Core Thesis - The Charles Schwab Corporation is experiencing strong operational momentum, with a bullish outlook supported by robust financial results and strategic initiatives [1][7]. Financial Performance - Total net revenue reached a record $6.1 billion, reflecting a 5% sequential increase and a 27% year-over-year growth, primarily driven by an 8% quarter-over-quarter rise in net interest income [3]. - Adjusted EPS was reported at $1.31, up 15% quarter-over-quarter and 70% year-over-year, exceeding consensus estimates by 5% [3]. - The company achieved a pre-tax margin of 51.3%, with adjusted operating expenses rising only 2% quarter-over-quarter [3]. Operating Trends - Net Interest Margin (NIM) expanded by 21 basis points to 2.86%, and client assets reached a record $11.6 trillion [4]. - Asset management balances grew by 9% quarter-over-quarter, with net new assets of $138 billion indicating strong organic growth [4]. - Despite a slight softening in trading activity quarter-over-quarter, it remained significantly higher year-over-year, with continued attraction of younger households [4]. Strategic Initiatives - Schwab expects full-year EPS to finish approximately 2% above its prior outlook, implying around $4.75 [5]. - The company executed $2.7 billion in buybacks during the quarter, maintaining strong capital return and leverage ratios above targets [5]. - Plans to launch spot crypto trading in the first half of 2026 and ongoing investment in branch expansion are expected to support strategic positioning [5].