Schwab reported record 2025 results with $23.9B revenue and $4.87 EPS, driven by strong NNA growth and client engagement. Management guided to 9.5-10.5% revenue growth and $5.70-$5.80 EPS for 2026, citing continued momentum and margin expansion. Cross-company signals included the planned acquisition of Forge and commentary on competitors in sports betting/crypto. Record 2025: $519B core NNA (+42% YoY), $23.9B revenue (+22%), $4.87 EPS (+50%).
Schwab reported record 2025 results with $23.9B revenue and $4.87 EPS, driven by strong NNA growth and client engagement. Management guided to 9.5-10.5% revenue growth and $5.70-$5.80 EPS for 2026, citing continued momentum and margin expansion. Cross-company signals included the planned acquisition of Forge and commentary on competitors in sports betting/crypto. Record 2025: $519B core NNA (+42% YoY), $23.9B revenue (+22%), $4.87 EPS (+50%).
Schwab reported record 2025 results with $23.9B revenue and $4.87 EPS, driven by strong NNA growth and client engagement. Management guided to 9.5-10.5% revenue growth and $5.70-$5.80 EPS for 2026, citing continued momentum and margin expansion. Cross-company signals included…
Guidance · revenue to 10%
2026 scenario: revenue growth 9.5-10.5%, adjusted EPS $5.70-$5.80, pre-tax margin in low 50s.
Acquiring Forge to expand alternatives platform; strategic investment in Capita and Wealth.com.
Management discussed leveraging AI across more than 220 use cases to serve clients more efficiently and reduce cost-to-serve, with early efficiency gains allowing them to moderate headcount growth while growing accounts and assets. They plan to expand AI usage further in 2026, particularly in service and technology organizations.
Management's tone is very positive, citing record growth in 2025 and a strong 2026 outlook with continued revenue diversification and margin expansion.
Management did not explicitly discuss capital expenditure or capacity infrastructure investment in detail, but noted continued investment in strategic initiatives including branches, financial consultants, digital asset offerings, and AI, with expense growth guided at 5.5%-6.5% for 2026.
Management repeatedly emphasized record growth, strong momentum, and the ability to deliver earnings growth through the cycle, while also acknowledging market valuations are high and rates could move lower.
“we remain on track to launch spot trading on Bitcoin and Ethereum in the first half of this year.”
“Schwab clients hold about a 20% share of spot crypto exchange traded products”
| 지표 | 기간 | 범위 | 중간값 | 상태 |
|---|---|---|---|---|
| EPS | FY2026 | $5.70–$5.80 | $5.75 | GUIDED |
| Revenue | FY2026 | 9.5%–10.5% | 10% | GUIDED |
Schwab explicitly distances itself from sports gambling, positioning Robinhood as a competitor in that space while reaffirming its focus on wealth management.
“let the sports betting houses like DraftKings and Robinhood and FanDuel, let them take that.”
Brian Bedell, Deutsche Bank, Great. Thanks. Good morning. Thanks for taking my question. Maybe, Rick, can you just comment on your views on prediction markets? I know you've talked about this. in the press and in interviews. Clearly, sports betting and friction markets on mentions and culture is clearly something you're not interested in. But if the contracts were to develop more broadly in fundamental investing and other economic types of contracts. Is that something you would be interested in launching on the platform, and how would you evaluate that, and what are you hearing from trading clients on that?
… about prediction markets, the ones that are related to financial aspects like what's going to happen to employment, what's going to happen to inflation, Or whether at some point it develops a market where you can take a position on a stock going up or down, all those kinds of things. Those are related to building an investment portfolio. And certainly, if there is client demand, we are going to make them available. As we work with particularly our active traders to identify the things that are of most importance to them, it's not high on the list today. We're just not seeing a lot of client interest from our clients for those kinds of prediction markets. And I think that's true more broadly in the industry, where 95% of the volume that we observe is all sports gambling and has nothing to do with these so-called prediction markets. You know, the things that we're hearing from our active traders is, you know, keep pushing on the mobile app, keep giving us more research. keep giving us different futures and options capabilities, but we're not hearing a lot about prediction markets. That said, we're looking at this, and if it becomes of client interest, we will have prediction markets. We're not burying our nose in the sand on this. We don't have a strong stance against prediction markets. I have nothing against prediction markets that are related to a client's portfolio. And as there's client interest or industry interest, we will absolutely be there should there be interest. Expanding into the sports gambling aspects of things, the second principle I mentioned of our focus being on doing everything we can to help our clients grow, protect, manage their wealth. Sports gambling is contradictory to that. And so our view has been let the sports betting houses like DraftKings and Robinhood and FanDuel, let them take that. And we know You know, there's a lot of data on this and less than 5% of clients that put money into these gambling houses or these gambling apps leave with more money than they put in. And I contrast that to the all-time record high wealth that our clients hold. It's just a fundamentally different mission. And so that's our thoughts. We're open to prediction markets should there be client and industry interest. We're not interested in the sports gambling. We'll leave that to the to the Fan Duels and Robin Hoods, and we'll stay away from that.
