Form 8-K

8-K — LPL Financial Holdings Inc.

Accession: 0001628280-26-028890

Filed: 2026-04-30

Period: 2026-04-30

CIK: 0001397911

SIC: 6200 (SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — lpla-20260430.htm (Primary)

EX-99.1 (a2026q1earningsrelease.htm)

GRAPHIC (image.jpg)

XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K

8-K (Primary)

Filename: lpla-20260430.htm · Sequence: 1

lpla-20260430

4/30/20260001397911false00013979112026-04-302026-04-30

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): April 30, 2026

LPL Financial Holdings Inc.

(Exact name of registrant as specified in its charter)

Delaware 001-34963 20-3717839

(State or other jurisdiction of incorporation) (Commission File Number) (IRS Employer Identification No.)

4707 Executive Drive,

San Diego,

California

92121

(Address of principal executive offices) (Zip Code)

Registrant's telephone number, including area code:

(800) 877-7210

N/A

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrants under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class Trading Symbol(s) Name of each exchange on which registered

Common Stock - par value $0.001 per share LPLA The Nasdaq Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition.

On April 30, 2026, LPL Financial Holdings Inc. (collectively with its subsidiaries, the “Company”) issued a press release announcing its financial results for the three months ended March 31, 2026. A copy of the press release is furnished with this Form 8-K and attached hereto as Exhibit 99.1.

Exhibit 99.1 shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities under that Section and shall not be deemed to be incorporated by reference into any filing of the Company under the Securities Act of 1933, as amended, or the Exchange Act.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

99.1

Press Release dated April 30, 2026 ("LPL Financial Announces First Quarter 2026 Results")

104 Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

LPL FINANCIAL HOLDINGS INC.

By: /s/ Matthew Audette

Name: Matthew Audette

Title: President and Chief Financial Officer

Dated: April 30, 2026

EX-99.1

Filename: a2026q1earningsrelease.htm · Sequence: 2

Document

For Immediate Release

LPL Financial Announces First Quarter 2026 Results

Key Financial Results

•Net income was $356 million, translating to diluted earnings per share ("EPS") of $4.43, up 4% from a year ago

•Adjusted EPS* increased 9% year-over-year to $5.60

◦Gross profit* increased 25% year-over-year to $1,593 million

◦Core G&A* increased 29% year-over-year to $532 million

◦Adjusted pre-tax income* increased 20% year-over-year to $613 million

Key Business Results

•Total client assets increased 30% year-over-year to $2.3 trillion

◦Advisory assets increased 42% year-over-year to $1.4 trillion

◦Advisory assets as a percentage of total client assets increased to 59.5%, up from 54.5% a year ago

•Total organic net new assets were $21 billion, representing 4% annualized growth

•Recruited assets(1) were $17 billion, down 55% from a year ago

◦Recruited assets over the trailing twelve months were $83 billion

•Total client cash balances were $59 billion, a decrease of $2 billion sequentially and an increase of $6 billion year-over-year

◦Client cash balances as a percentage of total client assets were 2.5%, down from 2.6% in the prior quarter and 3.0% in the prior year

Key Capital and Liquidity Measures

•Corporate cash(2) was $567 million

•Leverage ratio(3) was 1.86x

•Dividends paid were $24 million

Key Updates

M&A:

•Commonwealth Financial Network ("Commonwealth"): On track to complete the conversion in the fourth quarter of 2026

◦Continue to expect asset retention of approximately 90%

◦Estimated run-rate EBITDA has decreased from $425 million to $410 million

•Mariner Advisor Network: In April, announced an agreement to lead the acquisition of Mariner Advisor Network, an LPL branch office supporting 367† advisors who collectively manage $31 billion† of client assets

◦As part of this transaction, approximately 223 advisors will remain directly affiliated with LPL, and approximately 144 hybrid advisors will transition to Private Advisor Group’s hybrid RIA model

•Liquidity & Succession: Deployed approximately $62 million of capital to close six deals in Q1

Core G&A:

•Given our performance to date, we are lowering the upper end of our 2026 Core G&A* outlook range by $20 million to a range of $2,155-2,190 million, including expenses related to Commonwealth

Capital Management:

•Share Repurchases: In April, resumed our share repurchase program, with an estimated $125 million of repurchases planned during the second quarter

*See the Non-GAAP Financial Measures section and the endnotes to this release for further details about these non-GAAP financial measures

SAN DIEGO — April 30, 2026 — LPL Financial Holdings Inc. (Nasdaq: LPLA) (the "Company") today announced results for its first quarter ended March 31, 2026, reporting net income of $356 million, or $4.43 per share. This compares with net income of $319 million, or $4.24 per share, in the first quarter of 2025 and net income of $301 million, or $3.74 per share, in the prior quarter.

"It was a strong start to the year for LPL," said Rich Steinmeier, CEO. "We achieved record earnings per share, while continuing to make progress across our key strategic priorities. With recruiting momentum building, and preparations underway to onboard Commonwealth later this year, we remain well-positioned to execute on our vision."

"We delivered another quarter of solid business and financial results, as our value proposition continues to resonate across the marketplace," said Matt Audette, President and CFO. "In addition, we continue to improve operating leverage by enhancing efficiency across our platform and better aligning monetization with the value we deliver. Looking ahead, we are well positioned to continue delivering long‑term shareholder value."

Dividend Declaration

The Company's Board of Directors declared a $0.30 per share dividend to be paid on June 4, 2026 to all stockholders of record as of May 21, 2026.

Conference Call and Additional Information

The Company will hold a conference call to discuss its results at 5:00 p.m. ET on Thursday, April 30, 2026. The conference call will be accessible and available for replay at investor.lpl.com/events.

Contacts

Investor Relations

investor.relations@lplfinancial.com

Media Relations

media.relations@lplfinancial.com

About LPL Financial

LPL Financial Holdings Inc. (Nasdaq: LPLA) is among the fastest growing wealth management firms in the U.S. As a leader in the financial advisor-mediated marketplace(4), LPL supports more than 32,000 financial advisors and the wealth management practices of approximately 1,100 financial institutions, servicing and custodying approximately $2.3 trillion in brokerage and advisory assets on behalf of approximately 8 million Americans. The firm provides a wide range of advisor affiliation models, investment solutions, fintech tools and practice management services, ensuring that advisors and institutions have the flexibility to choose the business model, services, and technology resources they need to run thriving businesses. For further information about LPL, please visit www.lpl.com.

Securities and advisory services offered through LPL Financial LLC ("LPL Financial") or its affiliate LPL Enterprise, LLC ("LPL Enterprise"), both registered investment advisers and broker-dealers. Members FINRA/SIPC.

Throughout this communication, the terms "financial advisors" and "advisors" are used to refer to registered representatives and/or investment advisor representatives affiliated with LPL Financial or LPL Enterprise.

