SCHWAB CHARLES CORP
Selected financial measures — level and five-year trend
Selected financial measures — level and five-year trend
Revenue growth
% YoYRevenue growth — five-year track
The tile shows the current value (% YoY) and, below it, how it developed across the recent fiscal years.
- Revenue growth — from 12.10% to 22.00%: FY22 12.10%, FY23 -9.30%, FY24 4.10%, FY25 22.00%
Each series is one measure across the fiscal years; the points are reported or directly derived annual values, not smoothed.
Revenue growth = revenue / prior-year revenue − 1. Source: SEC EDGAR companyfacts · filings 2009–2026
Free cash flow
OCF − capexFree cash flow — five-year track
The tile shows the current value (OCF − capex) and, below it, how it developed across the recent fiscal years.
- Free cash flow — from 1.20 to 8.76: FY21 1.20, FY22 1.09, FY23 18.89, FY24 2.05, FY25 8.76
Each series is one measure across the fiscal years; the points are reported or directly derived annual values, not smoothed.
Free cash flow = operating cash flow − capex, in $bn. Source: SEC EDGAR companyfacts · filings 2009–2026
Cash conversion
FCF / OCFCash conversion — five-year track
The tile shows the current value (FCF / OCF) and, below it, how it developed across the recent fiscal years.
- Cash conversion — from 57.00% to 94.00%: FY21 57.00%, FY22 53.00%, FY23 96.00%, FY24 77.00%, FY25 94.00%
Each series is one measure across the fiscal years; the points are reported or directly derived annual values, not smoothed.
Cash conversion = free cash flow / operating cash flow. Source: SEC EDGAR companyfacts · filings 2009–2026
Payout of FCF
buybacks + dividendsPayout of FCF — five-year track
The tile shows the current value (buybacks + dividends) and, below it, how it developed across the recent fiscal years.
- Payout of FCF — from 152.00% to 110.00%: FY21 152.00%, FY22 507.00%, FY23 27.00%, FY24 111.00%, FY25 110.00%
Each series is one measure across the fiscal years; the points are reported or directly derived annual values, not smoothed.
Payout ratio = (buybacks + dividends) / free cash flow. Source: SEC EDGAR companyfacts · filings 2009–2026
Segment revenue and profit contributions — revenue × margin by segment.
Segment revenue and profit contributions — revenue × margin by segment.
Profit pool
Segment reconciliation & profit
| Segment | Revenue | Pre-tax $ | Pre-tax % |
|---|---|---|---|
| Advisor Services | 2.50 | 2.14 | 85.5% |
| Investor Services | 9.67 | 9.32 | 96.4% |
| Σ Segments | 12.17 | 11.46 | 94.2% |
| Corporate & reconciling | 11.75 | 0.00 | 0.0% |
| = Group (consol. P&L) | 23.92 | 11.46 | 47.9% |
| Segment / income-statement line | FY2025 · $bn | % |
|---|---|---|
| Advisor Services | 2.50 | 85.5% |
| Revenue | 2.50 | 100.0% |
| = Pre-tax profit | 2.14 | 85.5% |
| Investor Services | 9.67 | 96.4% |
| Revenue | 9.67 | 100.0% |
| = Pre-tax profit | 9.32 | 96.4% |
| Σ Segments | 12.17 | — |
| = Group (consol. P&L) | 23.92 | — |
Findings
structure · concentration · cost leverApparatus
sources · limitations · provenance · linksSources
SEC EDGAR companyfacts 10-K (audited) · Segment-XBRL · curated kpi. Every row reconciles to the group.
Limitations
Profit levels by segment: Pre-tax. Segment data annual-only (no LTM). 2nd dimension: Region.
Provenance
reported derived (yellow tint).
Related
→ Segment-Walk (who) · → Operating-Bridge (why) · → P&L
Change by segment — walk and build-up
Change by segment — walk and build-up
Segment walk — who moved the group number
$bn / ppRevenue by Segments — 2024 → 2025
Who moved the group number? The bridge distributes the change across the individual members and closes exactly on the reported group figure via a residual item.
Shown: FY24 19.61 → FY25 23.92, change 4.31.
