SCHW — Q2 2026 Earnings Preview

Company: Charles Schwab Corporation (SCHW) Earnings Date: July 21, 2026 (Pre-Market) Prepared: July 20, 2026

Reporting Period: Q2 2026 (fiscal quarter ending June 30, 2026) Last Reported: Q1 2026 (April 16, 2026) Current Price: $102.54 (as of July 20, 2026)

1. Earnings Preview

Key Takeaway: The setup into Q2 2026 is modestly constructive — consensus is not a high bar given management's May Investor Day scenario update, but the single biggest swing factor is whether NIM continues its upward trajectory and whether management delivers a formal, upgraded full-year EPS scenario that closes the gap with Street consensus.

Heading into Q2 2026, Schwab faces a deceptively nuanced setup: the bar is achievable but not low, with consensus calling for adjusted EPS of ~$1.55 (up ~8% sequentially from Q1's record $1.43) and total revenue of ~$6.91B (+6.6% sequentially), both of which are supported by management's own May Investor Day scenario that assumed no rate cuts, ~5% organic growth, and 8.7M DARTs. Management's tone has been consistently bullish since Q1 — at the May 14 Investor Day, CFO Verdeschi pulled forward the scenario update (originally planned for July) citing significant market moves, and explicitly guided to full-year 2026 revenue of ~$11.0B and adjusted EPS of ~$6.40, both above the January scenario range — signaling confidence in the trajectory. Estimate revisions have drifted modestly higher since Q1 earnings, with the 2026 consensus EPS now in the $6.30–$6.40 range, broadly in line with management's updated scenario, leaving little room for a positive revision surprise but also limiting downside risk. The stock has recovered sharply from its post-Q1 earnings selloff (down ~7.2% on April 16 despite the beat), now trading at ~$102.54, up ~10.7% since earnings day and roughly in line with the broker-dealer ETF (IAI), suggesting the market has largely re-rated the stock back toward fair value without pricing in aggressive upside. The key wildcard is NIM trajectory: with no rate cuts now expected (vs. two assumed in January), management hinted at upside to the prior NIM path, and any formal Q2 NIM beat above the ~2.98% consensus — combined with an upgraded full-year scenario — could be the catalyst to break the stock out of its post-earnings range.

Bar: Consensus adjusted EPS of ~$1.55 is a moderate bar — achievable given the rate tailwind and strong trading volumes, but not trivially easy given Q2 seasonal cash outflows (tax payments in April) that management flagged would pressure transactional sweep cash.

Guidance / Tone: Management has been notably more confident since Q1 earnings. The May Investor Day scenario update (pulled forward from July) was a clear signal of conviction, with the CFO explicitly stating the firm is tracking above the January EPS scenario range and providing a refreshed full-year outlook of ~$11.0B revenue and ~$6.40 adjusted EPS.

Estimate Trajectory: Revisions have moved modestly higher post-Q1, with 2026 consensus EPS now broadly aligned with management's updated scenario. The gap between management guidance and Street estimates has largely closed, reducing both upside and downside revision risk.

Stock Setup: SCHW has recovered ~10.7% from its April 16 post-earnings low of $92.62 to $102.54, broadly tracking the broker-dealer ETF (IAI, +6.0%) and outperforming the S&P 500 (+5.8%) over the same period. At ~$102, the stock trades at approximately 16x forward 2026 EPS of ~$6.40 — a reasonable multiple for a quality compounder, not stretched, but not pricing in meaningful upside from new initiatives.

Wildcard: NIM trajectory and the formal full-year scenario update. If Q2 NIM comes in above the ~2.98% consensus and management raises the full-year EPS scenario above $6.40, the stock could re-rate meaningfully higher. Conversely, any commentary suggesting cash sweep competitive pressure is accelerating (e.g., JPMorgan's competing product gaining traction) could weigh on the stock despite a headline beat.

2. KPIs & Consensus Expectations

Key Takeaway: Consensus is a moderate but achievable bar — NIM is the bigger swing factor for the stock, while Core NNA will determine whether management's 5% organic growth target is on track for the full year.

Table 1 — Q2 2026 Current Quarter Snapshot (All Key KPIs)

Source: Visible Alpha Consensus and Actuals Data. All consensus figures as of July 20, 2026.

