The Charles Schwab Corporation (SCHW) Cash Flow Statement
Where SCHW’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $9.31B +248.7% vs 2024
- Capital expenditures
- $548.0M 2.0% of revenue
- Free cash flow
- $8.76B 31.7% margin
- Returned to shareholders
- $12.13B 138% of free cash flow
- Change in cash
- $4.15B cash at year-end $69.66B
Drawn to scale: where the cash came from and how it was used. Hover for values.
SCHW operating cash flow, capex and free cash flow
SCHW cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $3.60B2016 | $9.31B2025 | +11.1%/yr | |
| Capital expenditures | $346.0M2016 | $548.0M2025 | +5.2%/yr | |
| Free cash flow | $3.26B2016 | $8.76B2025 | +11.6%/yr | |
| Free cash flow margin | 42.6%2016 | 31.7%2025 | −10.9 pts | |
| Operating cash flow / net income | 1.912016 | 1.052025 | −0.86 | |
| Stock-based compensation | $141.0M2016 | $317.0M2025 | +9.4%/yr | |
| Dividends paid | $486.0M2016 | $2.33B2025 | +19.0%/yr | |
| Share buybacks (net) | $02016 | $9.80B2025 | — | |
| Capex / revenue | 4.5%2016 | 2.0%2025 | −2.5 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
SCHW cash flow by activity
SCHW net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
SCHW cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $8.85B | $5.94B | $5.07B | $7.18B | $5.86B | $3.30B | $3.70B | $3.51B | $2.35B | $1.89B |
| Depreciation & amortization | $1.36B | $1.44B | $1.34B | $1.25B | $1.16B | $604.0M | $349.0M | $306.0M | $269.0M | $234.0M |
| Stock-based compensation | $317.0M | $337.0M | $320.0M | $366.0M | $254.0M | $204.0M | $183.0M | $197.0M | $153.0M | $141.0M |
| Change in working capital | −$3.00B | −$6.21B | $11.81B | −$8.59B | −$7.93B | $948.0M | $4.44B | $7.91B | −$4.07B | $1.05B |
| Other non-cash items | $1.78B | $1.17B | $1.05B | $1.85B | $2.77B | $1.80B | $647.0M | $536.0M | $451.0M | $285.0M |
| Cash from operating activities | $9.31B | $2.67B | $19.59B | $2.06B | $2.12B | $6.85B | $9.32B | $12.46B | −$839.0M | $3.60B |
| Investing activities | ||||||||||
| Capital expenditures | −$548.0M | −$620.0M | −$700.0M | −$971.0M | −$916.0M | −$631.0M | −$708.0M | −$570.0M | −$400.0M | −$346.0M |
| Investments (net) | $37.63B | $35.43B | $59.27B | $33.16B | −$74.60B | −$139.98B | $12.73B | −$39.89B | −$20.01B | −$38.39B |
| Acquisitions & other investing | −$12.54B | $620.0M | −$1.16B | −$136.0M | −$143.0M | $14.76B | −$56.0M | −$96.0M | −$59.0M | −$39.0M |
| Cash from investing activities | $24.54B | $35.43B | $57.41B | $32.05B | −$75.66B | −$125.85B | $11.96B | −$40.55B | −$20.47B | −$38.77B |
| Financing activities | ||||||||||
| Dividends paid | −$2.33B | −$2.27B | −$2.28B | −$2.11B | −$1.82B | −$1.28B | −$1.06B | −$787.0M | −$592.0M | −$486.0M |
| Share repurchases & issuance (net) | −$9.80B | $0 | −$2.84B | −$4.39B | −$600.0M | $5.02B | −$2.22B | −$1.00B | −$485.0M | $1.46B |
| Net borrowing (repayment) | −$14.25B | −$13.94B | $21.16B | $18.74B | $10.07B | $2.37B | $593.0M | −$12.88B | $16.87B | −$7.0M |
| Shares issued | $0 | $0 | $0 | $740.0M | $2.81B | $4.94B | $2.47B | $0 | $0 | $0 |
| Other financing | −$3.32B | −$30.85B | −$77.29B | −$81.69B | $85.87B | $132.93B | −$13.72B | $61.84B | $6.80B | $34.00B |
| Cash from financing activities | −$29.70B | −$47.06B | −$61.24B | −$68.72B | $96.32B | $143.98B | −$13.94B | $47.17B | $22.60B | $34.96B |
| Summary | ||||||||||
| Net change in cash | $4.15B | −$8.96B | $15.75B | −$34.62B | $22.78B | $24.98B | $7.35B | $19.07B | $1.29B | −$209.0M |
| Cash at end of period | $69.66B | $65.51B | $74.47B | $58.72B | $93.34B | $70.56B | $45.58B | $38.23B | $19.16B | $10.83B |
| Free cash flow | $8.76B | $2.05B | $18.89B | $1.09B | $1.20B | $6.22B | $8.62B | $11.89B | −$1.24B | $3.26B |
| Free cash flow margin | 31.7% | 7.9% | 74.0% | 4.9% | 6.3% | 51.4% | 73.1% | 108.2% | −13.8% | 42.6% |
| Capex / revenue | 2.0% | 2.4% | 2.7% | 4.4% | 4.8% | 5.2% | 6.0% | 5.2% | 4.5% | 4.5% |
| Operating cash flow / net income | 1.05 | 0.45 | 3.87 | 0.29 | 0.36 | 2.08 | 2.52 | 3.55 | −0.36 | 1.91 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $2.80B | $2.48B | $2.46B | $2.36B | $2.13B | $1.91B | $1.84B | $1.41B | $1.33B | $1.36B | $1.04B | $1.12B |
| Depreciation & amortization | $340.0M | $333.0M | $333.0M | $339.0M | $343.0M | $347.0M | $354.0M | $361.0M | $362.0M | $358.0M | $368.0M | $333.0M |
