Schwab Reports Record Revenue and Earnings

Third Quarter Core Net New Assets Equal $137.5 Billion, Up 44% Year-Over-Year 3Q Net Revenues Up 27% Year-Over-Year to $6.1 Billion Quarterly GAAP Earnings Per Share of $1.26, $1.31 Adjusted (1) up 70% versus 3Q24

The Charles Schwab Corporation reported net income for the third quarter totaling $2.4 billion, or $1.26 earnings per share. Excluding $127 million of pre-tax transaction-related costs, adjusted ⁽¹⁾ net income and earnings per share equaled $2.5 billion and $1.31, respectively.

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Client Driven Growth	44% 3Q25 Core NNA Growth vs. 3Q24	"Our unwavering focus on delivering for clients helped us attract $137.5 billion in 3Q core net new assets plus over 1 million new brokerage accounts for the fourth straight quarter." President & CEO Rick Wurster

Diversified Revenue Growth	27% 3Q25 Revenue Growth vs. 3Q24	"Strengthening organic growth trends, increasing adoption of wealth solutions, and favorable macroeconomic tailwinds powered another quarter of record revenue and earnings per share." President & CEO Rick Wurster

Balance Sheet Management	$12.9B 3Q25 Reduction in Bank Supplemental Funding ⁽²⁾	"Client transactional sweep cash grew by $13.5 billion versus 2Q25, helping us to further reduce higher cost bank funding by $12.9 billion to $14.8 billion at quarter-end." CFO Mike Verdeschi

Opportunistic Capital Return	$2.7B 3Q25 Common Stock Repurchases	"During 3Q25, we repurchased 28.9 million shares for $2.7 billion, bringing year-to-date capital return across all forms to $8.5 billion. This opportunistic return of excess capital complements our strong business momentum as we continue to prioritize capital flexibility." CFO Mike Verdeschi

3Q25 Client and Business Highlights

Total client assets increased 17% year-over-year to a record $11.59 trillion
Core net new assets of $137.5 billion brings year-to-date asset gathering to $355.5 billion – up 41% year-over-year
New brokerage account openings exceeded 1 million for the 4th consecutive quarter, pushing active brokerage accounts and total client accounts to 38.0 million and 45.7 million, respectively
Managed Investing Solutions net inflows grew 40% versus 3Q24
Margin balances ended the quarter at $97.2 billion – up 16% versus year-end 2024
Daily average trading volume was 7.4 million – up 30% versus 3Q24
Charles Schwab named one of the most trusted financial services companies by Investor's Business Daily ⁽³⁾
Charles Schwab recognized by Kiplinger as #1 in education and service for 2025 ⁽⁴⁾

	Three Months Ended September 30,						%		Nine Months Ended September 30,						%
Financial Highlights		2025			2024		Change			2025			2024		Change

Net revenues (in millions)	$	6,135		$	4,847		27	%	$	17,585		$	14,277		23	%
Net income (in millions)
GAAP	$	2,358		$	1,408		67	%	$	6,393		$	4,102		56	%
Adjusted	$	2,456		$	1,525		61	%	$	6,686		$	4,459		50	%
Diluted earnings per common share
GAAP	$	1.26		$	.71		77	%	$	3.33		$	2.05		62	%
Adjusted	$	1.31		$	.77		70	%	$	3.49		$	2.25		55	%
Pre-tax profit margin
GAAP		49.2	%		38.0	%				47.1	%		37.7	%
Adjusted		51.3	%		41.2	%				49.3	%		41.0	%
Return on average common stockholders' equity (annualized)		21	%		14	%				20	%		14	%
Return on tangible common equity (annualized)		38	%		31	%				37	%		33	%

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.

3Q25 Financial Commentary

Quarterly net revenues grew year-over-year by 27% to a record $6.1 billion
Net interest margin expanded sequentially by 21 basis points to 2.86% due to the further reduction of higher cost liabilities, strong securities lending activity, and clients' increased utilization of our lending solutions
Client transactional sweep cash balances ended September at $425.6 billion, an increase of $13.5 billion versus the prior quarter-end, reflecting organic growth, client net buying activity, and seasonality
Bank Supplemental Funding ⁽²⁾ declined by $12.9 billion to end the quarter at $14.8 billion
Asset management and administration fees increased by 13% 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 25% versus 3Q24 due to robust volumes and stronger client interest in derivatives
GAAP expenses for the quarter increased 4% year-over-year; excluding third quarter amortization of acquired intangibles of $127 million, adjusted total expenses ⁽¹⁾ were up 5% relative to 3Q24
Capital ratios across the firm remained strong – including preliminary consolidated Tier 1 Leverage and adjusted Tier 1 Leverage ⁽¹⁾ equaling 9.7% and 7.3%, respectively
Repurchased 28.9 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⁾		Bank Supplemental Funding includes repurchase agreements at the banks, Schwab Bank Certificates of Deposit (CDs), and Federal Home Loan Bank balances.
⁽³⁾		The IBD Most Trusted Financial Companies award was given to Charles Schwab 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.
⁽⁴⁾		The Kiplinger Best Online Brokers and Trading Platforms for 2025 survey was published by Kiplinger on September 9, 2025, and is for a 12-month timeframe. The criteria, evaluation, and ranking were determined Kiplinger. For more information on methodology, visit https://www.kiplinger.com/investing/wealth-management/online-brokers/605136/the-best-online-brokers-and-trading-platforms . Schwab paid a licensing fee to Adcetera, for the use of the accolade and corresponding logos through October 15, 2026.

Fall Business Update

The company will host its Fall 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 .

