Updated: November 29, 2025
Key takeaways
- SCHW last closed at $92.73 on November 28, 2025, up 1.01% on the day and sitting about 7–8% below its all‑time high of $99.59 reached in July. [1]
- Year to date, Charles Schwab stock is up roughly mid‑20% and has outperformed the Dow Jones Industrial Average over the past year, even after a recent pullback. [2]
- Q3 2025 delivered record revenue and earnings, with net income around $2.4 billion (or $2.5 billion adjusted) and net revenue up about 27% year‑on‑year as client assets climbed to a record $11.6 trillion. [3]
- October activity stayed strong: Schwab took in a record $44.4 billion in net new assets in a single month and ended October with $11.83 trillion in client assets. [4]
- Strategic pivot: Schwab has agreed to acquire private‑markets platform Forge Global in a ~$660 million cash deal, aiming to “democratize” access to pre‑IPO shares and alternative investments. [5]
- New revenue lever: Schwab is preparing to re‑introduce ETF platform fees in early 2026 after a six‑year hiatus, a move that could support margins but may create friction with ETF issuers and RIAs. [6]
- Legal overhang easing: A federal judge has approved an antitrust settlement tied to the TD Ameritrade merger, requiring a compliance program but no cash payout—reducing litigation uncertainty. [7]
- Strong institutional interest: Norges Bank, Virtus Investment Advisers and Quadrant Capital Group all disclosed fresh or larger positions in SCHW, while institutional ownership sits above 80%. [8]
Note: This article is for information only and is not financial advice or a recommendation to buy or sell any security.
Charles Schwab stock today: price, trend and valuation
As of the close on Friday, November 28, 2025, The Charles Schwab Corporation (NYSE: SCHW) traded at $92.73, up $0.93 on the session (+1.01%). [9]
- Day’s range: $91.58 – $93.24 [10]
- 52‑week range: $65.88 – $99.59 [11]
- All‑time high: $99.59 on July 29, 2025, putting the stock about 7.8% below that peak. [12]
- Market cap: roughly $161 billion, placing Schwab firmly in the large‑cap bracket. [13]
From a performance angle, Barchart data show SCHW up about 24% year‑to‑date and 11.6% over the past 12 months, outpacing the Dow’s roughly 11.5% gain in 2025 and ~5.7% return over the past year. [14]
Different data providers quote slightly different year‑to‑date figures (TipRanks, for example, pegs the gain closer to 29% at an earlier November snapshot), but they all paint the same picture: Schwab has been a standout financial stock in 2025. [15]
On wall‑street expectations:
- Investing.com shows an average analyst price target around $111.61, implying ~20% upside from current levels and a “Buy” consensus. [16]
- Barchart cites a mean target near $112.30 from 23 analysts, with a “Moderate Buy” rating and ~22% implied upside. [17]
- TipRanks tracks a “Strong Buy” consensus among 17 analysts, with an average target of about $114.87—roughly 21% upside from current pricing. [18]
Some coverage notes that Schwab’s consensus target has edged slightly lower in recent weeks (from about $111.95 to $111.61), suggesting analysts are incrementally more cautious while still broadly positive on the name. [19]
Q3 2025: record revenue, record earnings, record assets
Schwab’s third‑quarter 2025 results, released on October 16, set the tone for the stock’s strong year.
According to the company’s press release and SEC filing, Schwab reported: [20]
- Net income: about $2.4 billion, or $1.26 per share
- Adjusted net income: ~$2.5 billion and $1.31 EPS, excluding $127 million in transaction‑related costs
- Net revenue: around $6.1–6.14 billion, up roughly 26–27% year‑over‑year
- Total client assets: a record $11.59 trillion, up about 17% from a year earlier [21]
- Core net new assets (Q3):$137.5 billion, taking year‑to‑date net new assets to $355.5 billion (+41% YoY) [22]
Reuters reports that profit surged about 67% year‑on‑year, powered by record client assets and a 25% jump in trading revenue to $995 million, as derivatives activity picked up alongside a rising stock market. [23]
MarketBeat’s institutional‑flow coverage highlights just how profitable this business has become, citing return on equity above 21% and net margin around 36% for the latest quarter—metrics more typical of a high‑quality software business than a traditional broker. [24]
Why it matters for investors:
- The Q3 numbers show that Schwab has successfully pivoted its business model toward revenue from assets, advice and trading activity rather than simple commissions.
- Record earnings and robust margins give the company more flexibility to invest in technology, pursue acquisitions and return capital to shareholders.
October 2025 monthly data: $44.4 billion in new assets in one month
The momentum did not stop in Q3. Schwab’s October activity report—summarized by TipRanks—reinforced the growth story: [25]
- Net new assets (October):$44.4 billion, an 80% year‑over‑year increase and a company monthly record
- Annualized, that monthly pace equates to roughly 5% organic asset growth.
