Schwab Q3 2026: Record Flows, a Funding Debate
Charles Schwab's Q3 2026 (reported Oct 15) was a record quarter the market chose to argue with: revenue of $7.17B (+17% YoY), adjusted EPS of $1.69 (+29%), record core net new assets of $190.4B (+38%) and total client assets of $13.33T. The debate is funding: bank deposits of $244.1B missed expectations, the 3.04% net interest margin printed light, loan growth (+35% bank loans, +93% margin balances) is outrunning deposits, and management guided full-year revenue and margin toward the low end. We walk the revenue engines (net interest revenue, fees, trading at 10.7M daily average trades), the…
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