SCHW Charles Schwab Corporation (The) Common Stock
About Charles Schwab Corporation (The) Common Stock Company overview from Wikipedia
The Charles Schwab Corporation is an American multinational financial services company. It offers banking, commercial banking, investing, and related services including consulting, and wealth management advisory services to both retail and institutional clients. One of the largest banks in the United States by assets, as of December 31, 2024, it had $10.10 trillion in client assets, 36.5 million active brokerage accounts, 5.4 million workplace retirement plan participant accounts, and 2.0 million banking accounts. It also offers a donor advised fund for clients seeking to donate securities. It was founded in San Francisco, California, and is headquartered in Westlake, Texas. It has over 380 branches, primarily in financial centers in the United States and the United Kingdom.
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The Charles Schwab Corporation is an American multinational financial services company. It offers banking, commercial banking, investing, and related services including consulting, and wealth management advisory services to both retail and institutional clients. One of the largest banks in the United States by assets, as of December 31, 2024, it had $10.10 trillion in client assets, 36.5 million active brokerage accounts, 5.4 million workplace retirement plan participant accounts, and 2.0 million banking accounts. It also offers a donor advised fund for clients seeking to donate securities. It was founded in San Francisco, California, and is headquartered in Westlake, Texas. It has over 380 branches, primarily in financial centers in the United States and the United Kingdom.
Founded as First Commander Corporation in 1971 and renamed to Charles Schwab & Co. in 1973, the company leveraged deregulation of the 1970s to pioneer discount sales of equity securities. After a flagship opening in Sacramento, California, the bank expanded into Seattle before the 1980s economic expansion financed the bank's investments in technology, automation, and digital record keeping. The first to offer round-clock order entry and quotation, it was purchased by Bank of America in 1983 for $55 million. Three years later, the profitability of the bank's no-charge mutual funds prompted the founder to buy his company back for $280 million.
History
In 1963, Charles R. Schwab and two other partners launched Investment Indicator, an investment newsletter. At its height, the newsletter had 3,000 subscribers, each paying $84 a year to subscribe. In April 1971, the firm was incorporated in California as First Commander Corporation, a wholly owned subsidiary of Commander Industries, Inc., for traditional brokerage services and to publish the Schwab investment newsletter. In November of that year, Schwab and four others purchased all the stock from Commander Industries, Inc., and in 1972, Schwab bought all the stock from what was once Commander Industries. In 1973, the company name changed to Charles Schwab & Co., Inc.
Following the U.S. Securities and Exchange Commission's 1975 decision to allow negotiated commission rates, Schwab established a discount stock brokerage, opening its first branch in Sacramento that same year. The firm began offering client seminars in 1977. In 1978, Schwab had 45,000 client accounts total, doubling to 84,000 the next year. In 1979, Schwab risked $500,000 on a back-office settlement system called BETA (short for Brokerage Execution and Transaction Analysis), enabling Schwab to become the first discount broker to bring automation in house. In 1980, Schwab established the industry's first 24-hour quotation service, and the total of client accounts grew to 147,000. In 1981, Schwab became a member of the NYSE, and the total of client accounts grew to 222,000. In 1982, Schwab became the first to offer 24/7 order entry and quote service, its first international office was opened in Hong Kong, and the number of client accounts totaled 374,000.
In 1983, Bank of America acquired Charles Schwab for $55 million. In 1984, the company launched 140 no-load mutual funds. In 1987, management, including Charles R. Schwab, bought the company back from Bank of America for $280 million. In 1991, the company acquired Mayer & Schweitzer, a market making firm, allowing Schwab to execute its customers' orders without sending them to an exchange. In 1997, it was fined $200,000 for failing to arrange the best trades for its customers. The unit was renamed Schwab Capital Markets in 2000. In 1993, the company opened an office in London.
In 1995, Schwab acquired The Hampton Company, founded by Walter W. Bettinger, who became Schwab's CEO in 2008. The following year in 1996, they launched Web trading, letting customers trade listed and OTC stocks and check balances and order statuses on their website. Dissatisfied with its in-house design, the company hired Razorfish to overhaul the site. This redesign later appeared in the Cooper-Hewitt Museum's inaugural National Design Triennial. In 2000, Schwab purchased U.S. Trust for $2.73 billion. Less than a year later, U.S. Trust was fined $10 million for violating bank secrecy laws. It was ordered to pay $5 million to the New York State Banking Department and $5 million to the Federal Reserve Board. On November 20, 2006, Schwab announced agreed to sell U.S. Trust to Bank of America for $3.3 billion in cash. The deal closed in the second quarter of 2007.
In January 2004, Schwab acquired SoundView Technology Group for $345 million to add equity research capabilities. David S. Pottruck, who had spent the majority of his 20 years at the brokerage as Charles R. Schwab's right-hand man, shared the CEO title with the company's founder from 1998 to 2003. In May 2003, Mr. Schwab stepped down, and gave Pottruck sole control as CEO. On July 24, 2004, the company's board fired Pottruck, replacing him with its founder and namesake. News of Pottruck's removal came as the firm had announced that overall profit had dropped 10%, to $113 million, for the second quarter, driven largely by a 26% decline in revenue from customer stock trading.
After coming back into control, Schwab conceded that the company had "lost touch with our heritage", and quickly refocused the business on providing financial advice to individual investors. He also rolled back Pottruck's fee hikes. The company rebounded, and earnings improved in 2005, as did the stock price. The share price was up as high as 151% since Pottruck's removal, ten times since the return of Charles Schwab. The company's net transfer assets, or assets that come from other firms, quadrupled from 2004 to 2008. Schwab's YieldPlus fund drew controversy during the 2008 financial crisis because of its -31.7% return. Investors in the Schwab YieldPlus Fund, including Charles Schwab himself, lost $1.1 billion. Schwab closed the YieldPlus funds in 2011. In April 2007, the company acquired The 401(k) Company.
In December 15, 2005, the company transitioned from a dual listing on both the New York Stock Exchange and the Nasdaq to exclusively listing its common stock on the Nasdaq.
On July 22, 2008, Walter W. Bettinger, the previous chief operating officer, was named chief executive, succeeding the company's namesake. Charles R. Schwab remained executive chairman of the company and said that he would "continue to serve as a very active chairman".
On February 22, 2010, Charles Schwab switched its stock exchange listing back to the New York Stock Exchange.
In 2011, the company acquired OptionsXpress. The company also acquired Compliance11, Inc., a provider of compliance software. In 2012, it acquired ThomasPartners, an asset management firm.
On July 1, 2020, the company acquired Wasmer, Schroeder & Company, an independent investment manager of fixed income in separately managed accounts with $10.7 billion in assets under management.
On May 26, 2020, the company acquired USAA's investment management accounts for $1.8 billion in cash.
In June 2020, the company began allowing investors to purchase fractional shares of companies listed on the S&P 500 index.
In May 2020, the company announced “Stock Slices,” which allows investors to buy fractional shares. This allows investors the ability to build a portfolio of stocks with less than the funds required to purchase full shares.
In October 2020, the company acquired TD Ameritrade. As part of the acquisition, Toronto-Dominion Bank acquired around a 12% stake in the company. Soon after, Schwab began the process of transitioning TD Ameritrade accounts to Charles Schwab; once this was finished, TD Ameritrade was shut down in May 2024. In early 2025, TD Bank sold its stake in Schwab.
Effective on January 1, 2021, the company moved its headquarters from San Francisco, California to Westlake, Texas.
In June 2022, the U.S. Securities and Exchange Commission ordered the company to pay $187 million to settle its charges for failing to disclose fund allocations and fees for its robo-advisor clients. It was determined that between March 2015 to November 2018, Charles Schwab misled customers and prospective investors by allowing them to believe that its robo-advisor service had no hidden fees, and it did not inform the clients about the cash drag on their investments. The SEC stated that the company has made money from cash allocations in the robo-advisor portfolios by sweeping cash to its affiliated bank, loaning it out, and keeping the difference between the interest it earned on the loans and what it paid in interest to the robo-advisor clients.
On January 1, 2025, Rick Wurster assumed the CEO position of the company, replacing the retiring Walt Bettinger.
