Charles Schwab Corporation (The) (SCHW) Q2 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning, everyone, and welcome to Schwab's 2025 Summer Business Update, broadcasting live from our very warm and toasty Westlake headquarters. This is Jeff Edwards, Head of Investor Relations, and I'm joined by our President and CEO, Rick Worcester, and CFO, Mike Pradeshi. Hopefully, you've had the opportunity to peruse our Strong Learnings release that hit the wires about an hour ago. The team is excited to provide some additional color around those strong results, as well as provide a broader strategic and financial update as we move into the back half of the year. Let's quickly hit on the typical housekeeping items. The slides for the business update will be posted to the usual spot on the IR website at the conclusion of today's prepared remarks. Q&A is structured as one question, no follow-up, thus allowing time to get as many questions from all the interested parties as we can during today's meeting. As always, please don't hesitate to reach out to the IR team with any follow-up questions after today's business update. And yes, the wall of words, our forward-looking statements page, which reminds us that outcomes can differ from expectations. So please keep in touch with our disclosures. With that, it's my pleasure to turn it over to Rick. Thank you, Jeff, and good morning, everyone. Thank you for joining us for our summer business update. Our longstanding through client size approach to serving investors powered strong results during the first half of 2025. Core net new assets reached $218 billion in the first half of the year, up 39%. In the second quarter, investors opened 1.1 million new brokerage accounts, demonstrating that Schwab continues to be where Americans turn for investing because they know we will champion their goals with passion and integri...