UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ________ to ________ Commission File Number: 1-9700 THE CHARLES SCHWAB CORPORATION (Exact name of registrant as specified in its charter) Delaware 94-3025021 (I.R.S. Employer ...

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Core Viewpoint - The Charles Schwab Corporation reported strong fourth-quarter earnings, beating estimates, but shares have underperformed the S&P 500 in the past month, raising questions about future performance [1][2]. Financial Performance - Schwab's Q4 2025 adjusted earnings were $1.39 per share, exceeding the Zacks Consensus Estimate of $1.37, and reflecting a 38% year-over-year increase [3]. - Net income on a GAAP basis was $2.46 billion, or $1.33 per share, up from $1.84 billion, or 94 cents per share, in the same quarter last year [4]. - Quarterly net revenues reached a record $6.33 billion, a 19% increase year-over-year, driven by higher net interest revenue (NIR) up 25%, trading revenue up 22%, and asset management fees up 15% [5]. Expense and Profitability Metrics - Total non-interest expenses increased 4% to $3.16 billion, while adjusted total expenses rose 6% year-over-year to $3.03 billion [6]. - The pre-tax profit margin improved to 50.2% from 43.3% in the prior-year quarter [6]. Client and Asset Growth - As of December 31, 2025, Schwab's total client assets reached a record $11.9 trillion, an 18% increase year-over-year [7]. - The company added 1.27 million new brokerage accounts during the quarter, bringing the total to 38.5 million active brokerage accounts [7]. Share Repurchase Activity - Schwab repurchased 29.2 million shares for $2.7 billion during the reported quarter [8]. 2026 Outlook - Management anticipates revenue growth of 9.5-10.5% for 2026, with adjusted earnings expected to be in the range of $5.70-$5.80 per share, reflecting upper teens growth year-over-year [10][13]. - The company expects NIM to be between 2.85% and 2.95% and average interest-earning assets to grow modestly [11]. Market Position and Estimates - Since the earnings release, there has been an upward trend in fresh estimates for Schwab, leading to a Zacks Rank 2 (Buy) [14][16]. - The stock has a strong aggregate VGM Score of A, indicating favorable growth and momentum metrics [15]. Industry Comparison - In comparison, JPMorgan Chase & Co. reported revenues of $45.8 billion for the last quarter, with a year-over-year change of +7.1%, and has a Zacks Rank 3 (Hold) [17].

Jonathan Ferro, Lisa Abramowicz and Annmarie Hordern speak daily with leaders and decision makers from Wall Street to Washington and beyond. No other program better positions investors and executives for the trading day. Chapters: 00:00:00 - Bloomberg Surveillance starts 00:04:17 - George Goncalves, MUFG 00:17:08 - Steven Cook, Council on Foreign Relations 00:29:58 - George Pollack, Signum Global Advisors 00:40:37 - Jon Hill, Barclays 00:52:15 - Greg Boutle, BNP Paribas 01:06:04 - Kate Kalutkiewicz, Fmr. Wh ...

Core Insights - The article emphasizes the importance of timely information in investment decisions, highlighting that price changes published in daily newspapers may not reflect current market conditions [1] Group 1: Analyst Background - Scott Kaufman, known as Treading Softly, has over a decade of experience in the financial sector and serves as the lead analyst for Dividend Kings [1] - The focus of the analysis is on identifying high-quality dividend-growing and undervalued investment opportunities [1] Group 2: Investment Strategy - The primary goal is to achieve a robust total return through a combination of cash dividends and strong capital gains [1]

Core Insights - Institutional interest in MicroStrategy, now known as Strategy, is increasing despite the downturn in Bitcoin prices [1] - Charles Schwab has expanded its holdings in Strategy, acquiring an additional 91,859 shares, totaling approximately 1.27 million shares valued at around $168 million [1] - Strategy has recently increased its Bitcoin holdings by purchasing 2,486 BTC for $168.4 million, bringing its total to 717,131 BTC, making it the largest corporate Bitcoin holder globally [2] Financial Performance - For the year ending December 31, 2025, Strategy reported $5.40 billion in unrealized losses on digital assets, partially offset by a $1.55 billion deferred tax benefit [3] - In Q4 alone, unrealized losses reached $17.44 billion, with a $5.01 billion deferred tax benefit [3] - As of year-end, Strategy had a deferred tax liability of $2.42 billion [3] Stock Performance - MSTR shares have faced downward pressure, with a current price of $127.91, down 4.46% at press time, and a year-to-date decline of 18.61%, alongside a 64.82% drop over the past six months [4] Market Positioning - Intesa Sanpaolo, an Italian banking giant, has also taken a significant position in Strategy through put options valued at approximately $184.6 million [5] - The structure of Intesa's position suggests a strategic bet on the convergence between Strategy's stock price and the value of its Bitcoin holdings [6] Valuation Metrics - Strategy has historically traded at a premium to the value of its Bitcoin reserves, with a current multiple of net asset value (mNAV) at 1.19, indicating a 19% premium [7] - This premium reflects market expectations regarding leverage, future Bitcoin purchases, capital markets strategy, or equity market demand [8]