In November 2025, the company agreed to acquire Forge Global, a private shares platform, in a deal worth $660 million.
Senior leadership
Chairman: Charles R. Schwab (since 1971)
Chief Executive: Richard A. Wurster (since 2025)
List of former chief executives
Charles R. Schwab (1971–1998)
Charles R. Schwab and David S. Pottruck (1998–2003); co-CEO's
David S. Pottruck (2003–2004)
Charles R. Schwab (2004–2008); second term
Walter W. Bettinger II (2008-2024)
Marketing
In 2004, Charles Schwab chose Havas Worldwide (then called Euro RSCG) as its full-service advertising agency. The company launched a series of television ads featuring the slogan Talk to Chuck by Euro RSCG and directed/animated by Bob Sabiston's Flat Black Films in 2005. "Talk to Chuck" campaign appeared in print media, online, billboards, and branch offices. A blog post in The Wall Street Journal described the ads as effective because they included a single memorable phrase. In February 2013, Schwab hired Crispin Porter + Bogusky (CP+B) as its lead creative agency with Havas Worldwide remaining to create ads for ActiveTrader and optionsXpress. The company launched an advertising campaign by CP+B with the slogan Own Your Tomorrow that same year. In March 2015, Adweek reported on marketing material created by CP+B for Schwab's Intelligent Portfolio service.
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SCHW Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
SCHW Stock Price Chart Daily OHLCV with technical indicators — pan, zoom, and customize your view
10-Year Performance Revenue, net income, margins and EPS trends
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Financial Health Debt, liquidity, solvency — balance sheet strength
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Dividends Yield, payout ratio, dividend history, 5Y CAGR
| Ex-date | Amount |
|---|---|
| Aug. 14, 2026 | $0.3200 |
| May 8, 2026 | $0.3200 |
| Feb. 13, 2026 | $0.3200 |
| Nov. 14, 2025 | $0.2700 |
| Aug. 8, 2025 | $0.2700 |
| May 9, 2025 | $0.2700 |
| Feb. 14, 2025 | $0.2700 |
| Nov. 8, 2024 | $0.2500 |
| Aug. 9, 2024 | $0.2500 |
| May 9, 2024 | $0.2500 |
| Feb. 8, 2024 | $0.2500 |
| Nov. 9, 2023 | $0.2500 |
| Aug. 10, 2023 | $0.2500 |
| May 11, 2023 | $0.2500 |
| Feb. 9, 2023 | $0.2500 |
| Nov. 9, 2022 | $0.2200 |
| Aug. 11, 2022 | $0.2200 |
| May 12, 2022 | $0.2000 |
| Feb. 10, 2022 | $0.2000 |
| Nov. 10, 2021 | $0.1800 |
SCHW Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
- Strong Buy 7 24.1%
- Buy 18 62.1%
- Hold 3 10.3%
- Sell 1 3.4%
- Strong Sell 0 0.0%
12-Month Price Target
20 analysts · 2026-08-17Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| June 30, 2026 | $1.62 | $1.58 | 0.04% |
| March 31, 2026 | $1.43 | $1.42 | 0.01% |
| Dec. 31, 2025 | $1.39 | $1.42 | -0.03% |
| Sept. 30, 2025 | $1.31 | $1.27 | 0.04% |
| June 30, 2025 | $1.14 | $1.12 | 0.02% |
| March 31, 2025 | $1.04 | $1.03 | 0.01% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| SCHW | $207.21B | 21.5 | 22.0% | 37.0% | 17.9% | — |
| MS | $281.00B | 17.4 | 14.4% | 23.9% | 15.6% | — |
| GS | $260.60B | 17.1 | 8.9% | 29.5% | 13.9% | — |
| IBKR | — | 29.0 | 23.4% | — | — | — |
| HOOD | $101.94B | 55.2 | 51.6% | 42.1% | 21.9% | — |
| RJF | $34.20B | 16.8 | 6.6% | 13.4% | 17.7% | — |
| LPLA | — | 32.7 | 37.2% | 5.1% | 16.6% | — |
| SF | — | 14.2 | 6.7% | 10.8% | 11.7% | — |
| JEF | — | 20.3 | 2.9% | 6.3% | 6.6% | — |
| EVR | — | 24.2 | 29.5% | 15.3% | 31.7% | — |
| FRHC | $8.88B | 57.7 | 9.3% | 7.0% | 11.3% | — |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 10
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $23.92B | $19.61B | $18.84B | $20.76B | $18.52B | $11.69B | $10.72B | $10.13B | $8.62B | $7.48B | $6.38B | $6.06B | |
| Interest Expense | · | · | $6.68B | $1.54B | $476M | $418M | $1.06B | $857M | $342M | $171M | $132M | $102M | |
| Interest Income | $15.50B | $15.54B | $16.11B | $12.23B | $8.51B | $6.53B | $7.58B | $6.68B | $4.62B | $3.49B | $2.66B | $2.37B | |
| Pretax Income | $11.46B | $7.69B | $6.38B | $9.39B | $7.71B | $4.30B | $4.85B | $4.56B | $3.65B | $2.99B | $2.28B | $2.12B | |
| Income Tax | $2.61B | $1.75B | $1.31B | $2.21B | $1.86B | $1.00B | $1.14B | $1.05B | $1.30B | $1.10B | $832M | $794M | |
| Net Income | $8.85B | $5.94B | $5.07B | $7.18B | $5.86B | $3.30B | $3.70B | $3.51B | $2.35B | $1.89B | $1.45B | $1.32B | |
| EPS (Basic) | $4.67 | $3.00 | $2.55 | $3.52 | $2.84 | $2.13 | $2.69 | $2.47 | $1.63 | $1.32 | $1.04 | $0.96 | |
| EPS (Diluted) | $4.65 | $2.99 | $2.54 | $3.50 | $2.83 | $2.12 | $2.67 | $2.45 | $1.61 | $1.31 | $1.03 | $0.95 | |
| Shares (Basic) | 1,804,000,000 | 1,828,000,000 | 1,824,000,000 | 1,885,000,000 | 1,887,000,000 | 1,429,000,000 | 1,311,000,000 | 1,348,000,000 | 1,339,000,000 | 1,324,000,000 | 1,315,000,000 | 1,303,000,000 | |
| Shares (Diluted) | 1,809,000,000 | 1,834,000,000 | 1,831,000,000 | 1,894,000,000 | 1,897,000,000 | 1,435,000,000 | 1,320,000,000 | 1,361,000,000 | 1,353,000,000 | 1,334,000,000 | 1,327,000,000 | 1,315,000,000 |
Balance Sheet 19
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $46.03B | $42.08B | $43.34B | $40.20B | $62.98B | $40.35B | $29.34B | $27.94B | $14.22B | $10.83B | $11.98B | $11.36B | |
| PP&E (Net) | · | · | · | $3.71B | $3.44B | $2.88B | $2.13B | $1.77B | $1.47B | $1.30B | $1.15B | $1.04B | |
| PP&E (Gross) | · | · | · | · | · | $5.55B | $4.36B | $3.93B | $3.55B | $3.23B | $2.93B | $2.93B | |
| Accum. Depreciation | · | · | · | · | · | $2.67B | $2.24B | $2.16B | $2.08B | $1.94B | $1.79B | $1.89B | |
| Goodwill | $11.95B | $11.95B | $11.95B | $11.95B | $11.95B | $11.95B | $1.23B | $1.23B | $1.23B | $1.23B | $1.23B | $1.23B | |
