Schwab and U.S. Bancorp report record revenue
Schwab added $190.4 billion in client assets; U.S. Bancorp beat on earnings.
Earnings · Thursday, October 15, 2026 · 12:30 PM ET
Two big financial firms reported third-quarter results Thursday morning, both with record revenue.
Charles Schwab
Schwab said net income was $2.9 billion, or $1.62 a share, and $1.69 a share adjusted, up 29% from a year earlier on a GAAP basis. Net revenue was a record $7.2 billion, up 17%, and clients added a record $190.4 billion in core net new assets. Total client assets reached $13.33 trillion (Schwab). Benzinga's earnings preview had analysts expecting $1.66 a share on revenue of $7.19 billion.
U.S. Bancorp
U.S. Bancorp reported net income of $2.2 billion, up 10%, on record net revenue of about $7.97 billion, with net interest income up 5.6% and fee revenue up 14.9% (U.S. Bancorp). Investing.com said adjusted earnings of $1.34 a share beat the $1.32 consensus, while revenue was a shade below the $7.99 billion estimate. CEO Gunjan Kedia said the company delivered "strong third quarter results." Investing.com said capital markets revenue rose 69.3%, helped by the BTIG acquisition.
Bank earnings have been a mixed bag this week; see our BlackRock and State Street story.