SCHWAB CHARLES CORPSCHW
SCHWAB CHARLES CORP Debt Disclosure
Borrowings
CSC Senior Notes: CSC’s Senior Notes are unsecured obligations. CSC may redeem some or all of the Senior Notes of each series prior to their maturity, subject to certain restrictions, and the payment of an applicable make-whole premium in certain instances. Interest is payable semi-annually for the fixed-rate Senior Notes and quarterly for the floating-rate Senior Notes. Interest for the fixed-to-floating rate Senior Notes is payable semi-annually during the fixed-rate period of the notes and quarterly during the floating-rate period of the notes.
Ameritrade Holding LLC Senior Notes: Ameritrade Holding LLC’s Senior Notes are unsecured obligations. Ameritrade Holding LLC may redeem some or all of the Senior Notes of each series prior to their maturity, subject to certain restrictions, and the payment of an applicable make-whole premium in certain instances. Interest is payable semi-annually for the fixed-rate Senior Notes.
The following table lists long-term debt by instrument outstanding as of December 31, 2025 and 2024:
| Date of | Principal Amount Outstanding | ||||||||||
| Issuance | 2025 | 2024 | |||||||||
| CSC Fixed-rate Senior Notes: | |||||||||||
3.000% due March 10, 2025 | 03/10/15 | $ | — | $ | 375 | ||||||
4.200% due March 24, 2025 | 03/24/20 | — | 600 | ||||||||
3.625% due April 1, 2025 | 09/24/21 | — | 418 | ||||||||
3.850% due May 21, 2025 | 05/22/18 | — | 750 | ||||||||
3.450% due February 13, 2026 | 11/13/15 | 350 | 350 | ||||||||
0.900% due March 11, 2026 | 12/11/20 | 1,250 | 1,250 | ||||||||
1.150% due May 13, 2026 | 05/13/21 | 1,000 | 1,000 | ||||||||
5.875% due August 24, 2026 | 08/24/23 | 1,000 | 1,000 | ||||||||
3.200% due March 2, 2027 | 03/02/17 | 650 | 650 | ||||||||
2.450% due March 3, 2027 | 03/03/22 | 1,500 | 1,500 | ||||||||
3.300% due April 1, 2027 | 09/24/21 | 744 | 744 | ||||||||
3.200% due January 25, 2028 | 12/07/17 | 700 | 700 | ||||||||
2.000% due March 20, 2028 | 03/18/21 | 1,250 | 1,250 | ||||||||
4.000% due February 1, 2029 | 10/31/18 | 600 | 600 | ||||||||
3.250% due May 22, 2029 | 05/22/19 | 600 | 600 | ||||||||
2.750% due October 1, 2029 | 09/24/21 | 475 | 475 | ||||||||
4.625% due March 22, 2030 | 03/24/20 | 500 | 500 | ||||||||
1.650% due March 11, 2031 | 12/11/20 | 750 | 750 | ||||||||
2.300% due May 13, 2031 | 05/13/21 | 750 | 750 | ||||||||
1.950% due December 1, 2031 | 08/26/21 | 850 | 850 | ||||||||
2.900% due March 3, 2032 | 03/03/22 | 1,000 | 1,000 | ||||||||
| CSC Floating-rate Senior Notes: | |||||||||||
SOFR + 0.520% due May 13, 2026 | 05/13/21 | 500 | 500 | ||||||||
SOFR + 1.050% due March 3, 2027 | 03/03/22 | 500 | 500 | ||||||||
CSC Fixed-to-Floating rate Senior Notes (1): | |||||||||||
5.643% due May 19, 2029 | 05/19/23 | 1,200 | 1,200 | ||||||||
6.196% due November 17, 2029 | 11/17/23 | 1,300 | 1,300 | ||||||||
4.343% due November 14, 2031 | 11/14/25 | 1,000 | — | ||||||||
5.853% due May 19, 2034 | 05/19/23 | 1,300 | 1,300 | ||||||||
6.136% due August 24, 2034 | 08/24/23 | 1,350 | 1,350 | ||||||||
4.914% due November 14, 2036 | 11/14/25 | 1,000 | — | ||||||||
| Total CSC Senior Notes | 22,119 | 22,262 | |||||||||
| Ameritrade Holding LLC Fixed-rate Senior Notes: | |||||||||||
3.625% due April 1, 2025 | 10/22/14 | — | 82 | ||||||||
3.300% due April 1, 2027 | 04/27/17 | 56 | 56 | ||||||||
2.750% due October 1, 2029 | 08/16/19 | 25 | 25 | ||||||||
| Total Ameritrade Holding LLC Senior Notes | 81 | 163 | |||||||||
| Finance lease liabilities | 37 | 49 | |||||||||
| Unamortized premium — net | 33 | 54 | |||||||||
| Debt issuance costs | (82) | (93) | |||||||||
Fair value hedging basis adjustments (2) | 11 | (7) | |||||||||
| Total long-term debt | $ | 22,199 | $ | 22,428 | |||||||
(1) Interest rates presented are those in effect at December 31, 2025. See table below for additional information regarding future interest rates on fixed-to-floating rate Senior Notes.
(2) This represents the amount of fair value hedge basis adjustments related to Senior Notes hedged. See Notes 2 and 16 for more information on hedging of Senior Notes.