- Investor Services 1.43
- Advisor Services 0.28
- Corporate & elim. 2.61
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
Segment values from the EDGAR segment axis, operating rows only (OperatingSegments preferred so nothing double-counts); group anchor from the consolidated P&L. The residual Corporate & elim. carries central costs and intersegment eliminations. Source: SEC EDGAR companyfacts · filings 2009–2026
Pre-tax by Segments — 2024 → 2025
Who moved the group number? The bridge distributes the change across the individual members and closes exactly on the reported group figure via a residual item.
Shown: FY24 7.69 → FY25 11.46, change 3.77.
- Investor Services 3.00
- Advisor Services 0.77
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
Segment values from the EDGAR segment axis, operating rows only (OperatingSegments preferred so nothing double-counts); group anchor from the consolidated P&L. The residual Corporate & elim. carries central costs and intersegment eliminations. Source: SEC EDGAR companyfacts · filings 2009–2026
Pre-tax by Segments — 2024 → 2025
Who moved the group number? The bridge distributes the change across the individual members and closes exactly on the reported group figure via a residual item.
Shown: FY24 7.69 → FY25 11.46, change 3.77.
- Investor Services · vol 1.24
- Investor Services · marge 1.76
- Advisor Services · vol 0.21
- Advisor Services · marge 0.56
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
Segment values from the EDGAR segment axis, operating rows only (OperatingSegments preferred so nothing double-counts); group anchor from the consolidated P&L. Each segment additionally split into volume and margin (Shapley: vol = ½·Δrev·(m₀+m₁), margin = ½·(r₀+r₁)·Δm). Source: SEC EDGAR companyfacts · filings 2009–2026
Pre-tax by Segments — 2024 → 2025
Who moved the group number? The bridge distributes the change across the individual members and closes exactly on the reported group figure via a residual item.
Shown: FY24 7.69 → FY25 11.46, change 3.77.
- Investor Services · vol 1.38
- Investor Services · marge 1.62
- Advisor Services · vol 0.24
- Advisor Services · marge 0.53
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
Segment values from the EDGAR segment axis, operating rows only (OperatingSegments preferred so nothing double-counts); group anchor from the consolidated P&L. Each segment additionally split into volume and margin (margin-first: vol = Δrev·m₁, margin = r₀·Δm). Source: SEC EDGAR companyfacts · filings 2009–2026
Pre-tax by Segments — 2024 → 2025
How many percentage points of group margin does each segment contribute? A segment acts through two channels: its profit contribution and its revenue weight — both sit inside its bar.
Shown: FY24 39.23pp → FY25 47.90pp, change 8.67pp.
- Investor Services 11.01pp
- Advisor Services 2.98pp
- Corporate & elim. -5.32pp
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
Segment values from the EDGAR segment axis, operating rows only (OperatingSegments preferred so nothing double-counts); group anchor from the consolidated P&L. Per-segment contribution to group margin, order-neutral: c = ½·(1/R₀+1/R₁)·ΔP − ½·(P₀+P₁)/(R₀R₁)·ΔR. The residual Corporate & elim. carries central costs and intersegment eliminations. Source: SEC EDGAR companyfacts · filings 2009–2026
Segment build-up — Revenue
$bn| $bn | FY24 | FY24 | FY25 | Δ | Anteil |
|---|---|---|---|---|---|
| Investor Services | — | 8.24 | 9.67 | +1.43 | 40% |
| Advisor Services | — | 2.22 | 2.50 | +0.28 | 10% |
| Group (Revenue) | 4.85 | 19.61 | 23.92 | +4.31 | 100% |
Change in profit — volume, margin and cost components
Change in profit — volume, margin and cost components
Driver walk — volume, margin and the cost drivers behind it
$bn / ppPre-tax — profit bridge 2024 → 2025
Why profit moved: profit = revenue × margin. The bridge separates the volume effect from the margin effect and breaks the margin effect into the individual cost blocks.
Shown: FY24 7.69 → FY25 11.46, change 3.77.
