Charles Schwab
Charles Schwab's revenue rose 22.0% to $23.9 billion in fiscal 2025. Net income was $8.9 billion, up 49.0%. Its return on equity was 18.1%, up from 13.3% a year earlier. Its efficiency ratio was 52.1%, down from 60.8% a year earlier. It paid out $9.7 billion in dividends and buybacks. The diluted share count fell 1.4%.
Return on equity is net income as a share of shareholders' equity; return on tangible equity leaves out goodwill and other intangible assets. The efficiency ratio is operating costs as a share of revenue, so lower means the bank spends less to earn each dollar. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.
What Charles Schwab does
Charles Schwab is a savings and loan holding company that runs a brokerage, a bank, and asset management, custody and advisory businesses. At the end of 2025 it had $11.90 trillion in client assets, 38.5 million active brokerage accounts, 5.7 million workplace plan participant accounts and 2.2 million banking accounts.
It serves clients through two segments. Investor Services offers brokerage, investment advice, banking and trust services to individual investors, and retirement plan and stock plan services to businesses and their employees. Advisor Services provides custody, trading, banking and support services to independent registered investment advisors, independent retirement advisors and recordkeepers. Its products include brokerage accounts, mutual funds, exchange-traded funds (ETFs), managed portfolios, checking and savings accounts, mortgages, home equity lines of credit and trust services.
Schwab says its major sources of revenue come from both segments, based on their levels of client assets and activity. Its risk factors say its income depends on how clients allocate their cash and on interest rate changes. It competes with brokerage, wealth management and asset management firms, banks, financial technology companies and others. In November 2025 it agreed to buy Forge Global Holdings, which runs a private market trading platform, in a deal valued at about $660 million.
Its biggest risks, as it describes them
- A significant change in how clients allocate their cash could reduce its income.
- Interest rate changes that could affect its profitability.
- A significant fall in its liquidity, which could also reduce client confidence in it.
- Credit losses, and problems at other financial institutions that could affect financial markets generally.
- New and uncertain risks from offering clients direct access to select digital assets.
Charts show fiscal years, from the 10-K filings.
Revenue and returns
Net income and earnings per share
From fiscal 2016 to 2025, earnings per share grew 15.1% a year and net income 18.7% a year, as new shares raised the share count by 36% and diluted each share's earnings.
Efficiency and income mix
Payouts and share count
Valuation
Value Charles Schwab yourself from its earnings. A bank's cash flow is mostly the money it lends and takes in, so the cash flow model on other company pages doesn't suit it.
Price-to-earnings (P/E) method
Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.
Value per share on three example scenarios, from Charles Schwab's earnings per share of $5.49 (over the last four quarters). Each grows earnings for a year at the cash flow scenarios' rates and applies a multiple to next year's earnings: 13.8×, the middle of Charles Schwab's own P/E today, its peers' median and its sector's median (its peers' median) for the base scenario, 20% less and more for the cautious and optimistic ones. The price is brought back a year at 12%, 11% and 10%. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.
- Last close, October 26, 2026
- $89.73
- Value at this multiple, against the last close
- —
- Charles Schwab's P/E at the last close
- 16.3×
| Company | Last close | Earnings per share | P/E today |
|---|---|---|---|
| Charles SchwabSCHW | $89.73 | $5.49 | 16.3× |
| Morgan StanleyMS | $183.49 | $12.37 | 14.8× |
| Goldman SachsGS | $893.28 | $64.77 | 13.8× |
| Raymond James FinancialRJF | $158.07 | $11.47 | 13.8× |
| StifelSF | $66.52 | $5.59 | 11.9× |
Balance sheet
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Loans, net | 34.6 | 40.5 | 40.4 | 45.2 | 58.0 |
| Deposits | 443.8 | 366.7 | 290.0 | 259.1 | 255.7 |
| Loans to deposits | 7.8% | 11.1% | 13.9% | 17.4% | 22.7% |
| Provision for credit losses | −0.0 | 0.1 | −0.0 | −0.0 | 0.0 |
| Provision to average loans | −0.0% | 0.1% | −0.1% | −0.0% | 0.0% |
| Total assets | 667.3 | 551.8 | 493.2 | 479.8 | 491.0 |
| Shareholders' equity | 56.3 | 36.6 | 41.0 | 48.4 | 49.4 |
Insider trades
Over the 12 months between October 27, 2025 and October 26, 2026, 1 insider bought $1.8 million of Charles Schwab shares on the open market, and 15 insiders sold $334.5 million, $35.2 million of it under trading plans set up in advance.