We routinely disclose information that may be important to shareholders in the "Investor Relations" or "Press Releases" section of our website.

† Value approximated based on asset and holding details provided to LPL from March 31, 2026.

Forward-Looking Statements

This press release contains statements regarding:

•the Company’s retention of Commonwealth assets and Commonwealth’s future financial and operating performance;

•the success of the Company's future recruiting efforts;

•run-rate EBITDA expectations in connection with the Company’s acquisition of Commonwealth;

•the amount and timing of the onboarding of acquired, recruited or transitioned brokerage and advisory assets, including Commonwealth;

•the Company's plans to invest to drive growth and increase efficiency while scaling its business;

•the Company’s recruitment pipeline and expected organic growth;

•the Company's future financial and operating results, growth, plans, priorities and business strategies, including forecasts and statements related to the Company's ICA yield, service and fee revenue, transaction revenue, core G&A expense, interest expense and income, leverage ratio (including plans to reduce leverage), pricing and fees (including their effect on adjusted pre-tax margin), corporate cash, run-rate EBITDA, other revenue, shared-based compensation expense, operating leverage, pre-tax margin, transition assistance loan amortization, organic growth, payout rate, tax rate and share repurchases; and

•future capabilities, future advisor service experience, future investments and capital deployment, including share repurchase activity and dividends, if any, and long-term shareholder value.

These and any other statements that are not related to present facts or current conditions, or that are not purely historical, constitute forward-looking statements. They reflect the Company's expectations and objectives as of April 30, 2026 and are not guarantees that expectations or objectives expressed or implied will be achieved. The achievement of such expectations and objectives involves risks and uncertainties that may cause actual results, levels of activity or the timing of events to differ materially from those expressed or implied by forward-looking statements. Important factors that could cause or contribute to such differences include:

•difficulties and delays in onboarding the assets of acquired, recruited or transitioned advisors, including the receipt and timing of regulatory approvals that may be required;

•disruptions in the businesses of the Company and Commonwealth that could make it more difficult to maintain relationships with advisors and their clients;

•the choice by clients of acquired or recruited advisors not to open brokerage and/or advisory accounts at the Company;

•changes in general economic and financial market conditions, including retail investor sentiment;

•changes in interest rates and fees payable by banks participating in the Company's client cash programs, including the Company's success in negotiating agreements with current or additional counterparties;

•the Company's strategy and success in managing client cash program fees;

•fluctuations in the levels of advisory and brokerage assets, including net new assets, and the related impact on revenue;

•effects of competition in the financial services industry and the success of the Company in attracting and retaining financial advisors and institutions, and their ability to provide financial products and services effectively;

•whether retail investors served by newly-recruited advisors choose to move their respective assets to new accounts at the Company;

•changes in the growth and profitability of the Company's fee-based offerings and asset-based revenues;

•the effect of current, pending and future legislation, regulation and regulatory actions, including disciplinary actions imposed by federal and state regulators and self-regulatory organizations;

•the cost of defending, settling and remediating issues related to regulatory matters or legal proceedings, including civil monetary penalties or actual costs of reimbursing customers for losses in excess of our reserves or insurance;

•changes made to the Company's services and pricing, including in response to competitive developments and current, pending and future legislation, regulation and regulatory actions, and the effect that such changes may have on the Company’s gross profit streams and costs;

•the execution of the Company's capital management plans, including its compliance with the terms of the Company's amended and restated credit agreement, the committed revolving credit facilities of the Company and LPL Financial, and the indentures governing the Company's senior unsecured notes;

•strategic acquisitions and investments, including pursuant to the Company's Liquidity & Succession solution, and the effect that such acquisitions and investments may have on the Company’s capital management plans and liquidity;

•the price, availability and trading volumes of shares of the Company's common stock, which will affect the timing and size of future share repurchases by the Company, if any;

•the execution of the Company's plans and its success in realizing the synergies, expense savings, service improvements or efficiencies expected to result from its investments, initiatives and acquisitions, expense plans and technology initiatives;

•whether advisors affiliated with Commonwealth will transition registration to the Company and whether assets reported as serviced by such financial advisors will translate into assets of the Company;

•the performance of third-party service providers to which business processes have been transitioned;

•the Company's ability to control operating risks, information technology systems risks, cybersecurity risks and sourcing risks; and

•the other factors set forth in the Company's most recent Annual Report on Form 10-K, as may be amended or updated in the Company's Quarterly Reports on Form 10-Q or other filings with the Securities and Exchange Commission.

Except as required by law, the Company specifically disclaims any obligation to update any forward-looking statements as a result of developments occurring after the date of this earnings release, and you should not rely on statements contained herein as representing the Company's view as of any date subsequent to the date of this press release.

LPL Financial Holdings Inc.

Condensed Consolidated Statements of Income

(In thousands, except per share data)

(Unaudited)

Three Months Ended Three Months Ended

March 31, December 31, March 31,

2026 2025 Change 2025 Change

REVENUE

Advisory $ 2,615,047 $ 2,543,756 3 % $ 1,689,245 55 %

Commission:

Sales-based 705,415 721,054 (2 %) 610,038 16 %

Trailing 486,619 510,719 (5 %) 437,719 11 %

Total commission 1,192,034 1,231,773 (3 %) 1,047,757 14 %

Asset-based:

Client cash 445,325 440,254 1 % 392,031 14 %

Other asset-based 375,480 375,811 — % 303,210 24 %

Total asset-based 820,805 816,065 1 % 695,241 18 %

Service and fee 210,984 180,642 17 % 145,199 45 %

Transaction 80,542 75,148 7 % 67,864 19 %

Interest income, net 45,180 49,965 (10 %) 43,851 3 %

Other (26,158) 35,121 n/m (19,150) 37 %

Total revenue 4,938,434 4,932,470 — % 3,670,007 35 %

EXPENSE

Advisory and commission 3,291,209 3,341,682 (2 %) 2,353,925 40 %

Compensation and benefits 368,740 375,988 (2 %) 305,546 21 %

Promotional 208,400 205,453 1 % 145,645 43 %

Occupancy and equipment 118,523 118,861 — % 77,240 53 %

Depreciation and amortization 105,751 105,125 1 % 92,356 15 %

Interest expense on borrowings 100,292 105,613 (5 %) 85,862 17 %

Amortization of other intangibles 67,230 82,248 (18 %) 43,521 54 %

Brokerage, clearing and exchange 55,475 47,423 17 % 44,138 26 %

Professional services 50,381 65,813 (23 %) 36,326 39 %

Communications and data processing 23,467 21,863 7 % 19,506 20 %

Other 64,382 64,840 (1 %) 48,689 32 %

Total expense 4,453,850 4,534,909 (2 %) 3,252,754 37 %

INCOME BEFORE PROVISION FOR INCOME TAXES

484,584 397,561 22 % 417,253 16 %

PROVISION FOR INCOME TAXES

128,180 96,842 32 % 98,680 30 %

NET INCOME

$ 356,404 $ 300,719 19 % $ 318,573 12 %

EARNINGS PER SHARE

Earnings per share, basic

$ 4.45 $ 3.76 18 % $ 4.27 4 %

Earnings per share, diluted

$ 4.43 $ 3.74 18 % $ 4.24 4 %

Weighted-average shares outstanding, basic 80,113 80,048 — % 74,600 7 %

Weighted-average shares outstanding, diluted 80,446 80,409 — % 75,112 7 %

LPL Financial Holdings Inc.

