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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form  10-Q
(Mark One)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2025
OR

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from            to
Commission File Number: 001-34963
LPL Financial Holdings Inc.
(Exact name of registrant as specified in its charter)

Delaware
20-3717839

(State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.)

4707 Executive Drive,
San Diego,
California
92121

(Address of principal executive offices) (Zip Code)

(800)
877-7210

(Registrant’s telephone number, including area code)
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 - $0.001 par value per share LPLA
The Nasdaq Global Select Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. x Yes     o No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). x Yes     o No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer x Accelerated filer ☐
Non-accelerated filer ☐ Smaller reporting company ☐
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. o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  
☐ Yes    x No
The number of shares of Common Stock, par value $0.001 per share, outstanding as of October 30, 2025 was 80,037,622 .

TABLE OF CONTENTS
Page

WHERE YOU CAN FIND MORE INFORMATION
i i

SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS
i i

Glossary of Terms
iv

PART I — FINANCIAL INFORMATION
1

1. Financial Statements (unaudited)
19

Condensed Consolidated Statements of Income (unaudited)
19

Condensed Consolidated Statements of Financial Condition (unaudited)
20

Condensed Consolidated Statements of Stockholders’ Equity (unaudited)
21

Condensed Consolidated Statements of Cash Flows (unaudited)
22

Notes to Condensed Consolidated Financial Statements (unaudited)
24

Note 1 - Or ganization and Description of the Company
24

Note 2 - S ummary of Significant Accounting Policies
25

Note 3 - R evenue
26

Note 4 - Acquisitions
28

Note 5 - F air Value Measurements
33

Note 6 - Investment Securities
39

Note 7 - G oodwill and Other Intangibles, Net
39

Note 8 - Other Assets and Other Liabilities
41

Note 9 - Corporate Debt and Other Borrowings, Net
42

Note 10 - Commitments and Contingencies
44

Note 11 - S tockholders’ Equity
46

Note 12 - S hare-based Compensation
47

Note 13 - E arnings per Share
49

Note 14 - N et Capital and Regulatory Requirements
49

Note 15 - Fi nancial Instruments with Off-Balance Sheet Credit Risk and Concentrations of Credit Risk
50

Note 16 - Segment Information
50

Note 17 - Subsequent Events
50

2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
1

Business Overview
1

Our Sources of Revenue
1

Significant Events
2

Executive Summary
2

Key Performance Metrics
3

Legal and Regulatory Matters
7

Economic Overview and Impact of Financial Market Events
7

Results of Operations
8

Liquidity and Capital Resources
13

Debt and Related Covenants
17

Contractual Obligations
18

Risk Management
18

Critical Accounting Policies and Estimates
18

3. Quantitative and Qualitative Disclosures About Market Risk
51

4. Controls and Procedures
53

PART II — OTHER INFORMATION
53

1. Legal Proceedings
53

1A. Risk Factors
53

2. Unregistered Sales of Equity Securities and Use of Proceeds
53

3. Defaults Upon Senior Securities
53

4. Mine Safety Disclosures
53

5. Other Information
54

6. Exhibits
54

SIGNATURES
55

i

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WHERE YOU CAN FIND MORE INFORMATION
We file annual, quarterly and current reports, proxy statements and other information required by the Securities Exchange Act of 1934, as amended (the “Exchange Act ” ), with the Securities and Exchange Commission (“SEC”). Our SEC filings are available to the public on the SEC’s website at sec.gov .
We post the following filings to our website at lpl.com as soon as reasonably practicable after they are electronically filed with or furnished to the SEC: our annual reports on Form 10-K, our proxy statements, our quarterly reports on Form 10-Q, our current reports on Form 8-K and any amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Exchange Act. Copies of all such filings are available free of charge by request via email (investor.relations@lplfinancial.com), telephone ((617) 897-4574) or mail (LPL Financial Investor Relations at 1055 LPL Way, Fort Mill, SC 29715). The information contained or incorporated on our website is not a part of this Quarterly Report on Form 10-Q.
We may use our website as a means of disclosing material information and for complying with our disclosure obligations under Regulation Fair Disclosure promulgated by the SEC. These disclosures are included on our website in the “Investor Relations” or “Press Releases” sections. Accordingly, investors should monitor these portions of our website in addition to following the Company’s press releases, SEC filings, public conference calls and webcasts.
When we use the terms “LPLFH,” “LPL,” “we,” “us,” “our” and “the Company,” we mean LPL Financial Holdings Inc., a Delaware corporation, and its consolidated subsidiaries, taken as a whole, unless the context otherwise indicates.
SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS
Statements in Part I, Item 2. “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and other sections of this Quarterly Report on Form 10-Q regarding:
• the Company’s future financial and operating results, outlook, growth, plans, business strategies, liquidity, future share repurchases and dividends, including statements regarding future resolution of regulatory matters, legal proceedings and related costs;
• the Company’s future revenue and expense;
• future affiliation models and capabilities;
• the expected conversion, transition and onboarding of advisors, institutions and assets in connection with our acquisition and recruitment activity, including the conversion of assets of the broker-dealers and investment advisors acquired in connection with our acquisition of Commonwealth Financial Network (“Commonwealth”);
• market and macroeconomic trends, including the effects of inflation and the interest rate environment;
• projected savings and anticipated improvements to the Company’s operating model, services and technologies as a result of its investments, initiatives, programs and acquisitions; and
• any other statements that are not related to present facts or current conditions, or that are not purely historical, constitute forward-looking statements.

These forward-looking statements reflect the Company’s expectations and objectives as o f November 3, 2025 . The words “anticipates,” “believes,” “expects,” “may,” “plans,” “predicts,” “will” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Forward-looking statements are not guarantees that expectations or objectives expressed or implied by the Company 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:
• 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;
ii

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• whether retail investors served by newly-recruited advisors choose to move their respective assets to new accounts at the Company;
• 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 that could make it more difficult to maintain relationships with advisors and their clients;
• the choice by clients of acquired, recruited or transitioned advisors not to open brokerage and/or advisory 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;
• execution of the Company’s capital management plans, including its compliance with the terms of the Company’s amended and restated credit agreement (the “Credit Agreement”), the committed revolving credit facility at our primary broker-dealer subsidiary, LPL Financial LLC (the “Broker-Dealer Revolving Credit Facility”), and the indentures governing the Company’s senior unsecured notes (the “Indentures”);
• 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;
• 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.

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 Quarterly Report on Form 10-Q, 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 Quarterly Report on Form 10-Q.

iii

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GLOSSARY OF TERMS
Acquisition Costs: Expenses that include the costs to setup, onboard and integrate acquired entities and other costs that were incurred as a result of the acquisitions.
Adjusted EBITDA: A non-GAAP financial measure defined as EBITDA plus acquisition costs and certain regulatory charges.
Adjusted EPS: A non-GAAP financial measure defined as Adjusted Net Income divided by the weighted average number of diluted shares outstanding for the applicable period.
Adjusted Net Income: A non-GAAP financial measure defined as net (loss) income plus the after-tax impact of amortization of other intangibles, acquisition costs, and certain regulatory charges.
Basis Point: One basis point equals 1/100th of 1%.
Core G&A: A non-GAAP financial measure defined as total expense excluding 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; promotional (ongoing); employee share-based compensation; regulatory charges; and acquisition costs.
Corporate Cash: A component of cash and equivalents that includes 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 LLC, LPL Enterprise, LLC, The Private Trust Company, N.A., Commonwealth Equity Services, LLC (“CES”), and certain of Atria Wealth Solutions, Inc.’s (“Atria”) introducing broker-dealer subsidiaries, in excess of the capital requirements of the Company’s Credit Agreement and (3) cash and equivalents held at non-regulated subsidiaries.
Credit Agreement: The Company’s amended and restated credit agreement.
Credit Agreement EBITDA: A non-GAAP financial measure defined in the 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.
EBITDA: A non-GAAP financial measure defined as net (loss) income plus interest expense on borrowings, (benefit from) provision for income taxes, depreciation and amortization, and amortization of other intangibles.
FINRA: The Financial Industry Regulatory Authority.
GAAP: Accounting principles generally accepted in the United States of America.
Gross Profit: A non-GAAP financial measure defined as total revenue less advisory and commission expense; brokerage, clearing and exchange expense; and market fluctuations on employee deferred compensation.
Indentures: The indentures governing the Company’s senior unsecured notes.
Leverage Ratio: A financial metric from our Credit Agreement that is calculated by dividing Credit Agreement net debt, which equals consolidated total debt less Corporate Cash, by Credit Agreement EBITDA.
NFA: The National Futures Association.
OCC: The Office of the Comptroller of the Currency.
RIA: Registered investment advisor.
SEC: The U.S. Securities and Exchange Commission.
Uniform Net Capital Rule: Refers to Rule 15c3-1 under the Exchange Act, which specifies minimum capital requirements that are intended to ensure the general financial soundness and liquidity of broker-dealers.
iv

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PART I — FINANCIAL INFORMATION

Item 2.   Management’s Discussion and Analysis of Financial Condition and Results of Operations

Business Overview
LPL serves the financial advisor-mediated marketplace as the nation’s largest independent broker-dealer, a leading investment advisory firm and a top custodian. We support over 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. 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 successful businesses.
We are steadfast in our commitment to the advisor-mediated model and the belief that investors deserve access to personalized guidance from a financial advisor. We believe advisors should have the freedom to choose the business model, services and technology they need and to manage their client relationships. We believe investors achieve better outcomes when working with a financial advisor, and we strive to make it easy for advisors to do what is best for their clients.
We believe that we are the only company that offers the unique combination of an integrated technology platform, comprehensive self-clearing services and access to a wide range of curated non-proprietary products all delivered in an environment unencumbered by conflicts from product manufacturing, underwriting and market-making.

Our Sources of Revenue
Our revenue is derived primarily from fees and commissions from products and advisory services offered by our advisors to their clients, a substantial portion of which we pay out to our advisors, as well as fees we receive from our advisors for the use of our technology, custody, clearing, trust and reporting platforms. We also generate asset-based revenue through our insured bank sweep vehicles, money market account balances and the access we provide to a variety of product providers with the following product lines:

• Alternative Investments
• Retirement Plan Products

• Annuities
• Separately Managed Accounts

• Exchange Traded Products
• Structured Products

• Insurance Based Products
• Unit Investment Trusts

• Mutual Funds

Under our self-clearing platform, we custody the majority of client assets invested in these financial products, for which we provide statements, transaction processing and ongoing account management. In return for these services, mutual funds, insurance companies, banks and other financial product sponsors pay us fees based on asset levels or number of accounts managed. We also earn interest from margin loans made to our advisors’ clients, cash and equivalents segregated under federal or other regulations, advisor repayable loans and operating cash, which is included in interest income, net in the condensed consolidated statements of income. A portion of our revenue is not asset-based or correlated with the equity financial markets.
We regularly review various aspects of our operations and service offerings, including our policies, procedures and platforms, in response to marketplace developments. We seek to continuously improve and enhance aspects of our operations and service offerings in order to position our advisors for long-term growth and to align with competitive and regulatory developments. For example, we regularly review the structure and fees of our products and services, including related disclosures, in the context of the changing regulatory environment and competitive landscape for advisory and brokerage accounts.

1

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Significant Events
Closed on the acquisition of Commonwealth Financial Network (“Commonwealth”)
On August 1, 2025, the Company closed on the acquisition of Commonwealth, a privately-held independent wealth management firm headquartered in Massachusetts, for a cash payment of approximately $2.7 billion. As part of the transaction, Commonwealth will transition its advisory and brokerage assets to the Company’s platform. The Company expects to complete the conversion in the fourth quarter of 2026. Commonwealth's results were included in the Company's condensed consolidated statements of income from August 1, 2025 through September 30, 2025 and condensed consolidated statements of financial condition as of September 30, 2025. See Note 4 - Acquisitions within the notes to the condensed consolidated financial statements for additional information.

