Schwab Reports Fourth Quarter and Full Year Results
Charles Schwab (SCHW) reported strong Q4 2024 results with net income of $1.8 billion and earnings per share of $.94. Core net new assets reached $114.8 billion in Q4, bringing the full-year total to $367 billion, representing a 20% annual increase. Revenue grew 20% year-over-year to $5.3 billion in Q4.
Notable achievements include a 23% year-over-year increase in new brokerage accounts to 1.1 million, bringing total active accounts to 36.5 million. Margin balances grew 15% sequentially to $83.8 billion. The company's adjusted pre-tax profit margin reached 46.6%, while client transactional sweep cash increased by $35 billion versus Q3. Total client assets increased 19% year-over-year to $10.10 trillion.
Charles Schwab (SCHW) ha riportato risultati solidi per il Q4 2024 con un reddito netto di 1,8 miliardi di dollari e un utile per azione di 0,94 dollari. Le nuove attività nette core hanno raggiunto i 114,8 miliardi di dollari nel Q4, portando il totale dell'anno a 367 miliardi di dollari, con un aumento annuale del 20%. Le entrate sono cresciute del 20% anno su anno, raggiungendo i 5,3 miliardi di dollari nel Q4.
Le realizzazioni notevoli includono un aumento del 23% anno su anno nei nuovi conti di intermediazione, portando il totale dei conti attivi a 36,5 milioni. I saldi di margine sono aumentati del 15% rispetto al periodo precedente, raggiungendo i 83,8 miliardi di dollari. Il margine di profitto ante imposte rettificato dell'azienda ha raggiunto il 46,6%, mentre il denaro disponibile per le transazioni dei clienti è aumentato di 35 miliardi di dollari rispetto al Q3. Le attività totali dei clienti sono aumentate del 19% anno su anno, raggiungendo i 10,10 trilioni di dollari.
Charles Schwab (SCHW) reportó resultados sólidos para el Q4 2024 con un ingreso neto de 1.8 mil millones de dólares y ganancias por acción de 0.94 dólares. Los nuevos activos netos centrales alcanzaron los 114.8 mil millones de dólares en el Q4, elevando el total del año a 367 mil millones de dólares, lo que representa un aumento anual del 20%. Los ingresos crecieron un 20% interanual, alcanzando los 5.3 mil millones de dólares en el Q4.
Los logros notables incluyen un aumento del 23% interanual en nuevas cuentas de corretaje, alcanzando un total de 36.5 millones de cuentas activas. Los saldos de margen crecieron un 15% secuencialmente hasta 83.8 mil millones de dólares. El margen de ganancia antes de impuestos ajustado de la compañía alcanzó el 46.6%, mientras que el efectivo de barrido de transacciones del cliente aumentó en 35 mil millones de dólares respecto al Q3. Los activos totales de los clientes aumentaron un 19% interanual, alcanzando 10.10 billones de dólares.
찰스 슈왑 (SCHW)은 2024년 4분기 실적에서 18억 달러의 순이익과 주당 0.94달러의 수익을 보고했습니다. 핵심 순 신규 자산은 4분기에 1,148억 달러에 도달했으며, 연간 총액은 3,670억 달러로 연간 20% 증가를 나타냅니다. 수익은 지난해 같은 기간 대비 20% 증가하여 53억 달러에 달했습니다.
주목할 만한 성과로는 4분기에 신규 중개 계좌가 지난해 대비 23% 증가하여 총 3,650만 개의 활성 계좌가 되었습니다. 마진 잔액은 순차적으로 15% 증가하여 838억 달러에 도달했습니다. 회사의 조정된 세전 이익률은 46.6%에 도달했으며, 고객 거래 스윕 현금은 3분기 대비 350억 달러 증가했습니다. 총 고객 자산은 지난해 대비 19% 증가하여 10.10조 달러에 이릅니다.
Charles Schwab (SCHW) a annoncé des résultats solides pour le 4ème trimestre 2024 avec un revenu net de 1,8 milliard de dollars et un bénéfice par action de 0,94 dollar. Les nouveaux actifs nets de base ont atteint 114,8 milliards de dollars au 4ème trimestre, portant le total annuel à 367 milliards de dollars, représentant une augmentation annuelle de 20%. Les revenus ont augmenté de 20 % par rapport à l'année précédente, atteignant 5,3 milliards de dollars au 4ème trimestre.
Parmi les réalisations notables, on note une augmentation de 23 % par rapport à l'année précédente du nombre de nouveaux comptes de courtage, portant le total des comptes actifs à 36,5 millions. Les soldes de marge ont augmenté de 15 % séquentiellement pour atteindre 83,8 milliards de dollars. La marge bénéficiaire avant impôt ajustée de l'entreprise a atteint 46,6 %, tandis que la trésorerie transactionnelle des clients a augmenté de 35 milliards de dollars par rapport au 3ème trimestre. Les actifs totaux des clients ont augmenté de 19 % d'une année sur l'autre, atteignant 10,10 billions de dollars.
Charles Schwab (SCHW) berichtete über starke Ergebnisse für das 4. Quartal 2024 mit einem Nettogewinn von 1,8 Milliarden Dollar und einem Gewinn pro Aktie von 0,94 Dollar. Die Kerneinlagen neuer Nettovermögen erreichten im 4. Quartal 114,8 Milliarden Dollar, was den Gesamtbetrag des Jahres auf 367 Milliarden Dollar erhöhte, was einem jährlichen Anstieg von 20% entspricht. Der Umsatz wuchs im Jahresvergleich um 20% auf 5,3 Milliarden Dollar im 4. Quartal.
Bemerkenswerte Erfolge umfassen einen Anstieg um 23% im Jahresvergleich bei neuen Brokerage-Konten, die auf insgesamt 36,5 Millionen aktive Konten angewachsen sind. Die Margin-Salden sind im Quartalsvergleich um 15% auf 83,8 Milliarden Dollar gestiegen. Die bereinigte Vorsteuer-Profitmarge des Unternehmens erreichte 46,6%, während das Geld von Kunden für Transaktionen im Vergleich zum 3. Quartal um 35 Milliarden Dollar zunahm. Die gesamten Kundenvermögen stiegen im Jahresvergleich um 19% auf 10,10 Billionen Dollar.
- Net income increased 76% YoY to $1.8 billion in Q4
- Revenue grew 20% YoY to $5.3 billion
- Core net new assets up 20% annually to $367 billion
- Margin balances increased 34% YoY to $83.8 billion
- Total client assets grew 19% YoY to $10.10 trillion
- Net interest margin expanded by 25 basis points to 2.33%
- Bank Supplemental Funding reduced by $14.9 billion to $49.9 billion
- Return on tangible common equity decreased to 36% from 43% YoY
Insights
Schwab's Q4 results showcase remarkable strength with revenue growing 20% year-over-year to
The firm's profitability metrics are particularly noteworthy, with adjusted pre-tax profit margin expanding to
The
The post-Ameritrade integration phase is yielding substantial benefits, evidenced by the
Trading activity's
December Core Net New Assets Equal
4Q Net Revenues Up
Quarterly GAAP Earnings Per Share of
Client Driven Growth |
|
Net New Assets |
“In the fourth quarter of 2024, we added |
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|
|
|
|
|
Revenue Growth |
|
Growth vs. 4Q23 |
“Strong client engagement, increased margin utilization, encouraging client cash trends, and record net inflows into our Managed Investing Solutions helped lift 4Q24 revenue to |
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|
|
|
|
|
Through- the-Cycle Profitability |
|
Pre-Tax Profit Margin (1) |
“The combination of |
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|
|
Balance Sheet Management |
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|
“Client transactional sweep cash grew by |
4Q24 Client and Business Highlights
-
Net asset gathering helped total client assets increase
19% year-over-year to$10.10 trillion -
Core net new assets equaled
$114.8 billion $366.9 billion 20% versus 2023 -
New brokerage account openings increased
