Investment Banking and Brokerage

Charles Schwab

Today’s Key News Recap

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0417 | Dolphin Research Focus: 🐬 Stock 1, $XIAOMI-W(01810.HK) Xiaomi Communications issued the '26 Xiaomi K1' sci-tech innovation bond for intelligent manufacturing on the SSE, sized at RMB 1 bn with a 3-year tenor and a 1.6% coupon, with the book 4.82x covered. This issuance delivers on both policy tailwinds and market confidence. The 1.6% coupon is well below AAA corporates of the same tenor, underscoring strong institutional conviction in Xiaomi's hard-tech push and its AAA credit profile...

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SCHWAB(CHARLES)CORP 5.95% DEP SHS REP 1/40 NON CUM PERP PF D

SCHWAB(CHARLES)CORP 4.450% DEP SHS REP 1/40TH N-CUM PFD SERJ

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BABA 'Happy Oyster' Unveils Virtual World; Meituan 'Shrimp 345' Expands AI Ecosystem | Daily News Recap

Schwab

Conference Minutes

Below is Dolphin Research's Trans of $Charles Schwab(SCHW.US) FY26 Q1 earnings call. For our take, see 'Charles Schwab: Steady organic growth; short-term blemishes merit limited penalty'. Key highlights: 1) Shareholder returns — repurchased $2.4bn of common in Q1, and the common dividend rose 19% YoY; management will evaluate redemption or exchange options for redeemable preferreds this year. 2) Outlook — based on Q1 strength and the current rate path plus client engagement...

SCHW (Trans): NIM Has Upside; Product Innovation in the Pipeline (crypto trading, AI features)

Financial Analysis

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$Charles Schwab(SCHW.US) Q1 results were decent, but expectations were lofty. The market may flag a slight revenue miss and a QoQ decline in NIM.After a strong Feb operating update, management guided to 16% Q1 revenue growth (vs. 14.5% then-consensus). That effectively raised the bar a month early.1) Key metrics — NNA and NIM. For now, if we boil Schwab’s biz down to the basics...

State Street

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SCHW: Solid Organic Growth; Short-Term Blips Not a Major Concern

SCHW 1Q26 First Take: The quarter was solid, but expectations were high. Investors may focus on a slight revenue miss and a sequential dip in NIM. After upbeat Feb metrics, management guided 16% Q1 revenue growth (vs. 14.5% then-consensus). That effectively raised the bar a month early. 1) Core metrics: NNA highlights brand strength; NIM likely saw short-term noise 1Q NNA was $140bn, which includes a planned $17.5bn outflow from mutual funds upon liquidation/maturity. Adjusted for that, the annualized growth rate was 5.3%, above the 5% full-year guide. In Mar, NNA growth reached 7.5% despite geopolitical noise. Notably, core NNA here reflects the organic expansion of Schwab's legacy franchise. It excludes client assets associated with Forge Global. NIM was 2.88%, down slightly QoQ. Interest income began to feel late-2025 rate cuts, while funding costs rose on higher short-term borrowings. Margin balances are trending well; excluding RIA long/short strategies, platform user margin balances still rose 4% QoQ, outperforming the industry. Dolphin Research believes the uptick in short-term borrowings may be a tactical move to meet financing demand.If so, this 'noise' should be viewed constructively over the medium to long term. Federal loans from the prior two years are being repaid in order, with less than $1.3bn outstanding at quarter-end. 2) Trading revenue +20%, DARTs +34% YoY (+20% QoQ), above expectations. Key drivers were a 6% increase in accounts, 12% higher assets per account, and a greater mix of derivatives trading YoY. 3) NII +16% YoY, high base and rate cuts in play. Interest-earning assets grew ~1%, and the YoY expansion was driven by wider NII spreads and a rapid run-off of short-duration debt that reduced interest expense. 4) AM up 15%, a steady Schwab hallmark. Total AUM, including money funds (funds + advisory), reached $4.3tn at quarter-end (+17% YoY), while the blended fee rate was unchanged. 5) Margin trajectory tempered by NIM and M&amp;A. Operating margin was 49% in Q1, up sharply YoY but down 100bps QoQ, reflecting a small sequential decline in NIM and the Mar close of the Forge Global acquisition, with personnel expense up 11% QoQ. 6) Higher shareholder returns. The Q1 dividend was raised to $0.32/share (+19% QoQ). Buybacks totaled $2.4bn vs. $2.7bn last quarter, implying a current annualized yield of 5.7%—not rich, but not low either. $Charles Schwab(SCHW.US)

