FULLTEXT DEL 1 AV 2
10-Q – 2026-08-03 – lpla-20260630.htm
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us-gaap:RestrictedStockUnitsRSUMember 2026-01-01 2026-06-30 0001397911 lpla:AdvisorsandFinancialInstitutionsMember us-gaap:RestrictedStockUnitsRSUMember 2026-06-30 0001397911 lpla:O2024Q3DividendsMember us-gaap:SubsequentEventMember 2026-08-14 0001397911 lpla:O2024Q3DividendsMember srt:ScenarioForecastMember us-gaap:SubsequentEventMember 2026-08-14 2026-08-14 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 June 30, 2026 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 July 30, 2026 was 78,742,290 . 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 27 Note 5 - F air Value Measurements 31 Note 6 - Investment Securities 37 Note 7 - G oodwill and Other Intangibles, Net 37 Note 8 - Other Assets and Other Liabilities 39 Note 9 - Corporate Debt and Other Borrowings, Net 40 Note 10 - Commitments and Contingencies 42 Note 11 - S tockholders’ Equity 44 Note 12 - S hare-based Compensation 44 Note 13 - E arnings per Share 46 Note 14 - N et Capital and Regulatory Requirements 46 Note 15 - Fi nancial Instruments with Off-Balance Sheet Credit Risk and Concentrations of Credit Risk 47 Note 16 - Segment Information 47 Note 17 - Subsequent Events 47 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 17 Risk Management 18 Critical Accounting Policies and Estimates 18 3. Quantitative and Qualitative Disclosures About Market Risk 48 4. Controls and Procedures 50 PART II — OTHER INFORMATION 50 1. Legal Proceedings 50 1A. Risk Factors 50 2. Unregistered Sales of Equity Securities and Use of Proceeds 50 3. Defaults Upon Senior Securities 50 4. Mine Safety Disclosures 51 5. Other Information 51 6. Exhibits 51 SIGNATURES 52 i Table of Contents 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-dealer 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 August 3, 2026. 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 Table of Contents • 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 Table of Contents 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 excluding interest. 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 income plus the after-tax impact of amortization of other intangibles and acquisition costs. 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; acquisition costs excluding interest; and transition assistance loan amortization. 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., and Commonwealth Equity Services, LLC (“CES”), in excess of the capital requirements of the Company’s Credit Agreement and (3) cash and equivalents held at non-regulated subsidiaries. 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 income plus interest expense on borrowings, 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 adviser. 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 Table of Contents 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 more than 32,000 financial advisors, and the wealth management practices of approximately 1,100 financial institutions, servicing and custodying approximately $2.6 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 Table of Contents Significant Events Resumed share repurchases and approved additional share repurchase program During the second quarter we resumed our share repurchase program, with $309.5 million repurchased during the second quarter and approximately $300 million of repurchases planned for the third quarter. From July 1, 2026 through July 30, 2026, the Company has repurchased 420,464 outstanding shares for a total of $134.3 million. On July 23, 2026, the Board authorized a new repurchase program that increases the amount available for repurchases of the Company’s issued and outstanding common shares by $2.5 billion. Executive Summary Financial Highlights Results for the second quarter of 2026 included net income of $379.3 million, or $4.74 per diluted share, which compares to net income of $273.2 million , or $3.40 per diluted share, for the second quarter of 2025 . Asset Trends Total advisory and brokerage assets served were $2.6 trillion at June 30, 2026, compared to $1.9 trillion at June 30, 2025 . Total net new assets wer e $23.6 billion fo r the three months ended June 30, 2026 , compared to $20.5 billion for the same period in 2025 . Net new advisory assets wer e $30.7 billion fo r the three months ended June 30, 2026, compared to $23.1 billion for the same period in 2025. Advisory assets were $1.5 trillion, or 60% of total advisory a nd brokerage assets served, at June 30, 2026, up 46% from $1.1 trillion at June 30, 2025. Net new brokerage assets were an outflow of $7.1 billion for the three months ended June 30, 2026, compared to an outflow of $2.6 billion for the same period in 2025. Brokerage assets were $1.0 trillion at June 30, 2026, up 18% from $858.5 billion at June 30, 2025. Gross Profit Trend Gross profit, a non-GAAP financial measure, was $1.6 billion for the three months ended June 30, 2026, an increase of 24% from $1.3 billion for the three months ended June 30, 2025. See the “Key Performance Metrics” section for additional information on gross profit. Common Stock Dividends and Share Repurchases During the three months ended June 30, 2026, we paid stockholders cash dividends of $24.0 million and repurchased approximately 1.1 million of our outstanding shares for a total of $309.5 million. 2 Table of Contents 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 June 30, March 31, June 30, Operating Metrics (dollars in billions) (1) 2026 2026 2025 Advisory and Brokerage Assets ( 2 ) Advisory assets $ 1,548.4 $ 1,390.4 $ 1,060.7 Brokerage assets 1,014.3 945.9 858.5 Total Advisory and Brokerage Assets $ 2,562.7 $ 2,336.3 $ 1,919.2 Advisory as a % of total Advisory and Brokerage Assets 60.4% 59.5% 55.3% Net New Assets ( 3 ) Net new advisory assets $ 30.7 $ 25.8 $ 23.1 Net new brokerage assets (7.1) (4.4) (2.6) Total Net New Assets $ 23.6 $ 21.4 $ 20.5 Organic Net New Assets Organic net new advisory assets $ 30.2 $ 25.8 $ 23.1 Organic net new brokerage assets (7.1) (4.4) (2.6) Total Organic Net New Assets $ 23.1 $ 21.4 $ 20.5 Organic advisory net new assets annualized growth (4) 8.7% 7.4% 9.5% Total organic net new assets annualized growth (4) 4.0% 3.6% 4.6% Client Cash Balances Insured cash account sweep $ 38.4 $ 39.8 $ 34.2 Deposit cash account sweep 15.6 15.9 10.8 Total Bank Sweep 54.1 55.7 44.9 Money market sweep 1.1 1.5 3.7 Total Client Cash Sweep Held by Third Parties 55.2 57.2 48.6 Client cash account 1.7 2.0 2.0 Total Client Cash Balances $ 56.9 $ 59.1 $ 50.6 Client Cash Balances as a % of Total Assets 2.2% 2.5% 2.6% Net buy (sell) activity (5) $ 39.7 $ 43.2 $ 36.6 As of and for the Three Months Ended June 30, March 31, June 30, Business and Financial Metrics (dollars in millions) 2026 2026 2025 Advisors 32,475 32,144 29,353 Average total assets per advisor (6) $ 78.9 $ 72.7 $ 65.4 Share repurchases $ 309.5 $ — $ — Dividends $ 24.0 $ 24.1 $ 24.0 Leverage ratio (7) 1.91 1.86 1.23 3 Table of Contents Three Months Ended June 30, Six Months Ended June 30, Financial Metrics (dollars in millions, except per share data) 2026 2025 2026 2025 Total revenue $ 5,186.6 $ 3,835.0 $ 10,125.1 $ 7,505.0 Net income $ 379.3 $ 273.2 $ 735.7 $ 591.8 Earnings per share (“EPS”), diluted $ 4.74 $ 3.40 $ 9.17 $ 7.61 Non-GAAP Financial Metrics (dollars in millions, except per share data) Adjusted EPS (8) $ 5.84 $ 4.51 $ 11.45 $ 9.64 Gross profit (9) $ 1,618.3 $ 1,304.3 $ 3,211.0 $ 2,576.9 Adjusted EBITDA (10) $ 846.7 $ 688.3 $ 1,665.7 $ 1,370.7 Core G&A (11) $ 519.3 $ 425.6 $ 1,051.3 $ 838.7 _______________________________ (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 Commonwealth Equity Services, LLC (“CES”) and Atria Wealth Solutions, Inc.’s (“Atria”) 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): June 30, March 31, June 30, Credit Agreement Net Debt Reconciliation 2026 2026 2025 Corporate debt and other borrowings $ 7,496.0 $ 7,220.0 $ 7,220.0 Corporate Cash (12) (430.1) (567.3) (3,617.0) Credit Agreement Net Debt (†) $ 7,065.9 $ 6,652.7 $ 3,603.0 June 30, March 31, June 30, EBITDA and Credit Agreement EBITDA Reconciliation 2026 2026 2025 Net income $ 1,006.9 $ 900.9 $ 1,117.9 Interest expense on borrowings 413.7 417.8 341.3 Provision for income taxes 356.7 316.0 356.8 Depreciation and amortization 420.4 406.8 359.0 Amortization of other intangibles 285.1 260.3 164.7 EBITDA (†) $ 2,482.7 $ 2,301.8 $ 2,339.6 Credit Agreement Adjustments: Acquisition costs and other (13) $ 766.9 $ 796.4 $ 269.6 Employee share-based compensation 83.0 79.8 84.2 M&A accretion (14) 359.9 394.6 222.2 Advisor share-based compensation 3.1 3.0 2.8 Loss on extinguishment of debt — — 4.0 Credit Agreement EBITDA (†) $ 3,695.5 $ 3,575.6 $ 2,922.4 June 30, March 31, June 30, 2026 2026 2025 Leverage Ratio 1.91 1.86 1.23 _______________________________ (†) Totals may not foot due to rounding. 