23% year-over-year to 1.1 million for the quarter, pushing total active accounts to 36.5 million -
Managed Investing Solutions net inflows of
$15 billion $55 billion 35% of net inflows -
Margin balances grew sequentially by
15% to$83.8 billion 34% from year-end 2023 -
Trading activity increased
11% relative to the prior quarter as client engagement surged following the election - Retail client satisfaction scores achieved record levels, while Advisor Services promoter scores remained above pre-conversion levels
- Schwab was awarded America’s Best Customer Service 2025 by Newsweek (3)
- Schwab Mobile recognized as the #1 mobile investing app by Corporate Insight (4)
|
Three Months Ended
|
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% |
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Twelve Months Ended
|
|
% |
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Financial Highlights |
2024 |
|
2023 |
|
Change |
|
2024 |
|
2023 |
|
Change |
|||||||||||
|
|
|
|
|
|
|
||||||||||||||||
Net revenues (in millions) |
$ |
5,329 |
|
$ |
4,459 |
|
20 |
% |
$ |
19,606 |
|
$ |
18,837 |
|
4 |
% |
||||||
Net income (in millions) |
|
|
|
|
|
|
||||||||||||||||
GAAP |
$ |
1,840 |
|
$ |
1,045 |
|
76 |
% |
$ |
5,942 |
|
$ |
5,067 |
|
17 |
% |
||||||
Adjusted |
$ |
1,974 |
|
$ |
1,367 |
|
44 |
% |
$ |
6,433 |
|
$ |
6,159 |
|
4 |
% |
||||||
Diluted earnings per common share |
|
|
|
|
|
|
||||||||||||||||
GAAP |
$ |
.94 |
|
$ |
.51 |
|
84 |
% |
$ |
2.99 |
|
$ |
2.54 |
|
18 |
% |
||||||
Adjusted |
$ |
1.01 |
|
$ |
.68 |
|
49 |
% |
$ |
3.25 |
|
$ |
3.13 |
|
4 |
% |
||||||
Pre-tax profit margin |
|
|
|
|
|
|
||||||||||||||||
GAAP |
|
43.3 |
% |
|
26.8 |
% |
|
|
39.2 |
% |
|
33.9 |
% |
|
||||||||
Adjusted |
|
46.6 |
% |
|
36.0 |
% |
|
|
42.5 |
% |
|
41.5 |
% |
|
||||||||
Return on average common stockholders’ equity (annualized) |
|
18 |
% |
|
12 |
% |
|
|
15 |
% |
|
16 |
% |
|
||||||||
Return on tangible common equity (annualized) |
|
36 |
% |
|
43 |
% |
|
|
35 |
% |
|
54 |
% |
|
||||||||
Note: |
Items labeled “adjusted” are non-GAAP financial measures; further details on non-GAAP financial measures and a reconciliation of such measures to GAAP reported results are included on pages 10-12 of this release. All per-share results are rounded to the nearest cent, based on weighted-average diluted common shares outstanding. |
4Q24 Financial Commentary
-
Net revenues grew on both a year-over-year and sequential basis, up
20% and10% , respectively -
Sequential net interest margin expanded by 25 basis points to
2.33% -
Client transactional sweep cash balances ended at
$418.6 billion $34.6 billion -
Bank Supplemental Funding (2) declined sequentially by
$14.9 billion $49.9 billion -
Asset management and administration fees achieved a quarterly record of
$1.5 billion -
Trading revenue increased
14% versus 4Q23 as a result of higher volumes and changes in trading mix -
GAAP expenses for the quarter declined
7% versus 4Q23 -
Fourth quarter acquisition and integration-related costs, amortization of acquired intangibles, and restructuring costs equaled
$177 million -
Capital ratios across the firm continue to strengthen – including preliminary consolidated Tier 1 Leverage and adjusted Tier 1 Leverage (1) reaching
9.9% and6.8% , respectively -
Results reflect certain items, including the resolution of previously accrued tax and legal reserves, which contributed
$.03 to both GAAP and adjusted diluted earnings per share (1)
(1) |
Further details on non-GAAP financial measures and a reconciliation of such measures to GAAP reported results are included on pages 10-12 of this release. |
|
(2) |
Bank Supplemental Funding includes repurchase agreements at the banks, Schwab Bank Certificates of Deposit (CDs), and Federal Home Loan Bank balances. |
|
(3) |
Newsweek America’s Best Customer Service 2025 was given on October 30, 2024, and expires November 1, 2025. The criteria, evaluation, and ranking were determined by Newsweek, partnered with Statista. Visit https://d.newsweek.com/en/file/473784/newsweek-americas-best-customer-service-2025-methodology.pdf for more information. Schwab paid a licensing fee to Newsweek for use of the award and logos. |
|
(4) |
Schwab leads in mobile rankings in Corporate Insight’s 2024 Brokerage Experience Benchmarks (https://corporateinsight.com/the-2024-brokerage-experience-benchmarks), which evaluate the individual investor experience offered by 20 leading brokerage websites and mobile apps. This research was independently conducted by Corporate Insight using the Experience Benchmarks’ analytical frameworks that are built on over 25 years of research to provide a clear view of how the nation’s top brokerage websites and mobile apps stack up against one another in terms of functionality, design, navigation, and usability. |
|
Winter Business Update
The company will host its Winter Business Update for institutional investors this morning from 7:30 a.m. - 8:30 a.m. CT, 8:30 a.m. - 9:30 a.m. ET.
Registration for this Update webcast is accessible at https://www.aboutschwab.com/schwabevents.
Forward-Looking Statements
This press release contains forward-looking statements relating to the company’s ongoing progress following the Ameritrade acquisition; asset gathering; client cash trends; competitive position; through-the-cycle profitability; and capital ratios. These forward-looking statements reflect management’s expectations as of the date hereof. Achievement of these expectations and objectives is subject to risks and uncertainties that could cause actual results to differ materially from the expressed expectations.
Important factors that may cause such differences are described in the company’s most recent reports on Form 10-K and Form 10-Q, which have been filed with the Securities and Exchange Commission and are available on the company’s website (https://www.aboutschwab.com/financial-reports) and on the Securities and Exchange Commission’s website (https://www.sec.gov). The company makes no commitment to update any forward-looking statements.
About Charles Schwab
The Charles Schwab Corporation (NYSE: SCHW) is a leading provider of financial services, with 36.5 million active brokerage accounts, 5.4 million workplace plan participant accounts, 2.0 million banking accounts, and
THE CHARLES SCHWAB CORPORATION |
||||||||||||||||
Consolidated Statements of Income |
||||||||||||||||
(In millions, except per share amounts) |
||||||||||||||||
(Unaudited) |
||||||||||||||||
|
|
|
|
|
||||||||||||
|
|
Three Months Ended
|
|
Twelve Months Ended
|
||||||||||||
|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||
Net Revenues |
|
|
|
|
||||||||||||
Interest revenue |
$ |
3,851 |
|
$ |
3,963 |
|
$ |
15,537 |
|
$ |
16,111 |
|
||||
Interest expense |
|
(1,320 |
) |
|
(1,833 |
) |
|
(6,393 |
) |
|
(6,684 |
) |
||||
Net interest revenue |
|
2,531 |
|
|
2,130 |
|
|
9,144 |
|
|
9,427 |
|
||||
Asset management and administration fees |
|
1,509 |
|
|
1,241 |
|
|
5,716 |
|
|
4,756 |
|
||||
Trading revenue |
|
873 |
|
|
767 |
|
|
3,264 |
|
|
3,230 |
|
||||
