Filing Flows › Schwab Charles (SCHW) › Q4 2025
Schwab Charles (SCHW) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 25, 2026
Schwab Charles (SCHW) reported revenue of $6.3B for the fourth quarter 2025 (Q4 2025), +19% from a year earlier and +3% from the quarter before. Operating margin was 50.2%, net earnings $2.5B (38.8% of revenue).
Schwab Charles, Q4 2025: revenue $6.3B (+19% year over year), operating margin 50.2%, net earnings $2.5B, operating cash flow −$763M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $6.3B | +3% | +19% |
| Operating profit | $3.2B | +5% | +38% |
| Net earnings | $2.5B | +4% | +34% |
| Operating cash flow | −$763M | -242% | — |
What changed
Revenue was $6.3B in Q4 2025, up 19% year over year and up 3% from the previous quarter. Investor Services was the largest line at 79% of revenue.
Operating profit was $3.2B, a 50.2% margin (up 6.9 points year over year). Of the extra revenue versus a year earlier, 87% reached operating profit, above the 43% margin then. Total costs grew 4% against revenue growth of 19%. The fastest-growing cost line was Sales & marketing (+14%). Net earnings were $2.5B, up 34% year over year. The effective tax rate was 22.7%.
Operating cash flow was −$0.76B. Non-cash charges added back $0.06B of share-based compensation. Working capital and other items used $3.3B. Capital expenditures of $0.16B exceeded it, leaving free cash flow of −$0.92B.
Questions
What was Schwab Charles' revenue in the fourth quarter 2025?
Schwab Charles (SCHW) reported revenue of $6.3B for the fourth quarter 2025 (Q4 2025), +19% from a year earlier and +3% from the quarter before.
Was Schwab Charles profitable in the fourth quarter 2025?
Operating profit was $3.2B (50.2% of revenue) and net earnings $2.5B.
Source: Schwab Charles 10-K on SEC EDGAR.