Charles Schwab Corporation (SCHW) · Q3 2026 results and valuation

At 4.8% growth a year (3-year revenue growth), the model's fair value is $78.84 a share — the stock trades 18% above it. Today's price assumes 7.1% growth a year.

1. Figure

   Total net revenues reached $7.2 billion and adjusted earnings per share were $1.69, marking a 29% increase over last year's results.

   Source quote

   “This translates to another quarter of record financial results with total net revenues of $7.2 billion and adjusted earnings per share of $1.69, up 29% over last year.”

2. Figure

   Trading revenue rose 16% to $1.2 billion compared to 3Q25 as daily average trades reached 10.7 million due to robust client engagement.

   Source quote

   “Trading revenue totaled $1.2 billion, up 16% versus 3Q25 as client engagement across our industry-leading retail trading platform remained robust with daily average trades of 10.7 million.”

3. Guidance

   Schwab expects to deliver approximately 800 basis points of positive operating leverage for the year, which is roughly double the amount expected at the beginning of the year.

4. Key theme

   Management expects a 25 to 30 basis points net interest margin expansion year over year from 4Q25 to 4Q26.

   Source quote

   “I would expect roughly 25 to 30 basis points of NIM expansion that year over year for 4Q25 to 4Q26.”

5. Figure

   Schwab attracted $190 billion in core net new assets in the third quarter, up 38% over last year, representing an annualized organic growth rate of nearly 6%.

   Source quote

   “We attracted $190 billion in core net new assets in the third quarter, up 38% over last year and representing an annualized organic growth rate of nearly 6%.”

4 more

1. Figure

   Managed investing net flows reached a record $24 billion and bank lending reached $72 billion, up 35% year over year.

   Source quote

   “Managed investing net flows reached a quarterly record of $24 billion, and bank lending reached $72 billion, up 35% year over year.”

2. Figure

   Developer productivity increased by about 25% this quarter, impacting operational efficiency.

   Source quote

   “We've already seen developer productivity increase by about 25%.”

3. Figure

   More than 1,100 advisory firms added Schwab as a custodian last year, which was more than three times the number of the next closest provider.

   Source quote

   “Last year, more than 1,100 advisory firms added Schwab as a custodian, more than three times the number of the next closest provider.”

4. Figure

   Approximately 70% of new to firm retail households are Gen Z and millennials, highlighting a demographic shift in the firm's growing client base.

   Source quote

   “Approximately 70% of new to firm retail households are Gen Z and millennials.”

Script and answers carried a similar tone, so the script's message held up under questioning.

Sentences that drove the tone

“Asset management and administration fees increased 14% versus the prior year to a record $1.9 billion due to a combination of equity market appreciation, strong organic growth, and continued client...”

“Core NNA have grown significantly over the past several years, reaching record levels in 2026, supported by strong momentum from both individual investors and RIAs.”

“During my time today, I will discuss how our sustained business momentum and strong client engagement translated into another quarter of record financial results.”

Q3 2026 figures are not available yet: the company files its quarterly report (10-Q) a few weeks after the call. This page compares what management said; the figures are added when the report is filed.