| Intangibles | $7.23B | $7.74B | $8.26B | $8.79B | $9.38B | $9.99B | $128M | $152M | $108M | $144M | $181M | $227M | |
| Total Assets | $491.00B | $479.84B | $493.18B | $551.77B | $667.27B | $549.01B | $294.00B | $296.48B | $243.27B | $223.38B | $183.71B | $154.64B | |
| Short-term Debt | $1.90B | $0 | $0 | $250M | $4.86B | $0 | · | $0 | $15.00B | $0 | · | · | |
| Total Liabilities | $441.57B | $431.47B | $452.22B | $515.16B | $611.01B | $492.95B | $272.26B | $275.81B | $224.75B | $206.96B | $170.30B | $142.84B | |
| Long-term Debt | · | · | · | · | $18.91B | $13.63B | $7.43B | · | · | · | · | · | |
| Total Debt | $1.90B | $0 | $0 | $17.05B | $4.86B | · | · | $0 | $15.00B | · | · | · | |
| Common Stock | $21M | $20M | $20M | $20M | $20M | $20M | $15M | $15M | $15M | $15M | $15M | $15M | |
| Paid-in Capital | $28.00B | $27.64B | $27.33B | $27.07B | $26.74B | $26.52B | $4.66B | $4.50B | $4.35B | $4.27B | $4.15B | $4.05B | |
| Retained Earnings | $44.06B | $37.57B | $33.90B | $31.07B | $25.99B | $21.98B | $19.96B | $17.33B | $14.41B | $12.65B | $11.25B | $10.20B | |
| Treasury Stock | $18.44B | $11.20B | $11.35B | $8.64B | $5.34B | $5.58B | $5.77B | $3.71B | $2.89B | $3.13B | $3.34B | $3.50B | |
| AOCI | $-10.98B | $-14.85B | $-18.13B | $-22.62B | $-1.11B | $5.39B | $88M | $-252M | $-152M | $-163M | $-134M | $165M | |
| Stockholders' Equity | $49.42B | $48.38B | $40.96B | $36.61B | $56.26B | $56.06B | $21.75B | $20.67B | $18.52B | $16.42B | $13.40B | $11.80B | |
| Liabilities + Equity | $491.00B | $479.84B | $493.18B | $551.77B | $667.27B | $549.01B | $294.00B | $296.48B | $243.27B | $223.38B | $183.71B | $154.64B | |
| Shares Outstanding | 2,074,000,000 | 2,023,000,000 | 2,023,000,000 | 2,023,000,000 | 1,995,000,000 | 1,995,000,000 | · | · | · | · | · | · |
Cash Flow 18
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | · | · | $804M | $652M | $549M | $414M | $322M | $277M | $269M | $234M | $224M | $199M | |
| Stock-based Comp | $317M | $337M | $320M | $366M | $254M | $204M | $183M | $197M | $153M | $141M | $135M | $115M | |
| Deferred Tax | $361M | $-191M | $-478M | $-18M | $53M | $-138M | $2M | $49M | $58M | $15M | $-7M | $-25M | |
| Amort. of Intangibles | $512M | $519M | $534M | $596M | $615M | $190M | $27M | $29M | $37M | $37M | $45M | $44M | |
| Restructuring | · | · | · | $328M | $83M | $176M | · | · | · | · | · | · | |
| Operating Cash Flow | $9.31B | $2.67B | $19.59B | $2.06B | $2.12B | $6.85B | $9.32B | $12.46B | $-839M | $3.60B | $1.25B | $2.35B | |
| CapEx | $548M | $620M | $700M | $971M | $916M | $631M | $708M | $570M | $400M | $346M | $266M | $400M | |
| Investing Cash Flow | $24.54B | $35.43B | $57.41B | $32.05B | $-75.66B | $-125.85B | $11.96B | $-40.55B | $-20.47B | $-38.77B | · | · | |
| Debt Issued | · | · | · | $2.97B | $7.04B | $3.07B | $593M | $3.02B | $2.13B | $0 | $1.35B | · | |
| Net Debt Issued | · | · | · | $1.94B | $5.21B | $2.37B | $593M | $2.12B | $1.87B | $-7M | $989M | $-6M | |
| Stock Repurchased | $7.35B | $0 | $2.84B | $3.40B | $0 | $0 | $2.22B | $1.00B | $0 | $0 | · | · | |
| Net Stock Activity | $-7.35B | $0 | $-2.84B | $-3.40B | $0 | $0 | $-2.22B | $-1.00B | · | · | · | · | |
| Dividends Paid | $2.33B | $2.27B | $2.28B | $2.11B | $1.82B | $1.28B | $1.06B | $787M | $592M | $486M | $387M | $373M | |
| Financing Cash Flow | $-29.70B | $-47.06B | $-61.24B | $-68.72B | $96.32B | $143.98B | $-13.94B | $47.17B | $22.60B | $34.96B | · | · | |
| Net Change in Cash | $4.15B | $-8.96B | $15.75B | $-34.62B | $22.78B | $24.98B | $7.35B | $19.07B | $3.39B | $-1.15B | $615M | $3.63B | |
| Taxes Paid | $1.57B | $1.49B | $1.62B | · | · | · | · | · | · | · | · | · | |
| Free Cash Flow | $8.76B | $2.05B | $18.89B | $1.09B | $1.20B | $6.22B | $8.62B | $11.89B | $863M | $2.32B | $980M | $1.95B | |
| Levered FCF | · | · | $13.58B | $-96M | $841M | $5.90B | $7.80B | $11.23B | $642M | $2.21B | $896M | $1.88B |
Profitability 4
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Margin | 37.0% | 30.3% | 26.9% | 34.6% | 31.6% | 28.2% | 34.5% | 34.6% | 27.3% | 25.3% | 22.7% | 21.8% | |
| Pretax Margin | 47.9% | 39.2% | 33.9% | 45.2% | 41.6% | 36.8% | 45.2% | 45.0% | 42.4% | 40.0% | 35.7% | 34.9% | |
| ROA | 1.8% | 1.2% | 0.97% | 1.2% | 0.96% | 0.78% | 1.2% | 1.3% | 1.0% | 0.93% | 0.86% | 0.89% | |
| ROE | 17.9% | 12.4% | 12.9% | 19.5% | 10.3% | 7.5% | 17.2% | 16.9% | 12.9% | 11.8% | 11.5% | 11.9% |
Liquidity & Solvency 1
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.0 | 0.0 | 0.0 | 0.5 | 0.1 | · | · | 0.0 | 0.8 | · | · | · |
Efficiency 1
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
Growth Rates 10
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue YoY | 22.0% | 4.1% | -9.3% | 12.1% | 58.4% | · | · | · | · | · | · | · | |
| Revenue CAGR 3Y | 4.8% | 1.9% | 17.2% | · | · | · | · | · | · | · | · | · | |
| Revenue CAGR 5Y | 15.4% | · | · | · | · | · | · | · | · | · | · | · | |
| EPS YoY | 55.5% | 17.7% | -27.4% | 23.7% | 33.5% | · | · | · | · | · | · | · | |
| EPS CAGR 3Y | 9.9% | 1.8% | 6.2% | · | · | · | · | · | · | · | · | · | |
| EPS CAGR 5Y | 17.0% | · | · | · | · | · | · | · | · | · | · | · | |
| Net Income YoY | 49.0% | 17.3% | -29.5% | 22.7% | 77.5% | · | · | · | · | · | · | · | |
| Net Income CAGR 3Y | 7.2% | 0.49% | 15.4% | · | · | · | · | · | · | · | · | · | |
| Net Income CAGR 5Y | 21.8% | · | · | · | · | · | · | · | · | · | · | · | |
| Dividend CAGR 5Y | 12.7% | · | · | · | · | · | · | · | · | · | · | · |
Valuation (TTM) 16
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $23.92B | $19.61B | $18.84B | $20.76B | $18.52B | $11.69B | $10.72B | $10.13B | $8.62B | $7.48B | $6.38B | $6.06B | |
| Net Income TTM | $8.85B | $5.94B | $5.07B | $7.18B | $5.86B | $3.30B | $3.70B | $3.51B | $2.35B | $1.89B | $1.45B | $1.32B | |