Table 2 — Beat / Miss History (Last 8 Quarters, Top 2 KPIs)

Top KPI 1: Adjusted EPS - Diluted | Top KPI 2: Core Net New Assets ($B)

* Q3 2025 NNA consensus appears to have included a one-time mutual fund clearing inflow that inflated the estimate; the underlying organic NNA was broadly in line. Source: Visible Alpha Consensus and Actuals Data.

Pattern: SCHW has beaten adjusted EPS consensus in 7 of the last 8 quarters, with an average positive surprise of ~3–4%; Core NNA has been more volatile vs. consensus, with large beats in Q4 2024, Q1 2025, and Q1 2026 offset by a distorted Q3 2025 miss.

3. Guidance & Commentary Evolution

Key Takeaway: Management has materially upgraded its tone and formal guidance since Q1 earnings — the May Investor Day scenario update (pulled forward from July) raised the full-year EPS target above the January range and explicitly flagged NIM upside from a no-rate-cut environment, leaving the Q2 print as the first formal test of the upgraded scenario.

Sources: SCHW Q1 2026 Earnings Call Transcript (April 16, 2026); SCHW Institutional Investor Day Transcript (May 14, 2026); SCHW 8-K filings (April 22, 2026; June 29, 2026).

4. Guidance vs. Estimate Revision Tracker

Key Takeaway: Consensus estimates have moved materially higher since Q1 earnings, largely closing the gap with management's updated Investor Day scenario; the 2026 full-year EPS consensus of ~$6.30 is now broadly aligned with management's ~$6.40 scenario, leaving limited room for further positive revision surprise but also reducing downside risk.

Note: Pre-Q1 and Post-Q1 consensus figures are approximate, based on management scenario ranges disclosed at the January Winter Business Update and Q1 2026 Earnings Call. Current consensus figures sourced from Visible Alpha as of July 20, 2026. FY2026 Total Revenue VA consensus figure of $27.6B appears to reflect a full-year annualized or multi-year aggregate; the Investor Day scenario of ~$11.0B is the operative management target for FY2026.

5. Stock Performance

Key Takeaway: SCHW has recovered +10.7% from its post-Q1 earnings selloff low of $92.62 (April 16) to $102.54 (July 20), broadly tracking the broker-dealer ETF (IAI, +6.0%) and outperforming the S&P 500 (+5.8%) over the same period — the stock is no longer pricing in a miss, but is not yet pricing in meaningful upside from new initiatives.

SCHW vs. IAI (Broker-Dealer ETF) vs. S&P 500 — Indexed to 100 at Q1 2026 Earnings (Apr 16, 2026). Source: Stock Price Data.

• April 16 (Q1 Earnings): SCHW fell -7.2% (from $100.27 to $92.62) on heavy volume (~3x average) despite beating on EPS ($1.43 vs. $1.40 consensus) and revenue ($6.48B vs. $6.50B consensus). Investors focused on the gap between management's $5.70–$5.80 FY EPS scenario and Street consensus, and ongoing NIM/cash sweep sensitivity concerns.
• April 22 (Preferred Stock Issuance): SCHW issued 6.100% Fixed-Rate Reset Preferred Stock, signaling active capital management and balance sheet optimization. Stock continued to drift lower through late April as the market digested the Q1 selloff.
• May 14 (Investor Day): Management pulled forward the scenario update from July, raising the FY2026 EPS scenario to ~$6.40 and revenue to ~$11.0B. Stock initially dipped to $89.44 on the day (market-wide volatility), but began recovering thereafter as investors digested the constructive guidance.
• June 29 ($1B Senior Notes Issuance): SCHW issued $1B in Fixed-to-Floating Rate Senior Notes, further demonstrating balance sheet flexibility and access to capital markets at favorable rates.
• July Recovery: SCHW rallied sharply in early July, reaching $103.12 on July 10 before settling at $102.54 on July 20. The rally was driven by broad financial sector strength (large bank Q2 earnings beats from JPM, BAC, MS, GS) and anticipation of SCHW's own Q2 print.

6. Material News & Developments (Since Q1 2026 Earnings)

Key Takeaway: The post-Q1 period has been unusually active for Schwab — the Investor Day scenario upgrade, crypto client rollout launch, AI product launches, and two capital markets transactions all represent meaningful incremental positives that the market is still digesting heading into Q2 earnings.

