| ☒ | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | ||||
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | ||||
Delaware | 94-3025021 | ||||||||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | ||||||||||
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
| Common Stock – $.01 par value per share | SCHW | New York Stock Exchange | ||||||
| Depositary Shares, each representing a 1/40th ownership interest in a share of 5.95% Non-Cumulative Preferred Stock, Series D | SCHW PrD | New York Stock Exchange | ||||||
| Depositary Shares, each representing a 1/40th ownership interest in a share of 4.450% Non-Cumulative Preferred Stock, Series J | SCHW PrJ | New York Stock Exchange | ||||||
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| December 31, 2025 | Square Footage | |||||||
| (amounts in thousands) | Leased | Owned | ||||||
| Location | ||||||||
| Corporate headquarters: | ||||||||
| Westlake, TX | 22 | 1,062 | ||||||
| Service and other office space: | ||||||||
| Phoenix, AZ | 67 | 728 | ||||||
| Denver, CO | — | 759 | ||||||
| Omaha, NE | — | 578 | ||||||
| Austin, TX | — | 561 | ||||||
| Orlando, FL | 57 | 420 | ||||||
| Southlake, TX | — | 375 | ||||||
| Indianapolis, IN | — | 161 | ||||||
| St. Louis, MO | — | 158 | ||||||
| Richfield, OH | — | 117 | ||||||
| El Paso, TX | — | 105 | ||||||
| Chicago, IL | 67 | — | ||||||
| Jersey City, NJ | 37 | — | ||||||

| December 31, | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | |||||||||||||||||||||||||||||
| The Charles Schwab Corporation | $ | 100 | $ | 160 | $ | 160 | $ | 135 | $ | 147 | $ | 201 | |||||||||||||||||||||||
S&P 500® | $ | 100 | $ | 129 | $ | 105 | $ | 133 | $ | 166 | $ | 196 | |||||||||||||||||||||||
| Dow Jones U.S. Investment Services Index | $ | 100 | $ | 140 | $ | 126 | $ | 143 | $ | 183 | $ | 231 | |||||||||||||||||||||||
| Month | Total Number of Shares Purchased | Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Program | Approximate Dollar Value of Shares That May Yet Be Purchased Under the Publicly Announced Program | |||||||||||||||||||
| October: | |||||||||||||||||||||||
| Share repurchase program | 10,377 | $ | 94.12 | 10,377 | $ | 16,273 | |||||||||||||||||
Employee transactions (1) | 13 | $ | 94.20 | N/A | N/A | ||||||||||||||||||
| November: | |||||||||||||||||||||||
| Share repurchase program | 9,825 | $ | 93.11 | 9,825 | $ | 15,358 | |||||||||||||||||
Employee transactions (1) | 31 | $ | 95.13 | N/A | N/A | ||||||||||||||||||
| December: | |||||||||||||||||||||||
| Share repurchase program | 8,989 | $ | 94.87 | 8,989 | $ | 14,505 | |||||||||||||||||
Employee transactions (1) | 7 | $ | 95.70 | N/A | N/A | ||||||||||||||||||
| Total: | |||||||||||||||||||||||
| Share repurchase program | 29,191 | $ | 94.01 | 29,191 | $ | 14,505 | |||||||||||||||||
Employee transactions (1) | 51 | $ | 94.97 | N/A | N/A | ||||||||||||||||||
| Percent Change 2025-2024 | 2025 | 2024 | 2023 | ||||||||||||||||||||
| Client Metrics | |||||||||||||||||||||||
Net new client assets (in billions) (1) | 38 | % | $ | 498.6 | $ | 361.6 | $ | 337.2 | |||||||||||||||
| Core net new client assets (in billions) | 42 | % | $ | 519.4 | $ | 366.9 | $ | 305.7 | |||||||||||||||
| Client assets (in billions, at year end) | 18 | % | $ | 11,903.0 | $ | 10,101.3 | $ | 8,516.6 | |||||||||||||||
| Average client assets (in billions) | 15 | % | $ | 10,809.0 | $ | 9,400.4 | $ | 7,793.8 | |||||||||||||||
| New brokerage accounts (in thousands) | 13 | % | 4,692 | 4,170 | 3,806 | ||||||||||||||||||
| Active brokerage accounts (in thousands, at year end) | 6 | % | 38,506 | 36,456 | 34,838 | ||||||||||||||||||
| Assets receiving ongoing advisory services (in billions, at year end) | 19 | % | $ | 6,020.3 | $ | 5,061.7 | $ | 4,338.8 | |||||||||||||||
| Client cash as a percentage of client assets (at year end) | 9.7 | % | 10.1 | % | 10.5 | % | |||||||||||||||||
| Company Financial Information and Metrics | |||||||||||||||||||||||
| Total net revenues | 22 | % | $ | 23,921 | $ | 19,606 | $ | 18,837 | |||||||||||||||
| Total expenses excluding interest | 5 | % | 12,462 | 11,914 | 12,459 | ||||||||||||||||||
| Income before taxes on income | 49 | % | 11,459 | 7,692 | 6,378 | ||||||||||||||||||
| Taxes on income | 49 | % | 2,607 | 1,750 | 1,311 | ||||||||||||||||||
| Net income | 49 | % | 8,852 | 5,942 | 5,067 | ||||||||||||||||||
| Preferred stock dividends and other | (6) | % | 435 | 464 | 418 | ||||||||||||||||||
| Net income available to common stockholders | 54 | % | $ | 8,417 | $ | 5,478 | $ | 4,649 | |||||||||||||||
| Earnings per common share — diluted | 56 | % | $ | 4.65 | $ | 2.99 | $ | 2.54 | |||||||||||||||
| Net revenue growth from prior year | 22 | % | 4 | % | (9) | % | |||||||||||||||||
| Pre-tax profit margin | 47.9 | % | 39.2 | % | 33.9 | % | |||||||||||||||||
| Return on average common stockholders’ equity | 21 | % | 15 | % | 16 | % | |||||||||||||||||
| Expenses excluding interest as a percentage of average client assets | 0.12 | % | 0.13 | % | 0.16 | % | |||||||||||||||||
| Consolidated Tier 1 Leverage Ratio (at year end) | 9.3 | % | 9.9 | % | 8.5 | % | |||||||||||||||||
Non-GAAP Financial Measures (2) | |||||||||||||||||||||||
| Adjusted total expenses | $ | 11,950 | $ | 11,269 | $ | 11,029 | |||||||||||||||||
| Adjusted diluted EPS | $ | 4.87 | $ | 3.25 | $ | 3.13 | |||||||||||||||||
| Return on tangible common equity | 38 | % | 35 | % | 54 | % | |||||||||||||||||
Adjusted tier 1 leverage ratio (consolidated) | 7.1 | % | 6.8 | % | 4.9 | % | |||||||||||||||||
| Year Ended December 31, | 2025 | 2024 | 2023 | |||||||||||||||||||||||||||||
| Percent Change 2025-2024 | Amount | % of Total Net Revenues | Amount | % of Total Net Revenues | Amount | % of Total Net Revenues | ||||||||||||||||||||||||||
| Net interest revenue | ||||||||||||||||||||||||||||||||
| Interest revenue | — | $ | 15,504 | 65 | % | $ | 15,537 | 79 | % | $ | 16,111 | 86 | % | |||||||||||||||||||
| Interest expense | (41) | % | (3,754) | (16) | % | (6,393) | (32) | % | (6,684) | (36) | % | |||||||||||||||||||||
| Net interest revenue | 28 | % | 11,750 | 49 | % | 9,144 | 47 | % | 9,427 | 50 | % | |||||||||||||||||||||
| Asset management and administration fees | ||||||||||||||||||||||||||||||||
| Mutual funds, ETFs, and CTFs | 14 | % | 3,665 | 15 | % | 3,221 | 16 | % | 2,563 | 13 | % | |||||||||||||||||||||
| Managed investing solutions | 15 | % | 2,440 | 10 | % | 2,129 | 11 | % | 1,868 | 10 | % | |||||||||||||||||||||
| Other | 10 | % | 401 | 2 | % | 366 | 2 | % | 325 | 2 | % | |||||||||||||||||||||
| Asset management and administration fees | 14 | % | 6,506 | 27 | % | 5,716 | 29 | % | 4,756 | 25 | % | |||||||||||||||||||||
| Trading revenue | ||||||||||||||||||||||||||||||||
| Commissions | 13 | % | 1,797 | 8 | % | 1,591 | 8 | % | 1,601 | 9 | % | |||||||||||||||||||||
Order flow revenue | 31 | % | 1,930 | 8 | % | 1,477 | 7 | % | 1,404 | 7 | % | |||||||||||||||||||||
| Principal transactions | (1) | % | 194 | 1 | % | 196 | 1 | % | 225 | 1 | % | |||||||||||||||||||||
| Trading revenue | 20 | % | 3,921 | 17 | % | 3,264 | 16 | % | 3,230 | 17 | % | |||||||||||||||||||||
| Bank deposit account fees | 34 | % | 977 | 4 | % | 729 | 4 | % | 705 | 4 | % | |||||||||||||||||||||
| Other | 2 | % | 767 | 3 | % | 753 | 4 | % | 719 | 4 | % | |||||||||||||||||||||
| Total net revenues | 22 | % | $ | 23,921 | 100 | % | $ | 19,606 | 100 | % | $ | 18,837 | 100 | % | ||||||||||||||||||
| Year Ended December 31, | 2025 | 2024 | 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Average Balance | Interest Revenue/ Expense | Average Yield/ Rate | Average Balance | Interest Revenue/ Expense | Average Yield/ Rate | Average Balance | Interest Revenue/ Expense | Average Yield/ Rate | |||||||||||||||||||||||||||||||||||||||||||||
| Interest-earning assets | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Cash and cash equivalents | $ | 28,054 | $ | 1,189 | 4.18 | % | $ | 29,676 | $ | 1,539 | 5.10 | % | $ | 37,846 | $ | 1,894 | 4.94 | % | |||||||||||||||||||||||||||||||||||
| Cash and investments segregated | 44,359 | 1,862 | 4.14 | % | 28,450 | 1,443 | 4.99 | % | 28,259 | 1,355 | 4.73 | % | |||||||||||||||||||||||||||||||||||||||||
Receivables from brokerage clients (1) | 87,300 | 5,700 | 6.44 | % | 70,811 | 5,420 | 7.53 | % | 61,914 | 4,793 | 7.64 | % | |||||||||||||||||||||||||||||||||||||||||
Available for sale securities (2) | 74,478 | 1,538 | 2.06 | % | 101,659 | 2,166 | 2.12 | % | 137,178 | 2,987 | 2.17 | % | |||||||||||||||||||||||||||||||||||||||||
Held to maturity securities (2) | 139,447 | 2,386 | 1.71 | % | 152,566 | 2,636 | 1.72 | % | 165,634 | 2,872 | 1.73 | % | |||||||||||||||||||||||||||||||||||||||||
| Bank loans | 50,595 | 2,168 | 4.28 | % | 42,255 | 1,867 | 4.42 | % | 40,234 | 1,664 | 4.14 | % | |||||||||||||||||||||||||||||||||||||||||
| Total interest-earning assets | 424,233 | 14,843 | 3.47 | % | 425,417 | 15,071 | 3.51 | % | 471,065 | 15,565 | 3.28 | % | |||||||||||||||||||||||||||||||||||||||||
| Securities lending revenue | 437 | 330 | 419 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Other interest revenue (1) | 224 | 136 | 127 | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Total interest-earning assets | $ | 424,233 | $ | 15,504 | 3.62 | % | $ | 425,417 | $ | 15,537 | 3.61 | % | $ | 471,065 | $ | 16,111 | 3.39 | % | |||||||||||||||||||||||||||||||||||
| Funding sources | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Bank deposits (3) | $ | 238,088 | $ | 1,185 | 0.50 | % | $ | 256,212 | $ | 3,152 | 1.23 | % | $ | 306,505 | $ | 3,363 | 1.10 | % | |||||||||||||||||||||||||||||||||||
| Payables to brokers, dealers, and clearing organizations | 18,236 | 701 | 3.79 | % | 8,522 | 372 | 4.30 | % | 4,477 | 147 | 3.23 | % | |||||||||||||||||||||||||||||||||||||||||
Payables to brokerage clients (1) | 94,884 | 244 | 0.26 | % | 72,776 | 272 | 0.37 | % | 66,842 | 271 | 0.41 | % | |||||||||||||||||||||||||||||||||||||||||
| Other short-term borrowings | 7,020 | 324 | 4.60 | % | 9,146 | 504 | 5.51 | % | 7,144 | 375 | 5.25 | % | |||||||||||||||||||||||||||||||||||||||||
| Federal Home Loan Bank borrowings | 7,682 | 356 | 4.57 | % | 23,102 | 1,245 | 5.32 | % | 34,821 | 1,810 | 5.14 | % | |||||||||||||||||||||||||||||||||||||||||
| Long-term debt | 21,093 | 836 | 3.91 | % | 23,083 | 846 | 3.66 | % | 22,636 | 715 | 3.16 | % | |||||||||||||||||||||||||||||||||||||||||
| Total interest-bearing liabilities | 387,003 | 3,646 | 0.94 | % | 392,841 | 6,391 | 1.62 | % | 442,425 | 6,681 | 1.51 | % | |||||||||||||||||||||||||||||||||||||||||
| Non-interest-bearing funding sources | 37,230 | 32,576 | 28,640 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Other interest expense (1) | 108 | 2 | 3 | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Total funding sources | $ | 424,233 | $ | 3,754 | 0.88 | % | $ | 425,417 | $ | 6,393 | 1.49 | % | $ | 471,065 | $ | 6,684 | 1.41 | % | |||||||||||||||||||||||||||||||||||
| Net interest revenue | $ | 11,750 | 2.74 | % | $ | 9,144 | 2.12 | % | $ | 9,427 | 1.98 | % | |||||||||||||||||||||||||||||||||||||||||
| Year Ended December 31, | 2025 | 2024 | 2023 | ||||||||||||||||||||||||||||||||
| Average Client Assets | Revenue | Average Fee | Average Client Assets | Revenue | Average Fee | Average Client Assets | Revenue | Average Fee | |||||||||||||||||||||||||||
| Schwab money market funds | $ | 652,798 | $ | 1,783 | 0.27 | % | $ | 539,113 | $ | 1,461 | 0.27 | % | $ | 391,864 | $ | 1,034 | 0.26 | % | |||||||||||||||||
| Schwab equity and bond funds, ETFs, and CTFs | 708,243 | 516 | 0.07 | % | 588,999 | 462 | 0.08 | % | 471,832 | 382 | 0.08 | % | |||||||||||||||||||||||
Mutual Fund OneSource® and other NTF funds (1) | 404,065 | 966 | 0.24 | % | 342,615 | 878 | 0.26 | % | 249,131 | 657 | 0.26 | % | |||||||||||||||||||||||
Other third-party mutual funds and ETFs (1) | 620,042 | 400 | 0.06 | % | 611,999 | 420 | 0.07 | % | 640,689 | 490 | 0.08 | % | |||||||||||||||||||||||
Total mutual funds, ETFs, and CTFs (2) | $ | 2,385,148 | $ | 3,665 | 0.15 | % | $ | 2,082,726 | $ | 3,221 | 0.15 | % | $ | 1,753,516 | $ | 2,563 | 0.15 | % | |||||||||||||||||
Managed investing solutions (2): | |||||||||||||||||||||||||||||||||||
| Fee-based | $ | 633,960 | $ | 2,440 | 0.38 | % | $ | 542,253 | $ | 2,129 | 0.39 | % | $ | 458,114 | $ | 1,868 | 0.41 | % | |||||||||||||||||
| Non-fee-based | 125,333 | — | — | 111,571 | — | — | 96,633 | — | — | ||||||||||||||||||||||||||
| Total managed investing solutions | $ | 759,293 | $ | 2,440 | 0.32 | % | $ | 653,824 | $ | 2,129 | 0.33 | % | $ | 554,747 | $ | 1,868 | 0.34 | % | |||||||||||||||||
Other balance-based fees (3) | 893,953 | 318 | 0.04 | % | 776,715 | 286 | 0.04 | % | 608,170 | 254 | 0.04 | % | |||||||||||||||||||||||
Other (4) | 83 | 80 | 71 | ||||||||||||||||||||||||||||||||
| Total asset management and administration fees | $ | 6,506 | $ | 5,716 | $ | 4,756 | |||||||||||||||||||||||||||||
| Schwab Money | Schwab Equity and | Mutual Fund OneSource® | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Market Funds | Bond Funds, ETFs, and CTFs | and Other NTF Funds | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Year Ended December 31, | 2025 | 2024 | 2023 | 2025 | 2024 | 2023 | 2025 | 2024 | 2023 | |||||||||||||||||||||||||||||||||||||||||||||||
| Balance at beginning of period | $ | 596,531 | $ | 476,409 | $ | 278,926 | $ | 627,166 | $ | 506,149 | $ | 412,942 | $ | 347,798 | $ | 306,222 | $ | 235,738 | ||||||||||||||||||||||||||||||||||||||
| Net inflows (outflows) | 71,375 | 98,224 | 180,513 | 48,871 | 38,138 | 23,301 | (30,827) | (24,445) | (28,741) | |||||||||||||||||||||||||||||||||||||||||||||||
Net market gains (losses) and other (1) | 25,909 | 21,898 | 16,970 | 96,649 | 82,879 | 69,906 | 137,236 | 66,021 | 99,225 | |||||||||||||||||||||||||||||||||||||||||||||||
| Balance at end of period | $ | 693,815 | $ | 596,531 | $ | 476,409 | $ | 772,686 | $ | 627,166 | $ | 506,149 | $ | 454,207 | $ | 347,798 | $ | 306,222 | ||||||||||||||||||||||||||||||||||||||
| Year Ended December 31, | Percent Change 2025-2024 | 2025 | 2024 | 2023 | |||||||||||||||||||
| Commissions | 13 | % | $ | 1,797 | $ | 1,591 | $ | 1,601 | |||||||||||||||
| Order flow revenue | |||||||||||||||||||||||
| Options | 16 | % | 1,167 | 1,010 | 949 | ||||||||||||||||||
| Equities | 63 | % | 763 | 467 | 455 | ||||||||||||||||||
| Total order flow revenue | 31 | % | 1,930 | 1,477 | 1,404 | ||||||||||||||||||
| Principal transactions | (1) | % | 194 | 196 | 225 | ||||||||||||||||||
| Total trading revenue | 20 | % | $ | 3,921 | $ | 3,264 | $ | 3,230 | |||||||||||||||
| Year Ended December 31, | Percent Change 2025-2024 | 2025 | 2024 | 2023 | |||||||||||||||||||
| DATs (in thousands) | 31 | % | 7,667 | 5,862 | 5,394 | ||||||||||||||||||
| Product as a percentage of DATs | |||||||||||||||||||||||
| Equities | 55 | % | 53 | % | 49 | % | |||||||||||||||||
| Derivatives | 21 | % | 21 | % | 23 | % | |||||||||||||||||
| ETFs | 18 | % | 19 | % | 20 | % | |||||||||||||||||
| Mutual funds | 5 | % | 6 | % | 6 | % | |||||||||||||||||
| Fixed income | 1 | % | 1 | % | 2 | % | |||||||||||||||||
| Number of trading days | (1) | % | 248.5 | 250.5 | 249.0 | ||||||||||||||||||
Revenue per trade (1) | (7) | % | $ | 2.06 | $ | 2.22 | $ | 2.41 | |||||||||||||||
| Year Ended December 31, | Percent Change 2025-2024 | 2025 | 2024 | 2023 | ||||||||||||||||||||||
| Bank deposit account fees | 34 | % | $ | 977 | $ | 729 | $ | 705 | ||||||||||||||||||
| Average BDA balances | (8) | % | $ | 80,329 | $ | 86,846 | $ | 104,227 | ||||||||||||||||||
| Average net yield | 1.22 | % | 0.84 | % | 0.68 | % | ||||||||||||||||||||
| Percentage of average BDA balances designated as: | ||||||||||||||||||||||||||
| Fixed-rate balances | 78 | % | 86 | % | 92 | % | ||||||||||||||||||||
| Floating-rate balances | 22 | % | 14 | % | 8 | % | ||||||||||||||||||||
| Percent Change 2025-2024 | 2025 | 2024 | 2023 | ||||||||||||||||||||
| Compensation and benefits | |||||||||||||||||||||||
| Salaries and wages | 7 | % | $ | 3,770 | $ | 3,530 | $ | 4,046 | |||||||||||||||
| Incentive compensation | 5 | % | 1,565 | 1,488 | 1,239 | ||||||||||||||||||
| Employee benefits and other | 13 | % | 1,156 | 1,025 | 1,030 | ||||||||||||||||||
| Total compensation and benefits | 7 | % | $ | 6,491 | $ | 6,043 | $ | 6,315 | |||||||||||||||
| Professional services | 14 | % | 1,197 | 1,053 | 1,058 | ||||||||||||||||||
| Occupancy and equipment | 5 | % | 1,117 | 1,060 | 1,254 | ||||||||||||||||||
| Advertising and market development | 6 | % | 420 | 397 | 397 | ||||||||||||||||||
| Communications | 5 | % | 620 | 591 | 629 | ||||||||||||||||||
| Depreciation and amortization | (7) | % | 850 | 916 | 804 | ||||||||||||||||||
| Amortization of acquired intangible assets | (1) | % | 512 | 519 | 534 | ||||||||||||||||||
| Regulatory fees and assessments | (28) | % | 287 | 398 | 547 | ||||||||||||||||||
| Other | 3 | % | 968 | 937 | 921 | ||||||||||||||||||
| Total expenses excluding interest | 5 | % | $ | 12,462 | $ | 11,914 | $ | 12,459 | |||||||||||||||
| Expenses as a percentage of total net revenues | |||||||||||||||||||||||
| Compensation and benefits | 27 | % | 31 | % | 34 | % | |||||||||||||||||
| Advertising and market development | 2 | % | 2 | % | 2 | % | |||||||||||||||||
| Full-time equivalent employees (in thousands) | |||||||||||||||||||||||
| At year end | 3 | % | 33.0 | 32.1 | 33.0 | ||||||||||||||||||
| Average | 1 | % | 32.6 | 32.3 | 35.4 | ||||||||||||||||||
| Investor Services | Advisor Services | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Percent Change 2025-2024 | 2025 | 2024 | 2023 | Percent Change 2025-2024 | 2025 | 2024 | 2023 | Percent Change 2025-2024 | 2025 | 2024 | 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Year Ended December 31, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net Revenues | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net interest revenue | 27% | $ | 9,328 | $ | 7,317 | $ | 7,193 | 33% | $ | 2,422 | $ | 1,827 | $ | 2,234 | 28% | $ | 11,750 | $ | 9,144 | $ | 9,427 | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Asset management and administration fees | 15% | 4,756 | 4,146 | 3,492 | 11% | 1,750 | 1,570 | 1,264 | 14% | 6,506 | 5,716 | 4,756 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Trading revenue | 22% | 3,525 | 2,895 | 2,821 | 7% | 396 | 369 | 409 | 20% | 3,921 | 3,264 | 3,230 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Bank deposit account fees | 35% | 766 | 568 | 546 | 31% | 211 | 161 | 159 | 34% | 977 | 729 | 705 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other | (1)% | 624 | 632 | 598 | 18% | 143 | 121 | 121 | 2% | 767 | 753 | 719 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total net revenues | 22% | 18,999 | 15,558 | 14,650 | 22% | 4,922 | 4,048 | 4,187 | 22% | 23,921 | 19,606 | 18,837 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Expenses Excluding Interest | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Compensation and benefits | 8% | 5,025 | 4,656 | 4,779 | 6% | 1,466 | 1,387 | 1,536 | 7% | 6,491 | 6,043 | 6,315 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Professional services | 14% | 953 | 834 | 824 | 11% | 244 | 219 | 234 | 14% | 1,197 | 1,053 | 1,058 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Occupancy and equipment | 6% | 876 | 823 | 951 | 2% | 241 | 237 | 303 | 5% | 1,117 | 1,060 | 1,254 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Advertising and market development | 9% | 280 | 256 | 296 | (1)% | 140 | 141 | 101 | 6% | 420 | 397 | 397 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Communications | 6% | 439 | 415 | 441 | 3% | 181 | 176 | 188 | 5% | 620 | 591 | 629 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Depreciation and amortization | (10)% | 644 | 716 | 609 | 3% | 206 | 200 | 195 | (7)% | 850 | 916 | 804 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Amortization of acquired intangible assets | (6)% | 418 | 445 | 449 | 27% | 94 | 74 | 85 | (1)% | 512 | 519 | 534 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Regulatory fees and assessments | (24)% | 237 | 311 | 387 | (43)% | 50 | 87 | 160 | (28)% | 287 | 398 | 547 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other | 3% | 806 | 782 | 703 | 5% | 162 | 155 | 218 | 3% | 968 | 937 | 921 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total expenses excluding interest | 5% | 9,678 | 9,238 | 9,439 | 4% | 2,784 | 2,676 | 3,020 | 5% | 12,462 | 11,914 | 12,459 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income before taxes on income | 47% | $ | 9,321 | $ | 6,320 | $ | 5,211 | 56% | $ | 2,138 | $ | 1,372 | $ | 1,167 | 49% | $ | 11,459 | $ | 7,692 | $ | 6,378 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net new client assets (in billions) (1) | 33% | $ | 213.8 | $ | 161.1 | $ | 181.3 | 42% | $ | 284.8 | $ | 200.5 | $ | 155.9 | 38% | $ | 498.6 | $ | 361.6 | $ | 337.2 | ||||||||||||||||||||||||||||||||||||||||||||||||||
| December 31, | 2025 | 2024 | ||||||
Increase of 200 basis points | 8.6% | 8.6% | ||||||
| Increase of 100 basis points | 4.1% | 4.6% | ||||||
Increase of 50 basis points | 1.7% | 2.5% | ||||||
Decrease of 50 basis points | (2.2)% | (2.3)% | ||||||
| Decrease of 100 basis points | (4.4)% | (4.6)% | ||||||
Decrease of 200 basis points | (8.8)% | (9.3)% | ||||||
| December 31, 2025 | December 31, 2024 | ||||||||||
| In years | |||||||||||
| Estimated effective duration, exclusive of derivatives: | |||||||||||
| Consolidated total assets | 1.8 | 2.1 | |||||||||
| AFS investment securities portfolio | 2.4 | 2.3 | |||||||||
| AFS and HTM investment securities portfolios | 3.9 | 3.9 | |||||||||
Pledged asset lines (1) | 0.1 | — | |||||||||
Long-term debt CSC Senior Notes | 3.0 | 3.2 | |||||||||
Estimated effective duration, inclusive of derivatives (2): | |||||||||||
| Consolidated total assets | 1.9 | 2.0 | |||||||||
| AFS investment securities portfolio | 2.0 | 1.8 | |||||||||
| AFS and HTM investment securities portfolios | 3.7 | 3.7 | |||||||||
Pledged asset lines (1) | 1.2 | — | |||||||||
Long-term debt CSC Senior Notes | 1.9 | 2.3 | |||||||||
| Description | Borrower | Outstanding | Available | Maturity of Amounts Outstanding | Weighted-Average Interest Rate on Amounts Outstanding | |||||||||||||||
| FHLB secured credit facilities | Banking subsidiaries | $ | 1,850 | $ | 74,226 | (1) | February 2026 - March 2026 | 3.90% | ||||||||||||
| Federal Reserve discount window | Banking subsidiaries | — | 29,327 | (1) | N/A | — | ||||||||||||||
| Repurchase agreements | Banking subsidiaries, CSC, CS&Co | 1,301 | — | (2) | February 2026 - April 2026 (3) | 3.94% | ||||||||||||||
| Unsecured uncommitted lines of credit with various external banks | CSC, CS&Co | — | 1,892 | N/A | — | |||||||||||||||
| Unsecured commercial paper | CSC | 1,894 | 3,106 | (4) | May 2026 - July 2026 | 4.03% | ||||||||||||||
| Secured uncommitted lines of credit with various external banks | CS&Co | 3,800 | — | (5) | February 2026 - May 2026 | 4.18% | ||||||||||||||
Average for the Three Months Ended | |||||||||||
| December 31, 2025 | September 30, 2025 | ||||||||||
| Total eligible HQLA | $ | 55,450 | $ | 53,281 | |||||||
| Net cash outflows | 42,415 | 39,814 | |||||||||
| LCR | 131 | % | 134 | % | |||||||
| Average for the Three Months Ended | |||||||||||
| December 31, 2025 | September 30, 2025 | ||||||||||
| ASF | $ | 206,100 | $ | 202,100 | |||||||
| RSF | 159,369 | 154,754 | |||||||||
| NSFR | 129 | % | 131 | % | |||||||
| December 31, 2025 | Par Outstanding | Maturity | Weighted-Average Interest Rate (1) | Moody’s | Standard & Poor’s | Fitch | ||||||||||||||
| CSC Senior Notes | $ | 22,119 | 2026 - 2036 | 3.73% | A2 | A- | A | |||||||||||||
| Ameritrade Holding LLC Senior Notes | 81 | 2027 - 2029 | 3.13% | A2 | A- | — | ||||||||||||||
| Issuance Date | Issuance Amount | Maturity Date | Interest Rate | Interest Payable | |||||||||||||
| November 14, 2025 | $ | 1,000 | 11/14/2031 | 4.343% | (1) | Semi-annually | |||||||||||
| November 14, 2025 | $ | 1,000 | 11/14/2036 | 4.914% | (1) | Semi-annually | |||||||||||
| November 17, 2023 | $ | 1,300 | 11/17/2029 | 6.196% | (1) | Semi-annually | |||||||||||
| August 24, 2023 | $ | 1,350 | 8/24/2034 | 6.136% | (1) | Semi-annually | |||||||||||
| August 24, 2023 | $ | 1,000 | 8/24/2026 | 5.875% | Semi-annually | ||||||||||||
| May 19, 2023 | $ | 1,200 | 5/19/2029 | 5.643% | (1) | Semi-annually | |||||||||||
| May 19, 2023 | $ | 1,300 | 5/19/2034 | 5.853% | (1) | Semi-annually | |||||||||||
| December 31, | 2025 | 2024 | |||||||||||||||||||||
| CSC | CSB | CSC | CSB | ||||||||||||||||||||
| Total stockholders’ equity | $ | 49,425 | $ | 18,658 | $ | 48,375 | $ | 19,700 | |||||||||||||||
| Less: | |||||||||||||||||||||||
| Preferred stock | 6,763 | — | 9,191 | — | |||||||||||||||||||
| Common Equity Tier 1 Capital before regulatory adjustments | $ | 42,662 | $ | 18,658 | $ | 39,184 | $ | 19,700 | |||||||||||||||
| Less: | |||||||||||||||||||||||
| Goodwill, net of associated deferred tax liabilities | $ | 11,711 | $ | 13 | $ | 11,746 | $ | 13 | |||||||||||||||
| Other intangible assets, net of associated deferred tax liabilities | 5,811 | — | 6,232 | — | |||||||||||||||||||
| Deferred tax assets, net of valuation allowances and deferred tax liabilities | 38 | 43 | 50 | 41 | |||||||||||||||||||
AOCI adjustment (1) | (10,979) | (9,524) | (14,839) | (12,938) | |||||||||||||||||||
| Common Equity Tier 1 Capital | $ | 36,081 | $ | 28,126 | $ | 35,995 | $ | 32,584 | |||||||||||||||
| Tier 1 Capital | $ | 42,844 | $ | 28,126 | $ | 45,186 | $ | 32,584 | |||||||||||||||
| Total Capital | 42,894 | 28,163 | 45,218 | 32,606 | |||||||||||||||||||
| Risk-Weighted Assets | 118,782 | 78,281 | 113,648 | 78,134 | |||||||||||||||||||
| Average Assets with regulatory adjustments | 462,473 | 252,828 | 458,119 | 280,701 | |||||||||||||||||||
| Total Leverage Exposure | 465,794 | 254,975 | 461,200 | 282,629 | |||||||||||||||||||
| Common Equity Tier 1 Capital/Risk-Weighted Assets | 30.4 | % | 35.9 | % | 31.7 | % | 41.7 | % | |||||||||||||||
| Tier 1 Capital/Risk-Weighted Assets | 36.1 | % | 35.9 | % | 39.8 | % | 41.7 | % | |||||||||||||||
| Total Capital/Risk-Weighted Assets | 36.1 | % | 36.0 | % | 39.8 | % | 41.7 | % | |||||||||||||||
| Tier 1 Leverage Ratio | 9.3 | % | 11.1 | % | 9.9 | % | 11.6 | % | |||||||||||||||
| Supplementary Leverage Ratio | 9.2 | % | 11.0 | % | 9.8 | % | 11.5 | % | |||||||||||||||
| Date of Declaration | Quarterly Cash Increase Per Common Share | % Increase | New Quarterly Dividend Per Common Share | ||||||||||||||
| January 29, 2025 | $ | .02 | 8 | % | $ | .27 | |||||||||||
| Year Ended December 31, | 2025 | 2024 | |||||||||||||||||||||
| Cash Paid | Per Share Amount | Cash Paid | Per Share Amount | ||||||||||||||||||||
Common and Nonvoting Common Stock (1) | $ | 1,958 | $ | 1.08 | $ | 1,838 | $ | 1.00 | |||||||||||||||
| Preferred Stock: | |||||||||||||||||||||||
Series D (2) | 45 | 59.52 | 45 | 59.52 | |||||||||||||||||||
Series F (3) | 24 | 5,000.00 | 24 | 5,000.00 | |||||||||||||||||||
Series G (4) | 66 | 2,687.50 | 132 | 5,375.00 | |||||||||||||||||||
Series H (2) | 89 | 4,000.00 | 89 | 4,000.00 | |||||||||||||||||||
Series I (2) | 83 | 4,000.00 | 83 | 4,000.00 | |||||||||||||||||||
Series J (2) | 27 | 44.52 | 27 | 44.52 | |||||||||||||||||||
Series K (2) | 37 | 5,000.00 | 37 | 5,000.00 | |||||||||||||||||||
| Non-GAAP Adjustment or Measure | Definition | Usefulness to Investors and Uses by Management | ||||||
Acquisition and integration-related costs, amortization of acquired intangible assets, and restructuring costs | Schwab adjusts certain GAAP financial measures to exclude the impact of acquisition and integration-related costs incurred as a result of the Company’s acquisitions, amortization of acquired intangible assets, restructuring costs, and, where applicable, the income tax effect of these expenses. Adjustments made to exclude amortization of acquired intangible assets are reflective of all acquired intangible assets, which were recorded as part of purchase accounting. These acquired intangible assets contribute to the Company’s revenue generation. Amortization of acquired intangible assets will continue in future periods over their remaining useful lives. | We exclude acquisition and integration-related costs, amortization of acquired intangible assets, and restructuring costs for the purpose of calculating certain non-GAAP measures because we believe doing so provides additional transparency of Schwab’s ongoing operations, and is useful in both evaluating the operating performance of the business and facilitating comparison of results with prior and future periods. Costs related to acquisition and integration or restructuring fluctuate based on the timing of acquisitions, integration and restructuring activities, thereby limiting comparability of results among periods, and are not representative of the costs of running the Company’s ongoing business. Amortization of acquired intangible assets is excluded because management does not believe it is indicative of the Company’s underlying operating performance. | ||||||