Forge Global

Below is Dolphin Research's FY25 Q4 earnings call Trans for $Charles Schwab(SCHW.US). For the earnings analysis, please see 'Charles Schwab: A financial veteran's steady happiness'.I. Key metrics recap 1) 2025 full-year core NNA: $519bn (+42% YoY). New brokerage accounts: 4.7mn (+13% YoY).Solutions growth hit a record, with AUM net inflows up 36% YoY, an all-time high. Bank loan balance: $58bn...

SCHW (Trans): Key moves this year in digital assets and alts.

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$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...

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Morgan Stanley

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SCHW: Steady Comfort for Seasoned Investors

SCHW 4Q25 First Take: Q4 stayed steady, with overall financials broadly in line. Revenue was a slight miss (mainly on BDA fees), but tighter cost control drove a profit beat. Core operating metrics that Dolphin Research tracks topped expectations, underscoring stable organic growth momentum.(1) First, the two key drivers of organic growth. NNA and NIM.NNA was 158 bn in Q4, implying a 5.4% annualized pace. The rebound in Dec. brought growth back within the 5–7% guidance range.NIM printed at 2.93% in Q4. Despite rate cuts in Sep. and Dec., NIM still rose vs. Q3. The setup echoed Q3, with both higher interest income and lower funding costs at work, as financing activity stayed robust and balances grew while rates eased only modestly. Funding costs fell on two fronts. Short-term borrowings declined (net down 5 bn QoQ, vs. 2.1 bn in Q3), reflecting accelerated repayment of high-coupon funding taken during the crisis period. In addition, the rate on flexible savings dropped sharply alongside rate-cut expectations, from 0.43% to 0.29% QoQ.(2) In trading, DARTs rose 31% ahead of expectations. The lift came from a 6% increase in active users, a 12% increase in assets per client, and a supportive Q4 tape. Derivatives penetration climbed to 22.4%, boosting average revenue per trade.(3) NII rose 25% YoY, though the pace moderated vs. Q3 given the tough base. Interest-earning assets were up ~1%. Expansion was mainly driven by higher NIM and the rapid runoff of short-term debt, which reduced interest expense.(4) Asset management revenues accelerated to 15% growth despite a high base. With take rates still drifting down slightly, growth was primarily AUM-led across the platform.(5) The company continued to leverage scale to improve efficiency in Q4. Total opex rose 4%, well below revenue growth of 19%. OP reached $3.2 bn, up 38% YoY, and OPM expanded ~700 bps YoY to above 50%.(6) Investments &amp; M&amp;A: the Forge acquisition is slated to close in 1H this year. SCHW repurchased 29.2 mn shares in Q4 for $2.7 bn and paid a dividend of $0.27 per share. Shareholder returns were roughly unchanged vs. last quarter, with an annualized yield of 6% that remains attractive in a cutting cycle. $Charles Schwab(SCHW.US)

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On November 6th, the American influencer retail brokerage stock $Robinhood(HOOD.US) released its earnings report before the U.S. stock market opened. After a nearly 300% surge over three quarters, the market's expectations were high. Can the actual results meet the capital market's enthusiastic expectations? Let's take a closer look: 1. Total revenue was $1.27 billion, up 100% year-on-year and 29% quarter-on-quarter; it slightly exceeded Bloomberg's consensus estimate of $1.21 billion. However, since the company had already announced impressive operational data for September on September 29th, the real buy-side expectations have been elevated since then...