The following table details the changes in future interest rates on fixed-to-floating rate Senior Notes as of December 31, 2025:
| Maturity Date | Fixed Semi-annual Interest Rate | Date of Issuance | Floating Quarterly Interest Rate | Interest Rate Reset Date | ||||||||||
| May 19, 2029 | 5.643% | 05/19/23 | SOFR + 2.210% | 05/19/28 | ||||||||||
| November 17, 2029 | 6.196% | 11/17/23 | SOFR + 1.878% | 11/17/28 | ||||||||||
| November 14, 2031 | 4.343% | 11/14/25 | SOFR + 0.940% | 11/14/30 | ||||||||||
| May 19, 2034 | 5.853% | 05/19/23 | SOFR + 2.500% | 05/19/33 | ||||||||||
| August 24, 2034 | 6.136% | 08/24/23 | SOFR + 2.010% | 08/24/33 | ||||||||||
| November 14, 2036 | 4.914% | 11/14/25 | SOFR + 1.230% | 11/14/35 | ||||||||||
Annual maturities on all long-term debt outstanding at December 31, 2025, are as follows:
| Maturities | |||||
| 2026 | $ | 4,124 | |||
| 2027 | 3,463 | ||||
| 2028 | 1,950 | ||||
| 2029 | 4,200 | ||||
| 2030 | 500 | ||||
| Thereafter | 8,000 | ||||
| Total maturities | 22,237 | ||||
| Unamortized premium — net | 33 | ||||
| Debt issuance costs | (82) | ||||
Fair value hedging basis adjustments (1) | 11 | ||||
| Total long-term debt | $ | 22,199 | |||
(1) This represents the amount of fair value hedge basis adjustments related to long-term debt hedged. See Notes 2 and 16 for more information on hedging of long-term debt.
FHLB borrowings: Our banking subsidiaries maintain secured credit facilities with the FHLB. Amounts available under these facilities are dependent on the amount of bank loans and the value of certain investment securities that are pledged as collateral. There was $1.9 billion and $16.7 billion outstanding under these facilities as of December 31, 2025 and 2024, respectively, and these borrowings had a weighted-average interest rate of 3.90% and 5.11%, respectively. As of December 31, 2025 and 2024, the collateral pledged provided additional borrowing capacity of $74.2 billion and $59.8 billion, respectively.
Other short-term borrowings: Total other short-term borrowings outstanding at December 31, 2025 and 2024 were $6.9 billion and $6.0 billion, respectively, and had a weighted-average interest rate of 4.09% and 5.21%, respectively. Additional information regarding our other short-term borrowings facilities is described below.
The Company may engage with external financial institutions and the FICC in repurchase agreements collateralized by investment securities as another source of short-term liquidity. The Company had $1.3 billion and $5.5 billion outstanding pursuant to such repurchase agreements at December 31, 2025 and 2024, respectively. Repurchase agreements outstanding at December 31, 2025 mature between February 2026 and April 2026.
Our banking subsidiaries have access to funding through the Federal Reserve discount window. Amounts available are dependent upon the value of certain investment securities that are pledged as collateral. As of December 31, 2025 and 2024, our collateral pledged provided total borrowing capacity of $29.3 billion and $30.5 billion, respectively, of which no amounts were outstanding at the end of either year.
CSC has the ability to issue up to $5.0 billion of commercial paper notes with maturities of up to 270 days. There was $1.9 billion gross par value before discount of $32 million outstanding at December 31, 2025, and no amounts outstanding at December 31, 2024. CSC and CS&Co also have access to unsecured uncommitted lines of credit with external banks with total borrowing capacity of $1.9 billion; no amounts were outstanding at December 31, 2025 or 2024.
CS&Co maintains secured uncommitted lines of credit, under which CS&Co may borrow on a short-term basis and pledge either client margin securities or firm securities as collateral, based on the terms of the agreements. There was $3.8 billion and $500 million outstanding at December 31, 2025 and 2024, respectively, pursuant to these agreements.
Annual maturities on FHLB borrowings and other short-term borrowings outstanding at December 31, 2025 are as follows:
| 2026 | |||||
| FHLB borrowings | $ | 1,850 | |||
| Other short-term borrowings | 6,913 | ||||
| Total | $ | 8,763 | |||
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Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 25, 2026 | Showing above |
| 2024 | Feb 26, 2025 | |
| 2023 | Feb 23, 2024 | |
| 2022 | Feb 24, 2023 | |
| 2021 | Feb 24, 2022 | |
| 2020 | Feb 24, 2021 | |
| 2019 | Feb 26, 2020 | |
| 2018 | Feb 22, 2019 | |
| 2017 | Feb 22, 2018 | |
| 2016 | Feb 23, 2017 | |
| 2015 | Feb 24, 2016 | |
About Debt Disclosures
Debt disclosures detail a company's borrowing structure — the types of instruments, interest rates, maturity schedule, and covenant restrictions that define its financial obligations and flexibility. This section is essential for assessing refinancing risk, interest rate exposure, and the margin of safety against financial distress.
Key signals: the maturity schedule reveals concentration risk — large maturities within 1-2 years during tight credit markets can force dilutive refinancing or asset sales. Compare the fair value of debt against carrying amount to gauge whether the market views the company's credit risk differently than the balance sheet suggests. Watch covenant compliance disclosures for tightening cushions, especially leverage and interest coverage ratios. Variable-rate debt exposure quantifies sensitivity to interest rate changes. Secured versus unsecured mix affects recovery rates and future borrowing capacity. Compare net debt-to-EBITDA against industry peers and covenant limits to assess financial health.