Condensed Consolidated Statements of Financial Condition

(In thousands, except share data)

(Unaudited)

March 31, 2026 December 31, 2025

ASSETS

Cash and equivalents $ 1,024,459 $ 1,037,378

Cash and equivalents segregated under federal or other regulations 1,655,723 1,792,064

Restricted cash 225,765 225,298

Receivables from clients, net 866,500 803,206

Receivables from brokers, dealers and clearing organizations 100,003 70,897

Advisor loans, net 3,741,085 3,681,512

Other receivables, net 1,359,790 1,203,539

Investment securities ($84,862 and $76,108 at fair value at March 31, 2026 and December 31, 2025, respectively)

100,322 91,528

Property and equipment, net 1,467,569 1,409,376

Goodwill 2,659,170 2,644,723

Other intangibles, net 3,413,946 3,330,788

Other assets 2,220,909 2,202,444

Total assets $ 18,835,241 $ 18,492,753

LIABILITIES AND STOCKHOLDERS’ EQUITY

LIABILITIES:

Client payables $ 2,116,992 $ 2,308,275

Payables to brokers, dealers and clearing organizations 307,677 150,520

Accrued advisory and commission expenses payable 370,174 361,623

Corporate debt and other borrowings, net 7,182,102 7,258,694

Accounts payable and accrued liabilities 744,928 821,641

Other liabilities 2,427,666 2,247,515

Total liabilities 13,149,539 13,148,268

STOCKHOLDERS’ EQUITY:

Common stock, $0.001 par value; 600,000,000 shares authorized; 136,811,280 and 136,637,544 shares issued at March 31, 2026, and December 31, 2025, respectively

137 136

Additional paid-in capital 3,870,612 3,843,017

Treasury stock, at cost — 56,622,578 and 56,576,672 shares at March 31, 2026 and December 31, 2025, respectively

(4,352,434) (4,333,725)

Retained earnings 6,167,387 5,835,057

Total stockholders’ equity 5,685,702 5,344,485

Total liabilities and stockholders’ equity $ 18,835,241 $ 18,492,753

LPL Financial Holdings Inc.

Management's Statements of Operations

(In thousands, except per share data)

(Unaudited)

Certain information in this release is presented as reviewed by the Company’s management and includes information derived from the Company’s unaudited condensed consolidated statements of income, non-GAAP financial measures and operational and performance metrics. For information on non-GAAP financial measures, please see the section titled "Non-GAAP Financial Measures" in this release.

Quarterly Results

Q1 2026 Q4 2025 Change Q1 2025 Change

Gross Profit(5)

Advisory $ 2,615,047 $ 2,543,756 3 % $ 1,689,245 55 %

Trailing commissions 486,619 510,719 (5 %) 437,719 11 %

Sales-based commissions 705,415 721,054 (2 %) 610,038 16 %

Advisory fees and commissions 3,807,081 3,775,529 1 % 2,737,002 39 %

Production-based payout(6)

(3,320,527) (3,322,368) — % (2,374,368) 40 %

Advisory fees and commissions, net of payout 486,554 453,161 7 % 362,634 34 %

Client cash(7)

459,653 455,650 1 % 408,224 13 %

Other asset-based(8)

375,480 375,811 — % 303,210 24 %

Service and fee 210,984 180,642 17 % 145,199 45 %

Transaction 80,542 75,148 7 % 67,864 19 %

Interest income, net(9)

30,835 34,555 (11 %) 27,637 12 %

Other revenue(10)

4,138 14,088 (71 %) 2,023 105 %

Total net advisory fees and commissions and attachment revenue 1,648,186 1,589,055 4 % 1,316,791 25 %

Brokerage, clearing and exchange expense (55,475) (47,423) 17 % (44,138) 26 %

Gross Profit(5)

1,592,711 1,541,632 3 % 1,272,653 25 %

G&A Expense

Core G&A(11)

532,049 536,153 (1 %) 413,069 29 %

Transition assistance loan amortization(12)

135,982 132,682 2 % 81,813 66 %

Promotional (ongoing)(12)(13)(14)

75,888 75,845 — % 70,119 8 %

Employee share-based compensation 22,218 19,459 14 % 18,366 21 %

Regulatory charges

7,501 8,131 (8 %) 6,887 9 %

Acquisition costs excluding interest(14)

61,216 78,815 (22 %) 43,407 41 %

Total G&A 834,854 851,085 (2 %) 633,661 32 %

EBITDA(15)

757,857 690,547 10 % 638,992 19 %

Interest expense on borrowings(16)

100,292 105,613 (5 %) 80,725 24 %

Depreciation and amortization 105,751 105,125 1 % 92,356 15 %

Amortization of other intangibles 67,230 82,248 (18 %) 43,521 54 %

Acquisition costs - interest(14)

— — — % 5,137 (100 %)

INCOME BEFORE PROVISION FOR INCOME TAXES

484,584 397,561 22 % 417,253 16 %

PROVISION FOR INCOME TAXES

128,180 96,842 32 % 98,680 30 %

NET INCOME

$ 356,404 $ 300,719 19 % $ 318,573 12 %

Earnings per share, diluted

$ 4.43 $ 3.74 18 % $ 4.24 4 %

Weighted-average shares outstanding, diluted 80,446 80,409 — % 75,112 7 %

Adjusted EBITDA(15)

$ 819,073 $ 769,362 6 % $ 682,399 20 %

Adjusted pre-tax income(17)

$ 613,030 $ 558,624 10 % $ 509,318 20 %

Adjusted EPS(18)

$ 5.60 $ 5.23 7 % $ 5.15 9 %

LPL Financial Holdings Inc.

