Analyst Consensus ?
ConsensusBuy27 ratings
Bullish1659.3%
Neutral1037.0%
Bearish13.7%
1 unmapped firm rating excluded from the percentages.
LPL Financial Holdings Inc. · LPLA · FY2025 Q4 · Calendar Q1 2026
LPL posts record Q4 EPS as Commonwealth integration shapes the outlook
LPL's Q4 results support a constructive operating picture: organic asset growth and record adjusted EPS coincided with improving operating leverage. The durability of that growth depends on Commonwealth integration and retention, recruiting conversion, and the effect of rate changes on cash-sweep economics.
Reported After market closeNASDAQFinancial Services
$22.34B market cap
100quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$5.23
Consensus $4.92
EPS surprise
+6.3%
Reported versus consensus
Reported revenue
$4.93B
Consensus $4.91B
Revenue surprise
+0.5%
Reported versus consensus
Market reaction
event-close to next-session close
Stock move
+0.5%
Event window
SPY move
-0.3%
Same window
Abnormal move
+0.8%
Stock minus SPY
Volume
2.2×
Versus trailing sessions
Subsequent drift
-16.0%
Up to 20 sessions
LPLASPY benchmark
Ask FN2 about LPLA FY2025 Q4
Transcript, numbers and history already loaded
Why did LPLA rise 0.5% after beating EPS estimates in FY2025 Q4?What changed in LPLA's guidance and outlook in FY2025 Q4?Give me the bull and bear case for LPLA after FY2025 Q4 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
Compared with Q3 2025, management's analysis points to total assets rising from $2.3 trillion to a record $2.4 trillion and adjusted EPS increasing from $5.20 to $5.23. The Q4 analysis also highlights 8% year-over-year organic asset growth, while Commonwealth integration and its expected EBITDA contribution remain central to the outlook.
Guidance delta
Guidance sentiment was characterized as maintained. The supplied analysis identifies no guidance reset; management expects a $425 million run-rate EBITDA contribution from Commonwealth once integrated, while buybacks remain paused pending the leverage target.
Key takeaways
- Adjusted EPS of $5.23 exceeded the $4.92 estimate; revenue of about $4.93 billion was modestly above the roughly $4.91 billion estimate.
- Organic assets grew 8% year over year, and total assets reached a record $2.4 trillion.
- Management described Commonwealth integration as progressing and cited an expected $425 million run-rate EBITDA contribution once fully integrated.
- Operating leverage improved, with G&A below the outlook range and pretax margin around 36%, according to the supplied call analysis.
Management priorities
- Complete Commonwealth integration and implement its target operating model.
- Convert adviser recruiting activity into net new assets and expand affiliation models.
- Continue automation, AI and technology work to improve efficiency and client experience.
- Resume share repurchases only after leverage reaches the stated target.
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Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$283.74Current
$174Low
$358.86Average
$554High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Nov 2, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| UBS | Buy | Buy | Maintain | Oct 29, 2026 |
| Wells Fargo | Overweight | Overweight | Maintain | Oct 28, 2026 |
| Truist Securities | Hold | Hold | Maintain | Oct 28, 2026 |
| TD Cowen | Hold | Hold | Maintain | Oct 28, 2026 |
| JP Morgan | Overweight | Overweight | Maintain | Oct 28, 2026 |
| Barclays | Overweight | Overweight | Maintain | Oct 28, 2026 |
| Morgan Stanley | Overweight | Overweight | Maintain | Oct 9, 2026 |
| BMO Capital | Outperform | Outperform | Maintain | Oct 6, 2026 |
| Citizens | Market Outperform | Market Outperform | Maintain | Oct 5, 2026 |
| B of A Securities | Buy | Buy | Maintain | Oct 5, 2026 |
| Keefe, Bruyette & Woods | Outperform | Outperform | Maintain | Jul 31, 2026 |
| Keefe Bruyette | Outperform | Outperform | Maintain | Apr 8, 2026 |
| Raymond James | Underperform | Upgrade | Oct 9, 2025 | |
| Rothschild & Co Redburn | Neutral | Buy | Downgrade | Sep 19, 2025 |
| Citigroup | Sell | Neutral | Downgrade | Jul 9, 2025 |
| Redburn Atlantic | Buy | Neutral | Upgrade | Jun 9, 2025 |
| JMP Securities | Market Outperform | Market Outperform | Maintain | Oct 9, 2024 |
| Jefferies | Buy | Buy | Maintain | Oct 4, 2024 |
| Goldman Sachs | Buy | Buy | Maintain | Sep 26, 2024 |
| Credit Suisse | Neutral | Neutral | Maintain | Apr 28, 2023 |
| Compass Point | Neutral | Buy | Downgrade | May 8, 2019 |
