SCHWAB reported third-quarter 2026 results that split the difference: a record $192.4 billion in net new assets crushed the $175.06 billion estimate, but net interest revenue missed at $3.48 billion versus $3.52 billion consensus.
Total client assets ended the quarter at $13.33 trillion, slightly below the $13.38 trillion estimate despite the robust inflow. Bank deposits totaled $244.1 billion, missing the $250.73 billion projection—a concern for net interest margin.
Daily average trades of 10.69 million beat the 10.51 million estimate, signaling healthy retail and institutional engagement. New brokerage accounts added were 1.24 million, just short of the 1.27 million projected.
Net revenue of $7.17 billion matched consensus. Shares fell 1.1 percent to $74.21 on the report.
The miss on net interest revenue reflects persistent pressure from the interest rate environment. Schwab's ability to generate record net new assets—a 9 percent beat—demonstrates client confidence in its platform and wealth management services, but margin compression remains the key headwind to watch. Transaction-based revenues from elevated trading activity provide some offset, though not enough to prevent the NII shortfall.
