What is the market's earnings forecast for LPL Financial next quarter?

Did LPL Financial beat or miss consensus estimates last quarter?

What is the revenue and EPS growth rate for LPL Financial year over year?

What is LPL Financial's gross profit margin?

What were the key takeaways from LPL Financial’s earnings call?

What is LPL Financial's latest dividend and current dividend yield?

What does LPL Financial do and what are its main business segments?

What were the key takeaways from LPL Financial's earnings call?

- **Record Growth**: Q4 organic net new assets of $23B (4% annualized), total assets $2.4T, and adjusted EPS $5.23 (+23% YoY).
- **Strategic Acquisitions**: Commonwealth onboarding on track, with 80% of assets committed to stay. 2025 recruited $104B in assets.
- **Expense Efficiency**: Core G&A below guidance, 2026 growth 4.5%-7%. TA amortization up $28M Q/Q to $133M.
- **Commonwealth Progress**: 80% of advisers signed to stay, with 90% asset retention target.
- **Market Dynamics**: Elevated TA spending, but LPL maintaining financial discipline.

**【CEO Summary】**
- **Strategic Milestones**: Completed acquisition of Commonwealth Financial Network ($34B in client assets), onboarded 200+ advisers from Wintrust and First Horizon, and integrated Atria Wealth Solutions. Achieved record adjusted EPS of $20.09 for the year.
- **Q4 Financials**: Total assets reached $2.4T (up 2% Q/Q), organic net new assets of $23B (4% annualized), and record Q4 adjusted EPS of $5.23 (+23% YoY). 
- **Growth Drivers**: Recruited $14B in Q4 (year-to-date $104B), with pipelines near record levels. Retained 97% of assets, with Commonwealth advisers representing 80% of assets committing to stay.
- **Future Focus**: Enhancing operating leverage, expanding affiliation models (Strategic Wealth, RIA), and launching a national marketing campaign to strengthen adviser value proposition.

**【CFO Financial Commentary】**
- **Revenue Performance**: Gross profit of $1.54B (+$62M Q/Q), driven by commission growth and stable payout rates. Client cash revenue of $456M (+$14M Q/Q) despite lower rates.
- **Expense Management**: Core G&A of $536M (full year $1.85B below guidance), with 2026 growth expected at 4.5%-7%. TA loan amortization up $28M Q/Q to $133M due to Commonwealth transition.
- **Commonwealth Integration**: On track for Q4 2026 onboarding, with estimated run-rate EBITDA of $425M. Retained 90% of assets, with 80% of advisers signed to stay.
- **Capital Deployment**:Paused share buybacks post-Commonwealth deal, but may resume later in 2026 if leverage ratio (1.95x) remains stable.

**【Q&A Highlights】**
- **Commonwealth Retention**: 80% of assets and 80% of advisers signed to stay, with focus on retaining high-producing advisers. Recruiters shifting back to organic growth as onboarding nears.
- **Growth Outlook**: Pipelines near record levels, but pull-through delayed due to longer lead times for independent and strategic wealth models. 2026 core G&A growth of 4.5%-7% reflects investments in automation and AI.
- **Cash Balances**: Q4 cash sweep of $61B (+$5B Q/Q), with 55% in fixed-rate instruments. 2026 ICA yield expected to decline 10bps Q/Q due to rate cuts.
- **Competitive Dynamics**: Elevated TA spending in market, but LPL maintaining discipline. Capture rate of wirehouse advisers rises to 11% from 9% as Liquidity & Succession solutions gain traction.


LPL Financial Holdings Inc. (LPLA) Q4 2025 Earnings Call Transcript

- **Record Assets Growth**: $2.3 trillion AUM, 21% YoY, with $33B organic net new assets (7% annualized).
- **Commonwealth Integration Success**: 80% asset retention, targeting 90% by Q4 2026, with $425M run-rate EBITDA.
- **Margin Expansion**: 1% pretax margin improvement from pricing changes, driving $5.20 adjusted EPS (25% YoY growth).
- **Alternative Investments Expansion**: 120+ alternative products available, enhancing appeal to high-net-worth advisers.
- **Efficiency Initiatives**: Core G&A reduced to $1.86-1.88B, with automation improving client and employee experiences.