| Return on tangible common equity | Return on tangible common equity represents annualized adjusted net income available to common stockholders as a percentage of average tangible common equity. Tangible common equity represents common equity less goodwill, acquired intangible assets — net, and related deferred tax liabilities. | Acquisitions typically result in the recognition of significant amounts of goodwill and acquired intangible assets. We believe return on tangible common equity may be useful to investors as a supplemental measure to facilitate assessing capital efficiency and returns relative to the composition of Schwab’s balance sheet. | ||||||
| Adjusted Tier 1 Leverage Ratio | Adjusted Tier 1 Leverage Ratio represents the Tier 1 Leverage Ratio as prescribed by bank regulatory guidance for the consolidated company and for CSB, adjusted to reflect the inclusion of AOCI in the ratio. | Inclusion of the impacts of AOCI in the Company’s Tier 1 Leverage Ratio provides additional information regarding the Company’s current capital position. We believe Adjusted Tier 1 Leverage Ratio may be useful to investors as a supplemental measure of the Company’s capital levels. | ||||||
| Year Ended December 31, | ||||||||||||||
| 2025 | 2024 | 2023 | ||||||||||||
| Total expenses excluding interest (GAAP) | $ | 12,462 | $ | 11,914 | $ | 12,459 | ||||||||
| Amortization of acquired intangible assets | (512) | (519) | (534) | |||||||||||
Acquisition and integration-related costs (1) | — | (117) | (401) | |||||||||||
Restructuring costs (2) | — | (9) | (495) | |||||||||||
| Adjusted total expenses (non-GAAP) | $ | 11,950 | $ | 11,269 | $ | 11,029 | ||||||||
| Year Ended December 31, | ||||||||||||||||||||
| 2025 | 2024 | 2023 | ||||||||||||||||||
| Amount | Diluted EPS | Amount | Diluted EPS | Amount | Diluted EPS | |||||||||||||||
| Net income available to common stockholders (GAAP), Earnings per common share — diluted (GAAP) | $ | 8,417 | $ | 4.65 | $ | 5,478 | $ | 2.99 | $ | 4,649 | $ | 2.54 | ||||||||
| Amortization of acquired intangible assets | 512 | .29 | 519 | .28 | 534 | .29 | ||||||||||||||
| Acquisition and integration-related costs | — | — | 117 | .06 | 401 | .22 | ||||||||||||||
| Restructuring costs | — | — | 9 | — | 495 | .27 | ||||||||||||||
Income tax effects (1) | (122) | (.07) | (154) | (.08) | (338) | (.19) | ||||||||||||||
| Adjusted net income available to common stockholders (non-GAAP), Adjusted diluted EPS (non-GAAP) | $ | 8,807 | $ | 4.87 | $ | 5,969 | $ | 3.25 | $ | 5,741 | $ | 3.13 | ||||||||
| Year Ended December 31, | ||||||||||||||
| 2025 | 2024 | 2023 | ||||||||||||
| Return on average common stockholders’ equity (GAAP) | 21 | % | 15 | % | 16 | % | ||||||||
| Average common stockholders’ equity | $ | 40,923 | $ | 35,475 | $ | 29,334 | ||||||||
| Less: Average goodwill | (11,951) | (11,951) | (11,951) | |||||||||||
| Less: Average acquired intangible assets — net | (7,488) | (8,002) | (8,524) | |||||||||||
| Plus: Average deferred tax liabilities related to goodwill and acquired intangible assets — net | 1,691 | 1,741 | 1,805 | |||||||||||
| Average tangible common equity | $ | 23,175 | $ | 17,263 | $ | 10,664 | ||||||||
Adjusted net income available to common stockholders (1) | $ | 8,807 | $ | 5,969 | $ | 5,741 | ||||||||
| Return on tangible common equity (non-GAAP) | 38 | % | 35 | % | 54 | % | ||||||||
| December 31, 2025 | December 31, 2024 | December 31, 2023 | ||||||||||||||||||
| CSC | CSB | CSC | CSB | CSC | CSB | |||||||||||||||
| Tier 1 Leverage Ratio (GAAP) | 9.3 | % | 11.1 | % | 9.9 | % | 11.6 | % | 8.5 | % | 10.1 | % | ||||||||
Tier 1 Capital | $ | 42,844 | $ | 28,126 | $ | 45,186 | $ | 32,584 | $ | 40,602 | $ | 31,777 | ||||||||
| Plus: AOCI adjustment | (11,017) | (9,562) | (14,839) | (12,938) | (18,131) | (15,746) | ||||||||||||||
| Adjusted Tier 1 Capital | 31,827 | 18,564 | 30,347 | 19,646 | 22,471 | 16,031 | ||||||||||||||
Average assets with regulatory adjustments | 462,473 | 252,828 | 458,119 | 280,701 | 476,069 | 315,851 | ||||||||||||||
| Plus: AOCI adjustment | (11,333) | (9,875) | (14,831) | (13,037) | (19,514) | (17,194) | ||||||||||||||
| Adjusted average assets with regulatory adjustments | $ | 451,140 | $ | 242,953 | $ | 443,288 | $ | 267,664 | $ | 456,555 | $ | 298,657 | ||||||||
| Adjusted Tier 1 Leverage Ratio (non-GAAP) | 7.1 | % | 7.6 | % | 6.8 | % | 7.3 | % | 4.9 | % | 5.4 | % | ||||||||
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Report of Independent Registered Public Accounting Firm (PCAOB ID No. 34) | |||||||||||
| Consolidated Statements of Income | |||||||||||||||||
| (In Millions, Except Per Share Amounts) | |||||||||||||||||
| Year Ended December 31, | 2025 | 2024 | 2023 | ||||||||||||||
| Net Revenues | |||||||||||||||||
| Interest revenue | $ | 15,504 | $ | 15,537 | $ | 16,111 | |||||||||||
| Interest expense | (3,754) | (6,393) | (6,684) | ||||||||||||||
| Net interest revenue | 11,750 | 9,144 | 9,427 | ||||||||||||||
Asset management and administration fees | 6,506 | 5,716 | 4,756 | ||||||||||||||
| Trading revenue | 3,921 | 3,264 | 3,230 | ||||||||||||||
| Bank deposit account fees | 977 | 729 | 705 | ||||||||||||||
| Other | 767 | 753 | 719 | ||||||||||||||
| Total net revenues | 23,921 | 19,606 | 18,837 | ||||||||||||||
| Expenses Excluding Interest | |||||||||||||||||
| Compensation and benefits | 6,491 | 6,043 | 6,315 | ||||||||||||||
| Professional services | 1,197 | 1,053 | 1,058 | ||||||||||||||
| Occupancy and equipment | 1,117 | 1,060 | 1,254 | ||||||||||||||
| Advertising and market development | 420 | 397 | 397 | ||||||||||||||
| Communications | 620 | 591 | 629 | ||||||||||||||
| Depreciation and amortization | 850 | 916 | 804 | ||||||||||||||
| Amortization of acquired intangible assets | 512 | 519 | 534 | ||||||||||||||
| Regulatory fees and assessments | 287 | 398 | 547 | ||||||||||||||
| Other | 968 | 937 | 921 | ||||||||||||||
| Total expenses excluding interest | 12,462 | 11,914 | 12,459 | ||||||||||||||
| Income before taxes on income | 11,459 | 7,692 | 6,378 | ||||||||||||||
| Taxes on income | 2,607 | 1,750 | 1,311 | ||||||||||||||
| Net Income | 8,852 | 5,942 | 5,067 | ||||||||||||||
| Preferred stock dividends and other | 435 | 464 | 418 | ||||||||||||||
| Net Income Available to Common Stockholders | $ | 8,417 | $ | 5,478 | $ | 4,649 | |||||||||||
| Weighted-Average Common Shares Outstanding: | |||||||||||||||||
| Basic | 1,804 | 1,828 | 1,824 | ||||||||||||||
| Diluted | 1,809 | 1,834 | 1,831 | ||||||||||||||
Earnings Per Common Shares Outstanding (1): | |||||||||||||||||
| Basic | $ | 4.67 | $ | 3.00 | $ | 2.55 | |||||||||||
| Diluted | $ | 4.65 | $ | 2.99 | $ | 2.54 | |||||||||||
| Consolidated Statements of Comprehensive Income | |||||||||||||||||
| (In Millions) | |||||||||||||||||
| Year Ended December 31, | 2025 | 2024 | 2023 | ||||||||||||||
| Net income | $ | 8,852 | $ | 5,942 | $ | 5,067 | |||||||||||
| Other comprehensive income (loss), before tax: | |||||||||||||||||
| Change in net unrealized gain (loss) on available for sale securities: | |||||||||||||||||
| Net unrealized gain (loss) | 2,763 | 1,940 | 3,539 | ||||||||||||||
| Other reclassifications included in other revenue | 79 | 40 | 61 | ||||||||||||||
| Change in net unrealized gain (loss) on held to maturity securities: | |||||||||||||||||
| Amortization of amounts previously recorded upon transfer to held to maturity from available for sale | 2,187 | 2,279 | 2,474 | ||||||||||||||
| Change in net unrealized gain (loss) on derivatives designated as cash flow hedging instruments: | |||||||||||||||||
| Net unrealized gain (loss) | (17) | — | — | ||||||||||||||
| Reclassifications included in interest revenue | 66 | — | — | ||||||||||||||
| Other | (8) | (1) | (35) | ||||||||||||||
| Other comprehensive income (loss), before tax | 5,070 | 4,258 | 6,039 | ||||||||||||||
| Income tax effect | (1,205) | (975) | (1,549) | ||||||||||||||
| Other comprehensive income (loss), net of tax | 3,865 | 3,283 | 4,490 | ||||||||||||||
| Comprehensive Income (Loss) | $ | 12,717 | $ | 9,225 | $ | 9,557 | |||||||||||
Consolidated Balance Sheets | |||||||||||
| (In Millions, Except Per Share and Share Amounts) | |||||||||||
| December 31, | 2025 | 2024 | |||||||||
| Assets | |||||||||||
| Cash and cash equivalents | $ | 46,030 | $ | 42,083 | |||||||
Cash and investments segregated and on deposit for regulatory purposes (including resale agreements of $16,901 and $10,075 at December 31, 2025 and 2024, respectively) | 42,931 | 38,221 | |||||||||
| Receivables from brokers, dealers, and clearing organizations | 7,190 | 2,440 | |||||||||
| Receivables from brokerage clients — net | 104,660 | 85,374 | |||||||||
Available for sale securities (amortized cost of $66,225 and $89,704 at December 31, 2025 and 2024, respectively; including assets pledged of $281 and $378, respectively) | 62,357 | 82,994 | |||||||||
Held to maturity securities (including assets pledged of $1,270 and $5,920 at December 31, 2025 and 2024, respectively) | 133,969 | 146,453 | |||||||||
| Bank loans — net | 57,955 | 45,215 | |||||||||
| Equipment, office facilities, and property — net | 3,091 | 3,338 | |||||||||
| Goodwill | 11,951 | 11,951 | |||||||||
| Acquired intangible assets — net | 7,233 | 7,743 | |||||||||
| Other assets | 13,628 | 14,031 | |||||||||
| Total assets | $ | 490,995 | $ | 479,843 | |||||||
| Liabilities and Stockholders’ Equity | |||||||||||
| Bank deposits | $ | 255,747 | $ | 259,121 | |||||||
| Payables to brokers, dealers, and clearing organizations | 25,689 | 13,336 | |||||||||
| Payables to brokerage clients | 116,341 | 101,559 | |||||||||
| Accrued expenses and other liabilities | 12,831 | 12,325 | |||||||||
| Other short-term borrowings | 6,913 | 5,999 | |||||||||
Federal Home Loan Bank borrowings | 1,850 | 16,700 | |||||||||
| Long-term debt | 22,199 | 22,428 | |||||||||
| Total liabilities | 441,570 | 431,468 | |||||||||
| Stockholders’ equity: | |||||||||||
Preferred stock — $.01 par value per share; aggregate liquidation preference of $6,871 and $9,329 at December 31, 2025 and 2024, respectively | 6,763 | 9,191 | |||||||||
Common stock — 3 billion shares authorized; $.01 par value per share; 2,074,188,875 and 2,023,295,180 shares issued at December 31, 2025 and 2024 | 21 | 20 | |||||||||
Nonvoting common stock — 300 million shares authorized; $.01 par value per share; no shares issued at December 31, 2025 and 50,893,695 shares issued at December 31, 2024 | — | 1 | |||||||||
| Additional paid-in capital | 27,996 | 27,639 | |||||||||
| Retained earnings | 44,065 | 37,568 | |||||||||
Treasury stock, at cost — 315,863,800 and 242,977,194 shares at December 31, 2025 and 2024, respectively | (18,437) | (11,196) | |||||||||
| Accumulated other comprehensive income (loss) | (10,983) | (14,848) | |||||||||
| Total stockholders’ equity | 49,425 | 48,375 | |||||||||
| Total liabilities and stockholders’ equity | $ | 490,995 | $ | 479,843 | |||||||
| Consolidated Statements of Stockholders’ Equity | ||||||||||||||||||||||||||||||||
| (In Millions) | ||||||||||||||||||||||||||||||||
| Nonvoting Common Stock | Additional Paid-In Capital | Accumulated Other Comprehensive Income (Loss) | ||||||||||||||||||||||||||||||
| Preferred Stock | Common Stock | Retained Earnings | Treasury Stock, at cost | |||||||||||||||||||||||||||||
| Shares | Amount | Shares | Amount | Total | ||||||||||||||||||||||||||||
| Balance at December 31, 2022 | $ | 9,706 | 2,023 | $ | 20 | 51 | $ | 1 | $ | 27,075 | $ | 31,066 | $ | (8,639) | $ | (22,621) | $ | 36,608 | ||||||||||||||
| Net income | — | — | — | — | — | — | 5,067 | — | — | 5,067 | ||||||||||||||||||||||
| Other comprehensive income (loss), net of tax | — | — | — | — | — | — | — | — | 4,490 | 4,490 | ||||||||||||||||||||||
| Redemption and repurchase of preferred stock, inclusive of tax | (515) | — | — | — | — | — | 44 | — | — | (471) | ||||||||||||||||||||||
| Dividends declared on preferred stock | — | — | — | — | — | — | (438) | — | — | (438) | ||||||||||||||||||||||
Dividends declared on common stock — $1.00 per share | — | — | — | — | — | — | (1,838) | — | — | (1,838) | ||||||||||||||||||||||
| Repurchase of common stock, inclusive of tax | — | — | — | — | — | — | — | (2,866) | — | (2,866) | ||||||||||||||||||||||
| Stock option exercises and other | — | — | — | — | — | (145) | — | 194 | — | 49 | ||||||||||||||||||||||
| Share-based compensation | — | — | — | — | — | 294 | — | — | — | 294 | ||||||||||||||||||||||
| Other | — | — | — | — | — | 106 | — | (43) | — | 63 | ||||||||||||||||||||||
| Balance at December 31, 2023 | $ | 9,191 | 2,023 | $ | 20 | 51 | $ | 1 | $ | 27,330 | $ | 33,901 | $ | (11,354) | $ | (18,131) | $ | 40,958 | ||||||||||||||
| Net income | — | — | — | — | — | — | 5,942 | — | — | 5,942 | ||||||||||||||||||||||
| Other comprehensive income (loss), net of tax | — | — | — | — | — | — | — | — | 3,283 | 3,283 | ||||||||||||||||||||||
| Dividends declared on preferred stock | — | — | — | — | — | — | (437) | — | — | (437) | ||||||||||||||||||||||
Dividends declared on common stock — $1.00 per share | — | — | — | — | — | — | (1,838) | — | — | (1,838) | ||||||||||||||||||||||
| Stock option exercises and other | — | — | — | — | — | (123) | — | 207 | — | 84 | ||||||||||||||||||||||
| Share-based compensation | — | — | — | — | — | 313 | — | — | — | 313 | ||||||||||||||||||||||
| Other | — | — | — | — | — | 119 | — | (49) | — | 70 | ||||||||||||||||||||||
| Balance at December 31, 2024 | $ | 9,191 | 2,023 | $ | 20 | 51 | $ | 1 | $ | 27,639 | $ | 37,568 | $ | (11,196) | $ | (14,848) | $ | 48,375 | ||||||||||||||
| Net income | — | — | — | — | — | — | 8,852 | — | — | 8,852 | ||||||||||||||||||||||
| Other comprehensive income (loss), net of tax | — | — | — | — | — | — | — | — | 3,865 | 3,865 | ||||||||||||||||||||||
| Redemption of preferred stock | (2,428) | — | — | — | — | — | (30) | — | — | (2,458) | ||||||||||||||||||||||
| Dividends declared on preferred stock | — | — | — | — | — | — | (371) | — | — | (371) | ||||||||||||||||||||||
Dividends declared on common stock — $1.08 per share | — | — | — | — | — | — | (1,958) | — | — | (1,958) | ||||||||||||||||||||||
| Repurchase of common stock, inclusive of tax | — | — | — | — | — | — | — | (5,902) | — | (5,902) | ||||||||||||||||||||||
| Repurchase of nonvoting common stock, inclusive of tax | — | 19 | — | (19) | — | — | — | (1,512) | — | (1,512) | ||||||||||||||||||||||
| Conversion of nonvoting common stock to common stock | — | 32 | 1 | (32) | (1) | — | — | — | — | — | ||||||||||||||||||||||
| Stock option exercises and other | — | — | — | — | — | (74) | — | 230 | — | 156 | ||||||||||||||||||||||
| Share-based compensation | — | — | — | — | — | 289 | — | — | — | 289 | ||||||||||||||||||||||
| Other | — | — | — | — | — | 142 | 4 | (57) | — | 89 | ||||||||||||||||||||||
| Balance at December 31, 2025 | $ | 6,763 | 2,074 | $ | 21 | — | $ | — | $ | 27,996 | $ | 44,065 | $ | (18,437) | $ | (10,983) | $ | 49,425 | ||||||||||||||
Consolidated Statements of Cash Flows | |||||||||||
| (In Millions) | |||||||||||
| Year Ended December 31, | 2025 | 2024 | 2023 | ||||||||
| Cash Flows from Operating Activities | |||||||||||
| Net income | $ | 8,852 | $ | 5,942 | $ | 5,067 | |||||
| Adjustments to reconcile net income to net cash provided by (used for) operating activities: | |||||||||||
| Share-based compensation | 317 | 337 | 320 | ||||||||
| Depreciation and amortization | 850 | 916 | 804 | ||||||||
| Amortization of acquired intangible assets | 512 | 519 | 534 | ||||||||
| Provision (benefit) for deferred income taxes | 361 | (191) | (478) | ||||||||
| Premium amortization, net, on available for sale and held to maturity securities | 695 | 806 | 830 | ||||||||
| Other | 729 | 552 | 702 | ||||||||
| Net change in: | |||||||||||
| Investments segregated and on deposit for regulatory purposes | (4,510) | (14,090) | 23,759 | ||||||||
| Receivables from brokers, dealers, and clearing organizations | (4,750) | 887 | (451) | ||||||||
| Receivables from brokerage clients | (19,390) | (16,779) | (2,135) | ||||||||
| Other assets | (1,298) | 92 | (1,569) | ||||||||
| Payables to brokers, dealers, and clearing organizations | 12,353 | 6,688 | 1,808 | ||||||||
| Payables to brokerage clients | 14,782 | 16,773 | (12,652) | ||||||||
| Accrued expenses and other liabilities | (192) | 218 | 3,048 | ||||||||
| Net cash provided by (used for) operating activities | 9,311 | 2,670 | 19,587 | ||||||||
| Cash Flows from Investing Activities | |||||||||||
| Purchases of available for sale securities | (8,496) | (2,986) | (1,487) | ||||||||
| Proceeds from sales of available for sale securities | 8,987 | 3,532 | 8,465 | ||||||||
| Principal payments on available for sale securities | 22,958 | 25,589 | 36,508 | ||||||||
| Purchases of held to maturity securities | (1,083) | — | — | ||||||||
| Principal payments on held to maturity securities | 15,262 | 14,721 | 15,461 | ||||||||
| Net change in bank loans | (12,807) | (4,787) | 99 | ||||||||
| Purchases of equipment, office facilities, and property | (548) | (620) | (700) | ||||||||
| Purchases of FHLB stock | (1,023) | (895) | (1,869) | ||||||||
| Proceeds from sales of FHLB stock | 1,656 | 1,388 | 1,344 | ||||||||
| Purchases of Federal Reserve stock | (9) | (189) | (221) | ||||||||
| Proceeds from sales of Federal Reserve stock | 11 | — | 98 | ||||||||
| Other investing activities | (370) | (322) | (287) | ||||||||
| Net cash provided by (used for) investing activities | 24,538 | 35,431 | 57,411 | ||||||||
| Cash Flows from Financing Activities | |||||||||||
| Net change in bank deposits | (3,374) | (30,832) | (76,771) | ||||||||
| Proceeds from FHLB borrowings | 28,360 | 23,001 | 49,200 | ||||||||
| Repayments of FHLB borrowings | (43,210) | (32,701) | (35,200) | ||||||||
| Proceeds from other short-term borrowings | 37,046 | 27,017 | 17,000 | ||||||||
| Repayments of other short-term borrowings | (36,184) | (27,571) | (15,104) | ||||||||
| Issuances of long-term debt | 1,986 | — | 6,097 | ||||||||
| Repayments of long-term debt | (2,248) | (3,682) | (831) | ||||||||
| Repurchases of common stock and nonvoting common stock | (7,346) | — | (2,842) | ||||||||
| Redemption and repurchase of preferred stock | (2,458) | — | (467) | ||||||||
| Dividends paid | (2,329) | (2,275) | (2,276) | ||||||||
| Proceeds from stock options exercised | 156 | 84 | 49 | ||||||||
| Other financing activities | (101) | (101) | (100) | ||||||||
| Net cash provided by (used for) financing activities | (29,702) | (47,060) | (61,245) | ||||||||
| Increase (Decrease) in Cash and Cash Equivalents, including Amounts Restricted | 4,147 | (8,959) | 15,753 | ||||||||
| Cash and Cash Equivalents, including Amounts Restricted at Beginning of Year | 65,514 | 74,473 | 58,720 | ||||||||
| Cash and Cash Equivalents, including Amounts Restricted at End of Year | $ | 69,661 | $ | 65,514 | $ | 74,473 | |||||
| Year Ended December 31, | 2025 | 2024 | 2023 | ||||||||
| Supplemental Cash Flow Information | |||||||||||
| Non-cash investing activity: | |||||||||||
| Changes in accrued equipment, office facilities, and property purchases | $ | 54 | $ | (13) | $ | 104 | |||||
| Other Supplemental Cash Flow Information | |||||||||||
| Cash paid during the year for: | |||||||||||
| Interest | $ | 4,557 | $ | 6,655 | $ | 5,623 | |||||
| Amounts included in the measurement of lease liabilities | $ | 246 | $ | 260 | $ | 255 | |||||
| Leased assets obtained in exchange for new operating lease liabilities | $ | 322 | $ | 153 | $ | 118 | |||||
| Leased assets obtained in exchange for new finance lease liabilities | $ | 11 | $ | — | $ | 48 | |||||
| December 31, | 2025 | 2024 | 2023 | ||||||||
Reconciliation of cash, cash equivalents and amounts reported within the balance sheet (1) | |||||||||||
| Cash and cash equivalents | $ | 46,030 | $ | 42,083 | $ | 43,337 | |||||
| Restricted cash and cash equivalents amounts included in cash and investments segregated and on deposit for regulatory purposes | 23,631 | 23,431 | 31,136 | ||||||||
| Total cash and cash equivalents, including amounts restricted shown in the statement of cash flows | $ | 69,661 | $ | 65,514 | $ | 74,473 | |||||
| All equipment types and furniture | 3 to 10 years | ||||
| Buildings | 40 years | ||||
| Building and land improvements | 20 years | ||||
| Software | 3 to 10 years (1) | ||||
| Leasehold improvements | Lesser of useful life or lease term | ||||
| Standard | Description | Date of Adoption | Effects on the Financial Statements or Other Significant Matters | ||||||||
Accounting Standards Update (ASU) 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures” | Expands income tax disclosures, primarily by enhancing the rate reconciliation table and requiring additional disaggregated information about income taxes paid. Adoption allows retrospective or prospective application, with early adoption permitted. | January 1, 2025 (applies to the annual financial statements for 2025 and interim periods thereafter) | The Company adopted this guidance on January 1, 2025 on a retrospective basis for all periods presented within these 2025 annual financial statements. The impact of adoption was the additional tax disclosures included in Note 22. | ||||||||
| Year Ended December 31, | 2025 | 2024 | 2023 | ||||||||||||||
| Net interest revenue | |||||||||||||||||
| Cash and cash equivalents | $ | 1,189 | $ | 1,539 | $ | 1,894 | |||||||||||
| Cash and investments segregated | 1,862 | 1,443 | 1,355 | ||||||||||||||
Receivables from brokerage clients (1) | 5,700 | 5,420 | 4,793 | ||||||||||||||
| Available for sale securities | 1,538 | 2,166 | 2,987 | ||||||||||||||
| Held to maturity securities | 2,386 | 2,636 | 2,872 | ||||||||||||||
| Bank loans | 2,168 | 1,867 | 1,664 | ||||||||||||||
| Securities lending revenue | 437 | 330 | 419 | ||||||||||||||
Other interest revenue (1) | 224 | 136 | 127 | ||||||||||||||
| Interest revenue | 15,504 | 15,537 | 16,111 | ||||||||||||||
| Bank deposits | (1,185) | (3,152) | (3,363) | ||||||||||||||
| Payables to brokers, dealers, and clearing organizations | (701) | (372) | (147) | ||||||||||||||
Payables to brokerage clients (1) | (244) | (272) | (271) | ||||||||||||||
| Other short-term borrowings | (324) | (504) | (375) | ||||||||||||||
| Federal Home Loan Bank borrowings | (356) | (1,245) | (1,810) | ||||||||||||||
| Long-term debt | (836) | (846) | (715) | ||||||||||||||
Other interest expense (1) | (108) | (2) | (3) | ||||||||||||||
| Interest expense | (3,754) | (6,393) | (6,684) | ||||||||||||||
| Net interest revenue | 11,750 | 9,144 | 9,427 | ||||||||||||||
| Asset management and administration fees | |||||||||||||||||
| Mutual funds, ETFs, and CTFs | 3,665 | 3,221 | 2,563 | ||||||||||||||
| Managed investing solutions | 2,440 | 2,129 | 1,868 | ||||||||||||||
| Other | 401 | 366 | 325 | ||||||||||||||
| Asset management and administration fees | 6,506 | 5,716 | 4,756 | ||||||||||||||
| Trading revenue | |||||||||||||||||
| Commissions | 1,797 | 1,591 | 1,601 | ||||||||||||||
| Order flow revenue | 1,930 | 1,477 | 1,404 | ||||||||||||||
| Principal transactions | 194 | 196 | 225 | ||||||||||||||
| Trading revenue | 3,921 | 3,264 | 3,230 | ||||||||||||||
| Bank deposit account fees | 977 | 729 | 705 | ||||||||||||||
| Other | 767 | 753 | 719 | ||||||||||||||
| Total net revenues | $ | 23,921 | $ | 19,606 | $ | 18,837 | |||||||||||
| December 31, | 2025 | 2024 | |||||||||
| Receivables | |||||||||||
| Securities borrowed | $ | 4,797 | $ | 695 | |||||||
| Receivables from clearing organizations | 2,327 | 1,670 | |||||||||
| Receivables for securities failed to deliver | 42 | 40 | |||||||||
| Other receivables from broker-dealers | 24 | 35 | |||||||||
Receivables from brokers, dealers, and clearing organizations | $ | 7,190 | $ | 2,440 | |||||||
| Payables | |||||||||||
| Deposits for securities loaned | $ | 25,131 | $ | 13,068 | |||||||
| Other payables to broker-dealers | 302 | 37 | |||||||||
| Payables to clearing organizations | 115 | 127 | |||||||||
| Payables for securities failed to receive | 91 | 104 | |||||||||
| Broker-dealer repurchase agreements | 50 | — | |||||||||
| Payables to brokers, dealers, and clearing organizations | $ | 25,689 | $ | 13,336 | |||||||
| December 31, 2025 | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | |||||||||||||||||||
| Available for sale securities | |||||||||||||||||||||||
| U.S. agency mortgage-backed securities | $ | 44,585 | $ | — | $ | 3,151 | $ | 41,434 | |||||||||||||||
| U.S. Treasury securities | 11,543 | 3 | 182 | 11,364 | |||||||||||||||||||
Corporate debt securities (1) | 5,027 | — | 360 | 4,667 | |||||||||||||||||||
Asset-backed securities (2) | 4,332 | — | 133 | 4,199 | |||||||||||||||||||
| U.S. state and municipal securities | 595 | — | 34 | 561 | |||||||||||||||||||
| Non-agency commercial mortgage-backed securities | 120 | — | 7 | 113 | |||||||||||||||||||
| Other | 21 | — | 2 | 19 | |||||||||||||||||||
Unallocated PLM fair value basis adjustments (3) | 2 | — | 2 | — | |||||||||||||||||||
Total available for sale securities (4) | $ | 66,225 | $ | 3 | $ | 3,871 | $ | 62,357 | |||||||||||||||
| Held to maturity securities | |||||||||||||||||||||||
| U.S. agency mortgage-backed securities | $ | 133,563 | $ | 1,732 | $ | 9,646 | $ | 125,649 | |||||||||||||||
| U.S. Treasury securities | 406 | — | — | 406 | |||||||||||||||||||
| Total held to maturity securities | $ | 133,969 | $ | 1,732 | $ | 9,646 | $ | 126,055 | |||||||||||||||
| December 31, 2024 | |||||||||||||||||||||||
| Available for sale securities | |||||||||||||||||||||||
| U.S. agency mortgage-backed securities | $ | 57,262 | $ | — | $ | 5,429 | $ | 51,833 | |||||||||||||||
| U.S. Treasury securities | 14,939 | 1 | 471 | 14,469 | |||||||||||||||||||
Corporate debt securities (1) | 10,166 | — | 587 | 9,579 | |||||||||||||||||||
Asset-backed securities (2) | 6,106 | — | 196 | 5,910 | |||||||||||||||||||
| U.S. state and municipal securities | 603 | — | 54 | 549 | |||||||||||||||||||
| Foreign government agency securities | 533 | — | 6 | 527 | |||||||||||||||||||
Non-agency commercial mortgage-backed securities | 121 | — | 12 | 109 | |||||||||||||||||||
| Other | 21 | — | 3 | 18 | |||||||||||||||||||
Unallocated PLM fair value basis adjustments (3) | (47) | — | (47) | — | |||||||||||||||||||
Total available for sale securities | $ | 89,704 | $ | 1 | $ | 6,711 | $ | 82,994 | |||||||||||||||
| Held to maturity securities | |||||||||||||||||||||||
| U.S. agency mortgage-backed securities | $ | 146,453 | $ | 146 | $ | 13,994 | $ | 132,605 | |||||||||||||||
| Total held to maturity securities | $ | 146,453 | $ | 146 | $ | 13,994 | $ | 132,605 | |||||||||||||||
| Less than 12 months | 12 months or longer | Total | |||||||||||||||||||||||||||||||||
| December 31, 2025 | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | |||||||||||||||||||||||||||||
| Available for sale securities | |||||||||||||||||||||||||||||||||||
U.S. agency mortgage-backed securities (1) | $ | 4 | $ | — | $ | 41,394 | $ | 3,151 | $ | 41,398 | $ | 3,151 | |||||||||||||||||||||||
U.S. Treasury securities (1) | 1,558 | — | 5,424 | 182 | 6,982 | 182 | |||||||||||||||||||||||||||||
| Corporate debt securities | — | — | 4,667 | 360 | 4,667 | 360 | |||||||||||||||||||||||||||||
Asset-backed securities (1) | 147 | — | 4,046 | 133 | 4,193 | 133 | |||||||||||||||||||||||||||||
| U.S. state and municipal securities | 27 | 2 | 534 | 32 | 561 | 34 | |||||||||||||||||||||||||||||
| Non-agency commercial mortgage-backed securities | — | — | 113 | 7 | 113 | 7 | |||||||||||||||||||||||||||||
| Other | — | — | 19 | 2 | 19 | 2 | |||||||||||||||||||||||||||||
Total (2) | $ | 1,736 | $ | 2 | $ | 56,197 | $ | 3,867 | $ | 57,933 | $ | 3,869 | |||||||||||||||||||||||
| December 31, 2024 | |||||||||||||||||||||||||||||||||||
| Available for sale securities | |||||||||||||||||||||||||||||||||||
U.S. agency mortgage-backed securities | $ | — | $ | — | $ | 51,833 | $ | 5,429 | $ | 51,833 | $ | 5,429 | |||||||||||||||||||||||
U.S. Treasury securities (1) | 243 | — | 12,727 | 471 | 12,970 | 471 | |||||||||||||||||||||||||||||
| Corporate debt securities | — | — | 9,579 | 587 | 9,579 | 587 | |||||||||||||||||||||||||||||
Asset-backed securities (1) | 12 | — | 5,888 | 196 | 5,900 | 196 | |||||||||||||||||||||||||||||
| U.S. state and municipal securities | — | — | 549 | 54 | 549 | 54 | |||||||||||||||||||||||||||||
| Foreign government agency securities | — | — | 527 | 6 | 527 | 6 | |||||||||||||||||||||||||||||
| Non-agency commercial mortgage-backed securities | — | — | 109 | 12 | 109 | 12 | |||||||||||||||||||||||||||||
| Other | — | — | 18 | 3 | 18 | 3 | |||||||||||||||||||||||||||||
Total (2) | $ | 255 | $ | — | $ | 81,230 | $ | 6,758 | $ | 81,485 | $ | 6,758 | |||||||||||||||||||||||
| In years | |||||
| Estimated effective duration, exclusive of derivatives: | |||||
| AFS investment securities portfolio | 2.4 | ||||
| AFS and HTM investment securities portfolios | 3.9 | ||||
Estimated effective duration, inclusive of derivatives (1): | |||||
| AFS investment securities portfolio | 2.0 | ||||
| AFS and HTM investment securities portfolios | 3.7 | ||||
| December 31, 2025 | Within 1 year | After 1 year through 5 years | After 5 years through 10 years | After 10 years | Total | ||||||||||||||||||||||||
| Available for sale securities | |||||||||||||||||||||||||||||
| U.S. agency mortgage-backed securities | $ | 1,203 | $ | 6,748 | $ | 19,177 | $ | 14,306 | $ | 41,434 | |||||||||||||||||||
| U.S. Treasury securities | 4,128 | 7,236 | — | — | 11,364 | ||||||||||||||||||||||||