Executive Summary
Financial Highlights
Results for the third quarter of 2025 included a net loss of $29.5 million, or a $0.37 loss per diluted 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 million and $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 wer e $307.7 billion fo r the three months ended September 30, 2025 , compared to $27.5 billion for the same period in 2024 .
Net new advisory assets wer e $229.0 billion fo r 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 a nd 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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Key Performance Metrics
We focus on several key metrics in evaluating the success of our business relationships and our resulting financial position and operating performance. Our key operating, business and financial metrics are as follows:

As of and for the Three Months Ended
September 30, June 30, September 30,
Operating Metrics (dollars in billions) (1)
2025 2025 2024
Advisory and Brokerage Assets ( 2 )

Advisory assets $ 1,346.9  $ 1,060.7  $ 892.0 
Brokerage assets 967.7  858.5  700.1 
Total Advisory and Brokerage Assets $ 2,314.5   $ 1,919.2   $ 1,592.1  
Advisory as a % of total Advisory and Brokerage Assets 58.2% 55.3% 56.0%

Net New Assets ( 3 )

Net new advisory assets $ 229.0  $ 23.1  $ 23.7 
Net new brokerage assets 78.7  (2.6) 3.8 
Total Net New Assets $ 307.7   $ 20.5   $ 27.5  

Organic Net New Assets
Organic net new advisory assets $ 29.6  $ 23.1  $ 23.2 
Organic net new brokerage assets 3.1  (2.6) 3.8 
Total Organic Net New Assets $ 32.7   $ 20.5   $ 27.0  

Organic advisory net new assets annualized growth (4)
11.2% 9.5% 11.2%
Total organic net new assets annualized growth (4)
6.8% 4.6% 7.2%

Client Cash Balances
Insured cash account sweep $ 36.9  $ 34.2  $ 32.1 
Deposit cash account sweep 13.0  10.8  9.6 
Total Bank Sweep 49.9   44.9   41.7  
Money market sweep 4.2  3.7  2.3 
Total Client Cash Sweep Held by Third Parties 54.1   48.6   44.0  
Client cash account
1.8  2.0  1.8 
Total Client Cash Balances $ 55.8   $ 50.6   $ 45.8  
Client Cash Balances as a % of Total Assets 2.4% 2.6% 2.9%

Net buy (sell) activity (5)
$ 41.8  $ 36.6  $ 37.7 

As of and for the Three Months Ended
September 30, June 30, September 30,
Business and Financial Metrics (dollars in millions) 2025 2025 2024
Advisors 32,128  29,353  23,686 
Average total assets per advisor (6)
$ 72.0  $ 65.4  $ 67.2 

Dividends $ 24.0  $ 24.0  $ 22.4 
Leverage ratio (7)
2.04  1.23  1.61 

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Three Months Ended September 30, Nine Months Ended September 30,
Financial Metrics (dollars in millions, except per share data) 2025 2024 2025 2024
Total revenue $ 4,552.0  $ 3,108.4  $ 12,057.0  $ 8,872.8 
Net (loss) income
$ (29.5) $ 255.3  $ 562.3  $ 787.9 
(Loss) earnings per share (“EPS”), diluted
$ (0.37) $ 3.39  $ 7.15  $ 10.45 
Non-GAAP Financial Metrics (dollars in millions, except per share data)
Adjusted EPS (8)
$ 5.20  $ 4.16  $ 14.86  $ 12.25 
Gross profit (9)
$ 1,479.3  $ 1,128.1  $ 4,056.3  $ 3,273.7 
Adjusted EBITDA (10)
$ 774.8  $ 566.2  $ 2,145.5  $ 1,639.6 
Core G&A (11)
$ 477.3  $ 359.1  $ 1,316.0  $ 1,093.6 

_______________________________
(1) Totals may not foot due to rounding.
(2) Consists of total advisory and brokerage assets under custody at the Company’s primary broker-dealer subsidiary, LPL Financial LLC (“LPL Financial”), as well as assets under custody of a third-party custodian related to CES and Atria’s introducing broker-dealer subsidiaries. Please consult the “Results of Operations” section for a tabular presentation of advisory and brokerage assets.
(3) 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. We consider conversions from and to brokerage or advisory accounts as deposits and withdrawals, respectively.
(4) Calculated as annualized current period organic net new assets divided by preceding period assets in their respective categories of advisory assets or total advisory and brokerage assets.
(5) Represents the amount of securities purchased less the amount of securities sold in client accounts custodied with LPL Financial.
(6) Calculated based on the end of period total advisory and brokerage assets divided by the end of period advisor count.
(7) The leverage ratio is a financial metric from our Credit Agreement and is calculated by dividing Credit Agreement net debt, which equals consolidated total debt less Corporate Cash, by Credit Agreement EBITDA. Credit Agreement EBITDA, a non-GAAP financial measure, is defined in the 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. Please consult the “Debt and Related Covenants” section for more information. Below are reconciliations of corporate debt and other borrowings to Credit Agreement net debt as of the dates below and net income to EBITDA and Credit Agreement EBITDA for the trailing twelve-month periods presented (in millions):

September 30, June 30, September 30,
Credit Agreement Net Debt Reconciliation 2025 2025 2024
Corporate debt and other borrowings $ 7,564.0  $ 7,220.0  $ 4,469.2 
Corporate Cash (12)
(568.4) (3,617.0) (708.4)
Credit Agreement Net Debt (†)
$ 6,995.6   $ 3,603.0   $ 3,760.8  

September 30, June 30, September 30,
EBITDA and Credit Agreement EBITDA Reconciliation 2025 2025 2024
Net income $ 833.1  $ 1,117.9  $ 1,005.4 
Interest expense on borrowings 379.8  341.3  246.6 
Provision for income taxes 260.2  356.8  340.0 
Depreciation and amortization 380.3  359.0  284.4 
Amortization of other intangibles 196.9  164.7  121.2 
EBITDA (†)
$ 2,050.3  $ 2,339.6  $ 1,997.7 
Credit Agreement Adjustments:
Acquisition costs and other (13)(14)
$ 743.0  $ 269.6  $ 236.0 
Employee share-based compensation 82.6  84.2  78.4 
M&A accretion (15)
552.4  222.2  26.3 
Advisor share-based compensation 2.9  2.8  2.5 
Loss on extinguishment of debt
4.0  4.0  — 
Credit Agreement EBITDA (†)
$ 3,435.2   $ 2,922.4   $ 2,340.9  

September 30, June 30, September 30,
2025 2025 2024
Leverage Ratio 2.04   1.23   1.61  

_______________________________
(†)    Totals may not foot due to rounding.
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(8) Adjusted EPS is a non-GAAP financial measure defined as adjusted net income, a non-GAAP financial measure defined as net (loss) income plus the after-tax impact of amortization of other intangibles, acquisition costs, and certain regulatory charges, 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, acquisition costs and certain regulatory charges 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 (loss) income, (loss) earnings per diluted share or any other performance measure derived in accordance with GAAP. Below is a reconciliation of net (loss) income and (loss) earnings per diluted share to adjusted net income and adjusted EPS for the periods presented (in millions, except per share data):
Three Months Ended September 30, Nine Months Ended September 30,
2025 2024 2025 2024
Adjusted Net Income / Adjusted EPS Reconciliation Amount Per Share Amount Per Share Amount Per Share Amount Per Share
Net (loss) income / (loss) earnings per diluted share
$ (29.5) $ (0.37) $ 255.3  $ 3.39  $ 562.3  $ 7.15  $ 787.9  $ 10.45 
Regulatory charge (14)
—  —  18.0  0.24  —  —  18.0  0.24 
Amortization of other intangibles 64.7  0.81  32.5  0.43  154.3  1.96  92.6  1.23 
Acquisition costs (16)
538.2  6.70  22.2  0.29  661.6  8.42  68.6  0.91 
Tax benefit (155.1) (1.93) (14.6) (0.19) (210.5) (2.68) (43.2) (0.57)
Adjusted Net Income / Adjusted EPS (†)
$ 418.2   $ 5.20   $ 313.4   $ 4.16   $ 1,167.7   $ 14.86   $ 923.9   $ 12.25  
Weighted-average shares outstanding, diluted 80.4  75.4  78.6  75.4 

_______________________________
(†)    Totals may not foot due to rounding.
(9) Gross profit is a non-GAAP financial measure defined 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 by management to be general and administrative in nature. Because our gross profit amounts do not include any depreciation and amortization expense, we consider our gross profit amounts to be non-GAAP financial measures that may not be comparable to those of others in our industry. We believe that gross profit amounts can provide investors with useful insight into our core operating performance before indirect costs that are general and administrative in nature. Below is a calculation of gross profit for the periods presented (in millions):
Three Months Ended September 30, Nine Months Ended September 30,
Gross Profit 2025 2024 2025 2024
Total revenue $ 4,552.0  $ 3,108.4  $ 12,057.0  $ 8,872.8 
Advisory and commission expense 3,025.3  1,948.1  7,862.4  5,500.6 
Brokerage, clearing and exchange expense 43.3  29.6  130.7  93.2 
Employee deferred compensation
4.1  2.6  7.7  5.3 
Gross Profit (†)
$ 1,479.3   $ 1,128.1   $ 4,056.3   $ 3,273.7  

_______________________________
(†)    Totals may not foot due to rounding.
(10) EBITDA and adjusted EBITDA are non-GAAP financial measures. EBITDA is defined as net (loss) income plus interest expense on borrowings, (benefit from) provision for income taxes, depreciation and amortization, and amortization of other intangibles. Adjusted EBITDA is defined as EBITDA plus acquisition costs and certain regulatory charges. 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 (loss) income or any other performance measure derived in accordance with GAAP. Below is a reconciliation of net (loss) income to EBITDA and adjusted EBITDA for the periods presented (in millions):
Three Months Ended September 30, Nine Months Ended September 30,
EBITDA Reconciliation 2025 2024 2025 2024
Net (loss) income
$ (29.5) $ 255.3  $ 562.3  $ 787.9 
Interest expense on borrowings 106.3  67.8  297.8  192.2 
(Benefit from) provision for income taxes
(4.6) 92.0  189.6  263.7 
Depreciation and amortization 99.7  78.3  288.3  216.5 
Amortization of other intangibles 64.7  32.5  154.3  92.6 
EBITDA $ 236.6   $ 525.9   $ 1,492.4   $ 1,552.9  

Regulatory charge (14)
—  18.0  —  18.0 
Acquisition costs excluding interest (16)
538.2  22.2  653.1  68.6 
Adjusted EBITDA (†)
$ 774.8   $ 566.2   $ 2,145.5   $ 1,639.6  

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(†)    Totals may not foot due to rounding.
        
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(11) Core G&A is a non-GAAP financial measure defined as 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; promotional (ongoing); employee share-based compensation; regulatory charges; and acquisition costs. 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 expense, 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. Below is a reconciliation of the Company’s total expense to core G&A for the periods presented (in millions):
Three Months Ended September 30, Nine Months Ended September 30,
Core G&A Reconciliation 2025 2024 2025 2024
Total expense $ 4,586.1  $ 2,761.0  $ 11,305.1  $ 7,821.1 
Advisory and commission (3,025.3) (1,948.1) (7,862.4) (5,500.6)
Depreciation and amortization (99.7) (78.3) (288.3) (216.5)
Interest expense on borrowings (106.3) (67.8) (297.8) (192.2)
Brokerage, clearing and exchange (43.3) (29.6) (130.7) (93.2)
Amortization of other intangibles (64.7) (32.5) (154.3) (92.6)
Employee deferred compensation
(4.1) (2.6) (7.7) (5.3)
Total G&A (†)
1,242.7  602.1  2,563.9  1,720.7 
Promotional (ongoing) (17)
(201.9) (175.6) (517.4) (455.7)
Acquisition costs excluding interest (16)
(538.2) (22.2) (653.1) (68.6)
Employee share-based compensation (18.6) (20.3) (56.5) (62.9)
Regulatory charges (14)
(6.7) (24.9) (20.9) (39.9)
Core G&A (†)
$ 477.3   $ 359.1   $ 1,316.0   $ 1,093.6  

_______________________________
(†)    Totals may not foot due to rounding.
(12) See the “Liquidity and Capital Resources” section for additional information about Corporate Cash.
(13) Acquisition costs and other for the twelve months ending September 30, 2025, June 30, 2025 and September 30, 2024 primarily include costs related to acquisitions and the integration of the strategic relationship with Prudential Financial, Inc. Acquisition costs and other for the twelve months ending September 30, 2025 and June 30, 2025 include a $26.4 million reduction related to the departure of the Company’s former Chief Executive Officer. Acquisition costs and other for the twelve months ending June 30, 2025 and September 30, 2024 include an $18.0 million regulatory charge recognized related to a penalty proposed by the SEC as part of its civil investigation of the Company’s compliance with certain elements of the Company’s anti-money laundering compliance program.
(14) The Company recorded an $18.0 million regulatory charge for the three and nine months ended September 30, 2024 related to a penalty proposed by the SEC as part of its civil investigation of the Company’s compliance with certain elements of the Company’s anti-money laundering compliance program.
(15) 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. The increase in M&A accretion for the twelve months ending September 30, 2025 and June 30, 2025 as compared to the twelve months ending September 30, 2024 was primarily related to the impact of acquisitions.
(16) Acquisition costs include the costs to setup, onboard and integrate acquired entities and other costs that were incurred as a result of acquisitions. The below table summarizes the primary components of acquisition costs for the periods presented (in millions):

Three Months Ended September 30, Nine Months Ended September 30,
Acquisition costs 2025 2024 2025 2024
Compensation and benefits (18)
$ 257.6  $ 8.3  $ 291.1  $ 19.0 
Occupancy and equipment (18)
197.6  (1.0) 198.9  — 
Promotional (17)
25.7  2.0  69.4  4.8 
Professional services 9.7  6.7  26.9  13.5 
Change in fair value of contingent consideration
2.7  5.9  9.6  30.5 
Interest
—  —  8.5  — 
Other 45.0  0.3  57.3  0.8 
Acquisition costs (†)
$ 538.2   $ 22.2   $ 661.6   $ 68.6  

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(†)    Totals may not foot due to rounding.
(17) Promotional (ongoing) for the three and nine months ended September 30, 2025 includes $19.0 million and $55.0 million, respectively, of support costs related to full-time employees that are classified within compensation and benefits expense in the condensed consolidated statements of income compared to $13.0 million and $33.2 million for the same periods in 2024. Promotional (ongoing) excludes costs that have been incurred as part of acquisitions, which are included in the Acquisition costs line item.
(18) The Company incurred $419.0 million of acquisition costs at the Commonwealth closing. This primarily includes $228.4 million of costs related to transaction bonuses and the acceleration of unvested equity awards which were classified as Compensation and benefits and $190.1 million of costs related to certain contract termination fees which were classified as Occupancy and equipment.