| Market Cap | $207.21B | $149.72B | $139.18B | · | · | · | · | · | · | · | · | · | |
| Enterprise Value | $163.08B | $107.64B | $95.85B | · | · | · | · | · | · | · | · | · | |
| P/E | 21.5 | 24.8 | 27.1 | 23.8 | 29.7 | 25.0 | 17.8 | 17.0 | 31.9 | 30.1 | 32.0 | 31.8 | |
| P/S | 8.7 | 7.6 | 7.4 | · | · | · | · | · | · | · | · | · | |
| P/B | 4.2 | 3.1 | 3.4 | · | · | · | · | · | · | · | · | · | |
| P / Tangible Book | 6.9 | 5.2 | 6.7 | · | · | · | · | · | · | · | · | · | |
| P / Cash Flow | 22.3 | 56.1 | 7.1 | · | · | · | · | · | · | · | · | · | |
| P / FCF | 23.6 | 73.0 | 7.4 | · | · | · | · | · | · | · | · | · | |
| EV / FCF | 18.6 | 52.5 | 5.1 | · | · | · | · | · | · | · | · | · | |
| EV / Revenue | 6.8 | 5.5 | 5.1 | · | · | · | · | · | · | · | · | · | |
| Dividend Yield | 1.1% | 1.5% | 1.6% | · | · | · | · | · | · | · | · | · | |
| Earnings Yield | 4.7% | 4.0% | 3.7% | 4.2% | 3.4% | 4.0% | 5.6% | 5.9% | 3.1% | 3.3% | 3.1% | 3.1% | |
| Payout Ratio | 26.3% | 38.3% | 44.9% | 29.4% | 31.1% | 38.8% | 28.6% | 22.4% | 25.1% | 25.7% | 26.7% | 28.2% | |
| Annual Payout | $2.33B | $2.27B | $2.28B | $2.11B | $1.82B | $1.28B | $1.06B | $787M | $592M | $486M | $387M | $373M |
Income Statement 10
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $7.07B | $6.48B | $6.34B | $6.13B | $5.85B | $5.60B | $5.33B | $4.85B | $4.69B | $4.74B | $4.46B | $4.61B | $4.66B | $5.12B | $5.50B | $5.50B | |
| Interest Expense | · | · | · | · | · | · | · | $1.71B | $1.66B | $1.71B | · | $1.79B | $1.81B | $1.25B | · | $431M | |
| Interest Income | $4.15B | $3.96B | $4.00B | $3.96B | $3.79B | $3.76B | $3.85B | $3.93B | $3.82B | $3.94B | $3.96B | $4.03B | $4.10B | $4.02B | $3.84B | $3.36B | |
| Pretax Income | $3.67B | $3.19B | $3.18B | $3.02B | $2.80B | $2.46B | $2.31B | $1.84B | $1.75B | $1.80B | $1.19B | $1.38B | $1.69B | $2.11B | $2.60B | $2.68B | |
| Income Tax | $869M | $709M | $721M | $663M | $677M | $546M | $465M | $434M | $415M | $436M | $149M | $258M | $397M | $507M | $630M | $657M | |
| Net Income | $2.80B | $2.48B | $2.46B | $2.36B | $2.13B | $1.91B | $1.84B | $1.41B | $1.33B | $1.36B | $1.04B | $1.12B | $1.29B | $1.60B | $1.97B | $2.02B | |
| EPS (Basic) | $1.55 | $1.37 | $1.33 | $1.26 | $1.09 | $0.99 | $0.94 | $0.71 | $0.66 | $0.69 | $0.51 | $0.56 | $0.64 | $0.84 | $0.98 | $1.00 | |
| EPS (Diluted) | $1.54 | $1.37 | $1.32 | $1.26 | $1.08 | $0.99 | $0.94 | $0.71 | $0.66 | $0.68 | $0.51 | $0.56 | $0.64 | $0.83 | $0.97 | $0.99 | |
| Shares (Basic) | 1,735,000,000 | 1,746,000,000 | -3,636,000,000 | 1,806,000,000 | 1,817,000,000 | 1,817,000,000 | -3,654,000,000 | 1,829,000,000 | 1,828,000,000 | 1,825,000,000 | -3,651,000,000 | 1,821,000,000 | 1,820,000,000 | 1,834,000,000 | -3,792,000,000 | 1,887,000,000 | |
| Shares (Diluted) | 1,739,000,000 | 1,752,000,000 | -3,646,000,000 | 1,811,000,000 | 1,822,000,000 | 1,822,000,000 | -3,665,000,000 | 1,834,000,000 | 1,834,000,000 | 1,831,000,000 | -3,663,000,000 | 1,827,000,000 | 1,825,000,000 | 1,842,000,000 | -3,810,000,000 | 1,895,000,000 |
Balance Sheet 16
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $40.58B | $44.98B | $46.03B | $30.57B | $32.20B | $35.01B | $42.08B | $34.85B | $25.35B | $31.75B | $43.34B | $33.25B | $47.65B | $49.16B | $40.20B | $46.49B | |
| PP&E (Net) | · | · | · | · | · | · | · | · | · | · | · | $3.73B | $3.69B | $3.72B | · | $3.69B | |
| Goodwill | $12.29B | $12.30B | $11.95B | $11.95B | $11.95B | $11.95B | $11.95B | $11.95B | $11.95B | $11.95B | $11.95B | $11.95B | $11.95B | $11.95B | $11.95B | $11.95B | |
| Intangibles | $7.28B | $7.41B | $7.23B | $7.36B | $7.49B | $7.62B | $7.74B | $7.87B | $8.00B | $8.13B | · | $8.39B | $8.52B | $8.66B | · | $8.92B | |
| Total Assets | $517.27B | $493.32B | $491.00B | $465.25B | $458.94B | $462.90B | $479.84B | $466.06B | $449.68B | $468.78B | · | $475.20B | $511.50B | $535.55B | · | $577.56B | |
| Short-term Debt | · | · | $1.90B | $800M | $2.00B | $950M | $0 | $0 | $0 | $0 | · | $85M | $0 | $250M | · | $500M | |
| Total Liabilities | $467.12B | $444.08B | $441.57B | $415.87B | $409.49B | $413.39B | $431.47B | $418.84B | $405.72B | $426.37B | · | $437.42B | $474.36B | $499.20B | · | $540.52B | |
| Total Debt | · | · | · | $800M | $2.00B | $950M | · | $0 | $0 | $0 | · | $85M | $0 | $250M | · | $500M | |
| Common Stock | $21M | $21M | $21M | $21M | $21M | $21M | $20M | $20M | $20M | $20M | · | $20M | $20M | $20M | · | $20M | |
| Paid-in Capital | $28.18B | $28.05B | $28.00B | $27.91B | $27.81B | $27.66B | $27.64B | $27.55B | $27.47B | $27.36B | · | $27.29B | $27.22B | $27.14B | · | $26.98B | |
| Retained Earnings | $48.04B | $45.91B | $44.06B | $42.17B | $40.37B | $38.88B | $37.57B | $36.30B | $35.46B | $34.70B | · | $33.43B | $32.87B | $32.14B | · | $29.65B | |
| Treasury Stock | $21.73B | $20.75B | $18.44B | $15.68B | $12.93B | $12.63B | $11.20B | $11.23B | $11.25B | $11.28B | · | $11.40B | $11.42B | $11.46B | · | $6.75B | |
| AOCI | $-10.57B | $-10.76B | $-10.98B | $-11.80B | $-12.59B | $-13.62B | $-14.85B | $-14.62B | $-16.94B | $-17.58B | · | $-20.75B | $-20.73B | $-20.69B | · | $-23.15B | |
| Stockholders' Equity | $50.15B | $49.23B | $49.42B | $49.38B | $49.45B | $49.51B | $48.38B | $47.22B | $43.95B | $42.41B | $40.96B | $37.78B | $37.15B | $36.35B | $36.61B | $37.04B | |
| Liabilities + Equity | $517.27B | $493.32B | $491.00B | $465.25B | $458.94B | $462.90B | $479.84B | $466.06B | $449.68B | $468.78B | · | $475.20B | $511.50B | $535.55B | · | $577.56B | |
| Shares Outstanding | 2,074,000,000 | 2,074,000,000 | 2,074,000,000 | 2,074,000,000 | 2,074,000,000 | 2,074,000,000 | 2,023,000,000 | 2,023,000,000 | 2,023,000,000 | 2,023,000,000 | 2,023,000,000 | 2,023,000,000 | · | · | 2,023,000,000 | · |
Cash Flow 16