4 Table of Contents (8) Adjusted EPS is a non-GAAP financial measure defined as adjusted net income, a non-GAAP financial measure defined as net income plus the after-tax impact of amortization of other intangibles and acquisition costs, divided by the weighted average number of diluted shares outstanding for the applicable period. The Company presents adjusted net income and adjusted EPS because management believes that these metrics can provide investors with useful insight into the Company’s core operating performance by excluding non-cash items and acquisition costs that management does not believe impact the Company’s ongoing operations. Adjusted net income and adjusted EPS are not measures of the Company's financial performance under GAAP and should not be considered as alternatives to net income, earnings per diluted share or any other performance measure derived in accordance with GAAP. Below is a reconciliation of net income and earnings per diluted share to adjusted net income and adjusted EPS for the periods presented (in millions, except per share data): Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Adjusted Net Income / Adjusted EPS Reconciliation Amount Per Share Amount Per Share Amount Per Share Amount Per Share Net income / earnings per diluted share $ 379.3 $ 4.74 $ 273.2 $ 3.40 $ 735.7 $ 9.17 $ 591.8 $ 7.61 Amortization of other intangibles 70.9 0.89 46.1 0.57 138.1 1.72 89.6 1.15 Acquisition costs (15) 49.0 0.61 74.9 0.93 110.2 1.37 123.4 1.59 Tax benefit (31.4) (0.39) (31.4) (0.39) (65.5) (0.82) (55.4) (0.71) Adjusted Net Income / Adjusted EPS (†) $ 467.7 $ 5.84 $ 362.8 $ 4.51 $ 918.5 $ 11.45 $ 749.5 $ 9.64 Weighted-average shares outstanding, diluted 80.0 80.4 80.2 77.8 _______________________________ (†) 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 June 30, Six Months Ended June 30, Gross Profit 2026 2025 2026 2025 Total revenue $ 5,186.6 $ 3,835.0 $ 10,125.1 $ 7,505.0 Advisory and commission expense 3,507.2 2,483.2 6,798.4 4,837.1 Brokerage, clearing and exchange expense 52.0 43.3 107.5 87.4 Employee deferred compensation 9.2 4.3 8.2 3.6 Gross Profit (†) $ 1,618.3 $ 1,304.3 $ 3,211.0 $ 2,576.9 _______________________________ (†) Totals may not foot due to rounding. (10) EBITDA and adjusted EBITDA are non-GAAP financial measures. EBITDA is defined as net income plus interest expense on borrowings, provision for income taxes, depreciation and amortization, and amortization of other intangibles. Adjusted EBITDA is defined as EBITDA plus acquisition costs excluding interest. The Company presents EBITDA and adjusted EBITDA because management believes that they can be useful financial metrics in understanding the Company’s earnings from operations. EBITDA and adjusted EBITDA are not measures of the Company's financial performance under GAAP and should not be considered as alternatives to net income or any other performance measure derived in accordance with GAAP. Below is a reconciliation of net income to EBITDA and adjusted EBITDA for the periods presented (in millions): Three Months Ended June 30, Six Months Ended June 30, EBITDA Reconciliation 2026 2025 2026 2025 Net income $ 379.3 $ 273.2 $ 735.7 $ 591.8 Interest expense on borrowings 101.5 105.6 201.8 191.5 Provision for income taxes 136.2 95.6 264.4 194.2 Depreciation and amortization 109.8 96.2 215.6 188.6 Amortization of other intangibles 70.9 46.1 138.1 89.6 EBITDA (†) $ 797.7 $ 616.8 $ 1,555.6 $ 1,255.8 Acquisition costs excluding interest (15) 49.0 71.6 110.2 115.0 Adjusted EBITDA (†) $ 846.7 $ 688.3 $ 1,665.7 $ 1,370.7 _______________________________ (†) Totals may not foot due to rounding. 5 Table of Contents (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); transition assistance loan amortization; acquisition costs excluding interest; employee share-based compensation; and regulatory charges. Management presents core G&A because it believes core G&A reflects the corporate expense categories over which management can generally exercise a measure of control, compared with expense items over which management either cannot exercise control, such as advisory and commission 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 June 30, Six Months Ended June 30, Core G&A Reconciliation 2026 2025 2026 2025 Total expense $ 4,671.1 $ 3,466.2 $ 9,125.0 $ 6,719.0 Advisory and commission (3,507.2) (2,483.2) (6,798.4) (4,837.1) Depreciation and amortization (109.8) (96.2) (215.6) (188.6) Interest expense on borrowings (101.5) (105.6) (201.8) (191.5) Brokerage, clearing and exchange (52.0) (43.3) (107.5) (87.4) Amortization of other intangibles (70.9) (46.1) (138.1) (89.6) Employee deferred compensation (9.2) (4.3) (8.2) (3.6) Total G&A (†) 820.6 687.5 1,655.4 1,321.2 Promotional (ongoing) (16) (79.1) (74.2) (155.0) (144.3) Transition assistance loan amortization (17) (142.3) (89.4) (278.3) (171.2) Acquisition costs excluding interest (15) (49.0) (71.6) (110.2) (115.0) Employee share-based compensation (22.7) (19.5) (44.9) (37.9) Regulatory charges (8.2) (7.3) (15.7) (14.2) Core G&A (†) $ 519.3 $ 425.6 $ 1,051.3 $ 838.7 _______________________________ (†) Totals may not foot due to rounding. (12) See the “Liquidity and Capital Resources” section for additional information about Corporate Cash. Corporate Cash at June 30, 2025 also includes certain of Atria's introducing broker-dealer subsidiaries. (13) Acquisition costs and other for the twelve months ending June 30, 2026 and March 31, 2026 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 June 30, 2025 includes a $26.4 million reduction related to the departure of the Company’s former Chief Executive Officer, and an $18.0 million regulatory charge 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) 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 June 30, 2026 and March 31, 2026 as compared to the twelve months ending June 30, 2025 was primarily related to the impact of acquisitions. (15) 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 June 30, Six Months Ended June 30, Acquisition costs 2026 2025 2026 2025 Compensation and benefits $ 20.2 $ 16.1 $ 42.7 $ 33.5 Promotional (16) 12.0 35.2 25.4 43.7 Professional services 10.9 11.1 22.5 17.2 Change in fair value of contingent consideration (2.8) 0.3 4.7 6.9 Other 8.6 8.9 14.8 13.7 Acquisition costs excluding interest (†) $ 49.0 $ 71.6 $ 110.2 $ 115.0 Interest — 3.3 — 8.5 Acquisition costs (†) $ 49.0 $ 74.9 $ 110.2 $ 123.4 _______________________________ (†) Totals may not foot due to rounding. (16) Promotional (ongoing) for the three and six months ended June 30, 2026 includes $13.5 million and $30.4 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 $21.2 million and $36.0 million for the same periods in 2025. Promotional (ongoing) excludes costs that have been incurred as part of acquisitions, which are included in the Acquisition costs line item. (17) During the fourth quarter of 2025, the Company updated its definition of Promotional (ongoing) to exclude transition assistance loan amortization. As a result, transition assistance loan amortization is now disclosed as a separate line in Core G&A. Prior period disclosures have been updated to reflect these changes as applicable. 6 Table of Contents 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. 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 June 30, 2026, 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 second quarter of 2026, with the S&P 500 index rising 15.2% and Russell 2000 rising 21.2%. Our business is also sensitive to current and expected short-term interest rates, which are largely driven by Federal Reserve (“Fed”) policy. During the second quarter of 2026, Fed policymakers maintained the target federal funds rate with a range of 3.50% to 3.75%. 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 2025 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. 