| Corporate debt securities | 728 | 3,585 | 354 | — | 4,667 | ||||||||||||||||||||||||
| Asset-backed securities | 129 | 1,006 | 445 | 2,619 | 4,199 | ||||||||||||||||||||||||
| U.S. state and municipal securities | 5 | 266 | 279 | 11 | 561 | ||||||||||||||||||||||||
| Non-agency commercial mortgage-backed securities | — | — | — | 113 | 113 | ||||||||||||||||||||||||
| Other | — | — | — | 19 | 19 | ||||||||||||||||||||||||
| Total fair value | $ | 6,193 | $ | 18,841 | $ | 20,255 | $ | 17,068 | $ | 62,357 | |||||||||||||||||||
Total amortized cost (1) | $ | 6,264 | $ | 19,756 | $ | 21,987 | $ | 18,216 | $ | 66,223 | |||||||||||||||||||
Weighted-average yield (2) | 2.34 | % | 1.70 | % | 1.56 | % | 2.79 | % | 2.01 | % | |||||||||||||||||||
| Held to maturity securities | |||||||||||||||||||||||||||||
| U.S. agency mortgage-backed securities | $ | 467 | $ | 23,555 | $ | 23,792 | $ | 77,835 | $ | 125,649 | |||||||||||||||||||
| U.S. Treasury securities | — | 406 | — | — | 406 | ||||||||||||||||||||||||
| Total fair value | $ | 467 | $ | 23,961 | $ | 23,792 | $ | 77,835 | $ | 126,055 | |||||||||||||||||||
| Total amortized cost | $ | 468 | $ | 24,585 | $ | 24,436 | $ | 84,480 | $ | 133,969 | |||||||||||||||||||
Weighted-average yield (2) | 1.66 | % | 1.74 | % | 1.74 | % | 1.72 | % | 1.73 | % | |||||||||||||||||||
| Year Ended December 31, | 2025 | 2024 | 2023 | ||||||||||||||
| Proceeds | $ | 8,987 | $ | 3,532 | $ | 8,465 | |||||||||||
| Gross realized gains | 2 | — | 1 | ||||||||||||||
| Gross realized losses | 81 | 40 | 62 | ||||||||||||||
| December 31, 2025 | Current | 30-59 days past due | 60-89 days past due | >90 days past due and other nonaccrual loans (3) | Total past due and other nonaccrual loans | Total loans | Allowance for credit losses | Total bank loans — net | |||||||||||||||||||||||||||||||||||||||
| Residential real estate: | |||||||||||||||||||||||||||||||||||||||||||||||
First Mortgages (1,2) | $ | 30,429 | $ | 13 | $ | 5 | $ | 37 | $ | 55 | $ | 30,484 | $ | 28 | $ | 30,456 | |||||||||||||||||||||||||||||||
HELOCs (1,2) | 423 | 1 | — | 3 | 4 | 427 | 1 | 426 | |||||||||||||||||||||||||||||||||||||||
| Total residential real estate | 30,852 | 14 | 5 | 40 | 59 | 30,911 | 29 | 30,882 | |||||||||||||||||||||||||||||||||||||||
| Pledged asset lines | 26,570 | 20 | 10 | 3 | 33 | 26,603 | — | 26,603 | |||||||||||||||||||||||||||||||||||||||
| Other | 477 | — | — | — | — | 477 | 7 | 470 | |||||||||||||||||||||||||||||||||||||||
| Total bank loans | $ | 57,899 | $ | 34 | $ | 15 | $ | 43 | $ | 92 | $ | 57,991 | $ | 36 | $ | 57,955 | |||||||||||||||||||||||||||||||
| December 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||
| Residential real estate: | |||||||||||||||||||||||||||||||||||||||||||||||
First Mortgages (1,2) | $ | 27,321 | $ | 37 | $ | 6 | $ | 25 | $ | 68 | $ | 27,389 | $ | 14 | $ | 27,375 | |||||||||||||||||||||||||||||||
HELOCs (1,2) | 421 | — | — | 3 | 3 | 424 | 1 | 423 | |||||||||||||||||||||||||||||||||||||||
| Total residential real estate | 27,742 | 37 | 6 | 28 | 71 | 27,813 | 15 | 27,798 | |||||||||||||||||||||||||||||||||||||||
| Pledged asset lines | 17,010 | 8 | — | 6 | 14 | 17,024 | — | 17,024 | |||||||||||||||||||||||||||||||||||||||
| Other | 398 | — | — | 1 | 1 | 399 | 6 | 393 | |||||||||||||||||||||||||||||||||||||||
| Total bank loans | $ | 45,150 | $ | 45 | $ | 6 | $ | 35 | $ | 86 | $ | 45,236 | $ | 21 | $ | 45,215 | |||||||||||||||||||||||||||||||
| First Mortgages | HELOCs | Total residential real estate | Pledged asset lines | Other | Total | ||||||||||||||||||||||||||||||
| Balance at December 31, 2022 | $ | 66 | $ | 4 | $ | 70 | $ | — | $ | 3 | $ | 73 | |||||||||||||||||||||||
| Charge-offs | — | — | — | — | — | — | |||||||||||||||||||||||||||||
| Recoveries | — | — | — | — | — | — | |||||||||||||||||||||||||||||
| Provision for credit losses | (34) | (2) | (36) | — | 1 | (35) | |||||||||||||||||||||||||||||
| Balance at December 31, 2023 | $ | 32 | $ | 2 | $ | 34 | $ | — | $ | 4 | $ | 38 | |||||||||||||||||||||||
| Charge-offs | — | — | — | — | — | — | |||||||||||||||||||||||||||||
| Recoveries | — | — | — | — | — | — | |||||||||||||||||||||||||||||
| Provision for credit losses | (18) | (1) | (19) | — | 2 | (17) | |||||||||||||||||||||||||||||
| Balance at December 31, 2024 | $ | 14 | $ | 1 | $ | 15 | $ | — | $ | 6 | $ | 21 | |||||||||||||||||||||||
| Charge-offs | — | — | — | — | — | — | |||||||||||||||||||||||||||||
| Recoveries | — | — | — | — | — | — | |||||||||||||||||||||||||||||
| Provision for credit losses | 14 | — | 14 | — | 1 | 15 | |||||||||||||||||||||||||||||
| Balance at December 31, 2025 | $ | 28 | $ | 1 | $ | 29 | $ | — | $ | 7 | $ | 36 | |||||||||||||||||||||||
| First Mortgages Amortized Cost Basis by Origination Year | ||||||||||||||||||||||||||||||||
| December 31, 2025 | 2025 | 2024 | 2023 | 2022 | 2021 | pre-2021 | Total First Mortgages | Revolving HELOCs amortized cost basis | HELOCs converted to term loans | Total HELOCs | ||||||||||||||||||||||
| Origination FICO | ||||||||||||||||||||||||||||||||
| <620 | $ | — | $ | 1 | $ | — | $ | 3 | $ | 1 | $ | 1 | $ | 6 | $ | — | $ | — | $ | — | ||||||||||||
| 620 – 679 | 23 | 16 | 4 | 23 | 28 | 21 | 115 | — | 1 | 1 | ||||||||||||||||||||||
| 680 – 739 | 526 | 272 | 219 | 667 | 1,011 | 497 | 3,192 | 52 | 24 | 76 | ||||||||||||||||||||||
| ≥740 | 5,480 | 2,534 | 1,573 | 4,546 | 9,109 | 3,929 | 27,171 | 260 | 90 | 350 | ||||||||||||||||||||||
| Total | $ | 6,029 | $ | 2,823 | $ | 1,796 | $ | 5,239 | $ | 10,149 | $ | 4,448 | $ | 30,484 | $ | 312 | $ | 115 | $ | 427 | ||||||||||||
| Origination LTV | ||||||||||||||||||||||||||||||||
| ≤70% | $ | 4,105 | $ | 1,925 | $ | 1,216 | $ | 3,891 | $ | 8,832 | $ | 3,641 | $ | 23,610 | $ | 296 | $ | 80 | $ | 376 | ||||||||||||
| >70% – ≤90% | 1,924 | 898 | 580 | 1,348 | 1,317 | 806 | 6,873 | 16 | 34 | 50 | ||||||||||||||||||||||
| >90% – ≤100% | — | — | — | — | — | 1 | 1 | — | 1 | 1 | ||||||||||||||||||||||
| Total | $ | 6,029 | $ | 2,823 | $ | 1,796 | $ | 5,239 | $ | 10,149 | $ | 4,448 | $ | 30,484 | $ | 312 | $ | 115 | $ | 427 | ||||||||||||
| Refreshed FICO | ||||||||||||||||||||||||||||||||
| <620 | $ | 8 | $ | 4 | $ | 3 | $ | 36 | $ | 32 | $ | 23 | $ | 106 | $ | 3 | $ | 3 | $ | 6 | ||||||||||||
| 620 – 679 | 59 | 31 | 25 | 61 | 80 | 60 | 316 | 5 | 6 | 11 | ||||||||||||||||||||||
| 680 – 739 | 570 | 227 | 153 | 483 | 797 | 360 | 2,590 | 48 | 20 | 68 | ||||||||||||||||||||||
| ≥740 | 5,392 | 2,561 | 1,615 | 4,659 | 9,240 | 4,005 | 27,472 | 256 | 86 | 342 | ||||||||||||||||||||||
| Total | $ | 6,029 | $ | 2,823 | $ | 1,796 | $ | 5,239 | $ | 10,149 | $ | 4,448 | $ | 30,484 | $ | 312 | $ | 115 | $ | 427 | ||||||||||||
Estimated Refreshed LTV (1) | ||||||||||||||||||||||||||||||||
| ≤70% | $ | 3,877 | $ | 1,989 | $ | 1,450 | $ | 4,696 | $ | 10,046 | $ | 4,437 | $ | 26,495 | $ | 310 | $ | 115 | $ | 425 | ||||||||||||
| >70% – ≤90% | 2,148 | 829 | 342 | 537 | 103 | 11 | 3,970 | 2 | — | 2 | ||||||||||||||||||||||
| >90% – ≤100% | 4 | 5 | 4 | 6 | — | — | 19 | — | — | — | ||||||||||||||||||||||
| Total | $ | 6,029 | $ | 2,823 | $ | 1,796 | $ | 5,239 | $ | 10,149 | $ | 4,448 | $ | 30,484 | $ | 312 | $ | 115 | $ | 427 | ||||||||||||
| Gross charge-offs | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||
| Percent of Loans on Nonaccrual Status | 0.01 | % | 0.01 | % | 0.11 | % | 0.10 | % | 0.15 | % | 0.31 | % | 0.12 | % | 0.16 | % | 1.80 | % | 0.70 | % | ||||||||||||
| First Mortgages Amortized Cost Basis by Origination Year | |||||||||||||||||||||||||||||
| December 31, 2024 | 2024 | 2023 | 2022 | 2021 | pre-2021 | Total First Mortgages | Revolving HELOCs amortized cost basis | HELOCs converted to term loans | Total HELOCs | ||||||||||||||||||||
| Origination FICO | |||||||||||||||||||||||||||||
| <620 | $ | 1 | $ | — | $ | 2 | $ | 1 | $ | 2 | $ | 6 | $ | — | $ | — | $ | — | |||||||||||
| 620 – 679 | 24 | 4 | 26 | 29 | 28 | 111 | — | 1 | 1 | ||||||||||||||||||||
| 680 – 739 | 361 | 249 | 724 | 1,091 | 576 | 3,001 | 47 | 30 | 77 | ||||||||||||||||||||
| ≥740 | 3,203 | 1,895 | 4,902 | 9,796 | 4,475 | 24,271 | 241 | 105 | 346 | ||||||||||||||||||||
| Total | $ | 3,589 | $ | 2,148 | $ | 5,654 | $ | 10,917 | $ | 5,081 | $ | 27,389 | $ | 288 | $ | 136 | $ | 424 | |||||||||||
| Origination LTV | |||||||||||||||||||||||||||||
| ≤70% | $ | 2,471 | $ | 1,445 | $ | 4,197 | $ | 9,479 | $ | 4,159 | $ | 21,751 | $ | 267 | $ | 95 | $ | 362 | |||||||||||
| >70% – ≤90% | 1,118 | 703 | 1,457 | 1,438 | 920 | 5,636 | 21 | 40 | 61 | ||||||||||||||||||||
| >90% – ≤100% | — | — | — | — | 2 | 2 | — | 1 | 1 | ||||||||||||||||||||
| Total | $ | 3,589 | $ | 2,148 | $ | 5,654 | $ | 10,917 | $ | 5,081 | $ | 27,389 | $ | 288 | $ | 136 | $ | 424 | |||||||||||
| Refreshed FICO | |||||||||||||||||||||||||||||
| <620 | $ | — | $ | 3 | $ | 25 | $ | 15 | $ | 21 | $ | 64 | $ | 1 | $ | 5 | $ | 6 | |||||||||||
| 620 – 679 | 34 | 31 | 74 | 97 | 74 | 310 | 6 | 7 | 13 | ||||||||||||||||||||
| 680 – 739 | 339 | 191 | 574 | 871 | 435 | 2,410 | 48 | 24 | 72 | ||||||||||||||||||||
| ≥740 | 3,216 | 1,923 | 4,981 | 9,934 | 4,551 | 24,605 | 233 | 100 | 333 | ||||||||||||||||||||
| Total | $ | 3,589 | $ | 2,148 | $ | 5,654 | $ | 10,917 | $ | 5,081 | $ | 27,389 | $ | 288 | $ | 136 | $ | 424 | |||||||||||
Estimated Refreshed LTV (1) | |||||||||||||||||||||||||||||
| ≤70% | $ | 2,402 | $ | 1,660 | $ | 4,942 | $ | 10,747 | $ | 5,057 | $ | 24,808 | $ | 285 | $ | 136 | $ | 421 | |||||||||||
| >70% – ≤90% | 1,187 | 487 | 693 | 166 | 20 | 2,553 | 3 | — | 3 | ||||||||||||||||||||
| >90% – ≤100% | — | 1 | 17 | 3 | 4 | 25 | — | — | — | ||||||||||||||||||||
| >100% | — | — | 2 | 1 | — | 3 | — | — | — | ||||||||||||||||||||
| Total | $ | 3,589 | $ | 2,148 | $ | 5,654 | $ | 10,917 | $ | 5,081 | $ | 27,389 | $ | 288 | $ | 136 | $ | 424 | |||||||||||
| Gross charge-offs | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||
| Percent of Loans on Nonaccrual Status | 0.01 | % | 0.12 | % | 0.16 | % | 0.04 | % | 0.18 | % | 0.09 | % | 0.07 | % | 2.33 | % | 0.71 | % | |||||||||||
| December 31, 2025 | Balance | ||||
Converted to an amortizing loan by period end (1) | $ | 115 | |||
| Within 1 year | 13 | ||||
| > 1 year – 3 years | 35 | ||||
| > 3 years – 5 years | 56 | ||||
| > 5 years | 208 | ||||
| Total | $ | 427 | |||
| December 31, | 2025 | 2024 | |||||||||
| Software | $ | 3,890 | $ | 3,718 | |||||||
| Buildings | 1,976 | 1,801 | |||||||||
| Information technology and telecommunications equipment | 1,127 | 1,086 | |||||||||
| Leasehold improvements | 371 | 411 | |||||||||
| Land | 244 | 235 | |||||||||
| Construction in progress | 90 | 205 | |||||||||
| Other | 360 | 341 | |||||||||
| Total equipment, office facilities, and property | 8,058 | 7,797 | |||||||||
| Accumulated depreciation and amortization | (4,967) | (4,459) | |||||||||
| Total equipment, office facilities, and property — net | $ | 3,091 | $ | 3,338 | |||||||
| Investor Services | Advisor Services | Total | |||||||||||||||
| December 31, 2023 | $ | 7,969 | $ | 3,982 | $ | 11,951 | |||||||||||
Goodwill acquired and other changes during the period (1) | 114 | (114) | — | ||||||||||||||
| December 31, 2024 | $ | 8,083 | $ | 3,868 | $ | 11,951 | |||||||||||
Goodwill acquired and other changes during the period | — | — | — | ||||||||||||||
| December 31, 2025 | $ | 8,083 | $ | 3,868 | $ | 11,951 | |||||||||||
| December 31, 2025 | December 31, 2024 | |||||||||||||||||||
| Gross Carrying Value | Accumulated Amortization | Net Carrying Value | Gross Carrying Value | Accumulated Amortization | Net Carrying Value | |||||||||||||||
| Client relationships | $ | 9,819 | $ | (2,679) | $ | 7,140 | $ | 9,819 | $ | (2,171) | $ | 7,648 | ||||||||
| Technology | 216 | (216) | — | 216 | (212) | 4 | ||||||||||||||
| Trade names | 113 | (20) | 93 | 111 | (20) | 91 | ||||||||||||||
| Total acquired intangible assets | $ | 10,148 | $ | (2,915) | $ | 7,233 | $ | 10,146 | $ | (2,403) | $ | 7,743 | ||||||||
| 2026 | $ | 508 | |||
| 2027 | 508 | ||||
| 2028 | 507 | ||||
| 2029 | 507 | ||||
| 2030 | 507 | ||||
| Thereafter | 4,603 | ||||
| Total | $ | 7,140 | |||
| December 31, | 2025 | 2024 | |||||||||
Other securities owned at fair value (1) | $ | 3,162 | $ | 2,543 | |||||||
Other investments (2) | 3,068 | 3,282 | |||||||||
| Receivables — interest, dividends, and other | 2,068 | 1,952 | |||||||||
| Deferred tax assets — net | 1,969 | 3,527 | |||||||||
Customer contract receivables (3) | 819 | 694 | |||||||||
| Operating lease ROU assets | 705 | 591 | |||||||||
| Income taxes receivable | 593 | 255 | |||||||||
| Capitalized contract costs | 578 | 487 | |||||||||
| Contract assets — net | 193 | 216 | |||||||||
Other | 473 | 484 | |||||||||
| Total other assets | $ | 13,628 | $ | 14,031 | |||||||
| December 31, 2025 | December 31, 2024 | ||||||||||||||||||||||||||||||||||
| Aggregate assets | Aggregate liabilities | Maximum exposure to loss | Aggregate assets | Aggregate liabilities | Maximum exposure to loss | ||||||||||||||||||||||||||||||
LIHTC investments (1) | $ | 2,084 | $ | 1,111 | $ | 2,084 | $ | 1,729 | $ | 947 | $ | 1,729 | |||||||||||||||||||||||
Other investments (2) | 250 | — | 342 | 224 | — | 340 | |||||||||||||||||||||||||||||
| Total | $ | 2,334 | $ | 1,111 | $ | 2,426 | $ | 1,953 | $ | 947 | $ | 2,069 | |||||||||||||||||||||||
| December 31, | 2025 | 2024 | |||||||||
| Interest-bearing deposits: | |||||||||||
| Deposits swept from brokerage accounts | $ | 232,410 | $ | 210,575 | |||||||
| Checking | 16,473 | 15,593 | |||||||||
Time certificates of deposit (1) | 2,000 | 27,701 | |||||||||
| Savings and other | 3,637 | 4,015 | |||||||||
| Total interest-bearing deposits | 254,520 | 257,884 | |||||||||
| Non-interest-bearing deposits | 1,227 | 1,237 | |||||||||
| Total bank deposits | $ | 255,747 | $ | 259,121 | |||||||
| Date of | Principal Amount Outstanding | ||||||||||
| Issuance | 2025 | 2024 | |||||||||
| CSC Fixed-rate Senior Notes: | |||||||||||
3.000% due March 10, 2025 | 03/10/15 | $ | — | $ | 375 | ||||||
4.200% due March 24, 2025 | 03/24/20 | — | 600 | ||||||||
3.625% due April 1, 2025 | 09/24/21 | — | 418 | ||||||||
3.850% due May 21, 2025 | 05/22/18 | — | 750 | ||||||||
3.450% due February 13, 2026 | 11/13/15 | 350 | 350 | ||||||||
0.900% due March 11, 2026 | 12/11/20 | 1,250 | 1,250 | ||||||||
1.150% due May 13, 2026 | 05/13/21 | 1,000 | 1,000 | ||||||||
5.875% due August 24, 2026 | 08/24/23 | 1,000 | 1,000 | ||||||||
3.200% due March 2, 2027 | 03/02/17 | 650 | 650 | ||||||||
2.450% due March 3, 2027 | 03/03/22 | 1,500 | 1,500 | ||||||||
3.300% due April 1, 2027 | 09/24/21 | 744 | 744 | ||||||||
3.200% due January 25, 2028 | 12/07/17 | 700 | 700 | ||||||||
2.000% due March 20, 2028 | 03/18/21 | 1,250 | 1,250 | ||||||||
4.000% due February 1, 2029 | 10/31/18 | 600 | 600 | ||||||||
3.250% due May 22, 2029 | 05/22/19 | 600 | 600 | ||||||||
2.750% due October 1, 2029 | 09/24/21 | 475 | 475 | ||||||||
4.625% due March 22, 2030 | 03/24/20 | 500 | 500 | ||||||||
1.650% due March 11, 2031 | 12/11/20 | 750 | 750 | ||||||||
2.300% due May 13, 2031 | 05/13/21 | 750 | 750 | ||||||||
1.950% due December 1, 2031 | 08/26/21 | 850 | 850 | ||||||||
2.900% due March 3, 2032 | 03/03/22 | 1,000 | 1,000 | ||||||||
| CSC Floating-rate Senior Notes: | |||||||||||
SOFR + 0.520% due May 13, 2026 | 05/13/21 | 500 | 500 | ||||||||
SOFR + 1.050% due March 3, 2027 | 03/03/22 | 500 | 500 | ||||||||
CSC Fixed-to-Floating rate Senior Notes (1): | |||||||||||
5.643% due May 19, 2029 | 05/19/23 | 1,200 | 1,200 | ||||||||
6.196% due November 17, 2029 | 11/17/23 | 1,300 | 1,300 | ||||||||
4.343% due November 14, 2031 | 11/14/25 | 1,000 | — | ||||||||
5.853% due May 19, 2034 | 05/19/23 | 1,300 | 1,300 | ||||||||
6.136% due August 24, 2034 | 08/24/23 | 1,350 | 1,350 | ||||||||
4.914% due November 14, 2036 | 11/14/25 | 1,000 | — | ||||||||
| Total CSC Senior Notes | 22,119 | 22,262 | |||||||||
| Ameritrade Holding LLC Fixed-rate Senior Notes: | |||||||||||
3.625% due April 1, 2025 | 10/22/14 | — | 82 | ||||||||
3.300% due April 1, 2027 | 04/27/17 | 56 | 56 | ||||||||
2.750% due October 1, 2029 | 08/16/19 | 25 | 25 | ||||||||
| Total Ameritrade Holding LLC Senior Notes | 81 | 163 | |||||||||
| Finance lease liabilities | 37 | 49 | |||||||||
| Unamortized premium — net | 33 | 54 | |||||||||
| Debt issuance costs | (82) | (93) | |||||||||
Fair value hedging basis adjustments (2) | 11 | (7) | |||||||||
| Total long-term debt | $ | 22,199 | $ | 22,428 | |||||||
| Maturity Date | Fixed Semi-annual Interest Rate | Date of Issuance | Floating Quarterly Interest Rate | Interest Rate Reset Date | ||||||||||
| May 19, 2029 | 5.643% | 05/19/23 | SOFR + 2.210% | 05/19/28 | ||||||||||
| November 17, 2029 | 6.196% | 11/17/23 | SOFR + 1.878% | 11/17/28 | ||||||||||
| November 14, 2031 | 4.343% | 11/14/25 | SOFR + 0.940% | 11/14/30 | ||||||||||
| May 19, 2034 | 5.853% | 05/19/23 | SOFR + 2.500% | 05/19/33 | ||||||||||
| August 24, 2034 | 6.136% | 08/24/23 | SOFR + 2.010% | 08/24/33 | ||||||||||
| November 14, 2036 | 4.914% | 11/14/25 | SOFR + 1.230% | 11/14/35 | ||||||||||
| Maturities | |||||
| 2026 | $ | 4,124 | |||
| 2027 | 3,463 | ||||
| 2028 | 1,950 | ||||
| 2029 | 4,200 | ||||
| 2030 | 500 | ||||
| Thereafter | 8,000 | ||||
| Total maturities | 22,237 | ||||
| Unamortized premium — net | 33 | ||||
| Debt issuance costs | (82) | ||||
Fair value hedging basis adjustments (1) | 11 | ||||
| Total long-term debt | $ | 22,199 | |||
| 2026 | |||||
| FHLB borrowings | $ | 1,850 | |||
| Other short-term borrowings | 6,913 | ||||
| Total | $ | 8,763 | |||
| December 31, | 2025 | 2024 | ||||||||||||
| Balance Sheet Classification | ||||||||||||||
| Lease assets: | ||||||||||||||
| Operating lease ROU assets | $ | 705 | $ | 591 | ||||||||||
| Finance lease ROU assets | 35 | 47 | ||||||||||||
| Lease liabilities: | ||||||||||||||
| Operating lease liabilities | $ | 903 | $ | 816 | ||||||||||
| Finance lease liabilities | 37 | 49 | ||||||||||||
| Year Ended December 31, | 2025 | 2024 | 2023 | ||||||||||||||
Lease Cost | |||||||||||||||||
Operating lease cost (1) | $ | 215 | $ | 215 | $ | 260 | |||||||||||
Variable lease cost (2) | 45 | 48 | 48 | ||||||||||||||
| December 31, | 2025 | 2024 | |||||||||
| Lease Term and Discount Rate | |||||||||||
| Weighted-average remaining lease term (years) | 5.62 | 5.53 | |||||||||
| Weighted-average discount rate | 4.09 | % | 3.96 | % | |||||||
Annual Maturities of Lease Liabilities | Operating Leases | ||||
| 2026 | $ | 224 | |||
| 2027 | 223 | ||||
| 2028 | 169 | ||||
| 2029 | 107 | ||||
| 2030 | 82 | ||||
| Thereafter | 214 | ||||
Total lease payments (1) | 1,019 | ||||
| Less: Interest | 116 | ||||
| Present value of lease liabilities | $ | 903 | |||
| December 31, | 2025 | 2024 | ||||||
| Commitments to extend credit related to unused HELOCs and other lines of credit | $ | 1,793 | $ | 1,895 | ||||
| Commitments to purchase First Mortgage loans | 925 | 511 | ||||||
| Total | $ | 2,718 | $ | 2,406 | ||||
| December 31, 2025 | December 31, 2024 | |||||||||||||
| Assets | Liabilities | Assets | Liabilities | |||||||||||
Interest rate swaps (1,2) | $ | 1 | $ | 1 | $ | — | $ | — | ||||||
| Carrying Amount of the Hedged Assets (Liabilities) | Cumulative Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets and Liabilities | |||||||||||||
| December 31, | 2025 | 2024 | 2025 | 2024 | ||||||||||
| Line item in which the hedged item is included: | ||||||||||||||
| $ | 12,249 | $ | 15,686 | $ | (16) | $ | (292) | |||||||
| (20,726) | (14,908) | (6) | 7 | |||||||||||
Location and Amount of Gain (Loss) Recognized in Income | |||||||||||||||||||||||
Interest Revenue | Interest Expense | ||||||||||||||||||||||
| Year Ended December 31, | 2025 | 2024 | 2023 | 2025 | 2024 | 2023 | |||||||||||||||||
| Gain (loss) on fair value hedging relationships: | |||||||||||||||||||||||
| Hedged items | $ | 235 | $ | (207) | $ | (85) | $ | (18) | $ | 7 | $ | — | |||||||||||
Derivatives designated as hedging instruments (1) | (235) | 206 | 85 | 20 | (7) | — | |||||||||||||||||
| Year Ended December 31, | 2025 | ||||
Gain (loss) recognized in other comprehensive income (1) | $ | (17) | |||
| Less: Realized gains (losses) reclassified from AOCI to interest revenue | (66) | ||||
| Net change in AOCI related to cash flow hedges | $ | 49 | |||
| Gross Assets/ Liabilities | Gross Amounts Offset in the Consolidated Balance Sheets | Net Amounts Presented in the Consolidated Balance Sheets | Gross Amounts Not Offset in the Consolidated Balance Sheets | Net Amount | |||||||||||||||||||||||||||||||||||||
| Counterparty Offsetting | Collateral | ||||||||||||||||||||||||||||||||||||||||
| December 31, 2025 | |||||||||||||||||||||||||||||||||||||||||
| Assets | |||||||||||||||||||||||||||||||||||||||||
Resale agreements | $ | 16,901 | $ | — | $ | 16,901 | $ | — | $ | (16,901) | (1) | $ | — | ||||||||||||||||||||||||||||
Securities borrowed | 4,797 | — | 4,797 | (3,069) | (1,677) | 51 | |||||||||||||||||||||||||||||||||||
Interest rate swaps (2) | 1 | — | 1 | — | — | (3) | 1 | ||||||||||||||||||||||||||||||||||
| Total | $ | 21,699 | $ | — | $ | 21,699 | $ | (3,069) | $ | (18,578) | $ | 52 | |||||||||||||||||||||||||||||
| Liabilities | |||||||||||||||||||||||||||||||||||||||||
Repurchase agreements (4) | $ | 1,301 | $ | — | $ | 1,301 | $ | — | $ | (1,301) | (5) | $ | — | ||||||||||||||||||||||||||||
Securities loaned (6) | 25,131 | — | 25,131 | (3,069) | (21,137) | 925 | |||||||||||||||||||||||||||||||||||
Secured short-term borrowings (7) | 3,800 | — | 3,800 | — | (3,800) | — | |||||||||||||||||||||||||||||||||||
Interest rate swaps (2) | 1 | — | 1 | — | — | (3) | 1 | ||||||||||||||||||||||||||||||||||
| Total | $ | 30,233 | $ | — | $ | 30,233 | $ | (3,069) | $ | (26,238) | $ | 926 | |||||||||||||||||||||||||||||
| December 31, 2024 | |||||||||||||||||||||||||||||||||||||||||
| Assets | |||||||||||||||||||||||||||||||||||||||||
Resale agreements | $ | 10,075 | $ | — | $ | 10,075 | $ | — | $ | (10,075) | (1) | $ | — | ||||||||||||||||||||||||||||
Securities borrowed | 695 | — | 695 | (617) | (77) | 1 | |||||||||||||||||||||||||||||||||||
Interest rate swaps (2) | — | — | — | — | — | (3) | — | ||||||||||||||||||||||||||||||||||
| Total | $ | 10,770 | $ | — | $ | 10,770 | $ | (617) | $ | (10,152) | $ | 1 | |||||||||||||||||||||||||||||
| Liabilities | |||||||||||||||||||||||||||||||||||||||||
Repurchase agreements (4) | $ | 5,499 | $ | — | $ | 5,499 | $ | — | $ | (5,499) | (5) | $ | — | ||||||||||||||||||||||||||||
Securities loaned (6) | 13,068 | — | 13,068 | (617) | (11,795) | 656 | |||||||||||||||||||||||||||||||||||
Secured short-term borrowings (7) | 500 | — | 500 | — | (500) | — | |||||||||||||||||||||||||||||||||||
Interest rate swaps (2) | — | — | — | — | — | (3) | — | ||||||||||||||||||||||||||||||||||
| Total | $ | 19,067 | $ | — | $ | 19,067 | $ | (617) | $ | (17,794) | $ | 656 | |||||||||||||||||||||||||||||
| December 31, | 2025 | 2024 | ||||||
| Fair value of client securities available to be pledged | $ | 155,525 | $ | 116,258 | ||||
| Fair value of securities pledged for: | ||||||||
Fulfillment of requirements with the Options Clearing Corporation (1) | $ | 34,791 | $ | 24,011 | ||||
| Fulfillment of client short sales | 16,196 | 5,179 | ||||||
| Securities lending to other broker-dealers | 23,867 | 12,282 | ||||||
| Collateral for secured short-term borrowings | 4,376 | 618 | ||||||
Collateral for repurchase agreements | 56 | — | ||||||
| Total collateral pledged to third parties | $ | 79,286 | $ | 42,090 | ||||
| December 31, 2025 | Level 1 | Level 2 | Level 3 | Balance at Fair Value | ||||||||||
| Cash equivalents: | ||||||||||||||
| Money market funds | $ | 13,947 | $ | — | $ | — | $ | 13,947 | ||||||
| U.S. Treasury securities | — | 1,989 | — | 1,989 | ||||||||||
| Total cash equivalents | 13,947 | 1,989 | — | 15,936 | ||||||||||
| Investments segregated and on deposit for regulatory purposes: | ||||||||||||||
| U.S. government securities | — | 23,555 | — | 23,555 | ||||||||||
| Total investments segregated and on deposit for regulatory purposes | — | 23,555 | — | 23,555 | ||||||||||
| Available for sale securities: | ||||||||||||||
| U.S. agency mortgage-backed securities | — | 41,434 | — | 41,434 | ||||||||||
| U.S. Treasury securities | — | 11,364 | — | 11,364 | ||||||||||
| Corporate debt securities | — | 4,667 | — | 4,667 | ||||||||||
| Asset-backed securities | — | 4,199 | — | 4,199 | ||||||||||
| U.S. state and municipal securities | — | 561 | — | 561 | ||||||||||
| Non-agency commercial mortgage-backed securities | — | 113 | — | 113 | ||||||||||
| Other | — | 19 | — | 19 | ||||||||||
| Total available for sale securities | — | 62,357 | — | 62,357 | ||||||||||
| Other assets: | ||||||||||||||
| Other securities owned: | ||||||||||||||
| Equity, corporate debt, and other securities | 1,704 | 84 | — | 1,788 | ||||||||||
| Mutual funds and ETFs | 1,314 | — | — | 1,314 | ||||||||||
| State and municipal debt obligations | — | 45 | — | 45 | ||||||||||
| U.S. government securities | — | 15 | — | 15 | ||||||||||
| Total other securities owned | 3,018 | 144 | — | 3,162 | ||||||||||
| Interest rate swaps | — | 1 | — | 1 | ||||||||||
| Total other assets | 3,018 | 145 | — | 3,163 | ||||||||||
| Total assets | $ | 16,965 | $ | 88,046 | $ | — | $ | 105,011 | ||||||
| Accrued expenses and other liabilities: | ||||||||||||||
| Interest rate swaps | $ | — | $ | 1 | $ | — | $ | 1 | ||||||
| Other | 2,804 | 40 | — | 2,844 | ||||||||||
| Total accrued expenses and other liabilities | 2,804 | 41 | — | 2,845 | ||||||||||
| Total liabilities | $ | 2,804 | $ | 41 | $ | — | $ | 2,845 | ||||||
| December 31, 2024 | Level 1 | Level 2 | Level 3 | Balance at Fair Value | ||||||||||
| Cash equivalents: | ||||||||||||||
| Money market funds | $ | 11,005 | $ | — | $ | — | $ | 11,005 | ||||||
| Total cash equivalents | 11,005 | — | — | 11,005 | ||||||||||
| Investments segregated and on deposit for regulatory purposes: | ||||||||||||||
| U.S. government securities | — | 25,740 | — | 25,740 | ||||||||||
| Total investments segregated and on deposit for regulatory purposes | — | 25,740 | — | 25,740 | ||||||||||
| Available for sale securities: | ||||||||||||||
| U.S. agency mortgage-backed securities | — | 51,833 | — | 51,833 | ||||||||||
| U.S. Treasury securities | — | 14,469 | — | 14,469 | ||||||||||
| Corporate debt securities | — | 9,579 | — | 9,579 | ||||||||||
| Asset-backed securities | — | 5,910 | — | 5,910 | ||||||||||
| U.S. state and municipal securities | — | 549 | — | 549 | ||||||||||
| Foreign government agency securities | — | 527 | — | 527 | ||||||||||
| Non-agency commercial mortgage-backed securities | — | 109 | — | 109 | ||||||||||
| Other | — | 18 | — | 18 | ||||||||||
| Total available for sale securities | — | 82,994 | — | 82,994 | ||||||||||
| Other assets: | ||||||||||||||
| Other securities owned: | ||||||||||||||
| Equity, corporate debt, and other securities | 1,395 | 73 | — | 1,468 | ||||||||||
| Mutual funds and ETFs | 1,019 | — | — | 1,019 | ||||||||||
| State and municipal debt obligations | — | 38 | — | 38 | ||||||||||
| U.S. government securities | — | 18 | — | 18 | ||||||||||
| Total other securities owned | 2,414 | 129 | — | 2,543 | ||||||||||
| Total other assets | 2,414 | 129 | — | 2,543 | ||||||||||
| Total assets | $ | 13,419 | $ | 108,863 | $ | — | $ | 122,282 | ||||||
| Accrued expenses and other liabilities: | ||||||||||||||
| Other | $ | 2,161 | $ | 37 | $ | — | $ | 2,198 | ||||||
| Total accrued expenses and other liabilities | 2,161 | 37 | — | 2,198 | ||||||||||
| Total liabilities | $ | 2,161 | $ | 37 | $ | — | $ | 2,198 | ||||||
| December 31, 2025 | Carrying Amount | Level 1 | Level 2 | Level 3 | Balance at Fair Value | ||||||||||||
| Assets | |||||||||||||||||
| Cash and cash equivalents | $ | 30,094 | $ | 30,094 | $ | — | $ | — | $ | 30,094 | |||||||
| Cash and investments segregated and on deposit for regulatory purposes | 19,290 | 2,470 | 16,820 | — | 19,290 | ||||||||||||
| Receivables from brokers, dealers, and clearing organizations | 7,190 | — | 7,190 | — | 7,190 | ||||||||||||
| Receivables from brokerage clients — net | 104,625 | — | 104,625 | — | 104,625 | ||||||||||||
| Held to maturity securities: | |||||||||||||||||
| U.S. agency mortgage-backed securities | 133,563 | — | 125,649 | — | 125,649 | ||||||||||||
| U.S. Treasury securities | 406 | — | 406 | — | 406 | ||||||||||||
| Total held to maturity securities | 133,969 | — | 126,055 | — | 126,055 | ||||||||||||
| Bank loans — net: | |||||||||||||||||
| First Mortgages | 30,456 | — | 28,612 | — | 28,612 | ||||||||||||
| HELOCs | 426 | — | 431 | — | 431 | ||||||||||||
| Pledged asset lines | 26,603 | — | 26,603 | — | 26,603 | ||||||||||||
| Other | 470 | — | 470 | — | 470 | ||||||||||||
| Total bank loans — net | 57,955 | — | 56,116 | — | 56,116 | ||||||||||||
| Other assets | 766 | — | 766 | — | 766 | ||||||||||||
| Liabilities | |||||||||||||||||
| Bank deposits | $ | 255,747 | $ | — | $ | 255,747 | $ | — | $ | 255,747 | |||||||
| Payables to brokers, dealers, and clearing organizations | 25,689 | — | 25,689 | — | 25,689 | ||||||||||||
| Payables to brokerage clients | 116,341 | — | 116,341 | — | 116,341 | ||||||||||||
| Accrued expenses and other liabilities | 1,359 | — | 1,359 | — | 1,359 | ||||||||||||
| Other short-term borrowings | 6,913 | — | 6,913 | — | 6,913 | ||||||||||||
