--- title: "Robinhood vs Schwab Statistics 2026: Users, Assets, Pricing" date: 2026-06-24 author: "Barry Elad" featured_image: "https://coinlaw.io/wp-content/uploads/2026/06/robinhood-vs-schwab-statistics.jpg" categories: - name: "Investments" url: "/investments.md" tags: - name: "Statistics" url: "/tag/statistics.md" --- # Robinhood vs Schwab Statistics 2026: Users, Assets, Pricing Charles Schwab held **$11.77 trillion** in total client assets at the end of Q1 2026, roughly 38 times the **$307 billion** in Total Platform Assets Robinhood reported for the same quarter, according to Schwab and Robinhood. That scale gap frames almost every comparison between the two brokers, yet it hides the more interesting number underneath. According to Robinhood, its platform assets grew **39%** year-over-year. Per Schwab, client assets rose **19%**, so the smaller platform expanded at roughly twice the rate of the incumbent. The data below maps both companies across accounts, assets, revenue, ARPU, trading volume, and the two opposite pricing engines. Every figure comes from Robinhood Investor Relations, the Charles Schwab pressroom, and SEC disclosures filed through early 2026. According to Schwab’s pressroom, the firm posted record quarterly net revenue of **$6.5 billion**, while Robinhood Investor Relations reported **$1.07 billion**. ## Key Takeaways - [Schwab](https://coinlaw.io/charles-schwab-statistics/)‘s **$11.77 trillion** in client assets dwarfs Robinhood’s **$307 billion** in platform assets, a gap of roughly **38x** as of Q1 2026. - [Robinhood](https://coinlaw.io/robinhood-statistics/) grew platform assets **39%** year-over-year, more than double Schwab’s **19%** client-asset growth over the same period. - Schwab counted **39.1 million** active brokerage accounts versus Robinhood’s **27.4 million** Funded Customers, two metrics that use different counting conventions. - Robinhood’s average revenue per user reached **$157** in Q1 2026, the per-customer figure that anchors its transaction-driven model. - Schwab posted record quarterly net revenue of **$6.5 billion** against Robinhood’s **$1.07 billion**, a **6x** revenue gap. - Robinhood collected about **$974 million** in payment for order flow, representing approximately half of its revenue, while Schwab charges **$0** commissions on online stock and ETF trades. ## Editor’s Choice - Schwab total client assets: **$11.77 trillion**, up **19%** year-over-year (Q1 2026). - Robinhood Total Platform Assets: **$307 billion**, up **39%** year-over-year (Q1 2026). - Schwab active brokerage accounts: **39.1 million**, with **1.3 million** new brokerage accounts opened in the quarter. - Robinhood Funded Customers: **27.4 million**, up **6%** year-over-year. - Schwab full-year 2025 net revenue: a record **$23.9 billion**, up **22%**. - Robinhood full-year 2025 net revenue: **$4.5 billion**, up **52%**. - Robinhood Gold Subscribers: **4.3 million**, up **36%** year-over-year (Q1 2026). ## Client Assets vs Total Platform Assets Compared - Schwab reported total client assets of **$11.77 trillion** at the end of Q1 2026, up **19%** year-over-year. - Robinhood reported Total Platform Assets of **$307 billion** for Q1 2026, up **39%** year-over-year. - Schwab’s full-year 2025 client assets closed at a record **$11.90 trillion**, up **18%** year-over-year. - Robinhood’s full-year 2025 platform assets reached **$324 billion**, up **68%** year-over-year. - Schwab client assets reached **$13.14 trillion**, up **27%** from May 2025 in the May 2026 monthly update. - Robinhood platform assets reached **$377 billion** at the end of May 2026, up **48%** year-over-year. The two figures answer different questions, according to Schwab and Robinhood disclosures and the underlying SEC filings. Schwab’s “client assets” spans brokerage, banking, and managed-investing balances across a five-decade-old franchise, while Robinhood’s “Total Platform Assets” measures a younger, retail-led book that includes equities, options, crypto, and cash. The pattern across CoinLaw’s coverage of [retail brokerages](https://coinlaw.io/retail-investing-statistics/) holds here too: adoption-side metrics like platform-asset growth often move faster than the headline scale suggests, because the smaller platform compounds from a lower base. MetricRobinhood (Q1 2026)Schwab (Q1 2026)Headline asset base$307 billion (Total Platform Assets)$11.77 trillion (total client assets)Year-over-year growth+39%+19%FY2025 asset base$324 billion$11.90 trillionMay 2026 asset base$377 billion$13.14 trillionMay 2026 YoY growth+48%+27%*Source: Robinhood Markets