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Dec 31, 2025
LPL Financial Q4 2025 Earnings Report
LPL Financial reported strong Q4 2025 results with higher revenue, gross profit, and EPS, driven by record advisory and brokerage assets.
Key Takeaways
LPL Financial delivered robust performance in Q4 2025, with revenue reaching nearly $5 billion and adjusted EPS climbing to $5.23. Net income increased to $301 million, supported by record gross profit and significant growth in advisory assets.
Total revenue rose to $4.93 billion, up 40% YoY.
Net income reached $301 million, up from $271 million YoY.
Advisory assets grew 46% YoY to $1.39 trillion.
Organic net new assets totaled $22.5 billion for the quarter.
Revenue by Segment
Forward Guidance
LPL expects continued investment in growth and scaling efficiency in 2026, while managing costs and integrating key acquisitions.
Positive Outlook
- Core G&A for 2025 was below guidance at $1.85B
- Expected 2026 Core G&A growth of 4.5% to 7% excluding Commonwealth
- Increased scale and platform investments to drive long-term growth
- Continued focus on operating leverage
- Asset retention from Commonwealth expected to be ~90%
Challenges Ahead
- Net new advisor growth slowed significantly in Q4
- Acquired net new assets declined compared to prior year
- Organic asset growth rates moderated YoY
- Reduced corporate cash sequentially from prior quarter
- Client cash balances as % of assets remain below prior year levels
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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