| Federal Home Loan Bank borrowings | 1,850 | — | 1,850 | — | 1,850 | ||||||||||||
| Long-term debt | 22,162 | — | 22,059 | — | 22,059 | ||||||||||||
| December 31, 2024 | Carrying Amount | Level 1 | Level 2 | Level 3 | Balance at Fair Value | ||||||||||||
| Assets | |||||||||||||||||
| Cash and cash equivalents | $ | 31,078 | $ | 31,078 | $ | — | $ | — | $ | 31,078 | |||||||
| Cash and investments segregated and on deposit for regulatory purposes | 12,416 | 2,401 | 10,015 | — | 12,416 | ||||||||||||
| Receivables from brokers, dealers, and clearing organizations | 2,440 | — | 2,440 | — | 2,440 | ||||||||||||
| Receivables from brokerage clients — net | 85,343 | — | 85,343 | — | 85,343 | ||||||||||||
| Held to maturity securities: | |||||||||||||||||
| U.S. agency mortgage-backed securities | 146,453 | — | 132,605 | — | 132,605 | ||||||||||||
| Total held to maturity securities | 146,453 | — | 132,605 | — | 132,605 | ||||||||||||
| Bank loans — net: | |||||||||||||||||
| First Mortgages | 27,375 | — | 24,336 | — | 24,336 | ||||||||||||
| HELOCs | 423 | — | 441 | — | 441 | ||||||||||||
| Pledged asset lines | 17,024 | — | 17,024 | — | 17,024 | ||||||||||||
| Other | 393 | — | 393 | — | 393 | ||||||||||||
| Total bank loans — net | 45,215 | — | 42,194 | — | 42,194 | ||||||||||||
| Other assets | 1,405 | — | 1,405 | — | 1,405 | ||||||||||||
| Liabilities | |||||||||||||||||
| Bank deposits | $ | 259,121 | $ | — | $ | 259,121 | $ | — | $ | 259,121 | |||||||
| Payables to brokers, dealers, and clearing organizations | 13,336 | — | 13,336 | — | 13,336 | ||||||||||||
| Payables to brokerage clients | 101,559 | — | 101,559 | — | 101,559 | ||||||||||||
| Accrued expenses and other liabilities | 1,076 | — | 1,076 | — | 1,076 | ||||||||||||
| Other short-term borrowings | 5,999 | — | 5,999 | — | 5,999 | ||||||||||||
| Federal Home Loan Bank borrowings | 16,700 | — | 16,700 | 16,700 | |||||||||||||
| Long-term debt | 22,379 | — | 21,621 | — | 21,621 | ||||||||||||
| Dividend Rate in Effect at December 31, 2025 | Date at Which Dividend Rate Resets or Becomes Floating | Reset / Floating Rate | Margin Over Reset / Floating Rate | ||||||||||||||||||||||||||||||||
| Shares Issued and Outstanding (in ones) at December 31, | Liquidation Preference Per Share | Carrying Value at December 31, | Earliest Redemption Date | ||||||||||||||||||||||||||||||||
2025 (1) | 2024 (1) | 2025 | 2024 | Issue Date | |||||||||||||||||||||||||||||||
| Fixed-rate: | |||||||||||||||||||||||||||||||||||
| Series D | 750,000 | 750,000 | $ | 1,000 | $ | 728 | $ | 728 | 03/07/16 | 5.95 | % | 06/01/21 | N/A | N/A | N/A | ||||||||||||||||||||
| Series J | 600,000 | 600,000 | 1,000 | 584 | 584 | 03/30/21 | 4.450 | % | 06/01/26 | N/A | N/A | N/A | |||||||||||||||||||||||
| Fixed-to-floating rate/Fixed-rate reset: | |||||||||||||||||||||||||||||||||||
| Series F | 4,884 | 4,884 | 100,000 | 481 | 481 | 10/31/17 | 5.000 | % | 12/01/27 | 12/01/27 | 3M LIBOR (5) | 2.575 | % | ||||||||||||||||||||||
Series G (2) | — | 24,580 | — | — | 2,428 | 04/30/20 | — | — | — | — | — | ||||||||||||||||||||||||
Series H (3) | 22,267 | 22,267 | 100,000 | 2,200 | 2,200 | 12/11/20 | 4.000 | % | 12/01/30 | 12/01/30 | 10-Year Treasury | 3.079 | % | ||||||||||||||||||||||
Series I (4) | 20,554 | 20,554 | 100,000 | 2,030 | 2,030 | 03/18/21 | 4.000 | % | 06/01/26 | 06/01/26 | 5-Year Treasury | 3.168 | % | ||||||||||||||||||||||
Series K (4) | 7,500 | 7,500 | 100,000 | 740 | 740 | 03/04/22 | 5.000 | % | 06/01/27 | 06/01/27 | 5-Year Treasury | 3.256 | % | ||||||||||||||||||||||
| Total preferred stock | 1,405,205 | 1,429,785 | $ | 6,763 | $ | 9,191 | |||||||||||||||||||||||||||||
| Year Ended December 31, | 2025 | 2024 | 2023 | ||||||||||||||||||||||||||||||||
| Total Declared (in millions) | Per Share Amount | Total Declared (in millions) | Per Share Amount | Total Declared (1) (in millions) | Per Share Amount | ||||||||||||||||||||||||||||||
| Series D | $ | 44.6 | $ | 59.52 | $ | 44.6 | $ | 59.52 | $ | 44.6 | $ | 59.52 | |||||||||||||||||||||||
| Series F | 24.4 | 5,000.00 | 24.3 | 5,000.00 | 24.3 | 5,000.00 | |||||||||||||||||||||||||||||
Series G (2) | 66.0 | 2,687.50 | 132.2 | 5,375.00 | 132.2 | 5,375.00 | |||||||||||||||||||||||||||||
Series H | 89.1 | 4,000.00 | 89.1 | 4,000.00 | 90.4 | 4,000.00 | |||||||||||||||||||||||||||||
Series I | 82.3 | 4,000.00 | 82.3 | 4,000.00 | 82.8 | 4,000.00 | |||||||||||||||||||||||||||||
Series J | 26.7 | 44.52 | 26.7 | 44.52 | 26.7 | 44.52 | |||||||||||||||||||||||||||||
Series K | 37.4 | 5,000.00 | 37.4 | 5,000.00 | 37.4 | 5,000.00 | |||||||||||||||||||||||||||||
| Total | $ | 370.5 | $ | 436.6 | $ | 438.4 | |||||||||||||||||||||||||||||
| Total AOCI | |||||
| Balance at December 31, 2022 | $ | (22,621) | |||
| Available for sale securities: | |||||
Net unrealized gain (loss), net of tax expense (benefit) of $886 | 2,653 | ||||
Other reclassifications included in other revenue, net of tax expense (benefit) of $15 | 46 | ||||
| Held to maturity securities: | |||||
Amortization of amounts previously recorded upon transfer from available for sale, net of tax expense (benefit) of $657 | 1,817 | ||||
Other, net of tax expense (benefit) of $(9) | (26) | ||||
| Balance at December 31, 2023 | $ | (18,131) | |||
| Available for sale securities: | |||||
Net unrealized gain (loss), net of tax expense (benefit) of $447 | 1,493 | ||||
Other reclassifications included in other revenue, net of tax expense (benefit) of $9 | 31 | ||||
| Held to maturity securities: | |||||
Amortization of amounts previously recorded upon transfer from available for sale, net of tax expense (benefit) of $517 | 1,762 | ||||
Other, net of tax expense (benefit) of $2 | (3) | ||||
| Balance at December 31, 2024 | $ | (14,848) | |||
| Available for sale securities: | |||||
Net unrealized gain (loss), net of tax expense (benefit) of $657 | 2,106 | ||||
Other reclassifications included in other revenue, net of tax expense (benefit) of $19 | 60 | ||||
| Held to maturity securities: | |||||
Amortization of amounts previously recorded upon transfer from available for sale, net of tax expense (benefit) of $520 | 1,667 | ||||
| Derivatives designated as cash flow hedging instruments: | |||||
Net unrealized gain (loss), net of tax expense (benefit) of $(4) | (13) | ||||
Reclassifications included in interest revenue, net of tax expense (benefit) of $16 | 50 | ||||
Other, net of tax expense (benefit) of $(3) | (5) | ||||
| Balance at December 31, 2025 | $ | (10,983) | |||
| Year Ended December 31, | 2025 | 2024 | 2023 | ||||||||||||||
| Restricted stock unit expense | $ | 264 | $ | 266 | $ | 262 | |||||||||||
| Stock option expense | 24 | 47 | 33 | ||||||||||||||
| Employee stock purchase plan expense | 29 | 24 | 25 | ||||||||||||||
| Total share-based compensation expense | $ | 317 | $ | 337 | $ | 320 | |||||||||||
Income tax benefit on share-based compensation expense (1) | $ | (76) | $ | (80) | $ | (76) | |||||||||||
| Number of Options (in millions) | Weighted- Average Exercise Price per Share | Weighted- Average Remaining Contractual Life (in years) | Aggregate Intrinsic Value | ||||||||||||||||||||
| Outstanding at December 31, 2024 | 16 | $ | 52.50 | 5.04 | $ | 358 | |||||||||||||||||
| Granted | 1 | 78.65 | |||||||||||||||||||||
| Exercised | (4) | 40.61 | |||||||||||||||||||||
Forfeited (1) | — | 62.90 | |||||||||||||||||||||
Expired (1) | — | 62.83 | |||||||||||||||||||||
| Outstanding at December 31, 2025 | 13 | $ | 57.77 | 4.90 | $ | 567 | |||||||||||||||||
| Vested and expected to vest at December 31, 2025 | 13 | $ | 57.77 | 4.90 | $ | 567 | |||||||||||||||||
| Vested and exercisable at December 31, 2025 | 11 | $ | 53.74 | 4.08 | $ | 496 | |||||||||||||||||
| Year Ended December 31, | 2025 | 2024 | 2023 | ||||||||||||||
| Weighted-average fair value of options granted per share | $ | 21.99 | $ | 19.08 | $ | 19.72 | |||||||||||
| Cash received from options exercised | 156 | 84 | 49 | ||||||||||||||
| Tax benefit realized on options exercised | 32 | 17 | 12 | ||||||||||||||
| Aggregate intrinsic value of options exercised | 178 | 98 | 62 | ||||||||||||||
| Year Ended December 31, | 2025 | 2024 | 2023 | ||||||||||||||
| Weighted-average expected dividend yield | 1.53 | % | 1.70 | % | 1.70 | % | |||||||||||
| Weighted-average expected volatility | 30 | % | 30 | % | 31 | % | |||||||||||
| Weighted-average risk-free interest rate | 3.7 | % | 3.9 | % | 3.9 | % | |||||||||||
| Expected life (in years) | 4.1 - 5.2 | 4.1 - 5.2 | 4.1 - 5.3 | ||||||||||||||
| Restricted Stock Units Without Performance Conditions (in millions) | Performance-Based Restricted Stock Units (in millions) | Total Number of Restricted Stock Units (in millions) | Weighted- Average Grant Date Fair Value per Unit | ||||||||||||||||||||
| Outstanding at December 31, 2024 | 8 | 2 | 10 | $ | 72.10 | ||||||||||||||||||
Granted (1) | 3 | — | 3 | 79.07 | |||||||||||||||||||
Vested | (3) | (1) | (4) | 73.50 | |||||||||||||||||||
Forfeited (1) | — | — | — | 73.30 | |||||||||||||||||||
| Outstanding at December 31, 2025 | 8 | 1 | 9 | $ | 74.20 | ||||||||||||||||||
| 2025 | 2024 | ||||||||||
| Projected benefit obligation at beginning of year | $ | 134 | $ | 125 | |||||||
Benefit cost (1) | 17 | 17 | |||||||||
Actuarial loss (gain) (2) | 12 | (8) | |||||||||
Projected benefit obligation at end of year (3) | $ | 163 | $ | 134 | |||||||
| Year Ended December 31, | 2025 | 2024 | 2023 | ||||||||||||||
| Current: | |||||||||||||||||
| Federal | $ | 1,898 | $ | 1,705 | $ | 1,658 | |||||||||||
| State | 348 | 236 | 131 | ||||||||||||||
| Total current | 2,246 | 1,941 | 1,789 | ||||||||||||||
| Deferred: | |||||||||||||||||
| Federal | 318 | (180) | (395) | ||||||||||||||
| State | 43 | (11) | (83) | ||||||||||||||
| Total deferred | 361 | (191) | (478) | ||||||||||||||
| Taxes on income | $ | 2,607 | $ | 1,750 | $ | 1,311 | |||||||||||
| December 31, | 2025 | 2024 | ||||||
| Deferred tax assets: | ||||||||
| Net unrealized loss on available for sale securities | $ | 3,429 | $ | 4,635 | ||||
| Employee compensation, severance, and benefits | 268 | 265 | ||||||
| Operating lease liabilities | 222 | 200 | ||||||
| Section 174 capitalization associated with internal-use software development | 59 | 458 | ||||||
| Net operating loss carryforwards | 21 | 13 | ||||||
| Other | 195 | 222 | ||||||
| Total deferred tax assets | 4,194 | 5,793 | ||||||
| Valuation allowance | (27) | (20) | ||||||
| Deferred tax assets — net of valuation allowance | 4,167 | 5,773 | ||||||
| Deferred tax liabilities: | ||||||||
| Amortization of acquired intangible assets | (1,657) | (1,710) | ||||||
| Operating lease ROU assets | (175) | (146) | ||||||
| Capitalized internal-use software development costs | (141) | (167) | ||||||
| Capitalized contract costs | (138) | (116) | ||||||
| Other | (87) | (107) | ||||||
| Total deferred tax liabilities | (2,198) | (2,246) | ||||||
Deferred tax assets (liabilities) — net (1) | $ | 1,969 | $ | 3,527 | ||||
| Year Ended December 31, | 2025 | 2024 | 2023 | |||||||||||||||||
| Amount | Percent | Amount | Percent | Amount | Percent | |||||||||||||||
| Federal statutory income tax rate | $ | 2,406 | 21.0 | % | $ | 1,615 | 21.0 | % | $ | 1,339 | 21.0 | % | ||||||||
State income taxes, net of federal tax benefit (1) | 305 | 2.7 | % | 194 | 2.5 | % | (60) | (0.9) | % | |||||||||||
| Tax credits: | ||||||||||||||||||||
| Research and development credits | (30) | (0.3) | % | (52) | (0.7) | % | (150) | (2.4) | % | |||||||||||
| Other | (86) | (0.8) | % | (52) | (0.7) | % | (26) | (0.4) | % | |||||||||||
| Nontaxable or nondeductible items | 9 | 0.1 | % | 48 | 0.7 | % | 46 | 0.7 | % | |||||||||||
| Changes in unrecognized tax benefits | 7 | 0.1 | % | (13) | (0.1) | % | 139 | 2.2 | % | |||||||||||
| Other adjustments | (4) | — | 10 | 0.1 | % | 23 | 0.4 | % | ||||||||||||
| Effective income tax rate | $ | 2,607 | 22.8 | % | $ | 1,750 | 22.8 | % | $ | 1,311 | 20.6 | % | ||||||||
| December 31, | 2025 | 2024 | |||||||||
| Balance at beginning of year | $ | 373 | $ | 380 | |||||||
| Additions for tax positions related to the current year | 88 | 48 | |||||||||
| Additions for tax positions related to prior years | 78 | 17 | |||||||||
| Reductions for tax positions related to prior years | (56) | (38) | |||||||||
| Reductions due to lapse of statute of limitations | (12) | (10) | |||||||||
| Reductions for settlements with tax authorities | (13) | (24) | |||||||||
| Balance at end of year | $ | 458 | $ | 373 | |||||||
| Year Ended December 31, | 2025 | 2024 | 2023 | ||||||||||||||
| Federal | $ | 1,089 | $ | 1,281 | $ | 1,345 | |||||||||||
State (1) | 480 | 199 | 272 | ||||||||||||||
| Foreign | 6 | 11 | 3 | ||||||||||||||
| Income taxes paid (net of refunds received) | $ | 1,575 | $ | 1,491 | $ | 1,620 | |||||||||||
| Actual | Minimum to be Well Capitalized | Minimum Capital Requirement | |||||||||||||||||||||||||||||||||
| December 31, 2025 | Amount | Ratio | Amount | Ratio | Amount | Ratio (1) | |||||||||||||||||||||||||||||
| CSC | |||||||||||||||||||||||||||||||||||
| Common Equity Tier 1 Risk-Based Capital | $ | 36,081 | 30.4 | % | N/A | $ | 5,345 | 4.5 | % | ||||||||||||||||||||||||||
| Tier 1 Risk-Based Capital | 42,844 | 36.1 | % | N/A | 7,127 | 6.0 | % | ||||||||||||||||||||||||||||
| Total Risk-Based Capital | 42,894 | 36.1 | % | N/A | 9,503 | 8.0 | % | ||||||||||||||||||||||||||||
| Tier 1 Leverage | 42,844 | 9.3 | % | N/A | 18,499 | 4.0 | % | ||||||||||||||||||||||||||||
| Supplementary Leverage Ratio | 42,844 | 9.2 | % | N/A | 13,974 | 3.0 | % | ||||||||||||||||||||||||||||
| CSB | |||||||||||||||||||||||||||||||||||
| Common Equity Tier 1 Risk-Based Capital | $ | 28,126 | 35.9 | % | $ | 5,088 | 6.5 | % | $ | 3,523 | 4.5 | % | |||||||||||||||||||||||
| Tier 1 Risk-Based Capital | 28,126 | 35.9 | % | 6,262 | 8.0 | % | 4,697 | 6.0 | % | ||||||||||||||||||||||||||
| Total Risk-Based Capital | 28,163 | 36.0 | % | 7,828 | 10.0 | % | 6,262 | 8.0 | % | ||||||||||||||||||||||||||
| Tier 1 Leverage | 28,126 | 11.1 | % | 12,641 | 5.0 | % | 10,113 | 4.0 | % | ||||||||||||||||||||||||||
| Supplementary Leverage Ratio | 28,126 | 11.0 | % | N/A | 7,649 | 3.0 | % | ||||||||||||||||||||||||||||
| December 31, 2024 | |||||||||||||||||||||||||||||||||||
| CSC | |||||||||||||||||||||||||||||||||||
| Common Equity Tier 1 Risk-Based Capital | $ | 35,995 | 31.7 | % | N/A | $ | 5,114 | 4.5 | % | ||||||||||||||||||||||||||
| Tier 1 Risk-Based Capital | 45,186 | 39.8 | % | N/A | 6,819 | 6.0 | % | ||||||||||||||||||||||||||||
| Total Risk-Based Capital | 45,218 | 39.8 | % | N/A | 9,092 | 8.0 | % | ||||||||||||||||||||||||||||
| Tier 1 Leverage | 45,186 | 9.9 | % | N/A | 18,325 | 4.0 | % | ||||||||||||||||||||||||||||
| Supplementary Leverage Ratio | 45,186 | 9.8 | % | N/A | 13,836 | 3.0 | % | ||||||||||||||||||||||||||||
| CSB | |||||||||||||||||||||||||||||||||||
| Common Equity Tier 1 Risk-Based Capital | $ | 32,584 | 41.7 | % | $ | 5,079 | 6.5 | % | $ | 3,516 | 4.5 | % | |||||||||||||||||||||||
| Tier 1 Risk-Based Capital | 32,584 | 41.7 | % | 6,251 | 8.0 | % | 4,688 | 6.0 | % | ||||||||||||||||||||||||||
| Total Risk-Based Capital | 32,606 | 41.7 | % | 7,813 | 10.0 | % | 6,251 | 8.0 | % | ||||||||||||||||||||||||||
| Tier 1 Leverage | 32,584 | 11.6 | % | 14,035 | 5.0 | % | 11,228 | 4.0 | % | ||||||||||||||||||||||||||
Supplementary Leverage Ratio | 32,584 | 11.5 | % | N/A | 8,479 | 3.0 | % | ||||||||||||||||||||||||||||
| December 31, | 2025 | 2024 | |||||||||
| Net capital | $ | 13,188 | $ | 11,112 | |||||||
| Minimum dollar requirement | 0.250 | 0.250 | |||||||||
| 2% of aggregate debit balances | 2,559 | 2,049 | |||||||||
| Net capital in excess of required net capital | 10,629 | 9,063 | |||||||||
| Investor Services | Advisor Services | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Year Ended December 31, | 2025 | 2024 | 2023 | 2025 | 2024 | 2023 | 2025 | 2024 | 2023 | ||||||||||||||||||||||||||||||||||||||||||||
| Net Revenues | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net interest revenue | $ | 9,328 | $ | 7,317 | $ | 7,193 | $ | 2,422 | $ | 1,827 | $ | 2,234 | $ | 11,750 | $ | 9,144 | $ | 9,427 | |||||||||||||||||||||||||||||||||||
| Asset management and administration fees | 4,756 | 4,146 | 3,492 | 1,750 | 1,570 | 1,264 | 6,506 | 5,716 | 4,756 | ||||||||||||||||||||||||||||||||||||||||||||
| Trading revenue | 3,525 | 2,895 | 2,821 | 396 | 369 | 409 | 3,921 | 3,264 | 3,230 | ||||||||||||||||||||||||||||||||||||||||||||
| Bank deposit account fees | 766 | 568 | 546 | 211 | 161 | 159 | 977 | 729 | 705 | ||||||||||||||||||||||||||||||||||||||||||||
| Other | 624 | 632 | 598 | 143 | 121 | 121 | 767 | 753 | 719 | ||||||||||||||||||||||||||||||||||||||||||||
| Total net revenues | 18,999 | 15,558 | 14,650 | 4,922 | 4,048 | 4,187 | 23,921 | 19,606 | 18,837 | ||||||||||||||||||||||||||||||||||||||||||||
| Expenses Excluding Interest | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Compensation and benefits | 5,025 | 4,656 | 4,779 | 1,466 | 1,387 | 1,536 | 6,491 | 6,043 | 6,315 | ||||||||||||||||||||||||||||||||||||||||||||
| Professional services | 953 | 834 | 824 | 244 | 219 | 234 | 1,197 | 1,053 | 1,058 | ||||||||||||||||||||||||||||||||||||||||||||
| Occupancy and equipment | 876 | 823 | 951 | 241 | 237 | 303 | 1,117 | 1,060 | 1,254 | ||||||||||||||||||||||||||||||||||||||||||||
| Advertising and market development | 280 | 256 | 296 | 140 | 141 | 101 | 420 | 397 | 397 | ||||||||||||||||||||||||||||||||||||||||||||
| Communications | 439 | 415 | 441 | 181 | 176 | 188 | 620 | 591 | 629 | ||||||||||||||||||||||||||||||||||||||||||||
| Depreciation and amortization | 644 | 716 | 609 | 206 | 200 | 195 | 850 | 916 | 804 | ||||||||||||||||||||||||||||||||||||||||||||
| Amortization of acquired intangible assets | 418 | 445 | 449 | 94 | 74 | 85 | 512 | 519 | 534 | ||||||||||||||||||||||||||||||||||||||||||||
| Regulatory fees and assessments | 237 | 311 | 387 | 50 | 87 | 160 | 287 | 398 | 547 | ||||||||||||||||||||||||||||||||||||||||||||
| Other | 806 | 782 | 703 | 162 | 155 | 218 | 968 | 937 | 921 | ||||||||||||||||||||||||||||||||||||||||||||
| Total expenses excluding interest | 9,678 | 9,238 | 9,439 | 2,784 | 2,676 | 3,020 | 12,462 | 11,914 | 12,459 | ||||||||||||||||||||||||||||||||||||||||||||
| Income before taxes on income | $ | 9,321 | $ | 6,320 | $ | 5,211 | $ | 2,138 | $ | 1,372 | $ | 1,167 | $ | 11,459 | $ | 7,692 | $ | 6,378 | |||||||||||||||||||||||||||||||||||
| Capital expenditures | $ | 463 | $ | 465 | $ | 600 | $ | 139 | $ | 142 | $ | 204 | $ | 602 | $ | 607 | $ | 804 | |||||||||||||||||||||||||||||||||||
| Year Ended December 31, | 2025 | ||||||||||
| Common Stock | Nonvoting Common Stock | Consolidated Common Stock | |||||||||
| Basic earnings per share: | |||||||||||
| Numerator | |||||||||||
| Net income | $ | 8,830 | $ | 22 | $ | 8,852 | |||||
Preferred stock dividends and other (1) | (434) | (1) | (435) | ||||||||
| Net income available to common stockholders | $ | 8,396 | $ | 21 | $ | 8,417 | |||||
| Denominator | |||||||||||
| Weighted-average common shares outstanding — basic | 1,798 | 51 | 1,804 | ||||||||
| Basic earnings per share | $ | 4.67 | $ | .41 | $ | 4.67 | |||||
| Diluted earnings per share: | |||||||||||
| Numerator | |||||||||||
| Net income available to common stockholders | $ | 8,396 | $ | 21 | $ | 8,417 | |||||
| Reallocation of net income available to common stockholders as a result of conversion of nonvoting to voting shares | 21 | — | — | ||||||||
| Allocation of net income available to common stockholders | $ | 8,417 | $ | 21 | $ | 8,417 | |||||
| Denominator | |||||||||||
| Weighted-average common shares outstanding — basic | 1,798 | 51 | 1,804 | ||||||||
| Conversion of nonvoting shares to voting shares | 6 | — | — | ||||||||
| Common stock equivalent shares related to stock incentive plans | 5 | — | 5 | ||||||||
Weighted-average common shares outstanding — diluted (2) | 1,809 | 51 | 1,809 | ||||||||
| Diluted earnings per share | $ | 4.65 | $ | .41 | $ | 4.65 | |||||
| Year Ended December 31, | 2024 | 2023 | ||||||||||||
| Common Stock | Nonvoting Common Stock | Common Stock | Nonvoting Common Stock | |||||||||||
| Basic earnings per share: | ||||||||||||||
| Numerator | ||||||||||||||
| Net income | $ | 5,777 | $ | 165 | $ | 4,925 | $ | 142 | ||||||
Preferred stock dividends and other (1) | (451) | (13) | (406) | (12) | ||||||||||
| Net income available to common stockholders | $ | 5,326 | $ | 152 | $ | 4,519 | $ | 130 | ||||||
| Denominator | ||||||||||||||
| Weighted-average common shares outstanding — basic | 1,777 | 51 | 1,773 | 51 | ||||||||||
| Basic earnings per share | $ | 3.00 | $ | 3.00 | $ | 2.55 | $ | 2.55 | ||||||
| Diluted earnings per share: | ||||||||||||||
| Numerator | ||||||||||||||
| Net income available to common stockholders | $ | 5,326 | $ | 152 | $ | 4,519 | $ | 130 | ||||||
| Reallocation of net income available to common stockholders as a result of conversion of nonvoting to voting shares | 152 | — | 130 | — | ||||||||||
| Allocation of net income available to common stockholders | $ | 5,478 | $ | 152 | $ | 4,649 | $ | 130 | ||||||
| Denominator | ||||||||||||||
| Weighted-average common shares outstanding — basic | 1,777 | 51 | 1,773 | 51 | ||||||||||
| Conversion of nonvoting shares to voting shares | 51 | — | 51 | — | ||||||||||
| Common stock equivalent shares related to stock incentive plans | 6 | — | 7 | — | ||||||||||
Weighted-average common shares outstanding — diluted (2) | 1,834 | 51 | 1,831 | 51 | ||||||||||
| Diluted earnings per share | $ | 2.99 | $ | 2.99 | $ | 2.54 | $ | 2.54 | ||||||
| Year Ended December 31, | 2025 | 2024 | 2023 | ||||||||||||||
| Interest revenue | $ | 509 | $ | 628 | $ | 545 | |||||||||||
| Interest expense | (883) | (837) | (717) | ||||||||||||||
| Net interest expense | (374) | (209) | (172) | ||||||||||||||
| Other revenue | 15 | — | — | ||||||||||||||
| Expenses Excluding Interest: | |||||||||||||||||
| Professional services | (24) | (34) | (21) | ||||||||||||||
| Regulatory fees and assessments | (12) | (14) | (16) | ||||||||||||||
| Compensation and benefits | (5) | (6) | (8) | ||||||||||||||
| Other expenses excluding interest | (109) | (139) | (112) | ||||||||||||||
| Loss before income tax benefit and equity in net income of subsidiaries | (509) | (402) | (329) | ||||||||||||||
| Taxes on income | 77 | 74 | 60 | ||||||||||||||
| Loss before equity in net income of subsidiaries | (432) | (328) | (269) | ||||||||||||||
| Equity in net income of subsidiaries: | |||||||||||||||||
| Equity in undistributed net income (distributions in excess of net income) of subsidiaries | (3,896) | 3,838 | 1,318 | ||||||||||||||
| Dividends from bank subsidiaries | 8,065 | 185 | — | ||||||||||||||
| Dividends from non-bank subsidiaries | 5,115 | 2,247 | 4,018 | ||||||||||||||
| Net Income | 8,852 | 5,942 | 5,067 | ||||||||||||||
Preferred stock dividends and other | 435 | 464 | 418 | ||||||||||||||
| Net Income Available to Common Stockholders | $ | 8,417 | $ | 5,478 | $ | 4,649 | |||||||||||
| December 31, | 2025 | 2024 | |||||||||
| Assets | |||||||||||
| Cash and cash equivalents | $ | 12,829 | $ | 10,538 | |||||||
| Receivables from subsidiaries | 1,385 | 1,319 | |||||||||
| Available for sale securities | 2,043 | 1,980 | |||||||||
| Loans to non-bank subsidiaries | 750 | — | |||||||||
| Investment in non-bank subsidiaries | 35,086 | 34,075 | |||||||||
| Investment in bank subsidiaries | 21,418 | 22,638 | |||||||||
| Other assets | 932 | 866 | |||||||||
| Total assets | $ | 74,443 | $ | 71,416 | |||||||
| Liabilities and Stockholders’ Equity | |||||||||||
| Accrued expenses and other liabilities | $ | 1,002 | $ | 751 | |||||||
| Payables to subsidiaries | 74 | 78 | |||||||||
| Short-term borrowings | 1,863 | — | |||||||||
| Long-term debt | 22,079 | 22,212 | |||||||||
| Total liabilities | 25,018 | 23,041 | |||||||||
| Stockholders’ equity | 49,425 | 48,375 | |||||||||
| Total liabilities and stockholders’ equity | $ | 74,443 | $ | 71,416 | |||||||
| Year Ended December 31, | 2025 | 2024 | 2023 | ||||||||||||||
| Cash Flows from Operating Activities | |||||||||||||||||
| Net income | $ | 8,852 | $ | 5,942 | $ | 5,067 | |||||||||||
| Adjustments to reconcile net income to net cash provided by (used for) operating activities: | |||||||||||||||||
| Dividends in excess of (equity in undistributed) earnings of subsidiaries | 3,896 | (3,838) | (1,318) | ||||||||||||||
| Other | (6) | (64) | (35) | ||||||||||||||
| Net change in: | |||||||||||||||||
| Other assets | 28 | (175) | (106) | ||||||||||||||
| Payables to brokers, dealers, and clearing organizations | 3 | — | — | ||||||||||||||
| Accrued expenses and other liabilities | 161 | 31 | 77 | ||||||||||||||
| Net cash provided by (used for) operating activities | 12,934 | 1,896 | 3,685 | ||||||||||||||
| Cash Flows from Investing Activities | |||||||||||||||||
| Due from (to) subsidiaries — net | 300 | 862 | (174) | ||||||||||||||
| Return of (increase in) investments in subsidiaries | 187 | 2,205 | (2,720) | ||||||||||||||
| Repayments (advances) of subordinated loan to CS&Co | (750) | — | — | ||||||||||||||
| Purchases of available for sale securities | (4,475) | (2,985) | (1,486) | ||||||||||||||
| Proceeds from sales of available for sale securities | 1,469 | 1 | — | ||||||||||||||
| Principal payments on available for sale securities | 3,003 | 3,048 | 3,721 | ||||||||||||||
| Other investing activities | (53) | (24) | (7) | ||||||||||||||
| Net cash provided by (used for) investing activities | (319) | 3,107 | (666) | ||||||||||||||
| Cash Flows from Financing Activities | |||||||||||||||||
| Proceeds from short-term borrowings | 3,865 | — | 344 | ||||||||||||||
| Repayments of short-term borrowings | (2,055) | — | (598) | ||||||||||||||
| Issuances of long-term debt | 1,986 | — | 6,097 | ||||||||||||||
| Repayments of long-term debt | (2,143) | (3,600) | (800) | ||||||||||||||
| Repurchases of common stock and nonvoting common stock | (7,346) | — | (2,842) | ||||||||||||||
| Redemption and repurchase of preferred stock | (2,458) | — | (467) | ||||||||||||||
| Dividends paid | (2,329) | (2,275) | (2,276) | ||||||||||||||
| Proceeds from stock options exercised | 156 | 84 | 49 | ||||||||||||||
| Net cash provided by (used for) financing activities | (10,324) | (5,791) | (493) | ||||||||||||||
| Increase (Decrease) in Cash and Cash Equivalents | 2,291 | (788) | 2,526 | ||||||||||||||
| Cash and Cash Equivalents at Beginning of Year | 10,538 | 11,326 | 8,800 | ||||||||||||||
| Cash and Cash Equivalents at End of Year | $ | 12,829 | $ | 10,538 | $ | 11,326 | |||||||||||
/s/ DELOITTE & TOUCHE LLP | |||||
| Plans | |||||||||||||||||||||||
| Action | Date | Rule 10b5-1 (1) | Non-Rule 10b5-1 (2) | Number of Securities to be Sold | Latest Expiration (3) | ||||||||||||||||||
Jonathan M. Craig, Managing Director and Head of Investor Services | Adoption | 11/11/2025 | x | — | (4) | 11/6/2026 | |||||||||||||||||
Paul V. Woolway, Managing Director and Chief Banking Officer | Adoption | 11/24/2025 | x | — | (5) | 10/9/2026 | |||||||||||||||||
Nigel J. Murtagh, Managing Director and Chief Risk Officer | Adoption | 11/25/2025 | x | — | (6) | 10/9/2026 | |||||||||||||||||
| Executive Officers of the Registrant | |||||||||||
| Name | Age | Title | |||||||||
| Charles R. Schwab | 88 | Co-Chairman of the Board | |||||||||
| Walter W. Bettinger II | 65 | Co-Chairman of the Board | |||||||||
| Richard A. Wurster | 52 | President and Chief Executive Officer | |||||||||
Jonathan S. Beatty | 60 | Managing Director and Head of Advisor Services | |||||||||
| Jonathan M. Craig | 54 | Managing Director and Head of Investor Services | |||||||||
Dennis W. Howard | 57 | Managing Director, Chief Technology, Operations and Data Officer | |||||||||
| Peter J. Morgan III | 61 | Managing Director, General Counsel, and Corporate Secretary | |||||||||
| Nigel J. Murtagh | 62 | Managing Director and Chief Risk Officer | |||||||||
Michael D. Verdeschi | 57 | Managing Director and Chief Financial Officer | |||||||||
Paul V. Woolway | 60 | Managing Director and Chief Banking Officer | |||||||||
| Exhibit Number | Exhibit | |||||||
| 3.11 | ||||||||
| 3.11(i) | ||||||||
| 3.18 | ||||||||
| 3.20 | ||||||||
| 3.22 | ||||||||
| 3.23 | ||||||||
| 3.24 | ||||||||
| 3.26 | ||||||||
| 3.28 | ||||||||
| 3.29 | ||||||||
| 3.30 | ||||||||
| 3.31 | ||||||||
| 4.3 | ||||||||
| 4.5 | ||||||||
| 4.6 | ||||||||
| 4.7 | ||||||||
| Exhibit Number | Exhibit | |||||||
| 4.8 | ||||||||
| 4.9 | ||||||||
| 4.10 | ||||||||
| 4.11 | ||||||||
| 4.12 | Neither the Registrant nor its subsidiaries are parties to any instrument with respect to long-term debt for which securities authorized thereunder exceed 10% of the total assets of the Registrant and its subsidiaries on a consolidated basis. Copies of instruments with respect to long-term debt of lesser amounts will be provided to the SEC upon request. | |||||||
| 4.13 | ||||||||
| 4.14 | ||||||||
| 4.15 | ||||||||
| 4.16 | ||||||||
| 10.72 | ||||||||
| 10.267 | (2) | |||||||
| 10.271 | (2) | |||||||
| 10.272 | (2) | |||||||
| 10.314 | (2) | |||||||
| 10.319 | (2) | |||||||
| 10.341 | (2) | |||||||
| Exhibit Number | Exhibit | |||||||
| 10.358 | (2) | |||||||
| 10.359 | (2) | |||||||
| 10.370 | (2) | |||||||
| 10.372 | (2) | |||||||
| 10.374 | (2) | |||||||
| 10.375 | (2) | |||||||
