Charles Schwab closed the fiscal fourth quarter with total client assets of $11.9 trillion, up 18% year-over-year. The milestone reflects robust net new asset inflows totaling $163.9 billion in Q4, bringing full-year 2025 core net new assets to $519.4 billion, a 42% increase over 2024. Average daily trading volume climbed 31% year-over-year to 8.3 million trades, driven by heightened retail engagement and expansion of electronic execution services.

Q4 net revenues reached $6.336 billion, a 19% rise from the prior year. Trading revenue grew 22% to $1.066 billion, while net interest revenue surged 25% to $3.17 billion, aided by a 57‐basis‐point expansion in net interest margin to 2.90%. Asset management and administration fees contributed $1.733 billion, up 15% year-over-year, reflecting improved equity markets and strong uptake of wealth management solutions.

Adjusted earnings per share stood at $1.39, marking a 38% increase versus the year-ago quarter and aligning with consensus estimates. GAAP net income was $2.459 billion, up 34% year-over-year, translating to $1.33 per diluted share. Adjusted pre-tax profit margin expanded to 52.2%, compared with 46.6% in Q4 2024, underscoring operating leverage from higher volumes and disciplined expense management, with adjusted non-interest expenses up just 6%.

The firm exited the quarter with $46.0 billion in cash and equivalents and $255.7 billion in deposits. Margin loan balances rose 34% to $112.3 billion, while bank loan originations set new records. During Q4, Schwab repurchased 29.2 million shares for $2.7 billion; full-year buybacks totaled $11.8 billion across all capital return programs. Tier 1 leverage ratios remained healthy at 9.3% (consolidated) and 7.1% (adjusted), supporting continued balance sheet flexibility.