Companies /Financial Services

LPL Financial Holdings Inc

NASDAQ: LPLA Capital Markets
$361.22
â–² $0.98 (+0.27%) today
Markets closed · 9:16pm ET

Q1 2026 Earnings

Reported Apr 30, 2026, 4:10pm ET · SEC source
$5.60
Beat +2.45%
EPS · est. $5.47
$4.9B
Miss −1.18%
Revenue · est. $5.0B
−16.0%
Trailing market
LPLA vs S&P since report
6 quarters
Consecutive EPS beats

Market Reaction

% change · around the report
−4%−2%0+2%Apr 30May 1report 4:10pm ETearnings+0.3%−4.5%
−4%−2%0+2%Apr 30May 1earnings+0.3%−4.5%
LPLA −4.5%S&P 500 +0.3%
−4%−2%0+2%Apr 30May 1report 4:10pm ETearnings+1.0%−4.5%
−4%−2%0+2%Apr 30May 1earnings+1.0%−4.5%
LPLA −4.5%NASDAQ +1.0%
−6%−3%0+3%Apr 29May 8report 4:10pm ETearnings+2.5%−7.4%
−6%−3%0+3%Apr 29May 8earnings+2.5%−7.4%
LPLA −7.4%S&P 500 +2.5%
−5%0+5%Apr 29May 8report 4:10pm ETearnings+6.5%−7.4%
−5%0+5%Apr 29May 8earnings+6.5%−7.4%
LPLA −7.4%NASDAQ +6.5%
−4.64%
Day of report
+0.70%
Next session
−4.74%
One week
−11.29%
30 days

S&P 500 over the same 30 days: +4.66%.

Did LPLA Beat Earnings? Q1 2026 Results

LPL Financial Holdings delivered a mixed but largely encouraging first quarter for fiscal 2026, posting adjusted EPS of $5.60 against a consensus estimate of $5.47, a 2.45% beat that marked the company's fourth consecutive quarter of exceeding earnings expectations. Revenue of $4.94 billion rose 34.6% year-over-year but came in 1.18% below the $5.00 billion consensus, a modest shortfall that did little to obscure the underlying strength in advisory fees, which surged 55% year-over-year to $2.62 billion as total client assets climbed 30% to $2.34 trillion. The dramatic shift in asset mix toward advisory, now representing 59.5% of total client assets compared to 54.5% a year ago, has become the defining growth engine for the firm. Investors have shown some caution over rising integration costs, but management moved to reassure them by trimming the upper bound of its 2026 Core G&A outlook by $20 million to a range of $2.15 billion to $2.19 billion, while affirming the Commonwealth Financial Network conversion remains on track for Q4 2026 with roughly 90% asset retention expected.

Key Takeaways
  • Advisory assets grew 42% YoY to $1.4 trillion, driving advisory revenue up 55%
  • Total client assets increased 30% YoY to $2.3 trillion
  • Advisory assets as percentage of total client assets rose to 59.5% from 54.5% a year ago
  • Gross profit increased 25% year-over-year to $1,593 million
  • Adjusted pre-tax income increased 20% year-over-year to $613 million
  • Payout rate declined to 87.22% from 88.00% sequentially
  • Client cash balances increased $6 billion year-over-year to $59 billion

“It was a strong start to the year for LPL. We achieved record earnings per share, while continuing to make progress across our key strategic priorities. With recruiting momentum building, and preparations underway to onboard Commonwealth later this year, we remain well-positioned to execute on our vision.”

LPL Financial CEO, on the earnings call

Forward Guidance & Outlook

LPL lowered the upper end of its 2026 Core G&A outlook range by $20 million to $2,155–$2,190 million, including Commonwealth-related expenses. The Commonwealth Financial Network conversion remains on track for Q4 2026 with approximately 90% asset retention expected, though estimated run-rate EBITDA was reduced from $425 million to $410 million. Share repurchases resumed in April with approximately $125 million planned for Q2 2026. Management expressed confidence in continued long-term shareholder value creation, with recruiting momentum building.

LPLA YoY Financials

Q1 2026 vs Q1 2025 · SEC filings Q1 2025 Q1 2026
$0$2.0B$4.0B$3.7B$4.9BRevenue$966.4M$1.6BGross Profit$503.1M$484.6MOperating Income$318.6M$356.4MNet Income
$0$2.0B$4.0BRevenueGross ProfitOperating IncomeNet Income

LPLA Revenue by Segment

Advisory Revenue$2.6B+55.0%
Advisory
Commission Revenue$1.2B+14.0%
Asset-Based Revenue$820.8M+18.0%
Sales-based Commissions
Trailing Commissions
Client Cash
Client Cash Revenue

Figures from SEC filings and company reports. Not investment advice.