7 Table of Contents Results of Operations The following discussion presents an analysis of our results of operations for the three and six months ended June 30, 2026 and 2025 (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2026 2025 % Change 2026 2025 % Change REVENUE Advisory $ 2,632,405 $ 1,717,738 53 % $ 5,247,452 $ 3,406,983 54 % Commission: Sales-based 728,155 619,792 17 % 1,433,570 1,229,830 17 % Trailing 503,918 418,295 20 % 990,537 856,014 16 % Total commission 1,232,073 1,038,087 19 % 2,424,107 2,085,844 16 % Asset-based: Client cash 443,501 397,332 12 % 888,826 789,363 13 % Other asset-based 391,643 305,015 28 % 767,123 608,225 26 % Total asset-based 835,144 702,347 19 % 1,655,949 1,397,588 18 % Service and fee 208,879 151,839 38 % 419,863 297,038 41 % Transaction 83,216 60,541 37 % 163,758 128,405 28 % Interest income, net 46,527 76,941 (40 %) 91,707 120,792 (24 %) Other 148,379 87,532 70 % 122,221 68,382 79 % Total revenue 5,186,623 3,835,025 35 % 10,125,057 7,505,032 35 % EXPENSE Advisory and commission 3,507,164 2,483,165 41 % 6,798,373 4,837,090 41 % Compensation and benefits 355,612 319,100 11 % 724,352 624,646 16 % Promotional 220,030 177,552 24 % 428,430 323,197 33 % Occupancy and equipment 125,542 81,443 54 % 244,065 158,683 54 % Depreciation and amortization 109,805 96,231 14 % 215,556 188,587 14 % Interest expense on borrowings 101,502 105,636 (4 %) 201,794 191,498 5 % Amortization of other intangibles 70,886 46,103 54 % 138,116 89,624 54 % Brokerage, clearing and exchange 52,018 43,290 20 % 107,493 87,428 23 % Professional services 50,757 41,092 24 % 101,138 77,418 31 % Communications and data processing 26,200 21,417 22 % 49,667 40,923 21 % Other 51,603 51,192 1 % 115,985 99,881 16 % Total expense 4,671,119 3,466,221 35 % 9,124,969 6,718,975 36 % INCOME BEFORE PROVISION FOR INCOME TAXES 515,504 368,804 40 % 1,000,088 786,057 27 % PROVISION FOR INCOME TAXES 136,243 95,555 43 % 264,423 194,235 36 % NET INCOME $ 379,261 $ 273,249 39 % $ 735,665 $ 591,822 24 % 8 Table of Contents Revenue Advisory Advisory revenue represents fees charged to advisors’ clients’ advisory accounts on our corporate registered investment adviser (“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% of the underlying assets for the six months ended June 30, 2026. We also support independent RIA firms that conduct their business through our separate registered investment adviser 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): June 30, 2026 2025 $ Change % Change Corporate advisory assets $ 1,190.8 $ 766.4 $ 424.4 55 % Independent RIA advisory assets 357.6 294.3 63.3 22 % Total advisory assets $ 1,548.4 $ 1,060.7 $ 487.7 46 % 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 June 30, Six Months Ended June 30, 2026 2025 2026 2025 Balance - Beginning of period $ 1,390.4 $ 977.4 $ 1,392.7 $ 957.0 Net new advisory assets (1) 30.7 23.1 56.5 60.7 Market impact (2) 127.3 60.2 99.2 43.0 Balance - End of period $ 1,548.4 $ 1,060.7 $ 1,548.4 $ 1,060.7 _______________________________ (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 six months ended June 30, 2026 as compared to the same periods in 2025 due primarily to an increase in advisory asset balances and the acquisition of Commonwealth. 9 Table of Contents 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 June 30, Six Months Ended June 30, 2026 2025 $ Change % Change 2026 2025 $ Change % Change Sales-based $ 728,155 $ 619,792 $ 108,363 17 % $ 1,433,570 $ 1,229,830 $ 203,740 17 % Trailing 503,918 418,295 85,623 20 % 990,537 856,014 134,523 16 % Total commission revenue $ 1,232,073 $ 1,038,087 $ 193,986 19 % $ 2,424,107 $ 2,085,844 $ 338,263 16 % The increase in sales-based commission revenue for the three and six months ended June 30, 2026 compared to 2025 was primarily driven by an increase in sales of annuities. The increase in trailing commission revenue for the three and six months ended June 30, 2026 compared to 2025 was primarily due to continued growth in trail earning assets held by customers and the acquisition of Commonwealth. The following table summarizes activity impacting brokerage assets for the periods presented (in billions): Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Balance - Beginning of period $ 945.9 $ 817.5 $ 977.9 $ 783.7 Net new brokerage assets (1) (7.1) (2.6) (11.5) 38.6 Market impact (2) 75.5 43.6 47.9 36.2 Balance - End of period $ 1,014.3 $ 858.5 $ 1,014.3 $ 858.5 _______________________________ (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 six months ended June 30, 2026 increased by $132.8 million and $258.4 million, respectively, compared to the same periods in 2025 due to increases in client cash and other asset-based revenue. Other asset-based revenue for the three and six months ended June 30, 2026 increased compared to 2025 primarily due to increases in billable assets, recordkeeping and sponsorship program revenue. Client cash revenue for the three and six months ended June 30, 2026 increased compared to 2025 due to higher average 10 Table of Contents client cash balances during the three and six months ended June 30, 2026 as compared to 2025. For the three months ended June 30, 2026, our average client cash balances increased to $53.9 billion compared to $49.1 billion for the same period in 2025. For the six months ended June 30, 2026, our average client cash balances increased to $54.7 billion compared to $49.9 billion for the same period in 2025. 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 six months ended June 30, 2026 increased compared to 2025, primarily due to the brokerage account fees assessed on retirement and non-retirement clients. 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 six months ended June 30, 2026 increased compared to 2025, 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 six months ended June 30, 2026 as compared to 2025 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 June 30, Six Months Ended June 30, 2026 2025 Change 2026 2025 Change Payout rate 87.44% 87.33% 11 bps 87.33% 87.04% 29 bps Our payout rate for the three and six months ended June 30, 2026 increased compared to 2025, primarily due to changes in the mix of brokerage products and advisory platforms. 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: June 30, 2026 2025 Change Number of employees 10,081 9,389 7% Compensation and benefits expense for the three and six months ended June 30, 2026 increased by $36.5 million and $99.7 million, respectively compared to 2025, primarily due to an increase in headcount. 11 Table of Contents 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 six months ended June 30, 2026 increased by $42.5 million and $105.2 million, respectively, compared to 2025, primarily due to increases in recruited assets and advisors that led to higher costs to support transition assistance, retention, training and education, as well as increased legal expenses. 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 six months ended June 30, 2026 increased by $44.1 million and $85.4 million, respectively, compared to 2025, primarily due to increased expense related to software licenses and our technology portfolio. 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 six months ended June 30, 2026 increased by $13.6 million and $27.0 million, respectively, compared to 2025, primarily due to our continued investment in technology to support integrations, enhance our advisor platform and experience, and support onboarding of institutions. 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 months ended June 30, 2026 decreased by $4.1 million as compared to 2025, primarily due to lower interest rates on our Term Loan A. Interest expense on borrowings increased by $10.3 million for the six months ended June 30, 2026 as compared to 2025, primarily as a result of the issuance of $1.25 billion and $1.5 billion of senior unsecured notes in February 2025 and April 2025, respectively. See Note 9 - Corporate Debt and Other Borrowings, Net, within the notes to the condensed consolidated financial statements for additional information. 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 six months ended June 30, 2026 increased by $24.8 million and $48.5 million, respectively, compared to 2025, primarily due to additional intangible assets acquired in the past year. See Note 4 - Acquisitions, within the notes to the condensed consolidated financial statements for additional information. 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 six months ended June 30, 2026 increased by $8.7 million and $20.1 million, respectively, compared to 2025, primarily due to an increase in clearing charges. 