A Business at a Glance
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SCHWAB CHARLES CORP
SCHW
$184.6B
Mkt Cap
$101.97
+0.35%
SCHWAB CHARLES CORP (SCHW) has a current P/E ratio of 21.9, compared to its historical median P/E of 24.0. The stock is currently considered Fair based on its historical valuation range.
SCHWAB CHARLES CORP (SCHW) has a 5-year average return on invested capital (ROIC) of 8.9%. This is below average and may indicate limited pricing power.
SCHWAB CHARLES CORP (SCHW) has a market capitalization of $178.7B. It is classified as a large-cap stock.
Yes, SCHWAB CHARLES CORP (SCHW) pays a dividend with a trailing twelve-month yield of 1.32%. The company also returns capital through share buybacks, with a buyback yield of 4.11%.
Based on historical P/E analysis, SCHWAB CHARLES CORP (SCHW) appears fair. The current P/E of 21.9 is 8% below its historical median of 24.0. The estimated fair value CAGR (P/E method) is 5.7%.
SCHWAB CHARLES CORP (SCHW) operates in the Security Brokers, Dealers & Flotation Companies industry, within the Financials sector.
SCHWAB CHARLES CORP (SCHW) reported annual revenue of $23.9 billion in its most recent fiscal year, based on SEC EDGAR filings.
Charles Schwab Corporation is a savings and loan holding company providing wealth management, securities brokerage, banking, asset management, custody, and financial advisory services through two reportable segments: Investor Services and Advisor Services. The Investor Services segment serves individual investors and businesses through retail brokerage, investment advisory, banking and trust services, workplace retirement and stock plan services, and mutual fund clearing; the Advisor Services segment provides custodial, trading, banking, trust, and support services to independent registered investment advisors and recordkeepers. Schwab operates an asset-light, technology-enabled platform model generating revenue from trading commissions, advisory fees, net interest margins on banking products, and asset management fees, with a competitive moat built on scale (serving 38.5 million active brokerage accounts and 5.7 million workplace plan participant accounts with $11.90 trillion in client assets), operating efficiency that enables low-cost pricing, an integrated operating structure spanning banking and wealth services, brand reputation, and a service culture emphasizing client experience. The company serves a broad spectrum of individual investors from beginners to high-net-worth clients, workplace plan sponsors and participants, independent advisors, and institutional clients across the United States, with substantial addressable market opportunity given estimated U.S. investable wealth exceeding $80 trillion.
【Strong earnings momentum continuing】 Management expects to sustain 2025 momentum into 2026 with strong new account formation and approximately 5% full-year organic asset growth, supported by continued client engagement and deepening relationships across the 46 million total accounts and nearly $12 trillion in client assets on the platform. The company anticipates meaningful growth drivers from the full launch of cryptocurrency trading (beginning with Bitcoin and Ether, with additional cryptocurrencies and transfer capabilities to follow), expansion of alternative investment offerings (particularly following the Forge acquisition expected to close in March 2026), and continued development of wealth and banking capabilities to deepen client relationships. Management is investing in strategic initiatives to support long-term organic growth while maintaining expense discipline, with confidence in delivering strong financial outcomes across a range of macroeconomic environments.
| Metric | Target | Period |
|---|---|---|
| Total Revenue Growth | 9.5%-10.5% | FY2026 |
| Net Interest Margin | 2.85%-2.95% | FY2026 |
| Adjusted Expense Growth | 5.5%-6.5% | FY2026 |
| Adjusted Earnings | $5.70-$5.80 | FY2026 |
Total Revenue Growth (FY2026): “Under this scenario, we would expect total revenue growth of 9.5%-10.5% in 2026.”
Net Interest Margin (FY2026): “Full-year net interest margin expands to a range of 2.85%-2.95%, with average 4Q2026 NIM expected to finish above 2.9%, despite assuming the Fed funds rate comes down by another 50 basis points.”
Adjusted Expense Growth (FY2026): “Therefore, within this financial scenario for 2026, we anticipate annual expense growth to range from 5.5%-6.5%.”
