# EDGAR Filing Document

**Accession Number:** 0000316709
**File Stem:** 0000316709-26-000004
**Filing Date:** 2026-1
**Character Count:** 62161
**Document Hash:** c881e391d0125fc9df21d3062519121c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000316709-26-000004.hdr.sgml**: 20260121

**ACCESSION NUMBER**: 0000316709-26-000004

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 15

**CONFORMED PERIOD OF REPORT**: 20260121

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260121

**DATE AS OF CHANGE**: 20260121

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** SCHWAB CHARLES CORP
- **CENTRAL INDEX KEY:** 0000316709
- **STANDARD INDUSTRIAL CLASSIFICATION:** SECURITY BROKERS, DEALERS & FLOTATION COMPANIES [6211]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 943025021
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-09700
- **FILM NUMBER:** 26548006

**BUSINESS ADDRESS:**
- **STREET 1:** 3000 SCHWAB WAY
- **CITY:** WESTLAKE
- **STATE:** TX
- **ZIP:** 76262
- **BUSINESS PHONE:** 817-859-5000

**MAIL ADDRESS:**
- **STREET 1:** 3000 SCHWAB WAY
- **CITY:** WESTLAKE
- **STATE:** TX
- **ZIP:** 76262

?xml version='1.0' encoding='ASCII'? schw-20260121

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

Washington, D.C. 20549

**FORM 8-K** 

**CURRENT REPORT**

**Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934**

**Date of Report (date of earliest event reported): January 21, 2026**

**The Charles Schwab Corporation**

(Exact name of registrant as specified in its charter)

**Commission File Number: 1-9700** 

---

| | |
|:---|:---|
| **Delaware** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**94-3025021** |
| (State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |

---

**3000 Schwab Way, Westlake, TX 76262** 

(Address of principal executive offices, including zip code)

**(817) 859-5000** 

(Registrant's telephone number, including area code)

**N/A**

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| <u>Title of each class</u> | <u>Trading Symbol(s)</u> | &nbsp;&nbsp;&nbsp;<u>Name of each exchange on which registered</u> |
| Common Stock – $.01 par value per share | SCHW | New York Stock Exchange |
| Depositary Shares, each representing a 1/40th ownership interest in a share of 5.95% Non-Cumulative Preferred Stock, Series D | SCHW PrD | New York Stock Exchange |
| Depositary Shares, each representing a 1/40th ownership interest in a share of 4.450% Non-Cumulative Preferred Stock, Series J | SCHW PrJ | New York Stock Exchange |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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| | |
|:---|:---|
| **Item 2.02** | **Results of Operations and Financial Condition** |

---

On January 21, 2026, The Charles Schwab Corporation issued a press release announcing its financial results for the quarter ended December 31, 2025. A copy of the press release is furnished as Exhibit 99.1 to this report.

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| | |
|:---|:---|
| **Item 9.01** | **Financial Statements and Exhibits** |

---

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) | Exhibits |
| **Exhibit No.** | **Description** |
| 99.1 | <u>[Press Release dated January 21, 2026](a4q25exhibit991.htm)</u> |
| 104 | Cover Page Interactive Data File – the cover page interactive data file does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. |

---

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**Signature(s)**

&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | | |
|:---|:---|:---|:---|
| | | | **THE CHARLES SCHWAB CORPORATION** |
| Date: | January 21, 2026 | By: | /s/ Michael Verdeschi |
|  |  |  | Michael Verdeschi |
|  |  |  | Managing Director and Chief Financial Officer |

---

## Exhibit 99.1

**Exhibit 99.1**

---

| | |
|:---|:---|
| ![cslogoa03a.jpg](cslogoa03a.jpg) | **SCHWAB REPORTS RECORD 4Q AND FULL YEAR 2025 RESULTS**<br>4Q Core Net New Assets Total $163.9 Billion; Full-Year Organic Growth of 5.1%<br>4Q Net Revenues Up 19% Year-Over-Year to a Record $6.3 Billion <br>Quarterly GAAP Earnings Per Share of $1.33, $1.39 Adjusted <sup>(1)</sup> – Up 38% versus 4Q24 |

---

**WESTLAKE, Texas, January 21, 2026** – The Charles Schwab Corporation reported net income for the fourth quarter totaling $2.5 billion, or $1.33 earnings per share. Excluding $127 million of pre-tax transaction-related costs, adjusted <sup>(1)</sup> net income and earnings per share equaled $2.6 billion and $1.39, respectively.

---

| | | |
|:---|:---|:---|
| **Client Driven** <br>**Growth** | **$519B**<br>2025 Core <br>Net New Assets | "Schwab delivered growth on all fronts in 2025. Total client accounts grew 6% year-over-year to 46.5 million. New and existing clients entrusted us with $519 billion in core net new assets – a 5.1% organic growth rate – bringing total client assets to a record $11.90 trillion." <br>*President & CEO Rick Wurster* |
| **Deepen Client Relationships** | **36%**<br>2025 Managed Investing<br>Net Inflows Growth | "Clients are conducting more of their financial lives at Schwab, with record engagement across wealth management, trading, and banking. Net inflows into our Managed Investing solutions grew by 36% versus 2024, while bank loan originations achieved another record year."<br>*President & CEO Rick Wurster* |
| **Diversified Revenue Growth** | **22%**<br>2025 Revenue<br>Growth vs. 2024 | "Doing more for our growing client base bolsters Schwab's diversified revenue model. In 2025, the combination of our business momentum, strong engagement, and favorable equity markets resulted in record revenue of $23.9 billion – up 22% versus the prior year." <br>*CFO Mike Verdeschi* |
| **Opportunistic Capital Return** | **$7.3B**<br>2025 Common<br>Stock Repurchases | "During 4Q25, we repurchased 29.2 million shares for $2.7 billion, bringing 2025 capital return to $11.8 billion across all forms. Our capital ratios remained strong while enhancing our balance sheet flexibility to meet the needs of clients in different environments." <br>*CFO Mike Verdeschi* |

---

**4Q25 Client and Business Highlights**

• Total client assets increased 18% year-over-year to a record $11.90 trillion

• Record 4Q core net new assets of $163.9 billion brings total 2025 asset gathering to $519.4 billion – up 42% versus the prior year

• New brokerage account openings exceeded 1 million for the 5th consecutive quarter, pushing active brokerage accounts and total client accounts to 38.5 million and 46.5 million, respectively

• Managed Investing Solutions net inflows for the quarter grew 50% versus 4Q24

• Bank loan balances equaled $58.0 billion at December month-end – up 28% year-over-year

• Margin loan balances increased 34% versus year-end 2024 to end the quarter at $112.3 billion <sup>(2)</sup>

• Daily average trading volume was 8.3 million – up 31% versus 4Q24

• Announced definitive agreement to acquire Forge Global; transaction expected to close during first half 2026

