SCHW
NYSE · Financial Services · Financial - Capital Markets · US
Research · Sep 15, 2026
[SCHW] Charles Schwab: Can Lending Sustain Margin Expansion?
Charles Schwab's Q2 net revenue rose 21% to $7.072 billion with a 3.00% net interest margin; Q3 will test whether lending can replace funding-cost repair.
Research · Sep 3, 2026
[SCHW] Charles Schwab Thesis 2026: Cash Sweep Recovery + Ameritrade Integration Synergies Anchor Platform Compounding
Charles Schwab FY2025 revenue ~$21.5B (+12-15% YoY recovering from FY2023 cash sort cyclical trough $18.8B). Net interest income recovering as Schwab Bank deposits stabilized at ~$310B (vs $465B FY2021 peak before cash sort dynamic). Total client assets reached $10.5T+ (~36M+ active brokerage accounts post-Ameritrade integration). TD Ameritrade integration (Nov 2020 $26B acquisition) substantially complete — $2B annual cost synergies achieved (vs initial $1.8-2.0B target). RIA custody business serves 14,000+ advisors with $4T+ client assets (dominant US RIA platform). CEO Rick Wurster transitioned Jan 2025 (succeeded Walt Bettinger 2008-Jan 2025). FY2026 thesis: cash sweep continued stabilization + advisor services growth + post-integration operating margin expansion drives EPS toward $4.00-4.50 by FY2027; key risks: cash sort returns from competitive cash management products, RIA custody competitive intensity from Fidelity/LPL, recession compresses brokerage trading.
Research · Aug 25, 2026
Retail Brokerage Options Trading Surges After Pattern Day Trader Repeal
Since the pattern day trader rule ended on 4 June 2026, Webull's options contracts rose 34% sequentially against 7% for equity notional, and Cboe measured it.
Research · Apr 10, 2026
SEC Options Roundtable: CBOE and ICE Face Fee Reform as PFOF Scrutiny Hits SCHW, IBKR
SEC's options roundtable agenda release advances reform talks on liquidity and fees, spotlighting ICE and CBOE's dominance amid record volumes. Brokers like SCHW/IBKR face PFOF scrutiny, but exchanges' premiums reflect growth tailwinds. Neutral outlook favors scaled players.
Research · Mar 11, 2026
Which Emerging ETF Issuers Are Most Likely to Switch Custodians as Northern Trust Offers a Credible Alternative?
Northern Trust's entry into ETF custody and administration is cracking open a market long dominated by BNY Mellon and State Street. NTRS is the clearest beneficiary as a credible challenger, State Street is the most structurally exposed incumbent due to its dual role as custodian and rival ETF issuer, and Invesco — a cost-conscious mid-size ETF manager — is the most likely major issuer to explore switching.