Q2 2026 Earnings

Reported August 7, 2026NEW

Quarter Comparison

Revenue

Net Margin

Free Cash Flow

Income Statement

Cash Flow Statement

Balance Sheet

Operating metrics disclosed this quarter

Read from the filing itself — XBRL does not carry these, so no standard financial dataset has them.

Active Brokerage Accounts
39.8K
Management focuses on several client activity and financial metrics in evaluating Schwab’s financial position and operating performance. Results for the second quarter and first six months of 2026 and 2025 are as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Percent Change | | | | Six Months Ended June 30, | | Percent Change | | | | 2026 | | 2025 | | | | 2026 | | 2025 | | Client Metrics | | | | | | | | | | | | | | | | Net new client assets (in billions) (1) | | $ | | 118.7 | | | | $ | | 73.6 | | | | 61 | | % | | | | $ | | 258.6 | | | | $ | | 206.0 | | | | 26 | | % | | Core net new client assets (in billions) | | $ | | 119.8 | | | | $ | | 80.3 | | | | 49 | | % | | | | $ | | 259.8 | | | | $ | | 218.0 | | | | 19 | | % | | Client assets (in billions, at quarter end) | | $ | | 13,084.9 | | | | $ | | 10,757.3 | | | | 22 | | % | | | | | | | | | | Average client assets (in billions) | | $ | | 12,723.5 | | | | $ | | 10,108.5 | | | | 26 | | % | | | | $ | | 12,386.9 | | | | $ | | 10,160.3 | | | | 22 | | % | | New brokerage accounts (in thousands) | | 1,388 | | | | 1,098 | | | | 26 | | % | | | | 2,687 | | | | 2,281 | | | | 18 | | % | | Active brokerage accounts (in thousands, at quarter end) | | 39,802 | | | | 37,476 | | | | 6 | | % | | | | | | | | | | Assets receiving ongoing advisory services (in billions, at quarter end) | | $ | | 6,671.7 | | | | $ | | 5,425.0 | | | | 23 | | % | | | | | | | | | | Client cash as a percentage of client assets (at quarter end) | | 9.0 | | % | | 9.9 | | % | | | | | | | | | | | (1) The second quarter and first six months of 2026 include net outflows of $1.1 billion and $1.2 billion, respectively, from off-platform brokered certificates of deposit (CDs) issued by CSB. The second quarter and first six months of 2025 include net outflows of $6.7 billion and $12.0 billion, respectively, from off-platform brokered CDs issued by CSB.
New Brokerage Accounts
1.4K
Management focuses on several client activity and financial metrics in evaluating Schwab’s financial position and operating performance. Results for the second quarter and first six months of 2026 and 2025 are as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Percent Change | | | | Six Months Ended June 30, | | Percent Change | | | | 2026 | | 2025 | | | | 2026 | | 2025 | | Client Metrics | | | | | | | | | | | | | | | | Net new client assets (in billions) (1) | | $ | | 118.7 | | | | $ | | 73.6 | | | | 61 | | % | | | | $ | | 258.6 | | | | $ | | 206.0 | | | | 26 | | % | | Core net new client assets (in billions) | | $ | | 119.8 | | | | $ | | 80.3 | | | | 49 | | % | | | | $ | | 259.8 | | | | $ | | 218.0 | | | | 19 | | % | | Client assets (in billions, at quarter end) | | $ | | 13,084.9 | | | | $ | | 10,757.3 | | | | 22 | | % | | | | | | | | | | Average client assets (in billions) | | $ | | 12,723.5 | | | | $ | | 10,108.5 | | | | 26 | | % | | | | $ | | 12,386.9 | | | | $ | | 10,160.3 | | | | 22 | | % | | New brokerage accounts (in thousands) | | 1,388 | | | | 1,098 | | | | 26 | | % | | | | 2,687 | | | | 2,281 | | | | 18 | | % | | Active brokerage accounts (in thousands, at quarter end) | | 39,802 | | | | 37,476 | | | | 6 | | % | | | | | | | | | | Assets receiving ongoing advisory services (in billions, at quarter end) | | $ | | 6,671.7 | | | | $ | | 5,425.0 | | | | 23 | | % | | | | | | | | | | Client cash as a percentage of client assets (at quarter end) | | 9.0 | | % | | 9.9 | | % | | | | | | | | | | | (1) The second quarter and first six months of 2026 include net outflows of $1.1 billion and $1.2 billion, respectively, from off-platform brokered certificates of deposit (CDs) issued by CSB. The second quarter and first six months of 2025 include net outflows of $6.7 billion and $12.0 billion, respectively, from off-platform brokered CDs issued by CSB.