• Schwab awarded by Forbes, Best Customer Service 2026 <sup>(3)</sup>

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Three Months Ended<br>December 31, | Three Months Ended<br>December 31, | % | Twelve Months Ended<br>December 31, | Twelve Months Ended<br>December 31, | % |
| Financial Highlights | 2025 | 2024 | Change | 2025 | 2024 | Change |
| Net revenues (in millions) | $6336 | $5329 | 19% | $23921 | $19606 | 22% |
| Net income (in millions) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;GAAP | $2459 | $1840 | 34% | $8852 | $5942 | 49% |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjusted | $2556 | $1974 | 29% | $9242 | $6433 | 44% |
| Diluted earnings per common share |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;GAAP | $1.33 | $.94 | 41% | $4.65 | $2.99 | 56% |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjusted | $1.39 | $1.01 | 38% | $4.87 | $3.25 | 50% |
| Pre-tax profit margin |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;GAAP | 50.2% | 43.3% |  | 47.9% | 39.2% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjusted | 52.2% | 46.6% |  | 50.0% | 42.5% |  |
| Return on average common |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;stockholders' equity (annualized) | 22% | 18% |  | 21% | 15% |  |
| Return on tangible |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;common equity (annualized) | 39% | 36% |  | 38% | 35% |  |
| Note: Items labeled "adjusted" are non-GAAP financial measures; further details are included on pages 10-12 of this release. All per-share results are rounded to the <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; nearest cent, based on weighted-average diluted common shares outstanding. | Note: Items labeled "adjusted" are non-GAAP financial measures; further details are included on pages 10-12 of this release. All per-share results are rounded to the <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; nearest cent, based on weighted-average diluted common shares outstanding. | Note: Items labeled "adjusted" are non-GAAP financial measures; further details are included on pages 10-12 of this release. All per-share results are rounded to the <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; nearest cent, based on weighted-average diluted common shares outstanding. | Note: Items labeled "adjusted" are non-GAAP financial measures; further details are included on pages 10-12 of this release. All per-share results are rounded to the <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; nearest cent, based on weighted-average diluted common shares outstanding. | Note: Items labeled "adjusted" are non-GAAP financial measures; further details are included on pages 10-12 of this release. All per-share results are rounded to the <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; nearest cent, based on weighted-average diluted common shares outstanding. | Note: Items labeled "adjusted" are non-GAAP financial measures; further details are included on pages 10-12 of this release. All per-share results are rounded to the <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; nearest cent, based on weighted-average diluted common shares outstanding. | Note: Items labeled "adjusted" are non-GAAP financial measures; further details are included on pages 10-12 of this release. All per-share results are rounded to the <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; nearest cent, based on weighted-average diluted common shares outstanding. |

---

**4Q25 Financial Commentary**

• Quarterly net revenues grew year-over-year by 19% to a record $6.3 billion

• Net interest margin for the fourth quarter equaled 2.90%, or 57 basis points of expansion versus 4Q24

• Client transactional sweep cash balances ended December at $453.7 billion, an increase of $28.1 billion versus the prior quarter-end, reflecting organic growth, client net buying activity, and year-end seasonality

• Bank Supplemental Funding <sup>(4)</sup> declined by $9.7 billion to end the quarter at $5.1 billion

• Trading revenue increased 22% versus 4Q24 due to continued strong engagement

• GAAP expenses for the quarter increased 4% year-over-year; excluding amortization of acquired intangibles of $127 million, adjusted total expenses <sup>(1)</sup> were up 6% relative to 4Q24

• Full-year 2025 GAAP expense growth equaled 5% – 6% adjusted <sup>(1)</sup> – including higher volume-related costs as well as incremental employee compensation and benefit spend

• Capital ratios across the firm remained strong – including preliminary consolidated Tier 1 Leverage and adjusted Tier 1 Leverage <sup>(1)</sup> equaling 9.3% and 7.1%, respectively

• Repurchased 29.2 million shares of our common stock for $2.7 billion during the quarter

<sup>(1)</sup> 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.

<sup>(2)</sup> Includes $9.6 billion of client margin loans related to long/short strategies implemented by RIA clients.

<sup>(3)</sup> Forbes Best Customer Service List 2026 was given on November 11, 2025, and expires November 10, 2026. The criteria, evaluation, and ranking were determined by Forbes, partnered with HundredX. For more information, visit <u>https://www.forbes.com/lists/best-customer-service/</u>. Schwab paid a licensing fee to Forbes for use of the award and logos.

<sup>(4)</sup> Bank Supplemental Funding includes repurchase agreements at the banks, Schwab Bank Certificates of Deposit (CDs), and Federal Home Loan Bank balances.

**Winter Business Update**

The company will host its Winter 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 <u>https://www.aboutschwab.com/schwabevents</u>.

------

**Forward-Looking Statements**

This press release contains forward-looking statements relating to the company's growing client base, client engagement, diversified revenue model, balance sheet flexibility, return of capital, and the closing of the Forge Global acquisition. 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 (<u>https://www.aboutschwab.com/financial-reports</u>) and on the Securities and Exchange Commission's website (<u>https://www.sec.gov</u>). The company makes no commitment to update any forward-looking statements.

**About Charles Schwab**

The Charles Schwab Corporation (NYSE: SCHW) is a leading provider of financial services, with 38.5 million active brokerage accounts, 5.7 million workplace plan participant accounts, 2.2 million banking accounts, and $11.90 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, <u>https://www.sipc.org</u>), 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 Services<sup>TM</sup>. 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 <u>https://www.aboutschwab.com</u>.

**Contact Information**

MEDIA

Mayura Hooper, 415-667-1525

<u>public.relations@schwab.com</u>

INVESTORS/ANALYSTS

Jeff Edwards, 817-854-6177

<u>investor.relations@schwab.com</u>

------

THE CHARLES SCHWAB CORPORATION

**Consolidated Statements of Income**

(In millions, except per share amounts)

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Three Months Ended<br>December 31, | Three Months Ended<br>December 31, | Twelve Months Ended<br>December 31, | Twelve Months Ended<br>December 31, |
| | 2025 | 2024 | 2025 | 2024 |
| **Net Revenues** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest revenue | $4004 | $3851 | $15504 | $15537 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest expense | (832) | (1320) | (3754) | (6393) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net interest revenue | 3172 | 2531 | 11750 | 9144 |
| &nbsp;&nbsp;&nbsp;&nbsp;Asset management and administration fees | 1733 | 1509 | 6506 | 5716 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trading revenue | 1066 | 873 | 3921 | 3264 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank deposit account fees | 238 | 241 | 977 | 729 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 127 | 175 | 767 | 753 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total net revenues | 6336 | 5329 | 23921 | 19606 |
| **Expenses Excluding Interest** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation and benefits | 1630 | 1533 | 6491 | 6043 |
| &nbsp;&nbsp;&nbsp;&nbsp;Professional services | 344 | 297 | 1197 | 1053 |
| &nbsp;&nbsp;&nbsp;&nbsp;Occupancy and equipment | 293 | 276 | 1117 | 1060 |
| &nbsp;&nbsp;&nbsp;&nbsp;Advertising and market development | 115 | 101 | 420 | 397 |
| &nbsp;&nbsp;&nbsp;&nbsp;Communications | 142 | 131 | 620 | 591 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 206 | 224 | 850 | 916 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of acquired intangible assets | 127 | 130 | 512 | 519 |
| &nbsp;&nbsp;&nbsp;&nbsp;Regulatory fees and assessments | 62 | 89 | 287 | 398 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 237 | 243 | 968 | 937 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses excluding interest | 3156 | 3024 | 12462 | 11914 |
| Income before taxes on income | 3180 | 2305 | 11459 | 7692 |
| Taxes on income | 721 | 465 | 2607 | 1750 |
| **Net Income** | 2459 | 1840 | 8852 | 5942 |
| Preferred stock dividends and other | 92 | 123 | 435 | 464 |
| **Net Income Available to Common Stockholders** | $2367 | $1717 | $8417 | $5478 |
| **Weighted-Average Common Shares Outstanding:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic | 1772 | 1831 | 1804 | 1828 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted | 1777 | 1836 | 1809 | 1834 |
| **Earnings Per Common Shares Outstanding**: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic | $1.34 | $.94 | $4.67 | $3.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted | $1.33 | $.94 | $4.65 | $2.99 |

