v3.25.4
Revenue Recognition
 12 Months Ended
Dec. 31, 2025
Revenue from Contract with Customer [Abstract]  
Revenue Recognition Revenue Recognition
Disaggregated Revenue
Disaggregation of Schwab’s revenue by major source is as follows:
Year Ended December 31,202520242023
Net interest revenue
Cash and cash equivalents$1,189 $1,539 $1,894 
Cash and investments segregated1,862 1,443 1,355 
Receivables from brokerage clients (1)
5,700 5,420 4,793 
Available for sale securities1,538 2,166 2,987 
Held to maturity securities2,386 2,636 2,872 
Bank loans2,168 1,867 1,664 
Securities lending revenue437 330 419 
Other interest revenue (1)
224 136 127 
Interest revenue15,504 15,537 16,111 
Bank deposits(1,185)(3,152)(3,363)
Payables to brokers, dealers, and clearing organizations(701)(372)(147)
Payables to brokerage clients (1)
(244)(272)(271)
Other short-term borrowings(324)(504)(375)
Federal Home Loan Bank borrowings(356)(1,245)(1,810)
Long-term debt(836)(846)(715)
Other interest expense (1)
(108)(2)(3)
Interest expense(3,754)(6,393)(6,684)
Net interest revenue11,750 9,144 9,427 
Asset management and administration fees
Mutual funds, ETFs, and CTFs3,665 3,221 2,563 
Managed investing solutions2,440 2,129 1,868 
Other401 366 325 
Asset management and administration fees6,506 5,716 4,756 
Trading revenue
Commissions1,797 1,591 1,601 
Order flow revenue1,930 1,477 1,404 
Principal transactions194 196 225 
Trading revenue3,921 3,264 3,230 
Bank deposit account fees977 729 705 
Other767 753 719 
Total net revenues$23,921 $19,606 $18,837 
(1) Beginning in the fourth quarter of 2025, interest revenue and interest expense from client margin loans and short credits related to certain client long/short strategies from which the Company earns a fixed net yield are presented in other interest revenue and other interest expense. Interest revenue and interest expense amounts related to these client strategies were previously presented in receivables from brokerage clients and payables to brokerage clients, respectively, and full-year 2025 amounts have been reclassified to conform to the new presentation. Prior-year amounts were not impacted by this change.

For additional discussion of contract balances, see Note 10. For a summary of revenue provided by our reportable segments, see Note 24. The recognition of revenue is not impacted by the operating segment in which revenue is generated.