Operating Metrics

(Dollars in billions, except where noted)

(Unaudited)

Q1 2026 Q4 2025 Change Q1 2025 Change

Market Drivers

S&P 500 Index (end of period) 6,529 6,846 (5%) 5,612 16%

Russell 2000 Index (end of period) 2,496 2,482 1% 2,012 24%

Fed Funds daily effective rate (average bps) 364 390 (26bps) 433 (69bps)

Client Assets(19)

Advisory

$ 1,390.4 $ 1,392.7 —% $ 977.4 42%

Brokerage

945.9 977.9 (3%) 817.5 16%

Total Client Assets

$ 2,336.3 $ 2,370.5 (1%) $ 1,794.9 30%

Advisory as a % of Total Client Assets

59.5% 58.8% 70bps 54.5% 500bps

Assets by Platform

Corporate RIA advisory(20)

$ 1,063.4 $ 1,064.2 —% $ 699.1 52%

Independent RIA advisory(20)

327.0 328.5 —% 278.3 17%

Brokerage

945.9 977.9 (3%) 817.5 16%

Total Client Assets

$ 2,336.3 $ 2,370.5 (1%) $ 1,794.9 30%

Centrally Managed Assets

Centrally managed assets(21)

$ 217.2 $ 213.6 2% $ 164.4 32%

Centrally Managed as a % of Total Advisory Assets 15.6% 15.3% 30bps 16.8% (120bps)

LPL Financial Holdings Inc.

Operating Metrics

(Dollars in billions, except where noted)

(Unaudited)

Q1 2026 Q4 2025 Change Q1 2025 Change

Organic Net New Assets (NNA)(22)

Advisory

$ 25.8 $ 27.8 n/m $ 35.7 n/m

Brokerage

(4.4) (5.2) n/m 35.2 n/m

Total Organic NNA

$ 21.4 $ 22.5 n/m $ 70.9 n/m

Acquired NNA(22)

Advisory

$ — $ — n/m $ 1.9 n/m

Brokerage

— 2.0 n/m 6.0 n/m

Total Acquired NNA

$ — $ 2.0 n/m $ 7.9 n/m

Total NNA(22)

Advisory

$ 25.8 $ 27.8 n/m $ 37.6 n/m

Brokerage

(4.4) (3.2) n/m 41.2 n/m

Total NNA

$ 21.4 $ 24.5 n/m $ 78.8 n/m

Net brokerage to advisory conversions(23)

$ 6.6 $ 6.3 n/m $ 5.9 n/m

Organic advisory NNA annualized growth(24)

7.4% 8.2% n/m 14.9% n/m

Total organic NNA annualized growth(24)

3.6% 3.9% n/m 16.3% n/m

Total Organic Advisory NNA(22)

Organic corporate RIA advisory

$ 22.3 $ 29.5 n/m $ 31.7 n/m

Organic independent RIA advisory

3.5 (1.8) n/m 5.9 n/m

Total Organic Advisory NNA

$ 25.8 $ 27.8 n/m $ 37.6 n/m

Organic centrally managed NNA(22)

$ 7.8 $ 8.2 n/m $ 6.5 n/m

Net buy (sell) activity(25)

$ 43.2 $ 40.5 n/m $ 42.0 n/m

Note: Totals may not foot due to rounding.

LPL Financial Holdings Inc.

Client Cash Data

(Dollars in thousands, except where noted)

(Unaudited)

Q1 2026 Q4 2025 Change Q1 2025 Change

Client Cash Balances (in billions)(26)

Insured cash account sweep $ 39.8 $ 41.0 (3%) $ 36.1 10%

Deposit cash account sweep 15.9 15.3 4% 10.7 49%

Total Bank Sweep 55.7 56.3 (1%) 46.8 19%

Money market sweep 1.5 2.5 (40%) 4.3 (65%)

Total Client Cash Sweep Held by Third Parties 57.2 58.8 (3%) 51.1 12%

Client cash account (CCA)

2.0 2.2 (9%) 1.9 5%

Total Client Cash Balances $ 59.1 $ 61.0 (3%) $ 53.1 11%

Client Cash Balances as a % of Total Assets 2.5% 2.6% (10bps) 3.0% (50bps)

Note: Totals may not foot due to rounding.

Three Months Ended

March 31, 2026 December 31, 2025 March 31, 2025

Interest-Earning Assets

Average Balance

(in billions) Revenue

Net Yield (bps)(27)

Average Balance

(in billions) Revenue

Net Yield (bps)(27)

Average Balance

(in billions) Revenue

Net Yield (bps)(27)

Insured cash account sweep $ 38.8 $ 321,639 336 $ 37.0 $ 317,682 341 $ 36.0 $ 299,618 337

Deposit cash account sweep 14.6 122,080 338 13.3 119,916 359 10.2 89,728 356

Total Bank Sweep 53.4 443,719 337 50.3 437,598 345 46.2 389,346 341

Money market sweep 2.1 1,606 31 3.4 2,656 31 4.1 2,685 26

Total Client Cash Held By

Third Parties 55.5 445,325 325 53.7 440,254 325 50.4 392,031 316

Client cash account (CCA)

1.9 14,328 299 1.8 15,396 335 1.8 16,193 368

Total Client Cash 57.4 459,653 324 55.5 455,650 325 52.2 408,224 317

Margin receivables 0.8 14,786 792 0.7 15,184 808 0.6 11,444 789

Other interest revenue 1.2 16,049 528 1.4 19,371 531 1.3 16,193 512

Total Client Cash and

Interest Income, Net $ 59.4 $ 490,488 334 $ 57.6 $ 490,205 337 $ 54.0 $ 435,861 327

Note: Totals may not foot due to rounding.

LPL Financial Holdings Inc.

Monthly Metrics

(Dollars in billions, except where noted)

(Unaudited)

March 2026 February 2026 Change January 2026 December 2025

Client Assets(19)

Advisory

$ 1,390.4 $ 1,441.6 (4%) $ 1,422.7 $ 1,392.7

Brokerage

945.9 989.3 (4%) 985.8 977.9

Total Client Assets

$ 2,336.3 $ 2,430.8 (4%) $ 2,408.5 $ 2,370.5

Organic NNA(22)

Advisory

$ 9.7 $ 10.0 n/m $ 6.1 $ 10.2

Brokerage

(1.6) (0.9) n/m (2.0) (1.6)

Total Organic NNA

$ 8.1 $ 9.1 n/m $ 4.2 $ 8.6

Acquired NNA(22)

Advisory

$ — $ — n/m $ — $ —

Brokerage

— — n/m — 2.0

Total Acquired NNA

$ — $ — n/m $ — $ 2.0

Total NNA(22)

Advisory

$ 9.7 $ 10.0 n/m $ 6.1 $ 10.2

Brokerage

(1.6) (0.9) n/m (2.0) 0.4

Total NNA

$ 8.1 $ 9.1 n/m $ 4.2 $ 10.6

Net brokerage to advisory conversions(23)

$ 2.2 $ 2.1 n/m $ 2.2 $ 2.1

Client Cash Balances(26)

Insured cash account sweep $ 39.8 $ 37.8 5% $ 38.2 $ 41.0

Deposit cash account sweep 15.9 14.6 9% 14.2 15.3

Total Bank Sweep 55.7 52.4 6% 52.4 56.3

Money market sweep 1.5 1.8 (17%) 2.2 2.5

Total Client Cash Sweep Held by Third Parties 57.2 54.2 6% 54.6 58.8

Client cash account (CCA)

2.0 1.6 25% 1.9 2.2

Total Client Cash Balances $ 59.1 $ 55.9 6% $ 56.5 $ 61.0

Net buy (sell) activity(25)

$ 12.7 $ 16.6 n/m $ 13.8 $ 13.3

Market Drivers

S&P 500 Index (end of period) 6,529 6,879 (5%) 6,939 6,846

Russell 2000 Index (end of period) 2,496 2,632 (5%) 2,614 2,482

Fed Funds effective rate (average bps) 364 364 —bps 364 373

Note: Totals may not foot due to rounding.

