Analyst Consensus ?
ConsensusHold50 ratings
Bullish2856.0%
Neutral1938.0%
Bearish36.0%
The Charles Schwab Corporation · SCHW · FY2026 Q2 · Calendar Q3 2026
Schwab Posts Record Q2 Revenue and EPS as AI, Crypto, and Private Markets Expand
Schwab's Q2 2026 extends the record streak from Q1, with revenue of $7.1 billion (+21% YoY) and adjusted EPS of $1.62 (+42% YoY), both beating consensus. Client acquisition remained strong at 1.4 million new accounts and $120 billion in core net new assets, though NNA moderated from Q1's $158 billion seasonally. The diversification thesis deepened: crypto transfer capabilities are piloting by month-end with a new Paxos investment, Forge private-market integration is underway, binary options are in development with Cboe, and Pledged Asset Line lending grew 33% YoY. Management maintained a confident tone and guidance posture, framing client consolidation across wealth, banking, and investing as the durable growth engine. Despite the beat, shares fell 3.4% in the event session — consistent with profit-taking after a strong run into the print — before recovering 5.5% over subsequent…
Reported Before market openNYSEFinancial Services
$181.18B market cap
100quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$1.62
Consensus $1.56
EPS surprise
+3.8%
Reported versus consensus
Reported revenue
$7.07B
Consensus $6.90B
Revenue surprise
+2.6%
Reported versus consensus
Market reaction
prior-close to event-session close
Stock move
-2.5%
Event window
SPY move
+0.8%
Same window
Abnormal move
-3.4%
Stock minus SPY
Volume
1.5×
Versus trailing sessions
Subsequent drift
+5.4%
Up to 20 sessions
SCHWSPY benchmark
Ask FN2 about SCHW FY2026 Q2
Transcript, numbers and history already loaded
Why did SCHW fall 2.5% after beating EPS estimates in FY2026 Q2?What changed in SCHW's guidance and outlook in FY2026 Q2?Give me the bull and bear case for SCHW after FY2026 Q2 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
Revenue accelerated from $6.5B in Q1 to $7.1B in Q2, with YoY growth stepping up from 16% to 21%. EPS rose from $1.43 to $1.62 sequentially, with YoY growth accelerating from 38% to 42%. New accounts grew from 1.3M to 1.4M while core net new assets moderated from $158B to $120B seasonally. Crypto advanced from spot offering launch in Q1 to a transfer-capability pilot and disclosed investment in Paxos in Q2. New diversification initiatives surfaced: binary options development with Cboe and tokenization infrastructure for digital securities. Forge shifted from acquisition closure in Q1 to integration and product expansion in Q2. PAL lending growth was highlighted at 33% YoY, reinforcing the lending diversification track.
Guidance delta
Maintained. Management's guidance sentiment was unchanged from Q1, reflecting continued confidence in the diversified growth model despite the cautious rate environment noted by analysts.
