Filing Flows › Schwab Charles (SCHW) › Q3 2025
Schwab Charles (SCHW) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 7, 2025
Schwab Charles (SCHW) reported revenue of $6.1B for the third quarter 2025 (Q3 2025), +27% from a year earlier and +5% from the quarter before. Operating margin was 49.2%, net earnings $2.4B (38.4% of revenue).
Schwab Charles, Q3 2025: revenue $6.1B (+27% year over year), operating margin 49.2%, net earnings $2.4B, operating cash flow $538M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $6.1B | +5% | +27% |
| Operating profit | $3.0B | +8% | +64% |
| Net earnings | $2.4B | +11% | +67% |
| Operating cash flow | $538M | -83% | -97% |
| Free cash flow | $393M | -87% | -98% |
What changed
Revenue was $6.1B in Q3 2025, up 27% year over year and up 5% from the previous quarter. Investor Services was the largest line at 80% of revenue. Investor Services added $1.0B year over year (up 27%), 80% of the total change.
Operating profit was $3.0B, a 49.2% margin (up 11.2 points year over year). Of the extra revenue versus a year earlier, 92% reached operating profit, above the 38% margin then. Total costs grew 4% against revenue growth of 27%. Net earnings were $2.4B, up 67% year over year. The effective tax rate was 21.9%.
Operating cash flow was $0.54B (down 97% year over year), 23% of net earnings. Non-cash charges added back $0.06B of share-based compensation. Working capital and other items used $1.9B. Capital expenditures of $0.14B left free cash flow of $0.39B.
Questions
What was Schwab Charles' revenue in the third quarter 2025?
Schwab Charles (SCHW) reported revenue of $6.1B for the third quarter 2025 (Q3 2025), +27% from a year earlier and +5% from the quarter before.
Was Schwab Charles profitable in the third quarter 2025?
Operating profit was $3.0B (49.2% of revenue) and net earnings $2.4B.
Source: Schwab Charles 10-Q on SEC EDGAR.