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LPL Financial Holdings 8-K Report, Financial Results (Jan 29, 2026)

Reports
Earnings & Results·Exhibits & Filings
Filing Date
Filed January 29, 2026
Period End
January 29, 2026
Security
LPLA
In the record · 2016–202610-K1210-Q338-K120

LPLA filed 12 annual reports (10-K), 33 quarterly reports (10-Q) and 120 current reports (8-K) between 2016 and 2026.

  1. Leadership change8-K · Dec ’16Dec ’16
  2. Leadership change8-K · Jan ’19Jan ’19
  3. Material agreement8-K · May ’21May ’21
  4. Material agreement8-K · Apr ’25Apr ’25

01—Abstract

Summary

Summary of the 8-K filed January 29, 2026. Cited figures are marked; the original filing is the authoritative source.

LPL Financial Holdings Inc. (Nasdaq: LPLA) filed this Form 8-K under Item 2.02 to furnish its press release announcing results for the three and twelve months ended December 31, 2025.

For the fourth quarter, the company reported net income of $301 milliona, or $3.74 diluted EPS, up 4% from a year earlier, and adjusted EPS rose 23% year-over-year to $5.23. Gross profit increased 26% to $1,542 million, core G&A increased 27% to $536 million, and adjusted pre-tax income increased 36% to $559 million. For the full year, net income was $863 million, or $10.92 diluted EPS, down 22% from 2024, while adjusted EPS rose 22% to $20.09.

Operating metrics were strong. Total advisory and brokerage assets increased 36% year-over-year to $2.4 trillionb, and advisory assets reached 58.8% of total assets. Organic net new assets were $23 billion for the quarter (4% annualized) and $147 billion for the full year (8% growth rate).

Total client cash balances were $61 billionc, and the leverage ratio was 1.95x at year-end. The company also disclosed that the Commonwealth Financial Network conversion is on track for completion in the fourth quarter of 2026, with expected asset retention of approximately 90% and run-rate EBITDA of approximately $425 million. The board declared a $0.30 per share dividend payable March 24, 2026.

The company guided 2026 core G&A to $1,775d-1,820 million before Commonwealth, or $2,155-2,210 million including Commonwealth-related expenses. Fourth-quarter GAAP results were affected by $78.8 million of acquisition costs, following $538.2 million in the third quarter, which drove the year-over-year swing in reported net income.

02—Key points

Key Highlights

  1. Q4 2025 net income was $301 million ($3.74 diluted EPS), up 4% year-over-year; adjusted EPS rose 23% to $5.23.
  2. Full-year 2025 net income was $863 million ($10.92 diluted EPS), down 22% from the prior year; full-year adjusted EPS rose 22% to $20.09.
  3. Total advisory and brokerage assets increased 36% year-over-year to $2.4 trillion, with advisory assets at 58.8% of the total.
  4. Organic net new assets were $23 billion in Q4 (4% annualized) and $147 billion for full-year 2025 (8% growth rate).
  5. Commonwealth conversion is on track for Q4 2026, with expected ~90% asset retention and run-rate EBITDA of ~$425 million.
  6. 2026 core G&A outlook is $1,775-1,820 million before Commonwealth, or $2,155-2,210 million including Commonwealth-related expenses.
  7. Leverage ratio was 1.95x at December 31, 2025, and the board declared a $0.30 per share dividend payable March 24, 2026.

03—Questions

Frequently Asked Questions

  1. How did LPL Financial perform in the fourth quarter of 2025?

    Net income was $301 million, or $3.74 per diluted share, up 4% from $271 million a year earlier. Adjusted EPS increased 23% to $5.23, gross profit rose 26% to $1,542 million, and adjusted pre-tax income increased 36% to $559 million.

  2. Why did full-year 2025 GAAP net income decline while adjusted EPS grew?

    Full-year net income of $863 million was down 22% from 2024, while adjusted EPS rose 22% to $20.09. The filing's non-GAAP reconciliation excludes acquisition costs, which totaled $740.4 million for 2025, and amortization of other intangibles, which totaled $236.6 million, so the gap reflects these items.

  3. What is the status of the Commonwealth acquisition?

    The company said it is on track to complete the Commonwealth conversion in the fourth quarter of 2026. It continues to expect asset retention of approximately 90% and run-rate EBITDA of approximately $425 million.

  4. What is the company's 2026 expense outlook?

    Core G&A is outlined at $1,775-1,820 million before Commonwealth, representing 4.5-7% year-over-year growth. Including Commonwealth-related expenses, the outlook is $2,155-2,210 million.

  5. What are the company's capital return and leverage levels?

    The leverage ratio was 1.95x at year-end 2025, and corporate cash was $470 million. The board declared a $0.30 per share dividend payable March 24, 2026 to stockholders of record as of March 10, 2026.

04—Continue

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