Key takeaways
- Record Q2 results: $7.1B revenue (+21% YoY) and $1.62 adjusted EPS (+42% YoY), beating consensus on both lines
- Client acquisition held strong with 1.4M new brokerage accounts and $120B in core net new assets
- AI is being embedded across the platform via Portfolio Insights and Schwab Assistant, improving productivity and client experience
- Pledged Asset Line lending grew 33% YoY, deepening client wallet share beyond brokerage
- Diversification pipeline is advancing on multiple fronts: crypto transfers, Forge private markets, binary options with Cboe, and tokenization infrastructure
Management priorities
- Embed AI across the client journey with Portfolio Insights and Schwab Assistant rollouts
- Scale crypto capabilities with the transfer pilot and Paxos partnership
- Integrate Forge for private-market access and venture capital liquidity for clients
- Expand PAL lending and other margin-related products to deepen wallet share
- Advance tokenization infrastructure and wallet strategy for digital securities
- Continue branch network expansion and teen-focused account offerings
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Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$89.73Current
$56Low
$106.27Average
$145High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Oct 27, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| Morgan Stanley | Overweight | Overweight | Maintain | Oct 21, 2026 |
| BMO Capital | Market Perform | Market Perform | Maintain | Oct 19, 2026 |
| Wells Fargo | Equal Weight | Equal Weight | Maintain | Oct 16, 2026 |
| UBS | Buy | Buy | Maintain | Oct 16, 2026 |
| Truist Securities | Buy | Buy | Maintain | Oct 16, 2026 |
| TD Cowen | Buy | Buy | Maintain | Oct 16, 2026 |
| JP Morgan | Overweight | Overweight | Maintain | Oct 16, 2026 |
| Evercore ISI Group | In Line | In Line | Maintain | Oct 16, 2026 |
| Citizens | Market Outperform | Market Outperform | Maintain | Oct 16, 2026 |
| Barclays | Overweight | Overweight | Maintain | Oct 16, 2026 |
| B of A Securities | Underperform | Underperform | Maintain | Oct 5, 2026 |
| Piper Sandler | Neutral | Neutral | Maintain | Oct 2, 2026 |
| Argus Research | Buy | Buy | Maintain | Jul 23, 2026 |
| Raymond James | Outperform | Outperform | Maintain | May 15, 2026 |
| Jefferies | Buy | Buy | Maintain | Apr 6, 2026 |
| Keefe, Bruyette & Woods | Outperform | Outperform | Maintain | Oct 17, 2025 |
| JMP Securities | Market Outperform | Market Outperform | Maintain | Oct 17, 2025 |
| Deutsche Bank | Buy | Buy | Maintain | Oct 17, 2025 |
| Citizens Capital Markets | Market Perform | Market Perform | Maintain | Jul 21, 2025 |
| Citigroup | Buy | Buy | Maintain | Jul 21, 2025 |
| Redburn Atlantic | Neutral | Sell | Upgrade | Jun 9, 2025 |
| TD Securities | Buy | Buy | Maintain | May 20, 2025 |
| Goldman Sachs | Buy | Neutral | Upgrade | Apr 25, 2025 |
| Wolfe Research | Outperform | Outperform | Maintain | Jun 26, 2023 |
| Credit Suisse | Outperform | Outperform | Maintain | May 5, 2023 |
| Redburn Partners | Sell | Neutral | Downgrade | Apr 20, 2023 |