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Legal and Regulatory Matters
The financial services industry is subject to extensive regulation by U.S. federal and state government agencies as well as various self-regulatory organizations. Compliance with all applicable laws and regulations involves a significant investment in time and resources, and we continue to invest in our compliance functions to monitor our adherence to the numerous legal and regulatory requirements applicable to our business. Any new laws or regulations applicable to our business, any changes to existing laws or regulations, or any changes to the interpretations or enforcement of those laws or regulations may affect our operations and/or financial condition. We seek to participate in the development of significant rules and regulations that govern our industry.
As a regulated entity, we are subject to regulatory oversight and inquiries related to, among other items, our compliance and supervisory systems and procedures and other controls, as well as our disclosures, supervision and reporting. For example, in August 2024, the Company received a request for information from the SEC regarding certain elements of the Company’s cash management program for corporate advisory accounts, which based on the nature of the request we believe is part of an industry-wide inquiry. The Company has been cooperating with the request. Additional regulation and enhanced regulatory enforcement has resulted, and may result in the future, in changes to our service offerings and additional operational and compliance costs, as well as increased costs in the form of penalties and fines, investigatory and settlement costs, customer restitution and remediation related to regulatory matters. In the ordinary course of business, we periodically identify or become aware of purported inadequacies, deficiencies and other issues. It is our policy to evaluate these matters for potential legal or regulatory violations and other potential compliance issues. It is also our policy to self-report known violations and issues as required by applicable law and regulation. When deemed probable that matters may result in financial losses, we accrue for those losses based on an estimate of possible fines, customer restitution and losses related to the repurchase of sold securities and other losses, as applicable. Certain regulatory and other legal claims and losses may be covered through our wholly-owned captive insurance subsidiary, which is chartered with the insurance commissioner in the state of Tennessee.
Assessing the probability of a loss occurring and the timing and amount of any loss related to a regulatory matter or legal proceeding, whether or not covered by our captive insurance subsidiary, is inherently difficult and requires judgments based on a variety of factors and assumptions. There are particular uncertainties and complexities involved when assessing the adequacy of loss reserves for potential liabilities that are self-insured by our captive insurance subsidiary, which depends in part on historical claims experience, including the actual timing and costs of resolving matters that begin in one policy period and are resolved in a subsequent period.
Our accruals, including those established through our captive insurance subsidiary at September 30, 2025, include estimated costs for significant regulatory matters or legal proceedings, generally relating to the adequacy of our compliance and supervisory systems and procedures and other controls, for which we believe losses are both probable and reasonably estimable.
The outcome of regulatory or legal proceedings could result in legal liability, regulatory fines or monetary penalties in excess of our accruals and insurance, which could have a material adverse effect on our business, results of operations, cash flows or financial condition. For more information on management’s loss contingency policies, see Note 10 - Commitments and Contingencies , within the notes to the condensed consolidated financial statements.

Economic Overview and Impact of Financial Market Events
Our business is directly and indirectly sensitive to several macroeconomic factors and the state of the financial markets in the United States. The equity markets rose during the third quarter, reaching new heights, with the S&P 500 and Russell 2000 small cap index rising 8.12% and 12.4%, respectively during the third quarter of 2025.

Our business is also sensitive to current and expected short-term interest rates, which are largely driven by Federal Reserve (“Fed”) policy. During the third quarter of 2025, Fed policymakers lowered the target federal funds rate to a range of 4.00% to 4.25%. To the extent they pursue faster easing in monetary policy, the Federal Open Market Committee members will continue to take into account the evolving economic outlook and balance of risks.

Please consult the “Risks Related to Our Business and Industry” section within Part I, “Item 1A. Risk Factors” in our 2024 Annual Report on Form 10-K for more information about the risks associated with significant interest rate changes and the potential related effects on our profitability and financial condition.
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Results of Operations
The following discussion presents an analysis of our results of operations for the three and nine months ended September 30, 2025 and 2024 (in thousands):
Three Months Ended September 30, Nine Months Ended September 30,
2025 2024 % Change (1)
2025 2024 % Change (1)

REVENUE
Advisory $ 2,210,499  $ 1,378,050  60 % $ 5,617,482  $ 3,866,024  45 %
Commission:
Sales-based 695,029  429,132  62 % 1,924,859  1,237,437  56 %
Trailing 492,426  377,400  30 % 1,348,440  1,102,587  22 %
Total commission 1,187,455  806,532  47 % 3,273,299  2,340,024  40 %
Asset-based:
Client cash 428,190  353,855  21 % 1,217,553  1,047,712  16 %
Other asset-based 354,090  272,336  30 % 962,315  780,208  23 %
Total asset-based 782,280  626,191  25 % 2,179,868  1,827,920  19 %
Service and fee 174,715  145,729  20 % 471,753  412,901  14 %
Transaction 67,260  58,546  15 % 195,665  174,739  12 %
Interest income, net 60,859  49,923  22 % 181,651  140,926  29 %
Other 68,909  43,423  59 % 137,291  110,222  25 %
Total revenue    
4,551,977  3,108,394  46 % 12,057,009  8,872,756  36 %
EXPENSE
Advisory and commission 3,025,274  1,948,065  55 % 7,862,364  5,500,579  43 %
Compensation and benefits 585,409  266,415  120 % 1,210,055  814,784  49 %
Occupancy and equipment 299,680  69,879  n/m
458,363  205,672  123 %
Promotional 208,547  164,538  27 % 531,744  427,282  24 %
Interest expense on borrowings 106,295  67,779  57 % 297,793  192,202  55 %
Depreciation and amortization 99,722  78,338  27 % 288,309  216,495  33 %
Professional services 75,507  26,295  187 % 152,925  61,674  148 %
Amortization of other intangibles 64,706  32,461  99 % 154,330  92,620  67 %
Brokerage, clearing and exchange 43,282  29,636  46 % 130,710  93,152  40 %
Communications and data processing 23,060  17,916  29 % 63,983  57,066  12 %
Other 54,606  59,724  (9 %) 154,487  159,619  (3 %)
Total expense    
4,586,088  2,761,046  66 % 11,305,063  7,821,145  45 %
(LOSS) INCOME BEFORE (BENEFIT FROM) PROVISION FOR INCOME TAXES
(34,111) 347,348  n/m 751,946  1,051,611  (28 %)
(BENEFIT FROM) PROVISION FOR INCOME TAXES
(4,594) 92,045  n/m
189,641  263,744  (28 %)
NET (LOSS) INCOME
$ (29,517) $ 255,303  n/m
$ 562,305  $ 787,867  (29 %)

_______________________________
(1) % change variances greater than 200% are not meaningful.
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Revenue
Advisory
Advisory revenue represents fees charged to advisors’ clients’ advisory accounts on our corporate registered investment advisor (“RIA”) advisory platform and is based on a percentage of the market value of the eligible assets in the clients’ advisory accounts. We provide ongoing investment advice and act as a custodian, providing brokerage and execution services on transactions, and perform administrative services for these accounts. Advisory fees are primarily billed to clients on a quarterly basis in advance, and are recognized as revenue ratably during the quarter. The performance obligation for advisory fees is considered a series of distinct services that are substantially the same and are satisfied daily. As the value of the eligible assets in an advisory account is susceptible to changes due to customer activity, this revenue includes variable consideration and is constrained until the date that the fees are determinable. The majority of these client accounts are on a calendar quarter and are billed using values as of the last business day of the preceding quarter. The value of the eligible assets in an advisory account on the billing date is adjusted for contributions and withdrawals during the period to determine the amount of revenue earned in the period. Advisory revenue collected on our corporate RIA advisory platform is proposed by the advisor and agreed to by the client and was approximately 1.0% of the underlying assets for the nine months ended September 30, 2025.
We also support independent RIA firms that conduct their business through our separate registered investment advisor firms (“Independent RIAs”) advisory platform, which allows advisors to engage us for technology, clearing and custody services, as well as access the capabilities of our investment platforms. The assets held under an Independent RIA’s investment advisory accounts custodied with LPL Financial are included in total advisory assets and net new advisory assets. However, the advisory revenue generated by an Independent RIA is not included in our advisory revenue. We charge separate fees to Independent RIAs for technology, clearing, administrative, oversight and custody services, which may vary and are included in our service and fee revenue in our condensed consolidated statements of income.
The following table summarizes the composition of advisory assets for the periods presented (in billions):

September 30,
2025 2024 $ Change % Change
Corporate advisory assets $ 1,022.1  $ 618.8  $ 403.3  65 %
Independent RIA advisory assets 324.8  273.2  51.6  19 %
Total advisory assets $ 1,346.9  $ 892.0  $ 454.9  51 %

Net new advisory assets are generated throughout the quarter, therefore, the full impact of net new advisory assets to advisory revenue is not realized in the same period. The following table summarizes activity impacting advisory assets for the periods presented (in billions):

Three Months Ended September 30, Nine Months Ended September 30,
2025 2024 2025 2024
Balance - Beginning of period $ 1,060.7  $ 829.1  $ 957.0  $ 735.8 
Net new advisory assets (1)
229.0  23.7  289.7  66.6 
Market impact (2)
57.2  39.2  100.2  89.6 
Balance - End of period $ 1,346.9  $ 892.0  $ 1,346.9  $ 892.0 

_______________________________
(1) Net new advisory assets consist of total client deposits into custodied advisory accounts less total client withdrawals from custodied advisory accounts, plus dividends, plus interest, minus advisory fees. We consider conversions from and to brokerage accounts as deposits and withdrawals, respectively.
(2) Market impact is the difference between the beginning and ending asset balance less the net new asset amounts, representing the implied growth or decline in asset balances due to market changes over the same period of time.
Advisory revenue increased during the three and nine months ended September 30, 2025 as compared to the same periods in 2024 due primarily to an increase in advisory asset balances and related market impacts.
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Commission
We generate two types of commission revenue: (1) sales-based commissions that are recognized at the point of sale on the trade date and are based on a percentage of an investment product’s current market value at the time of purchase and (2) trailing commissions that are recognized over time as earned and are generally based on the market value of investment holdings in trail-eligible assets. Sales-based commission revenue, which occurs when clients trade securities or purchase various types of investment products, primarily represents gross commissions generated by our advisors and can vary from period to period based on the overall economic environment, number of trading days in the reporting period and investment activity of our advisors’ clients. We earn trailing commission revenue primarily on mutual funds and variable annuities held by clients of our advisors. See Note 3 - Revenue , within the notes to the condensed consolidated financial statements for further detail regarding our commission revenue by product category.
The following table sets forth the components of our commission revenue for the periods presented (in thousands):
Three Months Ended September 30, Nine Months Ended September 30,
2025 2024 $ Change % Change 2025 2024 $ Change % Change
Sales-based $ 695,029  $ 429,132  $ 265,897  62 % $ 1,924,859  $ 1,237,437  $ 687,422  56 %
Trailing 492,426  377,400  115,026  30 % 1,348,440  1,102,587  245,853  22 %
Total commission revenue
$ 1,187,455  $ 806,532  $ 380,923  47 % $ 3,273,299  $ 2,340,024  $ 933,275  40 %

