Charles Schwab Reports Third-Quarter Results Above Estimates

Charles Schwab (NYSE: SCHW ) released third-quarter financial results and hosted an earnings call on Thursday. Read the complete transcript below. APIs provide real-time access to earnings call transcripts and financial data. Visit to learn more. The full earnings call is available at Summary Full Transcript Karthik Sharma, Head of Investor Relations Hi, good morning everyone, and welcome to Charles Schwab's 2026 Fall Business Update. This is Karthik Sharma, Head of Investor Relations, and I am joined in Westlake today by our President and CEO, Rick Wurster, and our CFO, Mike Widashi. A few housekeeping items before we get started. The slides for today's Business Update will be posted to the usual spot on the IR website at the conclusion of the call. Q&A remains at one question. If you have more than one, please simply hop back into the queue and ask another if time allows. And as always, the IR team is available to assist with any questions following today's update. Finally, please review our Forward-looking Statements page and remember that outcomes may differ from expectations, so please stay up to date with our disclosures, and with that I'll turn it over to Rick. Rick Wurster — President and Chief Executive Officer, The Charles Schwab Corporation Thank you, Karthik, and good morning, everyone. Thanks for joining the Fall Business Update. I hope you've had a chance to review our results and agree that Schwab is in a position of strength. We are winning today and uniquely positioned among our peers to continue winning well into the future. There are four overarching messages I hope you take away from the call. One, our Through Clients' Eyes strategy endures the test of time and is fueling our record performance and growth. Two, we have an unmatched, no trade-offs value proposition that positions us at the center of our clients' financial lives. Three, we have a clear strategy and we are delivering client-focused capabilities at a fast pace as a powerful combination of people and artificial intelligence amplifies our advantages. And four, we have a diversified financial model that drives durable earnings growth across market cycles. We are growing our client base. Clients opened 1.2 million brokerage accounts in the third quarter. We attracted 190 billion in core net new assets in the third quarter, up 38% over last year and representing an annualized organic growth rate of nearly 6. We are deepening relationships with clients as they continue turning to Schwab for more of their financial lives. Managed investing net flows reached a quarterly record of 24 billion and bank lending reached 72 billion, up 35% year over year. This translates to another quarter of record financial results with total net revenues of 7.2 billion and adjusted earnings per share of $1.69, up 29% over last year. Most importantly, delighting clients, Client Promoter Scores and ease scores continue to climb and we continue to earn industry recognition. Those measures reinf