| 10.379 | (2) | |||||||
| 10.381 | (2) | |||||||
| 10.383 | (2) | |||||||
| 10.384 | (2) | |||||||
| 10.387 | (2) | |||||||
| 10.393 | (2) | |||||||
| 10.397 | (2) | |||||||
| 10.399 | (2) | |||||||
| 10.401 | (2) | |||||||
| Exhibit Number | Exhibit | |||||||
| 10.402 | (2) | |||||||
| 10.406 | ||||||||
| 10.407 | ||||||||
| 10.408 | (2) | |||||||
| 10.410 | (2) | |||||||
| 10.412 | (2) | |||||||
| 10.413 | (2) | |||||||
| 10.414 | (2) | |||||||
| 10.415 | (2) | |||||||
| 10.423 | (2) | |||||||
| 10.426 | (2) | |||||||
| 10.427 | (2) | |||||||
| 10.429 | (2) | |||||||
| 10.431 | (2) | |||||||
| 10.432 | (2) | |||||||
| 10.433 | (2) | |||||||
| Exhibit Number | Exhibit | |||||||
| 10.434 | (2) | |||||||
| 10.435 | (2) | |||||||
| 10.436 | (2) | |||||||
| 10.437 | (2) | |||||||
| 10.438 | (2) | |||||||
| 10.439 | (2) | |||||||
| 10.440 | (2) | |||||||
| 10.441 | (2) | |||||||
| 10.442 | (2) | |||||||
| 19.1 | ||||||||
| 21.1 | ||||||||
| 23.1 | ||||||||
| 31.1 | ||||||||
| 31.2 | ||||||||
| 32.1 | (1) | |||||||
| 32.2 | (1) | |||||||
| 97.1 | ||||||||
| 101.INS | Inline XBRL Instance Document | (3) | ||||||
| 101.SCH | Inline XBRL Taxonomy Extension Schema | (3) | ||||||
| 101.CAL | Inline XBRL Taxonomy Extension Calculation | (3) | ||||||
| 101.DEF | Inline XBRL Extension Definition | (3) | ||||||
| 101.LAB | Inline XBRL Taxonomy Extension Label | (3) | ||||||
| 104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) | |||||||
| (1) | Furnished as an exhibit to this annual report on Form 10-K. | |||||||
| (2) | Management contract or compensatory plan. | |||||||
| (3) | Attached as Exhibit 101 to this Annual Report on Form 10-K for the annual period ended December 31, 2025, are the following materials formatted in XBRL (Extensible Business Reporting Language) (i) Part 1 – Item 1C, (ii) the Consolidated Statements of Income, (iii) the Consolidated Statements of Comprehensive Income, (iv) the Consolidated Balance Sheets, (v) the Consolidated Statements of Stockholders’ Equity, (vi) the Consolidated Statements of Cash Flows, (vii) Notes to Consolidated Financial Statements, and (viii) Part II – Item 9B. | |||||||
| THE CHARLES SCHWAB CORPORATION | ||||||||
| (Registrant) | ||||||||
| BY: | /s/ Richard A. Wurster | |||||||
Richard A. Wurster, | ||||||||
President and Chief Executive Officer | ||||||||
| Signature / Title | Signature / Title | |||||||
/s/ Richard A. Wurster | /s/ Michael Verdeschi | |||||||
Richard A. Wurster, | Michael Verdeschi, | |||||||
President and Chief Executive Officer and Director (principal executive officer) | Managing Director and Chief Financial Officer (principal financial and accounting officer) | |||||||
| /s/ Charles R. Schwab | /s/ Walter W. Bettinger II | |||||||
| Charles R. Schwab, Co-Chairman of the Board | Walter W. Bettinger II, Co-Chairman of the Board | |||||||
/s/ John K. Adams, Jr. | /s/ Marianne C. Brown | |||||||
John K. Adams, Jr., Director | Marianne C. Brown, Director | |||||||
/s/ Joan T. Dea | /s/ Christopher V. Dodds | |||||||
Joan T. Dea, Director | Christopher V. Dodds, Director | |||||||
/s/ Stephen A. Ellis | /s/ Frank C. Herringer | |||||||
Stephen A. Ellis, Director | Frank C. Herringer, Director | |||||||
| /s/ Gerri K. Martin-Flickinger | /s/ Charles A. Ruffel | |||||||
| Gerri K. Martin-Flickinger, Director | Charles A. Ruffel, Director | |||||||
/s/ Arun Sarin | /s/ Carrie Schwab-Pomerantz | |||||||
Arun Sarin, Director | Carrie Schwab-Pomerantz, Director | |||||||
| /s/ Paula A. Sneed | ||||||||
| Paula A. Sneed, Director | ||||||||
| For the Year Ended December 31, | 2025 | 2024 | 2023 | ||||||||||||||||||||||||||
| Average | Average | Average | Average | Average | Average | ||||||||||||||||||||||||
| Balance | Interest | Rate | Balance | Interest | Rate | Balance | Interest | Rate | |||||||||||||||||||||
| Assets: | |||||||||||||||||||||||||||||
| Cash and cash equivalents | $ | 28,054 | $ | 1,189 | 4.18 | % | $ | 29,676 | $ | 1,539 | 5.10 | % | $ | 37,846 | $ | 1,894 | 4.94 | % | |||||||||||
| Cash and investments segregated | 44,359 | 1,862 | 4.14 | % | 28,450 | 1,443 | 4.99 | % | 28,259 | 1,355 | 4.73 | % | |||||||||||||||||
Receivables from brokerage clients (1) | 87,300 | 5,700 | 6.44 | % | 70,811 | 5,420 | 7.53 | % | 61,914 | 4,793 | 7.64 | % | |||||||||||||||||
Available for sale securities (2) | 74,478 | 1,538 | 2.06 | % | 101,659 | 2,166 | 2.12 | % | 137,178 | 2,987 | 2.17 | % | |||||||||||||||||
Held to maturity securities (2) | 139,447 | 2,386 | 1.71 | % | 152,566 | 2,636 | 1.72 | % | 165,634 | 2,872 | 1.73 | % | |||||||||||||||||
Bank loans (3) | 50,595 | 2,168 | 4.28 | % | 42,255 | 1,867 | 4.42 | % | 40,234 | 1,664 | 4.14 | % | |||||||||||||||||
| Total interest-earning assets | 424,233 | 14,843 | 3.47 | % | 425,417 | 15,071 | 3.51 | % | 471,065 | 15,565 | 3.28 | % | |||||||||||||||||
| Securities lending revenue | 437 | 330 | 419 | ||||||||||||||||||||||||||
Other interest revenue (1) | 224 | 136 | 127 | ||||||||||||||||||||||||||
| Total interest-earning assets | 424,233 | 15,504 | 3.62 | % | 425,417 | 15,537 | 3.61 | % | 471,065 | 16,111 | 3.39 | % | |||||||||||||||||
Non-interest-earning assets (4) | 38,439 | 37,643 | 34,695 | ||||||||||||||||||||||||||
| Total assets | $ | 462,672 | $ | 463,060 | $ | 505,760 | |||||||||||||||||||||||
| Liabilities and Stockholders’ Equity: | |||||||||||||||||||||||||||||
| Bank deposits | $ | 238,088 | $ | 1,185 | 0.50 | % | $ | 256,212 | $ | 3,152 | 1.23 | % | $ | 306,505 | $ | 3,363 | 1.10 | % | |||||||||||
Payables to brokers, dealers, and clearing organizations (4) | 18,236 | 701 | 3.79 | % | 8,522 | 372 | 4.30 | % | 4,477 | 147 | 3.23 | % | |||||||||||||||||
Payables to brokerage clients (1) | 94,884 | 244 | 0.26 | % | 72,776 | 272 | 0.37 | % | 66,842 | 271 | 0.41 | % | |||||||||||||||||
Other short-term borrowings | 7,020 | 324 | 4.60 | % | 9,146 | 504 | 5.51 | % | 7,144 | 375 | 5.25 | % | |||||||||||||||||
Federal Home Loan Bank borrowings | 7,682 | 356 | 4.57 | % | 23,102 | 1,245 | 5.32 | % | 34,821 | 1,810 | 5.14 | % | |||||||||||||||||
| Long-term debt | 21,093 | 836 | 3.91 | % | 23,083 | 846 | 3.66 | % | 22,636 | 715 | 3.16 | % | |||||||||||||||||
Total interest-bearing liabilities | 387,003 | 3,646 | 0.94 | % | 392,841 | 6,391 | 1.62 | % | 442,425 | 6,681 | 1.51 | % | |||||||||||||||||
Other interest expense (1) | 108 | 2 | 3 | ||||||||||||||||||||||||||
Non-interest-bearing liabilities (4) | 26,372 | 25,651 | 25,802 | ||||||||||||||||||||||||||
Total liabilities (5) | 413,375 | 3,754 | 0.88 | % | 418,492 | 6,393 | 1.49 | % | 468,227 | 6,684 | 1.41 | % | |||||||||||||||||
Stockholders’ equity (4) | 49,297 | 44,568 | 37,533 | ||||||||||||||||||||||||||
| Total liabilities and stockholders’ equity | $ | 462,672 | $ | 463,060 | $ | 505,760 | |||||||||||||||||||||||
| Net interest revenue | $ | 11,750 | $ | 9,144 | $ | 9,427 | |||||||||||||||||||||||
| Net yield on interest-earning assets | 2.74 | % | 2.12 | % | 1.98 | % | |||||||||||||||||||||||
| 2025 Compared to 2024 Increase (Decrease) Due to Change in: | 2024 Compared to 2023 Increase (Decrease) Due to Change in: | ||||||||||||||||||||||||||||||||||
| Average Volume | Average Rate | Total | Average Volume | Average Rate | Total | ||||||||||||||||||||||||||||||
| Interest-earning assets: | |||||||||||||||||||||||||||||||||||
Cash and cash equivalents (1) | $ | (83) | $ | (267) | $ | (350) | $ | (404) | $ | 49 | $ | (355) | |||||||||||||||||||||||
| Cash and investments segregated | 794 | (375) | 419 | 9 | 79 | 88 | |||||||||||||||||||||||||||||
Receivables from brokerage clients (2) | 1,242 | (962) | 280 | 680 | (53) | 627 | |||||||||||||||||||||||||||||
Available for sale securities (3) | (576) | (52) | (628) | (771) | (50) | (821) | |||||||||||||||||||||||||||||
Held to maturity securities (3) | (226) | (24) | (250) | (226) | (10) | (236) | |||||||||||||||||||||||||||||
Bank loans (4) | 369 | (68) | 301 | 84 | 119 | 203 | |||||||||||||||||||||||||||||
| Securities lending revenue | — | 107 | 107 | — | (89) | (89) | |||||||||||||||||||||||||||||
Other interest revenue (2) | — | 88 | 88 | — | 9 | 9 | |||||||||||||||||||||||||||||
| Total interest-earning assets | $ | 1,520 | $ | (1,553) | $ | (33) | $ | (628) | $ | 54 | $ | (574) | |||||||||||||||||||||||
| Interest-bearing sources of funds: | |||||||||||||||||||||||||||||||||||
| Bank deposits | $ | (223) | $ | (1,744) | $ | (1,967) | $ | (553) | $ | 342 | $ | (211) | |||||||||||||||||||||||
| Payables to brokers, dealers, and clearing organizations | 418 | (89) | 329 | 131 | 94 | 225 | |||||||||||||||||||||||||||||
Payables to brokerage clients (2) | 82 | (110) | (28) | 24 | (23) | 1 | |||||||||||||||||||||||||||||
| Other short-term borrowings | (117) | (63) | (180) | 105 | 24 | 129 | |||||||||||||||||||||||||||||
| Federal Home Loan Bank borrowings | (820) | (69) | (889) | (602) | 37 | (565) | |||||||||||||||||||||||||||||
| Long-term debt | (73) | 63 | (10) | 14 | 117 | 131 | |||||||||||||||||||||||||||||
Other interest expense (2) | — | 106 | 106 | — | (1) | (1) | |||||||||||||||||||||||||||||
| Total sources on which interest is paid | (733) | (1,906) | (2,639) | (881) | 590 | (291) | |||||||||||||||||||||||||||||
| Change in net interest revenue | $ | 2,253 | $ | 353 | $ | 2,606 | $ | 253 | $ | (536) | $ | (283) | |||||||||||||||||||||||
| December 31, 2025 | Within 1 year | After 1 year through 5 years | After 5 years through 15 years | After 15 years | Total | ||||||||||||||||||||||||
| Residential real estate: | |||||||||||||||||||||||||||||
| First Mortgages | $ | — | $ | 35 | $ | 1,106 | $ | 29,343 | $ | 30,484 | |||||||||||||||||||
| HELOCs | — | — | 76 | 351 | 427 | ||||||||||||||||||||||||
| Total residential real estate | — | 35 | 1,182 | 29,694 | 30,911 | ||||||||||||||||||||||||
| Pledged asset lines | 26,603 | — | — | — | 26,603 | ||||||||||||||||||||||||
| Other | 33 | 398 | 38 | 8 | 477 | ||||||||||||||||||||||||
| Total | $ | 26,636 | $ | 433 | $ | 1,220 | $ | 29,702 | $ | 57,991 | |||||||||||||||||||
| December 31, 2025 | After 1 year through 5 years | After 5 years through 15 years | After 15 years | ||||||||||||||
| Loans with floating or adjustable interest rates: | |||||||||||||||||
| Residential real estate: | |||||||||||||||||
| First Mortgages | $ | — | $ | 42 | $ | 26,149 | |||||||||||
| HELOCs | — | 76 | 351 | ||||||||||||||
| Total residential real estate | — | 118 | 26,500 | ||||||||||||||
| Pledged asset lines | — | — | — | ||||||||||||||
| Other | — | — | — | ||||||||||||||
| Total loans with floating or adjustable interest rates | — | 118 | 26,500 | ||||||||||||||
| Loans with predetermined interest rates: | |||||||||||||||||
| Residential real estate: | |||||||||||||||||
| First Mortgages | 35 | 1,064 | 3,194 | ||||||||||||||
| HELOCs | — | — | — | ||||||||||||||
| Total residential real estate | 35 | 1,064 | 3,194 | ||||||||||||||
| Pledged asset lines | — | — | — | ||||||||||||||
| Other | 398 | 38 | 8 | ||||||||||||||
| Total loans with predetermined interest rates | 433 | 1,102 | 3,202 | ||||||||||||||
| Total | $ | 433 | $ | 1,220 | $ | 29,702 | |||||||||||
| December 31, | 2025 | 2024 | |||||||||
| Allowance for credit losses to total year-end loans | 0.06 | % | 0.05 | % | |||||||
| Nonaccrual loans to total year-end loans | 0.07 | % | 0.08 | % | |||||||
| Allowance for credit losses to total nonaccrual year-end loans | 84 | % | 60 | % | |||||||
| Year Ended December 31, | 2025 | 2024 | 2023 | ||||||||||||||||||||||||||||||||
| Average loans | Net charge-offs (recoveries) to average loans | Average loans | Net charge-offs (recoveries) to average loans | Average loans | Net charge-offs (recoveries) to average loans | ||||||||||||||||||||||||||||||
| Residential real estate: | |||||||||||||||||||||||||||||||||||
| First Mortgages | $ | 28,634 | — | $ | 26,531 | — | $ | 25,748 | — | ||||||||||||||||||||||||||
| HELOCs | 421 | — | 446 | — | 525 | — | |||||||||||||||||||||||||||||
| Total residential real estate | 29,055 | — | 26,977 | — | 26,273 | — | |||||||||||||||||||||||||||||
| Pledged asset lines | 21,126 | — | 14,924 | — | 13,727 | — | |||||||||||||||||||||||||||||
| Other | 414 | — | 354 | — | 234 | — | |||||||||||||||||||||||||||||
| Total | $ | 50,595 | — | $ | 42,255 | — | $ | 40,234 | — | ||||||||||||||||||||||||||
| December 31, | 2025 | 2024 | |||||||||||||||||||||
| Allowance for Credit Losses | Percent of loans to total loans | Allowance for Credit Losses | Percent of loans to total loans | ||||||||||||||||||||
| Residential real estate: | |||||||||||||||||||||||
| First Mortgages | $ | 28 | 52 | % | $ | 14 | 61 | % | |||||||||||||||
| HELOCs | 1 | 1 | % | 1 | 1 | % | |||||||||||||||||
| Total residential real estate | 29 | 53 | % | 15 | 62 | % | |||||||||||||||||
| Pledged asset lines | — | 46 | % | — | 38 | % | |||||||||||||||||
| Other | 7 | 1 | % | 6 | — | ||||||||||||||||||
| Total | $ | 36 | 100 | % | $ | 21 | 100 | % | |||||||||||||||
| Year Ended December 31, | 2025 | 2024 | |||||||||||||||
| Amount | Rate | Amount | Rate | ||||||||||||||
| Analysis of average daily deposits: | |||||||||||||||||
| Money market and other savings deposits | $ | 203,770 | 0.23 | % | $ | 200,074 | 0.56 | % | |||||||||
Time certificates of deposit (1) | — | — | 37,390 | 5.22 | % | ||||||||||||
| Total | $ | 203,770 | $ | 237,464 | |||||||||||||
| ARTICLE 1 - PURPOSE OF PLAN | 1 | ||||
| ARTICLE 2 - DEFINITIONS | 1 | ||||
| ARTICLE 3 – PARTICIPATION | 7 | ||||
| 3.1. Commencement of Participation | 7 | ||||
| 3.2 Termination of Participation | 7 | ||||
| ARTICLE 4 - EFFECT ON OTHER BENEFITS | 7 | ||||
| 4.1. Eligibility for Benefits | 7 | ||||
| 4.2 Paid Time Off Benefits | 7 | ||||
| ARTICLE 5 - NOTICE PERIOD | 7 | ||||
| 5.1 Notice Period | 7 | ||||
| 5.2 Participants Requested to Work During Notice Period | 7 | ||||
| 5.3 Acceleration of Termination Date | 8 | ||||
| ARTICLE 6 - BENEFITS | 8 | ||||
| 6.1 Acceleration of Termination Date | 9 | ||||
| 6.2 Managing Director Severance Pay | 9 | ||||
| 6.3 Group Health Plan Coverage, Bonus, and Long-Term Equity Awards | 10 | ||||
| 6.4 Additional Provisions Related to Severance Benefits. | 10 | ||||
| ARTICLE 7 - FUNDING | 12 | ||||
| ARTICLE 8 - ADMINISTRATION | 12 | ||||
| 8.1 Administrator’s Authority | 12 | ||||
| 8.2 Claims for Benefits | 13 | ||||
| 8.3 Indemnification | 13 | ||||
| 8.4 Section 409A | 13 | ||||
| ARTICLE 9 - AMENDMENT AND TERMINATION | 14 | ||||
| ARTICLE 10 - MISCELLANEOUS | 14 | ||||
| ARTICLE 11 - EXECUTION | 15 | ||||
| APPENDIX A | A | ||||
| Length of Partial Year | Number of Business Days | ||||
| Less than 3 months | 3 days | ||||
| At least 3 months but less than 6 months | 5 days | ||||
| At least 6 months but less than 9 months | 7 days | ||||
| At least 9 months but less than 12 months | 10 days | ||||
Job Level | Minimum Severance Benefit | ||||
Individual Contributor (52-55) | 22 business days | ||||
Sr. Individual Contributor/Team Lead (56) | 44 business days | ||||
Manager (57) | 66 business days | ||||
Sr. Manager (58 – 59) | 88 business days | ||||
Director (60, 61, U1 and U2) | 110 business days | ||||
Length of Partial Year | Number of Business Days | ||||
Less than 3 months | 3 days | ||||
At least 3 months but less than 6 months | 7 days | ||||
At least 6 months but less than 9 months | 11 days | ||||
At least 9 months but less than 12 months | 15 days | ||||
| CHARLES SCHWAB & CO., INC. | ||
By: Shannon Jurecka /s/ Shannon Jurecka Title: Managing Director, Chief Human Resources Officer Date: December 22, 2025 | ||
| Tax Treatment | This option is a nonqualified stock option and is not intended to qualify as an incentive stock option under U.S. federal tax laws. | ||||
| Vesting | Subject to the provisions of this Nonqualified Stock Option Grant Agreement (“Agreement”), this option becomes vested in installments as described in the Notice of Nonqualified Stock Option Grant. | ||||
| Accelerated Vesting | This option will become fully vested and exercisable if your service with The Charles Schwab Corporation (“Schwab”) and its subsidiaries terminates on account of your death or disability. This option will become fully vested and exercisable if your service with Schwab and its subsidiaries terminates on account of your “Retirement” as defined herein. | ||||
Upon your “Severance Eligible Termination”, this option will become fully vested and exercisable, to the extent Shares are scheduled to vest and become exercisable up to one year following such severance eligible termination, provided you have signed your Severance Agreement. This option will expire on the earlier of three months from your Termination Date or the Expiration Date specified in the Notice of Nonqualified Stock Option Grant. For the avoidance of doubt, if your Severance Eligible Termination also qualifies as a Retirement herein, the separation shall be deemed a Retirement for purposes of this Agreement. | |||||
If, prior to the date your service terminates, Schwab is subject to a “Change in Control” (as defined in The Charles Schwab Corporation 2022 Stock Incentive Plan (as amended, the “Plan”), this option will become fully vested and exercisable immediately preceding the Change in Control. If the Compensation Committee (or its delegate) (the “Compensation Committee”) of the Board of Directors of Schwab (the “Board”) determines that a Change in Control is likely to occur, Schwab will advise you and this option will become fully vested and exercisable as of the date 10 days prior to the anticipated date of the Change in Control. | |||||
For all purposes of this Agreement, “service” means continuous employment as a common-law employee or engagement as an individual independent contractor or consultant of Schwab or a parent company or subsidiary of Schwab, and “subsidiary” means a subsidiary corporation as defined in section 424(f) of the Internal Revenue Code of 1986, as amended (the “Code”). | |||||
| Definition of Disability | For all purposes of this Agreement, “Disability” means that you have a disability such that you have been determined to be eligible for benefits under Schwab’s long-term disability plan or if you are not covered by Schwab’s long-term disability plan, you are unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment which has lasted, or can be expected to last, for a continuous period of not less than 12 months or which can be expected to result in death as determined by Schwab in its sole discretion. | ||||
| Definition of Retirement | If you are an employee of Schwab and its subsidiaries, “Retirement” means any termination of service with Schwab and its subsidiaries for any reason other than death or disability at any time after the earlier of when you attain age 55, but only if, at the time of your termination, you have been credited with at least 10 years of service or when you attain age 60, but only if, at the time of your termination, you have been credited with at least 5 years of service. For the avoidance of doubt, if your termination is under any circumstance described under “Cancellation of Options” and your termination also meets the definition of Retirement as defined herein, then for the purposes of this Agreement the terms of retirement shall prevail. The phrase “Years of Service” shall mean each consecutive twelve-month period of continuous service with Schwab or a parent company or a subsidiary of Schwab, beginning on your most recent date of hire and each anniversary thereof. | ||||
| Exercise Procedures | You or your representative may exercise this option by following the procedures prescribed by Schwab. If this option is being exercised by your representative, your representative must furnish proof satisfactory to Schwab of your representative’s right to exercise this option. After completing the prescribed procedures, Schwab will cause to be issued the shares of common stock of Schwab (“Shares”) purchased, which will be registered in the name of the person exercising this option. | ||||
| Forms of Payment | When you submit your notice of exercise, you must pay the option exercise price for the Shares you are purchasing. Payment may be made in one of the following forms: • Cash in your Schwab brokerage account in an amount sufficient to cover the option exercise price of the Shares and the required tax | ||||
withholding. (This exercise method is sometimes referred to as “Exercise and Hold”). • Shares surrendered to Schwab. These Shares will be valued at their fair market value on the date when the new Shares are purchased. (This exercise method is sometimes referred to as a “Stock Swap.”) • By delivery (in a manner prescribed by Schwab) of an irrevocable direction to Charles Schwab & Co., Inc. to sell Shares (including Shares to be issued upon exercise of this option) and to deliver all or part of the sale proceeds to Schwab in payment of all or part of the exercise price or by withholding Shares deliverable upon exercise of this option. | |||||
| Term | This option expires no later than the Expiration Date specified in the Notice of Nonqualified Stock Option Grant but may expire earlier upon your termination of service, as described below. | ||||
| Termination of Service | This option will expire on the date that is three months following the date of your termination from service with Schwab and its subsidiaries if your termination is for any reason other than death, disability, or retirement. The terms “disability” and “retirement” are defined above. If your service terminates by reason of your disability or death, this option will become fully vested and exercisable and will expire on the first anniversary of the date of your death or disability. If your service terminates because of your retirement, then this option will become fully vested and exercisable. If you have been credited with at least five but less than fifteen years of service, then this option will expire the earlier of the fifth anniversary of the date of your termination or the Expiration Date specified in the Notice of Nonqualified Stock Option Grant. If you have been credited with at least fifteen years of service, then this option will expire on the Expiration Date specified in the Notice of Nonqualified Stock Option Grant. | ||||
| Definition of Severance Eligible Termination | For all purposes of this Agreement, “Severance Eligible Termination” means a separation from service entitling you to severance benefits under The Charles Schwab Severance Pay Plan (or any successor plan), provided you have signed your Severance Agreement. | ||||
| Cancellation of Options | To the fullest extent permitted by applicable laws, this option will immediately be cancelled and will expire in the event that Schwab terminates your service on account of conduct contrary to the best interests of Schwab, including, without limitation, conduct constituting a violation of law or Schwab policy, fraud, theft, conflict of interest, dishonesty or harassment. The determination whether your | ||||
| service has been terminated on account of conduct contrary to the best interests of Schwab shall be made by Schwab in its sole discretion and will be entitled to deference upon any review. | |||||
| Withholding Taxes and Stock Withholding | You will not be allowed to exercise this option unless you make arrangements acceptable to Schwab to pay any applicable withholding of income and employment taxes that may be due as a result of the option exercise. These arrangements may include without limitation withholding Shares that otherwise would be issued to you when you exercise this option. In the event you do not elect to pay applicable withholding taxes in cash, Schwab shall withhold Shares. Schwab may withhold the number of whole Shares, valued at the fair market value on the applicable date, required to satisfy such applicable withholding taxes. Schwab will round up to the next whole Share to cover the applicable withholding taxes, and any amounts in excess of the applicable withholding taxes resulting from rounding up to the next whole Share will be added to your federal income tax withholdings. While Schwab will withhold to satisfy applicable withholding taxes, you acknowledge that, regardless of any action taken by Schwab, the ultimate liability for all income tax, social insurance, payroll tax, fringe benefits tax, payment on account or other tax-related items related to your participation in the Plan and legally applicable to you, is and remains your responsibility and may exceed the amount, if any, actually withheld by Schwab. | ||||
| Restrictions on Exercise and Issuance, Transfer, or Resale of Shares | You cannot exercise this option, and no Shares may be issued under this option if the issuance of Shares at that time would violate any applicable law, regulation, or rule. Schwab may impose restrictions upon the sale, pledge, or other transfer of Shares (including the placement of appropriate legends on stock certificates) if, in the judgment of Schwab and its counsel, such restrictions are necessary or desirable to comply with applicable law, regulations or rules. You agree not to sell any Shares issued under this option at a time when applicable laws, Schwab’s policies, or an agreement between Schwab and its underwriters prohibit a sale. The restriction will apply as long as your service continues and for such period of time after the termination of your service as Schwab may specify. | ||||
| No Stockholder Rights | You, or your estate or heirs, have no rights as a stockholder of Schwab until you have exercised this option by giving the required notice to Schwab paid the exercise price, and become a holder of record of the Shares underlying the option. No adjustments are made for dividends or other rights if the applicable record date occurs before you become a holder of record of the Shares underlying the option, except as described in the Plan. | ||||
| No Right to Employment | Nothing in this Agreement will be construed as giving you the right to be retained as an employee, consultant, or director of Schwab and its subsidiaries for any specific duration or at all. | ||||
| Transfer of Option | In general, only you may exercise this option prior to your death. You may not transfer or assign this option, except as provided below. For instance, you may not sell this option or use it as security for a loan. If you attempt to do any of these things, this option will immediately become invalid. You may dispose of this option in your will or in a beneficiary designation. You may designate one or more beneficiaries by completing a beneficiary designation on Schwab.com. You may change your beneficiary designation with Schwab at any time prior to your death. If you do not designate a beneficiary or if your designated beneficiary predeceases you, then your options will be exercisable by your estate. This option may not be assigned, transferred, pledged, encumbered, or otherwise disposed of in any settlement, judgment, decree or order (including approval of a property settlement agreement) that relates to the provision of child support, alimony payments, or marital property rights or domestic property rights. | ||||
Recovery | Schwab may cancel any grant, require reimbursement of any grant and affect any other right of recoupment of equity or other compensation provided under the Plan in accordance with any Schwab policies, as the same may be adopted and/or modified from time to time, including incentive compensation recovery policies, as well as any recoupment provisions required under applicable law. By accepting this grant, you agree to be bound by Schwab’s recovery policies and any such recoupment provisions, as in effect or as may be adopted and/or modified from time to time by Schwab in its sole discretion (including, without limitation, complying with applicable law, government regulation or stock exchange listing requirement). For purposes of the foregoing, you expressly and explicitly authorize (i) Schwab to re-convey, transfer, or otherwise return Shares and/or other amounts acquired under the Plan to Schwab and (ii) Schwab’s recovery of any covered compensation under such policy or applicable law through any other method of recovery that Schwab deems appropriate, including without limitation, by reducing any amount that is or may become payable to you. You further agree to comply with any request or demand for repayment by any affiliate of Schwab in order to comply with such policies or applicable law. To the extent that the terms of this Agreement and any Schwab recovery policy conflict, the terms of the recovery policy shall prevail. | ||||
