The Charles Schwab Corporation reported net income of $1.8 billion, or $0.94 earnings per share (GAAP), for the fourth quarter of 2024. Adjusted net income reached $2.0 billion, or $1.01 adjusted earnings per share, marking a 49% increase compared to Q4 2023.
Total net revenues for the fourth quarter surged 20% year-over-year to $5.3 billion. For the full year 2024, core net new assets totaled $367 billion, representing a 20% annual increase and a 4.3% annualized growth rate.
The company's adjusted pre-tax profit margin for Q4 2024 was 46.6%, reflecting strong revenue growth and disciplined expense management. Schwab also significantly reduced Bank Supplemental Funding by $14.9 billion in the quarter, bringing the total to $49.9 billion, approximately 50% down from peak levels.
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