| Erste Group | Buy | Hold | Upgrade | Oct 5, 2022 |
| Compass Point | Buy | Neutral | Upgrade | Apr 12, 2022 |
| Atlantic Equities | Overweight | Overweight | Maintain | Oct 5, 2021 |
| CFRA | Buy | Buy | Maintain | Apr 15, 2020 |
| Keefe Bruyette & Woods | Market Perform | Outperform | Downgrade | Jul 12, 2019 |
| Bank of America | Neutral | Buy | Downgrade | Jul 12, 2019 |
| Bernstein | Perform | Market Perform | Maintain | Apr 10, 2018 |
| Nomura Instinet | Neutral | Buy | Downgrade | Jul 24, 2017 |
| Instinet | Neutral | Buy | Downgrade | Jul 24, 2017 |
| Rosenblatt | Neutral | Neutral | Maintain | Jul 13, 2017 |
| SunTrust Robinson Humphrey | Buy | Hold | Upgrade | Dec 19, 2016 |
| CLSA | Outperform | Outperform | Maintain | Sep 22, 2016 |
| Nomura | Buy | Buy | Maintain | Jul 11, 2016 |
| Argus | Buy | Buy | Maintain | Mar 23, 2016 |
| PiperJaffray | Neutral | Overweight | Downgrade | Dec 18, 2015 |
| RBC Capital | Outperform | Outperform | Maintain | Mar 27, 2015 |
| Evercore Partners | Equal Weight | Underweight | Upgrade | Dec 16, 2013 |
| ISI Group | Buy | Buy | Maintain | May 15, 2013 |
| Sterne Agee | Neutral | Neutral | Maintain | Mar 14, 2013 |
| BGB Securities | Sell | Sell | Maintain | Jul 13, 2012 |
| Topeka Capital | Hold | Hold | Maintain | Jul 11, 2012 |
| Topeka | Hold | Hold | Maintain | Jul 11, 2012 |
| Stifel Nicolaus | Hold | Hold | Maintain | Apr 24, 2012 |
| Stifel | Hold | Buy | Downgrade | Apr 24, 2012 |
Named analyst price targets
Upside is calculated against the persisted current price $89.73. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Truist Financial | Analyst unavailable | $115 | $93.38 | +28.2% | Oct 16, 2026 |
| Deutsche Bank | Analyst unavailable | $125 | $93.41 | +39.3% | Oct 16, 2026 |
| UBS | Analyst unavailable | $109 | $94.16 | +21.5% | Oct 16, 2026 |
| Wells Fargo | Analyst unavailable | $103 | $94.16 | +14.8% | Oct 16, 2026 |
| Barclays | Analyst unavailable | $115 | $94.16 | +28.2% | Oct 16, 2026 |
| Goldman Sachs | Alexander Blostein | $117 | $94.16 | +30.4% | Oct 16, 2026 |
| Jefferies | Analyst unavailable | $120 | $94.16 | +33.7% | Oct 16, 2026 |
| Truist Financial | David Smith | $125 | $96.23 | +39.3% | Oct 13, 2026 |
| Morgan Stanley | Michael Cyprys | $141 | $96.87 | +57.1% | Oct 9, 2026 |
| Barclays | Analyst unavailable | $118 | $96.8 | +31.5% | Oct 7, 2026 |
| UBS | Analyst unavailable | $113 | $96.8 | +25.9% | Oct 7, 2026 |
| Loop Capital Markets | Analyst unavailable | $95 | $96.7 | +5.9% | Oct 5, 2026 |
| Wells Fargo | Daniel Welden | $105 | $98.37 | +17.0% | Oct 1, 2026 |
| UBS | Analyst unavailable | $135 | $105.24 | +50.5% | Aug 3, 2026 |
| Compass Point | Ed Engel | $135 | $105.24 | +50.5% | Aug 3, 2026 |
| Morgan Stanley | Michael Cyprys | $136 | $103.9 | +51.6% | Jul 27, 2026 |
| Argus Research | Stephen Biggar | $114 | $102.18 | +27.0% | Jul 23, 2026 |
| Raymond James | Patrick O'Shaughnessy | $145 | $99.79 | +61.6% | Jul 22, 2026 |
| UBS | Michael Brown | $128 | $99.96 | +42.7% | Jul 22, 2026 |
