Investment Advisory Services

credit / rates affecting interest expense

“Net interest revenue was $11.8 billion in 2025, up 28% from 2024, due primarily to lower interest expense from reductions in bank supplemental funding and lower rates on funding sources, as well as growth in margin and bank lending and higher segregated cash and investments, which more than offset lower yields on interest-earning assets due to lower market rates.”

SCHW 10-K

restructuring affecting expense

“Three Months Ended March 31, 2026 2025 Amount Diluted EPS Amount Diluted EPS Net income available to common stockholders (GAAP), Earnings per common share — diluted (GAAP) $ 2,397 $ 1.37 $ 1,796 $ .99 Amortization of acquired intangible assets 132 .07 130 .07 Acquisition and integration-related costs 11 .01 — — Income tax effects (1) (34) (.02) (31) (.02) Adjusted net income available to common stockholders (non-GAAP), Adjusted diluted EPS (non-GAAP) $ 2,506 $ 1.43 $ 1,895 $ 1.04 (1) 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.”

SCHW 10-Q

demand / volume

“This growth reflected ongoing demand for margin lending as a result of engagement in the markets and long/short strategies implemented by RIA clients, and was supported in part by wholesale funding.”

SCHW 10-Q