Bank deposit account fees |
|
241 |
|
|
174 |
|
|
729 |
|
|
705 |
|
||||
Other |
|
175 |
|
|
147 |
|
|
753 |
|
|
719 |
|
||||
Total net revenues |
|
5,329 |
|
|
4,459 |
|
|
19,606 |
|
|
18,837 |
|
||||
Expenses Excluding Interest |
|
|
|
|
||||||||||||
Compensation and benefits |
|
1,533 |
|
|
1,409 |
|
|
6,043 |
|
|
6,315 |
|
||||
Professional services |
|
297 |
|
|
253 |
|
|
1,053 |
|
|
1,058 |
|
||||
Occupancy and equipment |
|
276 |
|
|
331 |
|
|
1,060 |
|
|
1,254 |
|
||||
Advertising and market development |
|
101 |
|
|
104 |
|
|
397 |
|
|
397 |
|
||||
Communications |
|
131 |
|
|
144 |
|
|
591 |
|
|
629 |
|
||||
Depreciation and amortization |
|
224 |
|
|
238 |
|
|
916 |
|
|
804 |
|
||||
Amortization of acquired intangible assets |
|
130 |
|
|
130 |
|
|
519 |
|
|
534 |
|
||||
Regulatory fees and assessments |
|
89 |
|
|
270 |
|
|
398 |
|
|
547 |
|
||||
Other |
|
243 |
|
|
386 |
|
|
937 |
|
|
921 |
|
||||
Total expenses excluding interest |
|
3,024 |
|
|
3,265 |
|
|
11,914 |
|
|
12,459 |
|
||||
Income before taxes on income |
|
2,305 |
|
|
1,194 |
|
|
7,692 |
|
|
6,378 |
|
||||
Taxes on income |
|
465 |
|
|
149 |
|
|
1,750 |
|
|
1,311 |
|
||||
Net Income |
|
1,840 |
|
|
1,045 |
|
|
5,942 |
|
|
5,067 |
|
||||
Preferred stock dividends and other |
|
123 |
|
|
119 |
|
|
464 |
|
|
418 |
|
||||
Net Income Available to Common Stockholders |
$ |
1,717 |
|
$ |
926 |
|
$ |
5,478 |
|
$ |
4,649 |
|
||||
Weighted-Average Common Shares Outstanding: |
|
|
|
|
||||||||||||
Basic |
|
1,831 |
|
|
1,823 |
|
|
1,828 |
|
|
1,824 |
|
||||
Diluted |
|
1,836 |
|
|
1,828 |
|
|
1,834 |
|
|
1,831 |
|
||||
Earnings Per Common Shares Outstanding (1): |
|
|
|
|
||||||||||||
Basic |
$ |
.94 |
|
$ |
.51 |
|
$ |
3.00 |
|
$ |
2.55 |
|
||||
Diluted |
$ |
.94 |
|
$ |
.51 |
|
$ |
2.99 |
|
$ |
2.54 |
|
||||
(1) |
The Company has voting and nonvoting common stock outstanding. As the participation rights, including dividend and liquidation rights, are identical between the voting and nonvoting stock classes, basic and diluted earnings per share are the same for each class. |
|
THE CHARLES SCHWAB CORPORATION |
||||||||||||||||||||||||||
Financial and Operating Highlights |
||||||||||||||||||||||||||
(Unaudited) |
||||||||||||||||||||||||||
|
Q4-24 % change |
|
2024 |
|
2023 |
|||||||||||||||||||||
|
vs. |
|
vs. |
|
Fourth |
|
Third |
|
Second |
|
First |
|
Fourth |
|||||||||||||
(In millions, except per share amounts and as noted) |
Q4-23 |
|
Q3-24 |
|
Quarter |
|
Quarter |
|
Quarter |
|
Quarter |
|
Quarter |
|||||||||||||
Net Revenues |
|
|
|
|
|
|
|
|||||||||||||||||||
Net interest revenue |
19 |
% |
14 |
% |
$ |
2,531 |
|
$ |
2,222 |
|
$ |
2,158 |
|
$ |
2,233 |
|
$ |
2,130 |
|
|||||||
Asset management and administration fees |
22 |
% |
2 |
% |
|
1,509 |
|
|
1,476 |
|
|
1,383 |
|
|
1,348 |
|
|
1,241 |
|
|||||||
Trading revenue |
14 |
% |
10 |
% |
|
873 |
|
|
797 |
|
|
777 |
|
|
817 |
|
|
767 |
|
|||||||
Bank deposit account fees |
39 |
% |
59 |
% |
|
241 |
|
|
152 |
|
|
153 |
|
|
183 |
|
|
174 |
|
|||||||
Other |
19 |
% |
(13 |
)% |
|
175 |
|
|
200 |
|
|
219 |
|
|
159 |
|
|
147 |
|
|||||||
Total net revenues |
20 |
% |
10 |
% |
|
5,329 |
|
|
4,847 |
|
|
4,690 |
|
|
4,740 |
|
|
4,459 |
|
|||||||
Expenses Excluding Interest |
|
|
|
|
|
|
|
|||||||||||||||||||
Compensation and benefits (1) |
9 |
% |
1 |
% |
|
1,533 |
|
|
1,522 |
|
|
1,450 |
|
|
1,538 |
|
|
1,409 |
|
|||||||
Professional services |
17 |
% |
16 |
% |
|
297 |
|
|
256 |
|
|
259 |
|
|
241 |
|
|
253 |
|
|||||||
Occupancy and equipment |
(17 |
)% |
2 |
% |
|
276 |
|
|
271 |
|
|
248 |
|
|
265 |
|
|
331 |
|
|||||||
Advertising and market development |
(3 |
)% |
— |
|
|
101 |
|
|
101 |
|
|
107 |
|
|
88 |
|
|
104 |
|
|||||||
Communications |
(9 |
)% |
(11 |
)% |
|
131 |
|
|
147 |
|
|
172 |
|
|
141 |
|
|
144 |
|
|||||||
Depreciation and amortization |
(6 |
)% |
(3 |
)% |
|
224 |
|
|
231 |
|
|
233 |
|
|
228 |
|
|
238 |
|
|||||||
Amortization of acquired intangible assets |
— |
|
— |
|
|
130 |
|
|
130 |
|
|
129 |
|
|
130 |
|
|
130 |
|
|||||||
Regulatory fees and assessments |
(67 |
)% |
1 |
% |
|
89 |
|
|
88 |
|
|
96 |
|
|
125 |
|
|
270 |
|
|||||||
Other (2) |
(37 |
)% |
(6 |
)% |
|
243 |
|
|
259 |
|
|
249 |
|
|
186 |
|
|
386 |
|
|||||||
Total expenses excluding interest |
(7 |
)% |
1 |
% |
|
3,024 |
|
|
3,005 |
|
|
2,943 |
|
|
2,942 |
|
|
3,265 |
|
|||||||
Income before taxes on income |
93 |
% |
25 |
% |
|
2,305 |
|
|
1,842 |
|
|
1,747 |
|
|
1,798 |
|
|
1,194 |
|
|||||||
Taxes on income |
N/M |
|
7 |
% |
|
465 |
|
|
434 |
|
|
415 |
|
|
436 |
|
|
149 |
|
|||||||
Net Income |
76 |
% |
31 |
% |
|
1,840 |
|
|
1,408 |
|
|
1,332 |
|
|
1,362 |
|
|
1,045 |
|
|||||||
Preferred stock dividends and other |
3 |
% |
13 |
% |
|
123 |
|
|
109 |
|
|
121 |
|
|
111 |
|
|
119 |
|
|||||||
Net Income Available to Common Stockholders |
85 |
% |
32 |
% |
$ |
1,717 |
|
$ |
1,299 |
|
$ |
1,211 |
|
$ |
1,251 |
|
$ |
926 |
|
|||||||
Earnings per common share (3): |
|
|
|
|
|
|
|
|||||||||||||||||||
Basic |
84 |
% |
32 |
% |
$ |
.94 |
|
$ |
.71 |
|
$ |
.66 |
|
$ |
.69 |
|
$ |
.51 |
|
|||||||
Diluted |
84 |
% |
32 |
% |
$ |
.94 |
|
$ |
.71 |
|
$ |
.66 |
|
$ |
.68 |
|
$ |
.51 |
|
|||||||
Dividends declared per common share |
— |
|
— |
|
$ |
.25 |
|
$ |
.25 |
|
$ |
.25 |
|
$ |
.25 |
|
$ |
.25 |
|
|||||||
Weighted-average common shares outstanding: |
|
|
|
|
|
|
|
|||||||||||||||||||
Basic |
— |
|
— |
|
|
1,831 |
|
|
1,829 |
|
|
1,828 |
|
|
1,825 |
|
|
1,823 |
|
|||||||
Diluted |
— |
|
— |
|
|
1,836 |
|
|
1,834 |
|
|
1,834 |
|
|
1,831 |
|
|
1,828 |
|
|||||||
Performance Measures |
|
|
|
|
|
|
|
|||||||||||||||||||
Pre-tax profit margin |
|
|
|
43.3 |
% |
|
38.0 |
% |
|
37.2 |
% |
|
37.9 |
% |
|
26.8 |
% |
|||||||||
Return on average common stockholders’ equity (annualized) (4) |
|
|
|
18 |
% |
|
14 |
% |
|
14 |
% |
|
15 |
% |
|
12 |
% |
|||||||||
Financial Condition (at quarter end, in billions) |
|
|
|
|
|
|
|
|||||||||||||||||||
Cash and cash equivalents |
(3 |
)% |
21 |
% |
$ |
42.1 |
|
$ |
34.9 |
|
$ |
25.4 |
|
$ |
31.8 |
|
$ |
43.3 |
|
|||||||
Cash and investments segregated |
20 |
% |
13 |
% |
|
38.2 |
|
|
33.7 |
|
|
21.7 |
|
|
25.9 |
|
|
31.8 |
|
|||||||
Receivables from brokerage clients — net |
24 |
% |
15 |
% |
|
85.4 |
|
|
74.0 |
|
|
72.8 |
|
|
71.2 |
|
|
68.7 |
|
|||||||
Available for sale securities |
(23 |
)% |
(8 |
)% |
|
83.0 |
|
|
90.0 |
|
|
93.6 |
|
|
101.1 |
|
|
107.6 |
|
|||||||
Held to maturity securities |
(8 |
)% |
(2 |
)% |
|
146.5 |
|
|
149.9 |
|
|
153.2 |
|
|
156.4 |
|
|
159.5 |
|
|||||||
Bank loans — net |
12 |
% |
4 |
% |
|
45.2 |
|
|
43.3 |
|
|
42.2 |
|
|
40.8 |
|
|
40.4 |
|
|||||||
Total assets |
(3 |
)% |
3 |
% |
|
479.8 |
|
|
466.1 |
|
|
449.7 |
|
|
468.8 |
|
|
493.2 |
|
|||||||
Bank deposits |
(11 |
)% |
5 |
% |
|
259.1 |
|
|
246.5 |
|
|
252.4 |
|
|
269.5 |
|
|
290.0 |
|
|||||||
Payables to brokers, dealers, and clearing organizations (5) |
102 |
% |
(19 |
)% |
|
13.3 |
|
|
16.4 |
|
|
5.9 |
|
|
6.7 |
|
|
6.6 |
|
|||||||
Payables to brokerage clients |
20 |
% |
14 |
% |
|
101.6 |
|
|
89.2 |