| Wolfe Research | Steven Chubak | $127 | $99.96 | +41.5% | Jul 21, 2026 |
| Piper Sandler | Analyst unavailable | $118 | $100.58 | +31.5% | Jul 21, 2026 |
| BMO Capital | Analyst unavailable | $105 | $101.56 | +17.0% | Jul 20, 2026 |
| Piper Sandler | Analyst unavailable | $112 | $101.1 | +24.8% | Jul 15, 2026 |
| Morgan Stanley | Analyst unavailable | $133 | $102.47 | +48.2% | Jul 10, 2026 |
| Barclays | Benjamin Budish | $122 | $102.19 | +36.0% | Jul 9, 2026 |
| UBS | Analyst unavailable | $122 | $102.79 | +36.0% | Jul 8, 2026 |
| Raymond James | Patrick O'Shaughnessy | $137 | $92.21 | +52.7% | May 15, 2026 |
| Deutsche Bank | Analyst unavailable | $128 | $92.61 | +42.7% | May 15, 2026 |
| Barclays | Analyst unavailable | $127 | $89.44 | +41.5% | May 15, 2026 |
| Argus Research | Analyst unavailable | $108 | $93.15 | +20.4% | Apr 20, 2026 |
| Morgan Stanley | Michael Cyprys | $125 | $91.22 | +39.3% | Apr 17, 2026 |
| Deutsche Bank | Analyst unavailable | $127 | $92.62 | +41.5% | Apr 17, 2026 |
| Morgan Stanley | Analyst unavailable | $135 | $94.27 | +50.5% | Apr 10, 2026 |
| Barclays | Benjamin Budish | $126 | $102.18 | +40.4% | Jan 26, 2026 |
| Deutsche Bank | Analyst unavailable | $131 | $104.87 | +46.0% | Jan 22, 2026 |
| Truist Financial | Analyst unavailable | $122 | $104.27 | +36.0% | Jan 22, 2026 |
| UBS | Analyst unavailable | $125 | $101.79 | +39.3% | Jan 22, 2026 |
| Barclays | Benjamin Budish | $125 | $101.79 | +39.3% | Jan 22, 2026 |
| Piper Sandler | Analyst unavailable | $105 | $101.18 | +17.0% | Jan 14, 2026 |
| Wolfe Research | Analyst unavailable | $120 | $100.17 | +33.7% | Jan 12, 2026 |
| Barclays | Analyst unavailable | $120 | $101.93 | +33.7% | Jan 8, 2026 |
| Wolfe Research | Analyst unavailable | $122 | $102.92 | +36.0% | Jan 7, 2026 |
| UBS | Analyst unavailable | $123 | $102.88 | +37.1% | Jan 7, 2026 |
| Truist Financial | Analyst unavailable | $120 | $103.57 | +33.7% | Jan 7, 2026 |
| Raymond James | Patrick O'Shaughnessy | $114 | $104.02 | +27.0% | Jan 5, 2026 |
| Morgan Stanley | Analyst unavailable | $148 | $98.82 | +64.9% | Dec 22, 2025 |
| Barclays | Analyst unavailable | $111 | $97.02 | +23.7% | Dec 12, 2025 |
| UBS | Michael Brown | $119 | $95.81 | +32.6% | Dec 11, 2025 |
| Morgan Stanley | Analyst unavailable | $139 | $93.73 | +54.9% | Nov 3, 2025 |
| Truist Financial | Analyst unavailable | $113 | $93.41 | +25.9% | Oct 17, 2025 |
| Goldman Sachs | Analyst unavailable | $114 | $93.41 | +27.0% | Oct 17, 2025 |
| Deutsche Bank | Brian Bedell | $120 | $93.41 | +33.7% | Oct 17, 2025 |
| Barclays | Analyst unavailable | $114 | $94.01 | +27.0% | Oct 8, 2025 |
| Truist Financial | Analyst unavailable | $112 | $92.49 | +24.8% | Oct 2, 2025 |
| Morgan Stanley | Michael Cyprys | $130 | $92.81 | +44.9% | Oct 1, 2025 |
| Deutsche Bank | Analyst unavailable | $113 | $91.03 | +25.9% | Sep 16, 2025 |
| Raymond James | Patrick O\'Shaughnessy | $99 | $95.25 | +10.3% | Jul 18, 2025 |
| Wells Fargo | Michael Brown | $102 | $93.1 | +13.7% | Jul 18, 2025 |
| Piper Sandler | Patrick Moley | $70 | $72.26 | -22.0% | Jan 7, 2025 |
