SCHW · 10-K filed 25 Feb 2026 · year to 31 Dec 2025

Charles Schwab

31 named things its latest annual report says its results depend on, each in the company's own words. 15 of them are also named by other companies we've read.

Read the filing on SEC.gov ↗

Customers

Market makers (order flow revenue)

earns fromnamed as a risk

In addition, payments received from market makers and exchanges in connection with the execution of client equity and options trades, and from dealers and other counterparties in connection with securities lending, account for significant revenue.Risk factors (Item 1A)

Suppliers

Cloud service providers

depends onnamed as a risk

Cloud technologies are critical to the operation of our systems and platforms and our reliance on cloud technologies is growing.Risk factors (Item 1A)

Also named by ALLY, BAC, BX, C, EFX, HLT, IDXX, LNC and 5 more

Partners and platforms

Options Clearing Corporation

depends onnamed as a risk

In addition to net capital requirements, as a self-clearing broker-dealer, CS&Co is subject to cash deposit and collateral requirements with clearing houses, such as the Depository Trust & Clearing Corporation and Options Clearing Corporation, which may fluctuate significantly from time to time based upon the nature and size of clients’ trading activity and market volatility.Business (Item 1)

Also named by CBOE

TD Bank USA, National Association and TD Bank, National Association (TD Depository Institutions)

earns fromnamed as a risk

Bank deposit account fees are primarily recognized pursuant to the Second Amended and Restated Insured Deposit Account Agreement (2023 IDA agreement) with TD Bank USA, National Association and TD Bank, National Association (together, the TD Depository Institutions).Business (Item 1)

Depository Trust & Clearing Corporation

depends onnamed as a risk

Other companies

Forge Global Holdings, Inc.

approximately $660 millionnamed as a risk

On November 6, 2025, Schwab announced that it had entered into a definitive agreement to acquire Forge Global Holdings, Inc. (Forge), operator of a leading private market platform and trading marketplace, in a transaction valued at approximately $660 million.Business (Item 1)

Margin lending

earns fromnamed as a risk

Market-driven changes, such as declines in equity markets, can also reduce client demand for margin lending, which is a significant source of net interest revenue.Risk factors (Item 1A)

Places

Westlake, Texas

operates in

CSB and CSPB are Texas-chartered state savings banks headquartered in Westlake, Texas, and Trust Bank is a Nevada state-chartered savings bank with its main office located in Westlake, Texas.Business (Item 1)

Commodities and inputs

Cryptocurrencies

named as a risk

In 2026, the Company anticipates it will begin offering expanded client access to trading in digital assets including spot trading in select cryptocurrencies.Risk factors (Item 1A)

Also named by BGC

Mortgage-backed securities

exposed to its pricenamed as a risk

The Company could be adversely affected by a decline in interest rates if the rates that the Company earns on interest-earning assets decline more than the rates that the Company pays on its funding sources, or if prepayment rates increase on the mortgages and mortgage-backed securities that the Company holds.Risk factors (Item 1A)

Regulators

Federal Deposit Insurance Corporation (FDIC)

subject tonamed as a risk

In addition, the cost of resolving the 2023 bank failures resulted in increased FDIC costs, and potential future bank failures or other similar events may prompt the FDIC to further increase its premiums or to issue additional special assessments, which could have a material negative impact on our profitability and our business.Risk factors (Item 1A)

Also named by AFRM, BAC, BNY, CASH, CFG, CFR, COF, FCFS and 27 more

Federal Reserve

subject tonamed as a risk

The monetary policies of the Federal Reserve, which regulates the supply of money and credit in the United States, have a significant effect on our operating results.Risk factors (Item 1A)

Also named by AGNC, AUB, AXP, BAC, CASH, COF, DX, EFSC and 24 more

Consumer Financial Protection Bureau (CFPB)

subject to

CSB and CSPB are regulated, supervised, and examined by the Federal Reserve, the Texas Department of Savings and Mortgage Lending (TDSML), the Consumer Financial Protection Bureau (CFPB), and the Federal Deposit Insurance Corporation (FDIC).Business (Item 1)

Also named by ABNB, AFRM, ALLY, AN, AUB, AXP, BAC, CASH and 61 more

U.S. Securities and Exchange Commission (SEC)

subject to

CS&Co, CSIM, and certain of our other subsidiaries are registered as investment advisors with the SEC.Business (Item 1)

Also named by AB, ADSK, AMG, AMP, ARCC, ARES, BAM, BCSF and 44 more

Commodity Futures Trading Commission (CFTC)

subject to

Charles Schwab Futures and Forex LLC (CSFF) is registered as an FCM and FDM with the Commodity Futures Trading Commission (CFTC).Business (Item 1)

