Charles Schwab posts record quarterly profit on client growth, trading haul

Published: 2026-04-16 08:30:46 ET SCHW

Published on 04/16/2026 at 08:30 am EDT - Modified on 04/16/2026 at 08:31 am EDT

April 16 (Reuters) - Brokerage Charles Schwab posted record first-quarter profit on Thursday, lifted by robust client growth and trading activity.

Markets navigated a tough landscape in the first three months of 2026, buffeted by renewed concerns around AI disruption and private credit.

Jitters intensified in March as the U.S.-Israeli war on Iran rattled investors, with concerns over oil supply disruptions reigniting stagflation fears.

Volatility tends to be a boon for trading desks as investors increasingly rejig their portfolios to hedge against risks.

Here are some details:

o Westlake, Texas-based Schwab's quarterly revenue surged 16% to a record $6.48 billion, underpinned by robust client engagement across its wealth, trading and lending offerings.

o Daily average trading volume jumped 34% to a record 9.9 million from a year earlier, while trading revenue surged 20% due to record engagement.

o "Clients continue to turn to us for more of their financial lives, helping wealth and banking solutions reach record levels in 1Q," CEO Rick Wurster said.

o Investors opened 1.3 million new brokerage accounts on the platform and brought $140 billion of net new assets to the firm during the first quarter.

o Schwab's net income was $2.48 billion, or $1.37 per share, in the three months ended March 31, compared with $1.91 billion, or 99 cents per share, a year earlier.

o Schwab provides wealth management, securities brokerage, banking, asset management, custody, and financial advisory services.

(Reporting by Arasu Kannagi Basil in Bengaluru; Editing by Shreya Biswas)