Forward-Looking Statements

This press release contains forward-looking statements relating to client adoption of wealth solutions, and the company's organic growth, capital ratios and return of capital. These forward-looking statements reflect management's expectations as of the date hereof. Achievement of these expectations and objectives is subject to risks and uncertainties that could cause actual results to differ materially from the expressed expectations. Important factors that may cause such differences are described in the company's most recent reports on Form 10-K and Form 10-Q, which have been filed with the Securities and Exchange Commission and are available on the company's website ( https://www.aboutschwab.com/financial-reports ) and on the Securities and Exchange Commission's website ( https://www.sec.gov ). The company makes no commitment to update any forward-looking statements.

About Charles Schwab

The Charles Schwab Corporation (NYSE: SCHW) is a leading provider of financial services, with 38.0 million active brokerage accounts, 5.6 million workplace plan participant accounts, 2.2 million banking accounts, and $11.59 trillion in client assets. Through its operating subsidiaries, the company provides a full range of wealth management, securities brokerage, banking, asset management, custody, and financial advisory services to individual investors and independent investment advisors. Its broker-dealer subsidiary, Charles Schwab & Co., Inc. (member SIPC, https://www.sipc.org ), and its affiliates offer a complete range of investment services and products including an extensive selection of mutual funds; financial planning and investment advice; retirement plan and equity compensation plan services; referrals to independent, fee-based investment advisors; and custodial, operational and trading support for independent, fee-based investment advisors through Schwab Advisor Services™. Its primary banking subsidiary, Charles Schwab Bank, SSB (member FDIC and an Equal Housing Lender), provides banking and lending services and products. More information is available at https://www.aboutschwab.com .

THE Charles Schwab CORPORATION Consolidated Statements of Income (In millions, except per share amounts) (Unaudited)

	Three Months Ended September 30,						Nine Months Ended September 30,
		2025			2024			2025			2024
Net Revenues
Interest revenue	$	3,956		$	3,928		$	11,500		$	11,686
Interest expense		(906	)		(1,706	)		(2,922	)		(5,073	)
Net interest revenue		3,050			2,222			8,578			6,613
Asset management and administration fees		1,673			1,476			4,773			4,207
Trading revenue		995			797			2,855			2,391
Bank deposit account fees		247			152			739			488
Other		170			200			640			578
Total net revenues		6,135			4,847			17,585			14,277
Expenses Excluding Interest
Compensation and benefits		1,653			1,522			4,861			4,510
Professional services		293			256			853			756
Occupancy and equipment		280			271			824			784
Advertising and market development		101			101			305			296
Communications		149			147			478			460
Depreciation and amortization		212			231			644			692
Amortization of acquired intangible assets		127			130			385			389
Regulatory fees and assessments		59			88			225			309
Other		240			259			731			694
Total expenses excluding interest		3,114			3,005			9,306			8,890
Income before taxes on income		3,021			1,842			8,279			5,387
Taxes on income		663			434			1,886			1,285
Net Income		2,358			1,408			6,393			4,102
Preferred stock dividends and other		81			109			343			341
Net Income Available to Common Stockholders	$	2,277		$	1,299		$	6,050		$	3,761
Weighted-Average Common Shares Outstanding:
Basic		1,806			1,829			1,815			1,827
Diluted		1,811			1,834			1,820			1,833
Earnings Per Common Shares Outstanding :
Basic	$	1.26		$	.71		$	3.33		$	2.06
Diluted	$	1.26		$	.71		$	3.33		$	2.05

