At a glance
Charles Schwab Corp is worth $153.41B, about 19 times its fiscal 2025 earnings. Revenue grew 22.0% to $23.92B in fiscal 2025, with 37.0% kept as profit; over 5 years it has grown 15.4% a year. It pays a 1.39% dividend yield, and returned $24.39B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned −4.9% over the past year with dividends reinvested and +3.0% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 41.5% in the 2020 crash (S&P 500: 33.7%) and 36.9% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 8 months and 36 months after the lows.
The business in plain English
Charles Schwab is a brokerage and wealth management firm with a bank attached. Legally it is a savings and loan holding company, the parent of a savings bank. Its main units are the broker-dealer Charles Schwab & Co., Charles Schwab Bank, and Charles Schwab Investment Management, which runs Schwab Funds and Schwab ETFs. As of December 31, 2025, it held $11.90 trillion in client assets and 38.5 million active brokerage accounts.
Much of its revenue depends on client cash. Cash waiting to be invested funds margin loans (money clients borrow against their investments) or is automatically moved to Schwab's bank, which lends it out and invests in securities, many of them mortgage-backed. The gap between what those assets earn and what Schwab pays for funding is net interest income: $11.75 billion of its $23.9 billion in 2025 revenue. It also earns fund and advice fees, trading revenue, and fees on cash placed with TD Depository Institutions.
Investor Services, serving individual investors and employers' retirement and stock plans, produced $19.0 billion, or 79.4%, of 2025 revenue. Advisor Services, which safeguards assets and provides trading and banking for independent investment advisors, produced $4.9 billion, or 20.6%. In November 2025 Schwab agreed to acquire Forge Global, a private-company trading marketplace, for about $660 million.
Price history
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SCHW -4.9% over the year to Nov 2, 2026, total return with dividends reinvested.
How it makes money
By business segment
| Investor Services | $19.00B | 79.4% |
| Advisor Services | $4.92B | 20.6% |
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $7.07B, up 20.9% from a year earlier, and net income was $2.80B (+31.7%).
- For fiscal 2025, revenue was $23.92B (+22.0% year over year; +15.4% a year from FY2020 to FY2025) with a 37% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +15.4% good |
|---|---|
| Return on equity | 17.9% good |
| Net income / revenue | 37% good |
| Deposits | $249.68B |
| Loans | $67.00B |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $11.69B | $3.30B | — |
| FY2021 | $18.52B | $5.86B | — |
| FY2022 | $20.76B | $7.18B | — |
| FY2023 | $18.84B | $5.07B | — |
| FY2024 | $19.61B | $5.94B | — |
| FY2025 | $23.92B | $8.85B | — |
Valuation snapshot
| Market value | $153.41B |
|---|---|
| P/E ratio | 19.1 |
| Dividend yield | 1.39% |
Rank among 1514 US companies
Market value at each year end
Charles Schwab’s market value went from $52.32B at the end of 2016 to $153.41B on Nov 2, 2026, about 2.9 times as much; since the end of 2025 it is down 14%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Nov 2, 2026 | $153.41B | -13.6% |
| 2025 | $177.53B | +86.1% |
| 2024 | $95.37B | +7.6% |
| 2023 | $88.66B | -17.4% |
| 2022 | $107.29B | -1.0% |
| 2021 | $108.37B | +58.6% |
| 2020 | $68.35B | +12.1% |
| 2019 | $60.99B | +8.7% |
| 2018 | $56.08B | -18.6% |
| 2017 | $68.87B | +31.6% |
| 2016 | $52.32B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| SCHW price data to Nov 2, 2026 | -10.3% | -4.9% | +19.0% | +3.0% | +12.5% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -10.3% |
| 2025 | +36.6% |
| 2024 | +9.2% |
| 2023 | -16.0% |
| 2022 | +0.1% |
| 2021 | +60.2% |
| 2020 | +13.6% |
| 2019 | +16.4% |
| 2018 | -18.4% |
| 2017 | +31.2% |
| 2016 | +21.0% |
| 2015 | +10.2% |
| 2014 | +17.2% |
| 2013 | +83.3% |
| 2012 | +29.9% |
| 2011 | -33.1% |
| 2010 | -7.8% |
| 2009 | +18.1% |
| 2008 | -36.0% |
| 2007 | +40.1% |
| 2006 | +32.9% |
| 2005 | +23.6% |
| 2004 | +1.8% |
| 2003 | +9.7% |
| 2002 | -29.6% |
| 2001 | -45.4% |
| 2000 | +11.4% |
| 1999 | +36.4% |
| 1998 | +101.8% |
| 1997 | +97.5% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 49.7% over that stretch · deepest drop along the way 56%, back to its old high 56.1 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 39.9% over that stretch · deepest drop along the way 41.5%, back to its old high 8.2 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 15.5% over that stretch · deepest drop along the way 36.9%, back to its old high 36.4 months after the low |
Insider activity
Form 4 filings from 2025-10-30 to 2026-10-30 (25 read): 0 open-market purchases and 19 sales ($82.4M), 8 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Aug 24, 2026 | Walter W Bettinger Co-Chairman, Director | sell | $20.0M |
| Aug 24, 2026 | Charles R. Schwab Co-Chairman, Director | sell | $13.2M |
| Oct 29, 2026 | Charles R. Schwab Co-Chairman, Director | sell | $12.2M |
| Aug 28, 2026 | Walter W Bettinger Co-Chairman, Director | sell | $8.3M |
| Oct 28, 2026 | Charles R. Schwab Co-Chairman, Director | sell | $5.9M |
Who owns it
Large shareholders (13G filings)
| Vanguard Capital Management | 7.18% | Mar 31, 2026 |
ETFs with the most weight in SCHW
| IAI iShares U.S. Broker-Dealers & Securities Exchanges ETF | 6.57% |
| BPAY iShares FinTech Active ETF | 5.03% |
| YALL God Bless America ETF | 4.82% |
| EQTY Kovitz Core Equity ETF | 4.7% |
| NITE Nightview Fund NITE | 4.36% |
| OAKM Oakmark U.S. Large Cap ETF | 4.03% |
| TXS Texas Capital Texas Equity Index ETF | 3.96% |
| BAMV Brookstone Value Stock ETF | 3.37% |
What could go wrong
- Clients moving cash to higher-yielding options. Schwab earns much of its income on idle client cash. When rates jumped in 2022 and 2023, clients shifted into higher-yielding funds and bonds, and Schwab leaned on costlier funding that hurt net income.
