Monitor the final pricing and offering size, as well as management commentary on the use of proceeds, particularly regarding any planned repurchases of existing preferred stock which could impact capital structure and dividend obligations.
Price Chart
Executive Summary
Charles Schwab is issuing depositary shares representing fractional interests in a new series of non-cumulative perpetual preferred stock (Series L) to raise capital. The offering follows strong Q1 2026 results, with proceeds intended for general corporate purposes including potential repurchases of existing preferred stock.
Key Facts
- Offering depositary shares representing 1/100th ownership in Series L Preferred Stock with $1,000 liquidation preference
- Dividends non-cumulative, fixed rate until June 1, 2031, then reset to 5-year Treasury rate plus spread
- Proceeds to be used for general corporate purposes including potential repurchase of Series I Preferred Stock
- No established trading market; not intended for listing on any exchange
- Follows strong Q1 2026 results with 16% revenue growth and $6.48B net revenues
Financial Impact
Undisclosed offering size; proceeds to be used for general corporate purposes including potential preferred stock repurchases
Risk Factors
- No established trading market for the securities
- Dividends are non-cumulative and discretionary
- Redemption rights are at company's option
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 4 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 424B5 Filing (Primary) | 0001193125-26-162806 |
| Document: 0001193125-26-162806-index-headers.html | 0001193125-26-162806 |
| Document: 0001193125-26-162806-index.html | 0001193125-26-162806 |
| Document: 0001193125-26-162806.txt | 0001193125-26-162806 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 15, 2026 12d ago | 8-K | $91.96 | awaiting T+20 | awaiting T+20 | $89.30 (−2.89%) |
Oct 12, 2026 15d ago | ANALYST-UPGRADE | $97.06 | awaiting T+20 | awaiting T+20 | $89.30 (−8.00%) |
Oct 2, 2026 25d ago | ANALYST-UPGRADE | $96.70 | awaiting T+20 | awaiting T+20 | $89.30 (−7.65%) |
Sep 2, 2026 7w ago | Insider Cluster | $110.38 $96.70 | ▼ −12.39% | ▼ −11.21% | $89.30 (−19.10%) |
Aug 31, 2026 8w ago | Insider Cluster | $108.28 $97.74 | ▼ −9.73% | ▼ −10.05% | $89.30 (−17.53%) |
Aug 31, 2026 8w ago | Insider Cluster | $108.28 $97.74 | ▼ −9.73% | ▼ −10.05% | $89.30 (−17.53%) |
Aug 27, 2026 8w ago | Insider Cluster | $110.16 $98.30 | ▼ −10.77% | ▼ −11.03% | $89.30 (−18.94%) |
Aug 27, 2026 8w ago | Insider Cluster | $110.16 $98.30 | ▼ −10.77% | ▼ −11.03% | $89.30 (−18.94%) |
Aug 26, 2026 8w ago | Insider Cluster | $108.05 $99.49 | ▼ −7.92% | ▼ −7.41% | $89.30 (−17.35%) |
Aug 18, 2026 10w ago | Insider Cluster | $110.88 $107.79 | ▼ −2.79% | ▼ −1.27% | $89.30 (−19.46%) |
US Market Status
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