LPL Financial Holdings (LPLA) Company Report

LPL Financial Holdings Inc. reported record adjusted EPS of $5.23 for Q4 2025 and $20.09 for the full year 2025.
Total assets reached a record $2.4 trillion in Q4 2025, driven by $23 billion in organic net new assets for the quarter and $147 billion for the full year, reflecting an 8% organic growth rate.
The acquisition of Commonwealth Financial Network is progressing, with advisor onboarding on track for Q4 2026, expecting 90% retention of client assets and an estimated run rate EBITDA of $425 million once fully integrated.
Core G&A for 2025 was $1.852 billion, and the company projects 2026 Core G&A to be between $2.155 billion and $2.210 billion including Commonwealth.
The company's leverage ratio was 1.95x at the end of Q4 2025, and it may resume share buybacks earlier than initially planned due to being ahead of schedule on deleveraging.

Jan 29, 2026, 10:00 PM

Transcript

LPL Financial Reports Record Q4 2025 Adjusted EPS and Asset Growth

LPLA

Earnings

M&A

Guidance Update

LPL Financial reported record adjusted EPS of $5.23 for Q4 2025, marking a 23% increase from the prior year, and a full-year 2025 record of $20.09.
Total assets grew to a record $2.4 trillion in Q4 2025, supported by $23 billion in organic net new assets for the quarter (4% annualized growth) and $147 billion for the full year (8% growth).
The acquisition of Commonwealth Financial Network, the largest in LPL's history, is on track for onboarding in Q4, with an estimated run rate EBITDA of approximately $425 million upon full integration and an expected 90% retention of client assets.
For 2026, Core G&A is projected to be between $2.155 billion-$2.21 billion, including Commonwealth, and the company is considering resuming share repurchases earlier than initially planned.

Jan 29, 2026, 10:00 PM

Transcript

LPL Financial Reports Q4 2025 Results and Commonwealth Acquisition Details

LPLA

Earnings

M&A

Guidance Update

LPL Financial's Total Advisory and Brokerage Assets reached $2,371 billion by the end of 2025, with Advisory assets comprising 59% of the total.
For Q4 2025, the company reported an Adjusted EPS of $20.09 and an Adjusted pre-tax margin of 38%.
The acquisition of Commonwealth Financial Network was completed on August 1, 2025, for approximately $2.7 billion, adding ~$330 billion in client assets and ~3,000 advisors. This acquisition is projected to generate a run-rate EBITDA of ~$425 million post-integration.
In 2025, LPL Financial returned capital to shareholders, executing $94 million in share repurchases and distributing $100 million in dividends.
The 2026 Core G&A outlook is set between $2,155 million and $2,210 million, incorporating an estimated $380-390 million from the Commonwealth acquisition.

Jan 29, 2026, 10:00 PM

Presentation

LPL Financial Reports Record Q4 and Full-Year 2025 Adjusted EPS and Asset Growth

LPLA

Earnings

M&A

Guidance Update

LPL Financial reported record adjusted earnings per share (EPS) of $5.23 for Q4 2025, an increase of 23% from a year ago, contributing to a record adjusted EPS of $20.09 for the full year 2025.
Total assets increased to a record $2.4 trillion in Q4 2025, driven by $23 billion in organic net new assets for the quarter, representing a 4% annualized growth rate, and $147 billion for the full year, an 8% growth rate.
The acquisition of Commonwealth Financial Network is progressing, with onboarding of advisors on track for Q4 2026, and the company continues to expect approximately 90% retention of client assets.
For 2026, LPL Financial anticipates Core G&A to be in the range of $2.155 billion to $2.21 billion, which includes the full-year impact of expenses related to Commonwealth.
The company ended Q4 2025 with a leverage ratio of 1.95x and may revisit resuming share buybacks later in 2026, ahead of schedule.

Jan 29, 2026, 10:00 PM

Transcript

LPL Financial Announces Fourth Quarter and Full Year 2025 Results

LPLA

Earnings

M&A

Dividends

LPL Financial reported net income of $301 million and diluted EPS of $3.74 for Q4 2025, with adjusted EPS increasing 23% year-over-year to $5.23. For the full year 2025, adjusted EPS grew 22% year-over-year to $20.09.
Total advisory and brokerage assets reached $2.4 trillion in Q4 2025, a 36% year-over-year increase, with $23 billion in organic net new assets for the quarter and $147 billion for the full year.
The company declared a $0.30 per share dividend to be paid on March 24, 2026.
LPL Financial's 2025 Core G&A was $1,852 million, below its outlook range, and the 2026 Core G&A outlook (including Commonwealth) is projected to be $2,155-2,210 million. The conversion of Commonwealth Financial Network is expected in Q4 2026.

Jan 29, 2026, 9:07 PM

8-K

LPL Financial Holdings Announces Fourth Quarter and Full Year 2025 Results

LPLA

Earnings

M&A

Guidance Update

For the fourth quarter of 2025, LPL Financial Holdings reported net income of $301 million and diluted earnings per share (EPS) of $3.74, with adjusted EPS increasing 23% year-over-year to $5.23.
Full year 2025 results included net income of $863 million and diluted EPS of $10.92, while adjusted EPS increased 22% year-over-year to $20.09.
Total advisory and brokerage assets increased 36% year-over-year to $2.4 trillion in Q4 2025, and total organic net new assets were $23 billion for the quarter and $147 billion for the full year.
The conversion of Commonwealth Financial Network is on track to complete in the fourth quarter of 2026.