The increase in sales-based commission revenue for the three and nine months ended September 30, 2025 compared to 2024 was primarily driven by an increase in sales of annuities. The increase in trailing commission revenue for the three and nine months ended September 30, 2025 compared to 2024 was primarily due to continued growth in trail earning assets held by customers.
The following table summarizes activity impacting brokerage assets for the periods presented (in billions):
Three Months Ended September 30, Nine Months Ended September 30,
2025 2024 2025 2024
Balance - Beginning of period $ 858.5  $ 668.7  $ 783.7  $ 618.2 
Net new brokerage assets (1)
78.7  3.8  117.3  11.5 
Market impact (2)
30.5  27.6  66.7  70.4 
Balance - End of period $ 967.7  $ 700.1  $ 967.7  $ 700.1 
_______________________________
(1) Net new brokerage assets consist of total client deposits into brokerage accounts less total client withdrawals from brokerage accounts, plus dividends, plus interest. We consider conversions from and to advisory accounts as deposits and withdrawals, respectively.
(2) Market impact is the difference between the beginning and ending asset balance less the net new asset amounts, representing the implied growth or decline in asset balances due to market changes over the same period of time.
Asset-Based
Asset-based revenue consists of fees from our client cash programs, fees from our sponsorship programs with financial product manufacturers and fees from omnibus processing and networking services (collectively referred to as “recordkeeping”). Client cash revenue is generated on advisors’ clients’ cash balances in insured bank sweep accounts and money market accounts. We also receive fees from certain financial product manufacturers in connection with sponsorship programs that support our marketing and sales force education and training efforts. Compensation for these performance obligations is either a fixed fee, a percentage of the average annual amount of product sponsor assets held in advisors’ clients’ accounts, a percentage of new sales or a combination. Omnibus processing revenue is paid to us by mutual fund product sponsors or their affiliates and is based on the value of mutual fund assets in accounts for which the Company provides omnibus processing services and the number of accounts in which the related mutual fund positions are held. Networking revenue on brokerage assets is correlated to the number of positions we administer and is paid to us by mutual fund product sponsors and annuity product manufacturers.
Asset-based revenue for the three and nine months ended September 30, 2025 increased by $156.1 million and $351.9 million, respectively, compared to the same periods in 2024, due to increases in client cash and other asset-based revenue. Other asset-based revenue for the three and nine months ended September 30, 2025 increased compared to 2024 primarily due to increases in recordkeeping and sponsorship program revenue. Client cash revenue for the three and nine months ended September 30, 2025 increased compared to 2024 due to higher
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average client cash balances during the three and nine months ended September 30, 2025 as compared to 2024. For the three months ended September 30, 2025, our average client cash balances increased to $50.3 billion compared to $42.6 billion in 2024. For the nine months ended September 30, 2025, our average client cash balances increased to $49.9 billion compared to $43.3 billion in 2024.
Service and Fee
Service and fee revenue is generated from advisor and retail investor services, including technology, insurance, conferences, licensing, business services and planning and advice services, Individual Retirement Account (“IRA”) custodian and other client account fees. We charge separate fees to RIAs on our Independent RIA advisory platform for technology, clearing, administrative, oversight and custody services, which may vary. We also host certain advisor conferences that serve as training, education, sales and marketing events for which we charge sponsors a fee. Service and fee revenue for the three and nine months ended September 30, 2025 increased compared to 2024, primarily due to increases in custodian fees, trading, licensing, conference services and registration fees.
Interest Income, Net
Interest income is primarily generated from bank deposits, client margin loans, client cash account balances segregated under federal or other regulations and advisor repayable loans. Interest income, net for the three and nine months ended September 30, 2025 increased compared to 2024 primarily due to interest earned on overnight investment accounts driven by an increase in average daily balances.
Transaction
Transaction revenue includes transaction charges generated in both advisory and brokerage accounts from mutual funds, exchange-traded funds and fixed income products. Transaction revenue for the three and nine months ended September 30, 2025 increased compared to 2024, primarily due to increases in the number of transactions and transaction charges for managed assets.
Other Revenue
Other revenue primarily includes unrealized gains and losses on assets held by us in our advisor non-qualified deferred compensation plan and model research portfolios and other miscellaneous revenue, which is not generated from contracts with customers. Other revenue increased for the three and nine months ended September 30, 2025 as compared to 2024 primarily due to an increase in unrealized gains in our deferred compensation plan assets.

Expense
Advisory and Commission
Advisory and commission expense consists of the following: payout amounts that are earned by and paid out to advisors and institutions based on advisory and commission revenue earned on each client’s account, production-based bonuses earned by advisors and institutions based on the levels of advisory and commission revenue they produce, compensation and benefits paid to employee advisors, share-based compensation expense from equity awards granted to advisors and institutions based on the fair value of the awards at grant date and the deferred advisory and commission fee expense associated with mark-to-market gains or losses on the non-qualified deferred compensation plan offered to our advisors.
The following table sets forth our payout rate, which is a statistical or operating measure, for the periods presented:

Three Months Ended September 30, Nine Months Ended September 30,
2025 2024 Change 2025 2024 Change
Payout rate 87.47% 87.46% 1 bps 87.21% 87.16% 5 bps

Our payout rate for the three and nine months ended September 30, 2025 increased compared to 2024, primarily due to higher payouts resulting from our strategic relationship with Prudential Financial, Inc.
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Compensation and Benefits
Compensation and benefits expense includes salaries, wages, benefits, share-based compensation and related taxes for our employees, as well as compensation for temporary workers and contractors. The following table sets forth the number of employees for the periods presented:

September 30,
2025 2024 Change
Number of employees 10,116 8,773 15%

Compensation and benefits expense for the three and nine months ended September 30, 2025 increased by $319.0 million and $395.3 million, respectively, compared to 2024, primarily due to acquisition related expenses incurred in conjunction with the Commonwealth transaction as well as an increase in headcount. See Note 4 - Acquisitions , within the notes to the condensed consolidated financial statements for additional information.
Occupancy and Equipment
Occupancy and equipment expense includes the costs of leasing and maintaining our office spaces, software licensing and maintenance costs, and maintenance expense on computer hardware and other equipment. Occupancy and equipment expense for the three and nine months ended September 30, 2025 increased by $229.8 million and $252.7 million, respectively, compared to 2024, primarily due to acquisition related expenses incurred in conjunction with the Commonwealth transaction. See Note 4 - Acquisitions , within the notes to the condensed consolidated financial statements for additional information.
Promotional
Promotional expense includes business development costs related to advisor recruitment and retention, costs related to hosting certain advisory conferences that serve as training, sales and marketing events, and other costs that support advisor business growth. Promotional expense for the three and nine months ended September 30, 2025 increased by $44.0 million and $104.5 million, respectively, compared to 2024, primarily due to increases in recruited assets and advisors that led to higher costs to support transition assistance and retention, partially offset by decreases in large institutional onboarding costs.
Interest Expense on Borrowings
Interest expense on borrowings includes the interest associated with the Company’s senior notes, Term Loan A (“Term Loan A”) and revolving credit facilities; amortization of debt issuance costs; and fees associated with the Company’s revolving lines of credit. Interest expense on borrowings for the three and nine months ended September 30, 2025 increased by $38.5 million and $105.6 million, respectively, compared to 2024, primarily as a result of the issuance of $1.0 billion senior unsecured notes in May 2024, $1.25 billion senior unsecured notes in February 2025 and $1.5 billion senior unsecured notes in April 2025. See Note 9 - Corporate Debt and Other Borrowings, Net, within the notes to the condensed consolidated financial statements for additional information.
Depreciation and Amortization
Depreciation and amortization expense relates to the use of property and equipment, which includes internally developed software, hardware, leasehold improvements and other equipment. Depreciation and amortization expense for the three and nine months ended September 30, 2025 increased by $21.4 million and $71.8 million, respectively, compared to 2024, primarily due to our continued investment in technology to support integrations, enhance our advisor platform and experience, and support onboarding of institutions.
Professional Services
Professional services expense includes costs paid to outside firms for assistance with legal, accounting, technology, regulatory, marketing, and general corporate matters, as well as non-capitalized costs related to service and technology enhancements. Professional services expense for the three and nine months ended September 30, 2025 increased by $49.2 million and $91.3 million, respectively, compared to 2024, primarily due to technology enhancement projects and acquisition-related support .
Amortization of Other Intangibles
Amortization of other intangibles represents the benefits received for the use of long-lived intangible assets established through our acquisitions. Amortization of other intangibles for the three and nine months ended September 30, 2025 increased by $32.2 million and $61.7 million, respectively, compared to 2024, primarily due to additional intangible assets acquired during the period.
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Brokerage, Clearing and Exchange
Brokerage, clearing and exchange expense includes expenses originating from trading or clearing operations as well as any exchange membership fees. These fees fluctuate largely in line with the volume of sales and trading activity. Brokerage, clearing and exchange expense for the three and nine months ended September 30, 2025 increased by $13.6 million and $37.6 million, respectively, compared to 2024, primarily due to an increase in the volume of trades and expenses for quote services.
Provision for Income Taxes
Our effective income tax rate was 13.5% and 26.5% for the three months ended September 30, 2025 and 2024, respectively, and 25.2% and 25.1% for the nine months ended September 30, 2025 and 2024, respectively. The Company’s effective income tax rate differs from the federal corporate tax rate of 21.0%, primarily as a result of state taxes, reserves for uncertain tax positions and non-deductible expenses. Our effective income tax rate is reduced by tax benefits received from income tax credits as well as share-based compensation vesting and exercises . The decrease in our effective tax rate for the three months ended September 30, 2025 was primarily driven by state tax reserves which reduced the tax benefit on the pre-tax book loss in the third quarter of 2025.

Liquidity and Capital Resources
We have established liquidity and capital policies intended to support the execution of strategic initiatives, while meeting regulatory capital requirements and maintaining ongoing and sufficient liquidity. We believe liquidity is of critical importance to the Company and, in particular, to LPL Financial, our primary broker-dealer subsidiary. The objective of our policies is to ensure that we can meet our strategic, operational and regulatory liquidity and capital requirements under both normal operating conditions and under periods of stress in the financial markets.
Liquidity
Our liquidity needs are primarily driven by capital requirements at LPL Financial, interest due on our corporate debt and other capital returns to stockholders. Our liquidity needs at LPL Financial are driven primarily by the level and volatility of our client activity. Management maintains a set of liquidity sources and monitors certain business trends and market metrics closely in an effort to ensure we have sufficient liquidity. We believe that based on current levels of cash flows from operations and anticipated growth, together with available cash balances and external liquidity sources, we have adequate liquidity to satisfy our short-term and long-term working capital needs, the payment of all of our obligations and the funding of anticipated acquisitions and other capital expenditures.
Parent Company Liquidity
LPL Holdings, Inc. (the “Parent”), the direct holding company of our operating subsidiaries, considers its primary sources of liquidity to be dividends from and excess capital generated by LPL Financial, as well as capacity for additional borrowing under its $2.25 billion unsecured revolving credit facility, which it has the ability to borrow against for working capital and general corporate purposes.
Dividends from and excess capital generated by LPL Financial are primarily generated through our cash flow from operations. Subject to regulatory approval or notification, capital generated by regulated subsidiaries can be distributed to the Parent to the extent the capital levels exceed regulatory requirements, Credit Agreement requirements and internal capital thresholds. During the nine months ended September 30, 2025 and 2024, LPL Financial paid dividends of $800.0 million and $410.0 million to the Parent, respectively.
We believe Corporate Cash, a component of cash and equivalents, is a useful measure of the Parent’s liquidity as it represents the capital available for use in excess of the amount we are required to maintain pursuant to the Credit Agreement. Corporate Cash is the sum of cash and equivalents from the following: (1) cash and equivalents held at the Parent, (2) cash and equivalents held at regulated subsidiaries as defined by the Credit Agreement, which include LPL Financial, LPL Enterprise, The Private Trust Company, N.A. (“PTC”), CES, and Atria’s introducing broker-dealer subsidiaries in excess of the capital requirements of the Credit Agreement and (3) cash and equivalents held at non-regulated subsidiaries.
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The following table presents the components of Corporate Cash (in thousands):

September 30, 2025 December 31, 2024
Cash and equivalents $ 1,343,507  $ 967,079 
Cash at regulated subsidiaries (1,270,366) (884,779)
Excess cash at regulated subsidiaries per the Credit Agreement 495,253  397,138 
Corporate Cash $ 568,394   $ 479,438  

Corporate Cash
Cash at the Parent $ 12,187  $ 39,782 
Excess cash at regulated subsidiaries per the Credit Agreement 495,253  397,138 
Cash at non-regulated subsidiaries 60,954  42,518 
Corporate Cash $ 568,394   $ 479,438  

