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LPL Financial Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary29 Jan, 2026
Executive summary
Achieved record total advisory and brokerage assets of $2.4 trillion as of December 31, 2025, with over $650 billion in organic net new assets since 2020 and a 13.2% annualized growth rate in 2025.
Completed the largest acquisition in company history with Commonwealth Financial Network, adding 3,000 advisors and $34 billion in assets, and onboarded Atria Wealth Solutions and Prudential Advisors.
Delivered record adjusted EPS of $20.09 for 2025 and $5.23 for Q4, with full year net income of $863 million and Q4 net income of $301 million.
Maintained a resilient business model with natural hedges to market volatility, benefiting from rising market levels and interest rates.
Focused on disciplined expense management, driving operating leverage and investing in technology and services to support advisor and institutional growth.
Financial highlights
Full year 2025 gross profit was $5.6 billion, up 24% year-over-year, with Q4 gross profit at $1.542 billion, up 26% year-over-year.
Adjusted EPS for 2025 was $20.09, up 22% year-over-year, and Q4 adjusted EPS was $5.23, up 23% year-over-year.
Adjusted pre-tax margin was 38% for 2025; leverage ratio at year-end was 1.95x.
Full year organic net new assets were $147 billion (8% growth rate); Q4 organic net new assets were $23 billion (4% annualized growth).
Client cash balances ended Q4 at $61 billion, up $5 billion sequentially and $6 billion year-over-year.
Outlook and guidance
2026 core G&A guidance (excluding Commonwealth) is $1.78–$1.82 billion (4.5–7% growth); including Commonwealth, $2.16–$2.21 billion.
Commonwealth onboarding and integration costs estimated at $485 million, with run-rate EBITDA benefit of ~$425 million post-integration.
Expect to maintain leverage at ~2x through end of 2026.
Q1 ICA yield expected to decline by 10 basis points due to full impact of Q4 rate cuts.
Continued investment planned to drive growth and efficiency as business scales.
Commonwealth integration risks to EBITDA target?
Organic NNA growth excluding one-time impacts?
Core G&A investment vs. efficiency strategy
Commonwealth integration's broader tech impact
Timeline for organic recruiting growth engine
Share repurchase resumption timing update
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Next LPL Financial earnings date
Q1 20267 May, 2026
LPL Financial
Next LPL Financial earnings date
Q1 20267 May, 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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