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 six months ended June 30, 2026 increased by $9.7 million and $23.7 million, respectively, compared to 2025, primarily due to technology enhancement projects and acquisition-related support . Other Expense Other expense includes licensing fees, insurance, broker-dealer regulatory fees, travel-related expenses, fair value adjustments to contingent consideration liabilities, the costs of the investigation, settlement and resolution of regulatory matters (including customer restitution and remediation), and other miscellaneous expenses. Other 12 Table of Contents expense for the three and six months ended June 30, 2026 increased by $0.4 million and $16.1 million, respectively, compared to 2025, primarily due to increases in licensing fees, travel and events. Provision for Income Taxes Our effective income tax rate was 26.4% and 25.9% for the three months ended June 30, 2026 and 2025, respectively, and 26.4% and 24.7% for the six months ended June 30, 2026 and 2025, 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 increase in our effective tax rate for the six months ended June 30, 2026 was primarily driven by lower share-based compensation tax benefits as compared to the prior year. 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, including continued access to the equity and investment-grade debt markets, we have adequate liquidity to satisfy our short-term and long-term working capital needs, meet all of our obligations, and fund anticipated capital expenditures. The Company maintains ongoing access to the debt markets supported by our investment-grade credit profile, and we also have meaningful liquidity available at the parent level, which can be utilized to support funding needs across the organization as required. 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 six months ended June 30, 2026 and 2025, LPL Financial paid dividends of $485.0 million and $150.0 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”), and CES, in excess of the capital requirements of the Credit Agreement and (3) cash and equivalents held at non-regulated subsidiaries. 13 Table of Contents The following table presents the components of Corporate Cash (in thousands): June 30, 2026 December 31, 2025 Cash and equivalents $ 1,275,690 $ 1,037,378 Cash at regulated subsidiaries (1,221,009) (925,356) Excess cash at regulated subsidiaries per the Credit Agreement 375,379 357,693 Corporate Cash $ 430,060 $ 469,715 Corporate Cash Cash at the Parent $ 16,807 $ 19,368 Excess cash at regulated subsidiaries per the Credit Agreement 375,379 357,693 Cash at non-regulated subsidiaries 37,874 92,654 Corporate Cash $ 430,060 $ 469,715 Corporate Cash is monitored as part of our liquidity risk management strategy. Corporate Cash decreased by $39.7 million during the six months ended June 30, 2026 as we continue our normal course of operations and reinvestments into the business. 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 June 30, 2026, the earliest principal maturity date for our corporate debt with outstanding balances is in 2027 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. We repurchased 1.1 million shares for a total of $309.5 million during the six months ended June 30, 2026. As of June 30, 2026, we had $320.5 million remaining under our existing repurchase program. From July 1, 2026 through July 30, 2026, the Company has repurchased 420,464 outstanding shares for a total of $134.3 million. On July 23, 2026, the Board authorized a new repurchase program that increases the amount available for repurchases of the Company’s issued and outstanding common shares by $2.5 billion. 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 Part II, Item 2 - Unregistered Sales of Equity Securities and Use of Proceeds and 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. 14 Table of Contents 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 June 30, 2026, 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 June 30, 2026 (in millions): Description Borrower Maturity Date Outstanding Available Senior unsecured, revolving credit facility LPL Holdings, Inc. May 2029 $ 276 $ 1,973 Broker-dealer revolving credit facility LPL Financial LLC May 2027 $ — $ 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): June 30, 2026 LPL Financial LLC Net capital $ 375,032 Less: required net capital 28,981 Excess net capital $ 346,051 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. 15 Table of Contents 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, 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 these subsidiaries’ operations. As of June 30, 2026, 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. Six Months Ended June 30, Combined Summarized Statements of Income 2026 Revenues (1) $ 105,815 Revenues from non-guarantor subsidiaries 9,322 Advisory and commission expense (1) 107,028 Interest expense on borrowings 199,831 Expenses from non-guarantor subsidiaries 14,093 Loss before provision for income taxes (265,171) Net loss (195,536) ____________________ (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. 16 Table of Contents LPL Holdings, Inc. & LPL Financial Holdings Inc. Combined Summarized Statements of Financial Condition June 30, 2026 December 31, 2025 Cash and equivalents $ 16,807 $ 19,368 Other receivables, net 3,901 3,090 Property and equipment, net 180,739 177,136 Goodwill 1,265,793 1,251,908 Other intangibles, net 43,696 39,819 Receivables from non-guarantor subsidiaries 47,320 105,657 Other assets 1,646,130 1,525,640 Corporate debt and other borrowings, net 7,460,510 7,258,694 Accounts payable and accrued liabilities 91,013 83,637 Payables to non-guarantor subsidiaries 86,363 85,228 Other liabilities 1,717,222 1,568,879 Debt and Related Covenants The Credit Agreement contains a number of covenants that, among other things, restrict, subject to certain exceptions, our ability to: • create liens; • sell assets; • engage in certain transactions with affiliates; and • consolidate, merge or transfer all or substantially all of our assets. 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 June 30, 2026, 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: June 30, 2026 Financial Ratio Covenant Requirement Actual Ratio Leverage Ratio (Maximum) 4.0 1.91 Interest Coverage (Minimum) 3.0 9.16 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. Contractual Obligations During the six months ended June 30, 2026, there were no material changes in our contractual obligations, other than in the ordinary course of business, from those disclosed in our 2025 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 2025 Annual Report on Form 10-K, for further detail. 17 Table of Contents 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 2025 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 2025 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 2025 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 2025 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 2025 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 2025 Annual Report on Form 10-K. The accounting principles used in preparing our condensed consolidated financial statements conform in all material respects to GAAP. 18 Table of Contents 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 June 30, Six Months Ended June 30, 2026 2025 2026 2025 REVENUE Advisory $ 2,632,405 $ 1,717,738 $ 5,247,452 $ 3,406,983 Commission: Sales-based 728,155 619,792 1,433,570 1,229,830 Trailing 503,918 418,295 990,537 856,014 Total commission 1,232,073 1,038,087 2,424,107 2,085,844 Asset-based: Client cash 443,501 397,332 888,826 789,363 Other asset-based 391,643 305,015 767,123 608,225 Total asset-based 835,144 702,347 1,655,949 1,397,588 Service and fee 208,879 151,839 419,863 297,038 Transaction 83,216 60,541 163,758 128,405 Interest income, net 46,527 76,941 91,707 120,792 Other 148,379 87,532 122,221 68,382 Total revenue 5,186,623 3,835,025 10,125,057 7,505,032 EXPENSE Advisory and commission 3,507,164 2,483,165 6,798,373 4,837,090 Compensation and benefits 355,612 319,100 724,352 624,646 Promotional 220,030 177,552 428,430 323,197 Occupancy and equipment 125,542 81,443 244,065 158,683 Depreciation and amortization 109,805 96,231 215,556 188,587 Interest expense on borrowings 101,502 105,636 201,794 191,498 Amortization of other intangibles 70,886 46,103 138,116 89,624 Brokerage, clearing and exchange 52,018 43,290 107,493 87,428 Professional services 50,757 41,092 101,138 77,418 Communications and data processing 26,200 21,417 49,667 40,923 Other 51,603 51,192 115,985 99,881 Total expense 4,671,119 3,466,221 9,124,969 6,718,975 INCOME BEFORE PROVISION FOR INCOME TAXES 515,504 368,804 1,000,088 786,057 PROVISION FOR INCOME TAXES 136,243 95,555 264,423 194,235 NET INCOME $ 379,261 $ 273,249 $ 735,665 $ 591,822 Earnings per share, basic $ 4.75 $ 3.42 $ 9.20 $ 7.66 Earnings per share, diluted $ 4.74 $ 3.40 $ 9.17 $ 7.61 Weighted-average shares outstanding, basic 79,791 79,984 79,951 77,307 Weighted-average shares outstanding, diluted 80,032 80,373 80,243 77,760 See notes to unaudited condensed consolidated financial statements. 