The Charles Schwab Corporation (NYSE: SCHW) heads into the final stretch of 2025 with its stock sitting near the high end of the year’s trading range and investor attention firmly on one question: can Schwab keep converting a strong market tape into durable earnings growth once interest rates and client cash behavior normalize?
As of the most recent market close (Friday, Dec. 19, 2025), Charles Schwab stock closed at $98.82, up $1.59 (about 1.64%) on the day. [1]
Below is a roundup of the latest Schwab-specific news, company updates, analyst forecasts, and market narratives most relevant to SCHW as of Dec. 20, 2025—plus what investors are likely to watch as the company approaches its next earnings report.
What’s moving Charles Schwab stock right now
1) Asset gathering remains strong, with client activity still “risk-on”
A key late-2025 datapoint for Schwab investors is the company’s monthly activity report, because it provides near-real-time insight into the engine that drives Schwab’s fee revenue and (indirectly) its interest income.
In Schwab’s report for November 2025, the company said:
- Core net new assets:$40.4 billion (up 40% vs. Nov. 2024)
- Year-to-date core net new assets:$440.3 billion
- Total client assets:$11.83 trillion (up 15% year over year)
- New brokerage accounts:365,000 in the month (more than 4.2 million year-to-date)
- Daily average trades:8.46 million
- Average margin loan balances:$108.9 billion (up 8%)
- Transactional sweep cash:$427.5 billion (down $1.3 billion) [2]
For Schwab stock, these metrics matter because they hint at trading-driven revenue (via higher activity) and asset-based fees (via higher client assets). They also provide clues about cash sorting—the persistent industry theme where clients move idle cash into higher-yielding alternatives.
2) Schwab is exiting a hybrid robo-advisor product—but not “digital advice”
One of the most-discussed Schwab headlines in the days leading into Dec. 20 is the company’s decision to phase out Schwab Intelligent Portfolios Premium, its hybrid robo-advisor that paired automated portfolios with human planners.
According to reporting this week, Schwab has stopped accepting new clients into the premium program and expects to discontinue the service for existing clients in early 2026 (first quarter). Schwab will continue offering its standalone robo-advisor, Schwab Intelligent Portfolios, which remains available to clients with a $5,000 minimum and no advisory fee. [3]
Why it matters for SCHW: Wall Street generally reads this as a profitability and scalability decision—a shift away from a product that requires staffing human advisors at scale, while keeping a digital offering that can be distributed across Schwab’s enormous client base.
3) Strategy expansion: private-market access now, spot crypto trading next
Schwab’s leadership has been signaling that the firm wants to broaden what clients can do inside the Schwab ecosystem—especially as competition intensifies across brokerage, wealth management, and alternatives.
Two developments stand out:
A) Forge Global acquisition (private shares platform).
Schwab agreed to buy Forge Global in an all-cash deal valued at $660 million (reported at $45 per share), positioning Schwab to meet demand for access to pre-IPO/private company shares. The deal is expected to close in the first half of 2026. [4]
B) Spot crypto trading plans for 2026.
At the Reuters NEXT conference, Schwab CEO Rick Wurster said Schwab aims to launch spot crypto trading in the first half of 2026, starting with tests among employees and a small client group before broader rollout. He also indicated Schwab will continue to look for acquisitions that add capabilities clients want—including potentially in crypto, depending on price and fit. [5]
Why it matters for SCHW: Investors have been debating whether brokerages can capture incremental revenue from crypto and alternatives without sacrificing trust, compliance, or margins. Schwab’s approach—testing first and emphasizing “capabilities”—signals a measured entry rather than a rush.