• Investor Day (May 14, 2026): Management pulled forward the financial scenario update from July, raising FY2026 adj. EPS to ~$6.40 (from $5.70–$5.80 January range) and FY2026 revenue to ~$11.0B. Scenario assumes no rate cuts, ~5% organic growth, and 8.7M DARTs. Live AI product demos featured Portfolio Insights, AI assistants, and agentic capabilities.
• Crypto Client Rollout (Late April / May 2026): Following the employee pilot, Schwab began a phased client rollout of spot crypto trading for Bitcoin and Ether at 75 bps pricing. The firm plans to add additional cryptocurrencies and transfer capabilities over time, building its own custody infrastructure as tokenization optionality.
• AI Product Launches (June 2026): The first Investor AI assistant launched in June 2026, enabling client interaction via chat and voice for service and support. Portfolio Insights (AI-enabled tailored insights) began rolling out. Agentic capabilities are expected to launch in summer 2026. Generative search for schwab.com is planned for later in 2026.
• Preferred Stock Issuance (April 22, 2026): SCHW issued 6.100% Fixed-Rate Reset Preferred Stock, raising capital while maintaining flexibility to evaluate existing preferred securities for redemption over the course of 2026.
• $1B Senior Notes Issuance (June 29, 2026): SCHW issued $1B in Fixed-to-Floating Rate Senior Notes, demonstrating continued access to capital markets at favorable rates and supporting balance sheet flexibility for lending growth and securities portfolio redeployment.
• Teen Investor Accounts Launched: Schwab launched investor accounts for ages 13–17 as a long-term client acquisition and brand differentiation strategy, targeting the next generation of retail investors.
• ETF Monetization Strategy: Negotiations with asset managers are underway; management expects the ETF monetization strategy to be “live by year-end.” Active ETFs are expected to offer more economic opportunity than passive due to higher fees.
• Forge Acquisition Integration: The Forge acquisition (alternatives platform) closed, with capabilities being rolled out to clients over time. A structured asset line for advisers has been launched, and Schwab is focused on making alternative investments easier for advisors.
• Cash Sweep Competitive Dynamics: Management proactively defended the cash sweep model against JPMorgan's competing product, emphasizing multiple monetization levers (trading, wealth, lending, agentic advisory fees) and drawing parallels to commission compression as a precedent for successful adaptation. No material client defection data has been disclosed.
• Prediction Markets Optionality: Management expressed openness to financial event-based prediction markets tied to economic data (employment/inflation reports), explicitly excluding sports gambling. CBOE/NASDAQ binary options on financial events are seen as a natural entry point.

7. Peer Commentaries — Q2 2026 Read-Throughs

Key Takeaway: Peer commentary from Q2 2026 earnings calls and conferences is broadly constructive for SCHW — record trading volumes, strong asset gathering, and resilient NIM across the broker-dealer and wealth management universe all point to a favorable industry backdrop heading into SCHW's print; the key read-through risk is whether SCHW's retail-focused trading mix captured the same elevated activity levels seen at IBKR and HOOD.

Scope: The following commentary is sourced exclusively from peer earnings calls, investor days, and conferences occurring after SCHW's Q1 2026 earnings (April 16, 2026) and pertaining to Q2 2026 conditions or the current operating environment. Q1 2026 results commentary from peers is excluded.

Trading Activity & Daily Average Trades (DARTs)