THE Charles Schwab CORPORATION
Financial and Operating Highlights
(Unaudited)
	Q3-25 % change				2025										2024
	vs.		vs.			Third			Second			First				Fourth			Third
(In millions, except per share amounts and as noted)	Q3-24		Q2-25			Quarter			Quarter			Quarter				Quarter			Quarter
Net Revenues
Net interest revenue	37	%	8	%		$	3,050		$	2,822		$	2,706			$	2,531		$	2,222
Asset management and administration fees	13	%	7	%			1,673			1,570			1,530				1,509			1,476
Trading revenue	25	%	5	%			995			952			908				873			797
Bank deposit account fees	63	%	—				247			247			245				241			152
Other	(15	)%	(35	)%			170			260			210				175			200
Total net revenues	27	%	5	%			6,135			5,851			5,599				5,329			4,847
Expenses Excluding Interest
Compensation and benefits	9	%	8	%			1,653			1,536			1,672				1,533			1,522
Professional services	14	%	1	%			293			291			269				297			256
Occupancy and equipment	3	%	4	%			280			270			274				276			271
Advertising and market development	—		(6	)%			101			108			96				101			101
Communications	1	%	(15	)%			149			176			153				131			147
Depreciation and amortization	(8	)%	(1	)%			212			215			217				224			231
Amortization of acquired intangible assets	(2	)%	(1	)%			127			128			130				130			130
Regulatory fees and assessments	(33	)%	(23	)%			59			77			89				89			88
Other	(7	)%	(3	)%			240			247			244				243			259
Total expenses excluding interest	4	%	2	%			3,114			3,048			3,144				3,024			3,005
Income before taxes on income	64	%	8	%			3,021			2,803			2,455				2,305			1,842
Taxes on income	53	%	(2	)%			663			677			546				465			434
Net Income	67	%	11	%			2,358			2,126			1,909				1,840			1,408
Preferred stock dividends and other	(26	)%	(46	)%			81			149			113				123			109
Net Income Available to Common Stockholders	75	%	15	%		$	2,277		$	1,977		$	1,796			$	1,717		$	1,299
Earnings per common share:
Basic	77	%	16	%		$	1.26		$	1.09		$	.99			$	.94		$	.71
Diluted	77	%	17	%		$	1.26		$	1.08		$	.99			$	.94		$	.71
Dividends declared per common share	8	%	—			$	.27		$	.27		$	.27			$	.25		$	.25
Weighted-average common shares outstanding:
Basic	(1	)%	(1	)%			1,806			1,817			1,817				1,831			1,829
Diluted	(1	)%	(1	)%			1,811			1,822			1,822				1,836			1,834
Performance Measures
Pre-tax profit margin							49.2	%		47.9	%		43.8	%			43.3	%		38.0	%
Return on average common stockholders' equity (annualized) ⁽¹⁾							21	%		19	%		18	%			18	%		14	%
Financial Condition (at quarter end, in billions)
Cash and cash equivalents	(12	)%	(5	)%		$	30.6		$	32.2		$	35.0			$	42.1		$	34.9
Cash and investments segregated	42	%	5	%			47.8			45.6			38.4				38.2			33.7
Receivables from brokers, dealers, and clearing organizations	38	%	9	%			4.7			4.3			2.9				2.4			3.4
Receivables from brokerage clients — net	27	%	13	%			93.8			82.8			84.4				85.4			74.0
Available for sale securities	(31	)%	(8	)%			62.3			67.6			74.8				83.0			90.0
Held to maturity securities	(9	)%	(2	)%			136.7			139.7			143.8				146.5			149.9
Bank loans — net	24	%	6	%			53.6			50.4			47.1				45.2			43.3
Total assets	—		1	%			465.3			458.9			462.9				479.8			466.1
Bank deposits	(3	)%	3	%			239.1			233.1			246.2				259.1			246.5
Payables to brokers, dealers, and clearing organizations ⁽²⁾	37	%	20	%			22.4			18.6			15.7				13.3			16.4
Payables to brokerage clients	29	%	5	%			115.4			109.4			100.6				101.6			89.2
Accrued expenses and other liabilities ⁽²⁾	2	%	6	%			11.4			10.8			11.0				12.3			11.2
Other short-term borrowings	(39	)%	(24	)%			6.5			8.5			6.9				6.0			10.6
Federal Home Loan Bank borrowings	(96	)%	(90	)%			0.9			9.0			11.5				16.7			22.6
Long-term debt	(10	)%	—				20.2			20.2			21.5				22.4			22.4
Total liabilities	(1	)%	2	%			415.9			409.5			413.4				431.5			418.8
Stockholders' equity	5	%	—				49.4			49.5			49.5				48.4			47.2
Total liabilities and stockholders' equity	—		1	%			465.3			458.9			462.9				479.8			466.1
Other
Full-time equivalent employees (at quarter end, in thousands)	2	%	—				32.7			32.6			32.1				32.1			32.1
Capital expenditures — purchases of equipment, office facilities, and property, net (in millions)	13	%	12	%		$	152		$	136		$	156			$	258		$	135
Expenses excluding interest as a percentage of average client assets (annualized)							0.11	%		0.12	%		0.12	%			0.12	%		0.12	%
Clients' Daily Average Trades (DATs) (in thousands)	30	%	(2	)%			7,421			7,571			7,391				6,312			5,697
Number of Trading Days	—		2	%			63.5			62.0			60.0				63.0			63.5
Revenue Per Trade ⁽³⁾	(4	)%	4	%		$	2.11		$	2.03		$	2.05			$	2.20		$	2.20

⁽¹⁾		Return on average common stockholders' equity is calculated using net income available to common stockholders divided by average common stockholders' equity.
⁽²⁾		Beginning in the fourth quarter of 2024, payables to brokers, dealers, and clearing organizations are presented separately from accrued expenses and other liabilities. Prior period amounts have been reclassified to reflect this change. Payables to brokers, dealers, and clearing organizations include securities loaned.
⁽³⁾		Revenue per trade is calculated as trading revenue divided by the product of DATs multiplied by the number of trading days.

THE Charles Schwab CORPORATION Net Interest Revenue Information (In millions, except ratios or as noted) (Unaudited)

