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Sentiment · FY2026 Q2
Q1 revenue reached a record $6.5 billion, up 16%, with adjusted EPS of $1.43 growing 38% year-over-year as balance sheet optimization continued lifting net interest revenue. Core net new assets of $158 billion set a first-quarter record, bringing total client assets to $11.8 trillion. Management indicated tracking higher than the $5.70-$5.80 EPS scenario but deferred a comprehensive update to July, while AI innovation accelerated the company's strategy at scale and spot crypto offering neared client launch.
Demand | Margin | Capital Allocation | Competitive Dynamics | Revenue Growth | Product Launch | Credit | Innovation & R&D | |
|---|---|---|---|---|---|---|---|---|
| 2024Q4 | 3 | 2 | 5 | 2 | 2 | 3 | 1 | |
| 2025Q1 | 4 | 3 | 2 | 1 | 1 | 1 | 3 | 1 |
| 2025Q2 | 3 | 4 | 2 | 2 | 2 | 1 | 2 | |
| 2025Q3 | 4 | 4 | 2 | 2 | 1 | 2 | 3 | |
| 2025Q4 | 5 | 3 | 3 | 2 | 1 | 3 | 1 | |
| 2026Q1 | 3 | 2 | 1 | 5 | 5 | 2 |
| '24Q4 | '25Q1 | '25Q2 | '25Q3 | '25Q4 | '26Q1 | |
|---|---|---|---|---|---|---|
| Demand | 3 | 4 | 3 | 4 | 5 | 3 |
| Margin | 2 | 3 | 4 | 4 | 3 | 2 |
| Capital Allocation | 5 | 2 | 2 | 2 | 3 | 1 |
| Competitive Dynamics | 1 | 2 | 2 | 2 | 5 | |
| Revenue Growth | 2 | 1 | 2 | 1 | 5 | |
| Product Launch | 2 | 1 | 1 | 3 | 2 | |
| Credit | 3 | 3 | 1 | 2 | ||
| Innovation & R&D | 1 | 1 | 2 | 3 | 1 |
| Analyst | Firm | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Devin Ryan | Citizens JMP Securities | 7 (0%) |
| Bill Katz | TD Cowen | 7 (14%) |
| Ken Worthington | JPMorgan | 7 (0%) |
| Dan Fannon | Jefferies | 7 (0%) |
| Ben Budish | Barclays | 7 (0%) |
| Alex Blostein | Goldman Sachs | 6 (0%) |
| Brian Bedell | Deutsche Bank | 6 (0%) |
| Mike Cyprys | Morgan Stanley | 5 (0%) |
| Steve Chubak | Wolfe Research | 5 (20%) |
| Brennan Hawken | BMO Capital Markets | 4 (0%) |
| Firm | Analysts | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Barclays | 1 | 7 (0%) |
| Citizens JMP Securities | 1 | 7 (0%) |
| Jefferies | 1 | 7 (0%) |
| JPMorgan | 1 |
| Quarter | Revenue | Rev YoY | EPS | EPS YoY | Op margin | Net margin |
|---|---|---|---|---|---|---|
| FY2024 Q4 | $6.65B | +5.7% | $0.94 | +84.3% | 34.7% | 27.7% |
| FY2025 Q1 | $6.65B | +3.1% | $0.99 | +45.6% | 36.9% | 28.7% |
| FY2025 Q2 | $6.82B | +7.4% | $1.08 | +63.6% | 41.1% | 31.2% |
| FY2025 Q3 |
| 7 (0%) |
| TD Cowen | 1 | 7 (14%) |
| Deutsche Bank | 1 | 6 (0%) |
| Goldman Sachs | 1 | 6 (0%) |
| Wolfe Research | 1 | 5 (20%) |
| $7.04B |
| +7.4% |
| $1.26 |
| +77.5% |
| 42.9% |
| 33.5% |
| FY2025 Q4 | $7.17B | +7.8% | $1.33 | +41.5% | 44.4% | 34.3% |
| FY2026 Q1 | $7.30B | +9.8% | $1.37 | +38.4% | 43.7% | 34.0% |
| FY2026 Q2 | $7.07B | +3.8% | $1.54 | +42.6% | 51.9% | 39.6% |
Management’s own words, often on a non-GAAP, constant-currency, or adjusted basis — so these can differ from the GAAP figures above (e.g. constant-currency revenue growth excludes currency swings).
What SCHW and other companies said about each other on FY2026 Q1 earnings calls — extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“On Schwab, we do not have a concrete plan yet because we have not seen the final.”
State Street is evaluating how to respond to Schwab's potential distribution-platform fees for ETFs but does not see them as a material risk to its ETF business.
“You can also see Schwab is a big distribution channel—23% of STRC is held in Schwab accounts.”
Schwab is a major distribution channel for Strategy's STRC preferred, holding 23% of the instrument, a positive brokerage-flow read-through for Charles Schwab.
“if you look at some of the announcements by folks like CBOE and others, they're coming up, I believe Nasdaq might be also doing something. They're coming up with binary options on different financial events”
Schwab notes Nasdaq may also be launching binary options on financial events, adjacent to prediction markets.
“if you look at some of the announcements by folks like CBOE and others, they're coming up, I believe Nasdaq might be also doing something. They're coming up with binary options on different financial events”
Schwab points to CBOE launching binary options on financial events, which could behave like prediction markets Schwab may later offer.
“investors have been rather focused on an announcement that JPMorgan has made in rolling out a product to reduce the friction around brokerage cash.”
An analyst notes JPMorgan is rolling out a product to reduce friction around brokerage cash, a competitive dynamic for Schwab's sweep-cash economics.
“We also increased our strategic investment in Wealth.com which we are already using to bring AI-powered estate planning tools to our clients.”
Schwab increased its strategic investment in Wealth.com, using its AI-powered estate-planning tools for clients.
“combines the expertise and capabilities of our workplace business with Qapita's flexible technology”
Schwab's new private issuer equity services combine its workplace business with Qapita's technology for pre-IPO stock plan services.
“We completed the acquisition of Forge, which will allow us to provide clients with direct and indirect access to shares of pre-IPO companies through direct private share purchases, single company funds and multicompany funds.”
Schwab completed its acquisition of Forge to give clients access to pre-IPO private company shares.
| Company | Score | Trend | Rev YoY |
|---|---|---|---|
SCHW Charles Schwab Corporation | 9 | +9.8% | |
| CRCL Circle Internet Group | 7 | +20.0% | |
| FIGR Figure Technology Solutions, Inc. Class A Common Stock | 9 | +201.4% | |
| GS The Goldman Sachs Group, Inc. | 7 | +13.9% | |
| HOOD Robinhood Markets, Inc. | 8 | +15.1% | |
| MS Morgan Stanley | 9 | +18.8% | |
| RIOT Riot Platforms, Inc. | 6 | +3.6% | |
| RJF Raymond James Financial | 7 | +12.4% |