Charles Schwab Corporation (SCHW) financials
NYSE · Financial Services · Financial - Capital Markets · 33,900 employees · CEO Richard Andrew Wurster
- Price
- $88.05 -1.58%
- Market cap
- $152B
- Enterprise value
- $156B
- Last report
- Q3 '26 filed 2026-10-15
- Next report
- 2027-01-20
Revenue (TTM)$31.2B+14.7% vs a year agoLast 4 quarters; bars = each quarter
Operating margin (TTM)44.3%+5.4 pp vs a year agoOperating income $13.8B
Net income (TTM)$10.6B+29.3% vs a year agoAfter tax, incl. non-operating gains
Free cash flow (TTM)$3.31B+337.1% vs a year agoCapex $483M
Diluted EPS (TTM)$5.86+37.2% vs a year agoSum of the last 4 quarters
Net cash$28.5B-56.1% vs a year agoCash + short-term investments - debt
Valuation & key figures
- Market cap
- $152B EV $156B
- Revenue
- $31.2B Trailing 12 months
- Revenue growth
- +2% FY2026 consensus
- Profit margin
- 34.2% Net income / revenue, TTM
- P/E
- 14.9× Forward 13.6× (FY2026)
- P/S
- 4.9× Price / sales, TTM
- EV / EBITDA
- 10.3× TTM
- Free cash flow
- $3.31B Trailing 12 months
- Net income
- $10.6B Trailing 12 months
- Revenue estimate
- $28.1B FY2026 consensus
- Earnings
- 2027-01-20
- Dividend
- $1.23 Per share, last 12 months
Key takeaways
Computed from the reported numbers - every statement carries the figure it rests on.
- Revenue growth accelerating: 16.0% year on yearQ3 '26 revenue $8.17B, against an average of 12.5% over the four quarters before.
- Operating margin 44.3% (TTM), +5.4 pp on a year agoOperating income grew 30.5% while revenue grew 14.7%.
- Capex 1.6% of revenue (a year ago 2.4%)$483M invested in the last 4 quarters (-25.0% on a year earlier). Free cash flow $3.31B = 31.1% of net income.
- Returned $10B to shareholders = 303.0% of free cash flowBuybacks $8.2B (a year earlier $4.58B), dividends $1.84B, stock-based pay $196M (TTM). More than the free cash flow: paid from cash or debt.
- Diluted share count down 4.3% in a year1.73B diluted shares in Q3 '26, 1.81B a year earlier.
- Net cash $28.5BCash + short-term investments $68.5B, debt incl. leases $40B; a year ago net cash $65B.
Last quarter: Q3 '26
Quarter ended 2026-09-30. Compared with the same quarter a year earlier and with the analyst consensus before the report.
Quarter vs a year ago
| Q3 '26 | Year ago | Change | |
|---|---|---|---|
| Revenue | $8.17B | $7.04B | +16.0% |
| Gross margin | 87.8% | 87.1% | +0.7 pp |
| Operating income | $3.78B | $3.02B | +25.0% |
| Operating margin | 46.2% | 42.9% | +3.3 pp |
| Net income | $2.91B | $2.36B | +23.2% |
| Diluted EPS | $1.62 | $1.26 | +28.6% |
| Operating cash flow | $0 | $538M | -100.0% |
| Capex | $0 | $145M | -100.0% |
| Free cash flow | $0 | $393M | -100.0% |
| R&D | $0 | $0 | – |
| Stock-based compensation | $0 | $61M | -100.0% |
Revenue
Where the money comes from - by business line and by region, quarter by quarter.
Revenue, operating income and growth
quarterlyRevenue by business line
stacked, quarterly| Segment | Q4 '25 | y/y | Share | TTM | TTM y/y | 12 quarters |
|---|---|---|---|---|---|---|
| Investor Services | $9.92B | +123.1% | 79.5% | – | – | |
| Advisor Services | $2.55B | +188.7% | 20.5% | – | – |
Margins & cost structure
How much of each unit of revenue is left at each level - and where the costs go.
