Reports a record year with $519B in net new assets, growth across all client segments, and strong operational execution.

Attributes success to having the best platform (thinkorswim, mobile, web) combined with service, coaching, and network, offering clients everything without trade-offs.

Retail trading activity was up 30% last year and is up another 20% year-to-date. Clients are engaged, generally optimistic, and seeking more comprehensive financial help.

AI will significantly impact how clients invest, consume research, and how Schwab serves them, helping bridge the gap for clients who can't get a 1-to-1 consultant.

The story on digital assets is unwritten; Schwab expects Bitcoin and Ethereum spot launch in H1 2026.

Schwab is cautious on offering gambling, as it detracts from client wealth, which is counter to their mission.

The idea of Bitcoin as 'digital gold' or a store of value is being tested. In the last year, the dollar down, gold and silver up ~100%, but Bitcoin is down 40%.

There is tremendous retail interest in silver and gold; 8.5% of Schwab's option volume last week was in silver/gold options, a dramatic increase.

Bitcoin's 50% annualized volatility means large price swings are to be expected.

We feel fine about the market. While valuations are high, the economy is strong and there are lots of reasonably valued stocks.

As long as the economy stays with relatively low unemployment and reasonable inflation, we'll continue to see markets do well.

Schwab's focus is on innovation across trading, wealth, lending, and advisor support to help clients with their entire financial life.