**【CEO Summary Section】**
- **Record Assets and Growth**: Total assets reached $2.3 trillion, up 21% year-over-year, driven by organic growth and the Commonwealth acquisition. Organic net new assets of $33 billion (7% annualized) marked a trailing 12-month record of $168 billion.
- **Strategic Initiatives**: Focused on client centricity, employee empowerment, and operational efficiency. Advanced affiliation models attracted 4 separate $1 billion+ practices, broadening market reach.
- **Commonwealth Integration**: 80% of assets retained, with 90% target on track. Integration efforts include ClientWorks workstation upgrades and mobile access, enhancing adviser experience.
- **Institutional Growth**: Onboarded First Horizon with $17 billion AUM, improving adviser efficiency. Exploring partnerships with large banks and insurance broker-dealers for long-term expansion.

**【CFO Financial Commentary】**
- **Financial Highlights**: Adjusted EPS of $5.20 (25% YoY growth), gross profit $1.479 billion (+$175M sequentially). Pretax margin 38%, ICA yield 351bps (Q3) expected to drop to 345bps in Q4 due to rate cuts.
- **Cost Management**: Core G&A $477M, below outlook, with automation initiatives reducing manual processes. Full-year G&A revised to $1.86-1.88B, down from prior guidance.
- **Pricing Strategy**: Streamlining services to focus on high-demand offerings. Targeted fee adjustments aim to improve 2026 pretax margin by 1%, reflecting $425M run-rate EBITDA from Commonwealth.
- **Liquidity**: Corporate cash $568M post Commonwealth deployment, with interest income expected to decline to $30M in Q4.

**【Q&A Key Highlights】**
- **Commonwealth Retention**: 80% assets retained, with 90% target achievable by Q4 2026.每1% retention提升EBITDA约$5M.
- **Pricing Impact**: Advisory fee reductions and brokerage fee adjustments to enhance competitiveness, supporting 1% margin improvement.
- **Alternative Investments**: 120+ alternative products available by year-end, with alts Connect and Learning Hub tools aiding adviser adoption. Digital assets via 5 crypto ETFs, monitoring broader market demand.
- **Expense Trajectory**: Automation and process improvements driving efficiency, with potential incremental costs from resumed organic growth post Commonwealth integration.
- **Adviser Movement**: Industry-wide depressed movement due to wirehouse compensation changes, but LPL maintains #1 capture rate, poised to benefit from normalization.


LPL Financial Holdings Inc. (LPLA) Q3 2025 Earnings Call Transcript

- **Record Assets & Growth**: $1.9T AUM (+7% QoQ), $21B organic NNA (5% annualized). 
- **Strategic Acquisitions**: Atria conversion with 82% retention, Commonwealth deal closing July 31 with 90% retention target. 
- **Financial Strength**: Adjusted EPS $4.51 (+16% YoY), core G&A efficiency driving 5%+ annual cost savings. 
- **Leverage Management**: 1.23x leverage ratio, target 2.25x post Commonwealth close, deleveraging to 2x by end-2026. 
- **Regulatory Impact**: RIA flows shifting to corporate model due to SEC registration threshold uncertainty. 
- **Cash Dynamics**: ICA yield stable at 342bps, client cash balances $51B (-$2B QoQ). 


**【CEO Summary Section】**
- Q2 total assets reached $1.9 trillion, up 7% from Q1, driven by organic growth and market gains. Organic net new assets were $21 billion (5% annualized). 
- Completed Atria Wealth Solutions conversion with 82% asset retention vs. 80% target. Pending Commonwealth Financial Network acquisition expected to close on July 31, 2025.
- Strategic initiatives: National marketing campaign launch, First Horizon onboarding in Q3, and 90% adviser retention target for Commonwealth.
- Asset retention remains industry-leading at 98% for Q2 and 12-month period.

**【CFO Financial Commentary】**
- Adjusted EPS of $4.51, +16% YoY. Gross profit $1.304B, +$32M sequentially. 
- Core G&A expenses for 2025 revised to $1.88B-$1.92B (prev $1.72B-$1.75B), including $160M-$170M for Commonwealth.
- ICA yield 342bps (up 5bps QoQ). Client cash balances $51B, down $2B QoQ due to buying activity.
- Transaction revenue $61M (-$7M QoQ). Service & fee revenue $152M (+$7M QoQ). 
- Interest expense $102M (+$22M QoQ) due to debt issuance. Tax rate 26% (est 27% Q3). 
- Leverage ratio 1.23x (target 2.25x post Commonwealth close, deleveraging to 2x by end-2026). 