	Three Months Ended September 30,												Nine Months Ended September 30,
	2025						2024						2025						2024
	Average Balance		Interest Revenue/ Expense		Average Yield/ Rate		Average Balance		Interest Revenue/ Expense		Average Yield/ Rate		Average Balance		Interest Revenue/ Expense		Average Yield/ Rate		Average Balance		Interest Revenue/ Expense		Average Yield/ Rate
Interest-earning assets
Cash and cash equivalents	$	24,298	$	264	4.26	%	$	27,623	$	369	5.24	%	$	27,571	$	897	4.29	%	$	30,128	$	1,205	5.26	%
Cash and investments segregated		46,046		494	4.20	%		26,220		345	5.15	%		44,104		1,412	4.22	%		25,744		1,014	5.18	%
Receivables from brokerage clients		90,121		1,490	6.47	%		73,102		1,431	7.66	%		84,317		4,204	6.57	%		68,557		4,042	7.75	%
Available for sale securities ⁽¹⁾		69,794		360	2.05	%		98,645		531	2.14	%		77,324		1,198	2.06	%		104,830		1,680	2.13	%
Held to maturity securities ⁽¹⁾		137,672		587	1.70	%		151,004		650	1.71	%		141,032		1,811	1.71	%		154,231		1,998	1.72	%
Bank loans		51,849		557	4.27	%		42,653		484	4.52	%		48,882		1,568	4.28	%		41,585		1,384	4.44	%
Total interest-earning assets		419,780		3,752	3.52	%		419,247		3,810	3.58	%		423,230		11,090	3.47	%		425,075		11,323	3.52	%
Securities lending revenue				183						87						339						258
Other interest revenue				21						31						71						105
Total interest-earning assets	$	419,780	$	3,956	3.71	%	$	419,247	$	3,928	3.69	%	$	423,230	$	11,500	3.60	%	$	425,075	$	11,686	3.63	%
Funding sources
Bank deposits	$	229,281	$	248	0.43	%	$	248,405	$	841	1.35	%	$	237,488	$	1,010	0.57	%	$	260,254	$	2,602	1.34	%
Payables to brokers, dealers, and clearing organizations ⁽²⁾		19,131		188	3.84	%		9,825		118	4.68	%		16,673		492	3.89	%		7,004		230	4.31	%
Payables to brokerage clients		96,064		97	0.40	%		72,700		79	0.43	%		92,909		217	0.31	%		69,586		229	0.44	%
Other short-term borrowings		7,593		87	4.56	%		10,821		150	5.52	%		7,314		256	4.68	%		9,164		382	5.57	%
Federal Home Loan Bank borrowings		7,103		79	4.35	%		22,621		310	5.38	%		9,180		322	4.62	%		24,347		988	5.36	%
Long-term debt		20,204		207	4.01	%		22,446		208	3.71	%		21,029		625	3.92	%		23,299		640	3.66	%
Total interest-bearing liabilities ⁽²⁾		379,376		906	0.94	%		386,818		1,706	1.75	%		384,593		2,922	1.01	%		393,654		5,071	1.71	%
Non-interest-bearing funding sources ⁽²⁾		40,404						32,429						38,637						31,421
Other interest expense				—						—						—						2
Total funding sources	$	419,780	$	906	0.85	%	$	419,247	$	1,706	1.61	%	$	423,230	$	2,922	0.92	%	$	425,075	$	5,073	1.59	%
Net interest revenue			$	3,050	2.86	%			$	2,222	2.08	%			$	8,578	2.68	%			$	6,613	2.04	%

⁽¹⁾		Amounts have been calculated based on amortized cost.
⁽²⁾		Beginning in the fourth quarter of 2024, payables to brokers, dealers, and clearing organizations is presented separately from non-interest-bearing funding sources and included in total interest-bearing liabilities. This line item includes securities loaned and related interest expense. Prior period amounts have been reclassified to reflect this change.

THE Charles Schwab CORPORATION Asset Management and Administration Fees Information (In millions, except ratios or as noted) (Unaudited)

	Three Months Ended September 30,												Nine Months Ended September 30,
	2025						2024						2025						2024
	Average Client Assets		Revenue		Average Fee		Average Client Assets		Revenue		Average Fee		Average Client Assets		Revenue		Average Fee		Average Client Assets		Revenue		Average Fee
Schwab money market funds	$	663,218	$	458	0.27	%	$	551,945	$	379	0.27	%	$	643,168	$	1,318	0.27	%	$	525,166	$	1,072	0.27	%
Schwab equity and bond funds, exchange-traded funds (ETFs), and collective trust funds (CTFs)		735,519		132	0.07	%		603,314		118	0.08	%		685,300		376	0.07	%		569,608		337	0.08	%
Mutual Fund OneSource ^® and other no- transaction-fee funds		443,660		259	0.23	%		354,664		224	0.25	%		384,614		699	0.24	%		335,813		647	0.26	%
Other third-party mutual funds and ETFs		618,032		97	0.06	%		611,555		106	0.07	%		617,441		302	0.07	%		606,026		314	0.07	%
Total mutual funds, ETFs, and CTFs ⁽¹⁾	$	2,460,429	$	946	0.15	%	$	2,121,478	$	827	0.16	%	$	2,330,523	$	2,695	0.15	%	$	2,036,613	$	2,370	0.16	%
Managed investing solutions ⁽¹⁾
Fee-based	$	654,220	$	619	0.38	%	$	554,726	$	559	0.40	%	$	613,302	$	1,777	0.39	%	$	528,850	$	1,572	0.40	%
Non-fee-based		127,592		—	—			114,307		—	—			122,920		—	—			110,191		—	—
Total managed investing solutions	$	781,812	$	619	0.31	%	$	669,033	$	559	0.33	%	$	736,222	$	1,777	0.32	%	$	639,041	$	1,572	0.33	%
Other balance-based fees ⁽²⁾		922,030		81	0.03	%		795,737		72	0.04	%		870,045		233	0.04	%		759,645		210	0.04	%
Other ⁽³⁾				27						18						68						55
Total asset management and administration fees			$	1,673					$	1,476					$	4,773					$	4,207

⁽¹⁾		Managed investing solutions includes managed portfolios, specialized strategies, and customized investment advice such as Schwab Wealth Advisory™, Schwab Managed Portfolios™, Managed Account Select ^® , Schwab Advisor Network ^® , Windhaven Strategies ^® , ThomasPartners ^® Strategies, Wasmer Schroeder ^® Strategies, Schwab Index Advantage advised retirement plan balances, Schwab Intelligent Portfolios ^® , Institutional Intelligent Portfolios ^® , Schwab Intelligent Portfolios Premium ^® , Schwab Wealth Portfolios™, AdvisorDirect ^® , Essential Portfolios, Selective Portfolios, and Personalized Portfolios; as well as legacy non-fee managed investing solutions including Schwab Advisor Source and certain retirement plan balances. Average client assets for managed investing solutions may also include the asset balances contained in the mutual fund and/or ETF categories listed above. For the total end of period view, please see the Monthly Activity Report.
⁽²⁾		Includes various asset-related fees, such as trust fees, 401(k) recordkeeping fees, and mutual fund clearing fees and other service fees.
⁽³⁾		Includes miscellaneous service and transaction fees relating to mutual funds and ETFs that are not balance-based.

