11 paragraphs in Risk Factors of the 10-K filed Feb 25, 2026
with nothing like them in the 10-K filed Feb 26, 2025. Quoted exactly.
Paragraphs that were only edited are under 10-K change.
Compared with the Risk Factors in the latest 10-K of the other 75 Financials companies:
a paragraph with at least half its words the same at another company is called similar, and the companies are listed under it.
A paragraph most of them have is marked boilerplate. No line means no other company has one like it.
This counts text; it does not say how serious a risk is.
than the net interest revenue that we could have earned if the deposit balances were used to extend margin loans or swept to our banking subsidiaries rather than the TD Depository Institutions.
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We must process, record and monitor a large number of transactions and our operations are highly dependent on the integrity of our technology systems and our ability to make timely enhancements and additions to our systems. System interruptions, errors or downtime can result from a variety of causes, including changes in client use patterns, technological failure, changes to our
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We rely on outsourced service providers and financial intermediaries to perform key functions, and failure of these entities to perform as expected could result in financial or reputational harm to us or financial harm to our clients.
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We also face risks arising from clients who intentionally engage in fraudulent or deceptive conduct. In some instances, clients may knowingly authorize or initiate transactions under false pretenses, misuse payment channels, submit fraudulent checks or ACH items, or provide misleading information to facilitate fraudulent transfers or trading activity. Schwab also faces risk of fraud by employees who misuse authorized access to critical information or systems. Such insider misconduct may involve misappropriation of Company or client assets, misuse or theft of Company or client information, insider trading, operational sabotage, circumvention of internal controls, or other actions that could harm the Company or our clients.
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financial contracts and investing activities, and indirectly from the investing activities of certain of the proprietary funds that the Company sponsors.
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or other disciplinary sanctions, including limitations on our business activities, any of which could harm our reputation and adversely affect our results of operations and financial condition.
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We intend to offer clients direct access to select digital assets, which exposes us to new and uncertain financial, operational, legal, and regulatory risks that could adversely affect our business and financial results.
Similar paragraph at 1 of 75 other Financials companies:
CBOEIn 2026, the Company anticipates it will begin offering expanded client access to trading in digital assets including spot trading in select cryptocurrencies. Expansion of digital asset client offerings presents significant new risks to the Company, including risks related to digital asset custody, trading, settlement, and liquidity, and increased risk related to fraud and other illicit activity. Client demand for digital assets is uncertain and may fluctuate significantly due to market volatility, regulatory developments, or changes in investor sentiment. The regulatory landscape for cryptocurrencies is evolving and uncertain, and changes in laws, regulations, or regulatory interpretations could prohibit or limit our ability to offer these products, increase compliance costs, or expose us to increased regulatory scrutiny.
Digital assets function as bearer instruments controlled with private keys, and transactions in digital assets are generally irreversible. Due to the unique nature of digital assets, the loss, theft, compromise, or destruction of private keys could result in
the permanent loss of digital assets with no practical means of recovery. Because blockchain technology is relatively new, it is difficult to predict how it might be vulnerable to cybersecurity and fraud risks that could affect our business.
We expect to engage with third-party service providers to facilitate certain activities related to digital assets. These relationships present additional risks, including operational, reputational, and compliance risks that could adversely affect our business. Internal and third-party systems needed to effect client activity in digital assets are vulnerable to operational failures, cyberattacks, and fraud, and we may be held responsible for deficiencies in the controls or regulatory compliance of third-party service providers, even where we do not have direct oversight of their operations. Failure or breach of our or third-party service providers’ systems, cybersecurity controls, or operational processes could result in loss of client digital assets, which may not be recoverable in full or at all. Many crypto industry participants are relatively early-stage companies with limited history. There is no guarantee they will perform as reliably or efficiently as anticipated. Regulatory change could also affect the ability of third-party service providers to continue to operate or provide services for Schwab clients. Such events could result in material financial losses, legal or regulatory claims, and reputational harm, even if we are not at fault.
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New in the latest 10-Q
14 paragraphs in the 10-Q filed Nov 6, 2026 with nothing like
them in the 10-Q filed Aug 7, 2026 (at least half the words must differ; new numbers alone do not count).
