Revenue Recognition (Tables)

Disaggregation of Schwab’s revenue by major source is as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Net interest revenue
Cash and cash equivalents	$	278	$	305	$	566	$	633
Cash and investments segregated	374		506		771		918
Receivables from brokerage clients (1)	1,609		1,321		3,108		2,700
Available for sale securities	358		405		684		838
Held to maturity securities	570		602		1,137		1,224
Bank loans	693		518		1,320		1,011
Securities lending revenue	178		96		269		156
Other interest revenue (1,2)	86		34		253		64
Interest revenue	4,146		3,787		8,108		7,544
Bank deposits	(114)		(326)		(232)		(762)
Payables to brokers, dealers, and clearing organizations	(276)		(167)		(493)		(304)
Payables to brokerage clients (1)	(59)		(60)		(115)		(109)
Other short-term borrowings	(111)		(87)		(203)		(169)
Federal Home Loan Bank borrowings	(1)		(110)		(13)		(243)
Long-term debt	(228)		(206)		(429)		(418)

Other interest expense (1,2)	—		(9)		(122)		(11)
Interest expense	(789)		(965)		(1,607)		(2,016)
Net interest revenue	3,357		2,822		6,501		5,528
Asset management and administration fees
Mutual funds, ETFs, CTFs, and alternatives (3)	1,020		898		2,011		1,776
Managed investing solutions	707		589		1,381		1,158
Other (3)	98		83		192		166
Asset management and administration fees	1,825		1,570		3,584		3,100
Trading revenue
Commissions	528		431		1,017		862
Order flow revenue	624		466		1,184		909
Principal transactions	63		55		103		89
Trading revenue	1,215		952		2,304		1,860
Bank deposit account fees	333		247		628		492
Other	342		260		537		470

Total net revenues	$	7,072	$	5,851	$	13,554	$	11,450

(1) Beginning in the fourth quarter of 2025, interest revenue and expense from client margin loans and short credits related to client long/short strategies from which the Company earns a fixed net yield were moved from receivables from brokerage clients and payables to brokerage clients, respectively, to other interest revenue and other interest expense, respectively. Amounts for 2025 periods have been reclassified to reflect this change.

(2) Beginning in the second quarter of 2026, the net fixed yield earned on client long/short strategies is presented in other interest revenue; amounts for periods prior to the three months ended June 30, 2026 have not been recast as the impact of this change was not material.

(3) 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.