|
|
80.0 |
|
|
84.0 |
|
|
84.8 |
|
|||||||
Other short-term borrowings |
(9 |
)% |
(43 |
)% |
|
6.0 |
|
|
10.6 |
|
|
10.0 |
|
|
8.4 |
|
|
6.6 |
|
|||||||
Federal Home Loan Bank borrowings |
(37 |
)% |
(26 |
)% |
|
16.7 |
|
|
22.6 |
|
|
24.4 |
|
|
24.0 |
|
|
26.4 |
|
|||||||
Long-term debt |
(14 |
)% |
— |
|
|
22.4 |
|
|
22.4 |
|
|
22.4 |
|
|
22.9 |
|
|
26.1 |
|
|||||||
Stockholders’ equity |
18 |
% |
3 |
% |
|
48.4 |
|
|
47.2 |
|
|
44.0 |
|
|
42.4 |
|
|
41.0 |
|
|||||||
Other |
|
|
|
|
|
|
|
|||||||||||||||||||
Full-time equivalent employees (at quarter end, in thousands) |
(3 |
)% |
— |
|
|
32.1 |
|
|
32.1 |
|
|
32.3 |
|
|
32.6 |
|
|
33.0 |
|
|||||||
Capital expenditures — purchases of equipment, office facilities, and property, net (in millions) |
30 |
% |
91 |
% |
$ |
258 |
|
$ |
135 |
|
$ |
92 |
|
$ |
122 |
|
$ |
199 |
|
|||||||
Expenses excluding interest as a percentage of average client assets (annualized) |
|
|
|
0.12 |
% |
|
0.12 |
% |
|
0.13 |
% |
|
0.14 |
% |
|
0.16 |
% |
|||||||||
Clients’ Daily Average Trades (DATs) (in thousands) |
22 |
% |
11 |
% |
|
6,312 |
|
|
5,697 |
|
|
5,486 |
|
|
5,958 |
|
|
5,192 |
|
|||||||
Number of Trading Days |
1 |
% |
(1 |
)% |
|
63.0 |
|
|
63.5 |
|
|
63.0 |
|
|
61.0 |
|
|
62.5 |
|
|||||||
Revenue Per Trade (6) |
(7 |
)% |
— |
|
$ |
2.20 |
|
$ |
2.20 |
|
$ |
2.25 |
|
$ |
2.25 |
|
$ |
2.36 |
|
|||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||
(1) |
Fourth quarter of 2023 includes |
|
(2) |
Fourth quarter of 2023 includes |
|
(3) |
The Company has voting and nonvoting common stock outstanding. As the participation rights, including dividend and liquidation rights, are identical between the voting and nonvoting stock classes, basic and diluted earnings per share are the same for each class. |
|
(4) |
Return on average common stockholders’ equity is calculated using net income available to common stockholders divided by average common stockholders’ equity. |
|
(5) |
Payables to brokers, dealers, and clearing organizations include securities loaned. |
|
(6) |
Revenue per trade is calculated as trading revenue divided by the product of DATs multiplied by the number of trading days. |
|
| N/M Not meaningful. Percentage changes greater than |
||
THE CHARLES SCHWAB CORPORATION |
|||||||||||||||||||||||||||||||||||||||
Net Interest Revenue Information |
|||||||||||||||||||||||||||||||||||||||
(In millions, except ratios or as noted) |
|||||||||||||||||||||||||||||||||||||||
(Unaudited) |
|||||||||||||||||||||||||||||||||||||||
|
Three Months Ended
|
Twelve Months Ended
|
|||||||||||||||||||||||||||||||||||||
|
2024 |
2023 |
2024 |
2023 |
|||||||||||||||||||||||||||||||||||
|
Average Balance |
Interest Revenue/ Expense |
Average Yield/ Rate |
Average Balance |
Interest Revenue/ Expense |
Average Yield/ Rate |
Average Balance |
Interest Revenue/ Expense |
Average Yield/ Rate |
Average Balance |
Interest Revenue/ Expense |
Average Yield/ Rate |
|||||||||||||||||||||||||||
Interest-earning assets |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
Cash and cash equivalents |
$ |
28,332 |
$ |
334 |
4.61 |
% |
$ |
35,312 |
$ |
475 |
5.27 |
% |
$ |
29,676 |
$ |
1,539 |
5.10 |
% |
$ |
37,846 |
$ |
1,894 |
4.94 |
% |
|||||||||||||||
Cash and investments segregated |
|
36,510 |
|
429 |
4.60 |
% |
|
23,830 |
|
314 |
5.16 |
% |
|
28,450 |
|
1,443 |
4.99 |
% |
|
28,259 |
|
1,355 |
4.73 |
% |
|||||||||||||||
Receivables from brokerage clients |
|
77,524 |
|
1,378 |
6.95 |
% |
|
62,602 |
|
1,260 |
7.88 |
% |
|
70,811 |
|
5,420 |
7.53 |
% |
|
61,914 |
|
4,793 |
7.64 |
% |
|||||||||||||||
Available for sale securities (1) |
|
92,216 |
|
486 |
2.09 |
% |
|
118,831 |
|
647 |
2.16 |
% |
|
101,659 |
|
2,166 |
2.12 |
% |
|
137,178 |
|
2,987 |
2.17 |
% |
|||||||||||||||
Held to maturity securities (1) |
|
147,608 |
|
638 |
1.72 |
% |
|
160,378 |
|
700 |
1.74 |
% |
|
152,566 |
|
2,636 |
1.72 |
% |
|
165,634 |
|
2,872 |
1.73 |
% |
|||||||||||||||
Bank loans |
|
44,248 |
|
483 |
4.36 |
% |
|
40,386 |
|
437 |
4.31 |
% |
|
42,255 |
|
1,867 |
4.42 |
% |
|
40,234 |
|
1,664 |
4.14 |
% |
|||||||||||||||
Total interest-earning assets |
|
426,438 |
|
3,748 |
3.46 |
% |
|
441,339 |
|
3,833 |
3.43 |
% |
|
425,417 |
|
15,071 |
3.51 |
% |
|
471,065 |
|
15,565 |
3.28 |
% |
|||||||||||||||
Securities lending revenue |
|
|
72 |
|
|
|
78 |
|
|
|
330 |
|
|
|
419 |
|
|||||||||||||||||||||||
Other interest revenue |
|
|
31 |
|
|
|
52 |
|
|
|
136 |
|
|
|
127 |
|
|||||||||||||||||||||||
Total interest-earning assets |
$ |
426,438 |
$ |
3,851 |
3.56 |
% |
$ |
441,339 |
$ |
3,963 |
3.54 |
% |
$ |
425,417 |
$ |
15,537 |
3.61 |
% |
$ |
471,065 |
$ |
16,111 |
3.39 |
% |
|||||||||||||||
Funding sources |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
Bank deposits |
$ |
244,176 |
$ |
550 |
0.90 |
% |
$ |
280,380 |
$ |
971 |
1.37 |
% |
$ |
256,212 |
$ |
3,152 |
1.23 |
% |
$ |
306,505 |
$ |
3,363 |
1.10 |
% |
|||||||||||||||
Payables to brokers, dealers, and clearing organizations (2) |
|
13,045 |
|
142 |
4.28 |
% |
|
5,386 |
|
51 |
3.72 |
% |
|
8,522 |
|
372 |
4.30 |
% |
|
4,477 |
|
147 |
3.23 |
% |
|||||||||||||||
Payables to brokerage clients |
|
82,279 |
|
43 |
0.21 |
% |
|
61,781 |
|
66 |
0.43 |
% |
|
72,776 |
|
272 |
0.37 |
% |
|
66,842 |
|
271 |
0.41 |
% |
|||||||||||||||
Other short-term borrowings |
|
9,094 |
|
122 |
5.33 |
% |
|
6,724 |
|
95 |
5.63 |
% |
|
9,146 |
|
504 |
5.51 |
% |
|
7,144 |
|
375 |
5.25 |
% |
|||||||||||||||
Federal Home Loan Bank borrowings |
|
19,392 |
|
257 |
5.18 |
% |
|
31,630 |
|
423 |
5.28 |
% |
|
23,102 |
|
1,245 |
5.32 |
% |
|
34,821 |
|
1,810 |
5.14 |
% |
|||||||||||||||
Long-term debt |
|
22,438 |
|
206 |
3.67 |
% |
|
25,457 |
|
226 |
3.54 |
% |
|
23,083 |
|
846 |
3.66 |
% |
|
22,636 |
|
715 |
3.16 |
% |
|||||||||||||||
Total interest-bearing liabilities (2) |
|
390,424 |
|
1,320 |
1.34 |
% |
|
411,358 |
|
1,832 |
1.77 |
% |
|
392,841 |
|
6,391 |
1.62 |
% |
|
442,425 |
|
6,681 |
1.51 |
% |
|||||||||||||||
Non-interest-bearing funding sources (2) |
|
36,014 |
|
|
|
29,981 |
|
|
|
32,576 |
|
|
|
28,640 |
|
|
|||||||||||||||||||||||
Other interest expense |
|
|
— |
|
|
|
1 |
|
|
|
2 |
|
|
|
3 |
|
|||||||||||||||||||||||
Total funding sources |
$ |
426,438 |
$ |
1,320 |
1.23 |
% |
$ |
441,339 |
$ |
1,833 |
1.65 |
% |
$ |
425,417 |
$ |
6,393 |
1.49 |
% |
$ |
471,065 |
$ |
6,684 |
1.41 |
% |
|||||||||||||||
Net interest revenue |
|
$ |
2,531 |
2.33 |
% |
|
$ |
2,130 |
1.89 |
% |
|
$ |
9,144 |
2.12 |
% |
|
$ |
9,427 |
1.98 |
% |
|||||||||||||||||||
(1) |
Amounts have been calculated based on amortized cost. |
|
(2) |
Beginning in 2024, payables to brokers, dealers, and clearing organizations is presented separately from non-interest-bearing funding sources and included in total interest-bearing liabilities. This line item includes securities loaned and related interest expense. Prior period amounts have been reclassified to reflect this change. |
|
THE CHARLES SCHWAB CORPORATION |
|||||||||||||||||||||||||||||||||||||||
Asset Management and Administration Fees Information |