---

<sup>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</sup>

------

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| THE CHARLES SCHWAB CORPORATION | THE CHARLES SCHWAB CORPORATION | THE CHARLES SCHWAB CORPORATION | THE CHARLES SCHWAB CORPORATION | THE CHARLES SCHWAB CORPORATION | THE CHARLES SCHWAB CORPORATION | THE CHARLES SCHWAB CORPORATION | THE CHARLES SCHWAB CORPORATION |
| **Financial and Operating Highlights** | **Financial and Operating Highlights** | **Financial and Operating Highlights** | **Financial and Operating Highlights** | **Financial and Operating Highlights** | **Financial and Operating Highlights** | **Financial and Operating Highlights** | **Financial and Operating Highlights** |
| (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) |
|  | <u>Q4-25 % change</u> | <u>Q4-25 % change</u> | 2025 | 2025 | 2025 | 2025 | 2024 |
|  | vs. | vs. | Fourth | Third | Second | First | Fourth |
| (In millions, except per share amounts and as noted) | Q4-24 | Q3-25 | Quarter | Quarter | Quarter | Quarter | Quarter |
| **Net Revenues** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net interest revenue | 25% | 4% | $3172 | $3050 | $2822 | $2706 | $2531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asset management and administration fees | 15% | 4% | 1733 | 1673 | 1570 | 1530 | 1509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trading revenue | 22% | 7% | 1066 | 995 | 952 | 908 | 873 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank deposit account fees | (1)% | (4)% | 238 | 247 | 247 | 245 | 241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | (27)% | (25)% | 127 | 170 | 260 | 210 | 175 |
| Total net revenues | 19% | 3% | 6336 | 6135 | 5851 | 5599 | 5329 |
| **Expenses Excluding Interest** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Compensation and benefits | 6% | (1)% | 1630 | 1653 | 1536 | 1672 | 1533 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Professional services | 16% | 17% | 344 | 293 | 291 | 269 | 297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Occupancy and equipment | 6% | 5% | 293 | 280 | 270 | 274 | 276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advertising and market development | 14% | 14% | 115 | 101 | 108 | 96 | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Communications | 8% | (5)% | 142 | 149 | 176 | 153 | 131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | (8)% | (3)% | 206 | 212 | 215 | 217 | 224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of acquired intangible assets | (2)% |  | 127 | 127 | 128 | 130 | 130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regulatory fees and assessments | (30)% | 5% | 62 | 59 | 77 | 89 | 89 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | (2)% | (1)% | 237 | 240 | 247 | 244 | 243 |
| Total expenses excluding interest | 4% | 1% | 3156 | 3114 | 3048 | 3144 | 3024 |
| Income before taxes on income | 38% | 5% | 3180 | 3021 | 2803 | 2455 | 2305 |
| Taxes on income | 55% | 9% | 721 | 663 | 677 | 546 | 465 |
| **Net Income** | 34% | 4% | 2459 | 2358 | 2126 | 1909 | 1840 |
| Preferred stock dividends and other | (25)% | 14% | 92 | 81 | 149 | 113 | 123 |
| **Net Income Available to Common Stockholders** | 38% | 4% | $2367 | $2277 | $1977 | $1796 | $1717 |
| Earnings per common share: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic | 43% | 6% | $1.34 | $1.26 | $1.09 | $.99 | $.94 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted | 41% | 6% | $1.33 | $1.26 | $1.08 | $.99 | $.94 |
| Dividends declared per common share | 8% |  | $.27 | $.27 | $.27 | $.27 | $.25 |
| Weighted-average common shares outstanding: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic | (3)% | (2)% | 1772 | 1806 | 1817 | 1817 | 1831 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted | (3)% | (2)% | 1777 | 1811 | 1822 | 1822 | 1836 |
| **Performance Measures** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pre-tax profit margin |  |  | 50.2% | 49.2% | 47.9% | 43.8% | 43.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Return on average common stockholders' equity (annualized) <sup>(1)</sup> |  |  | 22% | 21% | 19% | 18% | 18% |
| **Financial Condition (at quarter end, in billions)** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | 9% | 50% | $46.0 | $30.6 | $32.2 | $35.0 | $42.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and investments segregated | 12% | (10)% | 42.9 | 47.8 | 45.6 | 38.4 | 38.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivables from brokers, dealers, and clearing organizations | 200% | 53% | 7.2 | 4.7 | 4.3 | 2.9 | 2.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivables from brokerage clients — net | 23% | 12% | 104.7 | 93.8 | 82.8 | 84.4 | 85.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Available for sale securities | (25)% |  | 62.4 | 62.3 | 67.6 | 74.8 | 83.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Held to maturity securities | (9)% | (2)% | 134.0 | 136.7 | 139.7 | 143.8 | 146.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank loans — net | 28% | 8% | 58.0 | 53.6 | 50.4 | 47.1 | 45.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | 2% | 6% | 491.0 | 465.3 | 458.9 | 462.9 | 479.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank deposits | (1)% | 7% | 255.7 | 239.1 | 233.1 | 246.2 | 259.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payables to brokers, dealers, and clearing organizations | 93% | 15% | 25.7 | 22.4 | 18.6 | 15.7 | 13.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payables to brokerage clients | 14% | 1% | 116.3 | 115.4 | 109.4 | 100.6 | 101.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses and other liabilities | 4% | 12% | 12.8 | 11.4 | 10.8 | 11.0 | 12.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other short-term borrowings | 15% | 6% | 6.9 | 6.5 | 8.5 | 6.9 | 6.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Bank borrowings | (89)% | 111% | 1.9 | 0.9 | 9.0 | 11.5 | 16.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Long-term debt | (1)% | 10% | 22.2 | 20.2 | 20.2 | 21.5 | 22.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 2% | 6% | 441.6 | 415.9 | 409.5 | 413.4 | 431.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stockholders' equity | 2% |  | 49.4 | 49.4 | 49.5 | 49.5 | 48.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and stockholders' equity | 2% | 6% | 491.0 | 465.3 | 458.9 | 462.9 | 479.8 |
| **Other** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Full-time equivalent employees (at quarter end, in thousands) | 3% | 1% | 33.0 | 32.7 | 32.6 | 32.1 | 32.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital expenditures — purchases of equipment, office facilities, and property, <br> net (in millions) | (39)% | 4% | $158 | $152 | $136 | $156 | $258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses excluding interest as a percentage of average client assets (annualized) |  |  | 0.11% | 0.11% | 0.12% | 0.12% | 0.12% |
| **Clients' Daily Average Trades (DATs) (in thousands)** | 31% | 11% | 8274 | 7421 | 7571 | 7391 | 6312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Number of Trading Days |  | (1)% | 63.0 | 63.5 | 62.0 | 60.0 | 63.0 |
| **Revenue Per Trade** <sup>(2)</sup> | (7)% | (3)% | $2.05 | $2.11 | $2.03 | $2.05 | $2.20 |

---

<sup>(1)</sup> Return on average common stockholders' equity is calculated using net income available to common stockholders divided by average common stockholders' equity.