- Total client assets:$11.83 trillion as of October 31
- +20% versus October 2024
- +2% versus September 2025
- New accounts:429,000 opened in October, up about 30% year‑on‑year
- Margin balances: average margin loans up 7% month‑on‑month
- Trading activity: about 8.6 million daily average trades in October
The combination of strong net inflows, rising markets and higher margin balances underscores a powerful tailwind: clients are engaged and putting fresh capital to work, which supports Schwab’s asset‑based and trading‑related revenue streams.
Forge Global acquisition: Schwab pushes deeper into private markets
One of the defining strategic moves for Schwab this year is its bet on private markets.
On November 6, 2025, Schwab announced a definitive agreement to acquire Forge Global Holdings (NYSE: FRGE) in an all‑cash transaction valued at about $660 million, or $45 per Forge share. [26]
Key points from Schwab’s press release: [27]
- Forge operates a “premier private market platform”, through which investors have bought and sold over $17 billion in private company shares.
- Schwab says the deal will combine its 46 million client accounts and $11.6 trillion in client assets with Forge’s marketplace and data, “democratizing” access to private companies for qualified investors.
- The acquisition builds on Schwab’s new Alternative Investments Select platform and a recently launched Private Issuer Equity Services offering, aimed at late‑stage private companies.
- The transaction is expected to close in the first half of 2026, subject to shareholder and regulatory approvals.
Reuters framed the deal as Schwab’s effort to capitalize on growing demand for pre‑IPO shares, giving traditional investors easier pathways into late‑stage private companies that historically were accessible mainly to institutions and ultra‑high‑net‑worth clients. [28]
Investor implications:
- The Forge deal could diversify revenue into higher‑margin private‑market activities and strengthen Schwab’s competitive moat with RIAs and affluent retail investors who want access to alternatives.
- At the same time, it introduces execution and integration risk, plus regulatory scrutiny around private‑market trading and investor protections. The closing timeline and eventual profitability of the deal will be key watchpoints heading into 2026.
ETF platform fees: new profit lever, but potential friction
Another key development for 2026 and beyond: Schwab is preparing to re‑introduce ETF platform fees after roughly six years without them.
Industry outlets including RIABiz, FUSE Research and ThinkAdvisor report that: [29]
- Schwab plans to start charging ETF issuers for shelf space on its platform as soon as early 2026, following a similar move by Fidelity.
- The model reportedly under discussion would either:
- Take about 15% of an ETF’s fee revenue, or
- Charge a per‑ticket fee around $100 to funds that choose not to share a cut of their fees.
- The change would end a multi‑year hiatus in ETF platform fees that started when Schwab and peers went to zero‑commission equity and ETF trades in 2019.
A Kitces.com summary notes market concerns that: [30]
- Some fund companies (notably low‑cost providers like Vanguard) may refuse to pay platform fees, potentially leading to ticket charges for clients who trade those ETFs.
- Other ETF issuers may pass platform fees through via higher expense ratios, subtly raising the cost of owning ETFs for end investors.
- In both cases, Schwab’s own low‑cost ETFs, which don’t pay a fee to Schwab, may become relatively more attractive.
For shareholders, this move could:
- Support margins as net interest income on cash normalizes and fee pressure persists elsewhere.
- Slightly complicate the value proposition for fee‑sensitive advisors and ETF providers, introducing some reputational and competitive risk if costs end up rising for clients.
Exactly how aggressive Schwab is in implementing these fees—and how ETF issuers respond—will be an important narrative for SCHW in 2026.
Legal backdrop: TD Ameritrade antitrust settlement approved
On the legal front, Schwab cleared an important hurdle this month.
On November 24, 2025, a federal judge in Texas granted final approval to a settlement resolving antitrust claims tied to Schwab’s acquisition of TD Ameritrade, which closed in 2020. [31]
According to Reuters:
- Plaintiffs alleged the merger reduced competition in the retail order‑flow market, harming customers via less favorable trade execution.
- The settlement does not include cash payouts to class members. Instead, Schwab agreed to implement an antitrust compliance program designed to improve oversight and transparency.
- Plaintiffs’ lawyers were awarded about $8.25 million in fees, a point that drew some objections (including from the state of Iowa), but the judge ruled the non‑monetary relief meaningful.
- The compliance program is expected to yield $10.7–$14.5 million in monthly trade‑price improvements for nearly 25 million Schwab customers, according to plaintiffs’ estimates.
- Importantly, the settlement does not bar individual investors from bringing separate damage claims, but it does remove one major class‑action overhang.
For SCHW holders, the ruling helps reduce litigation uncertainty around the TD Ameritrade merger, even as Schwab remains under the watchful eye of regulators in a rapidly evolving market‑structure environment.
Separately, Schwab has been briefing clients on regulatory changes to “round lots” and quote display rules, which affect how smaller orders show up on market data feeds but do not materially change Schwab’s core economics. [32]
Capital returns: $20 billion buyback and a steady dividend
Schwab has been backing its growth story with aggressive capital returns.
On July 24, 2025, the company announced that its board had authorized a new $20 billion stock repurchase program, replacing the prior authorization. At the same time, Schwab declared a regular quarterly cash dividend of $0.27 per share. [33]
Recent filings and MarketBeat coverage highlight: [34]
- The $0.27 quarterly dividend currently works out to a yield of around 1.1–1.2% at the recent $92–93 share price.