| Limitation on Payments | If a payment from the Plan would constitute an excess parachute payment under section 280G of the Code or if there have been certain securities law violations, then your grant may be reduced or forfeited, and you may be required to disgorge any profit that you have realized from your grant. If a disqualified individual receives a payment or transfer under the Plan that would constitute an excess parachute payment under section 280G of the Code), such payment will be reduced, as described below. Generally, someone is a “disqualified individual” under section 280G if he or she is (a) an officer of Schwab, (b) a member of the group consisting of the highest paid 1% of the employees of Schwab or, if less, the highest paid 250 employees of Schwab, or (c) a 1% stockholder of Schwab. For purposes of this section on “Limitation on Payments,” the term “Schwab” will include affiliated corporations to the extent determined by the Auditors (as defined below) in accordance with section 280G(d)(5) of the Code. In the event that the independent auditors most recently selected by the Board (the “Auditors”) determine that any payment or transfer in the nature of compensation to or for your benefit, whether paid or payable (or transferred or transferable) pursuant to the terms of the Plan or otherwise (a “Payment”), would be nondeductible for federal income tax purposes because of the provisions concerning “excess parachute payments” in section 280G of the Code, then the aggregate present value of all Payments will be reduced (but not below zero) to the Reduced Amount (as defined below); provided, however, that the Compensation Committee may specify in writing that the grant will not be so reduced and will not be subject to reduction under this section. For this purpose, the “Reduced Amount” will be the amount, expressed as a present value, which maximizes the aggregate present value of the Payments without causing any Payment to be nondeductible by Schwab because of section 280G of the Code. If the Auditors determine that any Payment would be nondeductible because of section 280G of the Code, then Schwab will promptly give you notice to that effect and a copy of the detailed calculation and of the Reduced Amount. The Auditors will determine which and how much of the Payments will be eliminated or reduced (such that the aggregate present value of the Payments equals the Reduced Amount and is consistent with any mandatory eliminations or reductions that apply under other agreements or the Plan). Schwab will notify you promptly of the Auditors’ determination. Present value will be determined in accordance with section 280G(d)(4) of the Code. The | ||||
Auditors’ determinations will be binding upon you and Schwab and will be made within 60 days of the date when a Payment becomes payable or transferable. As promptly as practicable following these determinations and elections, Schwab will pay or transfer to or for your benefit such amounts as are then due to you under the Plan and will promptly pay or transfer to or for your benefit in the future such amounts as become due to you under the Plan. As a result of uncertainty in the application of section 280G of the Code at the time of an initial determination by the Auditors, it is possible that Payments will have been made by Schwab that should not have been made (an “Overpayment”) or that additional Payments that will not have been made by Schwab could have been made (an “Underpayment”) consistent in each case with the calculation of the Reduced Amount. In the event the Auditors, based upon the assertion of a deficiency by the Internal Revenue Service against you or Schwab that the Auditors believe has a high probability of success determine that an Overpayment has been made, the amount of such Overpayment will be paid by you to Schwab on demand, together with interest at the applicable federal rate provided in section 7872(f)(2) of the Code. However, no amount will be payable by you to Schwab if and to the extent that such payment would not reduce the amount that is subject to taxation under section 4999 of the Code. In the event the Auditors determine that an Underpayment has occurred, such Underpayment will promptly be paid or transferred by Schwab to or for your benefit, together with interest at the applicable federal rate provided in section 7872(f)(2) of the Code. | |||||
| Plan Administration | The Plan administrator has discretionary authority to make all determinations related to this option and to construe the terms of the Plan, the Notice of Nonqualified Stock Option Grant, and this Agreement. The Plan administrator’s determinations are conclusive and binding on all persons, and they are entitled to deference upon any review. | ||||
| Adjustments | In the event of a stock split, a stock dividend or a similar change in Shares, the Compensation Committee, in its discretion, may adjust the number of Shares covered by this option and the exercise price per Share. | ||||
| Severability | In the event that any provision of this Agreement is held invalid or unenforceable, the provision will be severable from, and such invalidity or unenforceability will not be construed to have any effect on, the remaining provisions of this Agreement. | ||||
| Applicable Law | This Agreement will be interpreted and enforced under the laws of the State of Delaware (without regard to their choice-of-law provisions), | ||||
| as such laws are applied to contracts entered into and performed in Delaware. | |||||
| The Plan and Other Agreements | The text of the Plan is incorporated in this Agreement by reference. This Agreement, the Notice of Nonqualified Stock Option Grant, and the Plan constitute the entire understanding between you and Schwab regarding this option. Any prior agreements, commitments or negotiations concerning this option are superseded. This Agreement may be amended at any time; by the Compensation Committee; provided, however, that if such amendment is materially adverse to you the amendment must be in a written agreement signed by both parties. If there is any inconsistency or conflict between any provision of this Agreement and the Plan, the terms of the Plan will control., except where otherwise specified in accordance with section 7(h) of the Plan. Nothing in this Agreement gives you the ability to negotiate or change the key terms and conditions described above, in the Notice of Nonqualified Stock Option Grant and in the Plan. | ||||
| Name of Recipient: | <first_name> <last_name> | ||||
Number of Target Restricted Stock Units Granted: | <shares_awarded> | ||||
Grant Date: | <award_date> | ||||
Performance Period(s): | <performance_period> | ||||
| Payment for Units | No payment is required for the Restricted Stock Units that you are receiving. “Restricted Stock Units” are an unfunded and unsecured obligation of The Charles Schwab Corporation (“Schwab”). | ||||
| Vesting | Subject to the provisions of this Restricted Stock Unit Grant Agreement (“Agreement”), a Restricted Stock Unit becomes vested as described in the Notice of Restricted Stock Unit Grant based on the achievement of the Performance Goal(s) established by the Compensation Committee (the “Compensation Committee”) of the Board of Directors of Schwab (the “Board”). If your service terminates for any reason, then your Restricted Stock Units will automatically and permanently be forfeited to the extent that they have not vested on or before the termination date and will not vest as a result of the termination, unless otherwise noted below. This means that the Restricted Stock Units will immediately revert to Schwab. You will receive no payment for Restricted Stock Units that are forfeited. Schwab determines when your service terminates for this purpose. For all purposes of this Agreement, “Service” means continuous employment as a common-law employee or engagement as an individual independent contractor or consultant of Schwab or a parent company or subsidiary of Schwab, and “Subsidiary” means a subsidiary corporation as defined in section 424(f) of the Internal Revenue Code of 1986, as amended (the “Code”). | ||||
Accelerated Vesting | This grant, to the extent not already forfeited, will become fully vested and payable at target upon your death or “Disability”. If, prior to the date your service terminates, Schwab is subject to a “Change in Control”, as defined in The Charles Schwab Corporation 2022 Stock Incentive Plan (as amended, the “Plan”), this grant, to the extent not already forfeited, will become fully vested and payable at target as of the date that the change in control occurs. | ||||
| Continued Vesting | If your service terminates on account of your “Retirement” as defined herein, you will be treated as in service in good standing for purposes of determining further vesting of the grant. Upon your “Severance Eligible Termination”, provided you have signed your Severance Agreement, you shall be treated as in service in good standing for one year after your Termination Date and a pro-rated portion of this grant, to the extent not already forfeited, will remain outstanding and eligible to vest based on the length of your service during the Performance Period and achievement of the performance goal(s) established by the Compensation Committee of the Board. | ||||
| For the avoidance of doubt, if your termination of service entitles you to benefits under The Charles Schwab Severance Pay Plan (or any successor plan) and your termination of service also meets the definition of Retirement as defined herein, the terms of Retirement shall prevail. | |||||
| Definition of Fair Market Value | “Fair Market Value” means the average of the high and low price of a Share (as defined below) as reported on the New York Stock Exchange on the applicable determination date. | ||||
Definition of Disability | For all purposes of this Agreement, “Disability” means that you have a disability that qualifies as such under section 409A of the Code and due to which you have been determined to be eligible for benefits under Schwab’s long-term disability plan, or if you are not covered by Schwab’s long-term disability plan, you are unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment which has lasted, or can be expected to last, for a continuous period of not less than 12 months or which can be expected to result in death as determined by Schwab in its sole discretion. | ||||
Definition of Retirement | If you are an employee of Schwab and its subsidiaries, “Retirement” means a separation from service for any reason other than death at any time after the earlier of when you attain age 55, but only if, at the time of your separation, you have been credited with at least 10 years of service or when you attain age 60, but only if, at the time of your termination, you have been credited with at least 5 years of service. For the avoidance of doubt, your separation from service under any circumstance described under “Cancellation of Restricted Stock Units” below will be deemed a “Retirement.” The phrase “Years of Service” above shall mean each consecutive twelve-month period of continuous employment with Schwab or a parent company or a subsidiary of Schwab, beginning on the eligible Employee’s most recent date of hire and each anniversary thereof. | ||||
Definition of Severance Eligible Termination | For all purposes of this Agreement, “Severance Eligible Termination” means a separation from service entitling you to severance benefits provided you have signed your Severance Agreement under The Charles Schwab Severance Pay Plan (or any successor plan). | ||||
Payment of Shares | The Target Restricted Stock Units in the Notice of Restricted Stock Unit Grant will be used to determine the shares of common stock of The Charles Schwab Corporation (“Shares”) payable based on the Performance Goal and formula established by the Compensation Committee. The Shares payable are calculated following the end of the Performance Period based on the Performance Goal(s) achieved and any adjustments provided for under the Plan and this Agreement. The Shares shall be paid as soon as administratively possible following vesting, but in no event beyond March 15th of the year following the year of vesting. | ||||
Restrictions on Restricted Stock Units | You may not assign, sell, transfer, pledge, encumber, or otherwise dispose of any Restricted Stock Units without Schwab’s written consent. Schwab will deliver Shares to you only after the Restricted Stock Units vest and after all other terms and conditions in this Agreement have been satisfied. Restricted Stock Units may not be assigned, transferred, pledged, encumbered, or otherwise disposed of in any settlement, judgment, decree, or order (including approval of a property settlement agreement) that relates to the provision of child support, alimony payments, or marital property rights or domestic property rights. | ||||
Delivery of Shares After Death | In the event of your death prior to the distribution of Shares otherwise distributable under this Agreement, your Shares will be delivered to your beneficiary or beneficiaries. You may designate one or more beneficiaries by completing a beneficiary designation on Schwab.com. You may change your beneficiary designation with Schwab at any time prior to your death. If you do not designate a beneficiary or if your designated beneficiary predeceases you, then your Shares will be delivered to your estate. The Compensation Committee, in its sole discretion, will determine the form and time of the distribution of Shares. In no event will the payment be made beyond March 15th of the year following the year of vesting. | ||||
Restrictions on Resale | You agree not to sell any Shares at a time when applicable laws, Schwab’s policies, or an agreement between Schwab and its underwriters prohibit a sale. This restriction will apply as long as your service continues and for such period of time after the termination of your service as Schwab may specify. | ||||
Cancellation of Restricted Stock Units | To the fullest extent permitted by applicable laws, the Restricted Stock Units will immediately be cancelled and will expire in the event that Schwab terminates your service on account of conduct contrary to the best interests of Schwab, including, without limitation, conduct constituting a violation of law or Schwab policy, fraud, theft, conflict of interest, dishonesty or harassment. The determination whether your employment has been terminated on account of conduct contrary to the best interests of Schwab shall be made by Schwab in its sole discretion and will be entitled to deference upon any review. | ||||
| Withholding Taxes | Shares will not be distributed unless you have made acceptable arrangements to pay any applicable withholding taxes that may be due as a result of the vesting and/or the distribution of the Shares under this grant. These arrangements may include payment made in cash or payment by withholding a portion of the Shares that are to be distributed. If you elect to pay applicable withholding taxes due on the distribution of Shares in cash, you are responsible for having sufficient funds in your Schwab brokerage account to cover the applicable withholding taxes at the time they are due. | ||||
In the event you do not elect to pay applicable withholding taxes in cash, Schwab shall withhold the number of whole Shares, valued at the fair market value on the applicable date required to satisfy such applicable withholding taxes. Schwab will round up to the next whole Share to cover the applicable withholding taxes, and any amounts in excess of the applicable withholding taxes resulting from rounding up to the next whole Share will be added to your federal income tax withholdings. While Schwab will withhold to satisfy applicable withholding taxes, you acknowledge that, regardless of any action taken by Schwab, the ultimate liability for all income tax, social insurance, payroll tax, fringe benefits tax, payment on account or other tax-related items related to your participation in the Plan and legally applicable to you, is and remains your responsibility and may exceed the amount, if any, actually withheld by Schwab. Applicable withholding taxes due on the distribution of Shares subject to this grant following termination of service will be withheld as noted above unless you have made acceptable arrangements to pay any applicable withholding taxes in cash. | |||||
No Stockholder Rights | Your Restricted Stock Units carry no voting or other stockholder rights. You have no rights as a Schwab stockholder until your Restricted Stock Units are settled by issuing Shares. | ||||
Contribution of Par Value | On your behalf, Schwab will contribute to its capital an amount equal to the par value of the Shares issued to you. | ||||
Dividend Equivalent Rights | If Schwab pays cash dividends on Shares, each Restricted Stock Unit will accrue a dividend equivalent equal to the cash dividend paid per Share, subject to the same vesting and forfeiture provisions as the associated Restricted Stock Units, to be paid in cash without interest at the time the associated Restricted Stock Units vest and Shares are distributed. In no event will the accumulated dividend equivalent be paid beyond March 15th of the year following the year in which the associated Restricted Stock Units vest. | ||||
No Right to Remain Employee | Nothing in this Agreement will be construed as giving you the right to be retained as an employee, consultant, or director of Schwab and its subsidiaries for any specific duration or at all. | ||||
| Recovery | Schwab may cancel any grant, require reimbursement of any grant, and effect any other right of recoupment of equity or other compensation provided under the Plan in accordance with any Schwab policies, as the same may be adopted and/or modified from time to time, including incentive compensation recovery policies, as well as any recoupment provisions required under applicable law. By accepting this grant, you are agreeing to be bound by Schwab’s recovery policies and any such recoupment provisions, as in effect or as may be adopted and/or modified from time to time by Schwab in its sole discretion (including, without limitation, to comply with applicable law, government regulation or stock exchange listing requirement). For purposes of the foregoing, you | ||||
| expressly and explicitly authorize (i) Schwab to re-convey, transfer, or otherwise return such Shares and/or other amounts acquired under the Plan to Schwab and (ii) Schwab’s recover of any covered compensation under such policy or applicable law through any other method of recovery that Schwab deems appropriate, including without limitation by reducing any amount that is or may become payable to you. You further agree to comply with any request or demand for repayment by any affiliate of Schwab in order to comply with such policies or applicable law. To the extent that the terms of this Agreement and any Schwab recovery policy conflict, the terms of the recovery policy shall prevail. | |||||
Limitation on Payments | If a payment from the Plan would constitute an excess parachute payment under section 280G of the Code or if there have been certain securities law violations, then your grant may be reduced or forfeited and you may be required to disgorge any profit that you have realized from your grant. If a disqualified individual receives a payment or transfer under the Plan that would constitute an excess parachute payment under section 280G of the Code, such payment will be reduced, as described below. Generally, someone is a “Disqualified Individual” under section 280G if he or she is (a) an officer of Schwab, (b) a member of the group consisting of the highest paid 1% of the employees of Schwab or, if less, the highest paid 250 employees of Schwab, or (c) a 1% stockholder of Schwab. For purposes of this section on “Limitation on Payments,” the term “Schwab” will include affiliated corporations to the extent determined by the independent auditors most recently selected by the Board (the “Auditors”) in accordance with section 280G(d)(5) of the Code. In the event that the Auditors’ determine that any payment or transfer in the nature of compensation to or for your benefit, whether paid or payable (or transferred or transferable) pursuant to the terms of the Plan or otherwise (a “Payment”), would be nondeductible for federal income tax purposes because of the provisions concerning “excess parachute payments” in section 280G of the Code, then the aggregate present value of all Payments will be reduced (but not below zero) to the Reduced Amount (as defined below); provided, however, that the Compensation Committee may specify in writing that the grant will not be so reduced and will not be subject to reduction under this section. For this purpose, the “Reduced Amount” will be the amount, expressed as a present value, which maximizes the aggregate present value of the Payments without causing any Payment to be nondeductible by Schwab because of section 280G of the Code. If the Auditors’ determine that any Payment would be nondeductible because of section 280G of the Code, then Schwab will promptly give you notice to that effect and a copy of the detailed calculation and of the Reduced Amount. The Auditors will determine which and how much of the Payments will be eliminated or reduced (such that the aggregate present value of the Payments | ||||
equals the Reduced Amount and is consistent with any mandatory eliminations or reductions that apply under other agreements or the Plan). | |||||
Schwab will notify you promptly of the Auditor’s determination. Present value will be determined in accordance with section 280G(d)(4) of the Code. The Auditors’ determinations will be binding upon you and Schwab and will be made within 60 days of the date when a Payment becomes payable or transferable. | |||||
As promptly as practicable following these determination. Present value will be determined in accordance with section 280G(D)(4) of the code. The Auditors' determinations will be binding upon you and Schwab and will be made within 60 days of the date when a Payment becomes payable or transferable. | |||||
As a result of uncertainty in the application of section 280G of the Code at the time of an initial determination by the Auditors, it is possible that Payments will have been made by Schwab that should not have been made (an “Overpayment”) or that additional Payments that will not have been made by Schwab could have been made (an “Underpayment”) consistent in each case with the calculation of the Reduced Amount. In the event the Auditors, based upon the assertion of a deficiency by the Internal Revenue Service against you or Schwab that the Auditors believe has a high probability of success, determine that an Overpayment has been made, the amount of such Overpayment will be paid by you to Schwab on demand, together with interest at the applicable federal rate provided in section 7872(f)(2) of the Code. However, no amount will be payable by you to Schwab if and to the extent that such payment would not reduce the amount that is subject to taxation under section 4999 of the Code. In the event the Auditors determine that an Underpayment has occurred, such Underpayment will promptly be paid or transferred by Schwab to or for your benefit, together with interest at the applicable federal rate provided in section 7872(f)(2) of the Code. | |||||
Notwithstanding the foregoing, in no event will a payment be made under this Section beyond March 15th of the year following the year in which the amount ceases to be subject to a substantial risk of forfeiture. | |||||
Plan Administration | The Plan administrator has discretionary authority to make all determinations related to this grant and to construe the terms of the Plan, the Notice of Restricted Stock Unit Grant and this Agreement. The Plan administrator’s determinations are conclusive and binding on all persons, and they are entitled to deference upon any review. | ||||
| Adjustments | In the event of a stock split, a stock dividend or a similar change in the Shares, the number of Restricted Stock Units that remain subject to forfeiture will be adjusted accordingly. | ||||
| Severability | In the event that any provision of this Agreement is held invalid or unenforceable, the provision will be severable from, and such invalidity or unenforceability will not be construed to have any effect on, the remaining provisions of this Agreement. | ||||
| Applicable Law | This Agreement will be interpreted and enforced under the laws of the State of Delaware (without regard to their choice-of-law provisions), as such laws are applied to contracts entered into and performed in Delaware. | ||||
The Plan and Other Agreements | The text of the Plan is incorporated in this Agreement by reference. This Agreement, the Notice of Restricted Stock Unit Grant and the Plan constitute the entire understanding between you and Schwab regarding this grant. Any prior agreements, commitments or negotiations concerning this grant are superseded. This Agreement may be amended at any time by the Compensation Committee; provided, however, that if such amendment is materially adverse to you the amendment must be in a written agreement signed by both parties. If there is any inconsistency or conflict between any provision of this Agreement and the Plan, the terms of the Plan will control. | ||||
| Name of Recipient: | <first_name> <last_name> | ||||
| Grant Reason: | Standard Restricted Stock Unit Grant | ||||
| Total Number of Restricted Stock Units Granted: | <shares_awarded> | ||||
| Grant Date: | <award_date> | ||||
Vesting Schedule: | So long as you remain in service in good standing with Schwab or its subsidiaries and subject to the terms of the Restricted Stock Unit Grant Agreement, the Restricted Stock Units subject to this grant will become vested and distributable on the following dates and in the following amounts, subject to the restrictions below: Number of Restricted Stock Units on Vesting Date: <vesting_schedule> | ||||
| Payment for Units | No payment is required for the Restricted Stock Units that you are receiving. “Restricted Stock Units” are an unfunded and unsecured obligation of The Charles Schwab Corporation (“Schwab”). | ||||
| Vesting | Subject to the provisions of this Restricted Stock Unit Grant Agreement (“Agreement”), a Restricted Stock Unit becomes vested and distributable as of the earliest of the following: | ||||
(1) The applicable Vesting Date for the Restricted Stock Unit indicated in the Notice of Restricted Stock Unit Grant. | |||||
| (2) Your death. | |||||
(3) Your “Disability”. | |||||
(4) Your separation from service, if the separation qualifies as a “Retirement”. | |||||
(5) Your “Severance Eligible Termination” under The Charles Schwab Severance Pay Plan (or any successor plan), provided you have signed your Severance Agreement; provided that only those Restricted Stock Units that were otherwise scheduled to vest and distribute up to one-year following such severance eligible termination shall vest and become distributable upon such event and all other Restricted Stock Units that have not vested will be immediately forfeited. | |||||
(6) A “Change in Control”. | |||||
| If your service terminates for any other reason, then your Restricted Stock Units will be forfeited to the extent that they have not vested on or before the termination date and do not vest as a result of the termination. This means that the Restricted Stock Units will immediately revert to Schwab. You will receive no payment for Restricted Stock Units that are forfeited. Schwab determines when your service terminates for this purpose. | |||||
For all purposes of this Agreement, “Service” means continuous employment as a common-law employee or engagement as an individual independent contractor or consultant of Schwab or a parent company or subsidiary of Schwab, and “Subsidiary” means a subsidiary corporation as defined in section 424(f) of the Internal Revenue Code of 1986, as amended (the “Code”). | |||||
Definition of Fair Market Value | “Fair Market Value” means the average of the high and low price of a Share (as defined below) as reported on the New York Stock Exchange on the applicable determination date. | ||||
Definition of Disability | For all purposes of this Agreement, “Disability” means that you have a disability that qualifies as such under section 409A of the Code and due to which you have been determined to be eligible for benefits under Schwab’s long-term disability plan or if you are not covered by Schwab’s long-term disability plan, you are unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment which has lasted, or can be expected to last, for a continuous period of not less than 12 months or which can be expected to result in death as determined by Schwab in its sole discretion. | ||||
Definition of Retirement | If you are an employee of Schwab and its subsidiaries, “Retirement” means a separation from service for any reason other than death at any time after the earlier of when you attain age 55, but only if, at the time of your separation, you have been credited with at least 10 years of service or when you attain age 60, but only if, at the time of your termination, you have been credited with at least 5 years of service. | ||||
For the avoidance of doubt, if your termination is under any circumstance described under “Cancellation of Restricted Stock Units” and your termination also meets the definition of Retirement as defined herein, then for the purposes of this Agreement the terms of Retirement shall prevail. | |||||
The phrase “Years of Service” above shall mean each consecutive twelve-month period of continuous employment with Schwab or a parent company or a subsidiary of Schwab beginning on your most recent date of hire and each anniversary thereof. | |||||
