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![SCHW Earnings results (USD in ，00mns) 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25( C]()
![平均每笔交易$0.99 PFOF收入 占总收入：8.0% 交易量 交易佣金收入 占总营收：7.4% 免佣证券交易 平均每笔交易$0.94 隔离账户资金 隔离账户]()
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SCHW: Steady Comfort for Seasoned Investors
$Charles Schwab(SCHW.US) Q4 stayed steady and broadly in line. Revenue was a slight miss, mainly on lower BDA fees, but tight expense control drove an earnings beat.
Notably, the core operating metrics tracked by Dolphin Research were solid and above Street expectations. They point to stable organic growth at Schwab. Key takeaways below.1) Two key metrics — NNA (net new assets) and NIM (net interest margin). At this stage, if you boil Schwab’s biz. down, the single most important lens is net additions to client assets...Schwab