<sup>(2)</sup> Revenue per trade is calculated as trading revenue divided by the product of DATs multiplied by the number of trading days.

------

THE CHARLES SCHWAB CORPORATION

**Net Interest Revenue Information**

(In millions, except ratios or as noted)

(Unaudited)

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Three Months Ended<br>December 31, | Three Months Ended<br>December 31, | Three Months Ended<br>December 31, | Three Months Ended<br>December 31, | Three Months Ended<br>December 31, | Three Months Ended<br>December 31, | Twelve Months Ended<br>December 31, | Twelve Months Ended<br>December 31, | Twelve Months Ended<br>December 31, | Twelve Months Ended<br>December 31, | Twelve Months Ended<br>December 31, | Twelve Months Ended<br>December 31, |
| | 2025 | 2025 | 2025 | 2024 | 2024 | 2024 | 2025 | 2025 | 2025 | 2024 | 2024 | 2024 |
| | Average<br>Balance | Interest<br>Revenue/<br>Expense | Average<br>Yield/<br>Rate | Average<br>Balance | Interest<br>Revenue/<br>Expense | Average<br>Yield/<br>Rate | Average<br>Balance | Interest<br>Revenue/<br>Expense | Average<br>Yield/<br>Rate | Average<br>Balance | Interest<br>Revenue/<br>Expense | Average<br>Yield/<br>Rate |
| **Interest-earning assets** |  |  |  |  |  |  |  |  |  |  |  |  |
| Cash and cash equivalents | $29491 | $292 | 3.88% | $28332 | $334 | 4.61% | $28054 | $1189 | 4.18% | $29676 | $1539 | 5.10% |
| Cash and investments segregated | 45114 | 450 | 3.91% | 36510 | 429 | 4.60% | 44359 | 1862 | 4.14% | 28450 | 1443 | 4.99% |
| Receivables from brokerage clients <sup>(1)</sup> | 100086 | 1546 | 6.04% | 77524 | 1378 | 6.95% | 87300 | 5700 | 6.44% | 70811 | 5420 | 7.53% |
| Available for sale securities <sup>(2)</sup> | 66031 | 340 | 2.05% | 92216 | 486 | 2.09% | 74478 | 1538 | 2.06% | 101659 | 2166 | 2.12% |
| Held to maturity securities <sup>(2)</sup> | 134742 | 575 | 1.70% | 147608 | 638 | 1.72% | 139447 | 2386 | 1.71% | 152566 | 2636 | 1.72% |
| Bank loans | 55677 | 600 | 4.29% | 44248 | 483 | 4.36% | 50595 | 2168 | 4.28% | 42255 | 1867 | 4.42% |
| &nbsp;&nbsp;&nbsp;Total interest-earning assets | 431141 | 3803 | 3.48% | 426438 | 3748 | 3.46% | 424233 | 14843 | 3.47% | 425417 | 15071 | 3.51% |
| Securities lending revenue |  | 98 |  |  | 72 |  |  | 437 |  |  | 330 |  |
| Other interest revenue <sup>(1)</sup> |  | 103 |  |  | 31 |  |  | 224 |  |  | 136 |  |
| &nbsp;&nbsp;&nbsp;Total interest-earning assets | $431141 | $4004 | 3.66% | $426438 | $3851 | 3.56% | $424233 | $15504 | 3.62% | $425417 | $15537 | 3.61% |
| **Funding sources** |  |  |  |  |  |  |  |  |  |  |  |  |
| Bank deposits | $239867 | $175 | 0.29% | $244176 | $550 | 0.90% | $238088 | $1185 | 0.50% | $256212 | $3152 | 1.23% |
| Payables to brokers, dealers, and <br> clearing organizations | 22871 | 209 | 3.57% | 13045 | 142 | 4.28% | 18236 | 701 | 3.79% | 8522 | 372 | 4.30% |
| Payables to brokerage clients <sup>(1)</sup> | 100746 | 68 | 0.27% | 82279 | 43 | 0.21% | 94884 | 244 | 0.26% | 72776 | 272 | 0.37% |
| Other short-term borrowings | 6148 | 68 | 4.35% | 9094 | 122 | 5.33% | 7020 | 324 | 4.60% | 9146 | 504 | 5.51% |
| Federal Home Loan Bank borrowings | 3237 | 34 | 4.08% | 19392 | 257 | 5.18% | 7682 | 356 | 4.57% | 23102 | 1245 | 5.32% |
| Long-term debt | 21284 | 211 | 3.88% | 22438 | 206 | 3.67% | 21093 | 836 | 3.91% | 23083 | 846 | 3.66% |
| &nbsp;&nbsp;&nbsp;Total interest-bearing liabilities | 394153 | 765 | 0.76% | 390424 | 1320 | 1.34% | 387003 | 3646 | 0.94% | 392841 | 6391 | 1.62% |
| Non-interest-bearing funding sources | 36988 |  |  | 36014 |  |  | 37230 |  |  | 32576 |  |  |
| Other interest expense <sup>(1)</sup> |  | 67 |  |  |  |  |  | 108 |  |  | 2 |  |
| &nbsp;&nbsp;&nbsp;Total funding sources | $431141 | $832 | 0.76% | $426438 | $1320 | 1.23% | $424233 | $3754 | 0.88% | $425417 | $6393 | 1.49% |
| **Net interest revenue** |  | $**3172** | **2.90%** |  | $**2531** | **2.33%** |  | $**11750** | **2.74%** |  | $**9144** | **2.12%** |

---

<sup>(1)</sup> Beginning in the fourth quarter of 2025, average balances of client margin loans and short credits related to certain client long/short strategies from which the Company earns a fixed net yield are excluded from interest-earning assets and funding sources. Average margin loans related to these client strategies totaled $7.2 billion and $2.8 billion for the three and twelve months ended December 31, 2025, respectively. Average short credits related to these client strategies totaled $7.4 billion and $2.8 billion for the three and twelve months ended December 31, 2025, respectively. Interest revenue and expense related to these client strategies are presented in other interest revenue and other interest expense, respectively. Year-to-date 2025 amounts and average yields have been reclassified and recalculated to reflect this change. This updated presentation results in an increase to net interest margin for the three and nine months ended September 30, 2025 of 0.02% and 0.01%, respectively, an increase of 0.01% for the three months ended June 30, 2025, and no impact to the six months ended June 30, 2025, the three months ended March 31, 2025, and prior-year amounts.

<sup>(2)</sup> Amounts have been calculated based on amortized cost.

