v3.26.1
Revenue Recognition
 3 Months Ended
Mar. 31, 2026
Revenue from Contract with Customer [Abstract]  
Revenue Recognition Revenue Recognition
Disaggregation of Schwab’s revenue by major source is as follows:
Three Months Ended
March 31,
20262025
Net interest revenue
Cash and cash equivalents$288 $328 
Cash and investments segregated397 412 
Receivables from brokerage clients (1)
1,499 1,379 
Available for sale securities 326 433 
Held to maturity securities567 622 
Bank loans627 493 
Securities lending revenue91 60 
Other interest revenue (1)
167 30 
Interest revenue3,962 3,757 
Bank deposits(118)(436)
Payables to brokers, dealers, and clearing organizations
(217)(137)
Payables to brokerage clients (1)
(56)(49)
Other short-term borrowings
(92)(82)
Federal Home Loan Bank borrowings
(12)(133)
Long-term debt(201)(212)
Other interest expense (1)
(122)(2)
Interest expense(818)(1,051)
Net interest revenue3,144 2,706 
Asset management and administration fees
Mutual funds, ETFs, CTFs, and alternatives (2)
991 878 
Managed investing solutions674 569 
Other (2)
94 83 
Asset management and administration fees1,759 1,530 
Trading revenue
Commissions489 431 
Order flow revenue560 443 
Principal transactions40 34 
Trading revenue1,089 908 
Bank deposit account fees295 245 
Other 195 210 
Total net revenues$6,482 $5,599 
(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 strategies were previously presented in receivables from brokerage clients and payables to brokerage clients, respectively, and 2025 amounts have been reclassified to reflect this change.
(2) Beginning in the first quarter of 2026, alternative investments revenue was moved from other asset management and administration fees to mutual funds, ETFs, CTFs, and alternatives. Prior period amounts have been reclassified to reflect this change.

For a summary of revenue provided by our reportable segments, see Note 19. The recognition of revenue is not impacted by the operating segment in which revenue is generated.

Contract balances: Receivables from contracts with customers within the scope of Accounting Standards Codification (ASC) 606 Revenue From Contracts With Customers (ASC 606), are included in other assets on the condensed consolidated balance sheets, and totaled $901 million and $819 million at March 31, 2026 and December 31, 2025, respectively.

The Company had net contract assets of $188 million and $193 million at March 31, 2026 and December 31, 2025, respectively, related to the buy down of fixed-rate obligation amounts pursuant to the 2023 IDA agreement. These amounts are included in other assets on the condensed consolidated balance sheets and are amortized on a straight-line basis over the
remaining contractual term as a reduction to bank deposit account fee revenue. For additional discussion of the 2023 IDA agreement, see Note 11.
Unsatisfied performance obligations: We do not have any unsatisfied performance obligations other than those that are subject to an elective practical expedient under ASC 606. The practical expedient applies to and is elected for contracts where we recognize revenue at the amount to which we have the right to invoice for services performed.