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Schwab Reports Monthly Activity Highlights

12/12/2025

WESTLAKE, Texas--(BUSINESS WIRE)-- The Charles Schwab Corporation released its Monthly Activity Report today. Company highlights for the month of November 2025 include:

  • Core net new assets brought to the company increased 40% versus November 2024 to reach $40.4 billion, bringing the year-to-date total to $440.3 billion.
  • Total client assets equaled $11.83 trillion as of month-end November, up 15% from November 2024 and flat compared to October 2025.
  • New brokerage accounts opened during the month totaled 365,000, helping the year-to-date total reach more than 4.2 million.
  • Investor engagement remained strong in November, with daily average trades of 8.46 million and average margin loan balances rising 8% to finish the month at $108.9 billion.
  • Transactional sweep cash decreased by $1.3 billion to end November at $427.5 billion, reflecting net asset gathering and client engagement with the markets.

About Charles Schwab

The Charles Schwab Corporation (NYSE: SCHW) is a leading provider of financial services, with 38.3 million active brokerage accounts, 5.7 million workplace plan participant accounts, 2.2 million banking accounts, and $11.83 trillion in client assets as of November 30, 2025. Through its operating subsidiaries, the company provides a full range of wealth management, securities brokerage, banking, asset management, custody, and financial advisory services to individual investors and independent investment advisors. Its broker-dealer subsidiary, Charles Schwab & Co., Inc. (member SIPC, https://www.sipc.org), and its affiliates offer a complete range of investment services and products including an extensive selection of mutual funds; financial planning and investment advice; retirement plan and equity compensation plan services; referrals to independent, fee-based investment advisors; and custodial, operational and trading support for independent, fee-based investment advisors through Schwab Advisor Services™. Its primary banking subsidiary, Charles Schwab Bank, SSB (member FDIC and an Equal Housing Lender), provides banking and lending services and products. More information is available at https://www.aboutschwab.com.

The Charles Schwab Corporation Monthly Activity Report For November 2025

2024

2025

Change
NovDecJanFebMarAprMayJunJulAugSepOctNovMo.Yr.
Market Indices (at month end)
Dow Jones Industrial Average®

44,911

42,544

44,545

43,841

42,002

40,669

42,270

44,095

44,131

45,545

46,398

47,563

47,716

-

6

%

Nasdaq Composite®

19,218

19,311

19,627

18,847

17,299

17,446

19,114

20,370

21,122

21,456

22,660

23,725

23,366

(2

%)

22

%

Standard & Poor’s®500

6,032

5,882

6,041

5,955

5,612

5,569

5,912

6,205

6,339

6,460

6,688

6,840

6,849

-

14

%

Client Assets (in billions of dollars)
Beginning Client Assets

9,852.0

10,305.4

10,101.3

10,333.1

10,280.2

9,929.7

9,892.2

10,349.0

10,757.3

10,963.5

11,228.1

11,593.9

11,828.0

Net New Assets (1)

25.5

60.2

30.5

46.6

55.3

1.1

33.6

38.9

45.7

43.3

45.4

41.6

38.7

(7

%)

52

%

Net Market Gains (Losses)

427.9

(264.3

)

201.3

(99.5

)

(405.8

)

(38.6

)

423.2

369.4

160.5

221.3

320.4

192.5

(32.4

)

Total Client Assets (at month end)

10,305.4

10,101.3

10,333.1

10,280.2

9,929.7

9,892.2

10,349.0

10,757.3

10,963.5

11,228.1

11,593.9

11,828.0

11,834.3

-

15

%

Core Net New Assets (1,2)

28.8

61.4

30.6

48.0

59.1

2.7

35.0

42.6

46.9

44.4

46.2

44.4

40.4

(9

%)

40

%

Receiving Ongoing Advisory Services (at month end)
Investor Services

688.9

682.0

698.7

703.5

688.8

688.2

711.2

737.6

747.9

771.1

792.5

807.6

817.9

1

%

19

%

Advisor Services

4,489.2

4,379.7

4,496.6

4,493.2

4,372.3

4,353.0

4,525.6

4,687.4

4,765.1

4,888.2

5,016.7

5,106.1

5,155.9

1

%

15

%

Client Accounts (at month end, in thousands)
Active Brokerage Accounts

36,222

36,456

36,709

36,861

37,011

37,254

37,375

37,476

37,658

37,798

37,963

38,145

38,266

-

6

%

Banking Accounts

1,980

1,998

2,019

2,033

2,050

2,066

2,077

2,096

2,116

2,137

2,150

2,172

2,189

1

%

11

%

Workplace Plan Participant Accounts(3)

