Charles Schwab Corp (NYSE: SCHW) is a savings and loan holding company that provides wealth management, securities brokerage, banking, asset management, custody, and financial advisory services. Revenue comes from net interest income on client cash and bank assets, asset management fees on proprietary funds and ETFs, and trading-related revenue from brokerage activity. At December 31, 2025, Schwab held $11.90 trillion in client assets across 38.5 million active brokerage accounts, 5.7 million workplace plan participant accounts, and 2.2 million banking accounts. The company operates through two segments: Investor Services, serving individual investors and corporate retirement plans, and Advisor Services, serving independent registered investment advisors through custody and trading services. Principal subsidiaries include Charles Schwab & Co., Inc., a broker-dealer incorporated in 1971, Charles Schwab Bank, SSB, and Charles Schwab Investment Management, Inc., the advisor for Schwab Funds and Schwab ETFs.

Revenue model

Net interest income from client cash sweep deposits held at Charles Schwab Bank and invested assets, asset management fees on Schwab Funds and Schwab ETFs, and trading commissions and order flow revenue from brokerage activity across retail and institutional channels.

Products and services

Retail brokerage accounts, investment advisory services, banking accounts, trust services, retirement plan services (workplace plan participant accounts), proprietary mutual funds (Schwab Funds), proprietary exchange-traded funds (Schwab ETFs), and custody and trading services for independent registered investment advisors.

Customers and end markets

Individual retail investors (38.5 million active brokerage accounts as of December 31, 2025), workplace retirement plan participants (5.7 million accounts as of December 31, 2025), banking customers (2.2 million accounts as of December 31, 2025), businesses and their employees through corporate brokerage and retirement plan services, and independent registered investment advisors through the Advisor Services segment.

Value-chain role

Direct-to-consumer and business-to-advisor financial services platform acting as broker-dealer, bank, asset manager, custodian, and financial advisor across retail and institutional channels.

Source: SEC 10-K, filed 2026-02-25

Industry: Security Brokers, Dealers & Flotation Companies Peers: Morgan Stanley GOLDMAN SACHS GROUP INC Houlihan Lokey Inc Interactive Brokers Group Inc Jefferies Financial Group Inc LPL Financial Holdings Inc Robinhood Markets Inc Raymond James Financial Inc Stifel Financial Corp