19 Table of Contents LPL FINANCIAL HOLDINGS INC. AND SUBSIDIARIES Condensed Consolidated Statements of Financial Condition (In thousands, except share data) (Unaudited) ASSETS June 30, 2026 December 31, 2025 Cash and equivalents $ 1,275,690 $ 1,037,378 Cash and equivalents segregated under federal or other regulations 1,420,167 1,792,064 Restricted cash 232,889 225,298 Receivables from clients, net 994,139 803,206 Receivables from brokers, dealers and clearing organizations 244,302 70,897 Advisor loans, net 3,889,372 3,681,512 Other receivables, net 1,427,985 1,203,539 Investment securities 203,499 91,528 Property and equipment, net 1,569,647 1,409,376 Goodwill 2,681,661 2,644,723 Other intangibles, net 3,433,597 3,330,788 Other assets 2,418,172 2,202,444 Total assets $ 19,791,120 $ 18,492,753 LIABILITIES AND STOCKHOLDERS’ EQUITY LIABILITIES: Client payables $ 2,256,333 $ 2,308,275 Payables to brokers, dealers and clearing organizations 599,397 150,520 Accrued advisory and commission expenses payable 381,255 361,623 Corporate debt and other borrowings, net 7,460,510 7,258,694 Accounts payable and accrued liabilities 812,156 821,641 Other liabilities 2,524,629 2,247,515 Total liabilities 14,034,280 13,148,268 Commitments and contingencies (Note 10) Common stock, $ 0.001 par value; 600,000,000 shares authorized; 136,822,289 and 136,637,544 shares issued at June 30, 2026 and December 31, 2025, respectively 137 136 Additional paid-in capital 3,898,694 3,843,017 Treasury stock, at cost — 57,660,516 and 56,576,672 shares at June 30, 2026 and December 31, 2025, respectively ( 4,664,666 ) ( 4,333,725 ) Retained earnings 6,522,675 5,835,057 Total stockholders’ equity 5,756,840 5,344,485 Total liabilities and stockholders’ equity $ 19,791,120 $ 18,492,753 See notes to unaudited condensed consolidated financial statements. 20 Table of Contents LPL FINANCIAL HOLDINGS INC. AND SUBSIDIARIES Condensed Consolidated Statements of Stockholders’ Equity (In thousands) (Unaudited) Three Months Ended June 30, 2025 Additional Paid-In Capital Retained Earnings Total Stockholders’ Equity Common Stock Treasury Stock Shares Amount Shares Amount BALANCE — March 31, 2025 131,195 $ 131 $ 2,089,155 56,611 $ ( 4,331,582 ) $ 5,366,079 $ 3,123,783 Net income — — — — — 273,249 273,249 Issuance of common stock to settle restricted stock units 25 — — 3 ( 1,475 ) — ( 1,475 ) Treasury stock purchases — — — — 240 — 240 Cash dividends on common stock - $ 0.30 per share — — — — — ( 23,998 ) ( 23,998 ) Stock option exercises and other ( 8 ) — 316 ( 15 ) 542 4,216 5,074 Share-based compensation 20,322 20,322 Equity issuance 5,391 5 1,677,216 — — — 1,677,221 BALANCE — June 30, 2025 136,603 $ 136 $ 3,787,009 56,599 $ ( 4,332,275 ) $ 5,619,546 $ 5,074,416 Three Months Ended June 30, 2026 Additional Paid-In Capital Retained Earnings Total Stockholders’ Equity Common Stock Treasury Stock Shares Amount Shares Amount BALANCE — March 31, 2026 136,811 $ 137 $ 3,870,612 56,623 $ ( 4,352,434 ) $ 6,167,387 $ 5,685,702 Net income — — — — — 379,261 379,261 Issuance of common stock to settle restricted stock units 10 — — 3 ( 853 ) — ( 853 ) Treasury stock purchases — — — 1,055 ( 312,074 ) — ( 312,074 ) Cash dividends on common stock - $ 0.30 per share — — — — — ( 23,973 ) ( 23,973 ) Stock option exercises and other 1 — 4,501 ( 20 ) 695 — 5,196 Share-based compensation — — 23,581 — — — 23,581 BALANCE — June 30, 2026 136,822 $ 137 $ 3,898,694 57,661 $ ( 4,664,666 ) $ 6,522,675 $ 5,756,840 Six Months Ended June 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 — — — — — 591,822 591,822 Issuance of common stock to settle restricted stock units 237 — — 86 ( 31,001 ) — ( 31,001 ) Treasury stock purchases — — — 289 ( 100,004 ) — ( 100,004 ) Cash dividends on common stock - $ 0.60 per share — — — — — ( 46,390 ) ( 46,390 ) Stock option exercises and other 60 — 3,955 ( 30 ) 1,052 7,589 12,596 Share-based compensation — — 39,570 — — — 39,570 Equity issuance 5,391 5 1,677,216 — — — 1,677,221 BALANCE — June 30, 2025 136,603 $ 136 $ 3,787,009 56,599 $ ( 4,332,275 ) $ 5,619,546 $ 5,074,416 136603000 136000 3787009000 56599000 - 4332275000 Six Months Ended June 30, 2026 Additional Paid-In Capital Retained Earnings Total Stockholders’ Equity Common Stock Treasury Stock Shares Amount Shares Amount BALANCE — December 31, 2025 136,638 $ 136 $ 3,843,017 56,577 $ ( 4,333,725 ) $ 5,835,057 $ 5,344,485 Net income — — — — — 735,665 735,665 Issuance of common stock to settle restricted stock units 172 — — 63 ( 20,063 ) — ( 20,063 ) Treasury stock purchases — — — 1,055 ( 312,074 ) — ( 312,074 ) Cash dividends on common stock - $ 0.60 per share — — — — — ( 48,028 ) ( 48,028 ) Stock option exercises and other 12 1 9,037 ( 34 ) 1,196 ( 19 ) 10,215 Share-based compensation — — 46,640 — — — 46,640 BALANCE — June 30, 2026 136,822 $ 137 $ 3,898,694 57,661 $ ( 4,664,666 ) $ 6,522,675 $ 5,756,840 See notes to unaudited condensed consolidated financial statements. 21 Table of Contents LPL FINANCIAL HOLDINGS INC. AND SUBSIDIARIES Condensed Consolidated Statements of Cash Flows (In thousands) (Unaudited) Six Months Ended June 30, 2026 2025 CASH FLOWS FROM OPERATING ACTIVITIES: Net income $ 735,665 $ 591,822 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 215,556 188,587 Amortization of other intangibles 138,116 89,624 Amortization of debt issuance costs 6,963 14,581 Share-based compensation 46,640 39,570 Provision for credit losses 13,656 3,195 Deferred benefit for income taxes 4,731 ( 178 ) Change in estimated fair value of contingent consideration 4,729 6,903 Loan forgiveness 283,469 187,555 Other 4,063 4,998 Changes in operating assets and liabilities: Receivables from clients, net ( 190,831 ) ( 75,781 ) Receivables from brokers, dealers and clearing organizations ( 173,405 ) ( 52,945 ) Advisor loans, net ( 502,964 ) ( 449,518 ) Other receivables, net ( 231,927 ) ( 67,956 ) Investment securities - trading ( 108,789 ) ( 82,142 ) Other assets ( 128,241 ) ( 189,883 ) Client payables ( 51,942 ) 191,855 Payables to brokers, dealers and clearing organizations 448,877 144,365 Accrued advisory and commission expenses payable 19,632 ( 20,382 ) Accounts payable and accrued liabilities ( 17,303 ) ( 32,394 ) Other liabilities 182,352 40,873 Operating leases ( 6,697 ) 361 Net cash provided by operating activities 692,350 533,110 CASH FLOWS FROM INVESTING ACTIVITIES: Capital expenditures ( 365,208 ) ( 256,457 ) Acquisitions, net of cash acquired ( 234,110 ) ( 190,129 ) Purchases of securities classified as held-to-maturity ( 2,491 ) ( 2,498 ) Proceeds from maturities of securities classified as held-to-maturity 2,500 2,500 Purchases of other investments ( 12,064 ) — Capitalized interest ( 5,583 ) ( 3,044 ) Net cash used in investing activities ( 616,956 ) ( 449,628 ) Continued on following page 22 Table of Contents LPL FINANCIAL HOLDINGS INC. AND SUBSIDIARIES Condensed Consolidated Statements of Cash Flows (In thousands) (Unaudited) Six Months Ended June 30, 2026 2025 CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from revolving credit facilities 980,000 69,000 Repayments of revolving credit facilities ( 783,000 ) ( 1,116,000 ) Proceeds from senior unsecured notes — 2,744,930 Payment of debt issuance costs ( 1,173 ) ( 31,036 ) Payment of contingent consideration ( 29,133 ) ( 33,207 ) Tax payments related to settlement of restricted stock units ( 20,063 ) ( 31,001 ) Proceeds from issuance of common stock — 1,725,000 Payment of equity issuance costs — ( 47,779 ) Repurchase of common stock ( 309,476 ) ( 100,004 ) Dividends on common stock ( 48,028 ) ( 46,390 ) Proceeds from stock option exercises and other 10,215 12,596 Principal payment of financing obligation ( 730 ) ( 222 ) Principal payment of finance leases and obligations — ( 209 ) Net cash (used in) provided by financing activities ( 201,388 ) 3,145,678 NET (DECREASE) INCREASE IN CASH AND EQUIVALENTS, CASH AND