**【Q&A Key Highlights】**
- **Commonwealth Deal**: 90% retention target remains confident despite 10% advisers exploring RIA options. Run-rate EBITDA $120M, fully integrated $415M. 
- **Expense Optimization**: Core G&A efficiency initiatives reducing costs 5%+ annually, with runway for further improvements. 
- **RIA Channel**: Regulatory uncertainty (SEC registration threshold) driving flows to corporate RIA model. Q2 independent RIA NNA modestly negative due to misaligned OSJs exiting. 
- **Capital Allocation**: Prioritize organic growth, M&A, and deleveraging to 2x by end-2026. Share buybacks on hold until leverage ratio targets met. 
- **Cash Dynamics**: Q2 client cash decline ($51B vs $53B) due to buying activity, ICA yield stable at 342bps. July advisory fee outflows expected, organic growth 4% MoM. 
- **Liquidity & Succession**: 10+ deals Q2, $10M-$20M each, supporting succession planning and fee generation. 


LPL Financial Holdings, Inc. (LPLA) Q2 2025 Earnings Call Transcript

- **Revenue Growth**: Q1 organic net new assets $71B (16% annualized), driving total assets to $1.8T.
- **Strategic Acquisitions**: Commonwealth deal adds $350B assets, with 90% advisor retention target. Atria onboarding underway.
- **Financial Strength**: Record adjusted EPS $5.15, gross profit $1.273B. Core G&A growth slowed to 6-8%.
- **Market Resilience**: 98% asset retention, industry-leading advisor capture rate. LPL advisors 75% of Q1 annuity sales growth.
- **Leverage Plan**: Post Commonwealth, leverage 2.25x, targeting mid-range by end-2026.

**【Management Opening Remarks】**
- **Record Q1 Performance**: Total assets reached $1.8 trillion, up 3% from Q4, driven by $71 billion in organic net new assets (16% annualized growth). Adjusted EPS hit a record $5.15.
- **Strategic Acquisitions**: Completed acquisition of Commonwealth Financial Network, adding $350 billion in client assets. Onboarding of Atria Wealth Solutions began, with 90% advisor retention target.
- **Market Leadership**: Retained 98% of assets, industry-leading capture rate of advisors in motion. Expanded affiliation models (e.g., Strategic Wealth, RIA) added $2 billion in Q1.

**【CFO Financial Commentary】**
- **Financial Highlights**: Gross profit $1.273B (+$45M QoQ), commission fees $363M (+$50M QoQ). ICA yield 337bps, stable QoQ. Service fees $145M (+$6M QoQ). Transaction revenue $68M (+$6M QoQ).
- **Expense Management**: Core G&A guidance narrowed to $1.73B-$1.765B for 2025, down $15M. Q2 G&A expected $435M-$445M. Promotional expense to increase $20M QoQ due to recruiting.
- **Leverage & Capital**: Leverage ratio 1.8x (target 1.5-2.5x). Post Commonwealth acquisition, leverage expected 2.25x, with plans to reduce to midpoint by end-2026.

**【Q&A Key Highlights】**
- **Commonwealth Integration**: 90% advisor retention target on track. LPL preserving Commonwealth’s culture, service model, and leadership. LPL advisors universally supportive of merger.
- **Expense Efficiency**: Core G&A growth slowed to 6-8% vs. 15% in 2023. Automation reducing manual processes, improving client and employee experience.
- **Market Volatility**: Advisors prefering quality firms during volatility. LPL seeing flight to advice, with organic growth resilient (7% pre-tax impact).
- **Institution Wins**: Pipeline remains strong, but near-term focus on integrating Atria and Commonwealth. Large bank market opportunity $1.5T, insurance BD market $1.5T.
- **Annuity Sales**: 75% of Q1 growth driven by Prudential onboarding. Core annuity sales reflect client demand for diversification.


