$LPLA · LPL Financial Holdings Inc.
LPL Financial Holdings filed its Q3 FY2026 10-Q, reporting total revenue of $5.34B (+17.4% YoY), net income of $356.6M versus a $29.5M loss in the prior-year quarter, and adjusted EPS of $5.97. Advisory revenue led growth at $2.87B (+30%), while total expenses rose only 6% to $4.86B. The company supports over 32,000 advisors and approximately $2.6 trillion in brokerage and advisory assets.
- Total revenue of $5.34B, up 17.4% YoY from $4.55B, driven by 30% growth in advisory revenue.
- Net income of $356.6M vs. a loss of $29.5M in Q3 2025; diluted EPS swung from -$0.37 to $4.52.
- Adjusted EPS of $5.97, up from $5.20 a year ago; Adjusted EBITDA rose to $864.2M from $774.8M.
- Advisory revenue hit $2.87B, up 30% YoY; total advisory and brokerage assets reached approximately $2.6 trillion.
- Nine-month net income nearly doubled to $1.09B from $562.3M; nine-month revenue up 28% to $15.47B.
Stock closed regular session at $279.54, up 3.84% on the day. Extended-hours last trade at $279.54 shows no additional movement post-close, suggesting the day's gains already priced in the strong quarter.
A $386M net-income swing and 30% advisory-revenue growth at the nation's largest independent broker-dealer signal powerful operating leverage and market-share gains in wealth management.
LPL's 30% advisory revenue growth and $2.6T in total assets reinforce its position as the largest independent broker-dealer, outpacing peers in advisor recruitment and asset gathering at a time when scale advantages in the RIA custody space are compounding.
Interest rate sensitivity: net interest income fell 20% YoY to $48.7M as the Fed raised rates to 3.75%-4.00%. Commonwealth Financial Network acquisition integration risk — advisors and assets must still transition to LPL's platform, and failure to retain them would impair expected synergies.