Corporate Cash is monitored as part of our liquidity risk management strategy, and we target maintaining approximately $200 million of Corporate Cash to meet our near-term corporate debt obligations. Corporate Cash increased by $89.0 million during the nine months ended September 30, 2025 primarily as a result of proceeds received from our $1.25 billion debt issuance in February 2025 and our $1.5 billion debt issuance and $1.7 billion equity offering in April 2025 offset by payments related to the acquisition of Commonwealth. See Note 4 - Acquisitions , Note 9 - Corporate Debt and Other Borrowings, Net , and Note 11 - Stockholders’ Equity within the notes to the condensed consolidated financial statements for additional information.
We actively monitor changes to our liquidity needs caused by general business volumes and price volatility, including higher margin requirements of clearing corporations and exchanges, and stress scenarios involving a sustained market downturn and the persistence of current interest rates. We believe that based on current levels of operations and anticipated growth, our cash flow from operations, together with other available sources of funds, which include five uncommitted lines of credit, the revolving credit facility established through our Credit Agreement and the committed revolving credit facility of LPL Financial, will provide us with adequate liquidity to satisfy our short-term and long-term working capital needs, the payment of all of our obligations and the funding of anticipated capital expenditures.
We regularly evaluate our existing indebtedness, including potential issuances and refinancing opportunities, based on a number of factors, including our capital requirements, future prospects, contractual restrictions, the availability of refinancing on attractive terms and general market conditions. As of September 30, 2025, the earliest principal maturity date for our corporate debt with outstanding balances is in 2026 and our revolving credit facilities and uncommitted lines of credit mature between 2026 and 2029.
Share Repurchases
We engage in a share repurchase program that was approved by our Board, pursuant to which we may repurchase our issued and outstanding shares of common stock from time to time. Purchases may be effected in open market or privately negotiated transactions. Our current capital deployment framework remains focused on investing in organic growth first, pursuing acquisitions where appropriate and returning excess capital to stockholders. The Company repurchased 289,371 shares for a total of $100.0 million during the nine months ended September 30, 2025, and as of September 30, 2025, had $630.0 million remaining under our existing repurchase program. We paused share repurchases in anticipation of the Commonwealth acquisition. Given the closing of the transaction, we expect to evaluate resuming share repurchases, consistent with our existing capital management strategy. The timing and amount of share repurchases, if any, is determined at our discretion within the constraints of our Credit Agreement, applicable laws and consideration of our general liquidity needs. See Note 11 - Stockholders’ Equity , within the notes to the condensed consolidated financial statements for additional information regarding our share repurchases.
Common Stock Dividends
The payment, timing and amount of any dividends are subject to approval by LPLFH’s Board, as well as certain limits under our Credit Agreement. See Note 11 - Stockholders’ Equity , within the notes to the condensed consolidated financial statements for additional information regarding our dividends.
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LPL Financial Liquidity

LPL Financial relies primarily on client payables to fund margin lending. LPL Financial maintains additional liquidity through external lines of credit totaling $1.2 billion at September 30, 2025, as well as two additional lines of credit with unspecified limits. LPL Financial also maintains a line of credit with the Parent.
External Liquidity Sources
The following table presents amounts outstanding and available under our external lines of credit at September 30, 2025 (in millions):

Description Borrower Maturity Date Outstanding Available
Senior unsecured, revolving credit facility
LPL Holdings, Inc. May 2029 $ 344  $ 1,906 
Broker-dealer revolving credit facility
LPL Financial LLC May 2026 $ —  $ 1,000 
Unsecured, uncommitted lines of credit LPL Financial LLC None
$ —  $ 75 
Unsecured, uncommitted lines of credit LPL Financial LLC September 2026 $ —  $ 50 
Secured, uncommitted lines of credit LPL Financial LLC March 2028 $ —  $ 75 
Secured, uncommitted lines of credit LPL Financial LLC None $ —  unspecified
Secured, uncommitted lines of credit LPL Financial LLC None $ —  unspecified

Capital Resources
The Company seeks to manage capital levels in support of its business strategy of generating and effectively deploying capital for the benefit of our stockholders.
Our primary requirement for working capital relates to funds we loan to our advisors’ clients for trading conducted on margin and funds we are required to maintain for regulatory capital and reserves based on the requirements of our regulators and clearing organizations, which also consider client balances and trading activities. We have several sources of funds that enable us to meet increases in working capital requirements that relate to increases in client margin activities and balances. These sources include cash and equivalents on hand, the committed revolving credit facility of LPL Financial and proceeds from repledging or selling client securities in margin accounts. When an advisor’s client purchases securities on margin or uses securities as collateral to borrow from us on margin, we are permitted, pursuant to the applicable securities industry regulations, to repledge, loan or sell securities, up to 140% of the client’s margin loan balance, that collateralize those margin accounts.
Our other working capital needs are primarily related to loans we are making to advisors and timing associated with receivables and payables, which we have satisfied in the past from internally generated cash flows.
We may sometimes be required to fund capital requirements necessary to effect client transactions in securities markets and cash sweep balances held at third-party banks that arise from the delayed receipt of client funds. These capital requirements are funded either with internally generated cash flows or, if needed, with funds drawn on our uncommitted lines of credit at LPL Financial or one of our revolving credit facilities.
Our broker-dealer subsidiaries are subject to the SEC’s Uniform Net Capital Rule (Rule 15c3-1 under the Exchange Act), which requires the maintenance of minimum net capital. LPL Financial, our primary broker-dealer subsidiary, computes net capital requirements under the alternative method, which requires firms to maintain minimum net capital equal to the greater of $250,000 or 2% of aggregate debit balances arising from client transactions.
The following table presents the net capital position of the Company’s primary broker-dealer subsidiary (in thousands):

September 30, 2025
LPL Financial LLC
Net capital $ 478,787 
Less: required net capital 26,405 
Excess net capital $ 452,382 

Payment by our broker-dealer subsidiaries of dividends greater than 10% of their respective excess net capital during any 35-day rolling period requires approval from FINRA. In addition, each broker-dealer subsidiary’s ability to pay dividends would be restricted if its net capital would be less than 5% of aggregate customer debit balances.
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LPL Financial also acts as an introducing broker-dealer for commodities and futures. Accordingly, its trading activities are subject to the National Futures Association’s (“NFA”) financial requirements and it is required to maintain net capital that is in excess of or equal to the greatest of NFA’s minimum financial requirements. The NFA was designated by the Commodity Futures Trading Commission as LPL Financial’s primary regulator for such activities. Currently, the highest NFA requirement is the minimum net capital calculated and required pursuant to the SEC’s Uniform Net Capital Rule.
Our other regulated subsidiaries, including LPL Enterprise, Atria’s seven introducing broker-dealer subsidiaries, Commonwealth’s introducing broker-dealer subsidiary, and PTC, are also subject to various regulatory capital requirements. Failure to meet the respective minimum capital requirements can result in certain mandatory and discretionary actions by regulators that, if undertaken, could have substantial monetary and non-monetary impacts on their operations. As of September 30, 2025, the Company’s other regulated subsidiaries met all capital adequacy requirements to which they were subject.
Supplemental Guarantor Financial Information
LPL Holdings, Inc. (the “Issuer”), a wholly owned subsidiary of LPL Financial Holdings Inc. (“LPLFH” and together with the Issuer, the “Obligor Group”), has in the past, and may in the future, issue, among other things, non-convertible debt securities that include full and unconditional guarantees by LPLFH. The debt securities issued by the Issuer may be fully and unconditionally guaranteed by LPLFH. LPLFH is a Delaware holding corporation that manages substantially all of its operations through investments in subsidiaries. See Note 1 - Organization and Description of the Company and Note 9 - Corporate Debt and Other Borrowings, Net , within the notes to the condensed consolidated financial statements for additional information.
Pursuant to Rule 3-10 of Regulation S-X under the Securities Act of 1933, as amended, the following tables present unaudited summarized financial information for the Obligor Group on a combined basis. Balances and transactions between the Obligor Group have been eliminated. Financial information for non-guarantor subsidiaries, which includes all other subsidiaries of the Issuer, has been excluded and intercompany balances and transactions between the Obligor Group and non-guarantor subsidiaries are presented on separate lines. The summarized financial information below should be read in conjunction with the Company’s condensed consolidated financial statements contained herein as the summarized financial information for the Obligor Group may not be indicative of results of operations or financial position of the Issuer or LPLFH had they operated as independent entities.
The following tables present the summarized financial information for the periods presented (in thousands):

LPL Holdings, Inc. & LPL Financial Holdings Inc.

Nine Months Ended September 30,
Combined Summarized Statements of Income
2025
Revenues (1)
$ 157,797 
Revenues from non-guarantor subsidiaries
12,185 
Advisory and commission expense (1)
119,188 
Interest expense on borrowings
294,796 
Expenses from non-guarantor subsidiaries
17,100 
Loss before provision for income taxes
(516,723)
Net loss
(386,214)
____________________
(1) Revenues primarily include unrealized gains and losses on assets held in the non-qualified deferred compensation plan offered to advisors and employees, while advisory and commission expense includes the deferred advisory and commission fee expense associated with mark-to-market gains or losses on the non-qualified deferred compensation plan offered to advisors.
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LPL Holdings, Inc. & LPL Financial Holdings Inc.

Combined Summarized Statements of Financial Condition
September 30, 2025 December 31, 2024
Cash and equivalents $ 12,187  $ 39,782 
Other receivables, net
2,850  15,032 
Property and equipment, net
170,864  161,845 
Goodwill
1,251,908  1,251,908 
Other intangibles, net
46,506  67,486 
Receivables from non-guarantor subsidiaries
127,114  148,855 
Other assets
1,524,341  1,333,061 
Corporate debt and other borrowings, net
7,521,468  5,494,724 
Accounts payable and accrued liabilities
112,827  66,818 
Payables to non-guarantor subsidiaries
82,031  101,400 
Other liabilities
1,484,332  1,247,792 

Debt and Related Covenants
The Credit Agreement contains a number of covenants that, among other things, restrict, subject to certain exceptions, our ability to:
• incur additional indebtedness or issue disqualified stock or preferred stock;
• declare dividends, or other distributions to stockholders;
• repurchase equity interests;
• redeem indebtedness that is subordinated in right of payment to certain debt instruments;
• make investments or acquisitions;
• create liens;
• sell assets;
• guarantee indebtedness;
• engage in certain transactions with affiliates;
• enter into agreements that restrict dividends or other payments from subsidiaries; and
• consolidate, merge or transfer all or substantially all of our assets.
Our Credit Agreement allows us to pay dividends and distributions or repurchase our common stock only when certain conditions are met. In addition, our revolving credit facility requires us to be in compliance with certain financial covenants as of the last day of each fiscal quarter. The financial covenants require the calculation of Credit Agreement EBITDA, as defined in, and calculated by management in accordance with, the Credit Agreement. The Credit Agreement defines Credit Agreement EBITDA 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.
As of September 30, 2025, we were in compliance wi t h our Credit Agreement financial covenants, which include a maximum Consolidated Total Debt to Consolidated EBITDA Ratio (as defined in the Credit Agreement) or “Leverage Ratio” and a minimum Consolidated EBITDA to Consolidated Interest Expense Ratio (as defined in the Credit Agreement) or “Interest Coverage.” The breach of these financial covenants would be subject to certain equity cure rights. The required ratios under our financial covenants and actual ratios were as follows:

September 30, 2025
Financial Ratio Covenant Requirement Actual Ratio
Leverage Ratio (Maximum)
4.0 2.04
Interest Coverage (Minimum) 3.0 9.59

Certain restrictive covenants under certain of our Indentures are currently suspended. However, a credit rating downgrade to a below investment grade rating could cause currently suspended restrictive covenants under certain of our Indentures to be automatically reinstated.
See Note 9 - Corporate Debt and Other Borrowings, Net, within the notes to the condensed consolidated financial statements for additional information regarding the Credit Agreement.
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Contractual Obligations
During the nine months ended September 30, 2025, there were no material changes in our contractual obligations, other than in the ordinary course of business, from those disclosed in our 2024 Annual Report on Form 10-K. See Note 4 - Acquisitions , Note 9 - Corporate Debt and Other Borrowings, Net and Note 10 - Commitments and Contingencies, within the notes to the condensed consolidated financial statements, as well as the Contractual Obligations section within Part II, “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our 2024 Annual Report on Form 10-K, for further detail.