Adjusted Earnings (FY2026): “If you follow the math down to the bottom line, this full-year scenario implies potential adjusted earnings of around the $5.70-$5.80 range, which would represent year-over-year earnings growth in the upper teens.”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call, Q2 FY2025 Earnings Call, Q1 FY2025 Earnings Call
| Segment | 2021 | 2022 | 2023 | 2024 | 2025 | % of Total |
|---|---|---|---|---|---|---|
Asset management and administration fees | $4.27B | $4.22B | $4.76B | $5.72B | $6.51B | 29% |
Trading revenue | $4.15B | $3.67B | $3.23B | $3.26B | $3.92B | 18% |
Mutual funds, ETFs, and CTFs | $1.96B | $2.06B | $2.56B | $3.22B | $3.67B | 17% |
Managed investing solutions | — | $1.85B | $1.87B | $2.13B | $2.44B | 11% |
Order flow revenue | $2.05B | $1.74B | $1.40B | $1.48B | $1.93B | 9% |
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 24.8B | 23.9B | 19.6B | 18.8B | 20.8B | 18.5B |
| Net Income | 9.0B | 8.4B | 5.5B | 4.6B | 6.6B | 5.4B |
| EPS | $5.01 | $4.65 | $2.99 | $2.54 | $3.50 | $2.83 |
| Free Cash Flow | 9.7B | 8.8B | 2.0B | 18.9B | 1.1B | 1.2B |
| ROIC | 0.0% | 11.8% | 7.9% | 7.5% | 10.0% | 7.4% |
| Gross Margin | - | - | - | - | - | - |
| Debt/Equity | 0.42 | 0.49 | 0.47 | 0.65 | 1.03 | 0.42 |
| Dividends/Share | $1.35 | $1.08 | $1.00 | $1.00 | $0.84 | $0.72 |
| Operating Income | 0 | 11.5B | 7.7B | 6.4B | 9.4B | 7.7B |
| Operating Margin | 0.0% | 47.9% | 39.2% | 33.9% | 45.2% | 41.6% |
| ROE | 18.3% | 17.2% | 12.3% | 12.0% | 14.3% | 9.5% |
| Shares Outstanding | 1,752M | 1,810M | 1,832M | 1,830M | 1,896M | 1,894M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 6.1B | 6.4B | 7.5B | 8.6B | 10.1B | 10.7B | 11.7B | 18.5B | 20.8B | 18.8B | 19.6B | 23.9B | 24.8B |
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 2.2B | 2.2B | 2.5B | 2.7B | 3.1B | 3.3B | 4.0B | 5.5B | 5.9B | 6.3B | 6.0B | 6.5B | 6.6B |
| EBIT | 2.1B | 2.3B | 3.0B | 3.6B | 4.6B | 4.8B | 4.3B | 7.7B | 9.4B | 6.4B | 7.7B | 11.5B | 0 |
| Op. Margin | 34.9% | 35.7% | 40.0% | 42.4% | 45.0% | 45.2% | 36.8% | 41.6% | 45.2% | 33.9% | 39.2% | 47.9% | 0.0% |
| Net Income | 1.3B | 1.4B | 1.7B | 2.2B | 3.3B | 3.5B | 3.0B | 5.4B | 6.6B | 4.6B | 5.5B | 8.4B | 9.0B |
| Net Margin | 20.8% | 21.4% | 23.3% | 25.3% | 32.9% | 32.9% | 26.0% | 28.9% | 32.0% | 24.7% | 27.9% | 35.2% | 36.4% |
| Non-Recurring | 0 | 0 | 0 | 0 | 0 | 0 | 176M | 83M | 328M | 0 | 0 | 0 | 0 |
| Returns on Capital | |||||||||||||
| ROIC | 9.7% | 9.1% | 9.8% | 10.2% | 13.1% | 12.4% | 6.2% | 7.4% | 10.0% | 7.5% | 7.9% | 11.8% | 0.0% |
| ROE | 11.4% | 10.8% | 11.7% | 12.5% | 17.0% | 16.6% | 7.8% | 9.5% | 14.3% | 12.0% | 12.3% | 17.2% | 18.3% |
| ROA | 0.8% | 0.8% | 0.9% | 0.9% | 1.2% | 1.2% | 0.7% | 0.9% | 1.1% | 0.9% | 1.1% | 1.7% | 1.8% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 2.3B | 1.2B | 3.6B | -839M | 12.5B | 9.3B | 6.9B | 2.1B | 2.1B | 19.6B | 2.7B | 9.3B | 10.3B |
| Free Cash Flow | 1.9B | 980M | 3.3B | -1.2B | 11.9B | 8.6B | 6.2B | 1.2B | 1.1B | 18.9B | 2.0B | 8.8B | 9.7B |
| Owner Earnings | 2.0B | 887M | 3.2B | -1.3B | 12.0B | 8.8B | 6.2B | 1.3B | 1.0B | 18.5B | 1.8B | 8.5B | 5.2B |
| CapEx | 400M | 266M | 346M | 400M | 570M | 708M | 631M | 916M | 971M | 700M | 620M | 548M | 571M |
| Maint. CapEx | 199M | 224M | 234M | 269M | 277M | 322M | 414M | 549M | 652M | 804M | 519M | 512M | 4.8B |