------

THE CHARLES SCHWAB CORPORATION

**Asset Management and Administration Fees Information**

(In millions, except ratios or as noted)

(Unaudited)

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Three Months Ended<br>December 31, | Three Months Ended<br>December 31, | Three Months Ended<br>December 31, | Three Months Ended<br>December 31, | Three Months Ended<br>December 31, | Three Months Ended<br>December 31, | Twelve Months Ended<br>December 31, | Twelve Months Ended<br>December 31, | Twelve Months Ended<br>December 31, | Twelve Months Ended<br>December 31, | Twelve Months Ended<br>December 31, | Twelve Months Ended<br>December 31, |
| | 2025 | 2025 | 2025 | 2024 | 2024 | 2024 | 2025 | 2025 | 2025 | 2024 | 2024 | 2024 |
| | Average<br>Client<br>Assets | Revenue | Average<br>Fee | Average<br>Client<br>Assets | Revenue | Average<br>Fee | Average<br>Client<br>Assets | Revenue | Average<br>Fee | Average<br>Client<br>Assets | Revenue | Average<br>Fee |
| Schwab money market funds | $681688 | $465 | 0.27% | $580957 | $389 | 0.27% | $652798 | $1783 | 0.27% | $539113 | $1461 | 0.27% |
| Schwab equity and bond funds, exchange-traded <br> funds (ETFs), and collective trust funds (CTFs) | 777071 | 140 | 0.07% | 647170 | 125 | 0.08% | 708243 | 516 | 0.07% | 588999 | 462 | 0.08% |
| Mutual Fund OneSource <sup>®</sup> and other no-<br>&nbsp;&nbsp;&nbsp;&nbsp;transaction-fee funds (NTFs) | 462417 | 267 | 0.23% | 363024 | 231 | 0.25% | 404065 | 966 | 0.24% | 342615 | 878 | 0.26% |
| Other third-party mutual funds and ETFs | 627846 | 98 | 0.06% | 629913 | 106 | 0.07% | 620042 | 400 | 0.06% | 611999 | 420 | 0.07% |
| &nbsp;&nbsp;Total mutual funds, ETFs, and CTFs <sup>(1)</sup> | $2549022 | $970 | 0.15% | $2221064 | $851 | 0.15% | $2385148 | $3665 | 0.15% | $2082726 | $3221 | 0.15% |
| Managed investing solutions <sup>(1)</sup>  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Fee-based | $695933 | $663 | 0.38% | $582464 | $557 | 0.38% | $633960 | $2440 | 0.38% | $542253 | $2129 | 0.39% |
| &nbsp;&nbsp;&nbsp;Non-fee-based | 132573 |  |  | 115712 |  |  | 125333 |  |  | 111571 |  |  |
| &nbsp;&nbsp;&nbsp;Total managed investing solutions | $828506 | $663 | 0.32% | $698176 | $557 | 0.32% | $759293 | $2440 | 0.32% | $653824 | $2129 | 0.33% |
| Other balance-based fees <sup>(2)</sup> | 965676 | 85 | 0.03% | 827930 | 76 | 0.04% | 893953 | 318 | 0.04% | 776715 | 286 | 0.04% |
| Other <sup>(3)</sup> |  | 15 |  |  | 25 |  |  | 83 |  |  | 80 |  |
| **Total asset management and administration fees** | **Total asset management and administration fees** | $**1733** |  |  | $**1509** |  |  | $**6506** |  |  | $**5716** |  |

---

<sup>(1)</sup> Managed investing solutions includes managed portfolios, specialized strategies, and customized investment advice such as Schwab Wealth Advisory<sup>TM</sup>, Schwab Managed Portfolios<sup>TM</sup>, Managed Account Select<sup>®</sup>, Schwab Advisor Network<sup>®</sup>, Windhaven Strategies<sup>®</sup>, ThomasPartners<sup>®</sup> Strategies, Wasmer Schroeder<sup>®</sup> Strategies, Schwab Index Advantage advised retirement plan balances, Schwab Intelligent Portfolios<sup>®</sup>, Institutional Intelligent Portfolios<sup>®</sup>, Schwab Intelligent Portfolios Premium<sup>®</sup>, Schwab Wealth Portfolios™, AdvisorDirect<sup>®</sup>, 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.

<sup>(2)</sup> Includes various asset-related fees, such as trust fees, 401(k) recordkeeping fees, and mutual fund clearing fees and other service fees.

<sup>(3)</sup> Includes miscellaneous service and transaction fees relating to mutual funds and ETFs that are not balance-based.

------

THE CHARLES SCHWAB CORPORATION

**Growth in Client Assets and Accounts**

(Unaudited)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | <u>Q4-25 % Change</u> | <u>Q4-25 % Change</u> | 2025 | 2025 | 2025 | 2025 | 2024 |
| | vs. | vs. | Fourth | Third | Second | First | Fourth |
| (In billions, at quarter end, except as noted) | Q4-24 | Q3-25 | Quarter | Quarter | Quarter | Quarter | Quarter |
| **Assets in client accounts** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Schwab One<sup>®</sup>, certain cash equivalents, and bank deposits | 6% | 6% | $379.5 | $357.1 | $342.7 | $345.2 | $358.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank deposit account balances | (13)% | (3)% | 76.2 | 78.5 | 82.1 | 83.7 | 87.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Proprietary mutual funds (Schwab Funds<sup>®</sup> and Laudus Funds<sup>®</sup>) and CTFs |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Money market funds <sup>(1)</sup> | 16% | 4% | 693.8 | 666.4 | 653.5 | 641.5 | 596.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity and bond funds and CTFs <sup>(2)</sup> | 19% | 3% | 277.4 | 269.7 | 249.7 | 227.0 | 232.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total proprietary mutual funds and CTFs | 17% | 4% | 971.2 | 936.1 | 903.2 | 868.5 | 828.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mutual Fund Marketplace<sup>® (3)</sup> |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mutual Fund OneSource<sup>®</sup> and other NTF funds | 31% | (4)% | 454.2 | 473.5 | 453.9 | 340.3 | 347.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mutual fund clearing services | 17% | 2% | 327.7 | 320.2 | 298.3 | 280.6 | 280.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other third-party mutual funds | 5% | 3% | 1274.3 | 1237.2 | 1168.5 | 1195.4 | 1211.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Mutual Fund Marketplace | 12% | 1% | 2056.2 | 2030.9 | 1920.7 | 1816.3 | 1839.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total mutual fund assets | 13% | 2% | 3027.4 | 2967.0 | 2823.9 | 2684.8 | 2668.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Exchange-traded funds |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proprietary ETFs <sup>(2)</sup> | 25% | 4% | 495.3 | 476.0 | 439.7 | 398.2 | 395.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other third-party ETFs | 30% | 6% | 2527.5 | 2395.7 | 2175.6 | 1960.1 | 1940.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total ETF assets | 29% | 5% | 3022.8 | 2871.7 | 2615.3 | 2358.3 | 2335.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity and other securities | 19% | 2% | 4722.6 | 4624.7 | 4188.7 | 3765.5 | 3972.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fixed income securities | 3% | (1)% | 786.8 | 792.1 | 788.0 | 775.8 | 762.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Margin loans outstanding | 34% | 16% | (112.3) | (97.2) | (83.4) | (83.6) | (83.8) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total client assets** | 18% | 3% | $**11903.0** | $**11593.9** | $**10757.3** | $**9929.7** | $**10101.3** |
| **Client assets by business** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investor Services <sup>(4)</sup> | 17% | 2% | $6707.5 | $6577.2 | $6069.9 | $5557.4 | $5721.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Advisor Services <sup>(5)</sup> | 19% | 4% | 5195.5 | 5016.7 | 4687.4 | 4372.3 | 4379.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total client assets** | 18% | 3% | $**11903.0** | $**11593.9** | $**10757.3** | $**9929.7** | $**10101.3** |
| **Net growth in assets in client accounts (for the quarter ended)** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net new assets by business** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Services <sup>(4)</sup> | 31% | 15% | $60.4 | $52.7 | $31.2 | $69.5 | $46.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisor Services <sup>(5)</sup> | 57% | 20% | 97.8 | 81.7 | 42.4 | 62.9 | 62.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total net new assets** | 46% | 18% | $**158.2** | $**134.4** | $**73.6** | $**132.4** | $**108.4** |
| &nbsp;&nbsp;&nbsp;Net market gains (losses) |  |  | 150.9 | 702.2 | 754.0 | (304.0) | 72.4 |
| &nbsp;&nbsp;**Net growth (decline)** |  |  | $**309.1** | $**836.6** | $**827.6** | $**(171.6)** | $**180.8** |
| **New brokerage accounts (in thousands, for the quarter ended)** | 13% | 11% | 1268 | 1143 | 1098 | 1183 | 1119 |
| **Client accounts (in thousands)** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Active brokerage accounts | 6% | 1% | 38506 | 37963 | 37476 | 37011 | 36456 |
| &nbsp;&nbsp;&nbsp;&nbsp;Banking accounts | 11% | 3% | 2214 | 2150 | 2096 | 2050 | 1998 |
| &nbsp;&nbsp;&nbsp;&nbsp;Workplace Plan Participant Accounts <sup>(6)</sup> | 6% | 2% | 5740 | 5619 | 5586 | 5495 | 5399 |