Quoted exactly, grouped by the item heading above them. This is text that changed, not a judgement of how serious it is.
10-Q
the third quarter of 2025 and down 10% from the second quarter of 2026. DATs were 10.8 million in the first nine months of 2026, rising 45% from the same prior-year period.
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repurchases in 2025 and 2026. The improvement in average AOCI resulted primarily from amortization of losses on securities previously transferred from available for sale (AFS) to held to maturity (HTM).
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In the third quarter and first nine months of 2026, client demand for Schwab’s margin and bank lending solutions has driven loan growth that has outpaced growth in bank sweep deposits and payables to brokerage clients. To support this demand, the Company has increased its use of higher-cost funding sources. As client activity evolves over time, the composition of our balance sheet may change, and the Company may adjust its funding mix accordingly.
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As of September 30, 2026, the Company’s net interest revenue sensitivity profile was more balanced compared to December 31, 2025, with reduced exposure to declining interest rate scenarios and a lower benefit under larger increasing-rate scenarios. This shift primarily reflected hedging activity, changes in balance sheet composition and projected client cash behavior under different interest rate environments.
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increasing their utilization of investment cash solutions, such as purchased money market funds and certain fixed income products when those yields are higher than those of cash sweep features.
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Nine Months Ended September 30, 2026 2025 Cash Paid Per Share Cash Paid Per Share
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Financial statements and notes
inclusive of tax Conversion of nonvoting common stock to — 32 1 (32) (1) — — — — —
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Time certificates of deposit outstanding at September 30, 2026 mature in October 2026.
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CSC was authorized to issue 9,940,000 shares of preferred stock $ 0.01 par value, at September 30, 2026 and December 31, 2025. The Company’s preferred stock issued and outstanding is as follows:
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Other information
During the three months ended September 30, 2026, certain of our directors and officers adopted or terminated trading arrangements for the sale of shares of our common stock as follows:
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Plans Action Date Rule 10b5-1 (1) Non-Rule 10b5-1 (2) Number of Securities to Latest Expiration (3)
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be Sold Jonathan S. Beatty, Managing Director and Head of Advisor Services Adoption 8/28/2026 x — 6,894 3/1/2027
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(2) Not intended to satisfy the affirmative defense conditions of Rule 10b5-1(c).
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(3) The plan expires at the close of trading on the date presented or at such earlier date upon the completion of all trades under the plan (or the expiration of the orders relating to such trades without execution).
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The 10-Q's risk factors against the 10-K
Item 1A of the 10-Q filed Nov 6, 2026 against Item 1A of the 10-K filed Feb 25, 2026.
A 10-Q repeats only the risks that changed, so a 10-K paragraph that is missing from it is not counted as removed.
Added is a paragraph with nothing like it in the 10-K, Reworded a sentence that is in both with several words changed,
Quiet changes a sentence in both where one to four words changed and one is a hedge or a modal
(cut words struck through, new words highlighted and underlined).
Text on the page, not a score; each links to the filing at sec.gov.
Added10-Q 2026-11-06 vs 10-K 2026-02-25
In evaluating the Company and our business, you should carefully consider the risks and uncertainties described in Part I - Item 1A - Risk Factors in our most recent Annual Report on Form 10-K, together with the other information in this Quarterly Report on Form 10-Q, including our condensed consolidated financial statements and related notes in Part I - Item 1 and Part I - Item 2 - Management’s Discussion and Analysis of Financial Condition and Results of Operations. Except as described below with respect to our spot cryptocurrency offer, there have been no material changes from the risk factors set forth in our 2025 Annual Report on Form 10-K. Additional risks not presently known to us, or that we currently believe to be immaterial, may also adversely affect our business, financial condition, results of operations, or cash flows.
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Added10-Q 2026-11-06 vs 10-K 2026-02-25
Cryptocurrency, or crypto, uses cryptography blockchain technology, and distributed networks to execute, record, and verify transactions. Unlike traditional financial markets, there may be no party that can prevent or reverse fraudulent transactions, restore lost or stolen assets, or halt operations during a disruption. This absence of a central counterparty or settlement intermediary makes cryptocurrencies susceptible to theft, fraud, and operational disruption and may make recovery of stolen assets difficult or impossible.