|||||||||||||||||||||||||||||||||||||||
(In millions, except ratios or as noted) |
|||||||||||||||||||||||||||||||||||||||
(Unaudited) |
|||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||
|
Three Months Ended
|
Twelve Months Ended
|
|||||||||||||||||||||||||||||||||||||
|
2024 |
2023 |
2024 |
2023 |
|||||||||||||||||||||||||||||||||||
|
Average Client Assets |
Revenue |
Average Fee |
Average Client Assets |
Revenue |
Average Fee |
Average Client Assets |
Revenue |
Average Fee |
Average Client Assets |
Revenue |
Average Fee |
|||||||||||||||||||||||||||
Schwab money market funds |
$ |
580,957 |
$ |
389 |
0.27 |
% |
$ |
461,091 |
$ |
299 |
0.26 |
% |
$ |
539,113 |
$ |
1,461 |
0.27 |
% |
$ |
391,864 |
$ |
1,034 |
0.26 |
% |
|||||||||||||||
Schwab equity and bond funds, exchange-traded funds (ETFs), and collective trust funds (CTFs) |
|
647,170 |
|
125 |
0.08 |
% |
|
486,340 |
|
98 |
0.08 |
% |
|
588,999 |
|
462 |
0.08 |
% |
|
471,832 |
|
382 |
0.08 |
% |
|||||||||||||||
Mutual Fund OneSource® and other no-transaction- fee funds |
|
363,024 |
|
231 |
0.25 |
% |
|
289,841 |
|
188 |
0.26 |
% |
|
342,615 |
|
878 |
0.26 |
% |
|
249,131 |
|
657 |
0.26 |
% |
|||||||||||||||
Other third-party mutual funds and ETFs |
|
629,913 |
|
106 |
0.07 |
% |
|
572,027 |
|
97 |
0.07 |
% |
|
611,999 |
|
420 |
0.07 |
% |
|
640,689 |
|
490 |
0.08 |
% |
|||||||||||||||
Total mutual funds, ETFs, and CTFs (1) |
$ |
2,221,064 |
$ |
851 |
0.15 |
% |
$ |
1,809,299 |
$ |
682 |
0.15 |
% |
$ |
2,082,726 |
$ |
3,221 |
0.15 |
% |
$ |
1,753,516 |
$ |
2,563 |
0.15 |
% |
|||||||||||||||
Managed investing solutions (1) |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
Fee-based |
$ |
582,464 |
$ |
557 |
0.38 |
% |
$ |
465,266 |
$ |
475 |
0.41 |
% |
$ |
542,253 |
$ |
2,129 |
0.39 |
% |
$ |
458,114 |
$ |
1,868 |
0.41 |
% |
|||||||||||||||
Non-fee-based |
|
115,712 |
|
— |
— |
|
|
98,679 |
|
— |
— |
|
|
111,571 |
|
— |
— |
|
|
96,633 |
|
— |
— |
|
|||||||||||||||
Total managed investing solutions |
$ |
698,176 |
$ |
557 |
0.32 |
% |
$ |
563,945 |
$ |
475 |
0.33 |
% |
$ |
653,824 |
$ |
2,129 |
0.33 |
% |
$ |
554,747 |
$ |
1,868 |
0.34 |
% |
|||||||||||||||
Other balance-based fees (2) |
|
827,930 |
|
76 |
0.04 |
% |
|
664,774 |
|
65 |
0.04 |
% |
|
776,715 |
|
286 |
0.04 |
% |
|
608,170 |
|
254 |
0.04 |
% |
|||||||||||||||
Other (3) |
|
|
25 |
|
|
|
19 |
|
|
|
80 |
|
|
|
71 |
|
|||||||||||||||||||||||
Total asset management and administration fees |
|
$ |
1,509 |
|
|
$ |
1,241 |
|
|
$ |
5,716 |
|
|
$ |
4,756 |
|
|||||||||||||||||||||||
(1) |
Managed investing solutions, formerly referred to as “Advice solutions”, includes managed portfolios, specialized strategies, and customized investment advice such as Schwab Wealth Advisory™, Schwab Managed Portfolios™, Managed Account Select®, Schwab Advisor Network®, Windhaven Strategies®, ThomasPartners® Strategies, Wasmer Schroeder™ Strategies, Schwab Index Advantage advised retirement plan balances, Schwab Intelligent Portfolios®, Institutional Intelligent Portfolios®, Schwab Intelligent Portfolios Premium®, AdvisorDirect®, Essential Portfolios, Selective Portfolios, and Personalized Portfolios; as well as legacy non-fee managed investing solutions including Schwab Advisor Source and certain retirement plan balances. Average client assets for managed investing solutions may also include the asset balances contained in the mutual fund and/or ETF categories listed above. For the total end of period view, please see the Monthly Activity Report. |
|
(2) |
Includes various asset-related fees, such as trust fees, 401(k) recordkeeping fees, and mutual fund clearing fees and other service fees. |
|
(3) |
Includes miscellaneous service and transaction fees relating to mutual funds and ETFs that are not balance-based. |
|
THE CHARLES SCHWAB CORPORATION |
||||||||||||||||||||||||||
Growth in Client Assets and Accounts |
||||||||||||||||||||||||||
(Unaudited) |
||||||||||||||||||||||||||
|
|
|
|
|
|
|
||||||||||||||||||||
|
|
Q4-24 % Change |
|
2024 |
|
2023 |
||||||||||||||||||||
|
vs. |
|
vs. |
|
Fourth |
|
Third |
|
Second |
|
First |
|
Fourth |
|||||||||||||
(In billions, at quarter end, except as noted) |
Q4-23 |
|
Q3-24 |
|
Quarter |
|
Quarter |
|
Quarter |
|
Quarter |
|
Quarter |
|||||||||||||
Assets in client accounts |
|
|
|
|
|
|
|
|||||||||||||||||||
Schwab One®, certain cash equivalents, and bank deposits |
(3 |
)% |
7 |
% |
$ |
358.8 |
|
$ |
334.1 |
|
$ |
330.7 |
|
$ |
348.2 |
|
$ |
368.3 |
|
|||||||
Bank deposit account balances |
(10 |
)% |
4 |
% |
|
87.5 |
|
|
84.0 |
|
|
84.5 |
|
|
90.2 |
|
|
97.4 |
|
|||||||
Proprietary mutual funds (Schwab Funds® and Laudus Funds®) and CTFs |
|
|
|
|
|
|
|
|||||||||||||||||||
Money market funds (1) |
25 |
% |
6 |
% |
|
596.5 |
|
|
562.1 |
|
|
533.6 |
|
|
515.7 |
|
|
476.4 |
|
|||||||
Equity and bond funds and CTFs (2) |
24 |
% |
1 |
% |
|
232.2 |
|
|
228.9 |
|
|
214.4 |
|
|
206.0 |
|
|
186.7 |
|
|||||||
Total proprietary mutual funds and CTFs |
25 |
% |
5 |
% |
|
828.7 |
|
|
791.0 |
|
|
748.0 |
|
|
721.7 |
|
|
663.1 |
|
|||||||
Mutual Fund Marketplace® (3) |
|
|
|
|
|
|
|
|||||||||||||||||||
Mutual Fund OneSource® and other no-transaction-fee funds |
14 |
% |
(3 |
)% |
|
347.8 |
|
|
358.0 |
|
|
344.8 |
|
|
329.2 |
|
|
306.2 |
|
|||||||
Mutual fund clearing services |
20 |
% |
— |
|
|
280.7 |
|
|
280.8 |
|
|
264.7 |
|
|
248.1 |
|
|
233.4 |
|
|||||||
Other third-party mutual funds |
8 |
% |
(2 |
)% |
|
1,211.1 |
|
|
1,236.5 |
|
|
1,177.5 |
|
|
1,182.9 |
|
|
1,126.5 |
|
|||||||
Total Mutual Fund Marketplace |
10 |
% |
(2 |
)% |
|
1,839.6 |
|
|
1,875.3 |
|
|
1,787.0 |
|
|
1,760.2 |
|
|
1,666.1 |
|
|||||||
Total mutual fund assets |
15 |
% |
— |
|
|
2,668.3 |
|
|
2,666.3 |
|
|
2,535.0 |
|
|
2,481.9 |
|
|
2,329.2 |
|
|||||||
Exchange-traded funds |
|
|
|
|
|
|
|
|||||||||||||||||||
Proprietary ETFs (2) |
24 |
% |
2 |
% |
|
395.0 |
|
|
385.9 |
|
|
349.6 |
|
|
342.9 |
|
|
319.4 |
|
|||||||
Other third-party ETFs |
28 |
% |
3 |
% |
|
1,940.6 |
|
|
1,888.2 |
|
|
1,738.6 |
|
|
1,676.6 |
|
|
1,521.7 |
|
|||||||
Total ETF assets |
27 |
% |
3 |
% |
|
2,335.6 |
|
|
2,274.1 |
|
|
2,088.2 |
|
|
2,019.5 |
|
|
1,841.1 |
|
|||||||
Equity and other securities |
26 |
% |
3 |
% |
|
3,972.6 |
|
|
3,839.6 |
|
|
3,648.8 |
|
|
3,467.7 |
|
|
3,163.5 |
|
|||||||
Fixed income securities |
(2 |
)% |
(4 |
)% |
|
762.3 |
|
|
795.4 |
|
|
792.0 |
|
|
779.0 |
|
|
779.7 |
|
|||||||
Margin loans outstanding |
34 |
% |
15 |
% |
|
(83.8 |
) |
|
(73.0 |
) |
|
(71.7 |
) |
|
(68.1 |
) |
|
(62.6 |
) |
|||||||
Total client assets |
19 |
% |
2 |
% |
$ |
10,101.3 |
|
$ |
9,920.5 |
|
$ |
9,407.5 |
|
$ |
9,118.4 |
|
$ |
8,516.6 |
|
|||||||
Client assets by business (4) |
|
|
|
|
|
|
|
|||||||||||||||||||
Investor Services (5) |
20 |
% |
3 |
% |
$ |
5,721.6 |
|
$ |
5,576.7 |
|
$ |
5,317.5 |
|
$ |
5,108.9 |
|
$ |
4,759.2 |
|
|||||||
Advisor Services (6) |
17 |
% |
1 |
% |
|
4,379.7 |
|
|
4,343.8 |
|
|
4,090.0 |
|
|
4,009.5 |
|
|
3,757.4 |
|
|||||||
Total client assets |
19 |
% |
2 |
% |
$ |
10,101.3 |
|
$ |
9,920.5 |
