LPL Financial (LPLA) Q1 2026 earnings summary

Executive summary

• Achieved $2.3 trillion in client assets as of Q1 2026, with a 17% CAGR since 2021 and strong organic net new asset growth.

• Adjusted EPS reached $5.60 for Q1 2026, up 9% year-over-year, and adjusted pre-tax income increased 20% year-over-year to $613 million.

• Advanced recruiting pipelines, progressed on the integration of Commonwealth Financial Network, and expanded market share through major acquisitions.

• Maintained high asset retention, with 98% for Q1 and 97% over the last 12 months, and advisory assets now 60% of total.

• Continued investments in technology, AI, and advisor experience to drive efficiency and growth.

Financial highlights

• Gross profit reached $1.59 billion in Q1 2026, up 25% year-over-year and $51 million sequentially.

• Adjusted pre-tax margin was approximately 38%.

• Total revenue for Q1 2026 was $4.94 billion, up 35% year-over-year.

• Organic net new assets reached $21 billion in Q1, a 4% annualized growth rate.

• Client cash balances were $59 billion, with cash as a percent of assets at 2.5% in Q1 2026.

Outlook and guidance

• 2026 Core G&A expense outlook lowered to $2,155–2,190 million, including $380–390 million for Commonwealth.

• Service and fee revenue projected to rise by $5 million in Q2.

• Transaction revenue expected to decline by $5 million in Q2 as trading activity normalizes.

• Asset retention for Commonwealth expected to be approximately 90%.

• Resumed share buybacks with $125 million planned for Q2 2026.