Charles Schwab (SCHW) FY2020 results: revenue $11.7 billion, up 9.0% on the year
Charles Schwab Corp. (SCHW) reported revenue of $11.7 billion for fiscal 2020, the year ended 31 December 2020, up 9.0% on the year before. Net income was $3.3 billion, down 10.9%, and diluted earnings per share $2.12. The figures are the company's own, from the 10-K it filed with the SEC on 24 February 2021.
Revenue
$11.7 billion
+9.0% on the year
FY2013FY2020
Operating margin
n/a
FY2013FY2020
Net income
$3.3 billion
-10.9% on the year
FY2013FY2020
Diluted EPS
$2.12
-20.6% on the year
FY2013FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
11,691
10,721
10,132
+9.0%
Interest expense
418
1,064
857
-60.7%
Pre-tax income
4,300
4,848
4,562
-11.3%
Income tax
1,001
1,144
1,055
-12.5%
Effective tax rate
23.3%
23.6%
23.1%
Net income
3,299
3,704
3,507
-10.9%
Net margin
28.2%
34.5%
34.6%
Diluted EPS
$2.12
$2.67
$2.45
-20.6%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
6,852
9,325
12,456
-26.5%
Capital expenditure
631
708
570
-10.9%
Free cash flow
6,221
8,617
11,886
-27.8%
Free cash flow margin
53.2%
80.4%
117.3%
Cash from investing
-125,851
11,964
-40,555
Cash from financing
143,982
-13,939
47,166
Depreciation and amortisation
414
322
277
+28.6%
Share-based compensation
204
183
197
+11.5%
Buybacks
0.0
2,220
1,000
Dividends paid
1,280
1,060
787
+20.8%
Dividend per share
$0.72
$0.68
$0.46
+5.9%
Diluted shares, weighted
1,435m
1,320m
1,361m
+8.7%
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
56,060
21,745
20,670
+157.8%
Deposits
358,022
220,094
231,423
+62.7%
Short-term borrowings
0.0
n/a
0.0
Debt
13,632
7,430
6,878
+83.5%
Other liabilities
121,295
44,736
37,511
+171.1%
Total liabilities and equity
549,009
294,005
296,482
+86.7%
Fixed assets
2,883
2,128
1,769
+35.5%
Goodwill
11,952
1,227
1,227
+874.1%
Intangible assets
9,991
128
152
+7,705.5%
Securities held for sale or to maturity
337,400
196,128
210,587
+72.0%
Loans
23,813
18,212
16,609
+30.8%
Securities borrowed
873
735
101
+18.8%
Cash and equivalents
40,348
29,345
27,938
+37.5%
Other assets
121,749
46,102
38,099
+164.1%
Total assets
549,009
294,005
296,482
+86.7%
10-K for the year ended 31 December 2020, filed 24 February 2021: the filing.