---

<sup>(1)</sup> Total client assets in purchased money market funds are located at: <u>https://www.aboutschwab.com/investor-relations</u>.

<sup>(2)</sup> Includes balances held on and off the Schwab platform. As of December 31, 2025, off-platform equity and bond funds, CTFs, and ETFs were $42.6 billion, $5.0 billion, and $178.2 billion, respectively.

<sup>(3)</sup> Excludes all proprietary mutual funds and ETFs.

<sup>(4)</sup> Fourth quarter of 2025 includes net outflows of $5.7 billion from off-platform Schwab Bank Retail CDs. 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.

<sup>(5)</sup> Fourth quarter of 2024 includes an outflow of $0.3 billion from a large international relationship.

<sup>(6)</sup> 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.

------

**The Charles Schwab Corporation Monthly Activity Report For December 2025**

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **2024** | **2025** | | | | | | | | | | | | <u>Change</u> | <u>Change</u> |
| | **<u>Dec</u>** | **<u>Jan</u>** | **<u>Feb</u>** | **<u>Mar</u>** | **<u>Apr</u>** | **<u>May</u>** | **<u>Jun</u>** | **<u>Jul</u>** | **<u>Aug</u>** | **<u>Sep</u>** | **<u>Oct</u>** | **<u>Nov</u>** | **<u>Dec</u>** | <u>Mo.</u> | <u>Yr.</u> |
| **Market Indices (at month end)** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dow Jones Industrial Average<sup>®</sup> | 42544 | 44545 | 43841 | 42002 | 40669 | 42270 | 44095 | 44131 | 45545 | 46398 | 47563 | 47716 | 48063 | 1% | 13% |
| &nbsp;&nbsp;&nbsp;&nbsp;Nasdaq Composite<sup>®</sup> | 19311 | 19627 | 18847 | 17299 | 17446 | 19114 | 20370 | 21122 | 21456 | 22660 | 23725 | 23366 | 23242 | (1)% | 20% |
| &nbsp;&nbsp;&nbsp;&nbsp;Standard & Poor's<sup>®</sup> 500 | 5882 | 6041 | 5955 | 5612 | 5569 | 5912 | 6205 | 6339 | 6460 | 6688 | 6840 | 6849 | 6846 |  | 16% |
| **Client Assets (in billions of dollars)** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Beginning Client Assets | 10305.4 | 10101.3 | 10333.1 | 10280.2 | 9929.7 | 9892.2 | 10349.0 | 10757.3 | 10963.5 | 11228.1 | 11593.9 | 11828.0 | 11834.3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net New Assets <sup>(1)</sup> | 60.2 | 30.5 | 46.6 | 55.3 | 1.1 | 33.6 | 38.9 | 45.7 | 43.3 | 45.4 | 41.6 | 38.7 | 77.9 | 101% | 29% |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Market Gains (Losses) | (264.3) | 201.3 | (99.5) | (405.8) | (38.6) | 423.2 | 369.4 | 160.5 | 221.3 | 320.4 | 192.5 | (32.4) | (9.2) |  |  |
| Total Client Assets (at month end) | 10101.3 | 10333.1 | 10280.2 | 9929.7 | 9892.2 | 10349.0 | 10757.3 | 10963.5 | 11228.1 | 11593.9 | 11828.0 | 11834.3 | 11903.0 | 1% | 18% |
| &nbsp;&nbsp;&nbsp;&nbsp;*Core Net New Assets* <sup>(12)</sup> | *61.4* | *30.6* | *48.0* | *59.1* | *2.7* | *35.0* | *42.6* | *46.9* | *44.4* | *46.2* | *44.4* | *40.4* | *79.1* | *96%* | *29%* |
| Receiving Ongoing Advisory Services (at month end) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investor Services | 682.0 | 698.7 | 703.5 | 688.8 | 688.2 | 711.2 | 737.6 | 747.9 | 771.1 | 792.5 | 807.6 | 817.9 | 824.8 | 1% | 21% |
| &nbsp;&nbsp;&nbsp;&nbsp;Advisor Services | 4379.7 | 4496.6 | 4493.2 | 4372.3 | 4353.0 | 4525.6 | 4687.4 | 4765.1 | 4888.2 | 5016.7 | 5106.1 | 5155.9 | 5195.5 | 1% | 19% |
| **Client Accounts (at month end, in thousands)** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Active Brokerage Accounts | 36456 | 36709 | 36861 | 37011 | 37254 | 37375 | 37476 | 37658 | 37798 | 37963 | 38145 | 38266 | 38506 | 1% | 6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Banking Accounts | 1998 | 2019 | 2033 | 2050 | 2066 | 2077 | 2096 | 2116 | 2137 | 2150 | 2172 | 2189 | 2214 | 1% | 11% |
| &nbsp;&nbsp;&nbsp;&nbsp;Workplace Plan Participant Accounts <sup>(3)</sup> | 5399 | 5450 | 5464 | 5495 | 5518 | 5563 | 5586 | 5619 | 5606 | 5619 | 5696 | 5730 | 5740 |  | 6% |
| **Client Activity** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;New Brokerage Accounts (in thousands) | 431 | 433 | 362 | 388 | 439 | 336 | 323 | 377 | 382 | 384 | 429 | 365 | 474 | 30% | 10% |
| &nbsp;&nbsp;&nbsp;&nbsp;Client Cash as a Percentage of Client Assets <sup>(4)</sup> | 10.1% | 9.8% | 10.0% | 10.6% | 10.5% | 10.1% | 9.9% | 9.7% | 9.5% | 9.4% | 9.3% | 9.4% | 9.7% | 30 bp | (40) bp |
| &nbsp;&nbsp;&nbsp;&nbsp;Derivative Trades as a Percentage of Total Trades | 18.6% | 19.3% | 19.9% | 19.5% | 18.4% | 21.0% | 20.8% | 21.3% | 22.5% | 22.3% | 23.8% | 21.7% | 21.4% | (30) bp | 280 bp |
| **Selected Average Balances (in millions of dollars)** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Average Interest-Earning Assets <sup>(5)</sup> | 431177 | 431367 | 424572 | 424912 | 430402 | 418749 | 416486 | 416714 | 414415 | 419818 | 428281 | 429080 | 435995 | 2% | 1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Average Margin Balances | 81507 | 82551 | 84233 | 82725 | 77478 | 79132 | 82339 | 85492 | 90399 | 94609 | 101192 | 108863 | 111960 | 3% | 37% |
| &nbsp;&nbsp;&nbsp;&nbsp;Average Bank Deposit Account Balances <sup>(6)</sup> | 85384 | 84790 | 83089 | 84302 | 84060 | 81495 | 81014 | 80755 | 79781 | 79308 | 76203 | 73803 | 74542 | 1% | (13)% |
| **Mutual Funds and Exchange-Traded Funds** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net Buys (Sells)** <sup>(78)</sup> **(in millions of dollars)** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Equities | 14805 | 10050 | 4987 | (1221) | 7950 | 10473 | 8987 | 10936 | 8402 | 8832 | 6895 | 4883 | 18616 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Hybrid | 124 | (1324) | (464) | (603) | (1663) | (287) | (1038) | (463) | (604) | (452) | (1278) | (600) | (203) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Bonds | 10969 | 8747 | 12162 | 11438 | (1490) | 8483 | 6050 | 11920 | 12993 | 12502 | 16206 | 13371 | 17718 |  |  |
| **Net Buy (Sell) Activity (in millions of dollars)** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mutual Funds <sup>(7)</sup> | (4331) | (6785) | (3971) | (8537) | (13955) | (3224) | (5351) | (3442) | (2217) | (4754) | (6289) | (7255) | (3625) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Exchange-Traded Funds <sup>(8)</sup> | 30229 | 24258 | 20656 | 18151 | 18752 | 21893 | 19350 | 25835 | 23008 | 25636 | 28112 | 24909 | 39756 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | 8956 | 11584 | 12306 | 14586 | (6158) | 5794 | 5814 | 2452 | 4319 | (517) | 6333 | 7969 | 6910 |  |  |