- Volume 2.07
- Margin 1.70
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
A cost step contributes −Rev₀·Δ(step/Rev); tagged sub-lines are shown individually and reconcile to the step. Volume/margin margin-first: vol = Δrev·m₁, margin = r₀·Δm. Consolidated P&L, annual durations only. Source: SEC EDGAR companyfacts · filings 2009–2026
Pre-tax — profit bridge 2024 → 2025
Why profit moved: profit = revenue × margin. The bridge separates the volume effect from the margin effect and breaks the margin effect into the individual cost blocks.
Shown: FY24 7.69 → FY25 11.46, change 3.77.
- Volume 1.88
- Margin 1.89
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
A cost step contributes −Rev₀·Δ(step/Rev); tagged sub-lines are shown individually and reconcile to the step. Volume/margin by Shapley: vol = ½·Δrev·(m₀+m₁), margin = ½·(r₀+r₁)·Δm. Consolidated P&L, annual durations only. Source: SEC EDGAR companyfacts · filings 2009–2026
Pre-tax — profit bridge 2024 → 2025
Why profit moved: profit = revenue × margin. The bridge separates the volume effect from the margin effect and breaks the margin effect into the individual cost blocks.
Shown: FY24 7.69 → FY25 11.46, change 3.77.
- Volume 2.07
- Noninterest expense 1.70
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
A cost step contributes −Rev₀·Δ(step/Rev); tagged sub-lines are shown individually and reconcile to the step. Volume/margin margin-first: vol = Δrev·m₁, margin = r₀·Δm. Consolidated P&L, annual durations only. Source: SEC EDGAR companyfacts · filings 2009–2026
Pre-tax — profit bridge 2024 → 2025
Why profit moved: profit = revenue × margin. The bridge separates the volume effect from the margin effect and breaks the margin effect into the individual cost blocks.
Shown: FY24 7.69 → FY25 11.46, change 3.77.
- Volume 1.88
- Noninterest expense 1.89
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
A cost step contributes −Rev₀·Δ(step/Rev); tagged sub-lines are shown individually and reconcile to the step. Volume/margin by Shapley: vol = ½·Δrev·(m₀+m₁), margin = ½·(r₀+r₁)·Δm. Consolidated P&L, annual durations only. Source: SEC EDGAR companyfacts · filings 2009–2026
Pre-tax — margin bridge 2024 → 2025
The same question in percentage points of margin. The volume effect is necessarily absent — more revenue alone does not change the margin; what remains are the cost ratios.
Shown: FY24 39.23% → FY25 47.90%, change 8.67%.
- Noninterest expense 8.67%
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
A cost step contributes −Rev₀·Δ(step/Rev); tagged sub-lines are shown individually and reconcile to the step. Consolidated P&L, annual durations only. Source: SEC EDGAR companyfacts · filings 2009–2026
Pre-tax — profit bridge 2023 → 2025
Why profit moved: profit = revenue × margin. The bridge separates the volume effect from the margin effect and breaks the margin effect into the individual cost blocks.
Shown: FY23 6.38 → FY25 11.46, change 5.08.
- Volume 2.44
- Margin 2.65
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
A cost step contributes −Rev₀·Δ(step/Rev); tagged sub-lines are shown individually and reconcile to the step. Volume/margin margin-first: vol = Δrev·m₁, margin = r₀·Δm. Consolidated P&L, annual durations only. Source: SEC EDGAR companyfacts · filings 2009–2026
Pre-tax — profit bridge 2023 → 2025
Why profit moved: profit = revenue × margin. The bridge separates the volume effect from the margin effect and breaks the margin effect into the individual cost blocks.
Shown: FY23 6.38 → FY25 11.46, change 5.08.
- Volume 2.08
- Margin 3.00
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
A cost step contributes −Rev₀·Δ(step/Rev); tagged sub-lines are shown individually and reconcile to the step. Volume/margin by Shapley: vol = ½·Δrev·(m₀+m₁), margin = ½·(r₀+r₁)·Δm. Consolidated P&L, annual durations only. Source: SEC EDGAR companyfacts · filings 2009–2026
Pre-tax — profit bridge 2023 → 2025
Why profit moved: profit = revenue × margin. The bridge separates the volume effect from the margin effect and breaks the margin effect into the individual cost blocks.
