10-Q · August 3, 2026
LPL delivered a strong Q2, with revenue up 35% year over year to $5.187 billion and GAAP diluted EPS up 39% to $4.74. Growth was led by advisory revenue and the Commonwealth acquisition, while advisory asset flows…
Earnings analysis · 10-Q
LPLA earnings analysis
Filed October 29, 2026 · Our reading of the company's report
The latest report
LPL delivered a stronger third quarter sequentially and year over year, with revenue of $5.344 billion and EPS of $5.97; advisory revenue rose 30% year over year and organic net new assets were $29.1 billion. The…
Read full summary
LPL delivered a stronger third quarter sequentially and year over year, with revenue of $5.344 billion and EPS of $5.97; advisory revenue rose 30% year over year and organic net new assets were $29.1 billion. The supplied 10-Q excerpt does not provide gross margin, operating margin, free cash flow, balance-sheet cash, inventory, receivables, or explicit numeric guidance, so those fields remain unavailable. Key financial risks are the $1.636 billion of floating-rate debt, associated sensitivity of $16.36 million of annual interest expense per 100-basis-point rate increase, and ongoing CFN integration.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $5.97
- Segment
- Advisory revenue increased 30% year over year; the supplied filing text does not disclose the segment revenue amount.
What stood out
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Revenue and EPS improved year over year
Third-quarter revenue was $5.344 billion, up approximately 6.0% from $5.04 billion in Q2 2026 and approximately 17.5% from $4.55 billion in Q3 2025. Reported EPS was $5.97 versus $4.74 in Q2 2026 and $(0.37) in Q3 2025.
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Advisory growth remained strong
Advisory revenue increased 30% year over year, while organic net new assets were $29.1 billion, indicating continued strength in recurring advisory activity and asset gathering.
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Share repurchases continued
The company repurchased 893,176 shares during the quarter. At September 30, 2026, approximately $2.520 billion remained available under the repurchase program.
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Disclosure controls remained effective
Management concluded that disclosure controls and procedures were effective as of September 30, 2026, despite continuing integration of CFN into the internal-control framework.
What to watch
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Floating-rate debt creates interest risk
Variable-rate debt totaled $1.636 billion at September 30, 2026, including a $1.020 billion Term Loan A and a $616 million revolving credit facility. A 100-basis-point rate increase would increase annual interest expense by approximately $16.36 million, before considering interest-rate locks.
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Market-sensitive assets remain material
Market-risk-sensitive instruments held for non-trading purposes had a fair value of $1.7 billion, while trading securities were $140.3 million at September 30, 2026. Changes in interest rates, equity prices, or issuer credit ratings could affect values and earnings.
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CFN integration remains an execution risk
The company stated that CFN, acquired on August 1, 2025, continued to be integrated into the internal-control framework during the quarter and described this as a material change affecting internal control over financial reporting.
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No material risk-factor changes
The company reported no material changes to the risk factors presented in its 2025 Annual Report on Form 10-K, limiting evidence of newly added filing-specific risks.
Management's outlook
The supplied 10-Q text does not provide explicit numeric revenue or EPS guidance. Previously reported 2026 Core G&A and Commonwealth outlook figures were disclosed in the October 27, 2026 earnings release rather than the supplied 10-Q excerpt.
Earlier filings 4
10-Q · May 4, 2026
LPL Financial Holdings Inc. reported Q1 2026 results with revenue of $4.94 billion, a significant increase of 35% year-over-year and a net income of $356.4 million, translating to an EPS of $4.43, up from $4.24 in the…
10-K · February 23, 2026
LPL positions itself as the largest independent broker‑dealer and a leading custodian, supporting more than 32,000 advisors and servicing approximately $2.4 trillion in brokerage and advisory assets. 2025 revenue…
10-Q · August 4, 2025
LPL reported strong top-line growth in Q2 2025 with total revenue of $3,835.0 million (up 31% YoY and up ~4.5% sequentially) and gross profit of $1,304.3 million (up 21% YoY). GAAP diluted EPS was $3.40 (vs. $3.23 a…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.