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Note: Certain supplemental details related to the information above can be found at: <u>https://www.aboutschwab.com/financial-reports</u>.

<sup>(1)</sup> Unless otherwise noted, differences between net new assets and core net new assets are net flows from off-platform Schwab Bank Retail CDs.

<sup>(2)</sup> 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.

<sup>(3)</sup> 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.

<sup>(4)</sup> Schwab One<sup>®</sup>, 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.

<sup>(5)</sup> Represents average total interest-earning assets on the Company's balance sheet. Beginning in December 2025, average balances of client margin loans and short credits related to certain client long/short strategies from which the Company earns a fixed net yield are excluded from average interest-earning assets. The 2025 amounts have been adjusted accordingly; December 2024 balances were not impacted.

<sup>(6)</sup> Represents average clients' uninvested cash sweep account balances held in deposit accounts at third-party financial institutions.

<sup>(7)</sup> 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.

<sup>(8)</sup> Represents the principal value of client ETF transactions handled by Schwab, including transactions in proprietary ETFs.

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THE CHARLES SCHWAB CORPORATION

**Non-GAAP Financial Measures**

(In millions, except ratios and per share amounts)

(Unaudited)

In addition to disclosing financial results in accordance with generally accepted accounting principles in the U.S. (GAAP), Schwab's fourth 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.

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| | | |
|:---|:---|:---|
| **Non-GAAP Adjustment or Measure** | **Definition** | **Usefulness to Investors and Uses by Management** |
| Acquisition and integration-related costs, amortization of acquired intangible assets, and restructuring costs | Schwab adjusts certain GAAP financial measures to exclude the impact of acquisition and integration-related costs incurred as a result of the Company's acquisitions, amortization of acquired intangible assets, restructuring costs, and, where applicable, the income tax effect of these expenses. <br>Adjustments made to exclude amortization of acquired intangible assets are reflective of all acquired intangible assets, which were recorded as part of purchase accounting. These acquired intangible assets contribute to the Company's revenue generation. Amortization of acquired intangible assets will continue in future periods over their remaining useful lives. | We exclude acquisition and integration-related costs, amortization of acquired intangible assets, and restructuring costs for the purpose of calculating certain non-GAAP measures because we believe doing so provides additional transparency of Schwab's ongoing operations, and is useful in both evaluating the operating performance of the business and facilitating comparison of results with prior and future periods. <br>Costs related to acquisition and integration or restructuring fluctuate based on the timing of acquisitions, integration and restructuring activities, thereby limiting comparability of results among periods, and are not representative of the costs of running the Company's ongoing business. Amortization of acquired intangible assets is excluded because management does not believe it is indicative of the Company's underlying operating performance. |
| Return on tangible common equity | Return on tangible common equity represents annualized adjusted net income available to common stockholders as a percentage of average tangible common equity. Tangible common equity represents common equity less goodwill, acquired intangible assets — net, and related deferred tax liabilities. | Acquisitions typically result in the recognition of significant amounts of goodwill and acquired intangible assets. We believe return on tangible common equity may be useful to investors as a supplemental measure to facilitate assessing capital efficiency and returns relative to the composition of Schwab's balance sheet. |
| Adjusted Tier 1 Leverage Ratio | Adjusted Tier 1 Leverage Ratio represents the Tier 1 Leverage Ratio as prescribed by bank regulatory guidance for the consolidated company and for Charles Schwab Bank, SSB (CSB), adjusted to reflect the inclusion of accumulated other comprehensive income (AOCI) in the ratio. | Inclusion of the impacts of AOCI in the Company's Tier 1 Leverage Ratio provides additional information regarding the Company's current capital position. We believe Adjusted Tier 1 Leverage Ratio may be useful to investors as a supplemental measure of the Company's capital levels. |

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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.