Shown: FY23 6.38 → FY25 11.46, change 5.08.
- Volume 2.44
- Noninterest expense 2.65
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
A cost step contributes −Rev₀·Δ(step/Rev); tagged sub-lines are shown individually and reconcile to the step. Volume/margin margin-first: vol = Δrev·m₁, margin = r₀·Δm. Consolidated P&L, annual durations only. Source: SEC EDGAR companyfacts · filings 2009–2026
Pre-tax — profit bridge 2023 → 2025
Why profit moved: profit = revenue × margin. The bridge separates the volume effect from the margin effect and breaks the margin effect into the individual cost blocks.
Shown: FY23 6.38 → FY25 11.46, change 5.08.
- Volume 2.08
- Noninterest expense 3.00
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
A cost step contributes −Rev₀·Δ(step/Rev); tagged sub-lines are shown individually and reconcile to the step. Volume/margin by Shapley: vol = ½·Δrev·(m₀+m₁), margin = ½·(r₀+r₁)·Δm. Consolidated P&L, annual durations only. Source: SEC EDGAR companyfacts · filings 2009–2026
Pre-tax — margin bridge 2023 → 2025
The same question in percentage points of margin. The volume effect is necessarily absent — more revenue alone does not change the margin; what remains are the cost ratios.
Shown: FY23 33.86% → FY25 47.90%, change 14.04%.
- Noninterest expense 14.04%
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
A cost step contributes −Rev₀·Δ(step/Rev); tagged sub-lines are shown individually and reconcile to the step. Consolidated P&L, annual durations only. Source: SEC EDGAR companyfacts · filings 2009–2026
Pre-tax — profit bridge 2022 → 2025
Why profit moved: profit = revenue × margin. The bridge separates the volume effect from the margin effect and breaks the margin effect into the individual cost blocks.
Shown: FY22 9.39 → FY25 11.46, change 2.07.
- Volume 1.51
- Margin 0.56
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
A cost step contributes −Rev₀·Δ(step/Rev); tagged sub-lines are shown individually and reconcile to the step. Volume/margin margin-first: vol = Δrev·m₁, margin = r₀·Δm. Consolidated P&L, annual durations only. Source: SEC EDGAR companyfacts · filings 2009–2026
Pre-tax — profit bridge 2022 → 2025
Why profit moved: profit = revenue × margin. The bridge separates the volume effect from the margin effect and breaks the margin effect into the individual cost blocks.
Shown: FY22 9.39 → FY25 11.46, change 2.07.
- Volume 1.47
- Margin 0.60
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
A cost step contributes −Rev₀·Δ(step/Rev); tagged sub-lines are shown individually and reconcile to the step. Volume/margin by Shapley: vol = ½·Δrev·(m₀+m₁), margin = ½·(r₀+r₁)·Δm. Consolidated P&L, annual durations only. Source: SEC EDGAR companyfacts · filings 2009–2026
Pre-tax — profit bridge 2022 → 2025
Why profit moved: profit = revenue × margin. The bridge separates the volume effect from the margin effect and breaks the margin effect into the individual cost blocks.
Shown: FY22 9.39 → FY25 11.46, change 2.07.
- Volume 1.51
- Noninterest expense 0.56
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
A cost step contributes −Rev₀·Δ(step/Rev); tagged sub-lines are shown individually and reconcile to the step. Volume/margin margin-first: vol = Δrev·m₁, margin = r₀·Δm. Consolidated P&L, annual durations only. Source: SEC EDGAR companyfacts · filings 2009–2026
Pre-tax — profit bridge 2022 → 2025
Why profit moved: profit = revenue × margin. The bridge separates the volume effect from the margin effect and breaks the margin effect into the individual cost blocks.
Shown: FY22 9.39 → FY25 11.46, change 2.07.