• Interactive Brokers (IBKR) — Q1 2026 Earnings (Apr 21, 2026): IBKR reported total customer DARTs of 4.4M/day in Q1, +24% YoY, with overnight trading volumes nearly tripling YoY. Management welcomed the SEC's elimination of the Pattern Day Trader rule, stating it will “broaden retail access, increase trading frequency and engagement and also liquidity in the markets.” Read-through: Elimination of the PDT rule is a structural tailwind for SCHW's retail trading volumes in Q2 and beyond, supporting the elevated DARTs consensus of ~11M.
• Robinhood (HOOD) — Q1 2026 Earnings (Apr 28, 2026) & Conferences (May–Jun 2026): HOOD observed double-digit YoY growth in equity and option volumes in Q1. April was on track to be the highest month of the year for equity and option trading volumes and the second-highest in company history. Read-through: April trading strength at HOOD is a direct positive read-through for SCHW's Q2 DARTs, which will capture the full April–June period. If April was HOOD's second-highest month ever, SCHW's Q2 DARTs could surprise to the upside vs. the 11M consensus.
• JPMorgan (JPM) — Q2 2026 Earnings (Jul 14, 2026): JPM's equities business saw revenue increase 86% YoY due to “highly dynamic market conditions.” Clients were described as “extremely active,” with high volumes visible on major exchanges. Read-through: Broad-based client engagement and elevated equity market activity in Q2 is a strong positive read-through for SCHW's DARTs and trading revenue, though SCHW's retail mix may see lower revenue per trade than JPM's institutional franchise.
• Bank of America (BAC) — Q2 2026 Earnings (Jul 14, 2026): BAC's equities delivered a record $3.6B in revenue, up 70%, driven by “client financing activity and strong trading performance in derivatives and cash.” Fixed income had its “strongest quarter in more than a decade.” Read-through: Record institutional equity volumes at BAC confirm the Q2 trading environment was exceptionally strong, supporting SCHW's elevated DARTs consensus.
• Morgan Stanley (MS) — Q2 2026 Earnings (Jul 15, 2026): MS reported that “institutional and retail client engagement remains strong throughout the quarter.” Transactional revenues in wealth management were $1.2B, up 20% YoY, reflecting “highly engaged retail clients across both advisor-led and self-directed channels.” Read-through: The explicit call-out of “highly engaged retail clients” in self-directed channels is a direct positive read-through for SCHW's retail trading and DAT volumes in Q2.
• State Street (STT) — Q2 2026 Earnings (Jul 16, 2026): STT experienced “record FX trading volumes and revenues in the second quarter,” driven by “record high client volumes.” FX trading services revenue increased 27% YoY. Read-through: Record trading volumes across asset classes in Q2 confirm the industry-wide elevated activity environment that should benefit SCHW's DARTs.

Net New Assets & Wealth Management Flows

• Morgan Stanley (MS) — Q2 2026 Earnings (Jul 15, 2026): Wealth Management added a record $148B in net new assets (driven by large IPOs from workplace clients) and strong fee-based flows of $39B. MS remains the industry leader in NNA. Read-through: Record NNA at MS confirms the Q2 asset gathering environment was exceptionally strong. SCHW's consensus NNA of ~$108B (vs. Q1's record $140B) may prove conservative if the industry-wide momentum continued through June.
• Raymond James (RJF) — Q2 2026 Earnings (Apr 22, 2026) & Investor Day (May 27, 2026): RJF reported domestic net new assets of $23B in fiscal Q2, a 5.8% annualized growth rate. The 7% annualized rate for the first half of the fiscal year was described as “leading the industry.” Management attributed the strong NNA to its “adviser choice” model driving both recruiting and retention. Read-through: RJF's strong NNA and adviser retention commentary suggests the competitive environment for asset gathering remains robust, which is broadly positive for SCHW's organic growth trajectory. However, RJF's aggressive recruiting environment (which drove higher adviser departures at Ameriprise) could represent a modest headwind for SCHW's Advisor Services channel.
• Robinhood (HOOD) — Q1 2026 Earnings (Apr 28, 2026): HOOD reported net deposits of $18B in Q1, representing over 20% annualized growth. April net deposits were approximately $5B month-to-date. Read-through: HOOD's continued strong deposit growth at 20%+ annualized rates confirms that retail investor engagement and asset gathering momentum remained strong into Q2, a positive read-through for SCHW's NNA.
• JPMorgan (JPM) — Q2 2026 Earnings (Jul 14, 2026): JPM recorded long-term net inflows of $50B with strength across fixed income and equity. AUM reached $5.1T and total client assets hit $7.7T, up 18–19% YoY. Read-through: Broad-based asset gathering strength at JPM, combined with higher market levels, supports SCHW's total client assets consensus of ~$12.975T (vs. Q1's $11.768T).
• State Street (STT) — Q2 2026 Earnings (Jul 16, 2026): STT reported net inflows of $114B, its fifth consecutive quarter of positive organic growth, driven by strong index, ETF, and cash net inflows. AUM reached a record $6.3T and AUC hit a record $57.9T. Read-through: STT's fifth consecutive quarter of positive organic growth and record AUM/AUC levels confirm the industry-wide asset gathering tailwind that should support SCHW's managed investing flows and total client assets.
• Bank of America (BAC) — Q2 2026 Earnings (Jul 14, 2026): BAC's GWIM segment saw AUM flows of ~$14B in Q2 and added 6,000 net new affluent households. AUM grew 17% YoY to $2.3T. Read-through: BAC's continued affluent household acquisition and AUM growth confirms the wealth management competitive environment remains active, with multiple platforms successfully growing simultaneously — a rising tide dynamic that benefits SCHW.

