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Markets

Schwab Had a Record Quarter and Fell 2.7%. U.S. Bancorp Beat and Rose: Day Three of Bank Earnings

Charles Schwab earned a record $1.69 a share, adjusted, up 29%, and the stock closed at $94.16, its lowest since June. U.S. Bancorp beat on earnings and rose 2.01%; PNC beat by 18 cents and ended flat. BlackRock rose 4.38%.

Oct 16, 2026

Three days into the third-quarter bank reporting season, the scoreboard reads four results-day declines out of six large lenders. Charles Schwab was the latest. It reported record adjusted earnings of $1.69 a share, up 29% from a year earlier and above the roughly $1.66 analysts expected, on revenue of $7.17 billion, up 17%. Core net new assets were $190 billion, net interest revenue rose 14% to nearly $3.5 billion, and daily trades averaged 10.7 million.

The stock opened 3.5% lower at $93.40, fell to $91.38 and closed at $94.16, down 2.73%, its lowest close since June 30. Coverage of the earnings call pointed to a revenue figure a touch below the $7.2 billion forecast, a decline in clients' sweep cash balances from the previous quarter, and expectations that had run ahead of the numbers. "What we are seeing here, again, is cash going back into the market given that pickup in sentiment," chief financial officer Mike Verdeschi said of the cash decline.

U.S. Bancorp broke the pattern. It earned $1.34 a share against $1.32 expected on revenue of $7.97 billion, a hair below forecasts, and the stock rose 2.01% to $57.39. PNC earned an adjusted $5.09 a share, 18 cents above estimates, opened 3.4% lower, and recovered to close down 0.40% at $214.94.

The financial sector as a whole had a good day once the inflation scare faded: the Financial Select Sector SPDR (XLF) rose 1.38%. BlackRock, which reported on Wednesday, gained 4.38% to $1,120.78, its highest close since September 4. Wells Fargo added 2.29% and Bank of America 0.60% after Wednesday's 4.76% drop.

The pattern across the week — beats followed by lower closes at Goldman, JPMorgan, Citigroup, Morgan Stanley and now Schwab — says more about where the stocks started than about the quarters themselves. After a strong run into results, a beat is the minimum the market is willing to accept.