|
$ |
9,407.5 |
|
$ |
9,118.4 |
|
$ |
8,516.6 |
|
|||||||
Net growth in assets in client accounts (for the quarter ended) |
|
|
|
|
|
|
|
|||||||||||||||||||
Net new assets by business (4) |
|
|
|
|
|
|
|
|||||||||||||||||||
Investor Services (5) |
64 |
% |
24 |
% |
$ |
46.2 |
|
$ |
37.2 |
|
$ |
40.1 |
|
$ |
37.6 |
|
$ |
28.1 |
|
|||||||
Advisor Services (6) |
63 |
% |
16 |
% |
|
62.2 |
|
|
53.6 |
|
|
34.1 |
|
|
50.6 |
|
|
38.2 |
|
|||||||
Total net new assets |
63 |
% |
19 |
% |
$ |
108.4 |
|
$ |
90.8 |
|
$ |
74.2 |
|
$ |
88.2 |
|
$ |
66.3 |
|
|||||||
Net market gains |
|
|
|
72.4 |
|
|
422.2 |
|
|
214.9 |
|
|
513.6 |
|
|
625.8 |
|
|||||||||
Net growth |
|
|
$ |
180.8 |
|
$ |
513.0 |
|
$ |
289.1 |
|
$ |
601.8 |
|
$ |
692.1 |
|
|||||||||
New brokerage accounts (in thousands, for the quarter ended) |
23 |
% |
15 |
% |
|
1,119 |
|
|
972 |
|
|
985 |
|
|
1,094 |
|
|
910 |
|
|||||||
Client accounts (in thousands) |
|
|
|
|
|
|
|
|||||||||||||||||||
Active brokerage accounts |
5 |
% |
1 |
% |
|
36,456 |
|
|
35,982 |
|
|
35,612 |
|
|
35,301 |
|
|
34,838 |
|
|||||||
Banking accounts |
9 |
% |
2 |
% |
|
1,998 |
|
|
1,954 |
|
|
1,931 |
|
|
1,885 |
|
|
1,838 |
|
|||||||
Workplace Plan Participant Accounts (7) |
3 |
% |
— |
|
|
5,399 |
|
|
5,388 |
|
|
5,363 |
|
|
5,277 |
|
|
5,221 |
|
|||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||
(1) |
Total client assets in purchased money market funds are located at: https://www.aboutschwab.com/investor-relations. |
|
(2) |
Includes balances held on and off the Schwab platform. As of December 31, 2024, off-platform equity and bond funds, CTFs, and ETFs were |
|
(3) |
Excludes all proprietary mutual funds and ETFs. |
|
(4) |
In the fourth quarter of 2024, Retirement Business Services moved from Advisor Services to Investor Services. Prior periods have been recast. |
|
(5) |
Fourth quarter of 2024 includes net outflows of |
|
(6) |
Fourth quarter of 2024 includes an outflow of |
|
(7) |
Includes Retirement Plan Services, Stock Plan Services, Designated Brokerage Services, and Retirement Business Services. Participants may be enrolled in services in more than one Workplace business. |
|
The Charles Schwab Corporation Monthly Activity Report For December 2024 |
|||||||||||||||||||||||||||||||||||||||||||||
|
2023 |
|
2024 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Change |
||||||||||||||||||
|
Dec |
|
Jan |
|
Feb |
|
Mar |
|
Apr |
|
May |
|
Jun |
|
Jul |
|
Aug |
|
Sep |
|
Oct |
|
Nov |
|
Dec |
|
Mo. |
|
Yr. |
||||||||||||||||
Market Indices (at month end) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||
Dow Jones Industrial Average® |
37,690 |
|
38,150 |
|
38,996 |
|
39,807 |
|
37,816 |
|
38,686 |
|
39,119 |
|
40,843 |
|
41,563 |
|
42,330 |
|
41,763 |
|
44,911 |
|
42,544 |
|
(5 |
)% |
13 |
% |
|||||||||||||||
Nasdaq Composite® |
15,011 |
|
15,164 |
|
16,092 |
|
16,379 |
|
15,658 |
|
16,735 |
|
17,733 |
|
17,599 |
|
17,714 |
|
18,189 |
|
18,095 |
|
19,218 |
|
19,311 |
|
— |
|
29 |
% |
|||||||||||||||
Standard & Poor’s® 500 |
4,770 |
|
4,846 |
|
5,096 |
|
5,254 |
|
5,036 |
|
5,278 |
|
5,460 |
|
5,522 |
|
5,648 |
|
5,762 |
|
5,705 |
|
6,032 |
|
5,882 |
|
(2 |
)% |
23 |
% |
|||||||||||||||
Client Assets (in billions of dollars) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||
Beginning Client Assets |
8,180.6 |
|
8,516.6 |
|
8,558.1 |
|
8,879.5 |
|
9,118.4 |
|
8,847.5 |
|
9,206.3 |
|
9,407.5 |
|
9,572.1 |
|
9,737.7 |
|
9,920.5 |
|
9,852.0 |
|
10,305.4 |
|
|
|
|||||||||||||||||
Net New Assets (1) |
42.1 |
|
14.8 |
|
31.7 |
|
41.7 |
|
10.0 |
|
31.0 |
|
33.2 |
|
29.0 |
|
31.5 |
|
30.3 |
|
22.7 |
|
25.5 |
|
60.2 |
|
136 |
% |
43 |
% |
|||||||||||||||
Net Market Gains (Losses) |
293.9 |
|
26.7 |
|
289.7 |
|
197.2 |
|
(280.9 |
) |
327.8 |
|
168.0 |
|
135.6 |
|
134.1 |
|
152.5 |
|
(91.2 |
) |
427.9 |
|
(264.3 |
) |
|
|
|||||||||||||||||
Total Client Assets (at month end) |
8,516.6 |
|
8,558.1 |
|
8,879.5 |
|
9,118.4 |
|
8,847.5 |
|
9,206.3 |
|
9,407.5 |
|
9,572.1 |
|
9,737.7 |
|
9,920.5 |
|
9,852.0 |
|
10,305.4 |
|
10,101.3 |
|
(2 |
)% |
19 |
% |
|||||||||||||||
Core Net New Assets (1,2) |
43.1 |
|
17.2 |
|
33.4 |
|
45.0 |
|
1.0 |
|
31.1 |
|
29.1 |
|
29.0 |
|
32.8 |
|
33.5 |
|
24.6 |
|
28.8 |
|
61.4 |
|
113 |
% |
42 |
% |
|||||||||||||||
Receiving Ongoing Advisory Services (at month end) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||
Investor Services |
581.4 |
|
584.1 |
|
601.8 |
|
618.5 |
|
602.2 |
|
624.0 |
|
632.9 |
|
649.1 |
|
663.7 |
|
675.1 |
|
665.6 |
|
688.9 |
|
682.0 |
|
(1 |
)% |
17 |
% |
|||||||||||||||
Advisor Services |
3,757.4 |
|
3,780.4 |
|
3,902.5 |
|
4,009.5 |
|
3,893.9 |
|
4,027.3 |
|
4,090.0 |
|
4,185.4 |
|
4,268.1 |
|
4,343.8 |
|
4,303.3 |
|
4,489.2 |
|
4,379.7 |
|
(2 |
)% |
17 |
% |
|||||||||||||||
Client Accounts (at month end, in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||
Active Brokerage Accounts |
34,838 |
|
35,017 |
|
35,127 |
|
35,301 |
|
35,426 |
|
35,524 |
|
35,612 |
|
35,743 |
|
35,859 |
|
35,982 |
|
36,073 |
|
36,222 |
|
36,456 |
|
1 |
% |
5 |
% |
|||||||||||||||
Banking Accounts |
1,838 |
|
1,856 |
|
1,871 |
|
1,885 |
|
1,901 |
|
1,916 |
|
1,931 |
|
1,937 |
|
1,940 |
|
1,954 |
|
1,967 |
|
1,980 |
|
1,998 |
|
1 |
% |
9 |
% |
|||||||||||||||
Workplace Plan Participant Accounts (3) |
5,221 |
|
5,226 |
|
5,268 |
|
5,277 |
|
5,282 |
|
5,345 |
|
5,363 |
|
5,382 |
|
5,373 |
|
5,388 |
|
5,407 |
|
5,393 |
|
5,399 |
|
— |
|
3 |
% |
|||||||||||||||
Client Activity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||
New Brokerage Accounts (in thousands) |
340 |
|
366 |
|
345 |
|
383 |
|
361 |
|
314 |
|
310 |
|
327 |
|
324 |
|
321 |
|
331 |
|
357 |
|
431 |
|
21 |
% |
27 |
% |
|||||||||||||||
Client Cash as a Percentage of Client Assets (4) |
10.5 |
% |
10.5 |
% |
10.2 |
% |
10.0 |
% |
10.2 |
% |
9.9 |
% |
9.7 |
% |
9.6 |
% |
9.5 |
% |
9.5 |
% |
9.8 |
% |
9.5 |
% |
10.1 |
% |
60 bp |
(40) bp |
|||||||||||||||||
Derivative Trades as a Percentage of Total Trades |
21.8 |
% |
21.8 |
% |
22.2 |
% |
21.9 |
% |
22.1 |
% |
21.9 |
% |
21.3 |
% |
21.2 |
% |
20.8 |
% |
21.5 |
% |
21.4 |
% |
19.7 |
% |
18.6 |
% |
(110) bp |
(320) bp |
|||||||||||||||||
Selected Average Balances (in millions of dollars) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||
Average Interest-Earning Assets (5) |
446,305 |
|
443,694 |
|
434,822 |
|
431,456 |
|
423,532 |
|
415,950 |
|
417,150 |
|
417,379 |
|
420,191 |
|
420,203 |
|
422,327 |
|
425,789 |
|
431,177 |
|
1 |
% |
(3 |
)% |
|||||||||||||||
Average Margin Balances |
62,309 |
|
61,368 |
|
63,600 |
|
66,425 |
|
68,827 |
|
67,614 |
|
69,730 |
|
73,206 |
|
73,326 |
|
72,755 |
|
74,105 |
|
76,932 |
|
81,507 |
|
6 |
% |
31 |
% |
|||||||||||||||
Average Bank Deposit Account Balances (6) |
95,518 |
|
95,553 |
|
92,075 |
|
90,774 |
|
88,819 |
|
86,844 |
|
85,195 |
|
83,979 |
|
82,806 |
|
82,336 |
|
83,261 |
|
84,385 |
|
85,384 |
|
1 |
% |
(11 |
)% |
|||||||||||||||
Mutual Fund and Exchange-Traded Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||
Net Buys (Sells) (7,8) (in millions of dollars) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||