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Stock-based Comp | $92M | $138M | $58M | $61M | $72M | $126M | $70M | $65M | $71M | $131M | $60M | $66M | $60M | $134M | $85M | $75M | |
| Deferred Tax | $-10M | $-10M | $-36M | $437M | $-5M | $-35M | $-28M | $-54M | $-60M | $-49M | $-483M | $1M | $1M | $3M | $39M | $-20M | |
| Amort. of Intangibles | $142M | $132M | $127M | $127M | $128M | $130M | $130M | $130M | $129M | $130M | $130M | $135M | $134M | $135M | $136M | $152M | |
| Restructuring | · | · | · | · | · | · | · | · | · | · | · | · | $30M | $10M | · | $6M | |
| Operating Cash Flow | $4.30B | $7.34B | $-763M | $538M | $3.18B | $6.36B | $-10.83B | $19.10B | $-4.25B | $-1.35B | $20.04B | $-5.01B | $-5.22B | $9.78B | $-2.11B | $9.05B | |
| CapEx | $185M | $140M | $158M | $145M | $128M | $117M | $254M | $128M | $89M | $149M | $63M | $239M | $239M | $159M | $202M | $232M | |
| Investing Cash Flow | $-6.41B | $-10M | $-1.15B | $6.14B | $9.08B | $10.47B | $7.73B | $8.52B | $9.71B | $9.47B | $9.68B | $18.53B | $18.17B | $11.03B | $11.54B | $21.76B | |
| Debt Issued | · | · | · | · | · | · | · | · | · | · | · | · | · | · | · | $0 | |
| Stock Repurchased | $999M | $2.38B | · | · | $333M | $1.50B | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $2.84B | $1.94B | $1.46B | |
| Net Stock Activity | · | $-2.38B | · | · | · | $-1.50B | · | · | · | $0 | · | · | · | $-2.84B | · | · | |
| Dividends Paid | $643M | $632M | $564M | $562M | $608M | $595M | $575M | $563M | $575M | $562M | $573M | $561M | $574M | $568M | $551M | $539M | |
| Financing Cash Flow | $-1.96B | $-3.71B | $16.71B | $-7.38B | $-18.66B | $-20.36B | $1.60B | $-7.73B | $-16.01B | $-24.93B | $-153M | $-27.72B | $-23.27B | $-10.10B | $-15.96B | $-49.39B | |
| Net Change in Cash | $-4.08B | $3.62B | $14.80B | $-704M | $-6.41B | $-3.53B | $-1.49B | $19.89B | $-10.56B | $-16.80B | $29.57B | $-14.20B | $-10.32B | $10.71B | $-6.53B | $-18.58B | |
| Taxes Paid | $1.70B | $92M | $620M | $137M | $777M | $41M | $178M | $246M | · | · | · | · | · | · | · | · | |
| Free Cash Flow | · | $7.20B | · | · | · | $6.24B | · | · | · | $-1.50B | · | · | · | $9.62B | · | · | |
| Levered FCF | · | · | · | · | · | · | · | · | · | $-2.79B | · | · | · | $8.67B | · | · |
Profitability 4
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Margin | 39.6% | 38.2% | · | 38.4% | 36.3% | 34.1% | · | 29.0% | 28.4% | 28.7% | · | 24.4% | 27.8% | 31.3% | · | 36.7% | |
| Pretax Margin | 51.9% | 49.2% | · | 49.2% | 47.9% | 43.9% | · | 38.0% | 37.2% | 37.9% | · | 30.0% | 36.3% | 41.2% | · | 48.7% | |
| ROA | 0.57% | 0.52% | · | 0.51% | 0.47% | 0.41% | · | 0.30% | 0.28% | 0.27% | · | 0.21% | 0.23% | 0.26% | · | 0.34% | |
| ROE | 5.6% | 5.0% | · | 4.9% | 4.5% | 4.2% | · | 3.3% | 3.3% | 3.5% | · | 3.0% | 3.2% | 3.8% | · | 4.3% |
Liquidity & Solvency 1
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | · | · | · | 0.0 | 0.0 | 0.0 | · | 0.0 | 0.0 | 0.0 | · | 0.0 | 0.0 | 0.0 | · | 0.0 |
Efficiency 1
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.0 | 0.0 | · | 0.0 | 0.0 | 0.0 | · | 0.0 | 0.0 | 0.0 | · | 0.0 | 0.0 | 0.0 | · | 0.0 |
Valuation (TTM) 14
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $25.54B | $24.07B | · | $22.43B | $20.99B | $19.88B | · | $18.88B | $18.69B | $19.12B | · | $19.88B | $20.36B | $20.38B | · | $19.84B | |
| Net Income TTM | $9.76B | $8.87B | · | $7.80B | $6.78B | $6.01B | · | $5.23B | $5.11B | $5.38B | · | $6.04B | $6.71B | $6.82B | · | $6.74B | |
| Market Cap | $191.37B | $194.91B | · | $198.00B | $189.23B | $162.35B | · | $131.11B | $149.07B | $146.34B | · | $111.06B | · | · | · | · | |
| Enterprise Value | · | · | · | $168.23B | $159.04B | $128.29B | · | $96.26B | $123.72B | $114.59B | · | $77.90B | · | · | · | · | |
| P/E | 17.6 | 20.0 | · | 23.6 | 26.5 | 25.8 | · | 24.8 | 29.0 | 26.7 | · | 18.2 | 17.0 | 15.6 | · | 22.0 | |
| P/S | 7.5 | 8.1 | · | 8.8 | 9.0 | 8.2 | · | 6.9 | 8.0 | 7.7 | · | 5.6 | · | · | · | · | |
| P/B | 3.8 | 4.0 | · | 4.0 | 3.8 | 3.3 | · | 2.8 | 3.4 | 3.5 | · | 2.9 | · | · | · | · | |
| P / Tangible Book | 6.3 | 6.6 | · | 6.6 | 6.3 | 5.4 | · | 4.8 | 6.2 | 6.6 | · | 6.4 | · | · | · | · | |
| P / Cash Flow | · | 26.5 | · | · | · | 25.5 | · | · | · | -108.5 | · | · | · | · | · | · | |
| P / FCF | · | 27.1 | · | · | · | 26.0 | · | · | · | -97.7 | · | · | · | · | · | · | |
| EV / FCF | · | · | · | · | · | 20.6 | · | · | · | -76.5 | · | · | · | · | · | · | |
| EV / Revenue | · | · | · | 7.5 | 7.6 | 6.5 | · | 5.1 | 6.6 | 6.0 | · | 3.9 | · | · | · | · | |
| Earnings Yield | 5.7% | 5.0% | · | 4.2% | 3.8% | 3.9% | · | 4.0% | 3.5% | 3.8% | · | 5.5% | 5.9% | 6.4% | · | 4.5% | |
| Payout Ratio | · | 25.5% | · | · | · | 31.2% | · | · | · | 41.3% | · | · | · | 35.4% | · | · |
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
Income Statement
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Revenue | $23.92B | $19.61B | $18.84B | $20.76B | $18.52B |
| Net Income | $8.85B | $5.94B | $5.07B | $7.18B | $5.86B |
| Diluted EPS | $4.65 | $2.99 | $2.54 | $3.50 | $2.83 |
Balance Sheet
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Debt / Equity | 0.0 | 0.0 | 0.0 | 0.5 | 0.1 |
Cash Flow
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Free Cash Flow | $8.76B | $2.05B | $18.89B | $1.09B | $1.20B |
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Institutional owners (13F) 2,563 filers · $84.1B total · As of June 30, 2026
Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.
| New positions | Exited positions | Increased | Decreased | Net shares change |
|---|---|---|---|---|
| 161 (-72 vs prior Q) | 152 (+8 vs prior Q) | 909 (-65 vs prior Q) | 960 (+83 vs prior Q) | +86.7M |
Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.