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Oct 1, 2026 | Neesha HathiMd, Head Wealth Adv, Bnk, Tst | Sold plan | 5,000 | $97.80 | $489,007 | Form 4 |
| Sep 1, 2026 | Neesha HathiMd, Head Wealth Adv, Bnk, Tst | Sold plan | 3,177 | $109.04 | $346,420 | Form 4 |
| Aug 28, 2026 | Walter W BettingerCo-Chairman, Director | Sold | 74,388 | $110.91 | $8.3 million | Form 4 |
| Aug 28, 2026 | Neesha HathiMd, Head Wealth Adv, Bnk, Tst | Sold plan | 3,177 | $108.12 | $343,497 | Form 4 |
| Aug 26, 2026 | Carolyn Schwab-PomerantzDirector | Sold | 9,175 | $109.25 | $1.0 million | Form 4 |
| Aug 24, 2026 | Walter W BettingerCo-Chairman, Director | Sold | 176,210 | $113.49 | $20.0 million | Form 4 |
| Aug 24, 2026 | Charles R. SchwabCo-Chairman, Director | Sold | 117,000 | $113.20 | $13.2 million | Form 4 |
| Aug 17, 2026 | Jonathan S BeattyMd, Head of Advisor Services | Sold | 1,000 | $111.33 | $111,330 | Form 4 |
| Aug 14, 2026 | Jonathan M. CraigMd, Head of Retail Investing | Sold plan | 21,866 | $111.03 | $2.4 million | Form 4 |
| Aug 13, 2026 | Dennis HowardMd, Chief Tech, OPS & Data Off | Sold plan | 2,198 | $110.00 | $241,780 | Form 4 |
| Aug 12, 2026 | Charles R. SchwabCo-Chairman, Director | Sold | 46,410 | $108.18 | $5.0 million | Form 4 |
| Aug 11, 2026 | Charles R. SchwabCo-Chairman, Director | Sold | 46,445 | $107.78 | $5.0 million | Form 4 |
Compare
Put Charles Schwab side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.
Similar companies
| Company | Year | Revenue growth | Net margin | Return on equity | Return on tangible equity | Efficiency ratio | Compare |
|---|---|---|---|---|---|---|---|
| Charles Schwab | FY25 | 22.0% | 37.0% | 18.1% | 39.2% | 52.1% | |
| Raymond James Financial | FY25 | 6.6% | 13.4% | 17.7% | 21.0% | 71.3% | Compare |
| Goldman Sachs | FY25 | 8.9% | 29.5% | 13.9% | 15.9% | 64.4% | Compare |
| Morgan Stanley | FY25 | 14.4% | 23.9% | 15.6% | 19.1% | 68.4% | Compare |
| Stifel | FY25 | 6.7% | 10.8% | 11.7% | 17.9% | 73.4% | Compare |
10 years of figures
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | 7.5 | 8.6 | 10.1 | 10.7 | 11.7 | 18.5 | 20.8 | 18.8 | 19.6 | 23.9 |
| Revenue growth | 17.2% | 15.2% | 17.6% | 5.8% | 9.1% | 58.4% | 12.1% | −9.3% | 4.1% | 22.0% |
| Net interest income | 3.3 | 4.3 | 5.8 | 6.5 | 6.1 | 8.0 | 10.7 | 9.4 | 9.1 | 11.8 |
| Noninterest income | — | — | — | — | — | — | — | — | — | — |
| Noninterest expense | 4.5 | 5.0 | 5.6 | 5.9 | 7.4 | 10.8 | 11.4 | 12.5 | 11.9 | 12.5 |
| Provision for credit losses | −0.0 | 0.0 | −0.0 | −0.0 | 0.0 | −0.0 | 0.1 | −0.0 | −0.0 | 0.0 |
| Net income | 1.9 | 2.4 | 3.5 | 3.7 | 3.3 | 5.9 | 7.2 | 5.1 | 5.9 | 8.9 |
| Diluted EPS (US$) | 1.31 | 1.61 | 2.45 | 2.67 | 2.12 | 2.83 | 3.50 | 2.54 | 2.99 | 4.65 |
| Diluted shares (millions) | 1,334 | 1,353 | 1,361 | 1,320 | 1,435 | 1,897 | 1,894 | 1,831 | 1,834 | 1,809 |
| Payouts | ||||||||||
| Dividends paid | 0.5 | 0.6 | 0.8 | 1.1 | 1.3 | 1.8 | 2.1 | 2.3 | 2.3 | 2.3 |
| Share buybacks | 0.0 | 0.0 | 1.0 | 2.2 | 0.0 | 0.0 | 3.4 | 2.8 | 0.0 | 7.3 |
| Balance sheet at fiscal year end | ||||||||||
| Loans, net | 15.4 | 16.5 | 16.6 | 18.2 | 23.8 | 34.6 | 40.5 | 40.4 | 45.2 | 58.0 |
| Deposits | 163.5 | 169.7 | 231.4 | 220.1 | 358.0 | 443.8 | 366.7 | 290.0 | 259.1 | 255.7 |
| Total assets | 223.4 | 243.3 | 296.5 | 294.0 | 549.0 | 667.3 | 551.8 | 493.2 | 479.8 | 491.0 |
| Shareholders' equity | 16.4 | 18.5 | 20.7 | 21.7 | 56.1 | 56.3 | 36.6 | 41.0 | 48.4 | 49.4 |
| Ratios | ||||||||||
| Return on equity | 12.7% | 13.5% | 17.9% | 17.5% | 8.5% | 10.4% | 15.5% | 13.1% | 13.3% | 18.1% |
| Return on tangible common equity | 15.3% | 16.4% | 21.6% | 20.7% | 13.8% | 20.9% | 42.6% | 52.5% | 35.3% | 39.2% |
| Return on assets | 0.9% | 1.0% | 1.3% | 1.2% | 0.8% | 1.0% | 1.2% | 1.0% | 1.2% | 1.8% |
| Efficiency ratio | 60.0% | 57.6% | 55.0% | 54.8% | 63.2% | 58.4% | 54.8% | 66.1% | 60.8% | 52.1% |