Equities |
7,903 |
|
8,182 |
|
7,624 |
|
10,379 |
|
3,472 |
|
5,734 |
|
3,379 |
|
10,908 |
|
5,609 |
|
5,217 |
|
7,176 |
|
13,226 |
|
14,805 |
|
|
|
|||||||||||||||||
Hybrid |
(1,596 |
) |
(501 |
) |
(1,330 |
) |
(439 |
) |
(703 |
) |
(558 |
) |
(843 |
) |
(1,155 |
) |
(1,377 |
) |
(432 |
) |
(1,397 |
) |
(329 |
) |
124 |
|
|
|
|||||||||||||||||
Bonds |
6,104 |
|
7,510 |
|
9,883 |
|
7,561 |
|
5,949 |
|
5,854 |
|
6,346 |
|
8,651 |
|
10,919 |
|
11,015 |
|
10,442 |
|
7,473 |
|
10,969 |
|
|
|
|||||||||||||||||
Net Buy (Sell) Activity (in millions of dollars) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||
Mutual Funds (7) |
(7,406 |
) |
(966 |
) |
(1,348 |
) |
(1,607 |
) |
(4,818 |
) |
(5,544 |
) |
(4,254 |
) |
(4,679 |
) |
(4,003 |
) |
(1,261 |
) |
(4,905 |
) |
(4,492 |
) |
(4,331 |
) |
|
|
|||||||||||||||||
Exchange-Traded Funds (8) |
19,817 |
|
16,157 |
|
17,525 |
|
19,108 |
|
13,536 |
|
16,574 |
|
13,136 |
|
23,083 |
|
19,154 |
|
17,061 |
|
21,126 |
|
24,862 |
|
30,229 |
|
|
|
|||||||||||||||||
Money Market Funds |
7,745 |
|
11,717 |
|
10,129 |
|
9,085 |
|
(2,357 |
) |
9,790 |
|
3,858 |
|
9,110 |
|
8,048 |
|
9,672 |
|
11,032 |
|
9,172 |
|
8,956 |
|
|
|
|||||||||||||||||
Note: Certain supplemental details related to the information above can be found at: https://www.aboutschwab.com/financial-reports. |
||
(1) |
Unless otherwise noted, differences between net new assets and core net new assets are net flows from off-platform Schwab Bank Retail CDs. Additionally, 2024 includes outflows from a large international relationship of |
|
(2) |
Net new assets before significant one-time inflows or outflows, such as acquisitions/divestitures or extraordinary flows (generally greater than |
|
(3) |
Includes Retirement Plan Services, Stock Plan Services, Designated Brokerage Services, and Retirement Business Services. Participants may be enrolled in services in more than one Workplace business. |
|
(4) |
Schwab One®, certain cash equivalents, bank deposits, third-party bank deposit accounts, and money market fund balances as a percentage of total client assets; client cash excludes brokered CDs issued by Charles Schwab Bank. |
|
(5) |
Represents average total interest-earning assets on the Company’s balance sheet. |
|
(6) |
Represents average clients’ uninvested cash sweep account balances held in deposit accounts at third-party financial institutions. |
|
(7) |
Represents the principal value of client mutual fund transactions handled by Schwab, including transactions in proprietary funds. Includes institutional funds available only to Investment Managers. Excludes money market fund transactions. |
|
(8) |
Represents the principal value of client ETF transactions handled by Schwab, including transactions in proprietary ETFs. |
|
THE CHARLES SCHWAB CORPORATION
Non-GAAP Financial Measures
(In millions, except ratios and per share amounts)
(Unaudited)
In addition to disclosing financial results in accordance with generally accepted accounting principles in the
Schwab’s use of non-GAAP measures is reflective of certain adjustments made to GAAP financial measures as described below. Beginning in the third quarter of 2023, these adjustments also include restructuring costs, which the Company began incurring in connection with its previously announced plans to streamline its operations to prepare for post-integration of Ameritrade. See Part I – Item 1 – Note 10 of our Quarterly Report on Form 10-Q for the quarter ended September 30, 2024 for additional information.
Non-GAAP Adjustment or Measure |
Definition |
Usefulness to Investors and Uses by Management |
Acquisition and integration-related costs, amortization of acquired intangible assets, and restructuring costs |
Schwab adjusts certain GAAP financial measures to exclude the impact of acquisition and integration-related costs incurred as a result of the Company’s acquisitions, amortization of acquired intangible assets, restructuring costs, and, where applicable, the income tax effect of these expenses.
Adjustments made to exclude amortization of acquired intangible assets are reflective of all acquired intangible assets, which were recorded as part of purchase accounting. These acquired intangible assets contribute to the Company’s revenue generation. Amortization of acquired intangible assets will continue in future periods over their remaining useful lives. |
We exclude acquisition and integration-related costs, amortization of acquired intangible assets, and restructuring costs for the purpose of calculating certain non-GAAP measures because we believe doing so provides additional transparency of Schwab’s ongoing operations, and is useful in both evaluating the operating performance of the business and facilitating comparison of results with prior and future periods.
Costs related to acquisition and integration or restructuring fluctuate based on the timing of acquisitions, integration and restructuring activities, thereby limiting comparability of results among periods, and are not representative of the costs of running the Company’s ongoing business. Amortization of acquired intangible assets is excluded because management does not believe it is indicative of the Company’s underlying operating performance. |
Return on tangible common equity |
Return on tangible common equity represents annualized adjusted net income available to common stockholders as a percentage of average tangible common equity. Tangible common equity represents common equity less goodwill, acquired intangible assets — net, and related deferred tax liabilities. |
Acquisitions typically result in the recognition of significant amounts of goodwill and acquired intangible assets. We believe return on tangible common equity may be useful to investors as a supplemental measure to facilitate assessing capital efficiency and returns relative to the composition of Schwab’s balance sheet. |
Adjusted Tier 1 Leverage Ratio |
Adjusted Tier 1 Leverage Ratio represents the Tier 1 Leverage Ratio as prescribed by bank regulatory guidance for the consolidated company and for Charles Schwab Bank, SSB (CSB), adjusted to reflect the inclusion of accumulated other comprehensive income (AOCI) in the ratio. |
Inclusion of the impacts of AOCI in the Company’s Tier 1 Leverage Ratio provides additional information regarding the Company’s current capital position. We believe Adjusted Tier 1 Leverage Ratio may be useful to investors as a supplemental measure of the Company’s capital levels. |
The Company also uses adjusted diluted EPS and return on tangible common equity as components of performance criteria for employee bonus and certain executive management incentive compensation arrangements. The Compensation Committee of CSC’s Board of Directors maintains discretion in evaluating performance against these criteria. Additionally, the Company uses adjusted Tier 1 Leverage Ratio in managing capital, including its use of the measure as its long-term operating objective.
