NASDAQ$LPLA

LPL Financial Holdings Inc · Q4 2025 earnings

Q4 2025 earnings · · After market close · Investor relations

Briefing

LPL Financial reported Q4 2025, revenue of $3.20B, net income of $301M, diluted EPS of $3.27.

For Q4 2025, LPL Financial reported revenue of $3.20B, net income of $301M, diluted EPS was $3.27, adjusted diluted EPS was $4.72. Management discusses segment performance, capital allocation, and outlook in the earnings release.

  • Revenue $3.20B.
  • Net income $301M.
  • Diluted EPS $3.27.
  • Adjusted diluted EPS $4.72.

Headline financials

Total Revenue

$3.2B

Previous: $3.51B-8.9%
EPS (adj)

$4.72

Previous: $4.25+11.1%
Total advisory & brokerage assets

$2.37T

Previous: $1.74T+36.2%
Advisory assets

$1.39T

Previous: $957B+45.5%
Advisory as % of total assets

58.8%

Previous: 55.0%+6.9%
Organic net new assets

$22.5B

Previous: $68B-66.9%
Recruited assets

$14.5B

Previous: $78.7B-81.6%
Client cash balances

$61B

Previous: $55.1B+10.7%
Client cash % of total assets

2.6%

Previous: 3.2%-18.8%
Corporate cash

$470M

Previous: $479M-2.0%
Leverage ratio

1.95

Previous: 1.89+3.2%
Net new advisors

50

Previous: 5.2K-99.0%
Advisor count

32.2K

Previous: 28.9K+11.4%
Fees & commissions per advisor

$470K

Previous: $390K+20.5%
AUM retention rate (annualized)

97.0%

Previous: 97.3%-0.3%
Acquired net new assets

$2B

Previous: $89.3B-97.8%
Total net new assets

$24.5B

Previous: $157B-84.4%
Organic NNA annualized growth

3.9%

Previous: 17.1%-77.2%
Net Income

$301M

Previous: $271M+11.2%
Operating Income

$398M

Previous: $341M+16.5%
Gross Profit

$1.54B

Previous: $1.23B+25.6%

Revenue & EPS history

LPL Financial · Revenue · Quarterly

$3.2B

Q4 2025-8.9%vs Q4 2024
Beat estimate in 10 of 15 quarters(67%)
ActualEstimate

Revenue by segment

LPL Financial · $2.52B total across 9 segments · Q3 2023

  • Advisory
    $1.08B+17.1%
  • Client cash
    $361M
  • Trailing
    $332M
  • Sales-based
    $312M
  • Other asset-based
    $225M
  • Service and fee
    $136M+11.4%
  • Transaction
    $50.2M+15.9%
  • Interest
    $40.8M+84.6%
  • Others
    -$14.5M

Forward guidance

The release discusses LPL Financial's outlook for upcoming periods, including capital allocation, operating priorities, and market risks.

Tailwinds

  • LPL Financial cites operational execution and demand trends supporting the outlook.
  • Balance sheet and liquidity actions aim to fund growth and returns.

Headwinds

  • Macro, pricing, and input-cost volatility could pressure margins.
  • Segment mix and one-time items may affect quarter-to-quarter comparability.

Historical earnings impact

How earnings announcements have historically affected this stock's price.

Avg. return before/after earnings

Based on 20 quarterly earnings reports · overlaid with Q4 2025

Historical avgQ4 2025

+0.6%

Avg return

Earnings day

+3.3%

Avg return

5 days after

+4.1%

Avg return

30 days after

55%

36 / 65 earnings

Positive

+13.7%

Q1 2019

Best reaction

-38.1%

Q4 2015

Worst reaction

Earnings price reactions
QuarterReport dateReaction (Day 0)+5 days+30 days
Q1 2026-1.9%-2.8%-18.1%
Q4 2025-1.7%+7.2%-17.2%
Q3 2025+11.6%+10.7%+5.2%
Q1 2025+6.3%+13.6%+14.7%
Q4 2024+1.3%-0.0%+2.7%
Q3 2024+6.2%+3.1%+22.4%
Q2 2024-2.5%-2.4%-1.4%
Q1 2024-3.1%-1.1%+2.0%
Q4 2023+5.0%+1.0%+11.3%
Q3 2023+2.4%+3.8%+5.8%
Q2 2023-3.9%-1.3%-0.8%
Q1 2023+4.7%-1.7%-0.9%
Q4 2022-0.3%+4.4%+8.5%
Q3 2022+4.5%+4.3%-6.9%
Q2 2022+4.9%+8.8%+7.5%
Q1 2022-1.3%+0.4%+5.5%
Q4 2021+2.9%+7.6%-10.8%
Q3 2021-4.7%-1.2%-7.1%
Q2 2021+0.5%-2.4%+7.5%
Q1 2021+2.7%+1.6%-3.1%
Q4 2020+8.5%+8.9%+15.7%
Q3 2020+4.1%+7.8%+20.7%
Q2 2020-2.5%-1.3%+1.6%
Q1 2020+0.9%+1.2%+16.2%
Q4 2019-2.2%-1.5%-15.7%
Q3 2019+1.0%+3.2%+16.3%
Q2 2019-0.6%-3.3%-16.3%
Q1 2019+13.7%+14.6%+9.1%
Q4 2018+8.1%+10.8%+10.4%
Q3 2018+5.7%+10.2%+14.0%
Q2 2018+0.6%-3.9%-3.8%
Q1 2018+5.9%+12.8%+14.9%
Q4 2017+5.8%+4.9%+6.4%
Q3 2017-5.8%-6.3%-6.3%
Q2 2017+0.0%-0.8%+0.5%
Q1 2017+6.8%+9.2%+0.8%
Q4 2016+4.4%+4.2%+0.4%
Q3 2016-1.2%+4.5%+30.2%
Q2 2016+8.2%-0.5%+17.4%
Q1 2016-1.5%
Q4 2015-38.1%
Q3 2015+3.4%
Q2 2015-9.0%
Q1 2015-1.7%
Q4 2014+1.6%
Q3 2014-2.7%
Q2 2014-4.3%
Q1 2014-4.3%
Q4 2013-0.3%
Q3 2013-0.3%
Q2 2013+6.5%
Q1 2013+0.2%
Q4 2012-0.1%
Q3 2012+1.7%
Q2 2012-13.2%
Q1 2011-3.3%
Q1 2012+0.2%
Q4 2009+3.5%
Q4 2011+3.5%
Q1 2010+3.5%
Q3 2010+3.5%
Q3 2011+3.5%
Q2 2011-1.8%
Q4 2010-1.8%
Q2 2010-1.8%

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