🚨JUST IN: CHARLES SCHWAB NEARLY DOUBLES STRATEGY STAKE, ADDS 91,859 SHARES IN LATEST 13F FILINGCharles Schwab has significantly increased its position in Strategy ( $MSTR ), adding 91,859 shares to bring its total holdings to 1.27 million shares valued at approximately $168 million.The disclosure comes via a regulatory 13F filing, a mandatory quarterly report that reveals institutional holdings, meaning Schwab's increased bet on Strategy is now a matter of public record, reflecting a deliberate and measured ...

⚡️ UPDATE: $169B Charles Schwab is hiring a senior product manager to lead digital asset and stablecoin initiatives. https://t.co/Thc4JT3XXm ...

Core Viewpoint - The decline in crypto prices is significantly impacting platforms like Robinhood and Coinbase, leading to missed earnings and revenue targets [1][2]. Company Performance - Robinhood has seen a direct negative effect on its performance due to a substantial portion of its customers investing in crypto, resulting in missed earnings, revenue, and net new assets [1]. - Coinbase's revenue has decreased by 22%, and it has also missed earnings per share, reflecting similar challenges tied to crypto performance [2][3]. Market Implications - The commentary suggests a cautious outlook for companies closely linked to retail speculation and the cyclical nature of the crypto market [4]. - Bitcoin has dropped 45.65% from its record high, currently priced at $68,607.43, which is affecting the stock prices of related companies [5]. Stock Performance - Robinhood's shares have fallen by 34.06% year-to-date and 33.95% over the last six months, although they are up 25.69% over the year [5]. - Coinbase's stock is down 30.53% year-to-date and 48.77% over the last six months, with a 37.91% decline over the year [5].

Market Overview - Wall Street is experiencing significant disruption concerns due to AI, leading to a sell-off in various sectors, particularly software companies, which has resulted in sharp losses in U.S. stocks this week [1][2]. Software Sector - The S&P 500 Software & Services index has lost approximately $2 trillion in value since its peak in October, with half of this loss occurring in the past two weeks due to fears that AI could disrupt traditional subscription and enterprise tools [2]. - Notable declines in the Nasdaq 100 include Atlassian down 47%, Intuit down 40%, and Workday down 33% [4]. - The U.S. software sector is facing its worst drawdown in over three years, impacting alternative asset managers with exposure to software-related loans, with firms like Ares, Blackstone, and KKR seeing declines between 13% and 24% this year [5]. Financial Brokerage, Data Analytics & Legal Services - The financial industry, especially brokerages and data analytics firms, has been negatively affected after Altruist introduced AI-enabled tax planning features, raising fears about the viability of their business models [6]. - Shares of brokers such as LPL Financial and Charles Schwab fell over 7%, while S&P Global's shares dropped more than 25% in February, marking its worst month since 2009 [7]. Real Estate Services - Commercial real estate and investment managers have suffered as investors shift away from high-fee, labor-intensive business models perceived as vulnerable to AI disruption, with CBRE Group and Jones Lang LaSalle each dropping about 12% [8]. Insurance Sector - Insurance stocks have experienced a significant decline, with the S&P 500 insurance index falling 3.9% on a single day, its largest drop since mid-October, following the release of an AI-powered comparison tool by Insurify [10]. - Shares of Willis Towers Watson have decreased by 15% this week, while Aon and Arthur J. Gallagher fell by 9% and 15%, respectively [11]. Trucking & Logistics - The trucking and logistics sector saw unexpected declines, with stocks like Landstar System and C.H. Robinson dropping sharply after Algorhythm Holdings reported a significant increase in freight volumes without a corresponding rise in operational headcount [13].