- The most recent dividend had an ex‑dividend date of November 14 and was paid November 28, 2025.
With strong free cash flow and rising earnings, the combination of a sizable buyback authorization and a growing dividend gives Schwab multiple levers to enhance per‑share value—assuming the share repurchases are executed at sensible prices.
Institutional flows: Norges Bank, Virtus and Quadrant step up
Fresh 13F filings and MarketBeat alerts show robust institutional interest in SCHW in recent quarters: [35]
- Norges Bank (Norway’s sovereign wealth fund) disclosed a new position of 20,713,047 shares, worth about $1.89 billion, representing ~1.14% of Schwab’s shares at quarter‑end. [36]
- Virtus Investment Advisers LLC acquired a new stake of 17,335 shares, valued around $1.58 million. [37]
- Quadrant Capital Group LLC boosted its stake by 23.5% in Q2 to 40,971 shares, worth about $3.74 million. [38]
- Across the shareholder base, institutional investors collectively own roughly 84% of the float, according to MarketBeat’s aggregation. [39]
Those same notes also highlight some insider selling—about 9,482 shares over the last 90 days from senior executives such as Jonathan S. Beatty and Paul V. Woolway—though insiders still hold around 6.3% of the company. [40]
Institutional accumulation, especially from a long‑term investor like Norges Bank, tends to be read as a vote of confidence in Schwab’s strategy and balance sheet, though insider sales remind investors that management may also be taking advantage of the stock’s run‑up.
How SCHW compares: performance versus the Dow and peers
Barchart’s late‑November analysis asked whether Charles Schwab stock is outperforming the Dow. The answer is nuanced: [41]
- Over the last three months, SCHW is actually down about 5.6%, lagging the Dow’s +4.4% gain over the same period.
- Over 2025 year‑to‑date, however, SCHW is up ~24% vs. the Dow’s 11.5%, and over the last 52 weeks it has gained 11.6% vs. the Dow’s 5.7%.
- Schwab has traded above its 200‑day moving average since mid‑April, but dipped below its 50‑day moving average in mid‑November, suggesting a strong long‑term uptrend with near‑term consolidation.
The same analysis notes that while Schwab’s share price has done well, it has underperformed Morgan Stanley in 2025, which has logged roughly 33–34% gains over the year. [42]
This context matters: Schwab is being priced as a growth‑tilted financial—not a sleepy broker—and investors are comparing it to high‑performing peers, not just banks or the broader market.
Analyst outlook and key risks
Across multiple platforms, the analyst view remains broadly constructive:
- Ratings: “Moderate Buy” to “Strong Buy,” depending on the provider. [43]
- Average price targets: cluster around $106–$115, implying roughly 18–22% upside from the current share price range. [44]
But there are real risks investors are weighing:
- Interest‑rate sensitivity
Schwab’s earnings are highly sensitive to net interest revenue on client cash and securities balances. A faster‑than‑expected drop in interest rates, or aggressive cash “sweeps” by competitors, could pressure margins. - Regulatory and legal scrutiny
The TD Ameritrade settlement shows that Schwab’s scale and business model attract antitrust and market‑structure scrutiny. New rules on payment for order flow, best execution or custody could affect profitability. [45] - Execution risk on Forge Global and alternatives
The Forge deal extends Schwab into less liquid, more complex private markets, where operational, reputational and regulatory risks are higher. Integration missteps could dilute the benefits of the acquisition. [46] - Client and advisor reaction to ETF platform fees
If ETF platform fees translate into visible ticket charges or higher fund expense ratios, RIAs and DIY investors might push back or migrate assets elsewhere—especially if low‑cost providers like Vanguard decide to take a stand. [47] - Market‑driven volatility
Schwab’s trading volumes and asset levels are tied to investor risk appetite. A sharp market correction or prolonged risk‑off period could slow net new assets and reduce trading revenue.
Bottom line: what 29 November 2025 means for SCHW investors
As of November 29, 2025, Charles Schwab stock sits in an interesting sweet spot:
- The company is posting record earnings, delivering double‑digit organic asset growth, and pushing into higher‑value areas like private markets and alternatives. [48]
- Management is returning significant capital via a $20 billion buyback authorization and a consistent dividend. [49]
- Analysts, on balance, still see meaningful upside from current levels, and large institutions are adding to their positions. [50]
At the same time, the next phase of the story will likely hinge on:
- How smoothly Schwab integrates Forge Global,
- Whether ETF platform fees bolster profit without alienating clients, and
- How the firm navigates a shifting interest‑rate and regulatory landscape.
For now, SCHW looks like a high‑quality, growth‑tilted financial stock with strong fundamentals and a full slate of strategic initiatives—tempered by the usual mix of macro, regulatory and execution risks that come with being one of the most important platforms in retail investing.
Before making any investment decisions, it’s essential to review your own risk tolerance, time horizon and portfolio mix, and consider speaking with a qualified financial advisor.
For more detailed coverage and original reporting on Charles Schwab (SCHW), you can explore recent articles from major outlets below:
References
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