The operating backdrop: why Schwab’s results improved in 2025
Schwab’s 2025 narrative has been heavily shaped by two forces:
- A strong equity-market environment that lifts client assets and activity
- Net interest income dynamics tied to client cash levels and rate conditions
At Reuters NEXT, Wurster noted clients’ balances had grown beyond what the firm might have hoped for on the back of market gains. Reuters also cited the S&P 500 up about 16.5% and the Nasdaq up about 21% in 2025 at that time—helpful context for why brokerages saw a healthier environment for trading and asset growth. [6]
On the company-specific side, Schwab’s third-quarter 2025 results provide the clearest snapshot of momentum heading into year-end.
Reuters reported that Schwab delivered record third-quarter earnings, with profit rising 67% year over year to about $2.36 billion (or $1.26 per share), and $1.31 per share excluding one-time items, beating expectations. Net revenue rose 27% to a record $6.14 billion, core net new assets were $137.5 billion, and total client assets reached an all-time high of $11.59 trillion. Trading revenue climbed 25% to $995 million. [7]
Schwab’s own release emphasized the same themes: strong organic growth trends and increased adoption of wealth solutions, alongside macro tailwinds. [8]
Earnings date: when Schwab reports next, and what investors will look for
Schwab’s investor relations calendar indicates the company’s next quarterly earnings report (covering the calendar quarter that ends Dec. 31, 2025) is scheduled for Wednesday, Jan. 21, 2026. [9]
While the market will focus on headline EPS and revenue, SCHW investors typically pay close attention to:
- Core net new assets (growth and wallet share)
- Total client assets (market levels + inflows)
- Client cash and sweep balances (read-through to net interest revenue)
- Trading volume and mix (options/derivatives activity can matter)
- Margin balances (engagement and risk appetite)
- Expense discipline (operating leverage story)
- Update on Forge integration timeline (synergies, onboarding plans)
- Any incremental detail on spot crypto launch (scope, pricing, timing)
Analyst forecasts for Charles Schwab stock: price targets and ratings
Wall Street remains broadly constructive on Schwab stock, though not unanimous—reflecting a classic debate: premium franchise + scale versus rate sensitivity + competitive pricing pressure.
Consensus view and price target ranges
- MarketBeat shows a consensus rating of “Moderate Buy” and an average 12‑month price target of about $108.37, with a high of $139 and a low of $68 (based on 23 analyst ratings). [10]
- StockAnalysis lists a consensus rating of “Buy” and an average price target around $110.13, with SCHW at $98.82 at the Dec. 19 close. [11]
- Barchart’s compilation points to an average target around $112.65 and characterizes the consensus as Moderate Buy. [12]
Recent analyst actions worth noting
StockAnalysis’ log shows several notable updates in December and November, including:
- UBS initiating with a Strong Buy and a $119 target (Dec. 11)
- Barclays maintaining Buy while trimming its target ($115 → $111, Dec. 12)
- BofA maintaining Sell while nudging its target ($88 → $91, Dec. 10)
- Morgan Stanley maintaining Buy and raising its target ($130 → $139, Nov. 3) [13]
The takeaway: expectations skew positive, but analysts diverge sharply on the upside case—often depending on how they model net interest revenue and the pace at which clients keep reallocating cash.
Earnings forecast snapshot: what the market expects for Q4 and beyond
Forecasts vary by provider, but one widely circulated earnings preview pegs Schwab’s upcoming results as follows:
- Q4 2025 EPS estimate:~$1.32
- FY2025 EPS estimate:~$4.81
- FY2026 EPS estimate:~$5.59 [14]
These numbers implicitly assume Schwab sustains the operating leverage it demonstrated earlier in 2025—while continuing to benefit from a large asset base and active client behavior.
Capital return: buybacks and dividends remain part of the Schwab story
Schwab’s capital return program continues to be a key support in many bullish theses.
In July 2025, Schwab announced that its board authorized a new $20 billion stock repurchase program, replacing the previous authorization, and declared a regular quarterly cash dividend of $0.27 per share (payable Aug. 22, 2025, to holders of record Aug. 8, 2025). [15]
Buybacks can matter disproportionately for Schwab because they can amplify EPS growth when paired with steady margins and cost control—though the pace of repurchases ultimately depends on management priorities and market conditions.