Assets Receiving Ongoing Advisory Services

$6,671.7

Management focuses on several client activity and financial metrics in evaluating Schwab’s financial position and operating performance. Results for the second quarter and first six months of 2026 and 2025 are as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Percent Change | | | | Six Months Ended June 30, | | Percent Change | | | | 2026 | | 2025 | | | | 2026 | | 2025 | | Client Metrics | | | | | | | | | | | | | | | | Net new client assets (in billions) (1) | | $ | | 118.7 | | | | $ | | 73.6 | | | | 61 | | % | | | | $ | | 258.6 | | | | $ | | 206.0 | | | | 26 | | % | | Core net new client assets (in billions) | | $ | | 119.8 | | | | $ | | 80.3 | | | | 49 | | % | | | | $ | | 259.8 | | | | $ | | 218.0 | | | | 19 | | % | | Client assets (in billions, at quarter end) | | $ | | 13,084.9 | | | | $ | | 10,757.3 | | | | 22 | | % | | | | | | | | | | Average client assets (in billions) | | $ | | 12,723.5 | | | | $ | | 10,108.5 | | | | 26 | | % | | | | $ | | 12,386.9 | | | | $ | | 10,160.3 | | | | 22 | | % | | New brokerage accounts (in thousands) | | 1,388 | | | | 1,098 | | | | 26 | | % | | | | 2,687 | | | | 2,281 | | | | 18 | | % | | Active brokerage accounts (in thousands, at quarter end) | | 39,802 | | | | 37,476 | | | | 6 | | % | | | | | | | | | | Assets receiving ongoing advisory services (in billions, at quarter end) | | $ | | 6,671.7 | | | | $ | | 5,425.0 | | | | 23 | | % | | | | | | | | | | Client cash as a percentage of client assets (at quarter end) | | 9.0 | | % | | 9.9 | | % | | | | | | | | | | | (1) The second quarter and first six months of 2026 include net outflows of $1.1 billion and $1.2 billion, respectively, from off-platform brokered certificates of deposit (CDs) issued by CSB. The second quarter and first six months of 2025 include net outflows of $6.7 billion and $12.0 billion, respectively, from off-platform brokered CDs issued by CSB.

Advisor Services Net New Client Assets

$80.2

Segment Information Financial information for our segments is presented in the following table: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Investor Services | | | | Advisor Services | | | | Total | | Three Months Ended June 30, | | Percent Change | | | | 2026 | | | | 2025 | | | | Percent Change | | | | 2026 | | | | 2025 | | | | Percent Change | | | | 2026 | | | | 2025 | Net New Client Assets (in billions) (1) | | 23 | | % | | | | $ | | 38.5 | | | | | | $ | | 31.2 | | | | | | 89 | | % | | | | $ | | 80.2 | | | | | | $ | | 42.4 | | | | | | 61 | | % | | | | $ | | 118.7 | | | | | | $ | | 73.6 | | | | Net New Client Assets (in billions) (1) | | (8) | | % | | | | $ | | 92.6 | | | | | | $ | | 100.7 | | | | | | 58 | | % | | | | $ | | 166.0 | | | | | | $ | | 105.3 | | | | | | 26 | | % | | | | $ | | 258.6 | | | | | | $ | | 206.0 | | | (1) In the second quarter and first six months of 2026, Investor Services includes net outflows of $1.1 billion and $1.2 billion, respectively, from off-platform brokered CDs issued by CSB. In the second quarter and first six months of 2025, Investor Services includes net outflows of $6.7 billion and $12.0 billion, respectively, from off-platform brokered CDs issued by CSB.