- Falling interest rates can squeeze earnings. Lower rates can shrink net interest income and the fees Schwab earns on cash placed with TD banks. In 2020 and 2021, low rates led it to waive some money market fund fees.
- Paper losses could shake client confidence. Rate rises in 2022 and 2023 increased unrealized (paper) losses on Schwab's securities, including large mortgage-backed holdings. Such losses, or problems at other financial institutions, could hurt confidence and drive assets away.
- New and untested cryptocurrency offering. Schwab plans to give clients direct access to select cryptocurrencies. The company says this brings new and uncertain financial, operational, legal and regulatory risks that could hurt its business and results.
- Cyberattacks, outages and fraud. Schwab depends on its own systems and outside service providers to run millions of accounts. Breaches, technology failures or fraud could bring losses, lawsuits, regulatory action and damage to its reputation.
- Aggressive price competition. Schwab describes its industry as highly competitive, with aggressive price competition from brokers, banks, wirehouses and fintech firms. Industry price cuts could pressure its fees and revenue.
Recent events
- Quarterly results released
- Other company announcement
- Quarterly results released
- Other company announcement
- Bylaws or fiscal year changed
- Shareholder vote results
- Other company announcement
- Change to shareholder rights; Bylaws or fiscal year changed; Other company announcement
- Quarterly results released
- Investor presentation or announcement
For income and retirement investors
Schwab pays a dividend, but it has not raised it every year. The payout stayed at $0.72 a share in 2020 and 2021 and at $1.00 in 2023 and 2024, then rose to $1.08 in 2025, an average gain of 8.4% a year since 2020. Dividends took 26.3% of 2025 earnings, and the yield was a modest 1.4% as of October 30, 2026. Buybacks (repurchases of its own shares) have been larger but uneven: $13.6 billion from 2021 through 2025, versus $10.8 billion in dividends, with none in 2021 or 2024 and $7.3 billion in 2025. The share count fell 4.6% between February 2025 and July 2026.
In past downturns, the stock fell 56% in the 2008 financial crisis, 41.5% in the 2020 COVID crash and 36.9% in the 2022 bear market, taking about 56, 8 and 36 months respectively to recover. A single stock like Schwab carries more risk than a diversified fund.
Questions investors ask
How does Charles Schwab make money?
Largely from client cash and client assets. Uninvested cash in brokerage accounts funds margin loans or moves to Schwab's bank, which lends and invests it. That produced $11.75 billion of net interest income in 2025, out of $23.9 billion in total revenue. Schwab also earns fees on Schwab Funds, Schwab ETFs and advice, trading revenue, and fees on cash placed with TD Depository Institutions. Investor Services generated 79.4% of 2025 revenue and Advisor Services 20.6%.
Does Charles Schwab raise its dividend every year?
No. Schwab held its dividend at $0.72 a share in both 2020 and 2021, and at $1.00 in both 2023 and 2024, before raising it to $1.08 in 2025. That still works out to average growth of about 8.4% a year from 2020 to 2025, but the run of consecutive annual increases stood at just one year. Dividends took 26.3% of 2025 earnings, and the yield was 1.4% as of October 30, 2026.
Is Charles Schwab a bank?
Partly. The parent company is a savings and loan holding company, and its main bank is Charles Schwab Bank, SSB. As of June 30, 2026, Schwab reported $249.7 billion in deposits, $67.0 billion in loans and $517.3 billion in total assets. It is also one of the largest US investment services firms, with $11.90 trillion in client assets as of December 31, 2025. Return on equity, a measure of profit relative to shareholders' capital, was 17.9% in 2025.
How do interest rates affect Charles Schwab?
Rates cut both ways for Schwab. Falling rates can shrink net interest income and the fees Schwab earns on cash placed with TD Depository Institutions; in 2020 and 2021, low rates also led it to waive some money market fund fees. Rising rates can help, but after the rapid increases of 2022 and 2023, clients moved cash into higher-yielding options, Schwab relied on costlier funding, and unrealized losses on its securities grew. The stock fell about 16% in 2023.
How has Schwab stock performed over the long run?
It depends on the period. As of October 30, 2026, the stock had returned about 12.1% a year over 10 years, or 214% in total, but only 2.8% a year over five years, and it was down 11% from the start of 2026 through that date. Its deepest fall in about 30 years of price history was 86.8%. At that date its price-to-earnings ratio was 18.9, based on 2025 earnings, and its market value was about $152 billion.