| Barclays | Benjamin Budish | $95 | $81.47 | +5.9% | Dec 9, 2024 |
| Jefferies | Daniel Fannon | $84 | $71.96 | -6.4% | Oct 16, 2024 |
| Goldman Sachs | Alexander Blostein | $74 | $71.96 | -17.5% | Oct 16, 2024 |
| Morgan Stanley | Michael Cyprys | $68 | $71.96 | -24.2% | Oct 15, 2024 |
| JMP Securities | Devin Ryan | $84 | $71.96 | -6.4% | Oct 15, 2024 |
| JMP Securities | Devin Ryan | $82 | $64.75 | -8.6% | Jul 23, 2024 |
| Jefferies | Daniel Fannon | $88 | $73.39 | -1.9% | Jul 8, 2024 |
| Deutsche Bank | Brian Bedell | $81 | $72.54 | -9.7% | Jun 18, 2024 |
| Barclays | Benjamin Budish | $72 | $72.27 | -19.8% | May 27, 2024 |
| Barclays | Benjamin Budish | $75 | $72.34 | -16.4% | May 23, 2024 |
| Deutsche Bank | Brian Bedell | $83 | $72.65 | -7.5% | May 23, 2024 |
| Goldman Sachs | Alexander Blostein | $75 | $75.27 | -16.4% | May 23, 2024 |
| UBS | Brennan Hawken | $91 | $75.27 | +1.4% | May 23, 2024 |
| Piper Sandler | Patrick Moley | $85 | $71.23 | -5.3% | Apr 16, 2024 |
| Goldman Sachs | Alexander Blostein | $76 | $71.23 | -15.3% | Apr 16, 2024 |
| Wolfe Research | Steven Chubak | $84 | $72.33 | -6.4% | Apr 15, 2024 |
| Goldman Sachs | Alexander Blostein | $72 | $72.48 | -19.8% | Apr 15, 2024 |
| Morgan Stanley | Michael Cyprys | $71 | $72.37 | -20.9% | Apr 9, 2024 |
| Barclays | Benjamin Budish | $74 | $71.89 | -17.5% | Apr 8, 2024 |
| Deutsche Bank | Brian Bedell | $77 | $68.35 | -14.2% | Mar 19, 2024 |
| Wolfe Research | Steven Chubak | $74 | $67.4 | -17.5% | Mar 18, 2024 |
| JMP Securities | Devin Ryan | $73 | $57.38 | -18.6% | Jul 10, 2023 |
| Credit Suisse | Bill Katz | $66.5 | $54.06 | -25.9% | Apr 18, 2023 |
| Barclays | Charles Schwab | $56 | $50.77 | -37.6% | Apr 14, 2023 |
| Credit Suisse | Bill Katz | $67.5 | $56.68 | -24.8% | Mar 15, 2023 |
| UBS | Analyst unavailable | $97 | $85.98 | +8.1% | Jan 9, 2023 |
| Barclays | Analyst unavailable | $83 | $78.19 | -7.5% | Dec 19, 2022 |
| Deutsche Bank | Analyst unavailable | $101 | $78.58 | +12.6% | Nov 15, 2022 |
| Deutsche Bank | Brian Bedell | $80 | $63.39 | -10.8% | Jul 5, 2022 |
| Deutsche Bank | Brian Bedell | $84 | $63.28 | -6.4% | May 23, 2022 |
| Deutsche Bank | Brian Bedell | $98 | $68.54 | +9.2% | Apr 27, 2022 |
| Morgan Stanley | Analyst unavailable | $123 | $69.95 | +37.1% | Apr 25, 2022 |
| Deutsche Bank | Brian Bedell | $111 | $70.32 | +23.7% | Apr 25, 2022 |
| UBS | Brennan Hawken | $72 | $70.32 | -19.8% | Apr 24, 2022 |
| Citigroup | Analyst unavailable | $90 | $71.13 | +0.3% | Apr 22, 2022 |
| Piper Sandler | Analyst unavailable | $100 | $73.27 | +11.4% | Apr 22, 2022 |
| Morgan Stanley | Michael Cyprys | $132 | $77.59 | +47.1% | Apr 21, 2022 |
| Compass Point | Chris Allen | $98 | $82.75 | +9.2% | Apr 16, 2022 |
| Deutsche Bank | Brian Bedell | $114 | $81.58 | +27.0% | Apr 11, 2022 |
| Goldman Sachs | Will Nance | $100 | $81.69 | +11.4% | Apr 8, 2022 |
| Piper Sandler | Richard Repetto | $110 | $81.69 | +22.6% | Apr 8, 2022 |
| Bank of America Securities | Craig Siegenthaler | $112 | $81.86 | +24.8% | Apr 5, 2022 |