Investor Relations 2026, Charles Schwab Pressroom 2026* > **By the numbers:** Charles Schwab held **$11.77 trillion** in client assets in Q1 2026 against Robinhood’s **$307 billion** platform book, a roughly **38x** gap. Robinhood’s asset growth outpaced Schwab’s, showing how differently the two sit on the brokerage maturity curve. ## Funded Customers vs Active Brokerage Accounts - Schwab counted **39.1 million** active brokerage accounts at the end of Q1 2026. - Robinhood reported **27.4 million** Funded Customers in Q1 2026, up **6%** year-over-year. - Schwab also tracks a broader **47.2 million** total client accounts, which includes [banking](https://coinlaw.io/banking-statistics/) and workplace relationships. - Robinhood separately reported **29.1 million** Investment Accounts, up **8%** year-over-year. - Schwab opened **1.3 million** new brokerage accounts in the quarter. - Across full-year 2025, Schwab opened **4.7 million** new brokerage accounts. These headline counts are not measuring the same thing. Robinhood’s “Funded Customers” counts unique customers with at least one funded account, while Schwab’s “active brokerage accounts” counts accounts, and a single household can hold several. Reading the two figures as a straight customer-to-customer comparison overstates the gap, which is why the per-user economics below matter more than the raw totals. Account metric by Robinhood ROBINHOOD · Robinhood vs Schwab · Source: see article table. ROBINHOOD · COINLAW ANALYSIS Account metric by Robinhood Robinhood vs Schwab Robinhood Schwab 50 40 30 20 10 0 Headline accounts (millions) Broader account base (millions) SOURCE see article table. ## Recent Developments - **June 12, 2026:** Schwab reported **$13.14 trillion** in client assets for May 2026, up **27%** from May 2025, with **39.5 million** active brokerage accounts. - **June 12, 2026:** Schwab logged a record **11.8 million** daily average trades in May 2026 and **461,000** new brokerage accounts, up **37%** year-over-year. - **June 9, 2026:** Robinhood reported **27.7 million** funded customers and **$377 billion** in platform assets at the end of May 2026. - **June 9, 2026:** Robinhood logged **$315 billion** in equity notional trading volume in May 2026, up **75%** year-over-year. - **April 28, 2026:** Robinhood posted Q1 2026 net revenue of **$1.07 billion**, up **15%** year-over-year. - **April 16, 2026:** Schwab reported record Q1 2026 net revenue of **$6.5 billion**, up **16%** year-over-year. ## Revenue and ARPU Compared - Schwab posted record Q1 2026 net revenue of **$6.5 billion**, a **16%** increase, detailed in filings as **$6,482** million. - Robinhood reported Q1 2026 total net revenue of **$1.07 billion**, up **15%** year-over-year. - Robinhood’s average revenue per user reached **$157** in Q1 2026, up **8%** year-over-year. - Robinhood’s transaction-based revenue was **$623 million**, with options at **$260 million** and equities at **$82 million**. - Robinhood’s net interest revenue rose **24%** year-over-year to **$359 million**. - Schwab’s net interest margin for the quarter was **2.88%**, reflecting its sweep-cash and lending base. - For full-year 2025, Schwab’s net revenue hit a record **$23.9 billion**, up **22%** versus Robinhood’s **$4.5 billion**, up **52%**. Robinhood reported full-year 2025 ARPU of **$191, up 16%** year-over-year, the metric that captures how much revenue each customer generates. That per-user lens is where the two models diverge most. Robinhood earns the bulk of its money from customer trading activity, so ARPU rises and falls with engagement. Schwab earns most of its revenue from net interest income on sweep cash and from [asset-management fees](https://coinlaw.io/most-costly-investment-management-fees/), so its economics track balances and rate spreads rather than trade counts. Comparing the **$1.07 billion** Robinhood quarter against the **$6.5 billion** Schwab quarter without that context misreads two different revenue engines. Revenue metric by Robinhood (Q1 2026) ROBINHOOD (Q1 2026) · Robinhood (Q1 2026) vs Schwab (Q1 2026) · Source: see article table. ROBINHOOD (Q1 2026) · COINLAW ANALYSIS Revenue metric by Robinhood (Q1 2026) Robinhood (Q1 2026) vs Schwab (Q1 2026) Robinhood (Q1 2026) Schwab (Q1 2026) 25 20 15 10 5 0 Quarterly net revenue (billions) FY2025 net revenue (billions) SOURCE see article table. > **Why it matters:** Robinhood’s **$157** ARPU rises with customer trading activity, while Schwab’s revenue tracks **$11.77 trillion** in balances and a **2.88%** net interest margin. Same “brokerage” label, two opposite monetization