Charles Schwab vs Fidelity Investments
Business model, scale, and a side-by-side Litmus framework score — which model wins, and for whom.
Schwab wins on RIA custody and a public-market currency; Fidelity wins on private flexibility and retirement plans.
At a glance
| Metric | Charles Schwab | Fidelity Investments |
|---|---|---|
| Revenue | ~$24B (FY2025, est. from quarters) | $37.7B (FY2025) |
| Profit | ~$9B+ (Net Income, est.) | $12.7B operating income (FY2025) |
| Active users | 38.5M Active Brokerage Accounts | 57M customers |
| Employees | 32,000+ | 80,000+ |
| Founded | 1971 | 1946 |
| HQ | Westlake, TX | Boston, Massachusetts |
LLitmus Framework Score
Overall: Charles Schwab 93 · Fidelity Investments 91
Customer Segment
97
97
Value Proposition
96
94
Marketing Channel
92
86
Engagement
89
88
Income Source
98
95
Asset Validation
94
96
Core Operations
90
88
Strategic Alliance
87
83
Expense Validation
93
90
Charles Schwab leads 7 modules, Fidelity Investments leads 1. Overall edge: Charles Schwab.
Head to head
| Dimension | Charles Schwab | Fidelity Investments |
|---|---|---|
| Client assets | $11.90T total | $15T+ AUA |
| Customers | 38.5M brokerage accounts | 45M+ |
| Revenue | ~$24B (FY25, est.) | $25B+ |
| Ownership | Public (NYSE: SCHW) | Private |
| RIA custody | Market leader (~$3.5T) | Smaller custody base |
FAQ
Is Charles Schwab or Fidelity Investments a better business?
Schwab wins on RIA custody and a public-market currency; Fidelity wins on private flexibility and retirement plans. It depends on what you optimise for — see the module-by-module breakdown above.
What is the difference between Charles Schwab and Fidelity Investments's business model?
Charles Schwab operates in Fintech / Banking (Own your tomorrow), while Fidelity Investments is Fintech (Every investor deserves to be treated like a pro). Their revenue, scale and Litmus scores are compared in detail above.
Which is more profitable, Charles Schwab or Fidelity Investments?
Charles Schwab: ~$9B+ (Net Income, est.). Fidelity Investments: $12.7B operating income (FY2025).