Definition of Severance Eligible Termination | For all purposes of this Agreement, “Severance Eligible Termination” means a separation from service entitling you to severance benefits provided you have signed your Severance Agreement under The Charles Schwab Severance Pay Plan (or any successor plan). For the avoidance of doubt, if your Severance Eligible Termination also qualifies as a Retirement as defined herein, the separation shall be deemed a Retirement for purposes of this Agreement. | ||||
Definition of Change in Control | For all purposes of this Agreement, “Change in Control” means an event that qualifies as a change in control event under section 409A of the Code and as a change in control as defined in The Charles Schwab Corporation 2022 Stock Incentive Plan (as amended, the “Plan”). | ||||
Definition of Separation from Service | For all purposes of this Agreement, “Separation from Service” means a separation from service as defined under section 409A of the Code. | ||||
Payment of Shares | Any vested Restricted Stock Units will be paid in shares of common stock of Schwab (“Shares”) as provided herein. Shares that have become vested and distributable under this Agreement shall be distributed as follows: | ||||
(1) Shares that vest and become distributable on a Vesting Date shall be distributed within 30 days following the Vesting Date. | |||||
(2) Shares that vest and become distributable on death, “Disability”, “Retirement”, or a “Change in Control”, shall be distributable within 90 days following such event. | |||||
(3) Shares that vest and become distributable on a separation from service due to a severance eligible termination shall be distributed within 90 days following the separation from service. Generally, for severance eligible terminations, the distribution date shall be the termination date specified in the notice under The Charles Schwab Severance Pay Plan. | |||||
Notwithstanding the foregoing, if at the time of your separation from service, you are a “Specified Employee”, you will receive your Shares within 30 days following the date that is six months after your separation from service (or if earlier the date of your death following such separation from service). “Specified Employee” means a “Specified Employee” within the meaning of section 409A of the Code and any regulatory guidance promulgated thereunder, provided that in determining the compensation of individuals for this purpose, the definition of compensation in Treas. Reg. § 1.415(c)-2(d)(2) shall be used. | |||||
Restrictions on Restricted Stock Units | You may not assign, sell, transfer, pledge, encumber, or otherwise dispose of any Restricted Stock Units without Schwab’s written consent. Schwab will deliver Shares to you only after the Restricted Stock Units vest and after all other terms and conditions in this Agreement have been satisfied. | ||||
| Restricted Stock Units may not be assigned, transferred, pledged, encumbered, or otherwise disposed of in any settlement, judgment, decree, or order (including approval of a property settlement agreement) that relates to the provision of child support, alimony payments, marital property rights or domestic property rights. | |||||
Delivery of Shares After Death | In the event that Shares are distributable upon your death, the Shares will be delivered to your beneficiary or beneficiaries. You may designate one or more beneficiaries by completing a beneficiary designation on Schwab.com. You may change your beneficiary designation with Schwab at any time prior to your death. If you do not designate a beneficiary or if your designated beneficiary predeceases you, then your Shares will be delivered to your estate. | ||||
Cancellation of Restricted Stock Units | To the fullest extent permitted by applicable laws, the Restricted Stock Units will immediately be cancelled and will expire in the event that Schwab terminates your service on account of conduct contrary to the best interests of Schwab, including, without limitation, conduct constituting a violation of law or Schwab policy, fraud, theft, conflict of interest, dishonesty or harassment. The determination whether your service has been terminated on account of conduct contrary to the best interests of Schwab shall be made by Schwab in its sole discretion and will be entitled to deference upon any review. | ||||
Restrictions on Resale | You agree not to sell any Shares at a time when applicable laws, Schwab’s policies, or an agreement between Schwab and its underwriters prohibit a sale. This restriction will apply as long as your service continues and for such period of time after the termination of your service as Schwab may specify. | ||||
Withholding Taxes | Shares will not be distributed unless you have made acceptable arrangements to pay any applicable withholding taxes that may be due as a result of the vesting and or the distribution of the Shares. These arrangements may include payment made in cash or payment by withholding a portion of the Shares that are to be distributed. | ||||
If you elect to pay applicable withholding taxes due on the distribution of Shares in cash, you are responsible for having sufficient funds in your Schwab brokerage account to cover the applicable withholding taxes at the time they are due. | |||||
In the event you do not elect to pay applicable withholding taxes in cash, Schwab shall withhold the number of whole Shares, valued at the fair market value on the applicable date required to satisfy such applicable withholding taxes. Schwab will round up to the next whole Share to cover the applicable withholding taxes, and any amounts in excess of the applicable withholding taxes resulting from rounding up to the next whole Share will be added to your federal income tax withholdings. While Schwab will withhold to satisfy applicable withholding taxes, you acknowledge that, regardless of any action taken by Schwab, the ultimate liability for all income tax, social insurance, payroll tax, fringe benefits tax, payment on account or other tax-related items related to your participation in the Plan and legally applicable to you, is and remains your responsibility and may exceed the amount, if any, actually withheld by Schwab. | |||||
Applicable withholding taxes due on the distribution of Shares subject to this grant following termination of your service will be withheld as noted above unless you have made acceptable arrangements to pay any applicable withholding taxes in cash. | |||||
| Any taxes due prior to distribution of Shares (e.g., under section 3121(v)(2) of the Code upon retirement eligibility) shall be paid by | |||||
| accelerating the vesting of and withholding Shares payable in connection with such Restricted Stock Units for participants other than executive officers of Schwab (i.e., individuals who are members of the Executive Council), who shall pay such withholding taxes in cash upon Schwab’s request. Prior to the distribution of Shares, the number of Shares accelerated and withheld for such taxes will be rounded down to the next whole Share, and any amounts of less than the fair market value of a Share will be deducted from your pay to cover the applicable withholding taxes due prior to distribution of Shares. Participants may not make any election as to the payment of taxes due prior to the distribution of Shares (e.g., under section 3121(v)(2) of the Code upon retirement eligibility). | |||||
No Stockholder Rights | Your Restricted Stock Units carry no voting or other stockholder rights. You have no rights as a Schwab stockholder until your Restricted Stock Units are settled by issuing Shares. | ||||
Contribution of Par Value | On your behalf, Schwab will contribute to its capital an amount equal to the par value of the Shares issued to you. | ||||
Dividend Equivalent Rights | If Schwab pays cash dividends on Shares, you will receive cash equal to the dividend per Share multiplied by the number of unvested Restricted Stock Units outstanding hereunder. Each such payment shall be made as soon as practicable following the payment of the actual dividend, but in no event beyond March 15 of the year following the year the actual dividend is paid. | ||||
No Right to Remain Employee | Nothing in this Agreement will be construed as giving you the right to be retained as an employee, consultant, or director of Schwab and its subsidiaries for any specific duration or at all. | ||||
| Recovery | Schwab may cancel any grant, require reimbursement of any grant, and effect any other right of recoupment of equity or other compensation provided under the Plan in accordance with any Schwab policies, as the same may be adopted and/or modified from time to time, including incentive compensation recovery policies, as well as any recoupment provisions required under applicable law. By accepting this grant, you are agreeing to be bound by Schwab’s recovery policies and any such recoupment provisions, as in effect or as may be adopted and/or modified from time to time by Schwab in its sole discretion (including, without limitation, to comply with applicable law, government regulation or stock exchange listing requirement). For the purposes of the foregoing, you expressly and explicitly authorize (i) Schwab to re-convey, transfer, or otherwise return such Shares and/or other amounts acquired under the Plan to Schwab and (ii) Schwab’s recovery of any covered compensation under such policy or applicable law through any other method of recovery that Schwab deems appropriate, including without limitation by reducing any amount that is or may become payable to you. You further agree to comply with any request or demand for repayment by any affiliate of Schwab in order to comply with such policies or applicable law. To the extent that the terms of this Agreement and any Schwab recovery policy conflict, the terms of the recovery policy shall prevail. | ||||
extent that the terms of this Agreement and any Schwab recovery policy conflict, the terms of the recovery policy shall prevail. | |||||
| Limitation on Payments | If a payment from the Plan would constitute an excess parachute payment under section 280G of the Code or if there have been certain securities law violations, then your grant may be reduced or forfeited, and you may be required to disgorge any profit that you have realized from your grant. | ||||
If a disqualified individual receives a payment or transfer under the Plan that would constitute an excess parachute payment under section 280G of the Code, such payment will be reduced, as described below. Generally, someone is a “Disqualified Individual” under section 280G if he or she is (a) an officer of Schwab, (b) a member of the group consisting of the highest paid 1% of the employees of Schwab or, if less, the highest paid 250 employees of Schwab, or (c) a 1% stockholder of Schwab. For purposes of this section on “Limitation on Payments,” the term “Schwab” will include affiliated corporations to the extent determined by the independent auditors most recently selected by the Board of Directors (the “Auditors”) in accordance with section 280G(d)(5) of the Code. | |||||
In the event that the Auditors determine that any payment or transfer in the nature of compensation to or for your benefit, whether paid or payable (or transferred or transferable) pursuant to the terms of the Plan or otherwise (a “Payment”), would be nondeductible for federal income tax purposes because of the provisions concerning “excess parachute payments” in section 280G of the Code, then the aggregate present value of all Payments will be reduced (but not below zero) to the Reduced Amount (as defined below); provided, however, that the Compensation Committee (the “Compensation Committee”) of the Board of Directors may specify in writing that the grant will not be so reduced and will not be subject to reduction under this section. | |||||
For this purpose, the “Reduced Amount” will be the amount, expressed as a present value, which maximizes the aggregate present value of the Payments without causing any Payment to be nondeductible by Schwab because of section 280G of the Code. | |||||
If the Auditors determine that any Payment would be nondeductible because of section 280G of the Code, then Schwab will promptly give you notice to that effect and a copy of the detailed calculation and of the Reduced Amount. The Auditors will determine which and how much of the Payments will be eliminated or reduced (such that the aggregate present value of the Payments equals the Reduced Amount and is consistent with any mandatory eliminations or reductions that apply under other agreements or the Plan). Schwab will notify you promptly of the Auditor's determination. Present value will be determined in accordance with section 280G(d)(4) of the Code. The Auditors’ determinations will | |||||
be binding upon you and Schwab and will be made within 60 days of the date when a Payment becomes payable or transferable. | |||||
| As promptly as practicable following these determinations and elections, Schwab will pay or transfer to or for your benefit such amounts as are then due to you under the Plan and will promptly pay or transfer to or for your benefit in the future such amounts as become due to you under the Plan. | |||||
As a result of uncertainty in the application of section 280G of the Code at the time of an initial determination by the Auditors, it is possible that Payments will have been made by Schwab that should not have been made (an “Overpayment”) or that additional Payments that will not have been made by Schwab could have been made (an “Underpayment”) consistent in each case with the calculation of the Reduced Amount. In the event the Auditors, based upon the assertion of a deficiency by the Internal Revenue Service against you or Schwab that the Auditors believe has a high probability of success, determine that an Overpayment has been made, the amount of such Overpayment will be paid by you to Schwab on demand, together with interest at the applicable federal rate provided in section 7872(f)(2) of the Code. However, no amount will be payable by you to Schwab if and to the extent that such payment would not reduce the amount that is subject to taxation under section 4999 of the Code. In the event the Auditors determine that an Underpayment has occurred, such Underpayment will promptly be paid or transferred by Schwab to or for your benefit, together with interest at the applicable federal rate provided in section 7872(f)(2) of the Code, provided that no such Underpayment related to Shares distributable under this Agreement shall be paid beyond the deadline for making such payments under section 409A of the Code. | |||||
| Plan Administration | The Plan administrator has discretionary authority to make all determinations related to this grant and to construe the terms of the Plan, the Notice of Restricted Stock Unit Grant and this Agreement. The Plan administrator’s determinations are conclusive and binding on all persons, and they are entitled to deference upon any review. | ||||
| Adjustments | In the event of a stock split, a stock dividend or a similar change in the Shares, the number of Restricted Stock Units that remain subject to forfeiture will be adjusted accordingly. | ||||
| Severability | In the event that any provision of this Agreement is held invalid or unenforceable, the provision will be severable from, and such invalidity or unenforceability will not be construed to have any effect on, the remaining provisions of this Agreement. | ||||
Applicable Law | This Agreement will be interpreted and enforced under the laws of the State of Delaware (without regard to their choice-of-law provisions), as such laws are applied to contracts entered into and performed in Delaware. | ||||
| The Plan and Other Agreements | The text of the Plan is incorporated in this Agreement by reference. This Agreement (including the Additional Terms and Conditions for Non-U.S. Recipients and the Country-Specific Provisions), the Notice of Restricted Stock Unit Grant, and the Plan constitute the entire understanding between you and Schwab regarding this grant. Any prior agreements, commitments or negotiations concerning this grant are superseded. This Agreement may be amended at any time by the Compensation Committee; provided, however, that if such amendment is materially adverse to you the amendment must be in a written agreement signed by both parties. If there is any inconsistency or conflict between any provision of this Agreement and the Plan, the terms of the Plan will control, except where otherwise specified in accordance with section 7(h) of the Plan. | ||||
| Name of Recipient: | <first_name> <last_name> | ||||
Grant Reason: | Retention Restricted Stock Unit Grant | ||||
Total Number of Restricted Stock Units Granted: | <shares_awarded> | ||||
| Grant Date: | <award_date> | ||||
Vesting Schedule: | So long as you remain in service in good standing with Schwab or its subsidiaries and subject to the terms of the Restricted Stock Unit Grant Agreement, the Restricted Stock Units subject to this grant will become vested and distributable on the following dates and in the following amounts, subject to the restrictions below: Number of Restricted Stock Units on Vesting Date: <vesting_schedule> | ||||
Payment for Units | No payment is required for the Restricted Stock Units that you are receiving. “Restricted Stock Units” are an unfunded and unsecured obligation of The Charles Schwab Corporation (“Schwab”). | ||||
| Vesting | Subject to the provisions of this Restricted Stock Unit Grant Agreement (“Agreement”), a Restricted Stock Unit becomes vested and distributable as of the earliest of the following: | ||||
| (1) The applicable Vesting Date for the Restricted Stock Unit indicated in the Notice of Restricted Stock Unit Grant. | |||||
(2) Your death. | |||||
(3) Your “Disability”. | |||||
(4) Your “Severance Eligible Termination” under The Charles Schwab Severance Pay Plan (or any successor plan), provided you have signed your Severance Agreement. | |||||
(5) A “Change in Control”. | |||||
| If your service terminates for any other reason, then your Restricted Stock Units will be forfeited to the extent that they have not vested on or before the termination date and do not vest as a result of the termination. This means that the Restricted Stock Units will immediately revert to Schwab. You will receive no payment for Restricted Stock Units that are forfeited. Schwab determines when your service terminates for this purpose. | |||||
For all purposes of this Agreement, “Service” means continuous employment as a common-law employee or engagement as an individual independent contractor or consultant of Schwab or a parent company or subsidiary of Schwab, and “Subsidiary” means a subsidiary corporation as defined in section 424(f) of the Internal Revenue Code of 1986, as amended (the “Code”). | |||||
| Retirement | Restricted Stock Units subject to this grant will not vest upon retirement. | ||||
Definition of Fair Market Value | “Fair Market Value” means the average of the high and low price of a Share (as defined below) as reported on the New York Stock Exchange on the applicable determination date. | ||||
Definition of Disability | For all purposes of this Agreement, “Disability” means that you have a disability that qualifies as such under section 409A of the Code and due to which you have been determined to be eligible for benefits under Schwab’s long-term disability plan or if you are not covered by Schwab’s long-term disability plan, you are unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment which has lasted, or can be expected to last, for a continuous period of not less than 12 | ||||
| months or which can be expected to result in death as determined by Schwab in its sole discretion. | |||||
Definition of Severance Eligible Termination | For all purposes of this Agreement, “Severance Eligible Termination” means a separation from service entitling you to severance benefits provided you have signed your Severance Agreement under The Charles Schwab Severance Pay Plan (or any successor plan). | ||||
Definition of Change in Control | For all purposes of this Agreement, “Change in Control” means an event that qualifies as a change in control event under section 409A of the Code and as a change in control as defined in The Charles Schwab Corporation 2022 Stock Incentive Plan (as amended, the “Plan”). | ||||
Definition of Separation from Service | For all purposes of this Agreement, “Separation from Service” means a separation from service as defined under section 409A of the Code. | ||||
Payment of Shares | Any vested Restricted Stock Units will be paid in shares of common stock of Schwab (“Shares”) as provided herein. Shares that have become vested and distributable under this Agreement shall be distributed as follows: | ||||
(1) Shares that vest and become distributable on a Vesting Date shall be distributed within 30 days following the Vesting Date. | |||||
(2) Shares that vest and become distributable on death, Disability, or a Change in Control, shall be distributable within 90 days following such event. | |||||
(3) Shares that vest and become distributable on a Severance Eligible Termination shall be distributed within 90 days following the separation from service. Generally, for Severance Eligible Terminations, the distribution date shall be the Termination Date specified in the notice under The Charles Schwab Severance Pay Plan. Notwithstanding the foregoing, if at the time of your separation from service, you are a “Specified Employee”, you will receive your Shares within 30 days following the date that is six months after your separation from service (or if earlier the date of your death following such separation from service). “Specified Employee” means a “Specified Employee” within the meaning of section 409A of the Code and any regulatory guidance promulgated thereunder, provided that in determining the compensation of individuals for this purpose, the definition of compensation in Treas. Reg. § 1.415(c)-2(d)(2) shall be used. | |||||
Restrictions on Restricted Stock Units | You may not assign, sell, transfer, pledge, encumber, or otherwise dispose of any Restricted Stock Units without Schwab’s written consent. Schwab will deliver Shares to you only after the Restricted Stock Units vest and after all other terms and conditions in this Agreement have been satisfied. Restricted Stock Units may not be assigned, transferred, pledged, encumbered, or otherwise disposed of in any settlement, judgment, decree, or order (including approval of a property settlement agreement) that relates to the provision of child support, alimony payments, or marital property rights or domestic property rights. | ||||
Delivery of Shares After Death | In the event that Shares are distributable upon your death, the Shares will be delivered to your beneficiary or beneficiaries. You may designate one or more beneficiaries by completing a beneficiary designation on Schwab.com. You may change your beneficiary designation with Schwab at any time prior to your death. If you do not designate a beneficiary or if your designated beneficiary predeceases you, then your Shares will be delivered to your estate. | ||||
Cancellation of Restricted Stock Units | To the fullest extent permitted by applicable laws, the Restricted Stock Units will immediately be cancelled and will expire in the event that Schwab terminates your service on account of conduct contrary to the best interests of Schwab, including, without limitation, conduct constituting a violation of law or Schwab policy, fraud, theft, conflict of interest, dishonesty or harassment. The determination whether your service has been terminated on account of conduct contrary to the best interests of Schwab shall be made by Schwab in its sole discretion and will be entitled to deference upon any review. | ||||
Restrictions on Resale | You agree not to sell any Shares at a time when applicable laws, Schwab’s policies, or an agreement between Schwab and its underwriters prohibit a sale. This restriction will apply as long as your service continues and for such period of time after the termination of your service as Schwab may specify. | ||||
Withholding Taxes | Shares will not be distributed unless you have made acceptable arrangements to pay any applicable withholding taxes that may be due as a result of the vesting and or the distribution of the Shares. These arrangements may include payment made in cash or payment by withholding a portion of the Shares that are to be distributed. If you elect to pay applicable withholding taxes due on the distribution of Shares in cash, you are responsible for having sufficient funds in your Schwab brokerage account to cover the applicable withholding taxes at the time they are due. In the event you do not elect to pay applicable withholding taxes in cash, Schwab shall withhold the number of whole Shares, valued at the fair market value on the applicable date required to satisfy such applicable withholding taxes. Schwab will round up to the next whole Share to cover the applicable withholding taxes, and any amounts in excess of the applicable withholding taxes resulting from rounding up to the next whole Share will be added to your federal income tax withholdings. While Schwab will withhold to satisfy applicable withholding taxes, you acknowledge that, regardless of any action taken by Schwab, the ultimate liability for all income tax, social insurance, | ||||
payroll tax, fringe benefits tax, payment on account or other tax-related items related to your participation in the Plan and legally applicable to you, is and remains your responsibility and may exceed the amount, if any, actually withheld by Schwab. | |||||
Applicable withholding taxes due on the distribution of Shares subject to this grant following termination of your service will be withheld as noted above unless you have made acceptable arrangements to pay any applicable withholding taxes in cash. | |||||
No Stockholder Rights | Your Restricted Stock Units carry no voting or other stockholder rights. You have no rights as a Schwab stockholder until your Restricted Stock Units are settled by issuing Shares. | ||||
Contribution of Par Value | On your behalf, Schwab will contribute to its capital an amount equal to the par value of the Shares issued to you. | ||||
Dividend Equivalent Rights | If Schwab pays cash dividends on Shares, you will receive cash equal to the dividend per Share multiplied by the number of unvested Restricted Stock Units outstanding hereunder. Each such payment shall be made as soon as practicable following the payment of the actual dividend, but in no event beyond March 15 of the year following the year the actual dividend is paid. | ||||
No Right to Remain Employee | Nothing in this Agreement will be construed as giving you the right to be retained as an employee, consultant, or director of Schwab and its subsidiaries for any specific duration or at all. | ||||
| Recovery | Schwab may cancel any grant, require reimbursement of any grant, and effect any other right of recoupment of equity or other compensation provided under the Plan in accordance with any Schwab policies, as the same may be adopted and/or modified from time to time, including incentive compensation recovery policies, as well as any recoupment provisions required under applicable law. By accepting this grant, you are agreeing to be bound by Schwab’s recovery policies and any such recoupment provisions, as in effect or as may be adopted and/or modified from time to time by Schwab in its sole discretion (including, without limitation, to comply with applicable law, government regulation or stock exchange listing requirement). For the purposes of the foregoing, you expressly and explicitly authorize (i) Schwab to re-convey, transfer, or otherwise return such Shares and/or other amounts acquired under the Plan to Schwab and (ii) Schwab’s recovery of any covered compensation under such policy or applicable law through any other method of recovery that Schwab deems appropriate, including without limitation by reducing any amount that is or may become payable to you. You further agree to comply with any request or demand for repayment by any affiliate of Schwab in order to comply with such policies or applicable law. To the extent that the terms of this Agreement and any Schwab recovery policy conflict, the terms of the recovery policy shall prevail. | ||||
| Limitation on Payments | If a payment from the Plan would constitute an excess parachute payment under section 280G of the Code or if there have been certain securities law violations, then your grant may be reduced or forfeited, and you may be required to disgorge any profit that you have realized from your grant. | ||||
If a disqualified individual receives a payment or transfer under the Plan that would constitute an excess parachute payment under section 280G of the Code, such payment will be reduced, as described below. Generally, someone is a “Disqualified Individual” under section 280G if he or she is (a) an officer of Schwab, (b) a member of the group consisting of the highest paid 1% of the employees of Schwab or, if less, the highest paid 250 employees of Schwab, or (c) a 1% stockholder of Schwab. For purposes of this section on “Limitation on Payments,” the term “Schwab” will include affiliated corporations to the extent determined by the independent auditors most recently selected by the Board of Directors (the “Auditors”) in accordance with section 280G(d)(5) of the Code. | |||||