LPL Financial (LPLA)-8 May 25-2025 Q1 Earnings call transcript

- **Record Growth**: 10% organic asset growth to $1.7T in 2024, Q4 NNA of $68B (17% annualized), and $79B record recruited assets.
- **Strategic Wins**: Acquired Atria (2,200 advisors) and onboarded Prudential Advisors, retaining 98% of assets over 12 months.
- **Profitability**: Adjusted EPS of $4.25 in Q4, with Core G&A growth slowing to 8% in 2024 vs. 12% in 2023.
- **Efficiency Drive**: 2025 Core G&A growth target 6-8%, $170-180M from Atria/Prudential, and $100M share buybacks.
- **New Frontiers**: Expanding HNW capabilities with 80+ alternative investment agreements, and banking/lending monetization opportunities.


**【CEO Summary Section】**
- **2024 Year in Review**: Delivered 10% organic asset growth to $1.7 trillion, onboarded Prudential Advisors, and achieved record adjusted EPS of $16.51. Q4 organic net new assets (NNA) of $68 billion (17% annualized), with record recruited assets of $79 billion.
- **Strategic Priorities**: Client-centricity, empowering employees, and improving operating leverage. Reorganized leadership to align teams and enhance accountability, with significant internal promotions.
- **Market Expansion**: Acquired Atria (2,200 advisors) and signed to acquire Investment Center. Retained 98% of assets over 12 months, driven by enhanced advisor experience and technology.

**【CFO Financial Commentary】**
- **Q4 Financials**: Adjusted EPS of $4.25, gross profit of $1.228 billion (+$100M sequential). Client cash revenue of $397 million (+$25M), ICA yield of 335bps (+3bps). Transaction revenue $62 million (+$3M).
- **Expense Management**: Core G&A grew 8% in 2024, down from 12% in 2023. 2025 Core G&A expected to grow 6-8%, with $170-180M from Atria/Prudential. Promotional expense to decline to $160M in Q1.
- **Balance Sheet**: Ended Q4 with $479M corporate cash, leverage ratio 1.9x (target 2.0x). Repurchased $100M shares in Q4, plans to buy another $100M in Q1.

**【Q&A Highlights】**
- **Organic Growth Sustainability**: 10% NNA in 2024 vs. peers' deceleration, driven by win rate improvement and advisor value proposition. 2025 NNA target 7-13% achievable despite larger asset base.
- **Cash Management**: Q4 client cash $55B (+$9B), ICA yield to rise in Q1. January cash redeployment of $2B from December tax bill, stable flows expected.
- **Expense Efficiency**: 2025 Core G&A growth to slow to 6-8%, with focus on automation and process improvements. Synergies from Atria to reach $150M EBITDA by 2025.
- **New Markets**: High net worth (HNW) channel with Alt platform expansion, 80+ alternative investment selling agreements. Banking and lending capabilities to enhance monetization.
- **Pricing Strategy**: Adjusted DCA fees for balanced growth, production bonus changes to reflect value exchange. Q1 DCA fee change to add $4-5M quarterly benefit.


Actual											2.06	1.42	1.44	1.53	1.77	1.85	1.77	1.63	1.95	2.24	3.13	4.21	4.49	3.94	3.74	3.51	4.21	3.88	4.16	4.25	5.15	4.51	5.2	5.23
Forecast											1.6972	1.2982	1.2295	1.3361	1.464	1.679	1.7158	1.5125	1.7979	1.9463	2.8253	3.9948	4.3311	3.8562	3.576	3.3876	3.808	3.7097	3.7125	3.9579	4.6796	4.2266	4.49	4.9161
Surprise	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	+21.38%	+9.38%	+17.12%	+14.51%	+20.90%	+10.18%	+3.16%	+7.77%	+8.46%	+15.09%	+10.78%	+5.39%	+3.67%	+2.17%	+4.59%	+3.61%	+10.56%	+4.59%	+12.05%	+7.38%	+10.05%	+6.71%	+15.81%	+6.39%

LPLA

LPLA fundamentals

LPLA Q4 2025 Earnings

Earnings Call

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LPLA

LPLA fundamentals

LPLA Q4 2025 Earnings

Earnings Call

LPLA Earnings Call Summary for Q4/20255:00 PM on Jan 29, 2026

LPLA Earnings Call Summary for Q3/20255:00 PM on Oct 30, 2025

LPLA Earnings Call Summary for Q2/20255:00 PM on Jul 31, 2025

LPLA Earnings Call Summary for Q1/20255:00 PM on May 8, 2025

LPLA Earnings Call Summary for Q4/20245:00 PM on Jan 30, 2025

You can ask Aime