The Charles Schwab (SCHW) 10-K Summary — Year Ended Dec 31, 2025
The Charles Schwab Corporation reported a significant increase in annual revenue, driven by higher net interest income and asset management fees. Net income also rose, supported by disciplined expense management and strong client asset growth.
Key takeaway
Year ended Dec 31, 2025 · FY2025 10-K
The Charles Schwab Corporation reported a significant increase in annual revenue, driven by higher net interest income and asset management fees. Net income also rose, supported by disciplined expense management and strong client asset growth.
Financial snapshot
Selected annual figures reported with the filing, shown separately from the narrative summary.
Annual revenue
$23.9B
Revenue reported for the fiscal year.
Operating income
n/a
Income from operations reported for the year.
Net income
$8.9B
Net income reported for the year.
Operating cash flow
$9.3B
Cash generated by operating activities.
Annual revenue trend
Reported annual revenue and its change from the preceding fiscal year.
| Period ended | Revenue | Year-over-year change |
|---|---|---|
| Dec 31, 2022 | $20.8B | +12.1% |
| Dec 31, 2023 | $18.8B | -9.3% |
| Dec 31, 2024 | $19.6B | +4.1% |
| Dec 31, 2025 | $23.9B | +22.0% |
Business overview
The company provides wealth management, securities brokerage, banking, and financial advisory services to individual investors and independent investment advisors. Its revenue sources include net interest income from banking activities and asset management fees from client assets. The business strategy focuses on low-cost, scalable platforms and client-centric innovation.
Financial performance
Revenue for the fiscal year increased compared to the prior year, reversing a decline seen in the previous period. Net income also grew, reflecting improved operating leverage. Operating cash flow remained strong, supporting ongoing investments and capital returns.
Material risks
The filing identifies risks from changes in interest rates, which could affect net interest income and client behavior. Regulatory developments and competitive pressures in the financial services industry are also cited as material risks. Additionally, the company faces operational risks related to technology systems and cybersecurity.
Liquidity and capital
The company maintains a capital management framework that prioritizes regulatory compliance, organic growth, and returning capital to shareholders. Capital allocation decisions are informed by the firm's liquidity position and earnings generation.
What to watch
Monitor the trajectory of net interest income in the next filing, given its sensitivity to interest rate movements and client cash allocation trends.