Charles Schwab Corporation (The) (SCHW) Q4 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning, everyone, and welcome to Schwab's 2026 Winter Business Update. This is Jeff Edwards, Head of Investor Relations, and I'm joined in Westlake today by our President and CEO, Rick Worcester, as well as our CFO, Mike Berdeschi. During our time together this morning, the team will review 2025, a year where the business delivered growth across all fronts, and discuss the growing set of opportunities we see to help clients even more in 2026 and beyond. A quick rundown on the housekeeping front. The slides for today's business update will be posted to their usual spot on the IR website at the end of the prepared remarks. Q&A remains one question, no follow-ups. And please try to limit the nested babushka doll questions. If you have multiple questions, we encourage you to simply hop back into the queue and ask another one if time allows. And as always, the IR team is here to assist with any questions following today's update. And last but not least, the ever-present forward-looking statements page, or the artist formerly known as the Wall of Words, which reminds us that outcomes may differ from expectations. So please keep in touch with our disclosures. And with that out of the way, I'll turn it over to Rick. Thank you, Jeff, and good morning, everyone. Thanks for joining our Winter Business Update. 2025 was a record year for Schwab. Guided by our through-client-side strategy and with a supportive market, engaged clients, and strong execution, we delivered growth on all fronts, with clients, across our solutions, and in our financial results. We attracted $519 billion in core net new assets, or NNA, a 42% increase over last year. In 2025, clients opened 4.7 million new brokerage accounts, a 13% increase over 2024. Solutions growth, one measure of deepening relat...