Charles Schwab Q2 2022 Earnings Report
Key Takeaways
Charles Schwab's Q2 2022 revenues increased by 13% to surpass $5 billion. Quarterly net income also reached new highs of $1.8 billion GAAP, $2.0 billion adjusted.
Client focus helped power continued strong business momentum.
Clients opened 1.0 million new brokerage accounts during the quarter, ending June with 33.9 million active accounts, up 5% year-over-year.
Core net new assets that clients brought during the quarter were impacted by record tax-season outflows in April.
Ended June with $6.83 trillion in client assets versus $7.57 trillion a year earlier.
Charles Schwab
Charles Schwab
Charles Schwab Revenue by Segment
Forward Guidance
The company did not provide specific forward guidance but CFO Peter Crawford mentioned that they are positioned to deliver healthy financial performance through the cycle due to their diversified revenue mix and disciplined expense prioritization.
Revenue & Expenses
Visualization of income flow from segment revenue to net income