LPL Financial Holdings Inc.

Financial Measures

(Dollars in thousands, except where noted)

(Unaudited)

Q1 2026 Q4 2025 Change Q1 2025 Change

Commission Revenue by Product

Annuities $ 690,577 $ 720,493 (4%) $ 615,594 12%

Mutual funds 266,056 271,063 (2%) 233,895 14%

Fixed income 85,323 75,404 13% 61,553 39%

Equities 57,540 54,624 5% 49,074 17%

Other 92,538 110,189 (16%) 87,641 6%

Total commission revenue $ 1,192,034 $ 1,231,773 (3%) $ 1,047,757 14%

Commission Revenue by Sales-based and Trailing

Sales-based commissions

Annuities $ 424,221 $ 434,959 (2%) $ 365,767 16%

Mutual funds 58,011 58,109 —% 55,607 4%

Fixed income 85,323 75,404 13% 61,553 39%

Equities 57,540 54,624 5% 49,074 17%

Other 80,320 97,958 (18%) 78,037 3%

Total sales-based commissions $ 705,415 $ 721,054 (2%) $ 610,038 16%

Trailing commissions

Annuities $ 266,356 $ 285,534 (7%) $ 249,827 7%

Mutual funds 208,045 212,954 (2%) 178,288 17%

Other 12,218 12,231 —% 9,604 27%

Total trailing commissions $ 486,619 $ 510,719 (5%) $ 437,719 11%

Total commission revenue $ 1,192,034 $ 1,231,773 (3%) $ 1,047,757 14%

Payout Rate(6)

87.22% 88.00% (78bps) 86.75% 47bps

LPL Financial Holdings Inc.

Capital Management Measures

(Dollars in thousands, except where noted)

(Unaudited)

Q1 2026 Q4 2025

Cash and equivalents $ 1,024,459 $ 1,037,378

Cash at regulated subsidiaries (873,123) (925,356)

Excess cash at regulated subsidiaries per the Credit Agreement 416,002 357,693

Corporate Cash(2)

$ 567,338 $ 469,715

Corporate Cash(2)

Cash at LPL Holdings, Inc.

$ 24,107 $ 19,368

Excess cash at regulated subsidiaries per the Credit Agreement 416,002 357,693

Cash at non-regulated subsidiaries 127,229 92,654

Corporate Cash $ 567,338 $ 469,715

Leverage Ratio

Total debt $ 7,220,000 $ 7,299,000

Total corporate cash 567,338 469,715

Credit Agreement Net Debt $ 6,652,662 $ 6,829,285

Credit Agreement EBITDA (trailing twelve months)(28)

$ 3,575,622 $ 3,501,832

Leverage Ratio 1.86x 1.95x

March 31, 2026

Total Debt Balance Current Applicable

Margin Interest Rate Maturity

Revolving Credit Facility(a)

$ —

ABR+37.5 bps / SOFR+147.5 bps

5.140 % 5/20/2029

Broker-Dealer Revolving Credit Facility —

SOFR+125 bps

4.930 % 5/18/2026

Senior Unsecured Term Loan A

1,020,000

SOFR+125 bps(b)

4.925 % 12/5/2028

Senior Unsecured Notes 500,000 5.700% Fixed 5.700 % 5/20/2027

Senior Unsecured Notes 400,000 4.625% Fixed 4.625 % 11/15/2027

Senior Unsecured Notes 500,000 4.900% Fixed 4.900 % 4/3/2028

Senior Unsecured Notes 750,000 6.750% Fixed 6.750 % 11/17/2028

Senior Unsecured Notes 900,000 4.000% Fixed 4.000 % 3/15/2029

Senior Unsecured Notes 750,000

5.200% Fixed

5.200 % 3/15/2030

Senior Unsecured Notes 500,000 5.150% Fixed 5.150 % 6/15/2030

Senior Unsecured Notes 400,000 4.375% Fixed 4.375 % 5/15/2031

Senior Unsecured Notes 500,000 6.000% Fixed 6.000 % 5/20/2034

Senior Unsecured Notes 500,000 5.650% Fixed 5.650 % 3/15/2035

Senior Unsecured Notes 500,000 5.750% Fixed 5.750 % 6/15/2035

Total / Weighted Average $ 7,220,000 5.230 %

(a)Unsecured borrowing capacity of $2.25 billion at LPL Holdings, Inc.

(b)The SOFR rate option is a one-month SOFR rate and subject to an interest rate floor of 0 bps.

LPL Financial Holdings Inc.

Key Business and Financial Metrics

(Dollars in thousands, except where noted)

(Unaudited)

Q1 2026 Q4 2025 Change Q1 2025 Change

Business Metrics

Advisors 32,144 32,178 —% 29,493 9%

Net new advisors (34) 50 n/m 605 n/m

Annualized advisory fees and commissions per advisor(29)

$ 474 $ 470 1% $ 375 26%

Average total assets per advisor ($ in millions)(30)

$ 72.7 $ 73.7 (1%) $ 60.9 19%

Total client accounts (in millions) 11.7 11.6 1% 10.4 13%

Recruited AUM ($ in billions)

17.4 14.5 20% 38.6 (55%)

Employees

9,901 10,099 (2%) 9,097 9%

AUM retention rate (quarterly annualized)(31)

98.2% 97.0% 120bps 98.2% —bps

Capital Management

Capital expenditures ($ in millions)(32)

$ 165.8 $ 171.7 (3%) $ 119.5 39%

Acquisitions, net ($ in millions)(33)

$ 131.4 $ 51.9 153% $ 95.1 38%

Share repurchases ($ in millions) $ — $ — —% $ 100.0 (100%)

Dividends ($ in millions) 24.1 24.0 —% 22.4 8%

Total Capital Returned ($ in millions) $ 24.1 $ 24.0 —% $ 122.4 (80%)

Non-GAAP Financial Measures

Management believes that presenting certain non-GAAP financial measures by excluding or including certain items can be helpful to investors and analysts who may wish to use this information to analyze the Company’s current performance, prospects and valuation. Management uses this non-GAAP information internally to evaluate operating performance and in formulating the budget for future periods. Management believes that the non-GAAP financial measures and metrics discussed below are appropriate for evaluating the performance of the Company.