| Institution | Value | Shares | % of tracked 13F | Type |
|---|---|---|---|---|
| VANGUARD CAPITAL MANAGEMENT LLC | $9,903,335,132 | 107,329,957 | 11.78% | Shares |
| Dodge & Cox | $7,101,867,203 | 76,968,323 | 8.45% | Shares |
| STATE STREET CORP | $6,751,782,327 | 73,174,188 | 8.03% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $2,933,951,972 | 31,946,931 | 3.49% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $2,481,053,751 | 26,889,062 | 2.95% | Shares |
| FMR LLC | $2,358,953,961 | 25,565,774 | 2.81% | Shares |
| PRIMECAP MANAGEMENT CO/CA/ | $2,317,904,983 | 25,120,895 | 2.76% | Shares |
| NORGES BANK | $2,090,689,645 | 22,658,390 | 2.49% | Shares |
| Fisher Asset Management, LLC | $2,025,516,897 | 21,952,062 | 2.41% | Shares |
| Artisan Partners Limited Partnership | $1,746,737,165 | 18,930,716 | 2.08% | Shares |
| BAMCO INC /NY/ | $1,075,470,885 | 11,655,694 | 1.28% | Shares |
| ALLIANCEBERNSTEIN L.P. | $1,050,608,623 | 11,179,066 | 1.25% | Shares |
| FLOSSBACH VON STORCH SE | $987,929,723 | 10,706,944 | 1.17% | Shares |
| VIKING GLOBAL INVESTORS LP | $981,648,443 | 10,638,869 | 1.17% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $874,044,553 | 9,472,684 | 1.04% | Shares |
| AMERIPRISE FINANCIAL INC | $873,310,859 | 9,464,453 | 1.04% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $849,725,410 | 9,209,119 | 1.01% | Shares |
| TWO SIGMA INVESTMENTS, LP | $777,444,414 | 8,425,755 | 0.92% | Shares |
| WELLINGTON MANAGEMENT GROUP LLP | $734,963,859 | 7,965,361 | 0.87% | Shares |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP | $704,245,331 | 7,632,441 | 0.84% | Shares |
| TWO SIGMA ADVISERS, LP | $627,823,949 | 6,283,895 | 0.75% | Shares |
| BROWN ADVISORY INC | $545,996,566 | 5,917,363 | 0.65% | Shares |
| ENVESTNET ASSET MANAGEMENT INC | $514,124,031 | 5,571,968 | 0.61% | Shares |
| BlackRock, Inc. | $513,472,677 | 5,564,893 | 0.61% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $485,562,411 | 5,262,408 | 0.58% | Shares |
| BANK OF AMERICA CORP /DE/ | $485,554,082 | 5,262,318 | 0.58% | Shares |
| AMERICAN CENTURY COMPANIES INC | $455,397,885 | 4,935,492 | 0.54% | Shares |
| FIRST TRUST ADVISORS LP | $442,446,694 | 4,795,131 | 0.53% | Shares |
| D. E. Shaw & Co., Inc. | $439,140,703 | 4,759,301 | 0.52% | Shares |
| Ruane, Cunniff & Goldfarb L.P. | $421,798,926 | 4,571,355 | 0.50% | Shares |
| National Pension Service | $416,427,243 | 4,513,138 | 0.50% | Shares |
| YACKTMAN ASSET MANAGEMENT LP | $378,450,203 | 4,101,552 | 0.45% | Shares |
| Mitsubishi UFJ Asset Management Co., Ltd. | $370,659,293 | 4,017,116 | 0.44% | Shares |
| PROVIDENT TRUST CO | $342,916,011 | 3,716,441 | 0.41% | Shares |
| Capital International Investors | $332,417,438 | 3,602,660 | 0.40% | Shares |
| Vanguard Global Advisers, LLC | $326,086,609 | 3,534,048 | 0.39% | Shares |
| RPTC Inc. | $325,021,167 | 3,522,501 | 0.39% | Shares |
| GOLDMAN SACHS GROUP INC | $324,506,561 | 3,516,924 | 0.39% | Shares |
| BNP PARIBAS FINANCIAL MARKETS | $321,378,717 | 3,483,025 | 0.38% | Shares |
| Sumitomo Mitsui Trust Group, Inc. | $319,279,759 | 3,460,277 | 0.38% | Shares |
| LONDON CO OF VIRGINIA | $318,591,951 | 3,452,804 | 0.38% | Shares |
| Allen Investment Management, LLC | $315,088,426 | 3,414,852 | 0.37% | Shares |
| LAZARD ASSET MANAGEMENT LLC | $308,254,604 | 3,340,789 | 0.37% | Shares |
| Legal & General Group Plc | $304,375,204 | 3,298,745 | 0.36% | Shares |
| VANGUARD ASSET MANAGEMENT, Ltd | $296,789,869 | 3,216,537 | 0.35% | Shares |
| CANADA PENSION PLAN INVESTMENT BOARD | $294,088,942 | 3,187,265 | 0.35% | Shares |
| VAN ECK ASSOCIATES CORP | $287,013,678 | 3,110,585 | 0.34% | Shares |
| California Public Employees Retirement System | $275,610,398 | 2,986,999 | 0.33% | Shares |
| TIMUCUAN ASSET MANAGEMENT INC/FL | $270,987,086 | 2,936,893 | 0.32% | Shares |
| RHUMBLINE ADVISERS | $256,896,548 | 2,784,184 | 0.31% | Shares |
| MILLENNIUM MANAGEMENT LLC | $250,651,455 | 2,716,500 | 0.30% | Put option |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM | $244,245,374 | 2,598,908 | 0.29% | Shares |
| PRUDENTIAL FINANCIAL INC | $240,095,952 | 2,602,102 | 0.29% | Shares |
| Nuveen Asset Management, LLC | $238,771,580 | 3,226,207 | 0.28% | Shares |
| CITADEL ADVISORS LLC | $238,167,970 | 2,581,207 | 0.28% | Shares |
| FORT WASHINGTON INVESTMENT ADVISORS INC /OH/ | $235,319,226 | 2,550,333 | 0.28% | Shares |
| NEUBERGER BERMAN GROUP LLC | $231,582,830 | 2,512,907 | 0.28% | Shares |
| NORDEA INVESTMENT MANAGEMENT AB | $231,451,572 | 2,494,359 | 0.28% | Shares |
| Focus Partners Wealth | $230,535,412 | 2,498,544 | 0.27% | Shares |
| D1 Capital Partners L.P. | $227,592,259 | 2,466,590 | 0.27% | Shares |
| RAYMOND JAMES FINANCIAL INC | $219,981,990 | 2,384,112 | 0.26% | Shares |
| FIDUCIARY MANAGEMENT INC /WI/ | $211,828,207 | 2,295,743 | 0.25% | Shares |
| Ensign Peak Advisors, Inc | $210,130,162 | 2,277,340 | 0.25% | Shares |
| Clearbridge Investments, LLC | $208,749,291 | 2,262,374 | 0.25% | Shares |
| Darsana Capital Partners LP | $207,607,500 | 2,250,000 | 0.25% | Shares |
| Connor, Clark & Lunn Investment Management Ltd. | $204,937,391 | 2,221,062 | 0.24% | Shares |
| Route One Investment Company, L.P. | $202,061,427 | 2,189,893 | 0.24% | Shares |
| Caisse de depot et placement du Quebec | $195,607,141 | 2,119,943 | 0.23% | Shares |
| BARCLAYS PLC | $194,460,871 | 2,107,520 | 0.23% | Shares |
| UBS Group AG | $191,331,072 | 2,073,600 | 0.23% | Call option |
| Qube Research & Technologies Ltd | $188,027,806 | 2,037,800 | 0.22% | Shares |
| BECK MACK & OLIVER LLC | $186,093,843 | 2,016,840 | 0.22% | Shares |
| US BANCORP \DE\ | $181,800,965 | 1,970,315 | 0.22% | Shares |
| UBS Group AG | $181,640,600 | 1,968,577 | 0.22% | Shares |
| RENAISSANCE TECHNOLOGIES LLC | $176,340,980 | 1,911,141 | 0.21% | Shares |
| CITADEL ADVISORS LLC | $173,707,502 | 1,882,600 | 0.21% | Call option |
| Mondrian Investment Partners LTD | $171,450,670 | 1,858,141 | 0.20% | Shares |
| LPL Financial LLC | $170,739,370 | 1,850,432 | 0.20% | Shares |
| HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND | $162,580,294 | 1,762,006 | 0.19% | Shares |
| Assenagon Asset Management S.A. | $160,915,005 | 1,743,958 | 0.19% | Shares |
| Bank Julius Baer & Co. Ltd, Zurich | $160,199,593 | 1,743,171 | 0.19% | Shares |
| Giverny Capital Inc. | $155,158,187 | 1,681,567 | 0.18% | Shares |
| NEW YORK STATE COMMON RETIREMENT FUND | $153,260,009 | 1,660,995 | 0.18% | Shares |
| North Peak Capital Management, LLC | $151,909,453 | 1,646,358 | 0.18% | Shares |
| JANE STREET GROUP, LLC | $150,649,229 | 1,632,700 | 0.18% | Call option |
| JANE STREET GROUP, LLC | $150,603,094 | 1,632,200 | 0.18% | Put option |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE | $150,214,453 | 1,627,988 | 0.18% | Shares |
| GENERATION INVESTMENT MANAGEMENT LLP | $148,698,180 | 1,611,555 | 0.18% | Shares |
| WORLDQUANT MILLENNIUM ADVISORS LLC | $145,435,882 | 1,576,199 | 0.17% | Shares |
| JONES FINANCIAL COMPANIES LLLP | $142,816,209 | 1,575,121 | 0.17% | Shares |
| STATE BOARD OF ADMINISTRATION OF FLORIDA RETIREMENT SYSTEM | $132,078,046 | 1,431,430 | 0.16% | Shares |
| AVIVA PLC | $131,583,571 | 1,426,071 | 0.16% | Shares |
| CAPITOLIS LIQUID GLOBAL MARKETS LLC | $130,916,736 | 1,418,844 | 0.16% | Shares |
| PFA Pension, Forsikringsaktieselskab | $127,867,985 | 1,385,802 | 0.15% | Shares |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC | $124,930,245 | 1,329,328 | 0.15% | Shares |
| ROYAL LONDON ASSET MANAGEMENT LTD | $120,996,512 | 1,311,331 | 0.14% | Shares |
| Universal- Beteiligungs- und Servicegesellschaft mbH | $120,617,311 | 1,311,293 | 0.14% | Shares |
| Liontrust Investment Partners LLP | $120,440,954 | 1,305,310 | 0.14% | Shares |
| CITADEL ADVISORS LLC | $116,878,409 | 1,266,700 | 0.14% | Put option |
| Allianz Asset Management GmbH | $116,266,474 | 1,260,068 | 0.14% | Shares |
Company insiders 65 insiders · 23 officers · 17 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Michael D Verdeschi | CFO | June 3, 2026 F | 47,442 | 0 | 0 | $0 |
| Peter B. Crawford | CFO | Jan. 22, 2024 S | 37,611 | 0 | 0 | $0 |
| Richard A Wurster | President | June 5, 2023 F | 100,214 | 0 | 0 | $0 |
| Schwab Charles R. | Co-Chairman | Aug. 18, 2026 G | 53,675,741 | 0 | 28 | $-199,032,700 |
| Jonathan S Beatty | MD, Head of Advisor Services | Aug. 17, 2026 S | 10,738 | 0 | 5 | $-917,850 |
| Walter W Bettinger | Co-Chairman | July 28, 2026 M | 529,346 | 0 | 8 | $-63,589,960 |
| Peter J. Morgan III | General Counsel | July 23, 2026 S | 0 | 0 | 1 | $-709,313 |
| Bernard J. Clark | MD, Head of Adivsor Services | March 17, 2023 P | 120,653 | 0 | 0 | $0 |
| Jay L Allen | EVP and Chief Admin Officer | June 11, 2015 M | 5,654 | 0 | 0 | $0 |
| James D Mccool | EVP - Client Solutions | June 5, 2015 M | 110,838 | 0 | 0 | $0 |
| George A. Gill | EVP - Investor Services | Nov. 3, 2014 A | 58,995 | 0 | 0 | $0 |
| John S Clendening | EVP - Investor Services | Nov. 3, 2014 A | 76,197 | 0 | 0 | $0 |
| Carrie E Dwyer | EVP and General Counsel | April 17, 2014 S | 0 | 0 | 0 | $0 |
| Benjamin L Brigeman | EVP - Investor Services | Feb. 3, 2012 M | 88,399 | 0 | 0 | $0 |
| Rebecca Saeger | EVP & Chief Marketing Officer | Nov. 2, 2010 A | 75,889 | 0 | 0 | $0 |
| Deborah D Mcwhinney | EVP - Schwab Institutional | May 3, 2007 G | 15,830 | 0 | 0 | $0 |
| William L Atwell | EVP/President - Ind. Investor | Sept. 7, 2005 A | — | 0 | 0 | $0 |
| Alan J Weber | Executive Vice President | Sept. 30, 2004 A | — | 0 | 0 | $0 |
| Geoffrey J Penney | EVP and CIO | Feb. 26, 2004 S | 355,499 | 0 | 0 | $0 |
| Mary S Mcleod | Executive Vice President | Feb. 25, 2004 S | 268,882 | 0 | 0 | $0 |
| Daniel O Leemon | EVP and Chief Strategy Officer | Oct. 16, 2003 G | 253,795 | 0 | 0 | $0 |
| Lon Gorman | Vice Chairman | Oct. 15, 2003 S | 174,334 | 0 | 0 | $0 |
| John Philip Coghlan | Vice Chairman | July 25, 2003 S | 838,708 | 0 | 0 | $0 |
| Marianne Catherine Brown | Director | July 1, 2026 A | 12,480 | 0 | 0 | $0 |
| Charles A. Ruffel | Director | July 1, 2026 A | 3,386 | 0 | 0 | $0 |
| Stephen A Ellis | Director | July 1, 2026 A | 7,445 | 0 | 0 | $0 |
| Frank C Herringer | Director | July 1, 2026 A | 12,268 | 0 | 1 | $-228,312 |
| Arun Sarin | Director | May 26, 2026 A | 12,268 | 0 | 1 | $-227,900 |
| Christopher V Dodds | Director | May 26, 2026 A | 5,669 | 0 | 1 | $-1,236,304 |
| John K Adams JR | Director | May 28, 2024 A | 46,934 | 0 | 0 | $0 |
| Gerri Martin-Flickinger | Director | May 22, 2023 A | 2,496 | 0 | 0 | $0 |
| Joan Dea | Director | May 22, 2023 A | 24,915 | 0 | 0 | $0 |
| Mark A Goldfarb | Director | May 22, 2023 A | 7,395 | 0 | 0 | $0 |
| Todd M Ricketts | Director | May 22, 2023 A | 233,388 | 0 | 0 | $0 |
| William F Aldinger III | Director | May 18, 2009 A | 15,898 | 0 | 0 | $0 |
| FISHER DONALD G | Director | May 18, 2009 A | 10,398 | 0 | 0 | $0 |
| Marjorie Magner | Director | May 19, 2008 A | 9,436 | 0 | 0 | $0 |
| David B Yoffie | Director | May 9, 2007 M | 21,432 | 0 | 0 | $0 |
| Jonathan M. Craig | — | Aug. 14, 2026 M | 0 | 0 | 3 | $-6,974,185 |
| Dennis Howard | — | Aug. 13, 2026 S | 6,980 | 0 | 2 | $-3,182,060 |
| Nigel J Murtagh | — | Aug. 10, 2026 M | 57,972 | 0 | 5 | $-6,756,720 |
| Paula A Sneed | — | Aug. 7, 2026 S | 91,711 | 0 | 1 | $-563,930 |
| Carolyn Schwab-Pomerantz | — | Aug. 5, 2026 S | 1,332,337 | 0 | 3 | $-6,801,342 |
| Bharat Masrani | — | Jan. 2, 2025 A | 7,279 | 0 | 0 | $0 |
| Brian M Levitt | — | May 28, 2024 A | 7,279 | 0 | 0 | $0 |
| Joseph R Martinetto | — | April 18, 2024 G | 246,433 | 0 | 0 | $0 |
| William S Haraf | — | May 19, 2022 A | 34,555 | 0 | 0 | $0 |
| Roger O Walther | — | Nov. 18, 2020 S | 219,256 | 0 | 0 | $0 |
| Stephen T Mclin | — | April 21, 2020 M | 157,109 | 0 | 0 | $0 |
| Terri R Kallsen | — | March 6, 2019 S | 0 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
Activists & 5%+ owners 11 positions
Investors who filed SEC Schedule 13D — beneficial ownership above 5% with an intent to influence the issuer (activist stakes, board campaigns, M&A). Each row shows the most recent known state of that filer's position.