The tables below present reconciliations of GAAP measures to non-GAAP measures: |
||||||||||||||||||||||||||||||||
|
Three Months Ended December 31, |
|
Twelve Months Ended December 31, |
|||||||||||||||||||||||||||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
|||||||||||||||||||||||||
|
Total
|
|
Net Income |
|
Total
|
|
Net Income |
|
Total
|
|
Net Income |
|
Total
|
|
Net Income |
|||||||||||||||||
Total expenses excluding interest (GAAP), Net income (GAAP) |
$ |
3,024 |
|
$ |
1,840 |
|
$ |
3,265 |
|
$ |
1,045 |
|
$ |
11,914 |
|
$ |
5,942 |
|
$ |
12,459 |
|
$ |
5,067 |
|
||||||||
Acquisition and integration-related costs (1) |
|
(20 |
) |
|
20 |
|
|
(67 |
) |
|
67 |
|
|
(117 |
) |
|
117 |
|
|
(401 |
) |
|
401 |
|
||||||||
Amortization of acquired intangible assets |
|
(130 |
) |
|
130 |
|
|
(130 |
) |
|
130 |
|
|
(519 |
) |
|
519 |
|
|
(534 |
) |
|
534 |
|
||||||||
Restructuring costs (2) |
|
(27 |
) |
|
27 |
|
|
(216 |
) |
|
216 |
|
|
(9 |
) |
|
9 |
|
|
(495 |
) |
|
495 |
|
||||||||
Income tax effects (3) |
|
N/A |
|
|
(43 |
) |
|
N/A |
|
|
(91 |
) |
|
N/A |
|
|
(154 |
) |
|
N/A |
|
|
(338 |
) |
||||||||
Adjusted total expenses (non-GAAP), Adjusted net income (non-GAAP) |
$ |
2,847 |
|
$ |
1,974 |
|
$ |
2,852 |
|
$ |
1,367 |
|
$ |
11,269 |
|
$ |
6,433 |
|
$ |
11,029 |
|
$ |
6,159 |
|
||||||||
(1) |
Acquisition and integration-related costs for the three and twelve months ended December 31, 2024 primarily consist of |
|
(2) |
Restructuring costs for the three months ended December 31, 2024 primarily consist of |
|
(3) |
The income tax effects of the non-GAAP adjustments are determined using an effective tax rate reflecting the exclusion of non-deductible acquisition costs and are used to present the acquisition and integration-related costs, amortization of acquired intangible assets, and restructuring costs on an after-tax basis. |
|
N/A Not applicable. |
||
|
Three Months Ended December 31, |
|
Twelve Months Ended December 31, |
|||||||||||||||||||||||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
|||||||||||||||||||||
|
Amount |
|
% of
|
|
Amount |
|
% of
|
|
Amount |
|
% of
|
|
Amount |
|
% of
|
|||||||||||||
Income before taxes on income (GAAP), Pre-tax profit margin (GAAP) |
$ |
2,305 |
|
43.3 |
% |
$ |
1,194 |
|
26.8 |
% |
$ |
7,692 |
|
39.2 |
% |
$ |
6,378 |
|
33.9 |
% |
||||||||
Acquisition and integration-related costs |
|
20 |
|
0.4 |
% |
|
67 |
|
1.5 |
% |
|
117 |
|
0.6 |
% |
|
401 |
|
2.1 |
% |
||||||||
Amortization of acquired intangible assets |
|
130 |
|
2.4 |
% |
|
130 |
|
2.9 |
% |
|
519 |
|
2.7 |
% |
|
534 |
|
2.9 |
% |
||||||||
Restructuring costs |
|
27 |
|
0.5 |
% |
|
216 |
|
4.8 |
% |
|
9 |
|
— |
|
|
495 |
|
2.6 |
% |
||||||||
Adjusted income before taxes on income (non-GAAP), Adjusted pre-tax profit margin (non-GAAP) |
$ |
2,482 |
|
46.6 |
% |
$ |
1,607 |
|
36.0 |
% |
$ |
8,337 |
|
42.5 |
% |
$ |
7,808 |
|
41.5 |
% |
||||||||
|
|
|
|
|||||||||||||||||||||||||
|
Three Months Ended December 31, |
|
Twelve Months Ended December 31, |
|||||||||||||||||||||||||||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
|||||||||||||||||||||||||
|
Amount |
|
Diluted EPS |
|
Amount |
|
Diluted EPS |
|
Amount |
|
Diluted EPS |
|
Amount |
|
Diluted EPS |
|||||||||||||||||
Net income available to common stockholders (GAAP), Earnings per common share — diluted (GAAP) |
$ |
1,717 |
|
$ |
.94 |
|
$ |
926 |
|
$ |
.51 |
|
$ |
5,478 |
|
$ |
2.99 |
|
$ |
4,649 |
|
$ |
2.54 |
|
||||||||
Acquisition and integration-related costs |
|
20 |
|
|
.01 |
|
|
67 |
|
|
.04 |
|
|
117 |
|
|
.06 |
|
|
401 |
|
|
.22 |
|
||||||||
Amortization of acquired intangible assets |
|
130 |
|
|
.07 |
|
|
130 |
|
|
.07 |
|
|
519 |
|
|
.28 |
|
|
534 |
|
|
.29 |
|
||||||||
Restructuring costs |
|
27 |
|
|
.01 |
|
|
216 |
|
|
.12 |
|
|
9 |
|
|
— |
|
|
495 |
|
|
.27 |
|
||||||||
Income tax effects |
|
(43 |
) |
|
(.02 |
) |
|
(91 |
) |
|
(.06 |
) |
|
(154 |
) |
|
(.08 |
) |
|
(338 |
) |
|
(.19 |
) |
||||||||
Adjusted net income available to common stockholders (non-GAAP), Adjusted diluted EPS (non-GAAP) |
$ |
1,851 |
|
$ |
1.01 |
|
$ |
1,248 |
|
$ |
.68 |
|
$ |
5,969 |
|
$ |
3.25 |
|
$ |
5,741 |
|
$ |
3.13 |
|
||||||||
|
Three Months Ended December 31, |
|
Twelve Months Ended December 31, |
|||||||||||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
|||||||||
Return on average common stockholders’ equity (GAAP) |
|
18 |
% |
|
12 |
% |
|
15 |
% |
|
16 |
% |
||||
Average common stockholders’ equity |
$ |
38,604 |
|
$ |
30,179 |
|
$ |
35,475 |
|
$ |
29,334 |
|
||||
Less: Average goodwill |
|
(11,951 |
) |
|
(11,951 |
) |
|
(11,951 |
) |
|
(11,951 |
) |
||||
Less: Average acquired intangible assets — net |
|
(7,808 |
) |
|
(8,325 |
) |
|
(8,002 |
) |
|
(8,524 |
) |
||||
Plus: Average deferred tax liabilities related to goodwill and acquired intangible assets — net |
|
1,723 |
|
|
1,790 |
|
|
1,741 |
|
|
1,805 |
|
||||
Average tangible common equity |
$ |
20,568 |
|
$ |
11,693 |
|
$ |
17,263 |
|
$ |
10,664 |
|
||||
Adjusted net income available to common stockholders (1) |
$ |
1,851 |
|
$ |
1,248 |
|
$ |
5,969 |
|
$ |
5,741 |
|
||||
Return on tangible common equity (non-GAAP) |
|
36 |
% |
|
43 |
% |
|
35 |
% |
|
54 |
% |
||||
(1) |
See table above for the reconciliation of net income available to common stockholders to adjusted net income available to common stockholders (non-GAAP). |
|
|
(Preliminary) |
|||||||
|
December 31, 2024 |
|||||||
|
CSC |
CSB |
||||||
Tier 1 Leverage Ratio (GAAP) |
|
9.9 |
% |
|
11.6 |
% |
||
Tier 1 Capital |
$ |
45,186 |
|
$ |
32,584 |
|
||
Plus: AOCI adjustment |
|
(14,839 |
) |
|
(12,938 |
) |
||
Adjusted Tier 1 Capital |
|
30,347 |
|
|
19,646 |
|
||
Average assets with regulatory adjustments |
|
458,119 |
|
|
280,701 |
|
||
Plus: AOCI adjustment |
|
(14,831 |
) |
|
(13,037 |
) |
||
Adjusted average assets with regulatory adjustments |
$ |
443,288 |
|
$ |
267,664 |
|
||
Adjusted Tier 1 Leverage Ratio (non-GAAP) |
|
6.8 |
% |
|
7.3 |
% |
||
View source version on businesswire.com: https://www.businesswire.com/news/home/20250121070609/en/
MEDIA
Mayura Hooper, 415-667-1525
public.relations@schwab.com
INVESTORS/ANALYSTS
Jeff Edwards, 817-854-6177
investor.relations@schwab.com
Source: The Charles Schwab Corporation
FAQ
What was Charles Schwab's (SCHW) Q4 2024 earnings per share?
How much did SCHW's core net new assets grow in 2024?
What was SCHW's revenue growth in Q4 2024?
How much did SCHW's total client assets increase in 2024?
What was SCHW's margin balance growth in Q4 2024?