Risk Management
Risk is an inherent part of our business activities. To manage risk, we have implemented an enterprise risk management (“ERM”) framework that supports a resilient and adaptive risk-focused organization, designed to enable us to navigate uncertainties, make informed and consistent decisions, and seize growth opportunities. This framework facilitates the incorporation of risk assessment into decision-making processes, enables execution of our business strategy, and protects the Company and our franchise.
Our Company-wide risk appetite statement is a crucial component of our risk governance framework. It defines the overall level and types of risk we are prepared to accept in order to achieve our strategic objectives and business plan. This statement categorizes risks into strategic, technology, regulatory compliance, operational, liquidity, reputational, credit, interest rate, and market risks.
Additionally, this framework aims to ensure policies and procedures are in place and appropriately designed to identify and manage risk at appropriate levels throughout the Company and within various departments. We have established advisor-facing and internal written policies and procedures that govern the conduct of our advisors and employees. Our advisor-facing policies are specifically designed to provide guidelines and procedures that ensure advisors adhere to regulatory requirements and maintain ethical standards in their professional conduct while our internal policies cover a wide range of topics designed to promote compliance, consistency, risk management, and culture and values across the Company. Please consult the “Risks Related to Our Technology” and the “Risks Related to Our Business and Industry” sections within Part I, “Item 1A. Risk Factors” and the “Risk Management” section within Part II, “ Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our 2024 Annual Report on Form 10-K for more information about our risks, our risk management policies and procedures, the potential related effects on our operations, and our ERM framework.
Operational Risk
Operational risk refers to the risk of loss resulting from inadequate or failed processes and/or systems as a result of external events and is inherent in all Company activities. Please consult the “ Risk Management” section within Part II, “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” included in our 2024 Annual Report on Form 10-K for more information about the operational risks that we face.
Regulatory and Compliance Risk
The regulatory environment in which we operate is discussed in detail within Part I, “Item 1. Business” in our 2024 Annual Report on Form 10-K. In recent years, and during the periods presented in this Quarterly Report on Form 10-Q, we have observed the SEC, FINRA, the U.S. Department of Labor and state regulators broaden the scope, frequency and depth of their examinations and inquiries to include greater emphasis on the quality, consistency and oversight of our compliance systems and programs. Please consult the “Risks Related to Our Regulatory Environment” and the “Risks Related to Our Business and Industry” sections within Part I, “Item 1A. Risk Factors” in our 2024 Annual Report on Form 10-K for more information about the risks associated with operating within our regulatory environment, pending regulatory matters and the potential related effects on our operations.

Critical Accounting Policies and Estimates
In the notes to our consolidated financial statements and in Part II, “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” included in our 2024 Annual Report on Form 10-K, we have disclosed those accounting policies that we consider to be most significant in determining our results of operations and financial condition and involve a higher degree of judgment and complexity. There have been no changes to those policies that we consider to be material since the filing of our 2024 Annual Report on Form 10-K. The accounting principles used in preparing our condensed consolidated financial statements conform in all material respects to GAAP.
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Item 1. Financial Statements (unaudited)

LPL FINANCIAL HOLDINGS INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Income
(In thousands, except per share data)
(Unaudited)

Three Months Ended September 30, Nine Months Ended September 30,
2025 2024 2025 2024
REVENUE
 Advisory $ 2,210,499   $ 1,378,050   $ 5,617,482   $ 3,866,024  
Commission:
Sales-based 695,029   429,132   1,924,859   1,237,437  
Trailing 492,426   377,400   1,348,440   1,102,587  
Total commission 1,187,455   806,532   3,273,299   2,340,024  
Asset-based:
Client cash 428,190   353,855   1,217,553   1,047,712  
Other asset-based 354,090   272,336   962,315   780,208  
Total asset-based 782,280   626,191   2,179,868   1,827,920  
Service and fee 174,715   145,729   471,753   412,901  
Transaction 67,260   58,546   195,665   174,739  
Interest income, net 60,859   49,923   181,651   140,926  
Other 68,909   43,423   137,291   110,222  
Total revenue 4,551,977   3,108,394   12,057,009   8,872,756  
EXPENSE  
Advisory and commission 3,025,274   1,948,065   7,862,364   5,500,579  
Compensation and benefits 585,409   266,415   1,210,055   814,784  
Occupancy and equipment 299,680   69,879   458,363   205,672  
Promotional 208,547   164,538   531,744   427,282  
Interest expense on borrowings 106,295   67,779   297,793   192,202  
Depreciation and amortization 99,722   78,338   288,309   216,495  
Professional services 75,507   26,295   152,925   61,674  
Amortization of other intangibles 64,706   32,461   154,330   92,620  
Brokerage, clearing and exchange 43,282   29,636   130,710   93,152  
Communications and data processing 23,060   17,916   63,983   57,066  
Other 54,606   59,724   154,487   159,619  
Total expense 4,586,088   2,761,046   11,305,063   7,821,145  
(LOSS) INCOME BEFORE (BENEFIT FROM) PROVISION FOR INCOME TAXES
( 34,111 ) 347,348   751,946   1,051,611  
(BENEFIT FROM) PROVISION FOR INCOME TAXES
( 4,594 ) 92,045   189,641   263,744  
NET (LOSS) INCOME
$ ( 29,517 ) $ 255,303   $ 562,305   $ 787,867  
(LOSS) EARNINGS PER SHARE  
(Loss) earnings per share, basic
$ ( 0.37 ) $ 3.41   $ 7.19   $ 10.55  
(Loss) earnings per share, diluted
$ ( 0.37 ) $ 3.39   $ 7.15   $ 10.45  
Weighted-average shares outstanding, basic 80,017   74,776   78,220   74,688  
Weighted-average shares outstanding, diluted 80,357   75,405   78,594   75,424  

See notes to unaudited condensed consolidated financial statements.
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LPL FINANCIAL HOLDINGS INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Financial Condition
(In thousands, except share data)
(Unaudited)

ASSETS September 30, 2025 December 31, 2024
Cash and equivalents $ 1,343,507   $ 967,079  
Cash and equivalents segregated under federal or other regulations 1,249,000   1,597,249  
Restricted cash 228,229   119,724  
Receivables from clients, net 777,860   633,834  
Receivables from brokers, dealers and clearing organizations 81,265   76,545  
Advisor loans, net 3,645,122   2,281,088  
Other receivables, net 1,072,166   902,777  
Investment securities 215,221   57,481  
Property and equipment, net 1,338,504   1,210,027  
Goodwill 2,674,864   2,172,873  
Other intangibles, net 3,302,834   1,482,988  
Other assets 2,103,642   1,815,739  
Total assets $ 18,032,214   $ 13,317,404  
LIABILITIES AND STOCKHOLDERS’ EQUITY
LIABILITIES:
Client payables $ 1,996,568   $ 1,898,665  
Payables to brokers, dealers and clearing organizations 195,728   129,228  
Accrued advisory and commission expenses payable 355,464   323,996  
Corporate debt and other borrowings, net 7,521,468   5,494,724  
Accounts payable and accrued liabilities 768,248   588,450  
Other liabilities 2,151,800   1,951,739  
Total liabilities 12,989,276   10,386,802  

Commitments and contingencies (Note 10)
Common stock, $ 0.001 par value; 600,000,000 shares authorized; 136,628,300 and 130,914,541 shares issued at September 30, 2025 and December 31, 2024, respectively
136   131  
Additional paid-in capital 3,806,506   2,066,268  
Treasury stock, at cost — 56,590,828 and 56,253,909 shares at September 30, 2025 and December 31, 2024, respectively
( 4,333,444 ) ( 4,202,322 )
Retained earnings 5,569,740   5,066,525  
Total stockholders’ equity 5,042,938   2,930,602  
Total liabilities and stockholders’ equity $ 18,032,214   $ 13,317,404  

See notes to unaudited condensed consolidated financial statements.
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LPL FINANCIAL HOLDINGS INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Stockholders’ Equity
(In thousands)
(Unaudited)
Three Months Ended September 30, 2024
Additional
Paid-In
Capital Retained
Earnings Total
Stockholders’
Equity
  Common Stock Treasury Stock
  Shares Amount Shares Amount
BALANCE — June 30, 2024 130,747   $ 131   $ 2,038,216   55,985   $ ( 4,101,955 ) $ 4,578,955   $ 2,515,347  
Net income —  —  —  —  —  255,303   255,303  
Issuance of common stock to settle restricted stock units 32   —  —  5   ( 1,135 ) —  ( 1,135 )
Treasury stock purchases —  —  —  —   —   —  —  
Cash dividends on common stock - $ 0.30 per share
—  —  —  —  —  ( 22,435 ) ( 22,435 )
Stock option exercises and other —   —   21   ( 21 ) 771   2,909   3,701  
Share-based compensation —  —  20,970   —  —  —  20,970  
BALANCE — September 30, 2024 130,779   $ 131   $ 2,059,207   55,969   $ ( 4,102,319 ) $ 4,814,732   $ 2,771,751  

Three Months Ended September 30, 2025
Additional
Paid-In
Capital Retained
Earnings Total
Stockholders’
Equity
Common Stock Treasury Stock
Shares Amount Shares Amount
BALANCE — June 30, 2025 136,603   $ 136   $ 3,787,009   56,599   $ ( 4,332,275 ) $ 5,619,546   $ 5,074,416  
Net loss
—  —  —  —  —  ( 29,517 ) ( 29,517 )
Issuance of common stock to settle restricted stock units 23   —  —  5   ( 1,647 ) —  ( 1,647 )
Treasury stock purchases —  —  —  —   —   —  —  
Cash dividends on common stock - $ 0.30 per share
—  —  —  —  —  ( 24,005 ) ( 24,005 )
Stock option exercises and other 2   —  88   ( 13 ) 478   3,716   4,282  
Share-based compensation —  —  19,409   —  —  —  19,409  
BALANCE — September 30, 2025 136,628   $ 136   $ 3,806,506   56,591   $ ( 4,333,444 ) $ 5,569,740   $ 5,042,938  

Nine Months Ended September 30, 2024
Additional
Paid-In
Capital Retained
Earnings Total
Stockholders’
Equity
  Common Stock Treasury Stock
  Shares Amount Shares Amount
BALANCE — December 31, 2023
130,233   $ 130   $ 1,987,684   55,577   $ ( 3,993,949 ) $ 4,085,114   $ 2,078,979  
Net income —  —  —  —  —  787,867   787,867  
Issuance of common stock to settle restricted stock units 400   —  —  155   ( 40,453 ) —  ( 40,453 )
Treasury stock purchases —  —  —  296   ( 70,005 ) —  ( 70,005 )
Cash dividends on common stock - $ 0.90 per share
—  —  —  —  —  ( 67,268 ) ( 67,268 )
Stock option exercises and other 146   1   6,569   ( 59 ) 2,088   9,019   17,677  
Share-based compensation —  —  64,954   —  —  —  64,954  
BALANCE — September 30, 2024 130,779   $ 131   $ 2,059,207   55,969   $ ( 4,102,319 ) $ 4,814,732   $ 2,771,751  

Nine Months Ended September 30, 2025
Additional
Paid-In
Capital Retained
Earnings Total
Stockholders’
Equity
Common Stock Treasury Stock
Shares Amount Shares Amount
BALANCE — December 31, 2024
130,915   $ 131   $ 2,066,268   56,254   $ ( 4,202,322 ) $ 5,066,525   $ 2,930,602  
Net income —  —  —  —  —  562,305   562,305  
Issuance of common stock to settle restricted stock units 260   —  —  91   ( 32,648 ) —  ( 32,648 )
Treasury stock purchases —  —  —  289   ( 100,004 ) —  ( 100,004 )
Cash dividends on common stock - $ 0.90 per share
—  —  —  —  —  ( 70,395 ) ( 70,395 )
Stock option exercises and other 62   —  4,043   ( 43 ) 1,530   11,305   16,878  
Share-based compensation —  —  58,979   —  —  —  58,979  
Equity issuance
5,391   5   1,677,216   —  —  —  1,677,221  
BALANCE — September 30, 2025 136,628   $ 136   $ 3,806,506   56,591   $ ( 4,333,444 ) $ 5,569,740   $ 5,042,938  

See notes to unaudited condensed consolidated financial statements.
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LPL FINANCIAL HOLDINGS INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)
Nine Months Ended September 30,
2025 2024
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $ 562,305   $ 787,867  
Adjustments to reconcile net income to net cash (used in) provided by operating activities:

Depreciation and amortization 288,309   216,495  
Amortization of other intangibles 154,330   92,620  
Amortization of debt issuance costs 18,096   8,489  
Share-based compensation 58,979   64,954  
Provision for credit losses 8,951   13,490  
Deferred benefit for income taxes ( 349 ) 38  
Change in estimated fair value of contingent consideration
9,579   30,472  
Loan forgiveness 295,429   208,886  
Other 5,218   7,788  
Changes in operating assets and liabilities:
Receivables from clients, net ( 144,383 ) ( 32,916 )
Receivables from brokers, dealers and clearing organizations ( 2,881 ) ( 3,694 )
Advisor loans, net ( 1,565,992 ) ( 649,310 )
Other receivables, net ( 136,921 ) ( 66,162 )
Investment securities - trading ( 111,473 ) ( 17,579 )
Other assets ( 238,013 ) ( 203,098 )
Client payables 97,378   ( 227,036 )
Payables to brokers, dealers and clearing organizations 66,500   47,717  
Accrued advisory and commission expenses payable 17,028   36,340  
Accounts payable and accrued liabilities 110,802   ( 26,207 )
Other liabilities ( 688,300 ) 169,061  
Operating leases
( 1,007 ) ( 1,848 )
Net cash (used in) provided by operating activities
( 1,196,415 ) 456,367  
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures ( 398,695 ) ( 397,008 )
Acquisitions, net of cash acquired ( 1,730,077 ) ( 159,410 )