EQUIVALENTS SEGREGATED UNDER FEDERAL OR OTHER REGULATIONS AND RESTRICTED CASH ( 125,994 ) 3,229,160 CASH AND EQUIVALENTS, CASH AND EQUIVALENTS SEGREGATED UNDER FEDERAL OR OTHER REGULATIONS AND RESTRICTED CASH — Beginning of period 3,054,740 2,684,052 CASH AND EQUIVALENTS, CASH AND EQUIVALENTS SEGREGATED UNDER FEDERAL OR OTHER REGULATIONS AND RESTRICTED CASH — End of period $ 2,928,746 $ 5,913,212 SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: Interest paid $ 206,689 $ 158,996 Income taxes paid $ 232,243 $ 302,972 Cash paid for amounts included in the measurement of operating lease liabilities $ 21,668 $ 17,596 Cash paid for amounts included in the measurement of finance lease liabilities $ — $ 213 NONCASH DISCLOSURES: Capital expenditures included in accounts payable and accrued liabilities $ 49,856 $ 33,822 Lease assets obtained in exchange for operating lease liabilities $ 32,724 $ 30,235 Prefunded acquisition $ — $ 70,202 Contingent consideration and other liabilities recognized at acquisition date $ 26,599 $ ( 9,245 ) June 30, 2026 2025 Cash and equivalents $ 1,275,690 $ 4,185,337 Cash and equivalents segregated under federal or other regulations 1,420,167 1,611,200 Restricted cash 232,889 116,675 Total cash and equivalents, cash and equivalents segregated under federal or other regulations and restricted cash shown in the statements of cash flows $ 2,928,746 $ 5,913,212 See notes to unaudited condensed consolidated financial statements. 23 Table of Contents 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; Austin, Texas; and New York, New York, is a clearing broker-dealer and an investment adviser 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 adviser that supports a portion of the Company’s institutional services’ clients, 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. • AW Subsidiary, Inc. is a holding company for Blaze Portfolio Systems LLC (“Blaze”), which 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, provide primary support for the Company’s employee advisor affiliation model. • CFN Holding Company, LLC (“CFN”) is a holding company for Commonwealth Equity Services, LLC (“CES”), which is a registered broker-dealer and investment adviser that does business as Commonwealth Financial Network (“Commonwealth”). 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. 24 Table of Contents 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, 2025, 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 (“FASB”) 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. In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40) : Disaggregation of Income Statement Expenses , which requires public business entities to disclose, in interim and annual reporting periods, additional information about certain expenses in the notes to financial statements. The ASU should be applied prospectively and is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact on the related disclosures; however, it does not expect this update to have an impact on its financial condition or results of operations. Recently Adopted Accounting Pronouncements There were no new accounting pronouncements adopted during the six months ended June 30, 2026 that materially impacted the Company’s condensed consolidated financial statements and related disclosures. 25 Table of Contents 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 June 30, Six Months Ended June 30, 2026 2025 2026 2025 Commission revenue Annuities $ 727,746 $ 629,763 $ 1,418,323 $ 1,245,357 Mutual funds 262,044 223,317 528,100 457,213 Fixed income 82,014 53,014 167,337 114,566 Equities 58,751 47,811 116,291 96,885 Other 101,518 84,182 194,056 171,823 Total commission revenue $ 1,232,073 $ 1,038,087 $ 2,424,107 $ 2,085,844 The following table presents sales-based and trailing commission revenue disaggregated by product category (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Commission revenue Sales-based Annuities $ 444,791 $ 393,654 $ 869,012 $ 759,421 Fixed income 82,014 53,014 167,337 114,566 Equities 58,751 47,811 116,291 96,885 Mutual funds 53,993 52,301 112,004 107,908 Other 88,606 73,012 168,926 151,050 Total sales-based revenue $ 728,155 $ 619,792 $ 1,433,570 $ 1,229,830 Trailing Annuities $ 282,955 $ 236,109 $ 549,311 $ 485,936 Mutual funds 208,051 171,016 416,096 349,305 Other 12,912 11,170 25,130 20,773 Total trailing revenue $ 503,918 $ 418,295 $ 990,537 $ 856,014 Total commission revenue $ 1,232,073 $ 1,038,087 $ 2,424,107 $ 2,085,844 Asset-Based The following table sets forth asset-based revenue disaggregated by product category (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Asset-based revenue Client cash $ 443,501 $ 397,332 $ 888,826 $ 789,363 Sponsorship programs 235,519 171,715 459,168 342,253 Recordkeeping 156,124 133,300 307,955 265,972 Total asset-based revenue $ 835,144 $ 702,347 $ 1,655,949 $ 1,397,588 26 Table of Contents 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 June 30, Six Months Ended June 30, 2026 2025 2026 2025 Service and fee revenue Over time (1) $ 156,923 $ 113,003 $ 315,694 $ 222,761 Point-in-time (2) 51,956 38,836 104,169 74,277 Total service and fee revenue $ 208,879 $ 151,839 $ 419,863 $ 297,038 _______________________________ (1) Service and fee revenue recognized over time includes revenue such as brokerage account maintenance fees, error and omission insurance fees, and technology fees. (2) Service and fee revenue recognized at a point-in-time includes revenue such as registration fees, account fees, and IRA termination 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 $ 265.0 million as of December 31, 2025 to $ 329.2 million as of June 30, 2026. The increase in unearned revenue for the six months ended June 30, 2026 is primarily driven by cash payments received or due in advance of satisfying the Company’s performance obligations, partially offset by $ 264.3 million of revenue recognized during the six months ended June 30, 2026 that was included in the unearned revenue balance as of December 31, 2025. 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. NOTE 4 - ACQUISITIONS Acquisitions Completed in the Current Period During the six months ended June 30, 2026, the Company completed 13 acquisitions, five of which have been accounted for as business combinations and eight of which have been accounted for as asset acquisitions. Business Combinations The Company accounted for five acquisitions under the acquisition method of accounting for business combinations. Total consideration for these transactions was $ 151.3 million, which included $ 122.9 million of cash, and liabilities of $ 26.6 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 following the closing. This contingent consideration may be settled for amounts of up to $ 68.5 million in the years following the closing. At June 30, 2026, the purchase accounting analysis is still ongoing and may result in changes to the value of intangible assets and liabilities recorded. The Company had provisionally allocated $ 40.0 million of the consideration to client relationships, which were assigned useful lives of 14 years, $ 81.5 million to advisor relationships, which were assigned useful lives of 15 years, and $ 29.8 million to goodwill. See Note 7 - Goodwill and Other Intangibles, Net , for additional information. Asset Acquisitions The Company accounted for eight acquisitions as asset acquisitions. These transactions included total initial consideration of $ 57.6 million, including $ 52.3 million which was allocated to client relationships and $ 5.3 million which was allocated to advisor relationships. These relationships were assigned useful lives of 14 years and 15 years, respectively, and the related transactions include potential contingent payments of up to $ 30.0 million in the 27 Table of Contents LPL FINANCIAL HOLDINGS INC. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited) 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. Additionally, the Company recognized customer relationships of $ 34.5 million relating to cash paid for contingent consideration payments for asset acquisitions completed in prior periods for which the contingent period had ended in the current year. These customer relationships will be amortized over the remaining useful life of the asset that was initially recorded. See Note 7 - Goodwill and Other Intangibles, Net , for additional information. Acquisitions Completed in Prior Periods During the year ended December 31, 2025, the Company completed 34 acquisitions, six of which have been accounted for as business combinations and 28 of which were 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 CFN, a privately-held independent wealth management firm headquartered in Massachusetts, in order to leverage its scale and enhance its 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 consolidated statements of income from August 1, 2025 through December 31, 2025 and consolidated statements of financial condition as of December 31, 2025. The Company accounted for the transaction 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 in the three months ended September 30, 2025. 