Jan 29, 2026, 9:05 PM

Press Release

LPL CEO Discusses Strategic Priorities and Market Opportunities at Goldman Sachs Conference

LPLA

M&A

New Projects/Investments

Revenue Acceleration/Inflection

LPL's CEO, Rich Steinmeier, highlighted the ongoing integration of Commonwealth Financial Network, the largest transaction in the wealth space in some time, with 80% advisor retention towards a 90% target.
The company is actively pursuing $1.5 trillion market opportunities in outsourced wealth solutions for banks/credit unions and product manufacturers/insurance providers, with the Prudential solution showing strong results including 9% advisor census improvement and nearly $3 billion in M&A over three quarters.
LPL is strategically building capabilities, such as an enhanced alternatives platform and integrated banking, to target the $5 trillion high-net-worth and ultra-high-net-worth segment, a market historically outside its reach.
Despite a recent slowdown in advisor movement and recruiting due to the Commonwealth integration, LPL expects to return to full recruiting capacity soon, aiming to sustain industry-leading organic growth, and is focused on improving operating margin through efficiency and investments expected to pay off in 2026, 2027, and 2028.

Dec 9, 2025, 1:00 PM

Transcript

LPL CEO Discusses Strategic Vision, Commonwealth Acquisition, and Operating Margin Improvement

LPLA

M&A

New Projects/Investments

LPL's CEO, Rich Steinmeier, outlined the company's elevated ambition to become the best firm in wealth management, expanding its market focus beyond the independent broker-dealer (IBD) segment.
A key highlight was the acquisition of Commonwealth Financial Network, the largest transaction in LPL's history, which involved retaining 3,000 advisors and integrating capabilities.
LPL is strategically developing new capabilities, such as an advanced alternatives platform and integrated banking services, to target the $5 trillion high-net-worth and ultra-high-net-worth segments.
The company is committed to a multi-year journey of operating margin improvement, driven by enhanced monetization and efficiency, including recent pricing adjustments to advisory platform fees and brokerage account fees.

Dec 9, 2025, 1:00 PM

Transcript

LPL CEO Discusses Strategic Vision, Commonwealth Integration, and Operating Margin Focus

LPLA

M&A

New Projects/Investments

LPL's CEO, Rich Steinmeier, outlined the firm's elevated ambition to be the best firm in wealth management, expanding its market focus beyond the traditional independent broker-dealer segment.
The company is integrating its acquisition of Commonwealth Financial Network, the largest transaction in the wealth space in some time, and has achieved 80% advisor retention towards a 90% target.
A core strategic priority is improving operating margin, which has driven pricing changes, including reduced advisory platform fees and increased brokerage account fees, aimed at enhanced monetization and efficiency.
LPL is focused on building new capabilities, such as a mature liquidity and succession solution and an enhanced ClientWorks platform, and expects to return to full recruiting capacity after temporarily allocating resources to the Commonwealth integration.

Dec 9, 2025, 1:00 PM

Transcript

LPL Financial Acquires Minority Stake in Private Advisor Group

LPLA

M&A

New Projects/Investments

LPL Financial Holdings Inc. (LPLA) acquired a minority ownership stake in Private Advisor Group, which manages $41.3 billion in assets under management (AUM) as of June 30, 2025.
Republic Capital Group served as the investment banking advisor to Private Advisor Group for this transaction.
The investment strengthens the strategic ties between LPL and Private Advisor Group, broadening Private Advisor Group's ownership structure and aiming to expand advisor support programs and resources.

Nov 20, 2025, 5:12 PM

Press Release

Earnings Transcripts

Quarterly earnings call transcripts for LPL Financial Holdings.

Q4 2025

Jan 29, 2026

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Q3 2025

Oct 30, 2025

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Q2 2025

Jul 31, 2025

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LPL Financial Holdings (LPLA)

Analyst Earnings Quarterly Reports

Q3 2025

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Q1 2025

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Executives

Richard Steinmeier

Greg Gates

Katharine Reeping

Matthew Audette

Matthew Enyedi

Robert S. Hatfield III

Board Members

Albert J. Ko

Allison H. Mnookin

Anne M. Mulcahy

Corey E. Thomas

Edward C. Bernard

H. Paulett Eberhart

James S. Putnam

Richard P. Schifter

William F. Glavin Jr.

Analyst Coverage

Alexander Blostein

Michael Cyprys

Steven Chubak

Devin Ryan

Craig Siegenthaler

Brennan Hawken

Dan Fannon

Jeff Schmitt

William Katz

Ben Budish

Bill Katz

Daniel Fannon

Jeffrey Schmitt

Kyle Voigt

Michael Brown

Michael Cho

Wilma Burdis

Benjamin Budish

Chris O'Brien

Christopher Allen

Y. Cho

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