The Retail Trading Boom Is Back. Charles Schwab Is Quietly Cashing In.

Charles Schwab (SCHW) reported $13.1 trillion in customer assets for May 2026, marking 27% year-over-year growth as retail trading activity surges. The discount broker added 461,000 new accounts during the month, up 37% from the prior year, while daily trading volumes hit a record 11.8 million trades.

The numbers underscore Schwab's ability to capture the retail trading resurgence despite competition from newer platforms. The firm's established infrastructure and product breadth are converting heightened market activity into asset and account growth at scale.

Schwab trades at a P/E ratio of 19x, a steep discount to Robinhood's 54x multiple. The valuation gap reflects Schwab's mature business model, but the company is demonstrating it can still deliver growth comparable to app-based competitors. Margin loan balances are also benefiting from increased trading, adding a revenue tailwind as active investors leverage positions.

The May figures suggest sustained momentum in retail participation, with Schwab positioned as a lower-multiple way to play the trend.