Schwab's acquisition of Forge expands its alternatives platform, potentially increasing Forge's reach and value as a private market liquidity provider.
“We entered a definitive agreement to acquire Forge, which will help us provide clients with multiple ways to access alternatives while democratizing private investing.”
… our lending, wealth, and trading offers. We leveraged artificial intelligence to serve clients more efficiently. In our advisor services business, we launched Advisor ProDirect, a subscription service supporting RIAs wherever they are in their journey to independence. We launched a long, short, separately managed accounts program and nearly doubled the size of our institutional no-transaction-fee mutual fund platform. We entered a definitive agreement to acquire Forge, which will help us provide clients with multiple ways to access alternatives while democratizing private investing. We also made a strategic investment in Capita, a complete equity management solution designed to support private companies in the late stages prior to IPO. With Forge and Capita, we are creating an ecosystem where we can administer private stock plans while providing access to liquidity for private company employees and investors, all while creating a pre-IPO pipeline of future stock plan services clients for Schwab. We took an ownership stake in Wealth.com and began rolling out their estate analysis capability to our specialists, giving us more tools to help clients integrate their estate …
Schwab clients hold about 20% of U.S. spot crypto exchange-traded products, indicating strong embedded crypto demand. — This high market share suggests Schwab's client base is a significant channel for crypto ETP flows, which could impact issuers and competitors.
… the total U.S. notional trading volume in 2025. Traders come to Schwab because we provide the platforms, capabilities, education, coaching, and service they need to grow their wealth, engage in markets, take advantage of opportunities, and hedge their portfolios. In 2025, about half of new to firm retail clients initiated access to our industry-leading thinkorswim platform. Schwab clients hold about a 20% share of spot crypto exchange traded products, and we remain on track to launch spot trading on Bitcoin and Ethereum in the first half of this year. Traders are highly engaged, bringing in nine times more NNA than retail clients and two times the ROKA. We'll continue to enhance our offer to meet their unique needs. We're also deepening relationships with our higher net worth clients by continuing to strengthen our alternatives offer. With our acquisition of Forge, which we expect will close in the coming months, we'll be able to provide retail and RIA clients with alternatives from leading managers, passive exposure to alternatives via funds, and direct investing in private companies. The opportunity is meaningful. In a recent survey of clients with $1 million or more in …
Schwab clients hold about 20% of U.S. spot crypto exchange-traded products, indicating strong embedded crypto demand. — This high market share suggests Schwab's client base is a significant channel for crypto ETP flows, which could impact issuers and competitors.
… the number one firm by daily average trades with no close second, handling about 10% of the total U.S. notional trading volume in 2025. Traders come to Schwab because we provide the platforms, capabilities, education, coaching, and service they need to grow their wealth, engage in markets, take advantage of opportunities, and hedge their portfolios. In 2025, about half of new to firm retail clients initiated access to our industry-leading thinkorswim platform. Schwab clients hold about a 20% share of spot crypto exchange traded products, and we remain on track to launch spot trading on Bitcoin and Ethereum in the first half of this year. Traders are highly engaged, bringing in nine times more NNA than retail clients and two times the ROKA. We'll continue to enhance our offer to meet their unique needs. We're also deepening relationships with our higher net worth clients by continuing to strengthen our alternatives offer. With our acquisition of Forge, which we expect will close in the coming months, we'll be able to provide retail and RIA clients with alternatives from leading managers, passive exposure to alternatives via funds, and direct investing in private companies. …
Schwab plans to launch spot trading on Bitcoin and Ethereum in the first half of 2026, expanding its crypto offering beyond ETPs.
… the total U.S. notional trading volume in 2025. Traders come to Schwab because we provide the platforms, capabilities, education, coaching, and service they need to grow their wealth, engage in markets, take advantage of opportunities, and hedge their portfolios. In 2025, about half of new to firm retail clients initiated access to our industry-leading thinkorswim platform. Schwab clients hold about a 20% share of spot crypto exchange traded products, and we remain on track to launch spot trading on Bitcoin and Ethereum in the first half of this year. Traders are highly engaged, bringing in nine times more NNA than retail clients and two times the ROKA. We'll continue to enhance our offer to meet their unique needs. We're also deepening relationships with our higher net worth clients by continuing to strengthen our alternatives offer. With our acquisition of Forge, which we expect will close in the coming months, we'll be able to provide retail and RIA clients with alternatives from leading managers, passive exposure to alternatives via funds, and direct investing in private companies. The opportunity is meaningful. In a recent survey of clients with $1 million or more in …