In the event that the Auditors determine that any payment or transfer in the nature of compensation to or for your benefit, whether paid or payable (or transferred or transferable) pursuant to the terms of the Plan or otherwise (a “Payment”), would be nondeductible for federal income tax purposes because of the provisions concerning “excess parachute payments” in section 280G of the Code, then the aggregate present value of all Payments will be reduced (but not below zero) to the Reduced Amount (as defined below); provided, however, that the Compensation Committee (the “Compensation Committee”) of the Board of Directors may specify in writing that the grant will not be so reduced and will not be subject to reduction under this section. | |||||
For this purpose, the “Reduced Amount” will be the amount, expressed as a present value, which maximizes the aggregate present value of the Payments without causing any Payment to be nondeductible by Schwab because of section 280G of the Code. | |||||
If the Auditors determine that any Payment would be nondeductible because of section 280G of the Code, then Schwab will promptly give you notice to that effect and a copy of the detailed calculation and of the Reduced Amount. The Auditors will determine which and how much of the Payments will be eliminated or reduced (such that the aggregate present value of the Payments equals the Reduced Amount and is consistent with any mandatory eliminations or reductions that apply under other agreements or the Plan). Schwab will notify you promptly of the Auditor’s determination. Present value will be determined in accordance with section 280G(d)(4) of the Code. The Auditors’ determinations will be binding upon you and Schwab and will be made within 60 days of the date when a Payment becomes payable or transferable. | |||||
| As promptly as practicable following these determinations and elections, Schwab will pay or transfer to or for your benefit such amounts as are then due to you under the Plan and will promptly pay or transfer to or for your benefit in the future such amounts as become due to you under the Plan. | |||||
As a result of uncertainty in the application of section 280G of the Code at the time of an initial determination by the Auditors, it is possible that Payments will have been made by Schwab that should not have been made (an “Overpayment”) or that additional Payments that will not have been made by Schwab could have been made (an “Underpayment”) consistent in each case with the calculation of the Reduced Amount. In the event the Auditors, based upon the assertion of a deficiency by the Internal Revenue Service against you or Schwab that the Auditors believe has a high probability of success, determine that an Overpayment has been made, the amount of such Overpayment will be paid by you to Schwab on demand, together with interest at the applicable federal rate provided in section 7872(f)(2) of the Code. In the event the Auditors determine that an Underpayment has occurred, such Underpayment will promptly be paid or transferred by Schwab to or for your benefit, together with interest at the applicable federal rate provided in section 7872(f)(2) of the Code, provided that no such Underpayment related to Shares distributable under this Agreement shall be paid beyond the deadline for making such payments under section 409A of the Code. | |||||
Plan Administration | The Plan administrator has discretionary authority to make all determinations related to this grant and to construe the terms of the Plan, the Notice of Restricted Stock Unit Grant and this Agreement. The Plan administrator’s determinations are conclusive and binding on all persons, and they are entitled to deference upon any review. | ||||
| Adjustments | In the event of a stock split, a stock dividend or a similar change in the Shares, the number of Restricted Stock Units that remain subject to forfeiture will be adjusted accordingly. | ||||
| Severability | In the event that any provision of this Agreement is held invalid or unenforceable, the provision will be severable from, and such invalidity or unenforceability will not be construed to have any effect on, the remaining provisions of this Agreement. | ||||
| Applicable Law | This Agreement will be interpreted and enforced under the laws of the State of Delaware (without regard to their choice-of-law provisions), as such laws are applied to contracts entered into and performed in Delaware. | ||||
The Plan and Other Agreements | The text of the Plan is incorporated in this Agreement by reference. This Agreement (including the Additional Terms and Conditions for Non-U.S. Recipients and the Country-Specific Provisions), the Notice of Restricted Stock Unit Grant, and the Plan constitute the entire understanding between you and | ||||
| Schwab regarding this grant. Any prior agreements, commitments or negotiations concerning this grant are superseded. This Agreement may be amended at any time by the Compensation Committee; provided, however, that if such amendment is materially adverse to you the amendment must be in a written agreement signed by both parties. If there is any inconsistency or conflict between any provision of this Agreement and the Plan, the terms of the Plan will control, except where otherwise specified in accordance with section 7(h) of the Plan. | |||||
| Name of Recipient: | <first_name> <last_name> | ||||
Grant Reason: | New Hire Restricted Stock Unit Grant | ||||
Total Number of Restricted Stock Units Granted: | <shares_awarded> | ||||
| Grant Date: | <award_date> | ||||
Vesting Schedule: | So long as you remain in service in good standing with Schwab or its subsidiaries and subject to the terms of the Restricted Stock Unit Grant Agreement, the Restricted Stock Units subject to this grant will become vested and distributable on the following dates and in the following amounts, subject to the restrictions below: Number of Restricted Stock Units on Vesting Date: <vesting_schedule> | ||||
| Payment for Units | No payment is required for the Restricted Stock Units that you are receiving. “Restricted Stock Units” are an unfunded and unsecured obligation of The Charles Schwab Corporation (“Schwab”). | ||||
| Vesting | Subject to the provisions of this Restricted Stock Unit Grant Agreement (“Agreement”), a Restricted Stock Unit becomes vested and distributable as of the earliest of the following: | ||||
(1) The applicable Vesting Date for the Restricted Stock Unit indicated in the Notice of Restricted Stock Unit Grant. | |||||
(2) Your death. | |||||
(3) Your “Disability”. | |||||
(4) Your separation from service, if the separation qualifies as a “Retirement”. | |||||
(5) Your “Severance Eligible Termination” under The Charles Schwab Severance Pay Plan (or any successor plan), provided you have signed your Severance Agreement. | |||||
(6) A Change in Control. | |||||
| If your service terminates for any other reason, then your Restricted Stock Units will be forfeited to the extent that they have not vested on or before the termination date and do not vest as a result of the termination. This means that the Restricted Stock Units will immediately revert to Schwab. You will receive no payment for Restricted Stock Units that are forfeited. Schwab determines when your service terminates for this purpose. | |||||
For all purposes of this Agreement, “Service” means continuous employment as a common-law employee or engagement as an individual independent contractor or consultant of Schwab or a parent company or subsidiary of Schwab, and “Subsidiary” means a subsidiary corporation as defined in section 424(f) of the Internal Revenue Code of 1986, as amended (the “Code”). | |||||
Definition of Fair Market Value | “Fair Market Value” means the average of the high and low price of a Share (as defined below) as reported on the New York Stock Exchange on the applicable determination date. | ||||
| Definition of Disability | For all purposes of this Agreement, “Disability” means that you have a disability that qualifies as such under section 409A of the Code and due to which you have been determined to be eligible for benefits under Schwab’s long-term disability plan or if you are not covered by Schwab’s | ||||
long-term disability plan, you are unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment which has lasted, or can be expected to last, for a continuous period of not less than 12 months or which can be expected to result in death as determined by Schwab in its sole discretion. | |||||
| Definition of Retirement | If you are an employee of Schwab and its subsidiaries, “Retirement” means a separation from service for any reason other than death at any time after the earlier of when you attain age 55, but only if, at the time of your separation, you have been credited with at least 10 years of service or when you attain age 60, but only if, at the time of your termination, you have been credited with at least 5 years of service. For the avoidance of doubt, if your termination is under any circumstance described under “Cancellation of Restricted Stock Units” and your termination also meets the definition of Retirement as defined herein, then for the purposes of this Agreement the terms of Retirement shall prevail. The phrase “Years of Service” above shall mean each consecutive twelve-month period of continuous service with Schwab or a parent company or a subsidiary of Schwab beginning on your most recent date of hire and each anniversary thereof. | ||||
Definition of Severance Eligible Termination | For all purposes of this Agreement, “Severance Eligible Termination” means a separation from service entitling you to severance benefits, provided you have signed your Severance Agreement under The Charles Schwab Severance Pay Plan (or any successor plan). For the avoidance of doubt, if your Severance Eligible Termination also qualifies as a Retirement defined herein, the separation shall be deemed a Retirement for the purposes of this Agreement. | ||||
| Definition of Change in Control | For all purposes of this Agreement, “Change in Control” means an event that qualifies as a change in control event under section 409A of the Code and as a change in control as defined in The Charles Schwab Corporation 2022 Stock Incentive Plan (as amended, the “Plan”). | ||||
| Definition of Separation from Service | For all purposes of this Agreement, “Separation from Service” means a separation from service as defined under section 409A of the Code. | ||||
| Payment of Shares | Any vested Restricted Stock Units will be paid in shares of common stock of Schwab (“Shares”) as provided herein. Shares that have become vested and distributable under this Agreement shall be distributed as follows: | ||||
| (1) Shares that vest and become distributable on a Vesting Date shall be distributed within 30 days following the Vesting Date. | |||||
(2) Shares that vest and become distributable on death, “Disability”, “Retirement”, or a “Change in Control”, shall be distributable within 90 days following such event. | |||||
(3) Shares that vest and become distributable on a separation from service due to a severance eligible termination shall be distributed within 90 days following the separation from service. Generally, for severance eligible terminations, the distribution date shall be the termination date specified in the notice under The Charles Schwab Severance Pay Plan. | |||||
| Notwithstanding the foregoing, if at the time of your separation from service, you are a “specified employee”, you will receive your Shares within 30 days following the date that is six months after your separation from service (or if earlier the date of your death following such separation from service). “Specified Employee” means a “specified employee” within the meaning of section 409A of the Code and any regulatory guidance promulgated thereunder, provided that in determining the compensation of individuals for this purpose, the definition of compensation in Treas. Reg. § 1.415(c)-2(d)(2) shall be used. | |||||
| Restrictions on Restricted Stock Units | You may not assign, sell, transfer, pledge, encumber, or otherwise dispose of any Restricted Stock Units without Schwab’s written consent. Schwab will deliver Shares to you only after the Restricted Stock Units vest and after all other terms and conditions in this Agreement have been satisfied. | ||||
| Restricted Stock Units may not be assigned, transferred, pledged, encumbered, or otherwise disposed of in any settlement, judgment, decree, or order (including approval of a property settlement agreement) that relates to the provision of child support, alimony payments, marital property rights or domestic property rights. | |||||
| Delivery of Shares After Death | In the event that Shares are distributable upon your death, the Shares will be delivered to your beneficiary or beneficiaries. You may designate one or more beneficiaries by completing a beneficiary designation on Schwab.com. You may change your beneficiary designation with Schwab at any time prior to your death. If you do not designate a beneficiary or if your designated beneficiary predeceases you, then your Shares will be delivered to your estate. | ||||
| Cancellation of Restricted Stock Units | To the fullest extent permitted by applicable laws, the Restricted Stock Units will immediately be cancelled and will expire in the event that Schwab terminates your service on account of conduct contrary to the best interests of Schwab, including, without limitation, conduct constituting a violation of law or Schwab policy, fraud, theft, conflict of interest, dishonesty or harassment. The determination whether your service has been terminated on account of conduct contrary to the best interests of Schwab shall be made by Schwab in its sole discretion and will be entitled to deference upon any review. | ||||
Restrictions on Resale | You agree not to sell any Shares at a time when applicable laws, Schwab’s policies, or an agreement between Schwab and its underwriters prohibit a sale. This restriction will apply as long as your service continues and for such period of time after the termination of your service as Schwab may specify. | ||||
Withholding Taxes | Shares will not be distributed unless you have made acceptable arrangements to pay any applicable withholding taxes that may be due as a result of the vesting and or the distribution of the Shares. These arrangements may include payment made in cash or payment by withholding a portion of the Shares that are to be distributed. If you elect to pay applicable withholding taxes due on the distribution of Shares in cash, you are responsible for having sufficient funds in your Schwab brokerage account to cover the applicable withholding taxes at the time they are due. In the event you do not elect to pay applicable withholding taxes in cash, Schwab shall withhold the number of whole Shares, valued at the fair market value on the applicable date required to satisfy such applicable withholding taxes. Schwab will round up to the next whole Share to cover the applicable withholding taxes, and any amounts in excess of the applicable withholding taxes resulting from rounding up to the next whole Share will be added to your federal income tax withholdings. While Schwab will withhold to satisfy applicable withholding taxes, you acknowledge that, regardless of any action taken by Schwab, the ultimate liability for all income tax, social insurance, payroll tax, fringe benefits tax, payment on account or other tax-related items related to your participation in the Plan and legally applicable to you, is and remains your responsibility and may exceed the amount, if any, actually withheld by Schwab. Applicable withholding taxes due on the distribution of Shares subject to this grant following termination of your service will be withheld as noted above unless you have made acceptable arrangements to pay any applicable withholding taxes in cash. Any taxes due prior to distribution of Shares (e.g., under section 3121(v)(2) of the Code upon retirement eligibility) shall be paid by accelerating the vesting of and withholding Shares payable in connection with such Restricted Stock Units for participants other than executive officers of Schwab (i.e., individuals who are members of the Executive Council), who shall pay such withholding taxes in cash upon Schwab’s request. Prior to the distribution of Shares, the number of Shares accelerated and withheld for such taxes will be rounded down to the next | ||||
| whole Share, and any amounts of less than the fair market value of a Share will be deducted from your pay to cover the applicable withholding taxes due prior to distribution of Shares. Participants may not make any election as to the payment of taxes due prior to the distribution of Shares (e.g., under section 3121(v)(2) of the Code upon retirement eligibility). | |||||
No Stockholder Rights | Your Restricted Stock Units carry no voting or other stockholder rights. You have no rights as a Schwab stockholder until your Restricted Stock Units are settled by issuing Shares. | ||||
Contribution of Par Value | On your behalf, Schwab will contribute to its capital an amount equal to the par value of the Shares issued to you. | ||||
Dividend Equivalent Rights | If Schwab pays cash dividends on Shares, you will receive cash equal to the dividend per Share multiplied by the number of unvested Restricted Stock Units outstanding hereunder. Each such payment shall be made as soon as practicable following the payment of the actual dividend, but in no event beyond March 15 of the year following the year the actual dividend is paid. | ||||
No Right to Remain Employee | Nothing in this Agreement will be construed as giving you the right to be retained as an employee, consultant, or director of Schwab and its subsidiaries for any specific duration or at all. | ||||
| Recovery | Schwab may cancel any grant, require reimbursement of any grant, and effect any other right of recoupment of equity or other compensation provided under the Plan in accordance with any Schwab policies, as the same may be adopted and/or modified from time to time, including incentive compensation recovery policies, as well as any recoupment provisions required under applicable law. By accepting this grant, you are agreeing to be bound by Schwab’s recovery policies and any such recoupment provisions, as in effect or as may be adopted and/or modified from time to time by Schwab in its sole discretion (including, without limitation, to comply with applicable law, government regulation or stock exchange listing requirement). For the purposes of the foregoing, you expressly and explicitly authorize (i) Schwab to re-convey, transfer, or otherwise return such Shares and/or other amounts acquired under the Plan to Schwab and (ii) Schwab’s recovery of any covered compensation under such policy or applicable law through any other method of recovery that Schwab deems appropriate, including without limitation by reducing any amount that is or may become payable to you. | ||||
You further agree to comply with any request or demand for repayment by any affiliate of Schwab in order to comply with such policies or applicable law. To the extent that the terms of this Agreement and any Schwab recovery policy conflict, the terms of the recovery policy shall prevail. | |||||
Limitation on Payments | If a payment from the Plan would constitute an excess parachute payment under section 280G of the Code or if there have been certain securities law | ||||
violations, then your grant may be reduced or forfeited, and you may be required to disgorge any profit that you have realized from your grant. If a disqualified individual receives a payment or transfer under the Plan that would constitute an excess parachute payment under section 280G of the Code, such payment will be reduced, as described below. Generally, someone is a “disqualified individual” under section 280G if he or she is (a) an officer of Schwab, (b) a member of the group consisting of the highest paid 1% of the employees of Schwab or, if less, the highest paid 250 employees of Schwab, or (c) a 1% stockholder of Schwab. For purposes of this section on “Limitation on Payments,” the term “Schwab" will include affiliated corporations to the extent determined by the independent auditors most recently selected by the Board of Directors (the “Auditors”) in accordance with section 280G(d)(5) of the Code. | |||||
In the event that the Auditors determine that any payment or transfer in the nature of compensation to or for your benefit, whether paid or payable (or transferred or transferable) pursuant to the terms of the Plan or otherwise (a “Payment”), would be nondeductible for federal income tax purposes because of the provisions concerning “excess parachute payments” in section 280G of the Code, then the aggregate present value of all Payments will be reduced (but not below zero) to the Reduced Amount (as defined below); provided, however, that the Compensation Committee (the “Compensation Committee”) of the Board of Directors may specify in writing that the grant will not be so reduced and will not be subject to reduction under this section. | |||||
For this purpose, the “Reduced Amount” will be the amount, expressed as a present value, which maximizes the aggregate present value of the Payments without causing any Payment to be nondeductible by Schwab because of section 280G of the Code. | |||||
If the Auditors determine that any Payment would be nondeductible because of section 280G of the Code, then Schwab will promptly give you notice to that effect and a copy of the detailed calculation and of the Reduced Amount. | |||||
The Auditors will determine which and how much of the Payments will be eliminated or reduced (such that the aggregate present value of the Payments equals the Reduced Amount and is consistent with any mandatory eliminations or reductions that apply under other agreements or the Plan). Schwab will notify you promptly of the Auditor's determination. Present value will be determined in accordance with section 280G(d)(4) of the Code. The Auditors’ determinations will be binding upon you and Schwab and will be made within 60 days of the date when a Payment becomes payable or transferable. | |||||
As promptly as practicable following these determinations and elections, Schwab will pay or transfer to or for your benefit such amounts as are then | |||||
| due to you under the Plan and will promptly pay or transfer to or for your benefit in the future such amounts as become due to you under the Plan. | |||||
As a result of uncertainty in the application of section 280G of the Code at the time of an initial determination by the Auditors, it is possible that Payments will have been made by Schwab that should not have been made (an “Overpayment”) or that additional Payments that will not have been made by Schwab could have been made (an “Underpayment”) consistent in each case with the calculation of the Reduced Amount. In the event the Auditors, based upon the assertion of a deficiency by the Internal Revenue Service against you or Schwab that the Auditors believe has a high probability of success, determine that an Overpayment has been made, the amount of such Overpayment will be paid by you to Schwab on demand, together with interest at the applicable federal rate provided in section 7872(f)(2) of the Code. However, no amount will be payable by you to Schwab if and to the extent that such payment would not reduce the amount that is subject to taxation under section 4999 of the Code. In the event the Auditors determine that an Underpayment has occurred, such Underpayment will promptly be paid or transferred by Schwab to or for your benefit, together with interest at the applicable federal rate provided in section 7872(f)(2) of the Code, provided that no such Underpayment related to Shares distributable under this Agreement shall be paid beyond the deadline for making such payments under section 409A of the Code. | |||||
| Plan Administration | The Plan administrator has discretionary authority to make all determinations related to this grant and to construe the terms of the Plan, the Notice of Restricted Stock Unit Grant and this Agreement. The Plan administrator’s determinations are conclusive and binding on all persons, and they are entitled to deference upon any review. | ||||
| Adjustments | In the event of a stock split, a stock dividend or a similar change in the Shares, the number of Restricted Stock Units that remain subject to forfeiture will be adjusted accordingly. | ||||
| Severability | In the event that any provision of this Agreement is held invalid or unenforceable, the provision will be severable from, and such invalidity or unenforceability will not be construed to have any effect on, the remaining provisions of this Agreement. | ||||
| Applicable Law | This Agreement will be interpreted and enforced under the laws of the State of Delaware (without regard to their choice-of-law provisions), as such laws are applied to contracts entered into and performed in Delaware. | ||||
| The Plan and Other Agreements | The text of the Plan is incorporated in this Agreement by reference. This Agreement (including the Additional Terms and Conditions for Non-U.S. Recipients and the Country-Specific Provisions), the Notice of Restricted Stock Unit Grant, and the Plan constitute the entire understanding between you and Schwab regarding this grant. Any prior agreements, commitments or negotiations concerning this grant are superseded. This | ||||
Agreement may be amended at any time by the Compensation Committee; provided, however, that if such amendment is materially adverse to you the amendment must be in a written agreement signed by both parties. If there is any inconsistency or conflict between any provision of this Agreement and the Plan, the terms of the Plan will control, except where otherwise specified in accordance with section 7(h) of the Plan. | |||||
| Subsidiaries of the Registrant | ||
Pursuant to Item 601 (b)(21)(ii) of Regulation S-K, certain subsidiaries of the Registrant have been omitted which, considered in the aggregate as a single subsidiary, would not constitute a significant subsidiary (as defined in Rule 1-02(w) of Regulation S-X) as of December 31, 2025. | ||
Charles Schwab & Co., Inc., a California corporation | ||
Charles Schwab Bank, SSB, a Texas-chartered state savings bank | ||
Charles Schwab Futures and Forex LLC, a Delaware limited liability company | ||
Charles Schwab Investment Management, Inc., a Delaware corporation | ||
Charles Schwab Premier Bank, SSB, a Texas-chartered state savings bank | ||
Charles Schwab Trust Bank, a Nevada-chartered state savings bank | ||
Schwab Holdings, Inc., a Delaware corporation | ||
Schwab Retirement Plan Services, Inc., an Ohio corporation | ||
Schwab Wealth Advisory, Inc., a Delaware corporation | ||
Registration Statement No. 333-275858 | (Debt Securities, Preferred Stock, Depositary Shares, Common Stock, Purchase Contracts, Warrants, and Units Consisting of Two or More Securities) | ||||
| Registration Statement No. 333-268836 | (The Charles Schwab Corporation Deferred Compensation Plan II) | ||||
| Registration Statement No. 333-265063 | (The Charles Schwab Corporation 2022 Stock Incentive Plan and The Charles Schwab Corporation 2013 Stock Incentive Plan) | ||||
| Registration Statement No. 333-237064 | (TD Ameritrade Holding Corporation Long-Term Incentive Plan) | ||||
| Registration Statement No. 333-205862 | (The Charles Schwab Corporation 2013 Stock Incentive Plan) | ||||
| Registration Statement No. 333-192893 | (The Charles Schwab Corporation Financial Consultant Career Achievement Award Program) | ||||
| Registration Statement No. 333-189553 | (The Charles Schwab Corporation 2013 Stock Incentive Plan) | ||||
| Registration Statement No. 333-144303 | (The Charles Schwab Corporation Employee Stock Purchase Plan) | ||||
| Registration Statement No. 333-131502 | (The Charles Schwab Corporation Deferred Compensation Plan II) | ||||
| Registration Statement No. 333-71322 | (The SchwabPlan Retirement Savings and Investment Plan) | ||||
| Registration Statement No. 333-44793 | (The Charles Schwab Profit Sharing and Employee Stock Ownership Plan) | ||||
/s/ DELOITTE & TOUCHE LLP | ||
Dallas, TX | ||
| February 25, 2026 | ||
| Date: | February 25, 2026 | /s/ Richard A. Wurster | |||||||||
Richard A. Wurster | |||||||||||
President and Chief Executive Officer | |||||||||||
| Date: | February 25, 2026 | /s/ Michael Verdeschi | |||||||||
| Michael Verdeschi | |||||||||||
| Managing Director and Chief Financial Officer | |||||||||||
| /s/ Richard A. Wurster | Date: | February 25, 2026 | |||||||||
Richard A. Wurster | |||||||||||
President and Chief Executive Officer | |||||||||||
| /s/ Michael Verdeschi | Date: | February 25, 2026 | |||||||||
| Michael Verdeschi | |||||||||||
| Managing Director and Chief Financial Officer | |||||||||||