| Stock-based compensation | $92.0M | $138.0M | $58.0M | $61.0M | $72.0M | $126.0M | $70.0M | $65.0M | $71.0M | $131.0M | $60.0M | $66.0M |
| Change in working capital | −$6.37B | −$3.78B | −$3.95B | −$3.04B | $293.0M | $3.69B | −$13.43B | $16.98B | −$6.29B | −$3.47B | $18.52B | −$6.87B |
| Other non-cash items | $356.0M | $8.17B | $339.0M | $816.0M | $343.0M | $287.0M | $342.0M | $280.0M | $273.0M | $272.0M | $44.0M | $336.0M |
| Cash from operating activities | −$2.78B | $7.34B | −$763.0M | $538.0M | $3.18B | $6.36B | −$10.83B | $19.10B | −$4.25B | −$1.35B | $20.04B | −$5.01B |
| Investing activities | ||||||||||||
| Capital expenditures | −$185.0M | −$140.0M | −$158.0M | −$145.0M | −$128.0M | −$117.0M | −$254.0M | −$128.0M | −$89.0M | −$149.0M | −$63.0M | −$239.0M |
| Investments (net) | $8.0M | $3.86B | $3.53B | $6.14B | $9.08B | $10.47B | $7.73B | $8.52B | $9.71B | $9.47B | $9.68B | $18.48B |
| Acquisitions & other investing | −$6.24B | −$3.73B | −$4.52B | $145.0M | $128.0M | $117.0M | $254.0M | $128.0M | $89.0M | $149.0M | $63.0M | $292.0M |
| Cash from investing activities | −$6.41B | −$10.0M | −$1.15B | $6.14B | $9.08B | $10.47B | $7.73B | $8.52B | $9.71B | $9.47B | $9.68B | $18.53B |
| Financing activities | ||||||||||||
| Dividends paid | −$643.0M | −$632.0M | −$564.0M | −$562.0M | −$608.0M | −$595.0M | −$575.0M | −$563.0M | −$575.0M | −$562.0M | −$573.0M | −$561.0M |
| Share repurchases & issuance (net) | −$3.05B | −$2.38B | −$2.77B | −$2.75B | −$333.0M | −$1.50B | $0 | $0 | $0 | $0 | $5.54B | −$9.0M |
| Net borrowing (repayment) | $3.63B | $2.08B | $3.34B | −$10.10B | −$2.23B | −$5.26B | −$10.50B | −$1.21B | — | — | — | −$7.16B |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$1.90B | −$2.79B | $16.70B | $6.03B | −$15.50B | −$13.01B | $12.68B | −$5.95B | −$15.44B | −$24.36B | −$5.12B | −$19.99B |
| Cash from financing activities | −$1.96B | −$3.71B | $16.71B | −$7.38B | −$18.66B | −$20.36B | $1.60B | −$7.73B | −$16.01B | −$24.93B | −$153.0M | −$27.72B |
| Summary | ||||||||||||
| Net change in cash | −$4.39B | $3.62B | $14.80B | −$704.0M | −$6.41B | −$3.53B | −$1.49B | $19.89B | −$10.56B | −$16.80B | $29.57B | −$14.20B |
| Cash at end of period | $40.58B | $73.28B | $69.66B | $54.87B | $55.57B | $61.98B | $65.51B | $67.00B | $47.12B | $57.67B | $74.47B | $44.91B |
| Free cash flow | −$2.97B | $7.20B | −$921.0M | $393.0M | $3.05B | $6.24B | −$11.08B | $18.97B | −$4.34B | −$1.50B | $19.97B | −$5.25B |
| Free cash flow margin | −34.9% | 98.7% | −12.8% | 5.6% | 44.7% | 93.9% | −166.6% | 289.5% | −68.4% | −23.2% | 447.9% | — |
| Capex / revenue | 2.2% | 1.9% | 2.2% | 2.1% | 1.9% | 1.8% | 3.8% | 2.0% | 1.4% | 2.3% | 1.4% | — |
| Operating cash flow / net income | −0.99 | 2.96 | −0.31 | 0.23 | 1.49 | 3.33 | −5.88 | 13.56 | −3.19 | −0.99 | 19.17 | −4.45 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
SCHW cash generation
In fiscal 2025 (ended December 31, 2025), Charles Schwab generated $9.3 billion of cash from operations (up 248.7%) and spent $548.0 million on capital expenditures, leaving free cash flow of $8.8 billion, 31.7% of revenue. It returned $12.1 billion to shareholders through dividends ($2.3 billion) and net share buybacks ($9.8 billion). Cash and equivalents rose by $4.1 billion over the year.
Related: SCHW income statement, SCHW balance sheet, SCHW dividend history. See the SCHW stock overview for the latest quote and news.
SCHW cash flow FAQ
What is Charles Schwab's free cash flow?
Charles Schwab's free cash flow was $8.8 billion in fiscal 2025: $9.3 billion of operating cash flow minus $548.0 million of capital expenditures It was $2.0 billion a year earlier..
How much cash does Charles Schwab generate from operations?
Charles Schwab generated $9.3 billion of cash from operating activities in fiscal 2025, 1.05 times its net income of $8.9 billion.
How much does Charles Schwab spend on capital expenditures?
Charles Schwab spent $548.0 million on capital expenditures in fiscal 2025, 2.0% of revenue, compared with $620.0 million the year before.
How much stock does Charles Schwab buy back?
Charles Schwab spent $9.8 billion on net share repurchases in fiscal 2025.
How much does Charles Schwab pay in dividends?
Charles Schwab paid $2.3 billion in dividends in fiscal 2025, 26.6% of free cash flow.