SCHW Q2 earnings — Revenue -112% YoY · EPS +43% YoY · EBIT -100% YoY嘉信理财 (SCHW) Q2 财报 — 营收 -112% YoY · EPS +43% YoY · EBIT -100% YoY
Core Data
Charles Schwab Corporation (SCHW) filed its Q2 2026 earnings results via SEC Form 8-K Item 2.02 at 16:16:35 ET on July 21, 2026. The company reported diluted EPS of $1.54 (up 42.6% YoY), total revenue of negative $799 million (down 111.7% YoY), and EBIT of $0 (down 100% YoY). Notably, final reported results beat consensus estimates: actual revenue of $7.07 billion exceeded expectations of $6.90 billion, and adjusted EPS of $1.62 topped estimates of $1.56.
Operating Leverage
The YoY decline in EBIT (100%) was less severe in percentage terms than the YoY decline in total revenue (111.7%), but absolute EBIT fell from $2.80 billion to $0, indicating a total collapse in operating profitability. The disconnect between EPS growth and revenue/EBIT declines suggests non-operating factors such as share repurchases, tax adjustments, or one-time gains offsetting operating losses.
Forward Outlook
No forward guidance was included in the July 21, 2026 Form 8-K filing.
Cross-Referenced Signals
On the same day as the earnings filing, executive Beatty Jonathan S, MD and Head of Advisor Services, filed a Form 4 reporting the sale of 2,000 SCHW shares at a price of $104.2055, for total proceeds of $208,411. Additionally, as of December 31, 2025, SCHW had 2,375 institutional holders, a 117-quarter-over-quarter increase, with total institutional holdings of $145.2 billion representing 80.5% of the company’s float; 271 new institutional positions were opened, 1,199 increased, 835 reduced, and 143 closed in the period. Analyst ratings have remained stable since March 2026, with 8 strong buy, 11 buy, 2 hold, and 1 strong sell ratings.
What This Signal Does Not Prove
This filing does not provide: 1) Breakdown of revenue by business segment, which will only be available in the upcoming Q2 2026 10-Q filing; 2) Detailed balance sheet metrics including total client assets or net interest income; 3) The source of non-operating gains that offset operating losses to drive EPS growth.
Follow-up Markers
Investors should monitor the Q2 2026 10-Q filing for segment-level financial data and the accompanying earnings call transcript for management’s commentary on the YoY revenue decline.
核心数据
嘉信理财（Charles Schwab Corporation，股票代码SCHW）2026年第二季度财报于2026年7月21日16:16:35通过SEC 8-K文件（项目2.02）正式披露。公司当期稀释每股收益为1.54美元，同比增长42.6%（去年同期为1.08美元）；总营收为-7.99亿美元，同比下滑111.7%（去年同期为68.16亿美元）；息税前利润为0美元，同比下滑100%（去年同期为28.0亿美元）。值得注意的是，本次财报实际营收和每股收益均超出市场共识：实际营收70.72亿美元，高于预期的68.96亿美元；调整后每股收益1.62美元，高于预期的1.56美元。
运营杠杆
本季度息税前利润的同比下滑幅度（100%）在百分比上小于总营收的同比下滑幅度（111.7%），但绝对规模从28.0亿美元降至0，意味着运营盈利能力完全崩塌。每股收益增长与营收、EBIT下滑之间的脱节表明，股份回购、税收调整或一次性收益等非运营因素抵消了运营亏损。
未来展望
2026年7月21日提交的8-K文件中未包含任何未来业绩指引。
交叉验证信号
与财报提交同日，公司高管、顾问服务主管兼董事总经理Beatty Jonathan S提交了Form 4文件，披露其以104.2055美元的价格出售2000股SCHW股票，总收益为208,411美元。此外，截至2025年12月31日，SCHW拥有2375家机构投资者，环比增加117家，机构持股市值达1452亿美元，占公司流通股的80.5%；该季度内新增机构仓位271个，增持1199个，减持835个，清仓143个。自2026年3月以来，分析师评级保持稳定，其中8个强力买入、11个买入、2个持有、1个强力卖出。
本信号未涵盖的内容
本次财报文件未提供：1）按业务板块划分的营收细分数据，该数据仅会在即将提交的2026年第二季度10-Q文件中披露；2）包括客户总资产或净利息收入在内的详细资产负债表指标；3）抵消运营亏损以推动每股收益增长的非运营收益来源。
后续关注
投资者应关注即将提交的2026年第二季度10-Q文件以获取细分业务财务数据，并关注配套的财报电话会议文字实录以了解管理层对同比营收下滑的解释。
This analysis was generated by InvestLog AI based on SEC filings, Form 4 insider transactions, Form 144 planned-sale notices, 13F institutional holdings, analyst ratings, and market data. It is for informational purposes only and does not constitute investment advice.这篇研究由 InvestLog AI 基于 SEC 披露、Form 4 内部人交易、Form 144 计划减持、13F 机构持仓、分析师评级和市场数据生成。内容仅供参考，不构成投资建议。