Purchases of securities classified as held-to-maturity ( 3,753 ) ( 4,769 )
Proceeds from maturities of securities classified as held-to-maturity 3,850   3,750  

Capitalized interest
( 4,509 ) —  
Net cash used in investing activities ( 2,133,184 ) ( 557,437 )

CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from revolving credit facilities 613,000   280,000  
Repayments of revolving credit facilities ( 1,316,000 ) ( 560,000 )

Repayment of senior secured term loans —   ( 8,025 )
Continued on following page

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LPL FINANCIAL HOLDINGS INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)
Nine Months Ended September 30,
2025 2024
Proceeds from senior unsecured notes 2,744,930   998,325  
Payment of debt issuance costs ( 31,036 ) ( 17,332 )
Payment of contingent consideration ( 34,895 ) ( 50,063 )
Tax payments related to settlement of restricted stock units ( 32,648 ) ( 40,453 )
Proceeds from issuance of common stock
1,725,000   —  
Payment of equity issuance costs
( 47,779 ) —  
Repurchase of common stock ( 100,004 ) ( 70,005 )
Dividends on common stock ( 70,395 ) ( 67,268 )

Proceeds from stock option exercises and other 16,878   17,677  
Principal payment of financing obligation
( 559 ) —  
Principal payment of finance leases and obligations ( 209 ) ( 247 )
Net cash provided by financing activities
3,466,283   482,609  
NET INCREASE IN CASH AND EQUIVALENTS, CASH AND EQUIVALENTS SEGREGATED UNDER FEDERAL OR OTHER REGULATIONS AND RESTRICTED CASH
136,684   381,539  
CASH AND EQUIVALENTS, CASH AND EQUIVALENTS SEGREGATED UNDER FEDERAL OR OTHER REGULATIONS AND RESTRICTED CASH — Beginning of period 2,684,052   2,581,163  
CASH AND EQUIVALENTS, CASH AND EQUIVALENTS SEGREGATED UNDER FEDERAL OR OTHER REGULATIONS AND RESTRICTED CASH — End of period $ 2,820,736   $ 2,962,702  

SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Interest paid $ 238,347   $ 161,658  
Income taxes paid $ 314,204   $ 301,505  
Cash paid for amounts included in the measurement of operating lease liabilities $ 31,175   $ 22,850  
Cash paid for amounts included in the measurement of finance lease liabilities $ 209   $ 6,526  
NONCASH DISCLOSURES:
Capital expenditures included in accounts payable and accrued liabilities $ 42,059   $ 49,443  
Lease assets obtained in exchange for operating lease liabilities $ 34,955   $ 25,963  
Prefunded acquisition
$ 70,202   $ —  
Contingent consideration and other liabilities recognized at acquisition date
$ 86,821   $ 42,978  

September 30,
2025 2024
Cash and equivalents $ 1,343,507   $ 1,474,954  
Cash and equivalents segregated under federal or other regulations 1,249,000   1,382,867  
Restricted cash 228,229   104,881  
Total cash and equivalents, cash and equivalents segregated under federal or other regulations and restricted cash shown in the statements of cash flows $ 2,820,736   $ 2,962,702  

See notes to unaudited condensed consolidated financial statements.
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LPL FINANCIAL HOLDINGS INC. AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements (Unaudited)

NOTE 1 - ORGANIZATION AND DESCRIPTION OF THE COMPANY
LPL Financial Holdings Inc. (“LPLFH”), a Delaware holding corporation, together with its consolidated subsidiaries (collectively, the “Company”), provides an integrated platform of brokerage and investment advisory services to independent financial advisors and financial advisors at institutions (collectively, “advisors”) in the United States. Through its custody and clearing platform, using both proprietary and third-party technology, the Company provides access to diversified financial products and services, enabling its advisors to offer personalized financial advice and brokerage services to retail investors (their “clients”). The Company’s most significant, wholly owned subsidiaries are described below:
• LPL Holdings, Inc. (“LPLH” or “Parent”) is an intermediate holding company and directly or indirectly owns 100 % of the issued and outstanding common equity interests of all of LPLFH’s indirect subsidiaries, including a captive insurance subsidiary that underwrites insurance for various legal and regulatory risks of the Company.
• LPL Financial LLC (“LPL Financial”), with primary offices in San Diego, California; Fort Mill, South Carolina; Tempe, Arizona; Boston, Massachusetts; and Austin, Texas, is a clearing broker-dealer and an investment advisor that principally transacts business for its advisors and institutions on behalf of their clients in a broad array of financial products and services. LPL Financial is licensed to operate in all 50  states, Washington D.C., Puerto Rico and the U.S. Virgin Islands.
• LPL Enterprise, LLC (“LPL Enterprise”) is a limited product shelf introducing broker-dealer and registered investment advisor that supports a portion of the Company’s institutional business, providing brokerage and investment advisory services to the clients of those institutional businesses.
• LPL Insurance Associates, Inc. operates as an insurance brokerage general agency that offers life and disability insurance products and services for LPL Financial advisors.
• Atria Wealth Solutions, Inc. (“Atria”) is a holding company for the registered broker-dealers and investment advisors that the Company acquired in connection with the acquisition of Atria. Atria has seven introducing broker-dealer subsidiaries, which clear transactions through third-party clearing and carrying firms. The Company completed the conversion of assets from these acquired broker-dealers and investment advisors to the Company’s platform and expects to complete the withdrawal of the related registrations of these entities in the coming months.
• AW Subsidiary, Inc. is a holding company for AdvisoryWorld and Blaze Portfolio Systems LLC (“Blaze”). AdvisoryWorld offers technology products, including proposal generation, investment analytics and portfolio modeling, to both the Company’s advisors and external clients in the wealth management industry. Blaze provides an advisor-facing trading and portfolio rebalancing platform.
• PTC Holdings, Inc. (“PTCH”) is a holding company for The Private Trust Company, N.A. (“PTC”). PTC is chartered as a non-depository limited purpose national bank, providing a wide range of trust, investment management oversight, and custodial services for estates and families. PTC also provides Individual Retirement Account (“IRA”) custodial services for LPL Financial.
• LPL Employee Services, LLC and its subsidiary, Allen & Company of Florida, LLC, along with their affiliate Financial Resources Group Investment Services, LLC, provide primary support for the Company’s employee advisor affiliation model.
• CFN Holding Company, LLC (“Commonwealth”) is a holding company for Commonwealth Equity Services, LLC (“CES”), which is a registered broker-dealer and investment advisor that does business as Commonwealth Financial Network. CES is an introducing broker-dealer that clears transactions through a third-party clearing and carrying firm. The Company expects to complete the conversion of assets from CES in the fourth quarter of 2026 and withdraw the related registrations of that entity thereafter.
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LPL FINANCIAL HOLDINGS INC. AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements (Unaudited)

NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation
These unaudited condensed consolidated financial statements (“condensed consolidated financial statements”) are prepared in accordance with accounting principles generally accepted in the United States (“GAAP”), which require the Company to make estimates and assumptions regarding the valuation of certain financial instruments, acquisitions, contingent consideration, goodwill and other intangibles, allowance for credit losses on receivables, share-based compensation, accruals for liabilities, income taxes, revenue and expense accruals and other matters that affect the condensed consolidated financial statements and related disclosures. The condensed consolidated financial statements reflect all adjustments which are, in the opinion of management, necessary to present fairly the results of operations for the interim periods presented. Actual results could differ from those estimates under different assumptions or conditions and the differences may be material to the condensed consolidated financial statements.
The condensed consolidated financial statements include the accounts of LPLFH and its subsidiaries. Intercompany transactions and balances have been eliminated. The condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and the related notes for the year ended December 31, 2024, contained in the Company’s Annual Report on Form 10-K as filed with the Securities and Exchange Commission (“SEC”).
Recently Issued Accounting Pronouncements
In September 2025, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) 2025-06 Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software to modernize the accounting for and disclosure of software costs. The ASU may be applied prospectively, retrospectively or via a modified transition approach and is effective for annual periods beginning after December 15, 2027, with early adoption permitted. We are currently assessing the amendment’s impact on our consolidated financial statements.
Recently Adopted Accounting Pronouncements
There wer e no new accounting pronouncements adopted during the nine months ended September 30, 2025 that materially impacted the Company’s condensed consolidated financial statements and related disclosures.
On July 4, 2025, the One Big Beautiful Bill Act (the “Act”) was enacted into law. The Act includes several changes to the corporate income tax system, including accelerated tax deductions for qualified property and U.S. based research expenditures, and modifications to computations of the business interest expense limitation. The Act is not anticipated to meaningfully impact our effective tax rate for 2025; however, the Act will reduce our cash tax payments made during 2025. We are currently evaluating whether the entire cash flow benefit will be realized during 2025 or realized through 2026 due to the application of the corporate alternative minimum tax rules.
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LPL FINANCIAL HOLDINGS INC. AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements (Unaudited)

NOTE 3 - REVENUE
Commission
The following table presents total commission revenue disaggregated by product category (in thousands):

Three Months Ended September 30, Nine Months Ended September 30,
2025 2024 2025 2024
Commission revenue
Annuities $ 713,900   $ 481,852   $ 1,959,259   $ 1,387,425  
Mutual funds 258,167   193,451   715,378   567,423  
Fixed income 66,550   55,707   181,116   157,540  
Equities 51,475   36,786   148,360   106,671  
Other 97,363   38,736   269,186   120,965  
Total commission revenue
$ 1,187,455   $ 806,532   $ 3,273,299   $ 2,340,024  

The following table presents sales-based and trailing commission revenue disaggregated by product category (in thousands):
Three Months Ended September 30, Nine Months Ended September 30,
2025 2024 2025 2024
Commission revenue
Sales-based
Annuities
$ 438,927   $ 265,955   $ 1,198,350   $ 755,220  
Fixed income
66,550   55,707   181,116   157,540  
Mutual funds
54,235   42,310   162,142   128,787  
Equities
51,475   36,786   148,360   106,671  
Other
83,842   28,374   234,891   89,219  
Total sales-based revenue
$ 695,029   $ 429,132   $ 1,924,859   $ 1,237,437  
Trailing
Annuities $ 274,973   $ 215,897   $ 760,909   $ 632,205  
Mutual funds 203,932   151,141   553,236   438,636  
Other 13,521   10,362   34,295   31,746  
Total trailing revenue $ 492,426   $ 377,400   $ 1,348,440   $ 1,102,587  
Total commission revenue
$ 1,187,455   $ 806,532   $ 3,273,299   $ 2,340,024  

Asset-Based
The following table sets forth asset-based revenue disaggregated by product category (in thousands):

Three Months Ended September 30, Nine Months Ended September 30,
2025 2024 2025 2024
Asset-based revenue
Client cash
$ 428,190   $ 353,855   $ 1,217,553   $ 1,047,712  
Sponsorship programs
209,141   148,978   551,393   424,766  
Recordkeeping
144,949   123,358   410,922   355,442  
Total asset-based revenue $ 782,280   $ 626,191   $ 2,179,868   $ 1,827,920  

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LPL FINANCIAL HOLDINGS INC. AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements (Unaudited)

Service and Fee
The following table sets forth service and fee revenue disaggregated by recognition pattern (in thousands):

Three Months Ended September 30, Nine Months Ended September 30,
2025 2024 2025 2024
Service and fee revenue
Over time (1)
$ 120,159   $ 107,603   $ 342,918   $ 315,682  
Point-in-time (2)
54,556   38,126   128,835   97,219  
Total service and fee revenue $ 174,715   $ 145,729   $ 471,753   $ 412,901  

_______________________________
(1) Service and fee revenue recognized over time includes revenue such as error and omission insurance fees, IRA custodian fees, and technology fees.
(2) Service and fee revenue recognized at a point-in-time includes revenue such as IRA termination fees, registration fees, and account fees.
Unearned Revenue
The Company records unearned revenue when cash payments are received or due in advance of the Company’s performance obligations, including amounts which are refundable. Unearned revenue increased from $ 207.6  million as of December 31, 2024 to $ 265.5 million as of September 30, 2025. The increase in unearned revenue for the nine months ended September 30, 2025 is primarily driven by cash payments received or due in advance of satisfying the Company’s performance obligations, partially offset by $ 207.4  million of revenue recognized during the nine months ended September 30, 2025 that was included in the unearned revenue balance as of December 31, 2024.
The Company receives cash in advance for advisory services to be performed and conferences to be held in future periods. For advisory services, revenue is recognized as the Company provides the administration, brokerage and execution services over time to satisfy the performance obligations. For conference revenue, the Company recognizes revenue as the conferences are held.