Margins
quarterlyCosts as % of revenue
quarterlyCash flow & capital allocation
Cash generated, what it is spent on, and what reaches shareholders.
Operating cash flow, capex, free cash flow
quarterlyUses of cash vs operating cash flow
fiscal yearsLast 4 quarters
cash flow statement- Operating cash flow
- $3.8B
- Capex
- -$483M
- Buybacks
- -$8.2B
- Dividends
- -$1.84B
- Acquisitions
- -$577M
- Net debt issued
- $9.05B
- Stock-based compensation
- $196M
- Free cash flow
- $3.31B
- Returned to shareholders / FCF
- 303.0%
Share count and EPS
quarterly, dilutedBalance sheet
Liquidity, investments and debt at each quarter end.
Cash, investments and debt
quarter endsValuation & returns
Today's multiples against the company's own last five fiscal years; analyst targets and ratings.
Multiples and returns
TTM vs 5 fiscal years| Now | 5y average | Where today sits in the 5-year range | |
|---|---|---|---|
| P/E (TTM) | 14.9× | 25.3× | 21.3× – 29.6× |
| EV / EBITDA | 10.3× | 14.8× | 12.6× – 18.3× |
| EV / Sales | 5.0× | 6.0× | 5.3× – 6.9× |
| Price / FCF | 46.0× | 73.9× | 6.6× – 144.5× |
| Price / Book | 3.0× | 3.3× | 2.8× – 4.3× |
| FCF yield | 2.2% | 4.6% | 0.7% – 15.1% |
| Return on invested capital | 2.0% | 7.3% | 4.5% – 9.6% |
| Return on equity | 21.3% | 14.5% | 10.4% – 19.6% |
Analysts
Consensus target $117.63 (+33.6%)
range $95.00 – $145.00 · rating Buy
Strong buy0
Buy28
Hold20
Sell3
Strong sell0
Outlook
Analyst consensus for the coming fiscal years and what it implies at today's price.
Consensus estimates
| Fiscal year | Revenue | Growth | EPS | Growth | P/E at today's price | Analysts (EPS) |
|---|---|---|---|---|---|---|
| FY2026 | $28.1B | +1.6% | $6.45 | +38.5% | 13.6× | 16 |
| FY2027 | $31.9B | +13.5% | $7.86 | +21.8% | 11.2× | 16 |
| FY2028 | $35B | +9.7% | $9.24 | +17.6% | 9.5× | 9 |
| FY2029 | $36.4B | +3.8% | $10.10 | +9.3% | 8.7× | 3 |
| FY2030 | $40.7B | +11.9% | $11.50 | +13.8% | 7.7× | 3 |
Financial statements
Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.
Every reported line
All 377 figures The Charles Schwab Corporation tagged in its recent 10-Q / 10-K filings, with the official SEC label and definition - including the notes (leases, taxes, buybacks, employees, ...).