engines, which is why a straight revenue gap misreads the businesses. ## Trading Volume and Engagement - Schwab logged a record **9.9 million** daily average trades in Q1 2026, up **34%** year-over-year. - Robinhood reported **$315 billion** in equity notional trading volume in May 2026, up **75%** year-over-year. - Robinhood’s average daily volume reached **$15.8 billion** in May 2026, up **84%** year-over-year. - Schwab’s daily average trades climbed further to a record **11.8 million** in May 2026. - Robinhood’s options revenue grew **8%** year-over-year to **$260 million** in Q1 2026. - Robinhood’s cryptocurrency revenue fell **47%** year-over-year to **$134 million**. Schwab measures engagement in trade counts because its revenue links loosely to trading, while Robinhood measures notional dollar volume because transaction flow drives its model directly. The divergence in crypto is notable: Robinhood’s crypto revenue dropped sharply even as equity volume surged, a swing visible across the [Robinhood vs eToro trading comparison](https://coinlaw.io/robinhood-vs-etoro-statistics/) where crypto activity stays far more cyclical than equity trading. Engagement metricRobinhoodSchwabQ1 2026 trading benchmarkOptions revenue $260 million9.9 million daily average tradesMay 2026 trading benchmark$315 billion equity notional11.8 million daily average trades*Source: Robinhood Markets Investor Relations 2026, Charles Schwab Pressroom 2026* ## Pricing Model Compared: PFOF vs Fee Structure - Robinhood collected about **$974 million** in payment for order flow, representing approximately half of its revenue under its order-routing model. - Schwab charges **$0** commissions on online stock and ETF trades. - Schwab charges **$0.65** per options contract and **$25** for broker-assisted trades. - Robinhood routes orders to venues including Virtu Americas, Citadel Securities, Jane Street Capital, G1 Execution Services, and Two Sigma Securities. - Robinhood Gold costs **$5** per month or **$50** per year. - Robinhood charges **$0** commission on stock and options trades with no per-contract fee on options. Both brokers advertise commission-free stock trading, but the economics underneath differ sharply. Robinhood is paid by market makers for routing customer orders, so the model monetizes order flow rather than per-trade fees. Schwab forgoes equity commissions and instead earns from net interest income on cash, asset-management fees, and a modest per-contract options charge. The “free” headline is identical; the revenue mechanism is not. Pricing elementRobinhoodSchwabOnline stock/ETF commission$0$0Options per contract$0$0.65Broker-assisted tradeNot applicable (app-first)$25Premium tierRobinhood Gold $5/monthNot applicablePrimary revenue mechanismPayment for order flowNet interest income and asset-management fees*Source: Congressional Research Service 2026, Charles Schwab Pricing Guide 2026, Robinhood 2026* > **Worth noting:** Robinhood collected about **$974 million** in payment for order flow, representing approximately half of its revenue, while Schwab earns from a **2.88%** net interest margin and asset-management fees. Both show “$0” stock commissions, so the trade-off lives in the revenue mechanism, not the sticker price. ## Net Deposits and Asset Gathering - Robinhood reported Q1 2026 Net Deposits of **$17.7 billion**. - Schwab reported Q1 2026 core net new assets of **$140.0 billion**. - Robinhood’s trailing-twelve-month net deposits totaled **$68.1 billion**, a **35%** growth rate relative to platform assets at the end of Q4 2024. - Schwab gathered **$519 billion** in core net new assets across full-year 2025, a **5.1%** organic growth rate. - In May 2026, Robinhood added **$5.6 billion** in net deposits. - In May 2026, Schwab added **$49.9 billion** in core net new assets, up **43%** year-over-year. Asset gathering is where the scale gap and the growth-rate gap collide. Schwab pulls in far larger absolute inflows, yet Robinhood’s net deposits represent a much higher percentage of its existing base, which is how its retail-led platform compounds so quickly between quarters. For readers tracking how each platform fits a broader portfolio picture, our [retail investing data](https://coinlaw.io/retail-investing-statistics/) shows the same account-growth pattern playing out across the trading-app category. Asset-gathering metricRobinhoodSchwabQ1 2026 inflows$17.7 billion net deposits$140.0 billion core net new assetsMay 2026 inflows$5.6 billion net deposits$49.9 billion core net new assetsFY2025 inflows$68.1 billion net deposits$519 billion core net