LPLA
LPL Financial Holdings Inc.367.97
-5.46-1.46%
Dec 16, 4:00:00 PM EST
Earnings Call Transcripts
This Quarter (Q4 '25)
No earnings call transcript available yet
Last Quarter (Q3 '25)
FY Q3 '25
Commonwealth retention economics detailed
Q&A drilled into Commonwealth progress, confirming nearly 80% asset retention signed and on track for 90% by Q4 2026 onboarding, with each extra 1% adding $5M run-rate EBITDA at under 9x multiple today. Pricing changes clarified as 100bps pretax margin boost solely from advisory cuts to spur flows and brokerage hikes to market levels, atop structural efficiencies like AI-driven automation carrying into 2026. Alts lineup hits 120 products by year-end for competitive parity; crypto sticks to 5 ETFs. Adviser movement depressed yet LPL captures #1 share. October organic growth hit 4%. Recruiting refocuses externally soon. Bullish tone prevails; investors eye NNA rebound.
Key Stats
Market Cap
29.45BP/E (TTM)
34.26Basic EPS (TTM)
10.74Dividend Yield
0%Recent Filings
10-Q
Q3 FY2025 results
LPL Financial posted Q3 revenue of $4.6B, up 46% y/y, with gross profit (non-GAAP, reconciled) climbing 31% to $1.5B on $308B net new assets—mostly Commonwealth inflows—while advisory assets hit 58% of $2.3T total. A $29.5M net loss and $(0.37) diluted EPS (80.4M shares) stemmed from $419M Commonwealth acquisition costs, far exceeding $237M EBITDA; adjusted EPS (reconciled) rose to $5.20. Closed Commonwealth August 1 for $2.0B cash, recognizing $453M goodwill and $1.7B finite-lived intangibles (17 years), with conversion by Q4 2026. Debt swelled to $7.5B yet leverage stayed at 2.04; Corporate Cash $568M, $1.9B revolver availability. Cash used in operations. Regulatory inquiries on cash programs loom.
8-K
Q3 loss hides acquisition-fueled growth
LPL Financial reported a Q3 net loss of $30 million due to $419 million in one-time Commonwealth acquisition costs, masking robust underlying growth with adjusted EPS up 25% to $5.20 and gross profit surging 31% to $1,479 million. Total assets hit $2.3 trillion, up 45% year-over-year, fueled by $275 billion from the Commonwealth close and $33 billion in organic net new assets. Acquisitions drive scale, yet integration risks loom. Leverage sits at 2.04x.
10-Q
Q2 FY2025 results
LPL Financial's Q2 2025 results showed revenue climbing 31% year-over-year to $3.8B, fueled by advisory fees up 33% and commissions surging 32%, while total assets hit $1.9T, up 28% from last year. Net income rose 12% to $273.2M, or $3.40 diluted EPS, with gross profit (non-GAAP, reconciled) jumping 21% to $1.3B; y/y deltas derived from statements. Organic net new assets slowed to $20.5B from $34.0B, yet advisory assets grew 28% to $1.1T. Liquidity strengthened with $4.2B cash and $3.6B corporate cash, total debt at $7.2B including new issuances for the August 2025 Commonwealth acquisition closed for $2.7B cash, recognizing provisional goodwill and intangibles over 14-16 years. Free cash flow stood at $276.7M (derived: operating cash $533.1M less capex $256.5M YTD). Paused share repurchases post-deal. Regulatory inquiries into cash programs persist as a key risk.
8-K
LPL closes Commonwealth acquisition
LPL Financial Holdings Inc. closed its acquisition of Commonwealth Financial Network on August 1, 2025, integrating a wealth management firm with about 3,000 advisors overseeing $305 billion in assets. This move bolsters LPL's advisor network and service offerings while preserving Commonwealth's top-ranked culture. Onboarding to LPL's platform wraps up in Q4 2026. Retention risks loom if advisors don't transition smoothly.
8-K
LPL Q2 earnings beat, assets soar
LPL Financial Holdings Inc. reported Q2 2025 net income of $273 million, up 12% year-over-year, with adjusted EPS climbing 16% to $4.51 amid 21% gross profit growth to $1.3 billion. Total advisory and brokerage assets surged 28% to $1.9 trillion, fueled by $21 billion in organic net new assets, while the Atria conversion wrapped up and Commonwealth acquisition closes August 1, eyeing Q4 2026 integration. Corporate cash hit $3.6 billion, leverage eased to 1.23x, and 2025 Core G&A guidance rose to $1.88-1.92 billion on M&A costs. Acquisitions demand capital, yet momentum builds.
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