Adjusted EPS and Adjusted net income

Adjusted EPS is defined as adjusted net income, a non-GAAP measure defined as net income plus the after-tax impact of amortization of other intangibles and acquisition costs, divided by the weighted average number of diluted shares outstanding for the applicable period. The Company presents adjusted net income and adjusted EPS because management believes that these metrics can provide investors with useful insight into the Company’s core operating performance by excluding non-cash items, and acquisition costs that management does not believe impact the Company’s ongoing operations. Adjusted net income and adjusted EPS are not measures of the Company's financial performance under GAAP and should not be considered as alternatives to net income, earnings per diluted share or any other performance measure derived in accordance with GAAP. For a reconciliation of net income and earnings per diluted share to adjusted net income and adjusted EPS, please see the endnote disclosures in this release.

Gross profit

Gross profit is calculated as total revenue less advisory and commission expense; brokerage, clearing and exchange expense; and market fluctuations on employee deferred compensation. All other expense categories, including depreciation and amortization of property and equipment and amortization of other intangibles, are considered general and administrative in nature. Because the Company’s gross profit amounts do not include any depreciation and amortization expense, the Company considers gross profit to be a non-GAAP financial measure that may not be comparable to similar measures used by others in its industry. Management believes that gross profit can provide

investors with useful insight into the Company’s core operating performance before indirect costs that are general and administrative in nature. For a calculation of gross profit, please see the endnote disclosures in this release.

Core G&A

Core G&A consists of total expense less the following expenses: advisory and commission; depreciation and amortization; interest expense on borrowings; brokerage, clearing and exchange; amortization of other intangibles; market fluctuations on employee deferred compensation; transition assistance loan amortization; promotional (ongoing); acquisition costs excluding interest; employee share-based compensation; and regulatory charges. Management presents core G&A because it believes core G&A reflects the corporate expense categories over which management can generally exercise a measure of control, compared with expense items over which management either cannot exercise control, such as advisory and commission, or which management views as promotional expense necessary to support advisor growth and retention, including conferences and transition assistance. Core G&A is not a measure of the Company’s total expense as calculated in accordance with GAAP. For a reconciliation of the Company's total expense to core G&A, please see the endnote disclosures in this release. The Company does not provide an outlook for its total expense because it contains expense components, such as advisory and commission, that are market-driven and over which the Company cannot exercise control. Accordingly, a reconciliation of the Company’s outlook for total expense to an outlook for core G&A cannot be made available without unreasonable effort.

EBITDA and Adjusted EBITDA

EBITDA is defined as net income plus interest expense on borrowings, provision for income taxes, depreciation and amortization, and amortization of other intangibles. Adjusted EBITDA is defined as EBITDA, a non-GAAP measure, plus acquisition costs excluding interest. The Company presents EBITDA and adjusted EBITDA because management believes that they can be useful financial metrics in understanding the Company’s earnings from operations. EBITDA and adjusted EBITDA are not measures of the Company's financial performance under GAAP and should not be considered as alternatives to net income or any other performance measure derived in accordance with GAAP. For a reconciliation of net income to EBITDA and adjusted EBITDA, please see the endnote disclosures in this release.

Adjusted pre-tax income

Adjusted pre-tax income is defined as income before provision for income taxes plus amortization of other intangibles and acquisition costs. The Company presents adjusted pre-tax income because management believes that it can provide investors with useful insight into the Company's core operating performance by excluding non-cash items, acquisition costs, and certain other charges that management does not believe impact the Company's ongoing operations. Adjusted pre-tax income is not a measure of the Company's financial performance under GAAP and should not be considered as an alternative to income before provision for income taxes or any other performance measure derived in accordance with GAAP. For a reconciliation of income before provision for income taxes to adjusted pre-tax income, please see the endnote disclosures in this release.

Credit Agreement EBITDA

Credit Agreement EBITDA is defined in, and calculated by management in accordance with, the Company's amended and restated credit agreement (“Credit Agreement”) as “Consolidated EBITDA,” which is Consolidated Net Income (as defined in the Credit Agreement) plus interest expense on borrowings, provision for income taxes, depreciation and amortization, and amortization of other intangibles, and is further adjusted to exclude certain non-cash charges and other adjustments, and to include future expected cost savings, operating expense reductions or other synergies from certain transactions. The Company presents Credit Agreement EBITDA because management believes that it can be a useful financial metric in understanding the Company’s debt capacity and covenant compliance under its Credit Agreement. Credit Agreement EBITDA is not a measure of the Company's financial performance under GAAP and should not be considered as an alternative to net income or any other performance measure derived in accordance with GAAP. For a reconciliation of net income to Credit Agreement EBITDA, please see the endnote disclosures in this release.

Endnote Disclosures

(1) Represents the estimated total client assets expected to transition to the Company's primary broker-dealer subsidiary, LPL Financial, in connection with advisors who transferred their licenses to LPL Financial during the period. The estimate is based on prior business reported by the advisors, which has not been independently and

fully verified by LPL Financial. The actual transition of client assets to LPL Financial generally occurs over several quarters and the actual amount transitioned may vary from the estimate.

(2) Corporate cash, a component of cash and equivalents, is the sum of cash and equivalents from the following: (1) cash and equivalents held at LPL Holdings, Inc., (2) cash and equivalents held at regulated subsidiaries as defined by the Company's Credit Agreement, which include LPL Financial, LPL Enterprise, LLC, The Private Trust Company, N.A., and Commonwealth Equity Services, LLC ("CES"), in excess of the capital requirements of the Company's Credit Agreement and (3) cash and equivalents held at non-regulated subsidiaries.

(3) Compliance with the Leverage Ratio is only required under the Company's revolving credit facility.

(4) The Company was named a Top RIA custodian (Cerulli Associates, 2025 U.S. RIA Marketplace Report); No. 1 Independent Broker-Dealer in the U.S. (based on total revenues, Financial Planning magazine 1996-2022); and, among third-party providers of brokerage services to banks and credit unions, No. 1 in AUM Growth from Financial Institutions; No. 1 in Market Share of AUM from Financial Institutions; No. 1 in Market Share of Revenue from Financial Institutions; No. 1 on Financial Institution Market Share; No. 1 on Share of Advisors (2021-2022 Kehrer Bielan Research and Consulting Annual TPM Report). Fortune 500 as of June 2021.

