LPL Financial Holdings Inc.
For the period ended Sep 30, 2025. Filed Nov 3, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Nov 3, 2025
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Executive Summary
Financial Highlights
Results for the third quarter of 2025 included a net loss of $29.5 million, or a $0.37 loss perdiluted share, which compares to net income of$255.3 million, or$3.39 per diluted share, for the third quarter of 2024. The net loss for the third quarter of 2025 was driven by $419.0 million of acquisition related expenses incurred at the closing of Commonwealth. Adjusted net income and adjusted earnings per share for the third quarter of 2025, which exclude these items, were $418.2 millionand $5.20 per diluted share, respectively, which compares to $313.4 million and $4.16 per diluted share for the third quarter of 2024. See the “Key Performance Metrics”section and Note 4 -Acquisitions, within the notes to the condensed consolidated financial statements for additional information.
Asset Trends
Total advisory and brokerage assets served were $2.3 trillion at September 30, 2025, compared to $1.6 trillion at September 30, 2024. Total net new assets were $307.7 billion for thethree months ended September 30, 2025, compared to$27.5 billion for the same period in 2024.
Net new advisory assets were $229.0 billion for the three months ended September 30, 2025, compared to $23.7 billion for the same period in 2024. Advisory assets were $1.3 trillion, or 58% of total advisory and brokerage assets served, at September 30, 2025, up 51% from $892.0 billion at September 30, 2024.
Net new brokerage assets were $78.7 billion for the three months ended September 30, 2025, compared to $3.8 billion for the same period in 2024. Brokerage assets were $967.7 billion at September 30, 2025, up 38% from $700.1 billion at September 30, 2024.
Gross Profit Trend
Gross profit, a non-GAAP financial measure, was $1.5 billion for the three months ended September 30, 2025, an increase of 31% from $1.1 billion for the three months ended September 30, 2024. See the“Key Performance Metrics” section for additional information on gross profit.
Common Stock Dividends
During the three months ended September 30, 2025, we paid stockholders cash dividends of $24.0 million.
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