THE Charles Schwab CORPORATION Growth in Client Assets and Accounts (Unaudited)

	Q3-25 % Change				2025									2024
	vs.		vs.		Third			Second			First			Fourth			Third
(In billions, at quarter end, except as noted)	Q3-24		Q2-25		Quarter			Quarter			Quarter			Quarter			Quarter
Assets in client accounts
Schwab One ^® , certain cash equivalents, and bank deposits	7	%	4	%	$	357.1		$	342.7		$	345.2		$	358.8		$	334.1
Bank deposit account balances	(7	)%	(4	)%		78.5			82.1			83.7			87.5			84.0
Proprietary mutual funds (Schwab Funds ^® and Laudus Funds ^® ) and CTF
Money market funds ⁽¹⁾	19	%	2	%		666.4			653.5			641.5			596.5			562.1
Equity and bond funds and CTFs ⁽²⁾	18	%	8	%		269.7			249.7			227.0			232.2			228.9
Total proprietary mutual funds and CTFs	18	%	4	%		936.1			903.2			868.5			828.7			791.0
Mutual Fund Marketplace ^{® (3)}
Mutual Fund OneSource ^® and other no-transaction-fee funds	32	%	4	%		473.5			453.9			340.3			347.8			358.0
Mutual fund clearing services	14	%	7	%		320.2			298.3			280.6			280.7			280.8
Other third-party mutual funds	—		6	%		1,237.2			1,168.5			1,195.4			1,211.1			1,236.5
Total Mutual Fund Marketplace	8	%	6	%		2,030.9			1,920.7			1,816.3			1,839.6			1,875.3
Total mutual fund assets	11	%	5	%		2,967.0			2,823.9			2,684.8			2,668.3			2,666.3
Exchange-traded funds
Proprietary ETFs ⁽²⁾	23	%	8	%		476.0			439.7			398.2			395.0			385.9
Other third-party ETFs	27	%	10	%		2,395.7			2,175.6			1,960.1			1,940.6			1,888.2
Total ETF assets	26	%	10	%		2,871.7			2,615.3			2,358.3			2,335.6			2,274.1
Equity and other securities	20	%	10	%		4,624.7			4,188.7			3,765.5			3,972.6			3,839.6
Fixed income securities	—		1	%		792.1			788.0			775.8			762.3			795.4
Margin loans outstanding	33	%	17	%		(97.2	)		(83.4	)		(83.6	)		(83.8	)		(73.0	)
Total client assets	17	%	8	%	$	11,593.9		$	10,757.3		$	9,929.7		$	10,101.3		$	9,920.5
Client assets by business ⁽⁴⁾
Investor Services ⁽⁵⁾	18	%	8	%	$	6,577.2		$	6,069.9		$	5,557.4		$	5,721.6		$	5,576.7
Advisor Services ⁽⁶⁾	15	%	7	%		5,016.7			4,687.4			4,372.3			4,379.7			4,343.8
Total client assets	17	%	8	%	$	11,593.9		$	10,757.3		$	9,929.7		$	10,101.3		$	9,920.5
Net growth in assets in client accounts (for the quarter ended)
Net new assets by business ⁽⁴⁾
Investor Services ⁽⁵⁾	42	%	69	%	$	52.7		$	31.2		$	69.5		$	46.2		$	37.2
Advisor Services ⁽⁶⁾	52	%	93	%		81.7			42.4			62.9			62.2			53.6
Total net new assets	48	%	83	%	$	134.4		$	73.6		$	132.4		$	108.4		$	90.8
Net market gains (losses)						702.2			754.0			(304.0	)		72.4			422.2
Net growth (decline)					$	836.6		$	827.6		$	(171.6	)	$	180.8		$	513.0
New brokerage accounts (in thousands, for the quarter ended)	18	%	4	%		1,143			1,098			1,183			1,119			972
Client accounts (in thousands)
Active brokerage accounts	6	%	1	%		37,963			37,476			37,011			36,456			35,982
Banking accounts	10	%	3	%		2,150			2,096			2,050			1,998			1,954
Workplace Plan Participant Accounts ⁽⁷⁾	4	%	1	%		5,619			5,586			5,495			5,399			5,388

⁽¹⁾		Total client assets in purchased money market funds are located at: https://www.aboutschwab.com/investor-relations .
⁽²⁾		Includes balances held on and off the Schwab platform. As of September 30, 2025, off-platform equity and bond funds, CTFs, and ETFs were $41.1 billion, $4.9 billion, and $169.5 billion, respectively.
⁽³⁾		Excludes all proprietary mutual funds and ETFs.
⁽⁴⁾		In the fourth quarter of 2024, Retirement Business Services moved from Advisor Services to Investor Services. Prior periods have been recast.
⁽⁵⁾		Third quarter of 2025 includes net outflows of $3.1 billion from off-platform Schwab Bank Retail CDs. Second quarter of 2025 includes net outflows of $6.7 billion from off-platform Schwab Bank Retail CDs. First quarter of 2025 includes net outflows of $5.3 billion from off-platform Schwab Bank Retail CDs. Fourth quarter of 2024 includes net outflows of $5.5 billion from off-platform Schwab Bank Retail CDs and an outflow of $0.6 billion from a large international relationship. Third quarter of 2024 includes net outflows of $4.4 billion from off-platform Schwab Bank Retail CDs and an outflow of $0.1 billion from a large international relationship.
⁽⁶⁾		Fourth quarter of 2024 includes an outflow of $0.3 billion from a large international relationship.
⁽⁷⁾		Includes Retirement Plan Services, Stock Plan Services, Designated Brokerage Services, and Retirement Business Services. Participants may be enrolled in services in more than one Workplace business.