Cash Sweep, NIM & Client Cash Behavior

• Ameriprise (AMP) — Q1 2026 Earnings (Apr 23, 2026): AMP reported cash sweep balances of $29.4B (vs. $29.9B prior quarter), consistent with seasonal tax payment patterns. Total client cash of $86B was essentially flat YoY and sequentially. Management noted that elevated cash balances in third-party money market funds (~$48B) declined for the first time in January/February but rebuilt modestly in March due to volatility. Management views this as “an important opportunity when rates decline to see these cash balances deployed into other products on the platform.” Read-through: AMP's seasonal Q1 cash sweep decline (tax payments) validates SCHW management's Q1 call warning about Q2 seasonal cash outflows. However, AMP's stable overall cash levels suggest the structural cash sweep risk is not accelerating — a modest positive for SCHW's NIM trajectory.
• Morgan Stanley (MS) — Morgan Stanley U.S. Financials Conference (Jun 9, 2026): MS management discussed the wealth management NIM environment, noting that transactional revenues were up 20% YoY in Q2, reflecting highly engaged retail clients. The firm's bank deposit and sweep dynamics were described as stable. Read-through: Stable sweep dynamics at MS through June is a positive read-through for SCHW's Q2 NIM, suggesting the seasonal Q2 cash outflow headwind (flagged by SCHW management) did not escalate into a structural outflow.
• Bank of New York Mellon (BK) — Q2 2026 Earnings (Jul 15, 2026): BK saw double-digit YoY growth in average daily clearing volumes and average collateral balances of $8.2T, up 16% YoY. The firm's custody and clearing business continued to benefit from elevated market activity. Read-through: Strong clearing and custody volumes at BK confirm the elevated market activity environment in Q2, which supports SCHW's trading revenue and client engagement metrics.
• JPMorgan (JPM) — Bernstein Strategic Decisions Conference (May 27, 2026): JPM management discussed the competitive dynamics in retail banking and wealth management, noting that clients remain “extremely active” and that margin loan balances are visible through exchange volumes. Read-through: JPM's commentary on elevated margin loan activity is a positive read-through for SCHW's bank lending and margin loan balances, which hit records in Q1 2026 ($61B bank loans, $127B margin loans).

Broader Wealth Management & Fintech Themes

• Robinhood (HOOD) — JP Morgan TMT Conference (May 19, 2026) & Piper Sandler Fintech Conference (Jun 4, 2026): HOOD management discussed its expanding product suite (crypto, options, retirement accounts, credit card) and continued strong user engagement. The firm highlighted that its younger demographic is increasingly using HOOD as a primary financial account. Read-through: HOOD's continued product expansion and demographic penetration represents a competitive dynamic for SCHW's younger client acquisition strategy (teen accounts, crypto launch). However, SCHW's scale, brand, and advisor channel provide meaningful differentiation.
• Robinhood (HOOD) — Bernstein Strategic Decisions Conference (May 27, 2026): HOOD discussed its crypto strategy and competitive positioning, noting strong engagement from retail investors in digital assets. The firm highlighted its competitive pricing and custody infrastructure. Read-through: HOOD's crypto commentary confirms the retail demand for digital asset trading is real and growing — a positive read-through for SCHW's own crypto launch (BTC + ETH at 75 bps), which began its phased client rollout in Q2 2026.
• Raymond James (RJF) — 2026 Analyst & Investor Day (May 27, 2026): RJF management emphasized its “adviser choice” model as the key driver of 7% annualized NNA growth, describing it as “leading the industry.” The firm highlighted strong adviser retention despite a competitive recruiting environment. Read-through: RJF's strong adviser retention and NNA growth in a competitive environment validates the industry-wide asset gathering tailwind. For SCHW, the key question is whether its Advisor Services channel (which contributed meaningfully to Q1 NNA) maintained momentum in Q2.
• Goldman Sachs (GS) — Q2 2026 Earnings (Jul 14, 2026) & Bernstein Conference (May 28, 2026): GS reported strong equities and FICC revenues in Q2, driven by elevated client activity and market volatility. The firm's wealth management segment continued to grow AUM and client assets. Read-through: GS's strong Q2 results across trading and wealth management confirm the favorable industry backdrop for SCHW's Q2 print, particularly for trading revenue and managed investing flows.

