Charles Schwab (Charles Schwab (SCHW)) stock barely budged Tuesday after the brokerage giant reported second-quarter results that topped Wall Street's estimates. Adjusted earnings came in at $1.62 per share, beating the $1.55 consensus, while revenue jumped 21% year over year to $7.07 billion—ahead of the $6.89 billion analysts were looking for.

The numbers reflect a business that's humming on multiple cylinders. Trading revenue surged 28% to $1.22 billion, fueled by strong client activity. Net interest income rose 19% to $3.36 billion, and the net interest margin expanded to 3.00% from 2.66% a year ago. Asset management and administration fees climbed 16% to $1.82 billion, helped by organic growth and greater adoption of Schwab's wealth management offerings.

CEO Rick Wurster said on the earnings call that investor engagement remained robust across Schwab's product lineup. Net inflows into Schwab Wealth Advisory jumped 80% year over year, and Pledged Asset Line balances rose 59% to $33.4 billion. Wurster noted that record trading activity reflected broad-based client participation rather than a single event like the SpaceX IPO, which generated interest but didn't materially boost net new assets.

Schwab now executes roughly one in three retail stock trades in America, and that scale is showing up in the numbers. Daily average trades hit 11.9 million, driving the 28% trading revenue increase. Wurster said he expects elevated trading activity to be sustainable, supported by widespread investor participation.

Client assets swelled 22% year over year to $13.08 trillion. Core net new assets rose 49% to $119.8 billion during the quarter. The company added 1.4 million new brokerage accounts, bringing active brokerage accounts to 39.8 million and total client accounts to 48.0 million.

Schwab ended the quarter with $40.6 billion in cash and equivalents. Deposits increased 7% to $249.7 billion. Client transactional sweep cash balances totaled $485.7 billion at the end of June, up $24.2 billion from the prior quarter, supported by seasonal tax inflows, organic growth, and client asset allocation moves.

The company also repurchased 11.2 million shares for $1.0 billion during the quarter. Preliminary consolidated Tier 1 leverage and adjusted Tier 1 leverage ratios stood at 8.7% and 6.8%, respectively.

At the time of publication Tuesday, Schwab shares were essentially flat at $102.57.