The Charles Schwab Corporation Monthly Activity Report For September 2025

	2024								2025																		Change
	Sep		Oct		Nov		Dec		Jan		Feb		Mar		Apr		May		Jun		Jul		Aug		Sep		Mo.		Yr.
Market Indices (at month end)
Dow Jones Industrial Average ^®	42,330		41,763		44,911		42,544		44,545		43,841		42,002		40,669		42,270		44,095		44,131		45,545		46,398		2	%	10	%
Nasdaq Composite ^®	18,189		18,095		19,218		19,311		19,627		18,847		17,299		17,446		19,114		20,370		21,122		21,456		22,660		6	%	25	%
Standard & Poor's ^® 500	5,762		5,705		6,032		5,882		6,041		5,955		5,612		5,569		5,912		6,205		6,339		6,460		6,688		4	%	16	%
Client Assets (in billions of dollars)
Beginning Client Assets	9,737.7		9,920.5		9,852.0		10,305.4		10,101.3		10,333.1		10,280.2		9,929.7		9,892.2		10,349.0		10,757.3		10,963.5		11,228.1
Net New Assets ⁽¹⁾	30.3		22.7		25.5		60.2		30.5		46.6		55.3		1.1		33.6		38.9		45.7		43.3		45.4		5	%	50	%
Net Market Gains (Losses)	152.5		(91.2	)	427.9		(264.3	)	201.3		(99.5	)	(405.8	)	(38.6	)	423.2		369.4		160.5		221.3		320.4
Total Client Assets (at month end)	9,920.5		9,852.0		10,305.4		10,101.3		10,333.1		10,280.2		9,929.7		9,892.2		10,349.0		10,757.3		10,963.5		11,228.1		11,593.9		3	%	17	%
Core Net New Assets ^(1,2)	33.5		24.6		28.8		61.4		30.6		48.0		59.1		2.7		35.0		42.6		46.9		44.4		46.2		4	%	38	%
Receiving Ongoing Advisory Services (at month end)
Investor Services	675.1		665.6		688.9		682.0		698.7		703.5		688.8		688.2		711.2		737.6		747.9		771.1		792.5		3	%	17	%
Advisor Services	4,343.8		4,303.3		4,489.2		4,379.7		4,496.6		4,493.2		4,372.3		4,353.0		4,525.6		4,687.4		4,765.1		4,888.2		5,016.7		3	%	15	%
Client Accounts (at month end, in thousands)
Active Brokerage Accounts	35,982		36,073		36,222		36,456		36,709		36,861		37,011		37,254		37,375		37,476		37,658		37,798		37,963		—		6	%
Banking Accounts	1,954		1,967		1,980		1,998		2,019		2,033		2,050		2,066		2,077		2,096		2,116		2,137		2,150		1	%	10	%
Workplace Plan Participant Accounts ⁽³⁾	5,388		5,407		5,393		5,399		5,450		5,464		5,495		5,518		5,563		5,586		5,619		5,606		5,619		—		4	%
Client Activity
New Brokerage Accounts (in thousands)	321		331		357		431		433		362		388		439		336		323		377		382		384		1	%	20	%
Client Cash as a Percentage of Client Assets ⁽⁴⁾	9.5	%	9.8	%	9.5	%	10.1	%	9.8	%	10.0	%	10.6	%	10.5	%	10.1	%	9.9	%	9.7	%	9.5	%	9.4	%	(10) bp		(10) bp
Derivative Trades as a Percentage of Total Trades	21.5	%	21.4	%	19.7	%	18.6	%	19.3	%	19.9	%	19.5	%	18.4	%	21.0	%	20.8	%	21.3	%	22.5	%	22.3	%	(20) bp		80 bp
Selected Average Balances (in millions of dollars)
Average Interest-Earning Assets ⁽⁵⁾	420,203		422,327		425,789		431,177		431,523		424,805		425,228		430,884		419,638		417,768		418,640		417,194		423,629		2	%	1	%
Average Margin Balances	72,755		74,105		76,932		81,507		82,551		84,233		82,725		77,478		79,132		82,339		85,492		90,399		94,609		5	%	30	%
Average Bank Deposit Account Balances ⁽⁶⁾	82,336		83,261		84,385		85,384		84,790		83,089		84,302		84,060		81,495		81,014		80,755		79,781		79,308		(1	)%	(4	)%
Mutual Funds and Exchange-Traded Funds
Net Buys (Sells) ^(7,8) (in millions of dollars)
Equities	5,217		7,176		13,226		14,805		10,050		4,987		(1,221	)	7,950		10,473		8,987		10,936		8,402		8,832
Hybrid	(432	)	(1,397	)	(329	)	124		(1,324	)	(464	)	(603	)	(1,663	)	(287	)	(1,038	)	(463	)	(604	)	(452	)
Bonds	11,015		10,442		7,473		10,969		8,747		12,162		11,438		(1,490	)	8,483		6,050		11,920		12,993		12,502
Net Buy (Sell) Activity (in millions of dollars)
Mutual Funds ⁽⁷⁾	(1,261	)	(4,905	)	(4,492	)	(4,331	)	(6,785	)	(3,971	)	(8,537	)	(13,955	)	(3,224	)	(5,351	)	(3,442	)	(2,217	)	(4,754	)
Exchange-Traded Funds ⁽⁸⁾	17,061		21,126		24,862		30,229		24,258		20,656		18,151		18,752		21,893		19,350		25,835		23,008		25,636
Money Market Funds	9,672		11,032		9,172		8,956		11,584		12,306		14,586		(6,158	)	5,794		5,814		2,452		4,319		(517	)