28 Table of Contents 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 (1) 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 92,716 Property and equipment, net 7,769 Intangible assets 1,716,000 Other assets 58,330 Total identifiable assets acquired $ 2,405,502 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 54,302 Total liabilities assumed $ 818,104 Net assets acquired 1,587,398 Goodwill $ 430,387 ____________________ (1) The Company recorded provisional purchase accounting adjustments during the six months ended June 30, 2026 which resulted in a $ 7.1 million increase in other liabilities and goodwill, respectively. The purchase accounting analysis is ongoing and may result in changes to consideration based on working capital and other adjustments and the value of certain assets acquired and liabilities recorded. The goodwill primarily includes synergies expected to result from combining operations and is deductible for tax purposes. Other intangible assets comprised $ 1.7 billion of advisor relationships, which were assigned useful lives of 14 years, and $ 26.0 million of trade name intangible, which was assigned a useful life of 16 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. The fair value of repayable loans was $ 88.0 million and approximates its carrying value. Acquisition related costs incurred as part of the Commonwealth acquisition during the three and six months ended June 30, 2026 were $ 17.1 million and $ 30.4 million, respectively, and primarily comprised amounts related to professional services, which were included in the Company's condensed consolidated statements of income. 29 Table of Contents LPL FINANCIAL HOLDINGS INC. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited) The following table presents unaudited pro forma results as if the acquisition of Commonwealth had occurred on January 1, 2024 (dollars in thousands): LPL Financial and Commonwealth Pro Forma Combined Financial Information (unaudited) Three Months Ended June 30, 2025 Six Months Ended June 30, 2025 Total revenue $ 4,817,029 $ 8,895,171 Net income $ 478,409 $ 712,370 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 for additional information. Acquisition of The Investment Center, Inc. (“The Investment Center”) On March 4, 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 acquisition of Atria Wealth Solutions, Inc. (“Atria”), and the cash consideration was prefunded in 2024 in conjunction with the close of the Atria acquisition. The Company 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 year ended December 31, 2025 were $ 6.0 million, primarily related to costs which were classified as compensation and benefits expenses and promotional expenses in the Company's consolidated statements of income. The Company recorded purchase accounting adjustments during the year ended December 31, 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 December 31, 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 acquisitions under the acquisition method of accounting for business combinations during the year ended December 31, 2025. 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 or revenue growth metrics are achieved in the years following the closing. This contingent consideration may be settled for amounts of up to $ 46.9 million in the years following the closing. The Company allocated $ 63.3 million of the consideration to client relationships and $ 0.3 million to advisor relationships, which were assigned useful lives of 14 years to 15 years, and $ 11.6 million to goodwill. Asset Acquisitions The Company accounted for 28 other acquisitions as asset acquisitions during the year ended December 31, 2025. These transactions included total initial consideration of $ 227.9 million, including $ 222.4 million which was allocated to client relationships and $ 5.5 million which was allocated to advisor relationships. These transactions include potential contingent payments of up to $ 158.1 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 30 Table of Contents LPL FINANCIAL HOLDINGS INC. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited) be uncertain until a future measurement date. See Note 7 - Goodwill and Other Intangibles, Net, for additional information. NOTE 5 - FAIR VALUE MEASUREMENTS Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. Inputs used to measure fair value are prioritized within a three-level fair value hierarchy. This hierarchy requires entities to maximize the use of observable inputs and minimize the use of unobservable inputs. The three levels of inputs used to measure fair value are as follows: Level 1 — Quoted prices in active markets for identical assets or liabilities. Level 2 — Observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs. There have been no transfers of assets or liabilities between these fair value measurement classifications during the six months ended June 30, 2026 or 2025. The Company’s fair value measurements are evaluated within the fair value hierarchy, based on the nature of inputs used to determine the fair value at the measurement date. At June 30, 2026 and December 31, 2025, the Company had the following financial assets and liabilities that are measured at fair value on a recurring basis: Cash Equivalents — The Company’s cash equivalents primarily include money market funds and U.S. government obligations, which are short term in nature with readily determinable values derived from active markets. Cash Equivalents Segregated Under Federal or Other Regulations — The Company’s cash equivalents segregated under federal or other regulations include U.S. treasury bills, which are short term in nature with readily determinable values derived from active markets. Restricted Cash — The Company’s restricted cash is primarily composed of U.S. government obligations and money market funds which are short term in nature with readily determinable values derived from active markets. Trading Securities and Securities Sold, But Not Yet Purchased — The Company’s trading securities consist of house account model portfolios established and managed for the purpose of benchmarking the performance of its fee-based advisory platforms and temporary positions resulting from the processing of client transactions. The Company uses prices obtained from independent third-party pricing services to measure the fair value of its trading securities. Prices received from the pricing services are validated when security prices move beyond a certain deviation threshold using various methods including comparison to prices received from additional pricing services, comparison to available quoted market prices and review of other relevant market data including implied yields of major categories of securities. In general, these quoted prices are derived from active markets for identical assets or liabilities. When quoted prices in active markets for identical assets and liabilities are not available, the quoted prices are based on similar assets and liabilities or inputs other than the quoted prices that are observable, either directly or indirectly. For negotiable certificates of deposit and treasury securities, the Company utilizes market-based inputs, including observable market interest rates that correspond to the remaining maturities or the next interest reset dates. At June 30, 2026 and December 31, 2025, the Company did not adjust prices received from the independent third-party pricing services. Other Assets — The Company’s other assets include: (1) deferred compensation plan assets that are invested in life insurance, money market and other mutual funds, which are actively traded and valued based 31 Table of Contents LPL FINANCIAL HOLDINGS INC. