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LPL Financial (LPLA) investor relations material
LPL Financial Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary30 Oct, 2025
Executive summary
Total advisory and brokerage assets reached $2.315 trillion in Q3 2025, up 45% year-over-year, driven by the Commonwealth acquisition and strong organic growth, with net new assets of $308 billion, including $275 billion from Commonwealth and $33 billion organic growth.
Adjusted EPS rose 25% year-over-year to $5.20, and adjusted pre-tax income increased 35% to $569 million, with record advisor recruiting totaling $33 billion in Q3 and $168 billion over the trailing 12 months.
Q3 2025 reported a net loss of $29.5 million, or $0.37 per diluted share, due to $419 million in one-time acquisition costs related to the Commonwealth acquisition.
Successfully onboarded First Horizon's wealth management business, adding $17 billion in assets, and closed the Commonwealth acquisition, with nearly 80% of assets signed to stay and a 90% retention target.
Service and fee revenue grew 20% year-over-year, reflecting advisor and account base expansion.
Financial highlights
Total revenue for Q3 2025 was $4.55 billion, up 46% year-over-year; gross profit was $1.48 billion, a 31% increase year-over-year.
Adjusted EBITDA for Q3 2025 was $775 million, up 37% year-over-year.
Advisory and commission expense increased 55% year-over-year to $3.03 billion.
Client cash balances ended Q3 at $56 billion, up $10 billion year-over-year.
Commission and advisory fees net of payout were $426 million, up $77 million sequentially.
Outlook and guidance
2025 Core G&A expense outlook lowered to $1,860–1,880 million, including $165–170 million for Prudential and Atria, and $160–165 million for Commonwealth.
Pricing changes in 2026 expected to increase adjusted pre-tax margin by 1%.
Full-year impact of Commonwealth expenses in 2026; expense synergies to show in 2027.
Plans to evaluate resuming share repurchases following the Commonwealth acquisition.
Q4 service and fee revenue expected to be flat sequentially; transaction revenue projected at $70 million.
Future earnings impact from Commonwealth acquisition costs?
Reconcile client cash revenue vs. interest income, net.
Compare retention rates for recent large acquisitions.
Commonwealth: Path to 90% retention & EBITDA impact
Pricing changes: How enhance value prop & growth?
Alternative investments: Current status & next steps
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Next LPL Financial earnings date
Q4 202529 Jan, 2026
Next LPL Financial earnings date
Q4 202529 Jan, 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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