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Call sheet · Q3'26

Charles Schwab (SCHW)

Q3'26 earnings call · held October 15, 2026 · compared with the Q2'26 call · management-credibility review
7/12
Disclosure score
2 medium, 2 low flags
Financial quality
Bottom line
Schwab increased revenue and adjusted EPS while several YoY growth rates slowed. Adjusted margin expanded. The substantive next tests are the long-short capacity response and annual revenue and NIM outcomes near the lower ends of prior ranges. Reconcile Q4 NIM on a matching baseline before alleging a guidance inconsistency. An unrefreshed product revenue share is a question to answer, not evidence of disappearing revenue.

The 30-second version

  • Long-short growth now has an operating-capacity constraint
  • Revenue and earnings rose, while several growth rates slowed
  • Match the NIM periods before calling guidance a cut

What changed this quarter

MetricQ2'26Q3'26Change
Total net revenue (YoY growth)$7.1B, +21% YoY$7.2B, +17% YoYGrowth rate decelerating -400bps
Adjusted EPS (YoY growth)$1.62, +42% YoY$1.69, +29% YoYEPS rose $0.07 sequentially; YoY growth slowed 13 percentage points
Net interest revenue (YoY growth)+19% YoY$3.5B, +14% YoYDeceleration continues
Trading revenue (YoY growth)$1.2B, +28% YoY$1.2B, +16% YoYRounded dollars unchanged; YoY growth slowed 12 percentage points
Daily average trades11.9M10.7MSequential decline of ~1.2M trades/day
AUM & admin fees (YoY growth)$1.8B, +16% YoY$1.9B, +14% YoYSlight deceleration
Adjusted expenses (YoY growth)+11% YoY$3.2B, +9% YoYDecelerating, margin-friendly
Adjusted pretax margin54.3%54.8%, +350bps vs 3Q25+50bps QoQ, continued expansion
Core net new assets$120B, +~50% YoY$190B, +38% YoYBigger absolute number, slower growth rate
Bank lending balances$67B, +33% YoY$72.3B, +35% YoYAccelerating

Accountability tracked

5 new promises made1 narrative shift flagged4 prior promises scored
Inside the full report
The complete write-up covers the full promise ledger with kept/missed calls, disclosure-quality scoring, the metrics-vanished check, verification items, and the questions to ask next quarter.
Read the full SCHW Q3'26 report Subscribe
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Scores, kept-promise rates, and flags on this site reflect the author's opinion, applying a stated methodology to statements management made on public earnings calls. Informational and educational purposes only - not investment advice, a recommendation, or an offer to buy or sell any security. Sources believed reliable but not guaranteed; the author may hold positions in the securities discussed.

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