LPL Financial (LPLA) investor relations material

Executive summary

• Total client assets reached $2.6 trillion at June 30, 2026, up 34% year-over-year, with advisory assets up 46% to $1.5 trillion and over $600 billion in organic net new assets since 2021.

• Net income for Q2 2026 was $379 million ($4.74 per diluted share), up 39% year-over-year, with record adjusted EPS of $5.84 and continued operational efficiency improvements.

• Closed the acquisition of Mariner Advisor Network and Commonwealth Financial Network, with onboarding of Commonwealth advisors on track for Q4 2026 and expected run-rate EBITDA benefit of ~$435 million.

• Expanded market leadership through advisor and institution onboarding, technology investments like Latitude and Cyan, and flexible affiliation models.

• Accelerated share repurchases to $309 million in Q2 and authorized an additional $2.5 billion for future repurchases.

Financial highlights

• Total revenue for Q2 2026 was $5.19 billion, up 35% year-over-year; gross profit reached $1.618 billion for the quarter and $6.23 billion for Q2'26 LTM.

• Adjusted EPS was $5.84 for Q2 2026, up from $4.51 in Q2 2025; adjusted EPS for Q2'26 LTM was $21.87.

• Adjusted pre-tax margin was approximately 39.3% for Q2 2026; adjusted EBITDA for Q2 2026 was $847 million.

• Core G&A expense was $519 million for Q2 2026, with 2026 outlook lowered to $2.14–2.165 billion, including Commonwealth-related expenses.

• Leverage ratio was 1.91x at quarter end, within the target range of 1.5x–2.5x.

Outlook and guidance

• 2026 Core G&A expense outlook lowered to $2.14–2.165 billion, with Q3 expected at $540–560 million.

• Asset retention for Commonwealth conversion expected at approximately 90%, with onboarding on track for Q4 2026.

• Estimated run-rate EBITDA from Commonwealth increased to ~$435 million.

• Share repurchase program resumed, with $309 million repurchased in Q2 and $300 million planned for Q3.

• Board approved new $2.5 billion share repurchase authorization.