WESTLAKE, Texas, April 17, 2025 – The Charles Schwab Corporation reported net income for the first quarter totaling $1.9 billion, or $.99 earnings per share. Excluding $130 million of pre-tax transaction-related costs, adjusted (1) net income and earnings per share equaled $2.0 billion and $1.04, respectively.

•Net asset gathering helped total client assets increase 9% year-over-year to $9.93 trillion

•Core net new assets of $137.7 billion for the quarter represents a 5.5% annualized growth rate

•New brokerage account openings increased 8% year-over-year to 1.2 million for the quarter, propelling total active brokerage accounts to 37.0 million

•Managed Investing Solutions net inflows grew 15% relative to 1Q24 – setting a new quarterly record

•Margin balances ended the quarter essentially flat versus 4Q24 at $83.6 billion, as investors reduced leverage during the back half of the quarter amidst an increasingly uncertain environment

•Driven by a sharp increase in market volatility, daily average trading volume grew 17% quarter-over-quarter

•Charles Schwab named #1 Overall Broker by StockBrokers.com (3)

•Quarterly net revenues grew year-over-year by 18% to a record $5.6 billion

•Net interest margin expanded sequentially by 20 basis points to 2.53%

•Client transactional sweep cash balances ended at $407.8 billion, a sequential decline of $10.8 billion, reflecting typical first quarter seasonality as well as client net equity selling during the back half of the quarter

•Bank Supplemental Funding (2) declined $11.8 billion during the quarter to $38.1 billion at March month-end

•Asset management and administration fees increased by 14% year-over-year to $1.5 billion as organic growth and product utilization more than offset the impact of recent equity market weakness

•Trading revenue increased 11% versus 1Q24 due to higher volumes

•GAAP expenses for the quarter increased 7% versus 1Q24; excluding first quarter amortization of acquired intangibles of $130 million, adjusted total expenses (1) were up 8% year-over-year

•Capital ratios across the firm continued to strengthen – including preliminary consolidated Tier 1 Leverage and adjusted Tier 1 Leverage (1) reaching 9.9% and 7.1%, respectively

•Increased the quarterly common stock dividend by 8% to $.27 per share

•Repurchased 19.2 million shares of our common stock for $1.5 billion in connection with The Toronto-Dominion Bank’s secondary offer

(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) StockBrokers.com Annual Awards 2025 was given on January 28, 2025. The criteria, evaluation, and ranking were determined by StockBrokers.com. Companies were assessed in StockBrokers.com’s 7 Primary Categories: Range of Investments, Platforms & Tools, Research, Mobile Trading, Education, Ease of Use, and Overall. See https://www.stockbrokers.com/annual-awards-2025 for more information.

The company will host its Spring 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.

This press release contains forward-looking statements relating to the company’s business results and capital ratios. 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.

The Charles Schwab Corporation (NYSE: SCHW) is a leading provider of financial services, with 37.0 million active brokerage accounts, 5.5 million workplace plan participant accounts, 2.1 million banking accounts, and $9.93 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.

Mayura Hooper, 415-667-1525

public.relations@schwab.com

INVESTORS/ANALYSTS

Jeff Edwards, 817-854-6177

investor.relations@schwab.com

THE CHARLES SCHWAB CORPORATION

(In millions, except per share amounts)

(Unaudited)

        

(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.

(Unaudited)

(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.

(Unaudited)

(1) Managed investing solutions includes managed portfolios, specialized strategies, and customized investment advice such as Schwab Wealth AdvisoryTM, Schwab Managed PortfoliosTM, Managed Account Select®, Schwab Advisor Network®, Windhaven Strategies®, ThomasPartners® Strategies, Wasmer SchroederTM Strategies, Schwab Index Advantage advised retirement plan balances, Schwab Intelligent Portfolios®, Institutional Intelligent Portfolios®, Schwab Intelligent Portfolios Premium®, 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.

(Unaudited)

(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 March 31, 2025, off-platform equity and bond funds, CTFs, and ETFs were $34.5 billion, $3.9 billion, and $144.8 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) 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. Second quarter of 2024 includes net inflows of $2.7 billion from off-platform Schwab Bank Retail CDs and an inflow of $10.3 billion from a mutual fund clearing services client. First quarter of 2024 includes net outflows of $7.4 billion from off-platform Schwab Bank Retail CDs.

(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.