- Volume 1.47
- Noninterest expense 0.60
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
A cost step contributes −Rev₀·Δ(step/Rev); tagged sub-lines are shown individually and reconcile to the step. Volume/margin by Shapley: vol = ½·Δrev·(m₀+m₁), margin = ½·(r₀+r₁)·Δm. Consolidated P&L, annual durations only. Source: SEC EDGAR companyfacts · filings 2009–2026
Pre-tax — margin bridge 2022 → 2025
The same question in percentage points of margin. The volume effect is necessarily absent — more revenue alone does not change the margin; what remains are the cost ratios.
Shown: FY22 45.22% → FY25 47.90%, change 2.69%.
- Noninterest expense 2.69%
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
A cost step contributes −Rev₀·Δ(step/Rev); tagged sub-lines are shown individually and reconcile to the step. Consolidated P&L, annual durations only. Source: SEC EDGAR companyfacts · filings 2009–2026
Net income — profit bridge 2024 → 2025
Why profit moved: profit = revenue × margin. The bridge separates the volume effect from the margin effect and breaks the margin effect into the individual cost blocks.
Shown: FY24 5.94 → FY25 8.85, change 2.91.
- Volume 1.60
- Margin 1.31
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
A cost step contributes −Rev₀·Δ(step/Rev); tagged sub-lines are shown individually and reconcile to the step. Volume/margin margin-first: vol = Δrev·m₁, margin = r₀·Δm. Consolidated P&L, annual durations only. Source: SEC EDGAR companyfacts · filings 2009–2026
Net income — profit bridge 2024 → 2025
Why profit moved: profit = revenue × margin. The bridge separates the volume effect from the margin effect and breaks the margin effect into the individual cost blocks.
Shown: FY24 5.94 → FY25 8.85, change 2.91.
- Volume 1.45
- Margin 1.46
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
A cost step contributes −Rev₀·Δ(step/Rev); tagged sub-lines are shown individually and reconcile to the step. Volume/margin by Shapley: vol = ½·Δrev·(m₀+m₁), margin = ½·(r₀+r₁)·Δm. Consolidated P&L, annual durations only. Source: SEC EDGAR companyfacts · filings 2009–2026
Net income — profit bridge 2024 → 2025
Why profit moved: profit = revenue × margin. The bridge separates the volume effect from the margin effect and breaks the margin effect into the individual cost blocks.
Shown: FY24 5.94 → FY25 8.85, change 2.91.
- Volume 1.60
- Noninterest expense 1.70
- Income tax -0.39
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
A cost step contributes −Rev₀·Δ(step/Rev); tagged sub-lines are shown individually and reconcile to the step. Volume/margin margin-first: vol = Δrev·m₁, margin = r₀·Δm. Consolidated P&L, annual durations only. Source: SEC EDGAR companyfacts · filings 2009–2026
Net income — profit bridge 2024 → 2025
Why profit moved: profit = revenue × margin. The bridge separates the volume effect from the margin effect and breaks the margin effect into the individual cost blocks.
Shown: FY24 5.94 → FY25 8.85, change 2.91.
- Volume 1.45
- Noninterest expense 1.89
- Income tax -0.43
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
A cost step contributes −Rev₀·Δ(step/Rev); tagged sub-lines are shown individually and reconcile to the step. Volume/margin by Shapley: vol = ½·Δrev·(m₀+m₁), margin = ½·(r₀+r₁)·Δm. Consolidated P&L, annual durations only. Source: SEC EDGAR companyfacts · filings 2009–2026
Net income — margin bridge 2024 → 2025
The same question in percentage points of margin. The volume effect is necessarily absent — more revenue alone does not change the margin; what remains are the cost ratios.
Shown: FY24 30.31% → FY25 37.01%, change 6.70%.
- Noninterest expense 8.67%
- Income tax -1.97%
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
A cost step contributes −Rev₀·Δ(step/Rev); tagged sub-lines are shown individually and reconcile to the step. Consolidated P&L, annual durations only. Source: SEC EDGAR companyfacts · filings 2009–2026
Net income — profit bridge 2023 → 2025
Why profit moved: profit = revenue × margin. The bridge separates the volume effect from the margin effect and breaks the margin effect into the individual cost blocks.
Shown: FY23 5.07 → FY25 8.85, change 3.79.
