Charles Schwab Corp. shares fell Monday after the financial-services firm reported a drop in quarterly revenue and missed Wall Street expectations.

The Texas-based brokerage’s shares were recently down 9.2% to $75.12, on pace for its worst one-day decline since March 2020. The stock is on track to be the worst performer in the S&P 500 on Monday.

Schwab’s first-quarter net income fell to $1.40 billion from $1.48 billion in the same period last year. Net revenue fell to $4.67 billion from $4.72 billion in the year-ago quarter. Per-share adjusted earnings were 77 cents, down from 84 cents a year earlier. Analysts were expecting $4.83 billion in revenue, according to FactSet, and 84 cents of adjusted earnings per share.

First-quarter trading revenue at Schwab fell 21% to $963 million, down from $1.2 billion a year earlier. JPMorgan Chase & Co. and Citigroup Inc. notched quarterly declines in trading revenue in the first quarter, while Goldman Sachs Group Inc. and Morgan Stanley both saw a 4% increase.

Earnings season so far has challenged bank and financial services stocks. JPMorgan, Citigroup, Goldman, Morgan Stanley and Wells Fargo & Co. last week reported declining profits in the face of  bumper profits during the pandemic.

Bank of America Corp. on Monday said its first-quarter profit fell 12%, the company’s first quarterly decline since 2020. Its shares were recently up 3.8% as revenue exceeded analysts’ expectations.

Persistent inflation, slowing consumer spending and geopolitical tension have weighed on financial institutions’ shares. Bank stocks notched blockbuster profits last year, thanks to pandemic-fueled gains in trading and deal-making, along with surging deposits because of government stimulus.

Investors will this week look to smaller bank and financial services earnings to gain insight into the economic health, with M&T Bank Corp. , Truist Financial Corp. and Citizens Financial Group Inc. reporting.

Write to Hardika Singh at hardika.singh@wsj.com