| Growth CapEx | 201M | 42M | 112M | 131M | 293M | 386M | 217M | 367M | 319M | 0 | 101M | 36M | 0 |
| D&A | 199M | 224M | 234M | 269M | 277M | 322M | 414M | 549M | 652M | 804M | 519M | 512M | 4.8B |
| CapEx/OCF | 17.0% | 21.3% | 13.0% | N/A | 4.6% | 7.6% | 9.2% | 43.2% | 47.2% | 3.6% | 23.2% | 5.9% | 5.5% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 373M | 387M | 486M | 592M | 787M | 1.1B | 1.3B | 1.8B | 2.1B | 2.3B | 2.3B | 2.3B | 2.4B |
| Dividend Yield | 1.2% | 1.1% | 1.4% | 1.2% | 1.3% | 2.0% | 2.4% | 1.5% | 1.5% | 2.1% | 1.8% | 1.5% | 1.3% |
| Share Buybacks | 0 | 0 | 0 | 0 | 1.0B | 2.2B | 0 | 0 | 3.4B | 2.8B | 0 | 7.3B | 7.3B |
| Buyback Yield | N/A | N/A | N/A | N/A | 2.0% | 3.8% | N/A | N/A | 2.3% | 2.3% | N/A | 4.0% | 4.1% |
| Stock-Based Comp | 115M | 135M | 141M | 153M | 197M | 183M | 204M | 254M | 366M | 320M | 337M | 317M | 329M |
| Debt Repayment | 6.0M | 357M | 7.0M | 257M | 909M | 0 | 700M | 1.8B | 1.0B | 0 | 0 | 0 | 0 |
| Balance Sheet | |||||||||||||
| Net Debt | -64.2B | -74.7B | -85.3B | -44.5B | -87.6B | -83.3B | -364.1B | -39.2B | -2.3B | -16.8B | -19.2B | -21.9B | -24.4B |
| Cash & Equiv. | 11.4B | 12.0B | 10.8B | 14.2B | 27.9B | 29.3B | 40.3B | 63.0B | 40.2B | 43.3B | 42.1B | 46.0B | 45.0B |
| Long-Term Debt | 1.9B | 2.9B | 2.9B | 4.8B | 6.9B | 7.4B | 13.6B | 18.9B | 20.8B | 26.1B | 22.4B | 22.2B | 20.5B |
| Debt/Equity | 0.16 | 0.21 | 0.18 | 1.07 | 0.33 | 0.34 | 0.24 | 0.42 | 1.03 | 0.65 | 0.47 | 0.49 | 0.42 |
| Interest Coverage | 20.7 | 17.3 | 17.5 | 10.7 | 5.3 | 4.6 | 10.3 | 16.2 | 6.1 | 1.0 | 0.6 | 0.9 | 0.9 |
| Equity | 11.8B | 13.4B | 16.4B | 18.5B | 20.7B | 21.7B | 56.1B | 56.3B | 36.6B | 41.0B | 48.4B | 49.4B | 49.2B |
| Total Assets | 154.6B | 183.7B | 223.4B | 243.3B | 296.5B | 294.0B | 549.0B | 667.3B | 551.8B | 493.2B | 479.8B | 491.0B | 493.3B |
| Total Liabilities | 142.8B | 170.3B | 207.0B | 224.7B | 275.8B | 272.3B | 492.9B | 611.0B | 515.2B | 452.2B | 431.5B | 441.6B | 444.1B |
| Intangibles | 227M | 181M | 144M | 108M | 152M | 128M | 10.0B | 9.4B | 8.8B | 8.3B | 7.7B | 7.2B | 7.4B |
| Retained Earnings | 10.2B | 11.3B | 12.6B | 14.4B | 17.3B | 20.0B | 22.0B | 26.0B | 31.1B | 33.9B | 37.6B | 44.1B | 45.9B |
| Working Capital | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Liabilities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Per Share Data | |||||||||||||
| EPS | 0.95 | 1.03 | 1.31 | 1.61 | 2.45 | 2.67 | 2.12 | 2.83 | 3.50 | 2.54 | 2.99 | 4.65 | 5.01 |
| Owner EPS | 1.53 | 0.67 | 2.42 | -0.93 | 8.82 | 6.68 | 4.34 | 0.69 | 0.55 | 10.09 | 0.99 | 4.69 | 2.97 |
| Book Value | 8.89 | 10.12 | 12.32 | 13.68 | 15.21 | 16.47 | 39.06 | 29.70 | 19.31 | 22.38 | 26.40 | 27.31 | 28.10 |
| Cash Flow/Share | 1.77 | 0.94 | 2.70 | -0.62 | 9.17 | 7.06 | 4.77 | 1.12 | 1.09 | 10.70 | 1.46 | 5.14 | 7.86 |
| Dividends/Share | 0.24 | 0.24 | 0.27 | 0.32 | 0.46 | 0.68 | 0.72 | 0.72 | 0.84 | 1.00 | 1.00 | 1.08 | 1.35 |
| Shares Out. | 1.3B | 1.3B | 1.3B | 1.4B | 1.4B | 1.3B | 1.4B | 1.9B | 1.9B | 1.8B | 1.8B | 1.8B | 1.8B |
| Valuation | |||||||||||||
| P/E Ratio | 28.0 | 28.3 | 27.0 | 28.9 | 15.1 | 16.6 | 23.3 | 28.5 | 22.4 | 26.6 | 24.6 | 21.8 | 20.3 |
| P/FCF | 18.1 | 39.3 | 14.5 | N/A | 4.2 | 6.8 | 11.4 | 127.1 | 137.1 | 6.5 | 65.8 | 21.0 | 18.4 |