5,393

5,399

5,450

5,464

5,495

5,518

5,563

5,586

5,619

5,606

5,619

5,696

5,730

1

%

6

%

Client Activity
New Brokerage Accounts (in thousands)

357

431

433

362

388

439

336

323

377

382

384

429

365

(15

%)

2

%

Client Cash as a Percentage of Client Assets(4)

9.5

%

10.1

%

9.8

%

10.0

%

10.6

%

10.5

%

10.1

%

9.9

%

9.7

%

9.5

%

9.4

%

9.3

%

9.4

%

10 bp(10) bp
Derivative Trades as a Percentage of Total Trades

19.7

%

18.6

%

19.3

%

19.9

%

19.5

%

18.4

%

21.0

%

20.8

%

21.3

%

22.5

%

22.3

%

23.8

%

21.7

%

(210) bp200 bp
Selected Average Balances (in millions of dollars)
Average Interest-Earning Assets(5)

425,789

431,177

431,523

424,805

425,228

430,884

419,638

417,768

418,640

417,194

423,629

433,631

436,347

1

%

2

%

Average Margin Balances

76,932

81,507

82,551

84,233

82,725

77,478

79,132

82,339

85,492

90,399

94,609

101,192

108,863

8

%

42

%

Average Bank Deposit Account Balances(6)

84,385

85,384

84,790

83,089

84,302

84,060

81,495

81,014

80,755

79,781

79,308

76,203

73,803

(3

%)

(13

%)

Mutual Funds and Exchange-Traded Funds
Net Buys (Sells) (7,8) (in millions of dollars)
Equities

13,226

14,805

10,050

4,987

(1,221

)

7,950

10,473

8,987

10,936

8,402

8,832

6,895

4,883

Hybrid

(329

)

124

(1,324

)

(464

)

(603

)

(1,663

)

(287

)

(1,038

)

(463

)

(604

)

(452

)

(1,278

)

(600

)

Bonds

7,473

10,969

8,747

12,162

11,438

(1,490

)

8,483

6,050

11,920

12,993

12,502

16,206

13,371

Net Buy (Sell) Activity (in millions of dollars)
Mutual Funds(7)

(4,492

)

(4,331

)

(6,785

)

(3,971

)

(8,537

)

(13,955

)

(3,224

)

(5,351

)

(3,442

)

(2,217

)

(4,754

)

(6,289

)

(7,255

)

Exchange-Traded Funds(8)

24,862

30,229

24,258

20,656

18,151

18,752

21,893

19,350

25,835

23,008

25,636

28,112

24,909

Money Market Funds

9,172

8,956

11,584

12,306

14,586

(6,158

)

5,794

5,814

2,452

4,319

(517

)

6,333

7,969

Note: Certain supplemental details related to the information above can be found at: https://www.aboutschwab.com/financial-reports.

(1)

Unless otherwise noted, differences between net new assets and core net new assets are net flows from off-platform Schwab Bank Retail CDs. 2024 also includes outflows from a large international relationship of $0.6 billion in November.

(2)

Net new assets before significant one-time inflows or outflows, such as acquisitions/divestitures or extraordinary flows (generally greater than $25 billion beginning in 2025; $10 billion in prior periods) relating to a specific client, and activity from off-platform Schwab Bank Retail CDs. These flows may span multiple reporting periods.

(3)

Includes accounts in Retirement Plan Services, Stock Plan Services, Designated Brokerage Services, and Retirement Business Services; Participants may be enrolled in services in more than one Workplace business.

(4)

Schwab One®, certain cash equivalents, bank deposits, third-party bank deposit accounts, and money market fund balances as a percentage of total client assets; client cash excludes brokered CDs issued by Charles Schwab Bank.

(5)

Represents average total interest-earning assets on the Company's balance sheet.

(6)

Represents average clients’ uninvested cash sweep account balances held in deposit accounts at third-party financial institutions.

(7)

Represents the principal value of client mutual fund transactions handled by Schwab, including transactions in proprietary funds. Includes institutional funds available only to Investment Managers. Excludes money market fund transactions.

(8)

Represents the principal value of client ETF transactions handled by Schwab, including transactions in proprietary ETFs.

MEDIA:
Mayura Hooper
Charles Schwab
Phone: 415-667-1525

INVESTORS/ANALYSTS:
Jeff Edwards
Charles Schwab
Phone: 817-854-6177

Source: The Charles Schwab Corporation

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