Note: Certain supplemental details related to the information above can be found at: https://www.aboutschwab.com/financial-reports .
⁽¹⁾		Unless otherwise noted, differences between net new assets and core net new assets are net flows from off-platform Schwab Bank Retail CDs. 2024 also includes outflows from a large international relationship of $0.3 billion in October and $0.6 billion in November.
⁽²⁾		Net new assets before significant one-time inflows or outflows, such as acquisitions/divestitures or extraordinary flows (generally greater than $25 billion beginning in 2025; $10 billion in prior periods) relating to a specific client, and activity from off-platform Schwab Bank Retail CDs. These flows may span multiple reporting periods.
⁽³⁾		Includes Retirement Plan Services, Stock Plan Services, Designated Brokerage Services, and Retirement Business Services. Participants may be enrolled in services in more than one Workplace business.
⁽⁴⁾		Schwab One ^® , certain cash equivalents, bank deposits, third-party bank deposit accounts, and money market fund balances as a percentage of total client assets; client cash excludes brokered CDs issued by Charles Schwab Bank.
⁽⁵⁾		Represents average total interest-earning assets on the Company's balance sheet.
⁽⁶⁾		Represents average clients' uninvested cash sweep account balances held in deposit accounts at third-party financial institutions.
⁽⁷⁾		Represents the principal value of client mutual fund transactions handled by Schwab, including transactions in proprietary funds. Includes institutional funds available only to investment managers. Excludes money market fund transactions.
⁽⁸⁾		Represents the principal value of client ETF transactions handled by Schwab, including transactions in proprietary ETFs.

THE Charles Schwab CORPORATION
Non-GAAP Financial Measures
(In millions, except ratios and per share amounts)
(Unaudited)

In addition to disclosing financial results in accordance with generally accepted accounting principles in the U.S. (GAAP), Schwab's third quarter earnings release contains references to the non-GAAP financial measures described below. We believe these non-GAAP financial measures provide useful supplemental information about the financial performance of the Company, and facilitate meaningful comparison of Schwab's results in the current period to both historic and future results. These non-GAAP measures should not be considered a substitute for, or superior to, financial measures calculated in accordance with GAAP, and may not be comparable to non-GAAP financial measures presented by other companies.

Schwab's use of non-GAAP measures is reflective of certain adjustments made to GAAP financial measures as described below.

Non-GAAP Adjustment or Measure	Definition	Usefulness to Investors and Uses by Management
Acquisition and integration-related costs, amortization of acquired intangible assets, and restructuring costs	Schwab adjusts certain GAAP financial measures to exclude the impact of acquisition and integration-related costs incurred as a result of the Company's acquisitions, amortization of acquired intangible assets, restructuring costs, and, where applicable, the income tax effect of these expenses. Adjustments made to exclude amortization of acquired intangible assets are reflective of all acquired intangible assets, which were recorded as part of purchase accounting. These acquired intangible assets contribute to the Company's revenue generation. Amortization of acquired intangible assets will continue in future periods over their remaining useful lives.	We exclude acquisition and integration-related costs, amortization of acquired intangible assets, and restructuring costs for the purpose of calculating certain non-GAAP measures because we believe doing so provides additional transparency of Schwab's ongoing operations, and is useful in both evaluating the operating performance of the business and facilitating comparison of results with prior and future periods. Costs related to acquisition and integration or restructuring fluctuate based on the timing of acquisitions, integration and restructuring activities, thereby limiting comparability of results among periods, and are not representative of the costs of running the Company's ongoing business. Amortization of acquired intangible assets is excluded because management does not believe it is indicative of the Company's underlying operating performance.
Return on tangible common equity	Return on tangible common equity represents annualized adjusted net income available to common stockholders as a percentage of average tangible common equity. Tangible common equity represents common equity less goodwill, acquired intangible assets — net, and related deferred tax liabilities.	Acquisitions typically result in the recognition of significant amounts of goodwill and acquired intangible assets. We believe return on tangible common equity may be useful to investors as a supplemental measure to facilitate assessing capital efficiency and returns relative to the composition of Schwab's balance sheet.
Adjusted Tier 1 Leverage Ratio	Adjusted Tier 1 Leverage Ratio represents the Tier 1 Leverage Ratio as prescribed by bank regulatory guidance for the consolidated company and for Charles Schwab Bank, SSB (CSB), adjusted to reflect the inclusion of accumulated other comprehensive income (AOCI) in the ratio.	Inclusion of the impacts of AOCI in the Company's Tier 1 Leverage Ratio provides additional information regarding the Company's current capital position. We believe Adjusted Tier 1 Leverage Ratio may be useful to investors as a supplemental measure of the Company's capital levels.

The Company also uses adjusted diluted EPS and return on tangible common equity as components of performance criteria for employee bonus and certain executive management incentive compensation arrangements. The Compensation Committee of CSC's Board of Directors maintains discretion in evaluating performance against these criteria. Additionally, the Company uses adjusted Tier 1 Leverage Ratio in managing capital, including its use of the measure as its long-term operating objective.

