嘉信理财 2025年度报告

FORM10-K ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 or 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 THECHARLESSCHWABCORPORATION(Exact name of registrant as specified in its charter) 94-3025021 (I.R.S. Employer Identification No.) (State or other jurisdiction of incorporation ororganization) 3000 Schwab Way, Westlake, TX76262(Address of principal executive offices and zip code)Registrant’s telephone number, including area code:(817) 859-5000Securities registered pursuant to Section 12(b) of the Act: Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes☒No☐Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Exchange Act. Yes☐No☒ 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. Large accelerated filer☒Accelerated filer☐Non-accelerated filer☐Smaller reporting company☐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 has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control overfinancial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.☒ If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect thecorrection of an error to previously issued financial statements.☐ Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of theregistrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b).☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).Yes☐No☒ As of June30, 2025, the aggregate market value of the voting stock held by non-affiliates of the registrant was $156.3 billion. For purposes of this information, theoutstanding shares of Common Stock owned by directors and executive officers of the registrant were deemed to be shares of the voting stock held by affiliates. 1,752,210,425 shares of $.01 par value Common Stock outstanding as of January30, 2026. DOCUMENTS INCORPORATED BY REFERENCE Part III of this Form10-K incorporates certain information contained in the registrant’s definitive proxy statement for its annual meeting of stockholders, to be heldMay21, 2026, by reference to that document. THE CHARLES SCHWAB CORPORATION Annual Report On Form10-KFor Fiscal Year Ended December31, 2025 TABLE OF CONTENTSPart IItem 1.BusinessGeneral Corporate OverviewBusiness Strategy and Competitive EnvironmentBusiness AcquisitionProducts and ServicesSources of Net RevenuesRegulationHuman CapitalAvailable InformationItem 1A.Risk FactorsItem 1B.Unresolved Staff CommentsItem 1C.CybersecurityItem 2.PropertiesItem 3.Legal ProceedingsItem 4.Mine Safety DisclosuresPart IIItem 5.Market for Registrant’s Common Equity, Related Stockholder Matters, and Issuer Purchases ofEquity SecuritiesItem 6.ReservedItem 7.Management’s Discussion and Analysis of Financial Condition and Results of OperationsForward-Looking StatementsGlossary of TermsOverviewCurrent Regulatory and Other DevelopmentsResults of OperationsRisk ManagementCapital ManagementForeign ExposureFair Value of Financial InstrumentsCritical Accounting EstimatesNon-GAAP Financial MeasuresItem 7A.Quantitative and Qualitative Disclosures About