- Volume 1.88
- Margin 1.90
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
A cost step contributes −Rev₀·Δ(step/Rev); tagged sub-lines are shown individually and reconcile to the step. Volume/margin margin-first: vol = Δrev·m₁, margin = r₀·Δm. Consolidated P&L, annual durations only. Source: SEC EDGAR companyfacts · filings 2009–2026
Net income — profit bridge 2023 → 2025
Why profit moved: profit = revenue × margin. The bridge separates the volume effect from the margin effect and breaks the margin effect into the individual cost blocks.
Shown: FY23 5.07 → FY25 8.85, change 3.78.
- Volume 1.62
- Margin 2.16
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
A cost step contributes −Rev₀·Δ(step/Rev); tagged sub-lines are shown individually and reconcile to the step. Volume/margin by Shapley: vol = ½·Δrev·(m₀+m₁), margin = ½·(r₀+r₁)·Δm. Consolidated P&L, annual durations only. Source: SEC EDGAR companyfacts · filings 2009–2026
Net income — profit bridge 2023 → 2025
Why profit moved: profit = revenue × margin. The bridge separates the volume effect from the margin effect and breaks the margin effect into the individual cost blocks.
Shown: FY23 5.07 → FY25 8.85, change 3.79.
- Volume 1.88
- Noninterest expense 2.65
- Income tax -0.74
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
A cost step contributes −Rev₀·Δ(step/Rev); tagged sub-lines are shown individually and reconcile to the step. Volume/margin margin-first: vol = Δrev·m₁, margin = r₀·Δm. Consolidated P&L, annual durations only. Source: SEC EDGAR companyfacts · filings 2009–2026
Net income — profit bridge 2023 → 2025
Why profit moved: profit = revenue × margin. The bridge separates the volume effect from the margin effect and breaks the margin effect into the individual cost blocks.
Shown: FY23 5.07 → FY25 8.85, change 3.78.
- Volume 1.62
- Noninterest expense 3.00
- Income tax -0.84
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
A cost step contributes −Rev₀·Δ(step/Rev); tagged sub-lines are shown individually and reconcile to the step. Volume/margin by Shapley: vol = ½·Δrev·(m₀+m₁), margin = ½·(r₀+r₁)·Δm. Consolidated P&L, annual durations only. Source: SEC EDGAR companyfacts · filings 2009–2026
Net income — margin bridge 2023 → 2025
The same question in percentage points of margin. The volume effect is necessarily absent — more revenue alone does not change the margin; what remains are the cost ratios.
Shown: FY23 26.90% → FY25 37.01%, change 10.11%.
- Noninterest expense 14.04%
- Income tax -3.94%
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
A cost step contributes −Rev₀·Δ(step/Rev); tagged sub-lines are shown individually and reconcile to the step. Consolidated P&L, annual durations only. Source: SEC EDGAR companyfacts · filings 2009–2026
Net income — profit bridge 2022 → 2025
Why profit moved: profit = revenue × margin. The bridge separates the volume effect from the margin effect and breaks the margin effect into the individual cost blocks.
Shown: FY22 7.18 → FY25 8.85, change 1.67.
- Volume 1.17
- Margin 0.50
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
A cost step contributes −Rev₀·Δ(step/Rev); tagged sub-lines are shown individually and reconcile to the step. Volume/margin margin-first: vol = Δrev·m₁, margin = r₀·Δm. Consolidated P&L, annual durations only. Source: SEC EDGAR companyfacts · filings 2009–2026
Net income — profit bridge 2022 → 2025
Why profit moved: profit = revenue × margin. The bridge separates the volume effect from the margin effect and breaks the margin effect into the individual cost blocks.
Shown: FY22 7.18 → FY25 8.85, change 1.67.
- Volume 1.13
- Margin 0.54
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
A cost step contributes −Rev₀·Δ(step/Rev); tagged sub-lines are shown individually and reconcile to the step. Volume/margin by Shapley: vol = ½·Δrev·(m₀+m₁), margin = ½·(r₀+r₁)·Δm. Consolidated P&L, annual durations only. Source: SEC EDGAR companyfacts · filings 2009–2026
Net income — profit bridge 2022 → 2025
Why profit moved: profit = revenue × margin. The bridge separates the volume effect from the margin effect and breaks the margin effect into the individual cost blocks.