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited) on quoted market prices; and (2) certain non-traded real estate investment trusts, which are valued using quoted prices for identical or similar securities and other inputs that are observable or can be corroborated by observable market data. Fractional Shares — The Company’s investment in fractional shares held by customers is reflected in other assets while the related purchase obligation for such shares is reflected in other liabilities. The Company uses prices obtained from independent third-party pricing services to measure the fair value of its investment in fractional shares held by customers and the related repurchase obligation. Prices received from the pricing services are validated when security prices move beyond a certain deviation threshold using various methods including comparison to prices received from additional pricing services, comparison to available quoted market prices and review of other relevant market data including implied yields of major categories of securities. At June 30, 2026 and December 31, 2025, the Company did not adjust prices received from the independent third-party pricing services. Contingent Consideration — The Company measures contingent consideration liabilities at fair value at the acquisition date, as applicable, and thereafter on a recurring basis using unobservable (Level 3) inputs. These contingent consideration liabilities are reflected in other liabilities. See Note 4 - Acquisitions for additional information. Level 3 Recurring Fair Value Measurements The Company determines the fair value for its contingent consideration obligations using probability weighted and Monte-Carlo simulation models. Contingent payments are estimated by applying significant unobservable inputs, including forecasted growth rates applied to project future revenue or asset growth, conversion or retention rates, and discount rates which are based on the cost of debt and equity. These projections are measured against the performance targets specified in each respective acquisition agreement, which may include growth in assets under management, net new assets, asset conversion or retention, or revenue growth. Significant increases or decreases in the Company’s forecasted growth rates over the measurement period or discount rates would result in a higher or lower fair value measurement. The following tables summarize inputs used in the measurement of contingent consideration (dollars in thousands): Quantitative Information About Level 3 Fair Value Measurements June 30, 2026 Type Valuation Techniques Unobservable Inputs Range $ 105,432 Contingent Consideration Monte-Carlo Simulation Model Forecasted Growth Rates 2.5 % - 14.4 % Discount Rate 11.0 % - 14.5 % Equivalency Rate (1) 4.6 % - 5.1 % 2,200 Contingent Consideration Probability Weighted Expected Return Method Conversion Rate — % - 100.0 % $ 107,632 ____________________ (1) Equivalency rate is defined as the prevailing market interest rate used to discount future payments. 32 Table of Contents LPL FINANCIAL HOLDINGS INC. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited) Quantitative Information About Level 3 Fair Value Measurements December 31, 2025 Type Valuation Techniques Unobservable Inputs Range $ 115,464 Contingent Consideration Monte-Carlo Simulation Model Forecasted Growth Rates 1.3 % - 26.0 % Discount Rate 12.0 % - 17.9 % Equivalency Rate (1) 4.7 % - 5.9 % 8,574 Contingent Consideration Probability Weighted Expected Return Method Equivalency Rate (1) 5.3 % - 5.3 % Conversion Rate — % - 100.0 % $ 124,038 ____________________ (1) Equivalency rate is defined as the prevailing market interest rate used to discount future payments. The following table summarizes the changes in fair value for the Company’s Level 3 liabilities during the periods presented (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Balance - Beginning of period $ 134,277 $ 161,372 $ 124,038 $ 196,898 Additions and purchase accounting adjustments 9,844 ( 9,374 ) 26,599 ( 9,245 ) Payments ( 33,695 ) ( 27,458 ) ( 47,734 ) ( 69,707 ) Fair value adjustments ( 2,794 ) 309 4,729 6,903 Balance - End of period $ 107,632 $ 124,849 $ 107,632 $ 124,849 33 Table of Contents LPL FINANCIAL HOLDINGS INC. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited) Recurring Fair Value Measurements The following table summarizes the Company’s financial assets and financial liabilities measured at fair value on a recurring basis (in thousands): June 30, 2026 Level 1 Level 2 Level 3 Total Assets Cash equivalents $ 55,840 $ — $ — $ 55,840 Cash equivalents segregated under federal or other regulations 523,157 — — 523,157 Restricted cash 138,459 — — 138,459 Investment securities — trading: U.S. treasury obligations 140,031 — — 140,031 Mutual funds 45,194 — — 45,194 Equity securities 2,742 — — 2,742 Debt securities — 39 — 39 Total investment securities — trading 187,967 39 — 188,006 Other assets: Deferred compensation plan 1,247,873 — — 1,247,873 Fractional shares — investment (1) 421,762 — — 421,762 Other investments — 1,926 — 1,926 Total other assets: 1,669,635 1,926 — 1,671,561 Total assets at fair value $ 2,575,058 $ 1,965 $ — $ 2,577,023 Liabilities Other liabilities: Securities sold, but not yet purchased: Equity securities $ 42 $ — $ — $ 42 Debt securities — 250 — 250 Total securities sold, but not yet purchased 42 250 — 292 Fractional shares — repurchase obligation (1) 421,762 — — 421,762 Contingent consideration — — 107,632 107,632 Total other liabilities 421,804 250 107,632 529,686 Total liabilities at fair value $ 421,804 $ 250 $ 107,632 $ 529,686 ____________________ (1) Investment in and related repurchase obligation for fractional shares resulting from the Company’s dividend reinvestment program (“DRIP”). 34 Table of Contents LPL FINANCIAL HOLDINGS INC. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited) The following table summarizes the Company’s financial assets and financial liabilities measured at fair value on a recurring basis (in thousands): December 31, 2025 Level 1 Level 2 Level 3 Total Assets Cash equivalents $ 104,377 $ — $ — $ 104,377 Cash equivalents segregated under federal or other regulations 821,334 — — 821,334 Restricted cash 127,585 — — 127,585 Investment securities — trading: U.S. treasury obligations 40,029 — — 40,029 Mutual funds 33,559 — — 33,559 Equity securities 2,505 — — 2,505 Debt securities — 15 — 15 Total investment securities — trading 76,093 15 — 76,108 Other assets: Deferred compensation plan 1,097,514 — — 1,097,514 Fractional shares — investment (1) 371,683 — — 371,683 Other investments — 2,423 — 2,423 Total other assets 1,469,197 2,423 — 1,471,620 Total assets at fair value $ 2,598,586 $ 2,438 $ — $ 2,601,024 Liabilities Other liabilities: Securities sold, but not yet purchased: Equity securities $ 174 $ — $ — $ 174 Total securities sold, but not yet purchased 174 — — 174 Fractional shares — repurchase obligation (1) 371,683 — — 371,683 Contingent consideration — — 124,038 124,038 Total other liabilities 371,857 — 124,038 495,895 Total liabilities at fair value $ 371,857 $ — $ 124,038 $ 495,895 ____________________ (1) Investment in and related repurchase obligation for fractional shares resulting from the Company’s DRIP. 35 Table of Contents LPL FINANCIAL HOLDINGS INC. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited) Fair Value of Financial Instruments Not Measured at Fair Value The following tables summarize the carrying values, fair values and fair value hierarchy level classification of financial instruments that are not measured at fair value (in thousands): June 30, 2026 Carrying Value Level 1 Level 2 Level 3 Total Fair Value Assets Cash $ 1,219,850 $ 1,219,850 $ — $ — $ 1,219,850 Cash segregated under federal or other regulations 897,010 897,010 — — 897,010 Restricted cash 94,430 94,430 — — 94,430 Receivables from clients, net 994,139 — 994,139 — 994,139 Receivables from brokers, dealers and clearing organizations 244,302 — 244,302 — 244,302 Advisor repayable loans, net (1) 387,626 — — 310,764 310,764 Other receivables, net 1,427,985 — 1,427,985 — 1,427,985 Investment securities — held-to-maturity securities 15,493 — 15,442 — 15,442 Other assets: Securities borrowed 3,506 — 3,506 — 3,506 Deferred compensation plan (2) 13,481 13,481 — — 13,481 Other investments (3) 7,259 — 7,259 — 7,259 Total other assets 24,246 13,481 10,765 — 24,246 Liabilities Client payables $ 2,256,333 $ — $ 2,256,333 $ — $ 2,256,333 Payables to brokers, dealers and clearing organizations 599,397 — 599,397 — 599,397 Corporate debt and other borrowings, net 7,460,510 — 7,497,955 — 7,497,955