嘉信理财：2025年季度报告

FORM10-Q ☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934For the quarterly period endedJune 30, 2025or TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 ☐For the transition period from ________ to ________ Commission File Number:1-9700 THECHARLES SCHWAB CORPORATION (Exact name of registrant as specified in its charter) Delaware(State or other jurisdiction of incorporation ororganization) 94-3025021 (I.R.S. Employer Identification No.) 3000 Schwab Way,Westlake,TX 76262(Address of principal executive offices and zip code) Registrant’s telephone number, including area code:(817)859-5000 Securities registered pursuant to Section 12(b) of the Act: Indicate by check mark whether the registrant (1)has filed all reports required to be filed by Section13 or 15(d) of the Securities Exchange Act of 1934 during thepreceding 12months (or for such shorter period that the registrant was required to file such reports), and (2)has been subject to such filing requirements for the past90days.Yes☒No☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T(§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).Yes☒No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerginggrowth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of theExchange Act. Accelerated filer☐Smaller reporting company☐ Large accelerated filer☒Non-accelerated filer☐Emerging growth company☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revisedfinancial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes☐No☒1,815,219,300shares of $.01 par value Common Stock outstanding on July31, 2025 THE CHARLES SCHWAB CORPORATION Quarterly Report on Form 10-QFor the Quarter EndedJune30, 2025 Index 1-28 Signature70 THE CHARLES SCHWAB CORPORATIONManagement’s Discussion and Analysis of Financial Condition and Results of Operations(Tabular Amounts in Millions, Except Ratios, or as Noted) Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations INTRODUCTION The Charles Schwab Corporation (CSC) is a savings and loan holding company. CSC engages, through its subsidiaries (collectivelyreferred to as Schwab or the Company), in wealth management, securities brokerage, banking, asset management, custody, andfinancial advisory services. Principal business subsidiaries of CSC include the following: •Charles Schwab & Co., Inc. (CS&Co), incorporated in 1971, a securities broker-dealer;•Charles Schwab Bank, SSB (CSB), our principal banking entity; and•Charles Schwab Investment Management, Inc. (CSIM), the investment advisorfor Schwab’s proprietary mutual funds(Schwab Funds) and for Schwab’s exchange-traded funds (Schwab ETFs).® Unless otherwise indicated, the terms “Schwab,” “the Company,” “we,” “us,” or “our” mean CSC together with its consolidatedsubsidiaries. Schwab provides financial services to individuals and institutional clients through two segments – Investor Services and AdvisorServices. The Investor Services segment provides retail brokerage, investment advisory, and banking and trust services to individualinvestors, and retirement plan and business services, as well as other corporate brokerage services, to businesses and their employees.The Advisor Services segment provides custodial, trading, banking and trust, and support services to independent registeredinvestment advisors (RIAs), independent retirement advisors, and recordkeepers. Schwab was founded on the belief that all Americans deserve access to a better investing experience. Although much has changed inthe intervening years, our purpose remains clear – to champion every client’s goals with passion and integrity. Guided by this purposeand our vision of creating the most trusted leader in investment services, management has adopted a strategy described as “ThroughClients’ Eyes.” This strategy emphasizes placing clients’ perspectives, needs, and desires at the forefront. Because investing plays a fundamental rolein building financial security, we strive to deliver a better investing experience for our clients – individual investors and the people andinstitutions who serve them – by disrupting longstanding industry practices on their behalf and providing superior service. We also aimto offer a broad range of products and s