Also named by AB, ADM, AGNC, AMG, BAC, BGC, BMNR, C and 35 more

Financial Industry Regulatory Authority (FINRA)

subject to

In addition to the SEC, the primary regulators of CS&Co are FINRA and, for municipal securities, the MSRB.Business (Item 1)

Also named by AB, ADP, AGNC, AMG, AMP, BAM, BEN, BR and 23 more

Nevada Financial Institutions Division

subject to

Trust Bank is regulated, supervised, and examined by the Federal Reserve, the Nevada Financial Institutions Division, the CFPB, and the FDIC.Business (Item 1)

Also named by AFRM

National Futures Association (NFA)

subject to

The National Futures Association (NFA) is the primary regulator for CSFF’s futures, commodities, and forex trading activities.Business (Item 1)

Also named by DKNG

Texas Department of Savings and Mortgage Lending

subject to

Laws and programs

Comprehensive Capital Analysis and Review (CCAR)

subject to · 2.5%named as a risk

Based on these results, CSC’s calculated stress capital buffer remains below the 2.5% minimum, resulting in a stress capital buffer at the 2.5% floor and unchanged from the prior year.Business (Item 1)

Also named by BAC, HBAN, JPM, TFC, USB

Category III capital requirements

subject to · approximately $491 billionnamed as a risk

As of December 31, 2025, CSC had total consolidated assets of approximately $491 billion and cross-jurisdictional activity of approximately $31 billion.Business (Item 1)

Category II capital requirements

subject to · $700 billionnamed as a risk

If the average of CSC’s total consolidated assets for four consecutive calendar quarters reaches $700 billion, or if the average of cross-jurisdictional activity for four consecutive calendar quarters reaches $75 billion, CSC will become subject to more stringent Category II requirements, including annual stress testing, the advanced approaches framework, and the inability to opt out of including AOCI in regulatory capital calculations.Risk factors (Item 1A)

Liquidity Coverage Ratio (LCR) rule

subject to · 100%named as a risk

Under the LCR rule, Schwab is required to maintain HQLA to cover 100% of the total stressed net cash outflows on a daily basis.Business (Item 1)

Net Stable Funding Ratio (NSFR) rule

subject to · 100%

Under the NSFR rule, CSC and our banking subsidiaries are required to maintain ASF in an amount equal to 100% of its RSF on an ongoing, daily basis.Business (Item 1)

FDIC brokered deposits rule

subject to · 25 percent

Funds swept by our broker-dealer subsidiary to Schwab’s depository institution subsidiaries and third-party banks qualify for the primary purpose exception under this framework.Business (Item 1)

Uniform Net Capital Rule (SEC Rule 15c3-1)

subject tonamed as a risk

The Uniform Net Capital Rule limits the ability of our broker-dealer subsidiary to transfer capital to CSC and other affiliates.Risk factors (Item 1A)

Also named by IBKR

2023 IDA agreement

named as a risk

The 2023 IDA agreement involves certain commitments, including the maintenance of prescribed minimum and maximum insured deposit account balances (IDA balances), that limit our ability to respond to changes in interest rates and may impact our profitability and bank deposit account fee revenue.Risk factors (Item 1A)

Community Reinvestment Act of 1977 (CRA)

subject tonamed as a risk

The failure of an institution to receive at least a “satisfactory” rating could inhibit the institution or its holding company from undertaking certain activities, including acquisitions or opening branch offices.Business (Item 1)

Volcker Rule

subject to

CSC and its subsidiaries are subject to the Volcker Rule, which generally prohibits proprietary trading or acquiring or retaining an ownership interest in, sponsoring, or having certain relationships with hedge funds and private equity funds, subject to certain exemptions, in each case as the applicable terms are defined in the Volcker Rule and the implementing regulations.Business (Item 1)

Also named by AMP, BAC, GS, HBAN, MS, NTRS, PNC, RJF and 5 more

Dodd-Frank Act enhanced prudential standards

subject to

CSC is required to comply with these risk management and risk committee requirements, the liquidity risk-management, stress testing, and buffer requirements, as well as the single counterparty credit limits.Business (Item 1)

Also named by MTB

Bank Secrecy Act of 1970 / USA PATRIOT Act

subject to

CSC and its subsidiaries that conduct financial services activities are subject to the Bank Secrecy Act of 1970 (BSA), as amended by the USA PATRIOT Act of 2001, which requires financial institutions to develop and implement programs reasonably designed to achieve compliance with these regulations.Business (Item 1)