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Charles Schwab (SCHW) FY2022 results: revenue $20.8 billion, up 12.1% on the year

Charles Schwab Corp. (SCHW) reported revenue of $20.8 billion for fiscal 2022, the year ended 31 December 2022, up 12.1% on the year before. Net income was $7.2 billion, up 22.7%, and diluted earnings per share $3.50. The figures are the company's own, from the 10-K it filed with the SEC on 24 February 2023.

Revenue
$20.8 billion
+12.1% on the year
FY2015FY2022
Operating margin
n/a
FY2015FY2022
Net income
$7.2 billion
+22.7% on the year
FY2015FY2022
Diluted EPS
$3.50
+23.7% on the year
FY2015FY2022

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2022 · Q2 FY2022 · Q3 FY2022 · Q4 FY2022

Income statement (profit and loss)

$ millionFY2022FY2021FY2020On the yearLast 8 years
Revenue20,76218,52011,691+12.1%
Interest expense1,545476418+224.6%
Pre-tax income9,3887,7134,300+21.7%
Income tax2,2051,8581,001+18.7%
Effective tax rate23.5%24.1%23.3%
Net income7,1835,8553,299+22.7%
Net margin34.6%31.6%28.2%
Diluted EPS$3.50$2.83$2.12+23.7%
$ 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

$ millionFY2022FY2021FY2020On the yearLast 8 years
Operating cash flow2,0572,1186,852-2.9%
Capital expenditure971916631+6.0%
Free cash flow1,0861,2026,221-9.7%
Free cash flow margin5.2%6.5%53.2%
Cash from investing32,048-75,663-125,851
Cash from financing-68,72396,323143,982
Depreciation and amortisation652549414+18.8%
Share-based compensation366254204+44.1%
Buybacks3,3950.00.0
Dividends paid2,1101,8221,280+15.8%
Dividend per share$0.84$0.72$0.72+16.7%
Diluted shares, weighted1,894m1,897m1,435m-0.2%

Balance sheet

$ millionFY2022FY2021FY2020On the yearLast 8 years
Shareholders' equity36,60856,26156,060-34.9%
Deposits366,724443,778358,022-17.4%
Short-term borrowings17,0504,8550.0+251.2%
Debt20,82818,91413,632+10.1%
Other liabilities110,562143,462121,295-22.9%
Total liabilities and equity551,772667,270549,009-17.3%
Fixed assets3,7143,4422,883+7.9%
Goodwill11,95111,95211,952-0.0%
Intangible assets8,7899,3799,991-6.3%
Securities held for sale or to maturity320,945390,054337,400-17.7%
Loans40,50534,63623,813+16.9%
Securities borrowed705582873+21.1%
Cash and equivalents40,19562,97540,348-36.2%
Other assets124,968154,250121,749-19.0%
Total assets551,772667,270549,009-17.3%

10-K for the year ended 31 December 2022, filed 24 February 2023: the filing.