Charles Schwab Corporation (The) (SCHW) Q1 2026 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning, everyone. Thank you for joining us for Schwab's 2026 Spring Business Update. This is Jeff Edwards, Head of Investor Relations, and I'm joined in Westlake this morning by our President and CEO, Rick Worcester, as well as our CFO, Mike Griteschi. Let's jump right in today, and hopefully everyone had a chance to review our earnings release that crossed the wires earlier this morning. And per the usual slides for today's business update will be posted to the IR website at the conclusion of today's prepared remarks. Please adhere to our one-question policy during Q&A And as always, the IR team is available to assist with any questions following today's update. And finally, the Rich Fowler Raw of Words, or perhaps more widely known as the Forward-Looking Statements page, which reminds us 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. Thank you, Jeff, and good morning. Thank you for joining us for our spring business update. I hope you walk away from the call this morning with three overarching messages. One, our through client size strategy drove record client growth and financial results in the first quarter. Two, Schwab is delivering for clients and is uniquely capable of meeting client needs across investor types and investment environments. And three, we are innovating at a rapid pace with tangible progress in AI, digital assets, and client capabilities and experiences. Our through client size strategy continues to drive results with strong growth across all fronts in the first quarter. Clients remain highly engaged and they continue to turn to Schwab through volatile and uncertain markets. Clients opened 1.3 million brokerage accounts up 10% over last year. Excluding a...