Core Net New Client Assets

$119.8

Investor Services Net New Client Assets

$38.5

Net New Client Assets

$118.7

Client Cash as a Percentage of Client Assets

9.0%

Average Client Assets

$12,723.5

Client Assets

$13,084.9

Ending IDA Fixed-Rate Obligation Balance

$59.8

the terms of the agreement, after September 10, 2025, withdrawals of balances are permitted at Schwab’s discretion, subject to an obligation to maintain IDA balances above a minimum of $60 billion, with a maximum of $90 billion. In accordance with the agreement, Schwab moved $3.0 billion of BDA balances to its balance sheet during the first six months of 2026. Designation of deposit balances for investment in fixed- or floating-rate instruments under the 2023 IDA agreement is at Schwab’s sole discretion with certain limitations on the amount of fixed-rate obligation amounts. If IDA balances decline below the required IDA balance minimum as described above, Schwab would be required to make a nonperformance payment to the TD Depository Institutions pursuant to the terms of the 2023 IDA agreement. As of June 30, 2026, the total ending IDA balance was $70.7 billion, of which $59.8 billion was fixed-rate obligation amounts and $10.9 billion was floating-rate obligation amounts. As of December 31, 2025, the total ending IDA balance was $76.3 billion, of which $59.6 billion was fixed-rate obligation amounts and $16.7 billion was floating-rate obligation amounts.

Ending IDA Floating-Rate Obligation Balance

$10.9

Fixed-Rate Percentage of Average BDA Balances

83.0%

Bank Deposit Account Fees The Company earns bank deposit account fee revenue from TD Bank USA, National Association and TD Bank, National Association (together, the TD Depository Institutions), in accordance with the Second Amended and Restated Insured Deposit Account Agreement (2023 IDA agreement). Bank deposit account fee revenue is presented net of interest paid to clients, and other applicable fees, and is affected by changes in interest rates and the composition of balances designated as fixed- and floating-rate obligation amounts. See Item 1 – Note 11 for additional information. The following table presents bank deposit account fee revenue and related information: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | | | Percent Change | | | | Six Months Ended June 30, | | | | Percent Change | | | | 2026 | | | | 2025 | | | | | | 2026 | | | | 2025 | | | | Bank deposit account fees | | $ | | 333 | | | | | | $ | | 247 | | | | | | 35 | | % | | | | $ | | 628 | | | | | | $ | | 492 | | | | | | 28 | | % | | Average bank deposit account balances | | $ | | 71,899 | | | | | | $ | | 82,265 | | | | | | (13) | | % | | | | $ | | 72,246 | | | | | | $ | | 83,220 | | | | | | (13) | | % | | Average net yield | | 1.83 | | % | | | | 1.19 | | % | | | | | | | | 1.73 | | % | | | | 1.18 | | % | | | | | | Percentage of average BDA balances designated as: | | | | | | | | | | | | | | | | | | | | | | | | Fixed-rate balances | | 83 | | % | | | | 78 | | % | | | | | | | | 82 | | % | | | | 78 | | % | | | | | | Floating-rate balances | | 17 | | % | | | | 22 | | % | | | | | | | | 18 | | % | | | | 22 | | % | | | | | Bank deposit account fees increased $86 million, or 35%, and $136 million, or 28%, in the second quarter and first six months of 2026, respectively, compared to the same periods in 2025, primarily due to an increase in average net yield and decreases in the amount paid to clients as a result of lower interest rates and in other applicable fees paid. This was partially offset by lower average BDA balances, which reduced the base on which bank deposit account fees are earned. The decrease in average BDA balances in the second quarter and first six months of 2026 compared to the same periods in 2025 was primarily due to the transfer of $3.0 billion of BDA balances to Schwab’s balance sheet during the first six months of 2026 and $6.7 billion of BDA balances transferred in the prior year after September 10, 2025, as well as client cash allocation decisions. Transfers of BDA balances to Schwab’s balance sheet result in lower balances upon which bank deposit account fee revenue is earned but provide a source of funding to invest in interest-earning assets or reduce reliance on borrowings to increase net interest revenue. Average net yield increased in the second quarter and first six months of 2026 compared to the same periods in 2025 due to an increase in the average net yield on fixed-rate BDA balances, partially offset by decreases in the average amount of and net yield on floating-rate BDA balances. The percentages of BDA balances designated as fixed-rate and floating-rate obligation amounts as of June 30, 2026 were 85% and 15%, respectively.