(5) Gross profit is a non-GAAP financial measure. Please see a description of gross profit under the "Non-GAAP Financial Measures" section of this release for additional information. Below is a calculation of gross profit for the periods presented (in thousands):

Q1 2026 Q4 2025 Q1 2025

Total revenue

$ 4,938,434 4,932,470 $ 3,670,007

Advisory and commission expense 3,291,209 3,341,682 2,353,925

Brokerage, clearing and exchange expense 55,475 47,423 44,138

Employee deferred compensation (961) 1,733 (709)

Gross profit

$ 1,592,711 $ 1,541,632 $ 1,272,653

(6) Production-based payout is a financial measure calculated as advisory and commission expense plus (less) advisor deferred compensation. The payout rate is calculated by dividing the production-based payout by total advisory and commission revenue. Below is a reconciliation of the Company’s advisory and commission expense to the production-based payout and a calculation of the payout rate for the periods presented (in thousands, except payout rate):

Q1 2026 Q4 2025 Q1 2025

Advisory and commission expense $ 3,291,209 $ 3,341,682 $ 2,353,925

Plus (Less): Advisor deferred compensation

29,318 (19,314) 20,443

Production-based payout $ 3,320,527 $ 3,322,368 $ 2,374,368

Advisory and commission revenue $ 3,807,081 $ 3,775,529 $ 2,737,002

Payout rate 87.22% 88.00% 86.75%

(7) Below is a reconciliation of client cash revenue per Management's Statements of Operations to client cash revenue, a component of asset-based revenue, on the Company's condensed consolidated statements of income for the periods presented (in thousands):

Q1 2026 Q4 2025 Q1 2025

Client cash on Management's Statements of Operations

$ 459,653 $ 455,650 $ 408,224

Interest income on CCA balances segregated under federal or other regulations(9)

(14,328) (15,396) (16,193)

Client cash on Condensed Consolidated Statements of Income

$ 445,325 $ 440,254 $ 392,031

(8) Consists of revenue from the Company's sponsorship programs with financial product manufacturers, omnibus processing and networking services but does not include fees from client cash programs.

(9) Below is a reconciliation of interest income, net per Management's Statements of Operations to interest income, net on the Company's condensed consolidated statements of income for the periods presented (in thousands):

Q1 2026 Q4 2025 Q1 2025

Interest income, net on Management's Statements of Operations

$ 30,835 $ 34,555 $ 27,637

Interest income on CCA balances segregated under federal or other regulations(7)

14,328 15,396 16,193

Interest income on deferred compensation(10)

17 14 21

Interest income, net on Condensed Consolidated Statements of Income

$ 45,180 $ 49,965 $ 43,851

(10) Below is a reconciliation of other revenue per Management's Statements of Operations to other revenue on the Company's condensed consolidated statements of income for the periods presented (in thousands):

Q1 2026 Q4 2025 Q1 2025

Other revenue on Management's Statements of Operations

$ 4,138 $ 14,088 $ 2,023

Interest income on deferred compensation(9)

(17) (14) (21)

Deferred compensation (30,279) 21,047 (21,152)

Other revenue on Condensed Consolidated Statements of Income

$ (26,158) $ 35,121 $ (19,150)

(11) Core G&A is a non-GAAP financial measure. Please see a description of core G&A under the “Non-GAAP Financial Measures” section of this release for additional information. Below is a reconciliation of the Company's total expense to core G&A for the periods presented (in thousands):

Q1 2026 Q4 2025 Q1 2025

Core G&A Reconciliation

Total expense $ 4,453,850 $ 4,534,909 $ 3,252,754

Advisory and commission (3,291,209) (3,341,682) (2,353,925)

Depreciation and amortization (105,751) (105,125) (92,356)

Interest expense on borrowings(16)

(100,292) (105,613) (85,862)

Brokerage, clearing and exchange (55,475) (47,423) (44,138)

Amortization of other intangibles (67,230) (82,248) (43,521)

Employee deferred compensation

961 (1,733) 709

Total G&A 834,854 851,085 633,661

Transition assistance loan amortization(12)

(135,982) (132,682) (81,813)

Promotional (ongoing)(12)(13)(14)

(75,888) (75,845) (70,119)

Acquisition costs excluding interest(14)

(61,216) (78,815) (43,407)

Employee share-based compensation (22,218) (19,459) (18,366)

Regulatory charges

(7,501) (8,131) (6,887)

Core G&A $ 532,049 $ 536,153 $ 413,069

(12) During the fourth quarter of 2025, the Company updated its definition of Promotional (ongoing) to exclude transition assistance loan amortization. As a result, transition assistance loan amortization is now disclosed as a separate line on Management's Statements of Operations and Core G&A. Prior period disclosures have been updated to reflect these changes as applicable.

(13) Promotional (ongoing) includes $16.9 million, $19.6 million and $14.8 million for the three months ended March 31, 2026, December 31, 2025 and March 31, 2025 respectively, of support costs related to full-time employees that are classified within Compensation and benefits expense in the condensed consolidated statements of income and excludes costs that have been incurred as part of acquisitions that have been classified within acquisition costs.

(14) Acquisition costs include the costs to setup, onboard and integrate acquired entities and other costs that were incurred as a result of the acquisitions. The below table summarizes the primary components of acquisition costs for the periods presented (in thousands):

Q1 2026 Q4 2025 Q1 2025

Acquisition costs

Compensation and benefits

$ 22,454 $ 21,061 $ 17,417

Promotional(13)

13,430 16,566 8,538

Professional services 11,593 14,804 6,145

Change in fair value of contingent consideration(34)

7,523 14,584 6,594

Other 6,216 11,800 4,713

Acquisition costs excluding interest

$ 61,216 $ 78,815 $ 43,407

Interest(16)

— — 5,137

Acquisition Cost

$ 61,216 $ 78,815 $ 48,544

(15) EBITDA and adjusted EBITDA are non-GAAP financial measures. Please see a description of EBITDA and adjusted EBITDA under the "Non-GAAP Financial Measures" section of this release for additional information. Below is a reconciliation of net income to EBITDA and adjusted EBITDA for the periods presented (in thousands):

Q1 2026 Q4 2025 Q1 2025

EBITDA and adjusted EBITDA Reconciliation

Net income

$ 356,404 $ 300,719 $ 318,573

Interest expense on borrowings(16)

100,292 105,613 85,862

Provision for income taxes

128,180 96,842 98,680

Depreciation and amortization 105,751 105,125 92,356

Amortization of other intangibles 67,230 82,248 43,521

EBITDA $ 757,857 $ 690,547 $ 638,992

Acquisition costs excluding interest(14)

61,216 78,815 43,407

Adjusted EBITDA $ 819,073 $ 769,362 $ 682,399

(16) Below is a reconciliation of interest expense on borrowings per Management's Statements of Operations to interest expense on borrowings on the Company's condensed consolidated statements of income for the periods presented (in thousands):

Q1 2026 Q4 2025 Q1 2025

Interest expense on borrowings on Management's Statements of Operations

$ 100,292 $ 105,613 $ 80,725

Cost of debt issuance related to Commonwealth acquisition(14)