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THE CHARLES SCHWAB CORPORATION

**Non-GAAP Financial Measures**

(In millions, except ratios and per share amounts)

(Unaudited)

The tables below present reconciliations of GAAP measures to non-GAAP measures:

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Three Months Ended<br>December 31, | Three Months Ended<br>December 31, | Three Months Ended<br>December 31, | Three Months Ended<br>December 31, | Twelve Months Ended<br>December 31, | Twelve Months Ended<br>December 31, | Twelve Months Ended<br>December 31, | Twelve Months Ended<br>December 31, |
| | 2025 | 2025 | 2024 | 2024 | 2025 | 2025 | 2024 | 2024 |
| | Total <br>Expenses <br>Excluding <br>Interest | Net <br>Income | Total <br>Expenses <br>Excluding <br>Interest | Net <br>Income | Total <br>Expenses <br>Excluding <br>Interest | Net <br>Income | Total <br>Expenses Excluding <br>Interest | Net <br>Income |
| **Total expenses excluding interest (GAAP), <br> Net income (GAAP)** | $3156 | $2459 | $3024 | $1840 | $12462 | $8852 | $11914 | $5942 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of acquired intangible assets | (127) | 127 | (130) | 130 | (512) | 512 | (519) | 519 |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisition and integration-related costs <sup>(1)</sup> |  |  | (20) | 20 |  |  | (117) | 117 |
| &nbsp;&nbsp;&nbsp;&nbsp;Restructuring costs <sup>(2)</sup> |  |  | (27) | 27 |  |  | (9) | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax effects <sup>(3)</sup> | N/A | (30) | N/A | (43) | N/A | (122) | N/A | (154) |
| **Adjusted total expenses (non-GAAP), <br> Adjusted net income (non-GAAP)** | $3029 | $2556 | $2847 | $1974 | $11950 | $9242 | $11269 | $6433 |

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<sup>(1)</sup> There were no acquisition and integration-related costs for the three and twelve months ended December 31, 2025. Acquisition and integration-related costs for the three and twelve months ended December 31, 2024 primarily consist of $10 million and $54 million of compensation and benefits, $4 million and $36 million of professional services, and $6 million and $19 million of depreciation and amortization.

<sup>(2)</sup> There were no restructuring costs for the three and twelve months ended December 31, 2025. Restructuring costs for the three months ended December 31, 2024 primarily consist of $24 million of other expense. Restructuring costs for the twelve months ended December 31, 2024 reflect a benefit due to a change in estimate of $34 million in compensation and benefits, offset by $5 million of occupancy and equipment expense and $37 million of other expense.

<sup>(3)</sup> 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.

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Three Months Ended<br>December 31, | Three Months Ended<br>December 31, | Three Months Ended<br>December 31, | Three Months Ended<br>December 31, | Twelve Months Ended<br>December 31, | Twelve Months Ended<br>December 31, | Twelve Months Ended<br>December 31, | Twelve Months Ended<br>December 31, |
| | 2025 | 2025 | 2024 | 2024 | 2025 | 2025 | 2024 | 2024 |
| | Amount | % of <br>Total Net Revenues | Amount | % of <br>Total Net Revenues | Amount | % of <br>Total Net Revenues | Amount | % of <br>Total Net Revenues |
| **Income before taxes on income (GAAP), <br> Pre-tax profit margin (GAAP)** | $3180 | 50.2% | $2305 | 43.3% | $11459 | 47.9% | $7692 | 39.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of acquired intangible assets | 127 | 2.0% | 130 | 2.4% | 512 | 2.1% | 519 | 2.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisition and integration-related costs |  |  | 20 | 0.4% |  |  | 117 | 0.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Restructuring costs |  |  | 27 | 0.5% |  |  | 9 |  |
| **Adjusted income before taxes on income (non-GAAP),<br> Adjusted pre-tax profit margin (non-GAAP)** | $3307 | 52.2% | $2482 | 46.6% | $11971 | 50.0% | $8337 | 42.5% |

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Three Months Ended<br>December 31, | Three Months Ended<br>December 31, | Three Months Ended<br>December 31, | Three Months Ended<br>December 31, | Twelve Months Ended<br>December 31, | Twelve Months Ended<br>December 31, | Twelve Months Ended<br>December 31, | Twelve Months Ended<br>December 31, |
| | 2025 | 2025 | 2024 | 2024 | 2025 | 2025 | 2024 | 2024 |
| | Amount | Diluted <br>EPS | Amount | Diluted <br>EPS | Amount | Diluted <br>EPS | Amount | Diluted <br>EPS |
| **Net income available to common stockholders (GAAP), <br> Earnings per common share — diluted (GAAP)** | $2367 | $1.33 | $1717 | $.94 | $8417 | $4.65 | $5478 | $2.99 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of acquired intangible assets | 127 | .08 | 130 | .07 | 512 | .29 | 519 | .28 |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisition and integration-related costs |  |  | 20 | .01 |  |  | 117 | .06 |
| &nbsp;&nbsp;&nbsp;&nbsp;Restructuring costs |  |  | 27 | .01 |  |  | 9 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax effects | (30) | (.02) | (43) | (.02) | (122) | (.07) | (154) | (.08) |
| **Adjusted net income available to common stockholders <br> (non-GAAP), Adjusted diluted EPS (non-GAAP)** | $2464 | $1.39 | $1851 | $1.01 | $8807 | $4.87 | $5969 | $3.25 |

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------

THE CHARLES SCHWAB CORPORATION

**Non-GAAP Financial Measures**

(In millions, except ratios and per share amounts)

(Unaudited)

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| | | | | |
|:---|:---|:---|:---|:---|
| | Three Months Ended<br>December 31, | Three Months Ended<br>December 31, | Twelve Months Ended<br>December 31, | Twelve Months Ended<br>December 31, |
| | 2025 | 2024 | 2025 | 2024 |
| **Return on average common stockholders' equity (GAAP)** | 22% | 18% | 21% | 15% |
| &nbsp;&nbsp;Average common stockholders' equity | $42642 | $38604 | $40923 | $35475 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Average goodwill | (11951) | (11951) | (11951) | (11951) |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Average acquired intangible assets — net | (7297) | (7808) | (7488) | (8002) |
| &nbsp;&nbsp;&nbsp;&nbsp;Plus: Average deferred tax liabilities related to goodwill <br> and acquired intangible assets — net | 1669 | 1723 | 1691 | 1741 |
| &nbsp;&nbsp;&nbsp;Average tangible common equity | $25063 | $20568 | $23175 | $17263 |
| &nbsp;&nbsp;Adjusted net income available to common stockholders <sup>(1)</sup> | $2464 | $1851 | $8807 | $5969 |
| **Return on tangible common equity (non-GAAP)** | 39% | 36% | 38% | 35% |

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<sup>(1)</sup> See table above for the reconciliation of net income available to common stockholders to adjusted net income available to common stockholders (non-GAAP).

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| | | |
|:---|:---|:---|
| | (Preliminary) | (Preliminary) |
| | December 31, 2025 | December 31, 2025 |
| | CSC | CSB |
| **Tier 1 Leverage Ratio (GAAP)** | 9.3% | 11.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tier 1 Capital | $42888 | $28122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Plus: AOCI adjustment | (11017) | (9562) |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjusted Tier 1 Capital | 31871 | 18560 |
| &nbsp;&nbsp;&nbsp;&nbsp;Average assets with regulatory adjustments | 462517 | 252824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Plus: AOCI adjustment | (11333) | (9875) |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjusted average assets with regulatory adjustments | $451184 | $242949 |
| **Adjusted Tier 1 Leverage Ratio (non-GAAP)** | 7.1% | 7.6% |

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