2Q26 Earnings: A Great Quarter but Bar Set High & Headlines Bring Agita

Research evidence excerpt

2Q26 Earnings: A Great Quarter but Bar Set High & Headlines Bring Agita

It was reported that Treasury Secretary Scott Bessent said the CLARITY Act is at the “1-

yard line,” on reports that the White House had resolved a key ethics dispute tied to the

legislation further boosted sentiment. The passage of the CLARITY Act could unlock

greater institutional participation in crypto markets, though also introduces additional

uncertainty around tokenization of deposits and sweep cash. Additionally, Goldman

Sachs has created a new platform to expand its offerings in direct stakes of private

companies. The alternative investments platform combines Goldman’s existing

alternatives business with two newly established teams which focus on direct

investments in individual private companies and on helping clients buy and sell those

stakes. On one hand this lends credibility to SCHW's strategic plans with Forge, yet on

the other it is a reminder of competition in the space.

Organic Growth Ticks Up in June

2Q26 core NNA growth of 4.1% (annualized) in 2Q came in ahead of expectations of

3.8% and showed positive acceleration during the quarter as June NNA growth was

5.8% annualized. Management reiterated confidence in its 5%+ target. Importantly,

management characterized the strength in NNA growth as driven by ongoing asset

consolidation, accelerating momentum in Advisor Services, growing adoption of advice

solutions, and increasing client penetration across wealth, banking, and lending

products. Long/short products also supportive of NNA and cash balances.

Robust Trading Activity

Schwab experienced record trading activity in 2Q26, with 11.9 million DATs driving a

28% YoY increase in trading revenue to $1.2 billion. SCHW now sees FY26 DATs of