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Added10-Q 2026-11-06 vs 10-K 2026-02-25
Cryptocurrency markets and service providers have been subject to regulatory actions, adverse publicity, and significant volatility. Custodians and other service providers have been targets of sophisticated cyber attacks, which may include intrusion into operations infrastructure, tampering with transaction-related software, theft or substitution of hardware security modules, impersonation of authorized signers, social engineering of personnel, manipulation of internal address books, and exploitation of administrative procedures.
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Added10-Q 2026-11-06 vs 10-K 2026-02-25
Clients’ cryptocurrency held through Schwab CryptoTM is not a deposit or a security and is not protected by the FDIC or the Securities Investor Protection Corporation (SIPC).
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Added10-Q 2026-11-06 vs 10-K 2026-02-25
Any operational or security failure at our sub-custodian could result in loss or theft of clients’ cryptocurrency and expose us to remediation costs, regulatory scrutiny, and reputational harm.
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Added10-Q 2026-11-06 vs 10-K 2026-02-25
Our spot cryptocurrency offer currently relies on our sub-custodian to safeguard cryptocurrency held by our clients. Any operational failure, cybersecurity incident, fraud, insolvency, or other disruption at the sub-custodian, or a failure of the underlying blockchain infrastructure, could result in the theft or loss of our clients’ cryptocurrency, which may not be recoverable.
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Added10-Q 2026-11-06 vs 10-K 2026-02-25
Cryptocurrency custodied through digital wallets is generally accessible only through associated private keys, which the sub-custodian holds and manages as part of its custodial services. Any loss or compromise of private keys or wallets, including through error, misconduct, or cyberattack affecting the sub-custodian or its personnel, could impair our clients’ ability to access
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Added10-Q 2026-11-06 vs 10-K 2026-02-25
or sell their cryptocurrency and could expose us to remediation obligations, financial losses, regulatory scrutiny, and reputational harm.
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Added10-Q 2026-11-06 vs 10-K 2026-02-25
Our sub-custodian is contractually liable for the loss of our clients’ cryptocurrency under custody, but it may not have sufficient financial resources to satisfy its obligations in the event of a significant loss. Under certain circumstances, CSPB, as custodian, could be liable for losses greater than amounts recoverable from the sub-custodian, which could adversely affect our business.
Read it in the 10-Q at sec.gov ↗
Added10-Q 2026-11-06 vs 10-K 2026-02-25
Uncertainty about the treatment of our clients’ cryptocurrency in a receivership, conservatorship, bankruptcy, or similar proceeding could result in delays or losses for clients, claims against us, and reputational harm to the Company.
Read it in the 10-Q at sec.gov ↗
Added10-Q 2026-11-06 vs 10-K 2026-02-25
Although the sub-custodian expects to hold clients’ cryptocurrencies in segregated accounts on a bankruptcy-remote basis, the legal treatment of cryptocurrency custody arrangements has not been tested broadly in U.S. courts. In a receivership, conservatorship, bankruptcy, or similar proceeding involving the sub-custodian or its affiliates, CSPB, or another intermediary in the custody chain, a court, receiver, trustee, or other authority could determine our clients’ cryptocurrencies are the property of an insolvency estate and subject to competing claims or could impose restrictions on distributions to clients while ownership is adjudicated.
Read it in the 10-Q at sec.gov ↗
Added10-Q 2026-11-06 vs 10-K 2026-02-25
Even if clients’ cryptocurrencies are ultimately determined not to be part of an insolvency estate, clients could experience delays in accessing their assets due to administrative stays, reconciliation and tracing processes, valuation disputes, or operational constraints on the relevant blockchain networks. Because on-chain transfers are generally irreversible and may be affected by network congestion or protocol events, an insolvency administrator’s ability to return assets in kind may be constrained. Clients may receive distributions later than expected, in a different form, or at a value different from market value at the time of the distribution. Any such outcome could result in client losses, complaints and litigation, increased regulatory scrutiny, and harm to our business or reputation.
Read it in the 10-Q at sec.gov ↗
The first 12 of 15 are shown (at most 12 of each type).
