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LPL Financial
LPL Financial (LPLA) investor relations material
LPL Financial Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary29 Jan, 2026
Executive summary
Achieved record total advisory and brokerage assets of $2.4 trillion as of December 31, 2025, with organic net new assets of $147 billion for the year and a 13.2% annualized growth rate in 2025.
Completed major acquisitions including Commonwealth Financial Network, Atria Wealth Solutions, and The Investment Center, expanding market share and onboarding significant assets.
Delivered record adjusted EPS of $20.09 for the year and $5.23 for Q4, up 23% year-over-year, with net income for Q4 at $301 million and $863 million for the year.
Launched a national marketing campaign, improved employee engagement, and continued investments in technology, automation, and efficiency to support advisor and institutional growth.
Maintained a resilient business model with natural hedges to market volatility and disciplined expense management.
Financial highlights
Gross profit for 2025 was $5.6 billion, up 24% year-over-year, with Q4 gross profit at $1.542 billion, up 26% year-over-year.
Adjusted pre-tax margin was 38% for 2025 and approximately 36% in Q4.
Core G&A for 2025 was $1.85 billion, up 22% year-over-year; Q4 core G&A was $536 million.
Adjusted EBITDA for 2025 was $2.9 billion, with Q4 adjusted EBITDA at $769 million, up 32% year-over-year.
Total revenue for 2025 was $16.99 billion, up 37% year-over-year.
Outlook and guidance
2026 Core G&A expense outlook (excluding Commonwealth) is $1.78–$1.82 billion, or 4.5–7% growth; including Commonwealth, $2.16–$2.21 billion.
Commonwealth onboarding and integration costs estimated at $485 million, with run-rate EBITDA benefit of $425 million post-integration.
Expect to maintain leverage at approximately 2x through end of 2026.
Q1 ICA yield expected to decline by 10 basis points due to full impact of Q4 rate cuts.
Continued investment planned to drive growth and efficiency as business scales.
Commonwealth integration risks to EBITDA target?
Organic NNA growth excluding one-time impacts?
Core G&A investment vs. efficiency strategy
Commonwealth integration's broader tech impact
Timeline for organic recruiting growth engine
Share repurchase resumption timing update
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Next LPL Financial earnings date
Q1 20267 May, 2026
LPL Financial
Next LPL Financial earnings date
Q1 20267 May, 2026
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Frequently asked questions
LPL Financial Holdings Inc provides an integrated platform of brokerage and investment advisory services to its clients under the brand name LPL Financial; through its subsidiaries, which include LPL Financial LLC and LPL Financial Corp. It supports approximately 17,000 financial advisors, including over 7,200 independent advisors and over 9,700 advisors with broker-dealers, banks and credit unions across the country by providing them with the services and resources they need to help grow their businesses.
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