			2024																														2025									Change
			Mar			Apr			May			Jun			Jul			Aug			Sep			Oct			Nov			Dec			Jan			Feb			Mar			Mo.			Yr.
Market Indices (at month end)
Dow Jones Industrial Average®			39,807			37,816			38,686			39,119			40,843			41,563			42,330			41,763			44,911			42,544			44,545			43,841			42,002			(4)		%	6		%
Nasdaq Composite®			16,379			15,658			16,735			17,733			17,599			17,714			18,189			18,095			19,218			19,311			19,627			18,847			17,299			(8)		%	6		%
Standard & Poor’s® 500			5,254			5,036			5,278			5,460			5,522			5,648			5,762			5,705			6,032			5,882			6,041			5,955			5,612			(6)		%	7		%
Client Assets (in billions of dollars)
Beginning Client Assets			8,879.5			9,118.4			8,847.5			9,206.3			9,407.5			9,572.1			9,737.7			9,920.5			9,852.0			10,305.4			10,101.3			10,333.1			10,280.2
Net New Assets (1)			41.7			10.0			31.0			33.2			29.0			31.5			30.3			22.7			25.5			60.2			30.5			46.6			55.3			19		%	33		%
Net Market Gains (Losses)			197.2			(280.9)			327.8			168.0			135.6			134.1			152.5			(91.2)			427.9			(264.3)			201.3			(99.5)			(405.8)
Total Client Assets (at month end)			9,118.4			8,847.5			9,206.3			9,407.5			9,572.1			9,737.7			9,920.5			9,852.0			10,305.4			10,101.3			10,333.1			10,280.2			9,929.7			(3)		%	9		%
Core Net New Assets (1,2)			45.0			1.0			31.1			29.1			29.0			32.8			33.5			24.6			28.8			61.4			30.6			48.0			59.1			23		%	31		%
Receiving Ongoing Advisory Services (at month end)
Investor Services			618.5			602.2			624.0			632.9			649.1			663.7			675.1			665.6			688.9			682.0			698.7			703.5			688.8			(2)		%	11		%
Advisor Services			4,009.5			3,893.9			4,027.3			4,090.0			4,185.4			4,268.1			4,343.8			4,303.3			4,489.2			4,379.7			4,496.6			4,493.2			4,372.3			(3)		%	9		%
Client Accounts (at month end, in thousands)
Active Brokerage Accounts			35,301			35,426			35,524			35,612			35,743			35,859			35,982			36,073			36,222			36,456			36,709			36,861			37,011			—			5		%
Banking Accounts			1,885			1,901			1,916			1,931			1,937			1,940			1,954			1,967			1,980			1,998			2,019			2,033			2,050			1		%	9		%
Workplace Plan Participant Accounts (3)			5,277			5,282			5,345			5,363			5,382			5,373			5,388			5,407			5,393			5,399			5,450			5,464			5,495			1		%	4		%
Client Activity
New Brokerage Accounts (in thousands)			383			361			314			310			327			324			321			331			357			431			433			362			388			7		%	1		%
Client Cash as a Percentage of Client Assets (4)			10.0		%	10.2		%	9.9		%	9.7		%	9.6		%	9.5		%	9.5		%	9.8		%	9.5		%	10.1		%	9.8		%	10.0		%	10.6		%	60 bp			60 bp
Derivative Trades as a Percentage of Total Trades			21.9		%	22.1		%	21.9		%	21.3		%	21.2		%	20.8		%	21.5		%	21.4		%	19.7		%	18.6		%	19.3		%	19.9		%	19.5		%	(40) bp			(240) bp
Selected Average Balances (in millions of dollars)
Average Interest-Earning Assets (5)			431,456			423,532			415,950			417,150			417,379			420,191			420,203			422,327			425,789			431,177			431,523			424,805			425,228			—			(1)		%
Average Margin Balances			66,425			68,827			67,614			69,730			73,206			73,326			72,755			74,105			76,932			81,507			82,551			84,233			82,725			(2)		%	25		%
Average Bank Deposit Account Balances (6)			90,774			88,819			86,844			85,195			83,979			82,806			82,336			83,261			84,385			85,384			84,790			83,089			84,302			1		%	(7)		%
Mutual Funds and Exchange-Traded Funds
Net Buys (Sells) (7,8) (in millions of dollars)
Equities			10,379			3,472			5,734			3,379			10,908			5,609			5,217			7,176			13,226			14,805			10,050			4,987			(1,221)
Hybrid			(439)			(703)			(558)			(843)			(1,155)			(1,377)			(432)			(1,397)			(329)			124			(1,324)			(464)			(603)
Bonds			7,561			5,949			5,854			6,346			8,651			10,919			11,015			10,442			7,473			10,969			8,747			12,162			11,438
Net Buy (Sell) Activity (in millions of dollars)
Mutual Funds (7)			(1,607)			(4,818)			(5,544)			(4,254)			(4,679)			(4,003)			(1,261)			(4,905)			(4,492)			(4,331)			(6,785)			(3,971)			(8,537)
Exchange-Traded Funds (8)			19,108			13,536			16,574			13,136			23,083			19,154			17,061			21,126			24,862			30,229			24,258			20,656			18,151
Money Market Funds			9,085			(2,357)			9,790			3,858			9,110			8,048			9,672			11,032			9,172			8,956			11,584			12,306			14,586

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. Additionally, 2024 includes outflows from a large international relationship of $0.1 billion in August, $0.3 billion in October, $0.6 billion in November, and an inflow of $10.3 billion from a mutual fund clearing services client in April.

(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.

In addition to disclosing financial results in accordance with generally accepted accounting principles in the U.S. (GAAP), Schwab’s first 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.

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

(1) There were no acquisition and integration-related costs for the three months ended March 31, 2025. Acquisition and integration-related costs for the three months ended March 31, 2024 primarily consist of $17 million of compensation and benefits and $17 million of professional services.

(2) There were no restructuring costs for the three months ended March 31, 2025. Restructuring costs for the three months ended March 31, 2024 reflect a change in estimate of $31 million in compensation and benefits, partially offset by $2 million of occupancy and equipment expense and $1 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 March 31,
			2025			2024
Return on average common stockholders’ equity (GAAP)			18		%	15		%
Average common stockholders’ equity			$	39,752		$	32,493
Less: Average goodwill			(11,951)			(11,951)
Less: Average acquired intangible assets — net			(7,679)			(8,196)
Plus: Average deferred tax liabilities related to goodwill   and acquired intangible assets — net			1,709			1,759
Average tangible common equity			$	21,831		$	14,105
Adjusted net income available to common stockholders (1)			$	1,895		$	1,358
Return on tangible common equity (non-GAAP)			35		%	39		%

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