Legal and governance watch: settlement development and an insider filing
Two smaller but still relevant updates are on the radar:
- TD Ameritrade/antitrust settlement: A U.S. judge rejected objections to a settlement connected to Schwab’s acquisition of TD Ameritrade, including objections tied to lawyers’ fees, according to Reuters reporting in late November.
- Insider filing (Form 4): A Reuters/Refinitiv item reported that director Stephen A. Ellis filed a Form 4 disclosing an options exercise involving 1,922 shares (exercise price $31.98) dated Dec. 16, 2025. [16]
Insider transactions can be routine (and exercises aren’t the same as open-market buys), but they often get flagged by market scanners around year-end.
The bull case for Charles Schwab stock in 2026
Investors who remain constructive on SCHW typically point to five pillars:
- Scale and distribution: Schwab’s platform breadth—retail brokerage + advisor custody + banking—helps it absorb pricing pressure and still monetize across multiple streams. [17]
- Asset growth flywheel: Strong net new assets and account openings translate into recurring fee opportunities over time. [18]
- Operating leverage: 2025 results demonstrated that revenue growth can translate into meaningfully higher profits when expenses are controlled. [19]
- Product expansion: Forge (private markets) plus a planned spot crypto offering could expand Schwab’s “share of wallet,” particularly among younger or more active investors—if executed cleanly. [20]
- Shareholder returns: Buybacks and dividends can help smooth total returns even when the stock consolidates. [21]
The bear case: what could derail SCHW
On the cautious side, investors tend to focus on:
- Interest-rate sensitivity and cash sorting: Schwab’s earnings power is closely tied to how client cash is held (sweep, bank deposits, money markets) and what Schwab must pay to retain funding. Schwab’s monthly disclosure that sweep cash declined slightly in November keeps this topic in focus. [22]
- Competition: From “free trading” norms to rising feature parity, the brokerage industry rarely stays still—especially if markets cool and activity drops.
- Execution risk in new areas: Expanding into private shares and spot crypto broadens opportunity, but also introduces operational and regulatory complexity. [23]
- Hybrid advice economics: The decision to shutter the premium hybrid robo suggests some advice formats are harder to scale profitably than the original industry pitch implied. [24]
Bottom line for Dec. 20, 2025: what to watch next for SCHW investors
Going into late December and early January, Schwab stock is being driven less by day-to-day headlines and more by a short list of forward-looking questions:
- Do asset inflows remain elevated after a strong 2025? [25]
- Can Schwab sustain high client activity (trades, margin usage) if volatility falls? [26]
- How quickly can Schwab integrate Forge—and will private-market access become a meaningful differentiator? [27]
- What will Schwab disclose about its path to spot crypto trading in the first half of 2026? [28]
- And most immediately: what will management signal about 2026 trends when it reports results on Jan. 21, 2026? [29]
References
1. stockanalysis.com, 2. pressroom.aboutschwab.com, 3. www.barrons.com, 4. www.reuters.com, 5. www.reuters.com, 6. www.reuters.com, 7. www.reuters.com, 8. pressroom.aboutschwab.com, 9. www.aboutschwab.com, 10. www.marketbeat.com, 11. stockanalysis.com, 12. www.barchart.com, 13. stockanalysis.com, 14. www.barchart.com, 15. pressroom.aboutschwab.com, 16. www.tradingview.com, 17. pressroom.aboutschwab.com, 18. pressroom.aboutschwab.com, 19. www.reuters.com, 20. www.reuters.com, 21. pressroom.aboutschwab.com, 22. pressroom.aboutschwab.com, 23. www.reuters.com, 24. www.barrons.com, 25. pressroom.aboutschwab.com, 26. pressroom.aboutschwab.com, 27. www.reuters.com, 28. www.reuters.com, 29. www.aboutschwab.com