— — 5,137

Interest expense on borrowings on Condensed Consolidated Statements of Income

$ 100,292 $ 105,613 $ 85,862

(17) Adjusted pre-tax income is a non-GAAP financial measure. Please see a description of adjusted pre-tax income under the "Non-GAAP Financial Measures" section of this release for additional information. Below is a reconciliation of income before provision for income taxes to adjusted pre-tax income for the periods presented (in thousands):

Q1 2026 Q4 2025 Q1 2025

Income before provision for income taxes

$ 484,584 $ 397,561 $ 417,253

Amortization of other intangibles 67,230 82,248 43,521

Acquisition costs(14)

61,216 78,815 48,544

Adjusted pre-tax income $ 613,030 $ 558,624 $ 509,318

(18) Adjusted net income and adjusted EPS are non-GAAP financial measures. Please see a description of adjusted net income and adjusted EPS under the “Non-GAAP Financial Measures” section of this release for additional information. Below is a reconciliation of net income and earnings per diluted share to adjusted net income and adjusted EPS for the periods presented (in thousands, except per share data):

Q1 2026 Q4 2025 Q1 2025

Amount Per Share Amount Per Share Amount Per Share

Net income / earnings per diluted share

$ 356,404 $ 4.43 $ 300,719 $ 3.74 $ 318,573 $ 4.24

Amortization of other intangibles 67,230 0.84 82,248 1.02 43,521 0.58

Acquisition costs(14)

61,216 0.76 78,815 0.98 48,544 0.65

Tax benefit (34,013) (0.42) (41,034) (0.51) (23,937) (0.32)

Adjusted net income / adjusted EPS $ 450,837 $ 5.60 $ 420,748 $ 5.23 $ 386,701 $ 5.15

Diluted share count 80,446 80,409 75,112

Note: Totals may not foot due to rounding.

(19) Consists of total assets under custody at the Company's primary broker-dealer subsidiary, LPL Financial, as well as assets under custody of a third-party custodian related to Commonwealth Equity Services, LLC and Atria Wealth Solution’s introducing broker-dealer subsidiaries.

(20) Assets on the Company's corporate RIA advisory platform are serviced by investment advisor representatives of LPL Financial. Assets on the Company's independent RIA advisory platform are serviced by investment advisor representatives of separate registered investment advisor firms rather than representatives of LPL Financial.

(21) Consists of advisory assets in LPL Financial’s Model Wealth Portfolios, Optimum Market Portfolios, Personal Wealth Portfolios and Guided Wealth Portfolios platforms.

(22) Consists of total client deposits into advisory or brokerage accounts less total client withdrawals from advisory or brokerage accounts, plus dividends, plus interest, minus advisory fees. The Company considers conversions from and to brokerage or advisory accounts as deposits and withdrawals, respectively.

(23) Consists of existing custodied assets that converted from brokerage to advisory, less existing custodied assets that converted from advisory to brokerage.

(24) Calculated as annualized current period organic net new assets divided by preceding period assets in their respective categories of advisory assets or total assets.

(25) Represents the amount of securities purchased less the amount of securities sold in client accounts custodied with LPL Financial.

(26) Client cash balances include CCA and exclude purchased money market funds. CCA balances include cash that clients have deposited with LPL Financial that is included in Client payables in the condensed consolidated balance sheets. The following table presents purchased money market funds for the periods presented (in billions):

Q1 2026 Q4 2025 Q1 2025

Purchased money market funds $ 50.1 $ 49.8 $ 44.7

(27) Calculated by dividing revenue for the period by the average balance during the period.

(28) EBITDA and Credit Agreement EBITDA are non-GAAP financial measures. Please see a description of EBITDA and Credit Agreement EBITDA under the “Non-GAAP Financial Measures” section of this release for additional information. Under the Credit Agreement, management calculates Credit Agreement EBITDA for a trailing twelve month period at the end of each fiscal quarter and in doing so may make further adjustments to prior quarters. Below are reconciliations of trailing twelve month net income to trailing twelve month EBITDA and Credit Agreement EBITDA for the periods presented (in thousands):

Q1 2026 Q4 2025

EBITDA and Credit Agreement EBITDA Reconciliations

Net income $ 900,855 $ 863,024

Interest expense on borrowings 417,836 403,406

Provision for income taxes 315,983 286,483

Depreciation and amortization 406,829 393,434

Amortization of other intangibles 260,287 236,578

EBITDA $ 2,301,790 $ 2,182,925

Credit Agreement Adjustments:

Acquisition costs and other(14)(35)

$ 796,403 $ 777,299

Employee share-based compensation 79,808 75,956

M&A accretion(36)

394,614 462,597

Advisor share-based compensation 3,007 3,055

Credit Agreement EBITDA $ 3,575,622 $ 3,501,832

(29) Calculated based on the average advisor count from the current period and prior periods.

(30) Calculated based on the end of period total assets divided by end of period advisor count.

(31) Reflects retention of total assets, calculated by deducting quarterly annualized attrition from total assets, divided by the prior quarter total assets.

(32) Capital expenditures represent cash payments for property and equipment during the period.

(33) Acquisitions, net represent cash paid for acquisitions, net of cash acquired during the period.

(34) Represents a fair value adjustment to our contingent consideration liabilities that is reflected in other expense in the condensed consolidated statements of income.

(35) Acquisition costs and other primarily include costs related to acquisitions and costs incurred related to the integration of the strategic relationship with Prudential Advisors.

(36) M&A accretion is an adjustment to reflect the annualized expected run rate EBITDA of an acquisition as permitted by the Credit Agreement for up to eight fiscal quarters following the close of such acquisition.

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Apr. 30, 2026

Cover page. [Abstract]

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Entity Registrant Name

LPL Financial Holdings Inc.

Entity Incorporation, State or Country Code

Entity File Number

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Name of the City or Town

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Code for the postal or zip code

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Name of the state or province.

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- Definition

A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.

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Reference 1: http://www.xbrl.org/2003/role/presentationRef

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-Name Exchange Act

-Number 240

-Section 12

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Indicate if registrant meets the emerging growth company criteria.

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- Definition

Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.

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No definition available.

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Two-character EDGAR code representing the state or country of incorporation.

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The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.

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-Publisher SEC

-Name Exchange Act

-Number 240

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The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.

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-Publisher SEC

-Name Exchange Act

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Local phone number for entity.

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Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.

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-Name Exchange Act

-Number 240

-Section 13e

-Subsection 4c

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Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.

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Title of a 12(b) registered security.

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-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

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Name of the Exchange on which a security is registered.

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-Publisher SEC

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-Number 240

-Section 12

-Subsection d1-1

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Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.

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Trading symbol of an instrument as listed on an exchange.

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Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.

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-Publisher SEC

-Name Securities Act

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-Section 425

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Cover page. [Abstract]

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