| Line (SEC label) | Latest quarter | Year ago | y/y | Latest FY | Prior FY | y/y |
|---|---|---|---|---|---|---|
| Accounts Payable and Accrued Liabilities, Fair Value Disclosure | $3.32B | – | – | – | – | – |
| Accretion (Amortization) of Discounts and Premiums, Investments | -$147M | -$173M | +15.0% | -$695M | -$806M | +13.8% |
| Accrued Investment Income Receivable | $2.07B2025-12-31 | $1.95B | +5.9% | $2.07B | $1.95B | +5.9% |
| Accrued Liabilities | $12.5B | $10.8B | +15.9% | $12.8B | $12.3B | +4.1% |
| Accumulated Other Comprehensive Income (Loss), Net of Tax | -$10.6B | -$12.6B | +16.0% | -$11B | -$14.8B | +26.0% |
| Additional Paid in Capital | $28.2B | $27.8B | +1.3% | $28B | $27.6B | +1.3% |
| Advances from Federal Home Loan Banks | $500M | $9B | -94.4% | $1.85B | $16.7B | -88.9% |
| Amortization of Intangible Assets | $142M | $128M | +10.9% | $512M | $519M | -1.3% |
| Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 10M | 9M | +11.1% | 13M | 18M | -27.8% |
| APIC, Share-based Payment Arrangement, Increase for Cost Recognition | $84M | $65M | +29.2% | $289M | $313M | -7.7% |
| Assets | $517B | $459B | +12.7% | $491B | $480B | +2.3% |
| Assets, Fair Value Disclosure | $103B | – | – | – | – | – |
| Broker-Dealer, Payable to Customer | $124B | $109B | +13.4% | $116B | $102B | +14.6% |
| Broker-Dealer, Payable to Other Broker-Dealer and Clearing Organization | $43.8B | $18.6B | +135.8% | $25.7B | $13.3B | +92.6% |
| Capitalized Contract Cost, Amortization | – | – | – | $111M | $97M | +14.4% |
| Capitalized Contract Cost, Net | $578M2025-12-31 | $487M | +18.7% | $578M | $487M | +18.7% |
| Cash and Cash Equivalents, at Carrying Value | $40.6B | $32.2B | +26.0% | $46B | $42.1B | +9.4% |
| Cash and Cash Equivalents, Fair Value Disclosure | $18.5B | – | – | – | – | – |
| Cash and Securities Segregated under Federal and Other Regulations | $33B | $45.6B | -27.6% | $42.9B | $38.2B | +12.3% |
| Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months | -$123M | – | – | $13M | – | – |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $69.2B | $55.6B | +24.5% | $69.7B | $65.5B | +6.3% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | -$4.08B | -$6.41B | +36.4% | $4.15B | -$8.96B | +146.3% |
| Commercial Paper | $1.9B2025-12-31 | $0 | – | $1.9B | $0 | – |
| Commissions Payable to Broker-Dealers and Clearing Organizations | $701M | $144M | +386.8% | $115M | $127M | -9.4% |
| Common Stock, Dividends, Per Share, Declared | $0.32 | $0.27 | +18.5% | $1.08 | $1.00 | +8.0% |
| Communication | $198M | $176M | +12.5% | $620M | $591M | +4.9% |
| Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $2.98B | $3.16B | -5.5% | $12.7B | $9.23B | +37.9% |
| Contract with Customer, Asset, after Allowance for Credit Loss | $819M2025-12-31 | $694M | +18.0% | $819M | $694M | +18.0% |
| Contract with Customer, Receivable, after Allowance for Credit Loss | $928M | $754M | +23.1% | – | – | – |
| Current Federal Tax Expense (Benefit) | – | – | – | $1.9B | $1.71B | +11.3% |
| Current Income Tax Expense (Benefit) | – | – | – | $2.25B | $1.94B | +15.7% |
| Current State and Local Tax Expense (Benefit) | – | – | – | $348M | $236M | +47.5% |
| Debt Instrument, Unamortized Premium | $24M | $42M | -42.9% | $33M | $54M | -38.9% |
| Debt Issuance Costs, Net | $89M | $80M | +11.3% | $82M | $93M | -11.8% |
| Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | $1M | $2M | -50.0% | $3M | $1M | +200.0% |
| Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | $3.85B | $4.99B | -23.0% | $3.87B | $6.71B | -42.3% |
| Debt Securities, Available-for-Sale, Amortized Cost, Maturity, Allocated and Single Maturity Date, after Year 10 | $9.07B | $32.7B | -72.2% | $18.2B | $39.7B | -54.1% |
