Core net new assets totaled $137.7 billion in Q1 2025, up 44% from $95.6 billion in Q1 2024, representing an annualized growth rate of 5.5%. This indicates successful client acquisition and asset gathering strategies.

Active brokerage accounts rose 5% year-over-year to 37.0 million at March 31, 2025, including 1.2 million new brokerage accounts in Q1 2025. This growth reflects the company's ability to attract and retain clients.

Clients' daily average trades (DATs) were up significantly year-over-year to 7.4 million in the first three months of 2025, an increase of 24% from Q1 2024. This reflects increased client engagement and market volatility.

The Company reduced total bank supplemental funding by $11.8 billion, or 24%, during the first three months of 2025, with $38.1 billion outstanding at March 31. This demonstrates effective management of funding sources and reduced reliance on higher-cost options.

Concurrent with the completion of TD Bank's secondary offering, the Company repurchased all remaining outstanding shares of nonvoting common stock directly from TD Group US Holdings, LLC for $1.5 billion. This action simplifies the capital structure and eliminates a potential overhang.

The Company increased its common dividend during the first quarter by 8% to $.27 per share. This demonstrates confidence in the company's financial performance and commitment to returning capital to shareholders.

The 10-Q references several pending regulatory matters, including the FDIC's proposed rulemaking on brokered deposits, the Department of Labor's final rule on the definition of "fiduciary", and the SEC's equity market structure rule proposals. These regulatory changes and any related litigation could have an adverse impact on Schwab's business.

The document discusses the potential impact of changes in interest rates on net interest revenue, bank deposit account fees, and EVE. Schwab actively manages this risk, but it remains a significant factor affecting financial performance.

The document describes Schwab's liquidity policies and stress testing procedures. Schwab relies on access to external financing in the normal course of business and manages rollover risk on borrowings. Liquidity risk remains a key area of focus.

The company saw strength in asset gathering, new accounts, and client engagement in the first quarter of the year. Core net new assets totaled $137.7 billion in the first quarter of 2025, up 44% from the same period in 2024, representing an annualized growth rate of 5.5%.

Trading revenue increased $91 million, or 11%, in the first quarter of 2025 compared to the same period in 2024, primarily driven by an increase in order flow revenue reflecting higher volume.

The document mentions competitive pressure on pricing, including deposit rates, as a factor that may cause actual results to differ. This highlights the ongoing need to manage pricing effectively in a competitive environment.

Bank deposit account fees increased $62 million, or 34%, in the first quarter of 2025, compared to the same period in 2024, primarily due to a decrease in the amount paid to clients as a result of lower interest rates in the first quarter of 2025 compared to the same period in 2024, partially offset by lower average BDA balances.

Expenses excluding interest increased 7% YoY, impacting pre-tax profit margin. This increase was due primarily to higher compensation and benefits expense, inclusive of annual merit increases and a reduction in the prior year for a change in estimated restructuring costs, and higher other expense which was due to higher industry fees resulting from the SEC's May 2024 fee rate increase and higher client trading volume.

Subsequent to March 31, 2025, the SEC announced that effective May 14, 2025, it would decrease the fee rate applicable to most securities transactions to zero from the rate in effect since May 22, 2024. This change will result in lower industry fees in other expense and a corresponding decrease in other revenue after the effective date, resulting in no impact to net income.

Professional services expense increased in the first quarter of 2025 compared to the same period in 2024, reflecting increased utilization of technology and other professional services to support overall growth of the business.

Capital expenditures were $156 million and $122 million in the first quarter of 2025 and 2024, respectively. Capital expenditures increased in the first quarter of 2025 compared to the same period in 2024, primarily due to higher investment in purchased software and buildings, partially offset by lower internally developed software.

Depreciation and amortization expense decreased in the first quarter of 2025 compared to the same period in 2024, primarily due to finance lease terminations in 2024 and lower depreciation on equipment due to abandonment of certain data centers related to the integration of Ameritrade Holding LLC (Ameritrade Holding) and its consolidated subsidiaries (collectively, Ameritrade).

Concurrent with the completion of TD Bank's secondary offering, the Company repurchased all remaining outstanding shares of nonvoting common stock directly from TD Group US Holdings, LLC for $1.5 billion. This action simplifies the capital structure and eliminates a potential overhang.

The Company increased its common dividend during the first quarter by 8% to $.27 per share. This demonstrates confidence in the company's financial performance and commitment to returning capital to shareholders.

We continue to anticipate capital expenditures for full-year 2025 will be approximately 3-5% of total net revenues. This indicates continued investment in the business to support growth.

There is no discussion of ESG initiatives in the provided 10-Q filing.

The first quarter of 2025 presented investors with an increasingly uncertain macroeconomic environment. While equity markets rose early in the first quarter of 2025, uncertainty around the economic impacts of trade policy and increased volatility dampened equity markets and investor sentiment.

The Federal Reserve maintained the upper bound of the target overnight rate at 4.50% during the first quarter of 2025.

Bank deposit account fees increased $62 million, or 34%, in the first quarter of 2025, compared to the same period in 2024, primarily due to a decrease in the amount paid to clients as a result of lower interest rates in the first quarter of 2025 compared to the same period in 2024, partially offset by lower average BDA balances.