LPLA Filings — Lpl Financial Holdings Inc. - FilingSpy
LPLA
Lpl Financial Holdings Inc.
One of the largest independent broker-dealers in the US, LPL Financial provides the technology, clearing, and compliance backbone that lets thousands of independent financial advisors run their own practices without pushing proprietary products. Its name is a mash-up of its two founding firms, Linsco and Private Ledger, which merged in 1989—both born decades earlier as feisty alternatives to the big Wall Street houses. One predecessor, Private Ledger, was built on the quirky motto of treating clients like friends.
LPL Q2 2026 net income rose 39% to $379.3M as revenue grew 35% to $5.19B
LPL resumed buybacks at scale this quarter after a two-year pause. rose 35% to $5,186.6M and rose 39% to $4.74 as advisory assets grew 46% to $1.55T from the Commonwealth acquisition, while the board authorized a new $2.5B program. The company is back to compounding assets and returning capital, with platform conversion still ahead.
Key takeaways
The company bought back $309.5M of shares in Q2 and the board authorized a new $2.5B program, ending a pause that began in 2024 ahead of the Commonwealth acquisition.
rose 35.2% to $5,186.6M and 5.0% from Q1, with advisory revenue up 53% on a 46% increase in advisory assets to $1.55T tied to the Commonwealth acquisition.
rose 38.8% to $379.3M and rose 39.4% to $4.74; rose 39.8% to $515.5M with at 9.9%, up 0.3 points .
Section summaries
Management's Discussion and Analysis
LPL Q2 2026 net income rose 39% YoY to $379M on 35% revenue growth, driven by higher advisory assets and acquisitions.
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Total grew 35% to $5.19B, with advisory revenue up 53% on a 46% increase in advisory assets to $1.55T and the Commonwealth acquisition.
, a , increased 24% to $1.62B, though the ticked up 11 to 87.44%.
Total advisory and brokerage assets reached $2.56T, up 34% , while were $23.1B, a 4.0% annualized growth rate.
Expenses rose broadly with promotional expense up 24% and occupancy/equipment up 54% on transition assistance and technology investments, while on borrowings dipped 4%.
Corporate cash decreased to $430.1M from $469.7M at year-end 2025 and stood at 1.91x; the primary broker-dealer held $346.1M in .
What changed
Commonwealth platform conversion: flagged in every prior filing as due Q4 2026; this 10-Q reports no change, with conversion still planned for Q4 2026.
Resumption of share repurchases: Q1 2026 resumed buying in April; Q2 reports $309.5M bought and a new $2.5B authorization, against the $630M authorization noted in the FY2025 10-K.
Q2 2026 net new assets: flagged to see if the $21.4B Q1 pace recovers; Q2 were $23.1B, an annualized 4.0% growth.
: flagged to see if 87.22% holds or returns to 87.47%; Q2 ticked up 11 to 87.44%.
Client cash : FY2025 10-K flagged Q1 2026 to see if 2025 increase holds; Q2 narrative does not report a client cash revenue figure, and the table carries no such line.
What to watch
Commonwealth platform conversion progress toward the Q4 2026 date and integrated advisor retention.
Scale of buybacks under the new $2.5B authorization versus the $309.5M Q2 pace.
Q3 2026 net new assets against the $23.1B Q2 organic total.
Q3 2026 to see if 87.44% holds or moves toward 87.47%.
Total advisory and brokerage assets reached $2.56T, up 34% , while total organic were $23.1B, an annualized growth of 4.0%.
, a metric, increased 24% to $1.62B, though the advisor ticked up 11 to 87.44%.
Expenses rose broadly: promotional expense (+24%) and occupancy/equipment (+54%) grew on higher transition assistance and technology investments, while on borrowings dipped 4%.
The company resumed share repurchases, buying $309.5M in Q2, and the Board authorized a new $2.5B program; the stood at 1.91x.
decreased to $430.1M from $469.7M at year-end 2025, while the primary broker-dealer subsidiary held $346.1M in .
Quantitative and Qualitative Disclosures About Market Risk
Market risk arises from client-facilitation trading, floating-rate debt, and fee income tied to asset values and interest rates.
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Trading securities of $188.0 million and $1.7 billion in other non-trading market-sensitive instruments are exposed to interest-rate, credit-rating, and equity-price fluctuations.
Floating-rate debt of $1.3 billion ( and ) creates interest-rate risk, partially offset by on client cash balances.
A 100-basis-point rate increase would raise annual by approximately $13.0 million based on projected average balances over the next twelve months.
Fees from the FDIC-insured sweep vehicles ( and ) and the client cash account () are sensitive to prevailing interest rates and are governed by the .
Credit risk stems from advisor and institution loans, forgivable-loan conversions, and , though margin-account losses were not material in the current or prior-year periods.
From time to time, we have been subjected to and are currently subject to legal and regulatory proceedings arising out of our business operations, including lawsuits, arbitration claims, and inquiries, investigations and enforcement proceedings initiated by the SEC, FINRA and st…
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From time to time, we have been subjected to and are currently subject to legal and regulatory proceedings arising out of our business operations, including lawsuits, arbitration claims, and inquiries, investigations and enforcement proceedings initiated by the SEC, FINRA and state securities regulators, as well as other actions and claims. See Note 10 - Commitments and Contingencies, within the notes to the condensed consolidated financial statements for additional information.
There have been no material changes in the information regarding the Company’s risks, as set forth under Part I, “Item 1A. Risk Factors” in the Company’s 2025 Annual Report on Form 10-K.
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There have been no material changes in the information regarding the Company’s risks, as set forth under Part I, “Item 1A. Risk Factors” in the Company’s 2025 Annual Report on Form 10-K.