| Debt Securities, Available-for-Sale, Amortized Cost, Maturity, Allocated and Single Maturity Date, after Year 5 Through 10 | $27.4B | $14.3B | +91.2% | $22B | $14.1B | +56.0% |
| Debt Securities, Available-for-Sale, Amortized Cost, Maturity, Allocated and Single Maturity Date, after Year One Through Five | $23.5B | $18.4B | +28.1% | $19.8B | $19.2B | +2.8% |
| Debt Securities, Available-for-Sale, Amortized Cost, Maturity, Allocated and Single Maturity Date, Year One | $6.33B | $7.23B | -12.4% | $6.26B | $16.7B | -62.6% |
| Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | $49B | $64.5B | -24.0% | $56.2B | $81.2B | -30.8% |
| Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | $3.81B | $4.98B | -23.5% | $3.87B | $6.76B | -42.8% |
| Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | $12.3B | $2.17B | +464.9% | $1.74B | $255M | +580.8% |
| Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | $40M | $5M | +700.0% | $2M | $0 | – |
| Debt Securities, Available-for-Sale, Fair Value, Maturity, Allocated and Single Maturity Date, after Year 10 | $8.78B | $29.9B | -70.6% | $17.1B | $35.5B | -51.9% |
| Debt Securities, Available-for-Sale, Fair Value, Maturity, Allocated and Single Maturity Date, after Year 5 Through 10 | $24.8B | $13.3B | +87.3% | $20.3B | $12.8B | +58.4% |
| Debt Securities, Available-for-Sale, Fair Value, Maturity, Allocated and Single Maturity Date, after Year One Through Five | $22.5B | $17.3B | +30.1% | $18.8B | $18.1B | +4.0% |
| Debt Securities, Available-for-Sale, Fair Value, Maturity, Allocated and Single Maturity Date, Year One | $6.31B | $7.16B | -11.9% | $6.19B | $16.6B | -62.6% |
| Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Amortized Cost | $66.3B | $72.6B | -8.6% | $66.2B | $89.8B | -26.2% |
| Debt Securities, Available-for-sale, Realized Gain | $0 | $0 | – | $2M | $0 | – |
| Debt Securities, Available-for-sale, Realized Loss | $25M | $30M | -16.7% | $81M | $40M | +102.5% |
| Debt Securities, Available-for-sale, Unrealized Loss Position | $61.3B | $66.6B | -8.1% | $57.9B | $81.5B | -28.9% |
| Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | $3.85B | $4.99B | -22.8% | $3.87B | $6.76B | -42.7% |
| Debt Securities, Available-for-Sale, Weighted Average Yield, Maturity, after Year 10 | 2.8%2025-12-31 | 2.3% | +22.9% | 2.8% | 2.3% | +22.9% |
| Debt Securities, Available-for-Sale, Weighted Average Yield, Maturity, after Year 5 Through 10 | 1.6%2025-12-31 | 1.9% | -16.6% | 1.6% | 1.9% | -16.6% |
| Debt Securities, Available-for-Sale, Weighted Average Yield, Maturity, after Year One Through Five | 1.7%2025-12-31 | 1.7% | +2.4% | 1.7% | 1.7% | +2.4% |
| Debt Securities, Available-for-Sale, Weighted Average Yield, Maturity, Year One | 2.3%2025-12-31 | 2.0% | +18.8% | 2.3% | 2.0% | +18.8% |
| Debt Securities, Held-to-maturity, Accumulated Unrecognized Gain | $631M | $1.44B | -56.2% | $1.73B | $146M | +1,086.3% |
| Debt Securities, Held-to-maturity, Accumulated Unrecognized Loss | $9.99B | $11.1B | -10.2% | $9.65B | $14B | -31.1% |
| Debt Securities, Held-to-maturity, Fair Value | $121B | $130B | -6.8% | $126B | $133B | -4.9% |
Source: SEC companyfacts (XBRL of every 10-Q / 10-K). Cash-flow quarters are derived from the year-to-date figures the 10-Q tags. Segment breakdowns are tagged with dimensions and are shown in the segment section instead.
Sources
Statements, segment revenue, metrics, estimates: Financial Modeling Prep. Segment profits and every reported line: SEC EDGAR (XBRL). Filings read: 10-Q 2026-06-30, 10-Q 2026-03-31, 10-K 2025-12-31, 10-Q 2025-09-30, 10-Q 2025-06-30, 10-Q 2025-03-31, 10-K 2024-12-31, 10-Q 2024-09-30, 10-Q 2024-06-30
Data as of 2026-11-01