Floating-Rate Percentage of Average BDA Balances

17.0%

Bank Deposit Account Average Net Yield

1.8%

Average Bank Deposit Account Balances

$71,899

Ending Insured Deposit Account Balance

$70.7

Average Long/Short Strategy Short Credits

$34.3

(1) Beginning in the fourth quarter of 2025, margin loans and short credits related to client long/short strategies from which the Company earns a fixed net yield are excluded from interest-earning assets and funding sources. Also beginning in the fourth quarter of 2025, related interest revenue and expense were moved from receivables from brokerage clients and payables to brokerage clients, respectively, to other interest revenue and other interest expense, respectively. Amounts and average yields have been reclassified and recalculated for 2025 periods to reflect these changes. Average margin loans related to these client strategies totaled $33.1 billion and $23.7 billion for the three and six months ended June 30, 2026, respectively, compared to $884 million and $562 million for the same periods in 2025. Average short credits related to these client strategies totaled $34.3 billion and $24.5 billion for the three and six months ended June 30, 2026, respectively, compared to $898 billion and $569 million for the same periods in 2025.

Commitments to Purchase First Mortgages

$1,464

11. Commitments and Contingencies Loan portfolio: CSB provides a co-branded loan origination program for CSB clients (the Program) with Rocket Mortgage, LLC. Pursuant to the Program, Rocket Mortgage, LLC originates and services First Mortgages and HELOCs for CSB clients. Under the Program, CSB purchases certain First Mortgages and HELOCs that are originated by Rocket Mortgage, LLC. CSB purchased First Mortgages of $2.6 billion and $1.7 billion during the second quarter of 2026 and 2025, respectively, and $4.6 billion and $2.7 billion during the first six months of 2026 and 2025, respectively. CSB purchased HELOCs with commitments of $71 million and $79 million during the second quarter of 2026 and 2025, respectively, and $133 million and $129 million during the first six months of 2026 and 2025, respectively. The Company’s commitments to extend credit on lines of credit and to purchase First Mortgages are as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2026 | | | | December 31, 2025 | | Commitments to extend credit related to unused HELOCs and other lines of credit | | $ | | 1,868 | | | | | | $ | | 1,793 | | | | Commitments to purchase First Mortgage loans | | 1,464 | | | | | | 925 | | | | Total | | $ | | 3,332 | | | | | | $ | | 2,718 | | |

Unused HELOC and Other Line Commitments

$1,868

Average Long/Short Strategy Margin Loans

$33.1

First Mortgages Purchased

$2.6

HELOCs Purchased Commitment Volume

$71

Average Fee-Based Managed Investing Assets

$763,716

The following table presents asset management and administration fees, average client assets, and average fee yields: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | 2026 | | | | 2025 | | | | Average Client Assets | | Revenue | | Average Fee | | | | Average Client Assets | | Revenue | | Average Fee | Managed investing solutions (3) | | | | | | | | | | | | | | | | Fee-based | | $ | | 763,716 | | | | $ | | 707 | | | | 0.37 | | % | | | | $ | | 595,203 | | | | $ | | 589 | | | | 0.40 | | % | (1) The second quarter and first six months of 2025 include transfers from other third-party mutual funds and ETFs to Mutual Fund OneSource and other NTF funds. (2) Beginning in the first quarter of 2026, alternative investments and related revenue were moved from other balance-based fees to other third-party mutual funds, ETFs, and alternatives. Prior period amounts and average fees have been reclassified and recalculated to reflect this change. (3) Average client assets for managed investing solutions may also include the asset balances contained in the mutual fund and/or ETF categories listed above. (4) Includes various asset-related fees, such as trust fees, 401(k) recordkeeping fees, and mutual fund clearing fees and other service fees.

Average Non-Fee-Based Managed Investing Assets

$159,255

The following table presents asset management and administration fees, average client assets, and average fee yields: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | 2026 | | | | 2025 | | | | Average Client Assets | | Revenue | | Average Fee | | | | Average Client Assets | | Revenue | | Average Fee | Managed investing solutions (3) | | | | | | | | | | | | | | | | Fee-based | | $ | | 763,716 | | | | $ | | 707 | | | | 0.37 | | % | | | | $ | | 595,203 | | | | $ | | 589 | | | | 0.40 | | % | | Non-fee-based | | 159,255 | | | | — | | | | — | | | | | | 120,726 | | | | — | | | | — | | | (1) The second quarter and first six months of 2025 include transfers from other third-party mutual funds and ETFs to Mutual Fund OneSource and other NTF funds. (2) Beginning in the first quarter of 2026, alternative investments and related revenue were moved from other balance-based fees to other third-party mutual funds, ETFs, and alternatives. Prior period amounts and average fees have been reclassified and recalculated to reflect this change. (3) Average client assets for managed investing solutions may also include the asset balances contained in the mutual fund and/or ETF categories listed above. (4) Includes various asset-related fees, such as trust fees, 401(k) recordkeeping fees, and mutual fund clearing fees and other service fees.