| Filer | Filed | Stake | Status | Purpose | Filing |
|---|---|---|---|---|---|
| The Toronto-Dominion Bank, TD Group US Holdings LLC ×3 filings | Feb. 12, 2025 | 0.10% | Amendment | Capital structure | SEC |
| CHARLES R. SCHWAB ×9 filings | Feb. 27, 2023 | — | Initial filing | — | SEC |
| OR | Oct. 16, 2020 | — | Initial filing | Board campaign | SEC |
| The Charles Schwab Corporation | Dec. 4, 2019 | — | Initial filing | M&A / sale | SEC |
| March 28, 2011 | — | Initial filing | M&A / sale | SEC | |
| IRS Identification No. of Above Person (Entities Only) Charles R. Schwab | July 10, 2007 | — | Initial filing | — | SEC |
| IRS Identification No. of Above Person Charles R. Schwab | March 9, 2006 | — | Initial filing | — | SEC |
| Undisclosed reporting person, Undisclosed reporting person | Jan. 22, 2004 | — | Initial filing | M&A / sale | SEC |
| Undisclosed reporting person, Undisclosed reporting person | Sept. 13, 2002 | — | Initial filing | — | SEC |
| Undisclosed reporting person, Undisclosed reporting person | April 17, 2002 | — | Initial filing | — | SEC |
| Undisclosed reporting person, Undisclosed reporting person | March 6, 2002 | — | Initial filing | Passive investment | SEC |
Purpose is an automated classification of the filer's own stated purpose (SEC Item 4) — not investment advice. "—" means no clear purpose was stated or the text could not be classified.
ETF ownership Held by 236 ETFs
Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.
| Fund | Weight | Units | As of | Source |
|---|---|---|---|---|
| PKW · Invesco Exchange-Traded Fund Trust | 5.47% | 877,047 SH | Aug. 21, 2026 | Daily |
| EQTY · Valued Advisers Trust | 4.08% | 584,291 NS | April 30, 2026 | N-PORT |
| YALL · Tidal Trust I | 4.01% | 44,543 NS | May 31, 2026 | N-PORT |
| PRVS · Parnassus Funds II | 3.33% | 9,131 NS | June 30, 2026 | N-PORT |
| MDPL · Northern Lights Fund Trust IV | 3.11% | 21,658 NS | May 31, 2026 | N-PORT |
| TEXN · iShares Trust | 3.01% | 4,734 SH | Aug. 21, 2026 | Daily |
| NITE · Capitol Series Trust | 2.77% | 9,238 NS | April 30, 2026 | N-PORT |
| IYF · iShares Trust | 2.73% | 1,055,950 SH | Aug. 21, 2026 | Daily |
| DVOL · First Trust Exchange-Traded Fund VI | 2.56% | 19,781 NS | June 30, 2026 | N-PORT |
| IYG · iShares Trust | 2.49% | 493,645 SH | Aug. 21, 2026 | Daily |
| PGF · Invesco Exchange-Traded Fund Trust | 2.23% | 701,467 | Aug. 21, 2026 | Daily |
| WBIL · Absolute Shares Trust | 2.03% | 6,684 NS | June 30, 2026 | N-PORT |
| FGSI · First Trust Exchange-Traded Fund IV | 2.02% | 660 NS | April 30, 2026 | N-PORT |
| FTCS · First Trust Exchange-Traded Fund | 2.01% | 1,669,208 NS | June 30, 2026 | N-PORT |
| FLV · AMERICAN CENTURY ETF TRUST | 1.99% | 80,353 NS | May 31, 2026 | N-PORT |
| FTGS · First Trust Exchange-Traded Fund | 1.98% | 268,953 NS | June 30, 2026 | N-PORT |
| FNCL · FIDELITY COVINGTON TRUST | 1.83% | 442,336 NS | April 30, 2026 | N-PORT |
| PWB · Invesco Exchange-Traded Fund Trust | 1.80% | 395,569 SH | Aug. 21, 2026 | Daily |
| VFH · VANGUARD WORLD FUND | 1.78% | 2,689,627 SH | Aug. 19, 2026 | Daily |
| REVS · Columbia ETF Trust I | 1.75% | 54,325 NS | April 30, 2026 | N-PORT |
| VRP · Invesco Exchange-Traded Fund Trust … | 1.68% | 51,992,000 | Aug. 21, 2026 | Daily |
| CARK · Advisors' Inner Circle Fund II | 1.60% | 54,089 NS | April 30, 2026 | N-PORT |
| LRGC · AB Active ETFs, Inc. | 1.53% | 218,916 NS | May 31, 2026 | N-PORT |
| FAS · Direxion Shares ETF Trust | 1.49% | 319,562 NS | April 30, 2026 | N-PORT |
| RSPF · Invesco Exchange-Traded Fund Trust | 1.47% | 41,565 SH | Aug. 21, 2026 | Daily |
| PY · Principal Exchange-Traded Funds | 1.30% | 31,034 NS | June 30, 2026 | N-PORT |
| UYG · ProShares Trust | 1.30% | 102,972 NS | May 31, 2026 | N-PORT |
| SIXH · EXCHANGE TRADED CONCEPTS TRUST | 1.25% | 77,485 NS | May 31, 2026 | N-PORT |
| SIXA · EXCHANGE TRADED CONCEPTS TRUST | 1.25% | 69,429 NS | May 31, 2026 | N-PORT |
| EQWL · Invesco Exchange-Traded Fund Trust | 1.16% | 296,517 SH | Aug. 21, 2026 | Daily |
| IXG · iShares Trust | 1.14% | 71,009 SH | Aug. 21, 2026 | Daily |
| JGLO · J.P. Morgan Exchange-Traded Fund Tr… | 1.13% | 873,065 NS | April 30, 2026 | N-PORT |
| VALQ · AMERICAN CENTURY ETF TRUST | 1.12% | 44,501 NS | May 31, 2026 | N-PORT |
| PGX · Invesco Exchange-Traded Fund Trust … | 1.10% | 1,955,943 | Aug. 21, 2026 | Daily |
| AOTG · EA Series Trust | 1.10% | 13,149 NS | May 29, 2026 | N-PORT |
| DFNL · Davis Fundamental ETF Trust | 1.10% | 56,137 NS | April 30, 2026 | N-PORT |
| FTLS · First Trust Exchange-Traded Fund III | 1.05% | 262,744 NS | April 30, 2026 | N-PORT |
| SNPV · DBX ETF Trust | 1.00% | 26,248 NS | May 29, 2026 | N-PORT |
| RECS · Columbia ETF Trust I | 0.98% | 578,383 NS | April 30, 2026 | N-PORT |
| RDVY · First Trust Exchange-Traded Fund VI | 0.95% | 2,515,871 NS | June 30, 2026 | N-PORT |
| SOVF · Elevation Series Trust | 0.95% | 9,727 NS | April 30, 2026 | N-PORT |
| ROPE · EA Series Trust | 0.94% | 917 NS | May 29, 2026 | N-PORT |
| FFND · Northern Lights Fund Trust II | 0.93% | 10,972 NS | May 31, 2026 | N-PORT |
| ABIG · EA Series Trust | 0.91% | 5,788 NS | May 29, 2026 | N-PORT |
| FFLV · FIDELITY COVINGTON TRUST | 0.89% | 1,700 NS | April 30, 2026 | N-PORT |
| LGDX · Tidal Trust III | 0.82% | 12,280 NS | April 30, 2026 | N-PORT |
| JOET · Virtus ETF Trust II | 0.80% | 20,607 NS | April 30, 2026 | N-PORT |
| FYEE · Fidelity Greenwood Street Trust | 0.78% | 14,087 NS | April 30, 2026 | N-PORT |
| FBUF · Fidelity Greenwood Street Trust | 0.78% | 1,598 NS | April 30, 2026 | N-PORT |
| FHEQ · Fidelity Greenwood Street Trust | 0.75% | 67,615 NS | April 30, 2026 | N-PORT |