Q3 25 EPS
$5.20
BEAT +15.79%
Est. $4.49
Q3 25 Revenue
$4.55B
BEAT +5.61%
Est. $4.31B
vs S&P Since Q3 25
-14.7%
TRAILING MARKET
LPLA -9.1% vs S&P +5.7%
Market Reaction
Did LPLA Beat Earnings? Q3 2025 Results
LPL Financial delivered a standout third quarter, reporting adjusted EPS of $5.20 against a consensus estimate of $4.49, a beat of 15.79%, while revenue of $4.55 billion topped expectations by 5.61% and surged 46.4% year-over-year. The defining event… Read more LPL Financial delivered a standout third quarter, reporting adjusted EPS of $5.20 against a consensus estimate of $4.49, a beat of 15.79%, while revenue of $4.55 billion topped expectations by 5.61% and surged 46.4% year-over-year. The defining event of the quarter was the closing of the Commonwealth Financial Network acquisition, which brought approximately $275 billion in acquired net new assets and lifted the deal's estimated run-rate EBITDA to $425 million, driving total advisory and brokerage assets to $2.31 trillion, up 45% year-over-year. On a GAAP basis, the company posted a net loss of $29.52 million, or $0.37 per diluted share, reflecting $419 million in one-time acquisition-related costs. Adjusted net income reached $418.22 million, with adjusted pre-tax income climbing 35% to $568.77 million. Looking ahead, management trimmed its full-year 2025 Core G&A outlook to $1.86 billion to $1.88 billion, and expects Commonwealth's full platform conversion to be completed by Q4 2026, with advisor retention tracking toward its 90% target.
Key Takeaways
- • Commonwealth acquisition closing added $275 billion in acquired net new assets
- • Total advisory and brokerage assets grew 45% YoY to $2.3 trillion
- • Advisory assets increased 51% YoY to $1.3 trillion, now 58.2% of total assets
- • Organic net new assets of $33 billion representing 7% annualized growth
- • Recruited assets of $33 billion, up 27% YoY
- • Client cash balances increased $10 billion YoY to $56 billion
- • Adjusted EPS increased 25% YoY to record $5.20
- • Gross profit increased 31% YoY to $1,479 million
- • First Horizon onboarded with $17 billion of assets transitioning in Q3
- • Annualized advisory fees and commissions per advisor rose 19% YoY to $442K
LPLA YoY Financials
Q3 2025 vs Q3 2024, source: SEC Filings
LPLA Revenue by Segment
With YoY comparisons, source: SEC Filings
“Over the past quarter, we continued to make progress against our key priorities, while delivering strong business results and record adjusted earnings per share. We continue to seek opportunities to improve our advisors' efficacy in the market. As advisory services become more central to our clients, we're lowering fees and streamlining pricing to make our platforms the most competitive in the industry. Ensuring that our pricing supports the value that we deliver, next year we will also make targeted fee adjustments that more closely align with industry standards.”
— Rich Steinmeier, Q3 2025 Earnings Press Release
LPLA Earnings Trends
LPLA vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
LPLA EPS Trend
Earnings per share: estimate vs actual
LPLA Revenue Trend
Quarterly revenue: estimate vs actual
LPLA Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 | — | $5.60 | — | $4.94B | -1.18% |
| Q4 25 BEAT FY | $4.99 | $5.23 | +4.81% | $4.93B | +1.61% |
| FY Full Year | $19.80 | $20.09 | +1.48% | $16.99B | +0.46% |
| Q3 25 BEAT | $4.49 | $5.20 | +15.79% | $4.55B | +5.61% |
| Q2 25 BEAT | $4.21 | $4.51 | +7.08% | $3.84B | +1.48% |
| Q1 25 BEAT | $4.64 | $5.15 | +10.97% | $3.67B | +1.46% |