Charles Schwab posts record quarterly profit, set to launch spot crypto trading (updated)

Charles Schwab

16/04/2026 15:11

Adds details on spot crypto trading launch

April 16 (Reuters) - Brokerage Charles Schwab SCHW.N on Thursday posted record first-quarter profit on the back of robust client growth and trading activity and said it would roll out spot crypto trading in coming weeks.

Markets navigated a tough landscape in the first three months of 2026, buffeted by renewed concerns around AI disruption and private credit.

Jitters intensified in March as the U.S.–Israeli war on Iran rattled investors, with concerns over oil supply disruptions reigniting stagflation fears.

Volatility tends to be a boon for trading desks as investors increasingly rejig their portfolios to hedge against risks.

Here are some details:

Westlake, Texas-based Schwab's quarterly revenue surged 16% to a record $6.48 billion, underpinned by robust client engagement across its wealth, trading and lending offerings.

Daily average trading volume jumped 34% to a record 9.9 million from a year earlier, while trading revenue surged 20% due to record engagement.

"Clients continue to turn to us for more of their financial lives, helping wealth and banking solutions reach record levels in 1Q," CEO Rick Wurster said.

Investors opened 1.3 million new brokerage accounts on the platform and brought $140 billion of net new assets to the firm during the first quarter.

Schwab's net income was $2.48 billion, or $1.37 per share, in the three months ended March 31, compared with $1.91 billion, or 99 cents per share, a year earlier.

Meanwhile, Schwab will begin a phased rollout of its spot crypto trading offering to retail clients in the coming weeks. It will include bitcoin and ethereum trading.

 (Reporting by Arasu Kannagi Basil in Bengaluru; Editing by Shreya Biswas)

 ((ArasuKannagi.Basil@thomsonreuters.com;))