Average Total Managed Investing Assets

$922,971

The following table presents asset management and administration fees, average client assets, and average fee yields: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | 2026 | | | | 2025 | | | | Average Client Assets | | Revenue | | Average Fee | | | | Average Client Assets | | Revenue | | Average Fee | Managed investing solutions (3) | | | | | | | | | | | | | | | | Fee-based | | $ | | 763,716 | | | | $ | | 707 | | | | 0.37 | | % | | | | $ | | 595,203 | | | | $ | | 589 | | | | 0.40 | | % | | Non-fee-based | | 159,255 | | | | — | | | | — | | | | | | 120,726 | | | | — | | | | — | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Total managed investing solutions | | $ | | 922,971 | | | | $ | | 707 | | | | 0.31 | | % | | | | $ | | 715,929 | | | | $ | | 589 | | | | 0.33 | | % | (1) The second quarter and first six months of 2025 include transfers from other third-party mutual funds and ETFs to Mutual Fund OneSource and other NTF funds. (2) Beginning in the first quarter of 2026, alternative investments and related revenue were moved from other balance-based fees to other third-party mutual funds, ETFs, and alternatives. Prior period amounts and average fees have been reclassified and recalculated to reflect this change. (3) Average client assets for managed investing solutions may also include the asset balances contained in the mutual fund and/or ETF categories listed above. (4) Includes various asset-related fees, such as trust fees, 401(k) recordkeeping fees, and mutual fund clearing fees and other service fees.

Mutual Fund OneSource and Other NTF Net Flows

$-9,041

The following table presents a roll forward of client assets for the Schwab money market funds, Schwab equity and bond funds, ETFs, and CTFs, and Mutual Fund OneSource® and other NTF funds. These funds generated 49% and 50% of the asset management and administration fees earned in the second quarter and first six months of 2026, respectively, compared with 50% in both the second quarter and first six months of 2025: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Schwab Money Market Funds | | | | Schwab Equity and Bond Funds, ETFs, and CTFs | | | | Mutual Fund OneSource and Other NTF funds | | Three Months Ended June 30, | | 2026 | | | | 2025 | | | | 2026 | | | | 2025 | | | | 2026 | | | | 2025 | | Balance at beginning of period | | $ | | 700,754 | | | | | | $ | | 641,532 | | | | | | $ | | 784,352 | | | | | | $ | | 625,224 | | | | | | $ | | 443,261 | | | | | | $ | | 340,280 | | | | Net inflows (outflows) | | (16,240) | | | | | | 5,433 | | | | | | 20,343 | | | | | | 16,115 | | | | | | (9,041) | | | | | | (7,804) | | | | Net market gains (losses) and other (1) | | 5,939 | | | | | | 6,508 | | | | | | 90,225 | | | | | | 48,016 | | | | | | 51,453 | | | | | | 121,443 | | | | Balance at end of period | | $ | | 690,453 | | | | | | $ | | 653,473 | | | | | | $ | | 894,920 | | | | | | $ | | 689,355 | | | | | | $ | | 485,673 | | | | | | $ | | 453,919 | | |

Schwab Equity, Bond Fund, ETF, and CTF Net Flows

$20,343

Schwab Money Market Fund Net Flows

$-16,240

Average Mutual Fund OneSource and Other NTF Assets

$484,076

The following table presents asset management and administration fees, average client assets, and average fee yields: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | 2026 | | | | 2025 | | | | Average Client Assets | | Revenue | | Average Fee | | | | Average Client Assets | | Revenue | | Average Fee | Mutual Fund OneSource and other no-transaction-fee (NTF) funds (1) | | 484,076 | | | | 273 | | | | 0.23 | | % | | | | 350,487 | | | | 218 | | | | 0.25 | | % | (1) The second quarter and first six months of 2025 include transfers from other third-party mutual funds and ETFs to Mutual Fund OneSource and other NTF funds. (2) Beginning in the first quarter of 2026, alternative investments and related revenue were moved from other balance-based fees to other third-party mutual funds, ETFs, and alternatives. Prior period amounts and average fees have been reclassified and recalculated to reflect this change. (3) Average client assets for managed investing solutions may also include the asset balances contained in the mutual fund and/or ETF categories listed above. (4) Includes various asset-related fees, such as trust fees, 401(k) recordkeeping fees, and mutual fund clearing fees and other service fees.

