SCHW · US
SCHW.US Charles Schwab: latest print still Q2 — Q3 date not named on IR
Charles Schwab Broker-bank and cash sweep. No new P&L and no company-IR Q3 date in this window; financials still Q2. Watch client cash, NIM, NNA.
Cite a section with a deep link, e.g. /en/r/schw-us-research#thesis
Snapshot
- Price
- USD 105.25
- Market cap
- USD 182.0B
- 2026-Q2 net revenue
- USD 7.1B
- PE TTM
- 19.2
As-of 2026-09-27 (weekly refresh; equities aligned to §A. Missing series are N/A/null. Not investment advice.)
Thesis
Charles Schwab (SCHW) Retail brokerage plus bank sweep interest. Rick Wurster became CEO in 2024. Watch client cash, NIM, NNA, bank deposits.
Business
Model: brokerage + bank sweep NII + RIA platform. Flagships: accounts, cash, RIAs. Edge: scale and pricing. Strategy: cash monetization, wealth, bank BS. Entity: The Charles Schwab Corporation.
Value chain
Broker midstream. Risks: cash outflows, rates, operations.
Corporate events
Material items (public filings / IR):
Corporate events
| Date | Phase | Event | Meaning |
|---|---|---|---|
| 2024 | CEO 交接 | Rick Wurster 出任 CEO，Walt Bettinger 交棒 | 经纪+银行战略延续，观察现金管理执行 |
Valuation
Highly sensitive to client cash and rates; multiple trades with sweep expectations.
Valuation snapshot
| Metric | Value | Note |
|---|---|---|
| TTM PE | 19.2 | 腾讯财经行情；历史季为 null |
| PB | 4.14 | 腾讯财经行情；银行主锚之一 |
| 股息率 | N/A | 未接入分红公告同源序列 |
| 现价 / 市值 | 105.25 / $182.01B | 2026-09-18 16:05:15 |
Valuation · ~3y
Interactive chart available in the reader.
~3y quarterly closes (Sina US daily resampled to quarter-end; gaps are null):
Share price · ~3y
Interactive chart available in the reader.
Financial trend (~24 months)
Net revenue Revenues and net income NetIncomeLoss from SEC companyfacts CYyyyyQn frames (single-quarter). Banks have no gross margin; the margin chart is quarterly NI / net revenue.
Net revenue · last 8Q
Interactive chart available in the reader.
Net margin · last 8Q (NI / net revenue)
Interactive chart available in the reader.
Net income · last 8Q
Interactive chart available in the reader.
Financial health (§A.7)
Bank-sub liquidity/CET1 and broker capital. Auditor opinion on the 10-K.
Financial health
| Item | Read-through | Note |
|---|---|---|
| 财务健康总评 | 银行口径：看资本与信贷成本 | 非工业净现金框架 |
| 经营现金流 | 见最新 10-Q | 银行 OCF 含交易/营运资金，波动大 |
| 资本 / 有息负债 | CET1 与批发融资见 10-Q | GSIB/区域行资本规则不同 |
| 流动性 | LCR / 现金及准备金见 10-Q | 存款搬家与市场流动性 |
| 审计意见 | 以最新 10-K 为准 | 持续经营强调事项如有会在年报披露 |
Operations
Volume: client assets and NNA; price: cash yield; cost: interest expense and opex.
Key financial points
| Item | Value | As-of | Basis |
|---|---|---|---|
| 最新单季净营收 | $7.07B | 2026-Q2 | SEC Revenues CYyyyyQn |
| 最新单季净利润 | $2.80B | 2026-Q2 | SEC NetIncomeLoss CYyyyyQn |
| 近四季度净营收合计 | $25.54B | LTM | 单季加总，未年化调整 |
| 现价 / 市值 | 105.25 / $182.01B | 2026-09-18 16:05:15 | 腾讯财经 gtimg |
| TTM PE / PB | 19.17 / 4.14 | 最新季一点 | 无历史同源序列则仅最新点 |
Competition
No sourced quarterly deposit/IB-wallet share series — share charts stay null. Qualitative peers:
Peer comparison
| Company | Position | Quality (qual.) | Strength | Weakness |
|---|---|---|---|---|
| Charles Schwab | 经纪银行 | 中高 | 零售规模 | 投行缺失 |
| Morgan Stanley | 财富+IB | 中高 | HNW | 零售经纪弱于 SCHW |
| Raymond James | 顾问+IB | 中 | 顾问渠道 | 规模远小于 SCHW |
| JPMorgan | 全能 | 高 | 存款 | 零售经纪不是主业 |
Management
Core management (24m)
| Role | Name | Since | 24m change |
|---|---|---|---|
| CEO | Rick Wurster | 2024 | 接替 Walt Bettinger，24m 重大人事 |
| CFO | Peter Crawford | 2017+ | 以最新 10-K 为准 |
| 董事长 | Charles Schwab | 长期 | 创始人董事长 |
Stability: Founder remains chair; CEO succession completed.
Outlook
Near-term: Q3 FY26 print not named on company IR; financials still stop at Q2 — do not borrow peer calendars. Medium-term: the tracking items above.
Scenarios
| Case | Condition | Read-through |
|---|---|---|
| Bull | NIM / credit / fees beat last 4Q | Upside revision |
| Base | Rates and credit near recent trend | Hold / track |
| Bear | Credit or IB/wealth fees deteriorate | Reassess |
Risks
Risks
| Risk | Level | Note |
|---|---|---|
| 客户现金外流 | 高 | 货基/国债搬家减少银行 NII |
| 利率 | 高 | 资产重定价慢于负债 |
| 交易量 | 中 | 佣金与订单流随波动变化 |
| 营运与结算 | 中 | 经纪平台中断 |
| 监管资本 | 低 | 银行子公司资本要求 |
Tracking
Check the next 10-Q / earnings release for:
- Q3 FY26 print not named on company IR in this window; pack financials still stop at Q2 SEC frames. Peer banks often print mid-October — defer to IR
- Client cash balances
- Bank NIM
- Net new assets
- Daily average trades
References
- IR: https://www.aboutschwab.com/investor-relations
- SEC companyfacts CIK 0000316709 — https://data.sec.gov/api/xbrl/companyfacts/CIK0000316709.json
- Tencent Finance quotes (gtimg, 2026-09-18 16:05:15)
- Sina US daily bars — https://finance.sina.com.cn/usstock/
- CompaniesMarketCap bank ranking — https://companiesmarketcap.com/banks/largest-banks-by-market-cap/
Not investment advice. Filings over quotes; PE/PB are point-in-time, not a historical multiple curve.
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