WESTLAKE, Texas, October 16, 2025 – 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.

•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)

•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.

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.

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.

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 ServicesTM. 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 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.

(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 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.

			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.

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.

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 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
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).