| EV/EBIT | N/A | N/A | N/A | 4.9 | N/A | N/A | 0.9 | 6.6 | 9.1 | 5.5 | 5.8 | 8.2 | N/A |
| Price/Book | 3.0 | 2.9 | 2.9 | 3.4 | 2.4 | 2.7 | 1.3 | 2.7 | 4.1 | 3.0 | 2.8 | 3.7 | 3.6 |
| Price/Sales | 13.8 | 14.3 | 10.6 | 11.9 | 10.8 | 8.0 | 8.6 | 15.6 | 12.8 | 11.4 | 13.7 | 13.4 | 7.2 |
| FCF Yield | 5.5% | 2.5% | 6.9% | -2.0% | 23.6% | 14.7% | 8.8% | 0.8% | 0.7% | 15.3% | 1.5% | 4.8% | 5.4% |
| Market Cap | 35.3B | 38.5B | 47.2B | 63.0B | 50.3B | 58.5B | 70.9B | 152.8B | 148.9B | 123.5B | 134.8B | 183.8B | 178.7B |
| Avg. Price | 23.67 | 27.21 | 26.47 | 37.78 | 46.11 | 39.31 | 36.43 | 66.32 | 72.11 | 58.81 | 68.51 | 87.15 | 101.97 |
| Year-End Price | 26.63 | 29.10 | 35.40 | 46.54 | 37.05 | 44.32 | 49.43 | 80.67 | 78.57 | 67.48 | 73.59 | 101.55 | 101.97 |
SCHWAB CHARLES CORP passes 5 of 9 quality checks, suggesting mixed fundamentals.
SCHWAB CHARLES CORP trades at 21.9x trailing earnings, compared to its 15-year median P/E of 24.0x, suggesting it is currently Fair relative to its historical range. On a free-cash-flow basis, the stock trades at 20.4x vs a median of 11.4x. The company's 5-year average ROIC is 8.9%. Total shareholder yield (dividends + buybacks) is 5.4%. At current prices, the estimated annualized return to fair value is -3.2%.
SCHWAB CHARLES CORP (SCHW) has a net profit margin of 35.2%. This is a strong margin indicating high profitability.
SCHWAB CHARLES CORP (SCHW) generated $8.8 billion in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
SCHWAB CHARLES CORP (SCHW) has a debt-to-equity ratio of 0.49. This indicates a conservatively financed balance sheet.
SCHWAB CHARLES CORP (SCHW) reported earnings per share (EPS) of $4.65 in its most recent fiscal year.
SCHWAB CHARLES CORP (SCHW) has a return on equity (ROE) of 17.2%. This indicates the company generates strong returns for shareholders.
The Ledger Terminal provides 19 years of financial data for SCHWAB CHARLES CORP (SCHW), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
SCHWAB CHARLES CORP (SCHW) has a book value per share of $27.31, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects to sustain 2025 momentum into 2026 with strong new account formation and approximately 5% full-year organic asset growth, supported by continued client engagement and deepening relationships across the 46 million total accounts and nearly $12 trillion in client assets on the platform. The company anticipates meaningful growth drivers from the full launch of cryptocurrency trading (beginning with Bitcoin and Ether, with additional cryptocurrencies and transfer capabilities to follow), expansion of alternative investment offerings (particularly following the Forge acquisition expected to close in March 2026), and continued development of wealth and banking capabilities to deepen client relationships. Management is investing in strategic initiatives to support long-term organic growth while maintaining expense discipline, with confidence in delivering strong financial outcomes across a range of macroeconomic environments.
Based on recent SEC filings and earnings calls, SCHWAB CHARLES CORP (SCHW) has provided the following forward guidance: Total Revenue Growth: 9.5%-10.5% (FY2026); Net Interest Margin: 2.85%-2.95% (FY2026); Adjusted Expense Growth: 5.5%-6.5% (FY2026); Adjusted Earnings: $5.70-$5.80 (FY2026).
No recent press releases.