LPL Financial Holdings Inc
Q2 2026 Earnings
Market Reaction
Did LPLA Beat Earnings? Q2 2026 Results
LPL Financial Holdings delivered a standout second quarter of 2026, beating Wall Street expectations on both the top and bottom lines and extending its streak of consensus EPS beats to five consecutive quarters. Adjusted EPS came in at $5.84, topping the $5.38 consensus estimate by 8.52%, while revenue of $5.19 billion cleared estimates by 3.35% and rose 35.2% from a year ago, powered chiefly by a 53% surge in advisory revenue as clients continued migrating toward fee-based models. Advisory assets climbed 46% year-over-year to $1.55 trillion, now representing 60.4% of total client assets, up from 55.3% a year ago. Management also narrowed its full-year Core G&A outlook to $2.14 billion to $2.17 billion, signaling improving operating leverage as the company absorbs recent acquisitions, including the closed Mariner Advisor Network deal adding 367 advisors and $31.00 billion in client assets. The pending Commonwealth Financial Network conversion, on track for Q4 2026 with upwardly revised run-rate EBITDA of $435.00 million, further underpins LPL's growth trajectory heading into year-end.
- Advisory assets increased 46% year-over-year to $1.5 trillion, with advisory assets as a percentage of total client assets rising to 60.4%
- Total client assets increased 34% year-over-year to $2.6 trillion
- Total organic net new assets were $23 billion, representing 4% annualized growth
- Recruited assets were $25 billion, up 35% year-over-year
- Gross profit increased 24% year-over-year to $1,618 million
- Adjusted pre-tax income increased 30% year-over-year to $635 million with margin expanding to 39.3% from 37.6%
- EBITDA grew to $797.7 million from $616.8 million year-over-year; adjusted EBITDA reached $846.7 million
- Net new advisors of 331 in Q2, total advisors reached 32,475
- S&P 500 up 21% and Russell 2000 up 39% year-over-year provided market tailwinds
“After an outstanding start to the year, we continued our momentum in the second quarter, delivering another quarter of strong performance and results. We remain focused on our strategic priorities, and are on track to onboard Commonwealth later this year. Underscoring the exceptional work and dedication of our teams, JD Power recognized both Commonwealth and LPL as the top-ranked firms for independent advisor satisfaction. This is a reflection of the complementary cultures we're bringing together and the unparalleled value we deliver to advisors and their clients.”
LPL Financial CEO, on the earnings call
Forward Guidance & Outlook
LPL lowered its 2026 Core G&A outlook range to $2,140–$2,165 million, including expenses related to Commonwealth. The Commonwealth Financial Network conversion is on track for Q4 2026 with approximately 90% asset retention expected and estimated run-rate EBITDA increased from $410 million to $435 million. Share repurchases of approximately $300 million are planned for Q3 2026.
LPLA YoY Financials
LPLA Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.