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Robinhood: Quadruple in a Year, Is the King of U.S. Retail Investors Really That Impressive?

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1017 | Dolphin Research Focus: 🐬 Macro/Industry 1. Shares of two U.S. regional banks plummeted due to loan fraud and bad debt issues, with the regional bank index posting its worst performance since April. Risk aversion sentiment pushed up U.S. Treasury and gold prices. The event highlights potential risks in the credit market, and concerns about 'more risk points' will suppress sentiment in financial stocks, while reinforcing expectations for the Federal Reserve to maintain an accommodative stance. 🐬 Individual Stocks 1. $Micron Tech(MU.US) Micron Technology's U.S. stock fell in after-hours trading. According to reports, Micron will stop selling server chips to Chinese data centers...

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Micron to Stop Selling Server Chips to Chinese Data Centers; Meta Plans to Raise $30 Billion to Build Data Centers | Today's Important News Recap

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Fully capable of mitigating the impact of interest rate cuts through cash reinvestment.

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Charles Schwab (Minutes): Will launch cryptocurrency trading next year, but is not optimistic about tokenized stocks.

CIBC Reduces Stake in Charles Schwab, Other Institutions Adjust Positions and Analyst Ratings Change

GW Henssler Reduces Charles Schwab Stake, Analysts Maintain Moderate Buy Rating

Schwab Plans to Launch Crypto Spot Trading and Custody Services by Mid-2027

Schwab sees institutional rebalancing: Peapack Gladstone cuts 18.6%, analysts raise price targets to $131

Bellwether Advisors Reduces Charles Schwab Stake by 82.1%

Charles Schwab Issues $2.25B Note and Raises Growth Guidance to Strengthen Wealth Management

Charles Schwab Files for Three-Part Senior Note Offering with SEC

Barclays Maintains Buy Rating on Charles Schwab, Raises Price Target to $127

Charles Schwab Forecasts 14-15% Revenue Growth for FY2026

Schwab Forecasts 2026 Adjusted Expenses to Rise 8.5%-9.5%

Charles Schwab: Client Assets Reached $12.61 Trillion as of End-April 2025

Schwab Utilizes AI to Enhance Wealth Management Services

Schwab Begins Rolling Out AI Features to Customers

Charles Schwab Redeems Preferred Shares and Pays Dividends

Schwab Implements New Account Restrictions on Long-Short Strategies

Charles Schwab and Citadel Securities Explore Entering Prediction Markets

Charles Schwab Reports First Quarter Earnings, Slightly Below Expectations

Morgan Stanley Cuts Charles Schwab Target Price

Schwab CEO Considering Entering Prediction Markets

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SpaceX has set a fixed IPO price of $135 per share, targeting a $1.77 trillion valuation to raise approximately $75 billion. Unlike traditional IPOs, the company skipped the pricing range process. Major brokerages including Charles Schwab, Fidelity, and Robinhood will facilitate sales, with SpaceX aiming to allocate roughly 30% of shares to retail investors, significantly higher than the typical 5-10%. Final allocation details remain pending as the book closes.

- SpaceX, founded by Elon Musk, is set to launch its IPO, aiming for a historic valuation of $1.77 trillion.  
- Instead of a typical pricing range, the company has fixed the share price at $135, allowing for an early stock distribution ahead of its market debut.  
- SpaceX plans to allocate around 30% of shares to retail investors, significantly higher than the usual 5% to 10%, with leading brokerages involved in the process.

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SpaceX IPO explained: The price is set, but retail allocation still up in the air

Charles Schwab(SCHW.US)

SpaceX IPO explained: The price is set, but retail allocation still up in the air

27,190 Shares in The Charles Schwab Corporation $SCHW Bought by Capital International Inc. CA

Is Schwab’s 24/7 Crypto Futures and $1 Fractional Access Altering The Investment Case For Charles Schwab (SCHW)?

Schwab Trading Activity Index™: STAX Score Rebounds in May | SCHW Stock News

FINRA scraps $25K day trading rule, easing access for retail investors