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25% Revenue Growth Powers Record 2Q25 Results

Second Quarter Core Net New Assets Equal $80.3 Billion, Up 31% Year-Over-Year

New Accounts Exceed 1 Million and Total Client Assets Reach a Record $10.76 Trillion

Record Quarterly GAAP Earnings Per Share of $1.08, $1.14 Adjusted ⁽¹⁾

WESTLAKE, Texas--(BUSINESS WIRE)-- The Charles Schwab Corporation reported net income for the second quarter totaling $2.1 billion, or $1.08 earnings per share. Excluding $128 million of pre-tax transaction-related costs, adjusted ⁽¹⁾ net income and earnings per share equaled $2.2 billion and $1.14, respectively.

2Q25 Client and Business Highlights

• Total client assets increased 14% year-over-year to a record $10.76 trillion
• Core net new assets of $80.3 billion brings year-to-date asset gathering to $218.0 billion 鈥� up 39% year-over-year
• New brokerage account openings increased 11% year-over-year to 1.1 million for the quarter, helping active brokerage accounts and total client accounts reach 37.5 million and 45.2 million, respectively
• Managed Investing Solutions net inflows grew 37% versus 2Q24
• Margin balances ended the quarter at $83.4 billion 鈥� essentially flat quarter-over-quarter 鈥� as investors selectively increased leverage while equity markets rebounded following the disruption in early April
• Daily average trading volume remained robust at 7.6 million 鈥� up 38% versus 2Q24
• Charles Schwab recognized as Best Investing Platform Overall by U.S. News ⁽³⁾
• Charles Schwab Bank ranked #1 in J.D. Power鈥檚 U.S. Direct Banking Satisfaction Study for the 7^th consecutive year ⁽⁴⁾

2Q25 Financial Commentary

• Quarterly net revenues grew year-over-year by 25% to a record $5.9 billion
• Net interest margin expanded sequentially by 12 basis points to 2.65% due primarily to the further reduction of higher cost liabilities and a rebound in securities lending activity
• Client transactional sweep cash balances ended at $412.1 billion, a sequential build of $4.3 billion, reflecting tax seasonality as well as client net equity selling during the period
• Bank Supplemental Funding ⁽²⁾ declined $10.4 billion during the quarter to $27.7 billion at June month-end
• Asset management and administration fees increased by 14% year-over-year to $1.6 billion, powered by organic growth, rebounding equity markets, and sustained product utilization
• Trading revenue increased 23% versus 2Q24 due to robust volumes
• GAAP expenses for the quarter increased 4% year-over-year; excluding second quarter amortization of acquired intangibles of $128 million, adjusted total expenses ⁽¹⁾ were up 5% relative to 2Q24
• Capital ratios across the firm remained strong 鈥� including preliminary consolidated Tier 1 Leverage and adjusted Tier 1 Leverage ⁽¹⁾ equaling 9.8% and 7.2%, respectively
• Redeemed $2.5 billion Series G Preferred Stock
• Repurchased 3.9 million shares of our common stock for $351 million during the quarter

Summer Business Update

The company will host its Summer 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 .

Forward-Looking Statements

This press release contains forward-looking statements relating to the company鈥檚 revenue model, scale and efficiency, and capital ratios. These forward-looking statements reflect management鈥檚 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鈥檚 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鈥檚 website () and on the Securities and Exchange Commission鈥檚 website (). 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 37.5 million active brokerage accounts, 5.6 million workplace plan participant accounts, 2.1 million banking accounts, and $10.76 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, ), 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 .