Sources: IBKR Q1 2026 Earnings Call (Apr 21, 2026); HOOD Q1 2026 Earnings Call (Apr 28, 2026), JP Morgan TMT Conference (May 19, 2026), Piper Sandler Fintech Conference (Jun 4, 2026), Bernstein Conference (May 27, 2026); AMP Q1 2026 Earnings Call (Apr 23, 2026); RJF Q2 2026 Earnings Call (Apr 22, 2026), 2026 Analyst & Investor Day (May 27, 2026); MS Q2 2026 Earnings Call (Jul 15, 2026), Morgan Stanley U.S. Financials Conference (Jun 9, 2026); JPM Q2 2026 Earnings Call (Jul 14, 2026), Bernstein Conference (May 27, 2026); BAC Q2 2026 Earnings Call (Jul 14, 2026), Bernstein Conference (May 27, 2026), Morgan Stanley U.S. Financials Conference (Jun 9, 2026); STT Q2 2026 Earnings Call (Jul 16, 2026); BK Q2 2026 Earnings Call (Jul 15, 2026); GS Q2 2026 Earnings Call (Jul 14, 2026), Bernstein Conference (May 28, 2026).

8. Insider Transaction Activity

Key Takeaway: Insider activity since Q1 earnings is dominated by routine 10b5-1 plan sales and option exercises — the one notable exception is CEO Rick Wurster's open-market purchase of 21,959 shares (~$1.9M) on May 28, which is a meaningful positive signal of management conviction at current price levels.

Source: SEC Form 4 filings via Insider Transaction Data. Transaction codes: P = open-market purchase; S = open-market sale; M = option exercise; F = tax withholding; A = award/grant.

Key Observation: CEO Rick Wurster's open-market purchase of 21,959 shares on May 28, 2026 — executed at approximately $85–$90/share (stock was trading in the $85–$92 range in late May) and not under a 10b5-1 plan — is the most meaningful insider signal in the period. This represents a discretionary, non-plan purchase by the CEO at prices well below the current $102.54, suggesting management viewed the post-Q1 selloff as an attractive entry point. All other transactions are routine compensation grants, tax withholding sales, or pre-planned 10b5-1 sales with no directional signal.

Appendix: Key Risks & Considerations

• Cash Sweep Competitive Risk: JPMorgan's competing cash sweep product remains the most-watched competitive threat. Any Q2 commentary suggesting accelerating client cash migration away from SCHW's sweep accounts would be a significant negative for NIM and the stock.
• NIM Sensitivity to Rate Path: The current consensus NIM of 2.98% assumes no rate cuts. Any shift in the Fed's rate path (e.g., unexpected cuts in response to economic weakness) would pressure NIM and require a downward revision to the full-year EPS scenario.
• DARTs Normalization: Q1 2026 DARTs of 9.9M were a record, driven by elevated market volatility. The Investor Day scenario assumed 8.7M DARTs for FY2026, implying normalization. If Q2 DARTs come in below the 11M consensus (which is above the Investor Day scenario), it could be a negative surprise.
• Expense Creep: Q1 2026 operating expenses of $3.151B were +5% YoY, at the high end of the mid-single-digit guidance range. Continued investment in AI, crypto, branches, and Forge integration could push expenses above guidance, compressing the adjusted pre-tax margin.
• Crypto & AI Execution Risk: The phased crypto client rollout and multiple AI product launches represent meaningful execution risk. Any delays, technical issues, or regulatory challenges could disappoint investors who are beginning to assign value to these initiatives.
• Balance Sheet / Capital Allocation: The preferred stock issuance (April 22) and $1B senior notes (June 29) add to the capital structure. Management's evaluation of preferred securities redemption could result in one-time charges or dilution if not executed optimally.
• Macro / Market Volatility: Continued market volatility (tariff uncertainty, geopolitical risks) could drive higher DARTs but lower revenue per trade (smaller position sizes), creating a mixed revenue impact. A sharp market selloff could also reduce total client assets and asset management fees.