LPLA · LPL Financial Holdings Inc.

LPL Financial reported strong first-quarter 2026 results, with net income of $356 million and diluted EPS of $4.43, up 12% and 4% year-over-year, respectively. Revenue surged 35% to $4.94 billion, driven by a 55% increase in advisory revenue to $2.62 billion and a 14% rise in commission revenue. Gross profit (non-GAAP) grew 25% to $1.59 billion, while adjusted pre-tax income rose 20% to $613 million. Core G&A (non-GAAP) increased 29% to $532 million, but the company lowered its 2026 Core G&A outlook range by $20 million to $2,155-2,190 million, reflecting improved operating leverage. Total client assets reached $2.3 trillion, up 30% year-over-year, with advisory assets growing 42% to $1.4 trillion, now representing 59.5% of total client assets. Organic net new assets were $21 billion (4% annualized growth), though recruited assets fell 55% to $17 billion. The Commonwealth acquisition remains on track for Q4 2026 conversion, with estimated run-rate EBITDA revised down to $410 million. The company resumed share repurchases in April, planning $125 million in Q2 2026, and declared a $0.30 per share dividend. Management highlighted record EPS and progress on strategic priorities, positioning the firm for long-term shareholder value.