income and earnings per share equaled $2.6 billion and $1.39, respectively.

Client Driven Growth						$519B 2025 Core Net New Assets			"Schwab delivered growth on all fronts in 2025. Total client accounts grew 6% year-over-year to 46.5 million. New and existing clients entrusted us with $519 billion in core net new assets - a 5.1% organic growth rate - bringing total client assets to a record $11.90 trillion." President & CEO Rick Wurster
Deepen Client Relationships						36% 2025 Managed Investing Net Inflows Growth			"Clients are conducting more of their financial lives at Schwab, with record engagement across wealth management, trading, and banking. Net inflows into our Managed Investing solutions grew by 36% versus 2024, while bank loan originations achieved another record year." President & CEO Rick Wurster
Diversified Revenue Growth						22% 2025 Revenue Growth vs. 2024			"Doing more for our growing client base bolsters Schwab's diversified revenue model. In 2025, the combination of our business momentum, strong engagement, and favorable equity markets resulted in record revenue of $23.9 billion - up 22% versus the prior year." CFO Mike Verdeschi
Opportunistic Capital Return						$7.3B 2025 Common Stock Repurchases			"During 4Q25, we repurchased 29.2 million shares for $2.7 billion, bringing 2025 capital return to $11.8 billion across all forms. Our capital ratios remained strong while enhancing our balance sheet flexibility to meet the needs of clients in different environments." CFO Mike Verdeschi

4Q25 Client and Business Highlights

•Total client assets increased 18% year-over-year to a record $11.90 trillion

•Record 4Q core net new assets of $163.9 billion brings total 2025 asset gathering to $519.4 billion - up 42% versus the prior year

•New brokerage account openings exceeded 1 million for the 5th consecutive quarter, pushing active brokerage accounts and total client accounts to 38.5 million and 46.5 million, respectively

•Managed Investing Solutions net inflows for the quarter grew 50% versus 4Q24

•Bank loan balances equaled $58.0 billion at December month-end - up 28% year-over-year

•Margin loan balances increased 34% versus year-end 2024 to end the quarter at $112.3 billion (2)

•Daily average trading volume was 8.3 million - up 31% versus 4Q24

•Announced definitive agreement to acquire Forge Global; transaction expected to close during first half 2026

•Schwab awarded by Forbes, Best Customer Service 2026 (3)

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			Three Months Ended December 31,												%						Twelve Months Ended December 31,												%
Financial Highlights			2025						2024						Change						2025						2024						Change
Net revenues (in millions)			$	6,336					$	5,329					19%						$	23,921					$	19,606					22%
Net income (in millions)
GAAP			$	2,459					$	1,840					34%						$	8,852					$	5,942					49%
Adjusted			$	2,556					$	1,974					29%						$	9,242					$	6,433					44%
Diluted earnings per common share
GAAP			$	1.33					$	.94					41%						$	4.65					$	2.99					56%
Adjusted			$	1.39					$	1.01					38%						$	4.87					$	3.25					50%
Pre-tax profit margin
GAAP			50.2		%				43.3		%										47.9		%				39.2		%
Adjusted			52.2		%				46.6		%										50.0		%				42.5		%
Return on average common
stockholders' equity (annualized)			22		%				18		%										21		%				15		%
Return on tangible
common equity (annualized)			39		%				36		%										38		%				35		%
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.

4Q25 Financial Commentary

•Quarterly net revenues grew year-over-year by 19% to a record $6.3 billion

•Net interest margin for the fourth quarter equaled 2.90%, or 57 basis points of expansion versus 4Q24

•Client transactional sweep cash balances ended December at $453.7 billion, an increase of $28.1 billion versus the prior quarter-end, reflecting organic growth, client net buying activity, and year-end seasonality

•Bank Supplemental Funding (4) declined by $9.7 billion to end the quarter at $5.1 billion

•Asset management and administration fees grew by 15% year-over-year to $1.7 billion, powered by the firm's organic growth, equity market appreciation, and investors' utilization of our wealth and asset management solutions

•Trading revenue increased 22% versus 4Q24 due to continued strong engagement

•GAAP expenses for the quarter increased 4% year-over-year; excluding amortization of acquired intangibles of $127 million, adjusted total expenses (1) were up 6% relative to 4Q24

•Full-year 2025 GAAP expense growth equaled 5% - 6% adjusted (1) - including higher volume-related costs as well as incremental employee compensation and benefit spend

•Capital ratios across the firm remained strong - including preliminary consolidated Tier 1 Leverage and adjusted Tier 1 Leverage (1) equaling 9.3% and 7.1%, respectively

•Repurchased 29.2 million shares of our common stock for $2.7 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) Includes $9.6 billion of client margin loans related to long/short strategies implemented by RIA clients.

(3) Forbes Best Customer Service List 2026 was given on November 11, 2025, and expires November 10, 2026. The criteria, evaluation, and ranking were determined by Forbes, partnered with HundredX. For more information, visit https://www.forbes.com/lists/best-customer-service/. Schwab paid a licensing fee to Forbes for use of the award and logos.

(4) Bank Supplemental Funding includes repurchase agreements at the banks, Schwab Bank Certificates of Deposit (CDs), and Federal Home Loan Bank balances.

Winter Business Update

The company will host its Winter 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.

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