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Schwab Charles cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$1.3B in Q3 2026 · $11.7B over twelve months

Operating cash flow$1.6B
Capital spending−$314M
Free cash flow+$1.3B
Cash / net income0.6×

Analysis

In Q3 2026, Schwab Charles generated $1.6B of operating cash flow and spent $314M on capital projects, leaving free cash flow of $1.3B. That is $907M more than in Q3 2025 ($393M).

Over the twelve months to Sep 30, 2026, operating cash flow was $12.5B; the largest uses were buybacks ($6.6B), other investing ($5.7B), dividends ($2.5B); besides operations, cash came from other financing ($9.1B), net borrowing (+) / repaid (−) ($7.5B); the cash balance rose by $13.7B.

Operating cash flow was $1.6B against net income of $2.9B — 0.6× profit, less cash than reported earnings, worth checking against working capital. The largest differences: accrued liabilities +$786M, prepaid and other assets −$693M, other non-cash +$226M.

Free cash flow

Schwab Charles: free cash flow by quarterSchwab Charles: free cash flow by quarter−$11.1BQ4 2024$6.2BQ1 2025$3.0BQ2 2025$393MQ3 2025−$921MQ4 2025$7.2BQ1 2026$4.1BQ2 2026$1.3BQ3 2026
Operating cash flow less capital spending.
Schwab Charles: operating cash flow against capital spendingSchwab Charles: operating cash flow against capital spendingOperating cash flowCapital spending−$10.8B$254MQ4 2024$6.4B$117MQ1 2025$3.2B$128MQ2 2025$538M$145MQ3 2025−$763M$158MQ4 2025$7.3B$140MQ1 2026$4.3B$185MQ2 2026$1.6B$314MQ3 2026
Latest (Q3 2026): Operating cash flow $1.6B, Capital spending $314M.

Capital allocation, year by year

Schwab Charles: where the cash came from (up) and went (down), by fiscal yearSchwab Charles: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingBuybacksDividendsFY2021: Operating cash flow $2.1BFY2021: Net borrowing $14.9BFY2021: Shares issued $3.0BFY2021: Capital spending −$1.0BFY2021: Dividends −$1.8B$20.1BFY2021FY2022: Operating cash flow $2.1BFY2022: Net borrowing $1.7BFY2022: Shares issued $804MFY2022: Capital spending −$971MFY2022: Buybacks −$3.4BFY2022: Dividends −$2.1B$4.6BFY2022FY2023: Operating cash flow $19.6BFY2023: Net borrowing $1.9BFY2023: Shares issued $49.0MFY2023: Capital spending −$804MFY2023: Buybacks −$2.8BFY2023: Dividends −$2.3B$21.5BFY2023FY2024: Operating cash flow $2.7BFY2024: Net borrowing −$554MFY2024: Shares issued $84.0MFY2024: Capital spending −$620MFY2024: Dividends −$2.3B$2.8BFY2024FY2025: Operating cash flow $9.3BFY2025: Net borrowing $862MFY2025: Shares issued $156MFY2025: Capital spending −$602MFY2025: Buybacks −$7.3BFY2025: Dividends −$2.3B$10.3BFY2025
Over these 5 years operating cash flow totalled $35.7B; the largest uses were buybacks ($13.6B) and dividends ($10.8B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$36.7B
Debt$25.7B
Net cash$10.9B
Due within a year$4.1B

Schwab Charles funds itself: free cash flow was $11.7B over the last twelve months, and $36.7B of cash and investments stands against $25.7B of debt ($4.1B due within a year, 8.9× covered by cash).

Schwab Charles: debt maturities by year (FY2025)Schwab Charles: debt maturities by year (FY2025)$4.1BYear 1$3.5BYear 2$1.9BYear 3$4.2BYear 4$500MYear 5$8.0BAfter year 5
Principal due in each year as disclosed in the annual report, against $36.7B of cash and investments now.

Where the cash came from and went

Schwab Charles: sources (+) and uses (−) of cash, Q3 2026Schwab Charles: sources (+) and uses (−) of cash, Q3 2026Other financing−$2.5BOperating cash flow$1.6BOther investing$1.4BCash drawn (+) / kept (−)$675MDividends−$637MBuybacks−$500MCapital spending−$314MNet borrowing (+) / repaid (−)$156MShares issued$68.0M
Schwab Charles: sources (+) and uses (−) of cash, TTM to Q3 2026Schwab Charles: sources (+) and uses (−) of cash, TTM to Q3 2026Cash drawn (+) / kept (−)−$13.7BOperating cash flow$12.5BOther financing$9.1BNet borrowing (+) / repaid (−)$7.5BBuybacks−$6.6BOther investing−$5.7BDividends−$2.5BCapital spending−$797MShares issued$141M

From profit to cash

Schwab Charles: net income to operating cash flow, Q3 2026Schwab Charles: net income to operating cash flow, Q3 2026Net income$2.9BStock-based pay$65.0MDeferred taxes−$10.0MOther non-cash$226MAccrued liabilities$786MPrepaid and other assets−$693MOperating cash flow$1.6B
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksDividendsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$1.6B−$314M—−$500M−$637M$156M$68.0M$675M$1.3B
Q2 2026$4.3B−$185M—−$999M−$643M$1.4B$11.0M$4.1B$4.1B
Q1 2026$7.3B−$140M−$577M−$2.4B−$632M$5.5B$47.0M−$3.6B$7.2B
Q4 2025−$763M−$158M—−$2.8B−$564M$357M$15.0M−$14.8B−$921M
Q3 2025$538M−$145M—−$2.7B−$562M−$1.9B$32.0M$704M$393M
Q2 2025$3.2B−$128M—−$333M−$608M$1.5B$70.0M$6.4B$3.0B
Q1 2025$6.4B−$117M—−$1.5B−$595M$924M$39.0M$3.5B$6.2B
Q4 2024−$10.8B−$254M——−$575M−$4.6B$31.0M$1.5B−$11.1B

Schwab Charles: income statement and cash flow

Schwab Charles, Q3 2026: revenue $7.2B (+17% year over year), operating margin 52.7%. The chart follows the revenue to costs, profit and cash.

Schwab Charles: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.