| Deutsche Bank | Brian Bedell | $122 | $95.53 | +36.0% | Jan 17, 2022 |
| UBS | Brennan Hawken | $90 | $89.77 | +0.3% | Jan 4, 2022 |
| Wolfe Research | Steven Chubak | $90 | $83.19 | +0.3% | Oct 22, 2021 |
| Atlantic Equities | John Heagerty | $95 | $75.57 | +5.9% | Oct 5, 2021 |
| Compass Point | Christopher Allen | $75 | $74.1 | -16.4% | Oct 1, 2021 |
| Wells Fargo | Christopher Harris | $88 | $74.42 | -1.9% | Jun 2, 2021 |
| Barclays | Jeremy Campbell | $70 | $66.51 | -22.0% | Apr 23, 2021 |
Track every rating change on SCHW the moment it posts. Free to start.
Start freeCompany context
Snapshot as of publicationThe Charles Schwab Corporation (SCHW) stands as a prominent financial services enterprise, delivering a comprehensive suite of offerings that encompass wealth management, securities trading and brokerage, banking services, asset administration, custodial solutions, and financial planning advice. Its operations are primarily structured around two core divisions: Investor Services and Advisor Services. The Investor Services segment caters directly to individual retail clients, furnishing a range of services such as brokerage accounts, investment guidance, banking and trust administration, retirement planning, and corporate brokerage offerings. It further assists businesses with the full-service recordkeeping of equity compensation plans (e.g., stock options, restricted stock, performance shares), provides clearing services for retail investors and mutual funds, and offers compliance solutions. Conversely, the Advisor Services segment provides a robust support system for independent investment advisors.…
Historical context
All SCHW earningsFinancial Services peers this season
Latest reports in the same sector
Latest beats and misses
Who reports nextBeat on EPS
- FCNCAFY2026 Q3 · October 23, 2026+19.9% EPS+8.2% move
- FCNCNFY2026 Q3 · October 23, 2026+19.9% EPS+0.2% move
- FCNCOFY2026 Q3 · October 23, 2026+19.9% EPS+1.0% move
- FCNCPFY2026 Q3 · October 23, 2026+19.9% EPS+1.0% move
- RDYFY2027 Q2 · October 23, 2026+24.0% EPS-0.2% move
- SLBFY2026 Q3 · October 23, 2026+3.7% EPS+7.1% move
Missed on EPS
- INFYFY2027 Q2 · October 23, 2026-4.8% EPS-6.6% move
- BBDFY2026 Q3 · October 22, 2026-7.7% EPS+3.0% move
- SNAFY2026 Q3 · October 22, 2026-5.9% EPS-3.4% move
- SPOTFY2026 Q3 · October 22, 2026-11.6% EPS+11.1% move
- VRSNFY2026 Q3 · October 22, 2026-2.0% EPS-0.9% move
- HBANMFY2026 Q3 · October 22, 2026-5.3% EPS+0.5% move
Get the SCHW recap when the next report posts
One email per quarter with the scorecard, the market reaction and what changed on the call. No account needed.
Sources
- Earnings call transcript and parsed analysis · 2026-07-21T16:03:39.189594+00:00
- FN2 earnings calendar · 2026-07-28T01:23:15.070317+00:00
- Polygon adjusted daily market bars · 2026-07-28T15:02:16.331883+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-07-28T15:02:16.328952+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated · As of 2026-07-28. For educational purposes only; not investment advice.