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LPL FINANCIAL HOLDINGS INC. AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements (Unaudited)

NOTE 4 - ACQUISITIONS
During the nine months ended September 30, 2025, the Company completed 27 acquisitions, six of which have been accounted for as business combinations and 21 of which have been accounted for as asset acquisitions.
Business Combinations
Acquisition of Commonwealth Financial Network
On August 1, 2025, the Company acquired 100 % of the outstanding equity interests of Commonwealth, a privately-held independent wealth management firm headquartered in Massachusetts, in order to leverage our scale and enhance our capabilities. As part of the transaction, Commonwealth’s advisory and brokerage assets are expected to transition to the Company’s platform in the fourth quarter of 2026. Commonwealth's results were included in the Company's condensed consolidated statements of income from August 1, 2025 through September 30, 2025 and condensed consolidated statements of financial condition as of September 30, 2025. The Company accounted for the acquisition under the acquisition method of accounting for business combinations.

The following table summarizes the cash funded at closing and total consideration transferred (dollars in thousands):

Cash Funded at Close
August 1, 2025
Cash consideration
$ 1,927,371  
Cash for liabilities assumed (1)
405,823  
Cash for post-combination expenses (2)
419,049  
Total cash funded at close
$ 2,752,243  

Consideration
August 1, 2025
Cash $ 1,927,371  
Other liabilities incurred
90,414  
Total consideration
$ 2,017,785  
____________________
(1) Liabilities assumed are reflected in the Accounts payable and accrued liabilities and Equity awards liability line items in the table below and were paid concurrently with the closing.
(2) The post-combination expenses were paid at the closing and primarily included $ 228.4  million of costs related to transaction bonuses and the acceleration of unvested equity awards which were classified as Compensation and benefits and $ 190.1 million of costs related to certain contract termination fees which were classified as Occupancy and equipment in the condensed consolidated financial statements.

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LPL FINANCIAL HOLDINGS INC. AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements (Unaudited)

The following table summarizes the Company's provisional purchase price allocation at August 1, 2025 (dollars in thousands):

Provisional Purchase Price Allocation August 1, 2025

Fair value of consideration transferred
$ 2,017,785  
Assets
Cash and equivalents $ 333,927  
Restricted cash 95,414
Investment securities 43,719
Receivables from brokers, dealers and clearing organizations 1,839
Other receivables, net 55,788
Advisor loans, net 105,627
Property and equipment, net 7,769
Intangible assets 1,671,000
Other assets 60,278
Total identifiable assets acquired $ 2,375,361  
Liabilities
Accrued advisory and commission expenses payable
14,440
Accounts payable and accrued liabilities 57,012
Client payables 525
Equity awards liability 382,231
Unearned revenue 309,594
Other liabilities 47,218
Total liabilities assumed $ 811,020  
Net assets acquired 1,564,341  
Goodwill $ 453,444  

The goodwill primarily includes synergies expected to result from combining operations and is deductible for tax purposes. Other intangible assets comprised $ 1.65 billion of advisor relationships, which were assigned useful lives of 17 years, and $ 21.0  million of trade name intangible, which was assigned a useful life of 21 years. See Note 7 - Goodwill and Other Intangibles, Net for additional information.

The fair value determination of certain assets acquired and liabilities assumed required the Company to make significant estimates and assumptions. Intangible assets were valued using an income approach with estimates and assumptions related to future net cash flows, discount and royalty rates. Advisor loans were valued using an income approach with assumptions related to net cash flows and conversion rates. Given the recent date of closing, the purchase accounting analysis is ongoing and may result in changes to the value of assets acquired and liabilities recorded, including other intangible assets.

The Company’s condensed consolidated statements of income for the three and nine months ended September 30, 2025 include total revenues attributable to Commonwealth of $ 474.5  million and a net loss of $ 228.2  million attributable to Commonwealth that was driven primarily by the acquisition related costs that were recognized at the closing.

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Acquisition related costs incurred as part of the Commonwealth acquisition during the three and nine months ended September 30, 2025 were $ 466.6  million and $ 474.3  million, respectively. These costs include post-combination expense of $ 419.0  million, which primarily comprised amounts related to transaction bonuses, equity award acceleration, and amounts related to certain contract termination fees, which were classified as Compensation and benefits expense and Occupancy and equipment expense, respectively, in the Company's condensed consolidated statements of income. Acquisition related costs also included $ 47.6  million and $ 55.3  million for the three and nine months ended September 30, 2025, respectively, of costs incurred prior to the closing, which were primarily related to professional services classified as Professional services expense in the Company’s condensed consolidated statements of income.

The following table presents unaudited pro forma results as if the acquisition of Commonwealth had occurred on January 1, 2024 (dollars in thousands):

Three Months Ended September 30, Nine Months Ended September 30,
LPL Financial and Commonwealth Pro Forma Combined Financial Information (unaudited) 2025 2024 2025 2024
Total revenue $ 4,806,987   $ 3,787,502   $ 13,702,158   $ 10,842,497  
Net income $ 291,366   $ 257,433   $ 929,424   $ 364,719  

The unaudited pro forma results above were prepared by combining the historical financial information of the Company and Commonwealth and making certain adjustments. Pro forma adjustments include the impact of amortization of intangible assets recognized as part of the acquisition, amortization of transition assistance loans made to advisors that will transition to the Company’s platform in 2026, and the impact of related interest and issuance costs of financing the transaction. The unaudited pro forma information does not reflect the potential benefits of cost and funding synergies, opportunities to earn additional revenues or other factors, and, therefore, does not represent the actual results that would have occurred had the companies actually been combined as of January 1, 2024.

The Company financed this transaction through a combination of corporate cash, proceeds from the debt and equity issuances completed in April 2025, and borrowings under LPL Holdings, Inc.’s revolving credit facility. See Note 9 - Corporate Debt and Other Borrowings, Net, and Note 11 - Stockholders’ Equity within the notes to the condensed consolidated financial statements for additional information.
Acquisition of The Investment Center, Inc. (“The Investment Center”)
In March 2025, the Company acquired The Investment Center for total consideration of $ 72.6  million, which included $ 72.2  million of cash and liabilities of $ 0.4  million for contingent consideration. The Company was introduced to The Investment Center as part of the Atria acquisition, and the cash consideration was prefunded in 2024 in conjunction with the close of the Atria acquisition. The Company has subsequently transitioned The Investment Center’s brokerage and advisory assets to the Company’s platform. The transaction also includes potential contingent consideration of up to $ 10.4  million based on revenue growth in the years following the acquisition. The Company accounted for the acquisition under the acquisition method of accounting for business combinations. Acquisition related costs incurred during the three and nine months ended September 30, 2025, were $ 1.1  million and $ 5.9  million, respectively, primarily related to professional services which were classified as professional services and promotional expenses in the Company's condensed consolidated statements of income. The Company recorded purchase accounting adjustments during the nine months ended September 30, 2025 which resulted in a $ 2.0 million increase in cash consideration, a $ 6.1 million decrease in other liabilities, a $ 0.4 million decrease in advisor relationships, and a $ 3.7 million decrease in goodwill. As of September 30, 2025, the Company had allocated $ 43.5 million and $ 29.1  million of the consideration to advisor relationships and goodwill, respectively. The advisor relationships were assigned a useful life of 16 years. See Note 7 - Goodwill and Other Intangibles, Net for additional information.
Other Business Combinations
The Company accounted for four other acquisitions under the acquisition method of accounting for business combinations. Total consideration for these transactions was $ 75.2  million, which included $ 58.3  million of cash, and liabilities of $ 15.2  million for contingent consideration, which represents the acquisition date fair value of the additional cash consideration that may be transferred to the sellers if certain asset growth is achieved in the years
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Notes to Condensed Consolidated Financial Statements (Unaudited)

following the closing. This contingent consideration may be settled for amounts up to $ 46.9  million in the years following the closing. At September 30, 2025, purchase accounting analysis is still on-going and may result in changes to the value of intangibles assets and liabilities recorded. The Company had provisionally allocated $ 63.3  million of the consideration to client relationships, which were assigned useful lives of 14 years to 15 years, and $ 11.6  million to goodwill.
Asset Acquisitions
The Company accounted for 21 other acquisitions as asset acquisitions. These transactions included total initial consideration of $ 174.6  million, including $ 169.1  million which was allocated to client relationships and $ 5.5  million which was allocated to advisor relationships. These relationships were assigned useful lives of 14 years to 15 years, respectively, and the related transactions include potential contingent payments of up to $ 130.8  million in the years following the closing if certain asset growth is achieved. The Company has not recognized a liability for these contingent payments as the amounts to be paid will be uncertain until a future measurement date. See Note 7 - Goodwill and Other Intangibles, Net , for additional information.
Acquisitions Completed in Prior Periods
During the twelve months ended December 31, 2024, the Company completed 24 acquisitions, certain of which have been accounted for as business combinations and certain of which have been accounted for as asset acquisitions.
Business Combinations
Acquisition of Atria Wealth Solutions, Inc.
On October 1, 2024, the Company acquired 100% of the outstanding common shares of Atria, a wealth management solutions holding company headquartered in New York, in order to expand its addressable markets and complement organic growth. As part of the acquisition, the Company acquired Atria's seven introducing broker-dealer subsidiaries and completed the conversion of the related brokerage and advisory assets to the Company's platform in July 2025. The Company accounted for the acquisition under the acquisition method of accounting for business combinations.

During the nine months ended September 30, 2025, the Company recorded purchase accounting adjustments that resulted in a $ 15.4 million decrease in total consideration, a $ 13.5  million decrease in advisor relationships, a $ 6.3  million decrease in institutional relationships, a $ 4.8  million decrease in other receivables, a $ 5.2  million increase in other assets, a $ 1.3  million decrease in deferred tax liabilities, and a $ 6.2  million increase in accounts payable and accrued liabilities. These cumulative adjustments resulted in an $ 8.9  million increase to goodwill.

The following table summarizes the total consideration for the transaction at October 1, 2024 (dollars in thousands):

Consideration
October 1, 2024
Cash $ 853,429  
Fair value of contingent consideration 19,545  
Total consideration $ 872,974  

The contingent consideration, which may be settled for amounts up to $ 330  million, represents the estimated fair value of the additional cash consideration that may be paid to the sellers if certain asset conversion, retention and other milestones are achieved in the year following the closing. The Company determined the fair value for each of its contingent consideration obligations using probability weighted or Monte-Carlo simulation models. These methods use significant unobservable inputs, including forecasted conversion rates and discount rates which are based on the cost of debt and equity. See Note 5 - Fair Value Measurements for additional information.

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The following table summarizes the Company's purchase price allocation at October 1, 2024 (dollars in thousands):

Purchase Price Allocation October 1, 2024

Fair value of consideration transferred $ 872,974  
Assets
Cash and equivalents $ 76,259  
Restricted cash 15,866
Receivables from brokers, dealers and clearing organizations 13,734
Other receivables 37,163
Other intangibles 620,100
Other assets 30,482
Total identifiable assets acquired $ 793,604  
Liabilities

Accrued advisory and commission expenses payable 32,756
Accounts payable and accrued liabilities 58,691
Deferred tax liabilities 110,643
Other liabilities 26,409
Total liabilities assumed $ 228,499  
Net assets acquired 565,105  
Goodwill $ 307,869  

The goodwill primarily includes synergies expected to result from combining operations. Other intangible assets comprised $ 195.4  million of institutional relationships and $ 424.7  million of advisor relationships which were each assigned useful lives of 16 years. These intangible assets were valued using the income approach and are included in the Advisor and institution relationships line item in Note 7 - Goodwill and Other Intangibles, Net. The fair value determination of institutional and advisor relationships required the Company to make significant estimates and assumptions related to future net cash flows and discount rates.

Acquisition related costs incurred as part of the Atria acquisition during the three and nine months ended September 30, 2025, were $ 19.7  million and $ 63.8  million, respectively, primarily related to professional services and conversion costs, which were classified as professional services and promotional expenses, respectively, in the Company's condensed consolidated statements of income. Atria's results were included in the Company's condensed consolidated statements of income during the three and nine months ended September 30, 2025. For this period, total revenues attributable to Atria were approximately $ 185.4  million and $ 556.3 million, respectively, and net income was not material.
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The following table presents unaudited pro forma results as if the acquisition of Atria had occurred on January 1, 2024 (dollars in thousands):

Three Months Ended September 30, Nine Months Ended September 30,
LPL Financial and Atria Pro Forma Combined Financial Information (unaudited) 2024 2024
Total revenue $ 3,311,379   $ 9,486,591  
Net income $ 223,995   $ 709,001