THE Charles Schwab CORPORATION
Non-GAAP Financial Measures
(In millions, except ratios and per share amounts)
(Unaudited)

The tables below present reconciliations of GAAP measures to non-GAAP measures:

	Three Months Ended September 30,												Nine Months Ended September 30,
	2025						2024						2025						2024
	Total Expenses Excluding Interest			Net Income			Total Expenses Excluding Interest			Net Income			Total Expenses Excluding Interest			Net Income			Total Expenses Excluding Interest			Net Income
Total expenses excluding interest (GAAP), Net income (GAAP)	$	3,114		$	2,358		$	3,005		$	1,408		$	9,306		$	6,393		$	8,890		$	4,102
Amortization of acquired intangible assets		(127	)		127			(130	)		130			(385	)		385			(389	)		389
Acquisition and integration-related costs ⁽¹⁾		—			—			(23	)		23			—			—			(97	)		97
Restructuring costs ⁽²⁾		—			—			—			—			—			—			18			(18	)
Income tax effects ⁽³⁾		N/A			(29	)		N/A			(36	)		N/A			(92	)		N/A			(111	)
Adjusted total expenses (non-GAAP), Adjusted net income (non-GAAP)	$	2,987		$	2,456		$	2,852		$	1,525		$	8,921		$	6,686		$	8,422		$	4,459

⁽¹⁾		There were no acquisition and integration-related costs for the three and nine months ended September 30, 2025. Acquisition and integration-related costs for the three and nine months ended September 30, 2024 primarily consist of $9 million and $44 million of compensation and benefits, $3 million and $32 million of professional services, and $8 million and $13 million of depreciation and amortization.
⁽²⁾		There were no restructuring costs for the three and nine months ended September 30, 2025 and three months ended September 30, 2024. Restructuring costs for the nine months ended September 30, 2024 reflect a benefit due to a change in estimate of $34 million in compensation and benefits, offset by $3 million of occupancy and equipment expense and $13 million of other expense.
⁽³⁾		The income tax effects of the non-GAAP adjustments are determined using an effective tax rate reflecting the exclusion of non-deductible acquisition costs and are used to present the acquisition and integration-related costs, amortization of acquired intangible assets, and restructuring costs on an after-tax basis.
N/A Not applicable.

	Three Months Ended September 30,								Nine Months Ended September 30,
	2025				2024				2025				2024
	Amount		% of Total Net Revenues		Amount		% of Total Net Revenues		Amount		% of Total Net Revenues		Amount			% of Total Net Revenues
Income before taxes on income (GAAP), Pre-tax profit margin (GAAP)	$	3,021	49.2	%	$	1,842	38.0	%	$	8,279	47.1	%	$	5,387		37.7	%
Amortization of acquired intangible assets		127	2.1	%		130	2.7	%		385	2.2	%		389		2.7	%
Acquisition and integration-related costs		—	—			23	0.5	%		—	—			97		0.7	%
Restructuring costs		—	—			—	—			—	—			(18	)	(0.1	)%
Adjusted income before taxes on income (non-GAAP), Adjusted pre-tax profit margin (non-GAAP)	$	3,148	51.3	%	$	1,995	41.2	%	$	8,664	49.3	%	$	5,855		41.0	%

	Three Months Ended September 30,												Nine Months Ended September 30,
	2025						2024						2025						2024
	Amount			Diluted EPS			Amount			Diluted EPS			Amount			Diluted EPS			Amount			Diluted EPS
Net income available to common stockholders (GAAP), Earnings per common share — diluted (GAAP)	$	2,277		$	1.26		$	1,299		$	.71		$	6,050		$	3.33		$	3,761		$	2.05
Amortization of acquired intangible assets		127			.07			130			.07			385			.21			389			.21
Acquisition and integration-related costs		—			—			23			.01			—			—			97			.05
Restructuring costs		—			—			—			—			—			—			(18	)		(.01	)
Income tax effects		(29	)		(.02	)		(36	)		(.02	)		(92	)		(.05	)		(111	)		(.05	)
Adjusted net income available to common stockholders (non-GAAP), Adjusted diluted EPS (non-GAAP)	$	2,375		$	1.31		$	1,416		$	.77		$	6,343		$	3.49		$	4,118		$	2.25

	Three Months Ended September 30,						Nine Months Ended September 30,
		2025			2024			2025			2024
Return on average common stockholders' equity (GAAP)		21	%		14	%		20	%		14	%
Average common stockholders' equity	$	42,655		$	36,393		$	40,903		$	34,895
Less: Average goodwill		(11,951	)		(11,951	)		(11,951	)		(11,951	)
Less: Average acquired intangible assets — net		(7,423	)		(7,938	)		(7,552	)		(8,067	)
Plus: Average deferred tax liabilities related to goodwill and acquired intangible assets — net		1,695			1,735			1,695			1,747
Average tangible common equity	$	24,976		$	18,239		$	23,095		$	16,624
Adjusted net income available to common stockholders ⁽¹⁾	$	2,375		$	1,416		$	6,343		$	4,118
Return on tangible common equity (non-GAAP)		38	%		31	%		37	%		33	%

⁽¹⁾		See table above for the reconciliation of net income available to common stockholders to adjusted net income available to common stockholders (non-GAAP).

	(Preliminary)
	September 30, 2025
	CSC			CSB
Tier 1 Leverage Ratio (GAAP)		9.7	%		12.4	%
Tier 1 Capital	$	43,491		$	31,514
Plus: AOCI adjustment		(11,826	)		(10,272	)
Adjusted Tier 1 Capital		31,665			21,242
Average assets with regulatory adjustments		447,094			253,874
Plus: AOCI adjustment		(12,176	)		(10,613	)
Adjusted average assets with regulatory adjustments	$	434,918		$	243,261
Adjusted Tier 1 Leverage Ratio (non-GAAP)		7.3	%		8.7	%

View source version on businesswire.com: https://www.businesswire.com/news/home/20251016176801/en/

MEDIA
Mayura Hooper, 415-667-1525
public.relations@schwab.com

INVESTORS/ANALYSTS
Jeff Edwards, 817-854-6177
investor.relations@schwab.com

News Provided by Business Wire via QuoteMedia

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