Shown: FY22 7.18 → FY25 8.85, change 1.67.
- Volume 1.17
- Noninterest expense 0.56
- Income tax -0.06
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
A cost step contributes −Rev₀·Δ(step/Rev); tagged sub-lines are shown individually and reconcile to the step. Volume/margin margin-first: vol = Δrev·m₁, margin = r₀·Δm. Consolidated P&L, annual durations only. Source: SEC EDGAR companyfacts · filings 2009–2026
Net income — profit bridge 2022 → 2025
Why profit moved: profit = revenue × margin. The bridge separates the volume effect from the margin effect and breaks the margin effect into the individual cost blocks.
Shown: FY22 7.18 → FY25 8.85, change 1.67.
- Volume 1.13
- Noninterest expense 0.60
- Income tax -0.06
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
A cost step contributes −Rev₀·Δ(step/Rev); tagged sub-lines are shown individually and reconcile to the step. Volume/margin by Shapley: vol = ½·Δrev·(m₀+m₁), margin = ½·(r₀+r₁)·Δm. Consolidated P&L, annual durations only. Source: SEC EDGAR companyfacts · filings 2009–2026
Net income — margin bridge 2022 → 2025
The same question in percentage points of margin. The volume effect is necessarily absent — more revenue alone does not change the margin; what remains are the cost ratios.
Shown: FY22 34.60% → FY25 37.01%, change 2.41%.
- Noninterest expense 2.69%
- Income tax -0.28%
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
A cost step contributes −Rev₀·Δ(step/Rev); tagged sub-lines are shown individually and reconcile to the step. Consolidated P&L, annual durations only. Source: SEC EDGAR companyfacts · filings 2009–2026
Common-size P&L — the two compared years
$bn · % of revenue| $bn | FY24 | FY25 | % rev FY24 | % rev FY25 | Δpp |
|---|---|---|---|---|---|
| Revenue | 19.61 | 23.92 | 100.0% | 100.0% | +0.0pp |
| Noninterest expense | 11.91 | 12.46 | 60.8% | 52.1% | -8.7pp |
| Income tax | 1.75 | 2.61 | 8.9% | 10.9% | +2.0pp |
| Net income | 5.94 | 8.85 | 30.3% | 37.0% | +6.7pp |
Free cash flow and capital returned
Free cash flow and capital returned
Capital returns — buybacks, dividends and what funds them
$bn / %Capital returned to shareholders
What flows back to shareholders — and what is available for it? The third series is free cash flow, which pays for both.
- Buybacks — from 0.00 to 7.35: FY21 0.00, FY22 3.40, FY23 2.84, FY24 0.00, FY25 7.35
- Dividends — from 1.82 to 2.33: FY21 1.82, FY22 2.11, FY23 2.28, FY24 2.27, FY25 2.33
- Free cash flow — from 1.20 to 8.76: FY21 1.20, FY22 1.09, FY23 18.89, FY24 2.05, FY25 8.76
Each series is one measure across the fiscal years; the points are reported or directly derived annual values, not smoothed.
Buybacks = PaymentsForRepurchaseOfCommonStock, dividends = PaymentsOfDividends(CommonStock); free cash flow = operating cash flow − capex. A zero is a reported zero, not a missing figure. Source: SEC EDGAR companyfacts · filings 2009–2026
Capital returned to shareholders
The same returns measured against what funds them. Values above 100% mean more was paid out than earned in the year.
- Buybacks — from 0.00% to 84.00%: FY21 0.00%, FY22 313.00%, FY23 15.00%, FY24 0.00%, FY25 84.00%
- Dividends — from 152.00% to 27.00%: FY21 152.00%, FY22 194.00%, FY23 12.00%, FY24 111.00%, FY25 27.00%
Each series is one measure across the fiscal years; the points are reported or directly derived annual values, not smoothed.