new assets*Source: Robinhood Markets Investor Relations 2026, Charles Schwab Pressroom 2026* ## Robinhood Key Metrics Snapshot - Robinhood Total Platform Assets: **$324 billion** at year-end 2025, rising to **$307 billion** in Q1 2026 and **$377 billion** by May 2026. - Funded Customers: **27.0 million** at year-end 2025, **27.4 million** in Q1 2026, and **27.7 million** in May 2026. - ARPU: **$191** for full-year 2025 and **$157** in Q1 2026. - Robinhood Gold Subscribers: **4.3 million**, up **36%** year-over-year. - Net income: **$346 million** in Q1 2026, up **3%** year-over-year. A side-by-side read against the [Robinhood vs Coinbase comparison data](https://coinlaw.io/robinhood-vs-coinbase-statistics/) shows how Robinhood’s diversification into equities and options has steadied a revenue base that crypto alone once dominated. The platform-asset trajectory across this stretch reflects the net-deposit momentum management has emphasized. Period by Total Platform Assets (billions) TOTAL PLATFORM ASSETS (BILLIONS) · Total Platform Assets (billions) · Source: see article table. TOTAL PLATFORM ASSETS (BILLIONS) · COINLAW ANALYSIS Period by Total Platform Assets (billions) Total Platform Assets (billions) 500 375 250 125 0 324 FY2025 307 Q1 2026 377 May 2026 SOURCE see article table. ## Charles Schwab Key Metrics Snapshot - Schwab total client assets: **$11.90 trillion** at year-end 2025, **$11.77 trillion** in Q1 2026, and **$13.14 trillion** by May 2026. - Active brokerage accounts: **38.5 million** at year-end 2025, **39.1 million** in Q1 2026, and **39.5 million** in May 2026. - Net revenue: a record **$23.9 billion** for full-year 2025 and **$6.5 billion** in Q1 2026. - Margin loan balances: **$126.7 billion** at the end of Q1 2026. - Schwab also reported **5.9 million** workplace plan participant accounts and **2.3 million** banking accounts as of May 2026. Schwab’s data tells the incumbent’s story: enormous balances, steady single-digit-to-high-teens growth, and revenue anchored in net interest income rather than trading. The [Charles Schwab statistics](https://coinlaw.io/charles-schwab-statistics/) deep dive tracks how that diversified base has held up across rate cycles. Among trading-app peers, the [SoFi vs Robinhood data](https://coinlaw.io/sofi-vs-robinhood-statistics/) shows similar account-led growth against a far larger incumbent. Period by Total Platform Assets (billions) TOTAL PLATFORM ASSETS (BILLIONS) · Total Platform Assets (billions) · Source: see article table. TOTAL PLATFORM ASSETS (BILLIONS) · COINLAW ANALYSIS Period by Total Platform Assets (billions) Total Platform Assets (billions) 500 375 250 125 0 324 FY2025 307 Q1 2026 377 May 2026 SOURCE see article table. ## Is Robinhood bigger than Charles Schwab? Charles Schwab is far larger than Robinhood by every asset and account measure. Schwab held **$11.77 trillion** in total client assets in Q1 2026 against Robinhood’s **$307 billion** in platform assets, a gap of roughly **38x**, and Schwab counted **39.1 million** active brokerage accounts versus Robinhood’s **27.4 million** Funded Customers. Robinhood grows faster in percentage terms, but Schwab remains the substantially bigger firm. ## Is Robinhood or Schwab safer for holding assets? Both Robinhood and Schwab route customer brokerage assets through broker-dealer subsidiaries that are members of the Securities Investor Protection Corporation (SIPC), which protects securities customers up to statutory limits if a member firm fails. Schwab explicitly notes that its broker-dealer subsidiary, Charles Schwab and Co., Inc., is a member of SIPC. SIPC coverage does not protect against investment losses or market declines; it covers the custody of assets, not their value. ## Conclusion The headline numbers set the frame: Charles Schwab’s **$11.77 trillion** in client assets towers over Robinhood’s **$307 billion** platform book, and Schwab’s **$6.5 billion** quarterly revenue runs roughly 6x Robinhood’s **$1.07 billion**. The more useful story sits underneath, where Robinhood’s stronger asset-growth rate meets a far smaller base, and the two firms monetize through opposite engines: Robinhood through transaction flow and payment for order flow, Schwab through net interest income and asset-management fees on a much larger base. For readers comparing the two, the data rewards a metric-by-metric read rather than a single winner. The scale, growth rate, per-user economics, and pricing mechanism each tell a different part of the picture, and CoinLaw will refresh these figures as both companies report through the rest of the year.