Average Other Third-Party Fund, ETF, and Alternative Assets

$677,708

The following table presents asset management and administration fees, average client assets, and average fee yields: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | 2026 | | | | 2025 | | | | Average Client Assets | | Revenue | | Average Fee | | | | Average Client Assets | | Revenue | | Average Fee | Other third-party mutual funds, ETFs, and alternatives (1,2) | | 677,708 | | | | 117 | | | | 0.07 | | % | | | | 623,167 | | | | 116 | | | | 0.07 | | % | (1) The second quarter and first six months of 2025 include transfers from other third-party mutual funds and ETFs to Mutual Fund OneSource and other NTF funds. (2) Beginning in the first quarter of 2026, alternative investments and related revenue were moved from other balance-based fees to other third-party mutual funds, ETFs, and alternatives. Prior period amounts and average fees have been reclassified and recalculated to reflect this change. (3) Average client assets for managed investing solutions may also include the asset balances contained in the mutual fund and/or ETF categories listed above. (4) Includes various asset-related fees, such as trust fees, 401(k) recordkeeping fees, and mutual fund clearing fees and other service fees.

Average Schwab Equity, Bond Fund, ETF, and CTF Assets

$882,538

The following table presents asset management and administration fees, average client assets, and average fee yields: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | 2026 | | | | 2025 | | | | Average Client Assets | | Revenue | | Average Fee | | | | Average Client Assets | | Revenue | | Average Fee | | Schwab equity and bond funds, ETFs, and CTFs | | 882,538 | | | | 157 | | | | 0.07 | | % | | | | 661,793 | | | | 122 | | | | 0.07 | | % | (1) The second quarter and first six months of 2025 include transfers from other third-party mutual funds and ETFs to Mutual Fund OneSource and other NTF funds. (2) Beginning in the first quarter of 2026, alternative investments and related revenue were moved from other balance-based fees to other third-party mutual funds, ETFs, and alternatives. Prior period amounts and average fees have been reclassified and recalculated to reflect this change. (3) Average client assets for managed investing solutions may also include the asset balances contained in the mutual fund and/or ETF categories listed above. (4) Includes various asset-related fees, such as trust fees, 401(k) recordkeeping fees, and mutual fund clearing fees and other service fees.

Average Schwab Money Market Fund Assets

$692,896

The following table presents asset management and administration fees, average client assets, and average fee yields: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | 2026 | | | | 2025 | | | | Average Client Assets | | Revenue | | Average Fee | | | | Average Client Assets | | Revenue | | Average Fee | | Schwab money market funds | | $ | | 692,896 | | | | $ | | 473 | | | | 0.27 | | % | | | | $ | | 644,811 | | | | $ | | 442 | | | | 0.27 | | % | (1) The second quarter and first six months of 2025 include transfers from other third-party mutual funds and ETFs to Mutual Fund OneSource and other NTF funds. (2) Beginning in the first quarter of 2026, alternative investments and related revenue were moved from other balance-based fees to other third-party mutual funds, ETFs, and alternatives. Prior period amounts and average fees have been reclassified and recalculated to reflect this change. (3) Average client assets for managed investing solutions may also include the asset balances contained in the mutual fund and/or ETF categories listed above. (4) Includes various asset-related fees, such as trust fees, 401(k) recordkeeping fees, and mutual fund clearing fees and other service fees.