Buybacks = PaymentsForRepurchaseOfCommonStock, dividends = PaymentsOfDividends(CommonStock); free cash flow = operating cash flow − capex. A zero is a reported zero, not a missing figure. Source: SEC EDGAR companyfacts · filings 2009–2026
Capital returned to shareholders
The same returns measured against what funds them. Values above 100% mean more was paid out than earned in the year.
- Buybacks — from 0.00% to 83.00%: FY21 0.00%, FY22 47.00%, FY23 56.00%, FY24 0.00%, FY25 83.00%
- Dividends — from 31.00% to 26.00%: FY21 31.00%, FY22 29.00%, FY23 45.00%, FY24 38.00%, FY25 26.00%
Each series is one measure across the fiscal years; the points are reported or directly derived annual values, not smoothed.
Buybacks = PaymentsForRepurchaseOfCommonStock, dividends = PaymentsOfDividends(CommonStock); free cash flow = operating cash flow − capex. A zero is a reported zero, not a missing figure. Source: SEC EDGAR companyfacts · filings 2009–2026
Cash hierarchy — from operating cash flow to distributions
$bn / %| FY25 | FY24 | FY23 | FY22 | FY21 | |
|---|---|---|---|---|---|
| Operating cash flow | 9.3 | 2.7 | 19.6 | 2.1 | 2.1 |
| − Capex | 0.5 | 0.6 | 0.7 | 1.0 | 0.9 |
| = Free cash flow | 8.8 | 2.0 | 18.9 | 1.1 | 1.2 |
| Dividends | 2.3 | 2.3 | 2.3 | 2.1 | 1.8 |
| Share repurchases | 7.3 | 0.0 | 2.8 | 3.4 | 0.0 |
| = Total distributions | 9.7 | 2.3 | 5.1 | 5.5 | 1.8 |
| Distributions / FCF | 110 % | 111 % | 27 % | 507 % | 152 % |
| Distributions / net income | 109 % | 38 % | 101 % | 77 % | 31 % |
Automatically generated quantitative observations
Automatically generated quantitative observations
Selected by rule, not phrased freely: candidates are ranked by size of change and data quality, at most one observation per measure family. Each names start value, end value, change and the evidence page.
- Operating cash flow rose from 2.7bn in FY24 to 9.3bn in FY25, a change of +248.7 %. See page 7.
- Net income rose from 5.9bn in FY24 to 8.9bn in FY25, a change of +49.0 %. See page 5.
- Revenue rose from 19.6bn in FY24 to 23.9bn in FY25, a change of +22.0 %. See page 5.
- Total assets rose from 479.8bn in FY24 to 491.0bn in FY25, a change of +2.3 %. See page 6.
- Equity rose from 48.4bn in FY24 to 49.4bn in FY25, a change of +2.2 %. See page 6.
Data notes
- ROIC is not derivable from the available concepts and therefore appears in no tile.
- Single quarters are unwound from cumulative filings; the four quarters sum to the reported fiscal year.
Report an error or missing source
Source coverage
Every row is bound to something that is actually in the database or in the built artifact. Missing is a valid state — the gap is shown, not bridged.
| Layer | State | What it rests on |
|---|---|---|
| SEC / XBRL facts | ◐ Conditional | 34176 Fakten im Register, Quelle des Laufs unbenannt |
| Income statement, balance sheet, cash flow | ● Available | Folien GuV · Bilanz · Kapitalfluss |
| Segments | ● Available | Folie Segmente |
| Change decomposition | ● Available | Folien driver_walk_v2 · leverage_walk_v3 · segment_walk_v2 |
| Provenance and concept register | ● Available | Folie provenance · Konzeptregister |
| ARPY normalised model | ○ Missing | dieser Lauf kommt aus EDGAR, nicht aus einem ARPY-Modell |
| Management commentary (MD&A) | ○ Missing | MD&A-Extraktion ist nicht gebaut — kein Management-Claim ohne Zitat und Anker |
| Comparable peers | ○ Missing | kein Peer-Set im Lauf — operative Benchmarks folgen dem Comparables-Modul |
| Languages | ● Available | de · en · fa · ja |
Use the result — then reproduce it
The report is the distribution artifact. These four actions are part of its manifest, not a marketing block added afterwards.