Schwab Charles Corp (NYSE: SCHW-PD)

The Charles Schwab Corporation is a savings and loan holding company that, through its subsidiaries, provides wealth management, securities brokerage, banking, asset management, custody, and financial advisory services. At December 31, 2025, the company reported $11.90 trillion in client assets, 38,500,000 active brokerage accounts, 5,700,000 workplace plan participant accounts, and 2,200,000 banking accounts.

Schwab generates revenue primarily through asset management fees, brokerage commissions, net interest income from its banking operations, and advisory and service fees. The company serves individual investors, institutional clients, and workplace plan participants, offering products such as mutual funds, exchange traded funds, retirement accounts, and lending services.

The company operates through the following segments: Investor Services and Advisor Services.

• Investor Services: This segment provides retail brokerage, investment advisory, banking and trust services to individual investors, and retirement plan and business services, as well as other corporate brokerage services, to businesses and their employees.

• Advisor Services: This segment delivers custodial, trading, banking and trust, and support services to independent registered investment advisors, independent retirement advisors, and recordkeepers.

Schwab’s competitive advantages stem from its scale and size, operating efficiency derived from shared infrastructure, an integrated operating structure that combines bank, wealth, and asset management services, a strong brand and reputation for trust, a service centric culture, and a willingness to disrupt legacy practices. In the Investor Services arena, the company competes with brokerage, wealth management, and asset management firms, as well as banks, trust companies, fintech providers, and retirement service providers. In the Advisor Services arena, Schwab faces competition from institutional custodians, wirehouses, regional and independent broker dealers, fintech custodians, banks, and trust companies.

Schwab’s customer base includes individual investors, institutional clients, workplace plan participants, and businesses seeking brokerage and retirement services. The company also serves independent registered investment advisors, independent retirement advisors, and recordkeepers through its Advisor Services segment.