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Raw inputs
Equipment
Foundry
Chip design
Software
AI demand
—
Company details
Market cap
$162B
P/E ratio
18×
Div yield
1.3%
EPS (2025)
$4.65
Client assets
$11.9T
Rev. growth
+22%
Revenue (2025)
$23.9B
Pre-tax margin
48%
In plain English
Charles Schwab is the largest US retail brokerage and a bank in disguise: it custodies ~$12 trillion for everyday investors and the financial advisers (RIAs) who serve them, then earns most of its money not on trading commissions — which it made free in 2019 — but on the spread between the near-zero interest it pays on clients' idle 'sweep' cash and what it earns lending and investing that cash through Schwab Bank. The 2020 takeover of TD Ameritrade made it the dominant custodian for independent advisers.
In simple terms
What Charles Schwab really sells
Charles Schwab is the largest US retail brokerage and a bank in disguise: it custodies ~$12 trillion for everyday investors and the financial advisers (RIAs) who serve them, then earns most of its money not on trading commissions — which it made free in 2019 — but on the spread between the near-zero interest it pays on clients' idle 'sweep' cash and what it earns lending and investing that cash through Schwab Bank. The 2020 takeover of TD Ameritrade made it the dominant custodian for independent advisers.
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