# Charles Schwab (SCHW) Q2 2026 earnings

Results filed 2026-07-21 for the quarter ended 2026-06-30. Source page: https://earnings.opennash.com/companies/schw/2026-q2/
Press release and exhibits: https://www.sec.gov/Archives/edgar/data/316709/000031670926000027/0000316709-26-000027-index.htm
> Summaries and transcripts are machine-generated and can contain errors.

## In brief

Schwab reported record net revenues of $7.1 billion, up 21% year-over-year, and record GAAP earnings per share of $1.54 ($1.62 adjusted).

Schwab had a record second quarter. Net revenues rose 21% to $7.1 billion, and net income was $2.8 billion, or $1.54 per diluted share ($1.62 adjusted). Clients opened 1.4 million new brokerage accounts and added $119.8 billion of core net new assets. Record trading activity lifted trading revenue 28% to $1.2 billion. Net interest margin widened to 3.00%, and Schwab repurchased 11.2 million shares for $1.0 billion.
The release gave no numerical guidance for coming quarters, so there is no official outlook to measure against. The main tension is that growth leans on conditions that can reverse: record trading volumes, margin loans of $165.1 billion and elevated market levels. Expenses also rose 12%. The adjusted Tier 1 Leverage ratio of 6.8% is well below the reported 8.7%, so capital returns need watching.

## Key numbers

| Metric | Value | Change | Basis |
| --- | --- | --- | --- |
| Net revenues | $7.1 billion | up 21% from a year ago | GAAP |
| Net income | $2.8 billion | up 32% from a year ago | GAAP |
| Diluted earnings per share | $1.54 | up 43% from a year ago | GAAP |
| Adjusted diluted earnings per share | $1.62 | up 42% versus 2Q25 | non-GAAP |
| Pre-tax profit margin | 51.9% | up from 47.9% a year ago | GAAP |

## Segments and operating metrics

| Name | Value | Change |
| --- | --- | --- |
| Core net new assets | $119.8 billion | up 49% versus 2Q25 |
| Total client assets | $13.08 trillion | up 22% year-over-year |
| New brokerage accounts | 1.4 million |  |
| Daily average trades | 11.9 million | up 57% versus 2Q25 |
| Bank loan balances | $67.0 billion | up 33% year-over-year |
| Margin loan balances | $165.1 billion | up 30% quarter-over-quarter |
| Net interest margin | 3.00% | up 12 basis points quarter-over-quarter |
| Asset management and administration fees | $1.8 billion | up 16% year-over-year |

## Key takeaways

1. **Revenue hit a record on broad growth** Net revenues grew 21% to a record $7.1 billion. Trading revenue of $1.2 billion was up 28%, and asset management and administration fees were $1.8 billion, up 16%.
2. **Net interest margin widened to 3.00%** Net interest margin expanded 12 basis points quarter-over-quarter to 3.00%. Client transactional sweep cash ended June at $485.7 billion.
3. **Asset gathering stayed very strong** Core net new assets totaled $119.8 billion, up 49% versus 2Q25, with a record $62.7 billion in June. Total client assets reached $13.08 trillion.
4. **Margin lending and trading surged** Margin loan balances increased 30% quarter-over-quarter to $165.1 billion. Daily average trades reached a record 11.9 million, up 57% versus 2Q25.
5. **Buybacks continued with capital ratios intact** Schwab repurchased 11.2 million shares of our common stock for $1.0 billion. Tier 1 Leverage was 8.7% and adjusted Tier 1 Leverage was 6.8%.

## Questions

**What were Schwab's headline results for Q2 2026?** Net revenues were a record $7.1 billion, up 21% year-over-year. GAAP net income was $2.8 billion, or $1.54 per diluted share, and adjusted EPS was $1.62.
**How much new client money did Schwab bring in?** Core net new assets totaled $119.8 billion, up 49% versus 2Q25, including a record $62.7 billion in June. Total client assets reached $13.08 trillion, up 22% year-over-year.
**What drove revenue growth in the quarter?** Net interest revenue rose to $3,357 million, trading revenue grew 28% to $1.2 billion, and asset management and administration fees grew 16% to $1.8 billion. Net interest margin expanded to 3.00%.
**Did Schwab give guidance for next quarter or the full year?** No. The release contains no numerical guidance for future periods, only general forward-looking statements.
**How is Schwab returning capital and how strong are its capital ratios?** It repurchased 11.2 million shares for $1.0 billion, redeemed $2.1 billion of Series I Preferred and issued $1.5 billion of Series L Preferred. Tier 1 Leverage was 8.7% and adjusted Tier 1 Leverage was 6.8%.