Charles Schwab's Strong Financial Performance and Strategic Growth Initiatives Earns Buy RatingWe maintain our Outperform rating on 3Q25 results. With its high-cost funding largely paid down, we anticipate Schwab will pivot to reinvesting maturing securities at higher yields, which we expect will largely offset NIM headwinds from Fed Funds cuts. Retail trading activity remains robust, as does margin loan utilization. Beyond the improving near- term financial outlook, we’re encouraged by solid trends in NNA and account growth and expect Schwab to return substantial capital to shareholders in the coming quarters. All told, we continue to see a path for significant EPS growth in 2025/2026 and see upside to Schwab’s current valuation.