SCHWAB CHARLES CORP
For the period ended Dec 31, 2025. Filed Feb 25, 2026.
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FY2025 · Filed Feb 25, 2026
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Revenue Recognition
- Revenue Recognition
Disaggregated Revenue
Disaggregation of Schwab’s revenue by major source is as follows:
| Year Ended December 31, | 2025 | 2024 | 2023 |
|---|---|---|---|
| Net interest revenue | |||
| Cash and cash equivalents | $1,189 | $1,539 | $1,894 |
| Cash and investments segregated | 1,862 | 1,443 | 1,355 |
| Receivables from brokerage clients (1) | 5,700 | 5,420 | 4,793 |
| Available for sale securities | 1,538 | 2,166 | 2,987 |
| Held to maturity securities | 2,386 | 2,636 | 2,872 |
| Bank loans | 2,168 | 1,867 | 1,664 |
| Securities lending revenue | 437 | 330 | 419 |
| Other interest revenue (1) | 224 | 136 | 127 |
| Interest revenue | 15,504 | 15,537 | 16,111 |
| Bank deposits | (1,185) | (3,152) | (3,363) |
| Payables to brokers, dealers, and clearing organizations | (701) | (372) | (147) |
| Payables to brokerage clients (1) | (244) | (272) | (271) |
| Other short-term borrowings | (324) | (504) | (375) |
| Federal Home Loan Bank borrowings | (356) | (1,245) | (1,810) |
| Long-term debt | (836) | (846) | (715) |
| Other interest expense (1) | (108) | (2) | (3) |
| Interest expense | (3,754) | (6,393) | (6,684) |
| Net interest revenue | 11,750 | 9,144 | 9,427 |
| Asset management and administration fees | |||
| Mutual funds, ETFs, and CTFs | 3,665 | 3,221 | 2,563 |
| Managed investing solutions | 2,440 | 2,129 | 1,868 |
| Other | 401 | 366 | 325 |
| Asset management and administration fees | 6,506 | 5,716 | 4,756 |
| Trading revenue | |||
| Commissions | 1,797 | 1,591 | 1,601 |
| Order flow revenue | 1,930 | 1,477 | 1,404 |
| Principal transactions | 194 | 196 | 225 |
| Trading revenue | 3,921 | 3,264 | 3,230 |
| Bank deposit account fees | 977 | 729 | 705 |
| Other | 767 | 753 | 719 |
| Total net revenues | $23,921 | $19,606 | $18,837 |
(1)Beginning in the fourth quarter of 2025, interest revenue and interest expense from client margin loans and short credits related to certain client long/short strategies from which the Company earns a fixed net yield are presented in other interest revenue and other interest expense. Interest revenue and interest expense amounts related to these client strategies were previously presented in receivables from brokerage clients and payables to brokerage clients, respectively, and full-year 2025 amounts have been reclassified to conform to the new presentation. Prior-year amounts were not impacted by this change.
For additional discussion of contract balances, see Note 10. For a summary of revenue provided by our reportable segments, see Note 24. The recognition of revenue is not impacted by the operating segment in which revenue is generated.
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