Average Total Fund, ETF, CTF, and Alternative Assets

$2.7M

The following table presents asset management and administration fees, average client assets, and average fee yields: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | 2026 | | | | 2025 | | | | Average Client Assets | | Revenue | | Average Fee | | | | Average Client Assets | | Revenue | | Average Fee | Total mutual funds, ETFs, CTFs, and alternatives (2,3) | | $ | | 2,737,218 | | | | $ | | 1,020 | | | | 0.15 | | % | | | | $ | | 2,280,258 | | | | $ | | 898 | | | | 0.16 | | % | (1) The second quarter and first six months of 2025 include transfers from other third-party mutual funds and ETFs to Mutual Fund OneSource and other NTF funds. (2) Beginning in the first quarter of 2026, alternative investments and related revenue were moved from other balance-based fees to other third-party mutual funds, ETFs, and alternatives. Prior period amounts and average fees have been reclassified and recalculated to reflect this change. (3) Average client assets for managed investing solutions may also include the asset balances contained in the mutual fund and/or ETF categories listed above. (4) Includes various asset-related fees, such as trust fees, 401(k) recordkeeping fees, and mutual fund clearing fees and other service fees.

Mutual Fund OneSource and Other NTF Ending Assets

$485,673

Schwab Equity, Bond Fund, ETF, and CTF Ending Assets

$894,920

Schwab Money Market Fund Ending Assets

$690,453

Derivatives as a Percentage of Daily Average Trades

19.0%

Trading Revenue The following tables present trading revenue, client trading activity, and related information: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | | | Percent Change | | Six Months Ended June 30, | | | | Percent Change | | 2026 | | | | 2025 | | | | 2026 | | | | 2025 | | | | Commissions | | $ | | 528 | | | | | | $ | | 431 | | | | | | 23 | | % | | $ | | 1,017 | | | | | | $ | | 862 | | | | | | 18 | | % | | Order flow revenue | | | | | | | | | | | | | | | | | | | | | | Options | | 434 | | | | | | 268 | | | | | | 62 | | % | | 797 | | | | | | 538 | | | | | | 48 | | % | | Equities | | 190 | | | | | | 198 | | | | | | (4) | | % | | 387 | | | | | | 371 | | | | | | 4 | | % | | Total order flow revenue | | 624 | | | | | | 466 | | | | | | 34 | | % | | 1,184 | | | | | | 909 | | | | | | 30 | | % | | Principal transactions | | 63 | | | | | | 55 | | | | | | 15 | | % | | 103 | | | | | | 89 | | | | | | 16 | | % | | Total trading revenue | | $ | | 1,215 | | | | | | $ | | 952 | | | | | | 28 | | % | | $ | | 2,304 | | | | | | $ | | 1,860 | | | | | | 24 | | % | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | | | Percent Change | | Six Months Ended June 30, | | | | Percent Change | | 2026 | | | | 2025 | | | | 2026 | | | | 2025 | | | | DATs (in thousands) | | 11,920 | | | | | | 7,571 | | | | | | 57 | | % | | 10,918 | | | | | | 7,482 | | | | | | 46 | | % | | Product as a percentage of DATs | | | | | | | | | | | | | | | | | | | | | | Equities | | 61 | | % | | | | 54 | | % | | | | | | 57 | | % | | | | 55 | | % | | | | | | Derivatives | | 19 | | % | | | | 20 | | % | | | | | | 20 | | % | | | | 20 | | % | | | | | | ETFs | | 16 | | % | | | | 20 | | % | | | | | | 18 | | % | | | | 19 | | % | | | | | | Mutual funds | | 3 | | % | | | | 5 | | % | | | | | | 4 | | % | | | | 5 | | % | | | | | | Fixed income | | 1 | | % | | | | 1 | | % | | | | | | 1 | | % | | | | 1 | | % | | | | | | | | | | | | | | | | | | | | | | | | | | | | Number of trading days | | 62.0 | | | | | | 62.0 | | | | | | — | | | | 123.0 | | | | | | 122.0 | | | | | | 1 | | % | | Revenue per trade (1) | | $ | | 1.64 | | | | | | $ | | 2.03 | | | | | | (19) | | % | | $ | | 1.72 | | | | | | $ | | 2.04 | | | | | | (16) | | % | (1) Revenue per trade is calculated as trading revenue divided by the product of DATs and the number of trading days.

ETFs as a Percentage of Daily Average Trades

16.0%

Equities as a Percentage of Daily Average Trades

61.0%

Fixed Income as a Percentage of Daily Average Trades

1.0%

Mutual Funds as a Percentage of Daily Average Trades

3.0%

Revenue per Trade

$1.64

Daily Average Trades

11.9K