Schwab 10-Q: Q3 Net Income $2.9B, Full-Year Expense Growth Now Seen at 10-11%
SCHW is trading near its 52-week low of $83.96 (9.0% above the low).
Summary
Schwab's Q3 10-Q confirms $2.9 billion of net income and $7.17 billion of revenue, while nudging full-year expense growth to about 10%-11% and flagging capital spending above its prior range.
Key Events · Earnings and Guidance · SCHW
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Q3 Earnings Confirmed in Full 10-Q
Net income of $2.9 billion and diluted EPS of $1.62 ($1.69 adjusted) on total net revenues of $7.171 billion, up 17% year over year.
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Expense Guidance Raised to 10-11%
Full-year 2026 GAAP expenses excluding interest are now expected to rise approximately 10% to 11%, including volume-related costs and Forge operations and integration.
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Capex to Exceed Prior Range
Capital expenditures were $1.3 billion in the first nine months, including a $633 million multi-year software license, and full-year 2026 spending is now expected slightly above the prior 3-5%-of-revenue range.
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Client Assets Reach $13.33 Trillion
Client assets rose 15% year over year to $13.33 trillion; core net new assets were $190.4 billion in Q3, up 38%, and $450.2 billion year to date, up 27%.
Analysis · SCHW · Finance
Schwab's Q3 numbers were already public on October 15, but the 10-Q carries the full statements and two guidance changes that matter: full-year GAAP expense growth is now expected at roughly 10%-11% (including volume-related costs and Forge integration), and capital spending will run slightly above the prior 3-5%-of-revenue range after $1.3 billion was spent in the first nine months. Against that, the core franchise is still compounding — client assets reached $13.33 trillion, up 15% year over year, and core net new assets of $190.4 billion in the quarter rose 38%. The offset is capital: the Tier 1 leverage ratio slipped to 8.9% from 9.3% at year-end as Schwab returned capital and the balance sheet grew, leaving the adjusted ratio at 7.0%, the bottom of its 6.75%-7.00% target.
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At the time of this filing, SCHW was trading at $91.51 on NYSE in the Finance sector, with a market capitalization of approximately $158.2B. The 52-week trading range was $83.96 to $114.53. This filing was assessed with neutral market sentiment and an importance score of 7 out of 10.