| Bernstein | Outperform | Outperform | Maintain | Apr 10, 2018 |
| Nomura | Buy | Buy | Maintain | Feb 2, 2018 |
| Keefe Bruyette & Woods | Market Perform | Market Perform | Maintain | Jul 29, 2016 |
| SunTrust Robinson Humphrey | Neutral | Neutral | Maintain | Jun 2, 2016 |
| Susquehanna | Neutral | Negative | Upgrade | Feb 5, 2016 |
| S&P Capital IQ | Hold | Buy | Downgrade | Jan 2, 2014 |
| Bank of America | Neutral | Neutral | Maintain | Feb 21, 2012 |
Named analyst price targets
Upside is calculated against the persisted current price $283.74. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Goldman Sachs | Alexander Blostein | $400 | $317.56 | +41.0% | Oct 28, 2026 |
| Truist Financial | Analyst unavailable | $354 | $323.67 | +24.8% | Oct 13, 2026 |
| Morgan Stanley | Analyst unavailable | $393 | $328 | +38.5% | Oct 9, 2026 |
| Barclays | Analyst unavailable | $409 | $332.39 | +44.1% | Oct 7, 2026 |
| UBS | Analyst unavailable | $390 | $332.39 | +37.4% | Oct 7, 2026 |
| Capital One Financial | Analyst unavailable | $370 | $335.59 | +30.4% | Oct 6, 2026 |
| Oppenheimer | Analyst unavailable | $554 | $316.44 | +95.2% | Oct 5, 2026 |
| Wells Fargo | Daniel Welden | $362 | $312.15 | +27.6% | Oct 1, 2026 |
| Truist Financial | David Smith | $389 | $370.14 | +37.1% | Sep 1, 2026 |
| Wolfe Research | Analyst unavailable | $454 | $371.19 | +60.0% | Aug 12, 2026 |
| BMO Capital | Analyst unavailable | $390 | $353.7 | +37.4% | Aug 3, 2026 |
| Barclays | Analyst unavailable | $401 | $339.17 | +41.3% | Jul 31, 2026 |
| Morgan Stanley | Analyst unavailable | $387 | $314.31 | +36.4% | Jul 10, 2026 |
| Barclays | Analyst unavailable | $394 | $311.41 | +38.9% | Jul 9, 2026 |
| Barclays | Analyst unavailable | $412 | $334.13 | +45.2% | May 1, 2026 |
| Morgan Stanley | Michael Cyprys | $374 | $307.94 | +31.8% | Apr 10, 2026 |
| UBS | Analyst unavailable | $500 | $376.33 | +76.2% | Feb 3, 2026 |
| Wolfe Research | Analyst unavailable | $478 | $362.28 | +68.5% | Jan 30, 2026 |
| Barclays | Benjamin Budish | $434 | $362.71 | +53.0% | Jan 30, 2026 |
| Barclays | Analyst unavailable | $444 | $359.38 | +56.5% | Jan 8, 2026 |
| Wolfe Research | Analyst unavailable | $486 | $365.74 | +71.3% | Jan 7, 2026 |
| Morgan Stanley | Analyst unavailable | $447 | $362.46 | +57.5% | Dec 22, 2025 |
| Barclays | Analyst unavailable | $453 | $387.5 | +59.7% | Dec 12, 2025 |
| UBS | Michael Brown | $406 | $386.99 | +43.1% | Dec 11, 2025 |
| JMP Securities | Analyst unavailable | $475 | $338.49 | +67.4% | Oct 31, 2025 |
| Barclays | Analyst unavailable | $420 | $338.49 | +48.0% | Oct 31, 2025 |
| Goldman Sachs | Alexander Blostein | $421 | $338.49 | +48.4% | Oct 31, 2025 |
| UBS | Analyst unavailable | $455 | $325.13 | +60.4% | Oct 9, 2025 |
| Barclays | Benjamin Budish | $411 | $317.32 | +44.9% | Oct 8, 2025 |
| Morgan Stanley | Analyst unavailable | $462 | $323.33 | +62.8% | Oct 1, 2025 |
| Barclays | Analyst unavailable | $460 | $362.83 | +62.1% | Sep 2, 2025 |
| Barclays | Benjamin Budish | $379 | $335.64 | +33.6% | Jan 13, 2025 |
| Wells Fargo | Michael Brown | $285 | $245.83 | +0.4% | Oct 9, 2024 |
| Goldman Sachs | Alexander Blostein | $271 | $230.35 | -4.5% | Sep 25, 2024 |
| Bank of America Securities | Craig Siegenthaler | $268 | $221.58 | -5.5% | Jul 30, 2024 |
| JMP Securities | Devin Ryan | $310 | $239.2 | +9.3% | Jul 26, 2024 |
| Barclays | Benjamin Budish | $273 | $239.2 | -3.8% | Jul 26, 2024 |
| Barclays | Benjamin Budish | $313 | $273.22 | +10.3% | Jul 10, 2024 |
| Jefferies | Gerald O'Hara | $334 | $272.66 | +17.7% | Jul 8, 2024 |
| Barclays | Benjamin Budish | $319 | $269.13 | +12.4% | May 1, 2024 |
| JMP Securities | Devin Ryan | $305 | $261.3 | +7.5% | Apr 9, 2024 |
| Morgan Stanley | Michael Cyprys | $315 | $261.3 | +11.0% | Apr 9, 2024 |
| UBS | Analyst unavailable | $250 | $216.94 | -11.9% | Aug 4, 2022 |
| Morgan Stanley | Analyst unavailable | $246 | $191.25 | -13.3% | Apr 29, 2022 |
| Compass Point | Christopher Allen | $195 | $163.51 | -31.3% | Oct 29, 2021 |
| Wells Fargo | Christopher Harris | $174 | $155.69 | -38.7% | Apr 30, 2021 |
| Barclays | Jeremy Campbell | $175 | $155.69 | -38.3% | Apr 30, 2021 |
Track every rating change on LPLA the moment it posts. Free to start.
Start freeCompany context
Snapshot as of publicationLPL Financial Holdings Inc., operating through its subsidiaries, delivers an integrated ecosystem of brokerage and investment advisory solutions. These services are primarily aimed at independent financial professionals and advisors affiliated with financial institutions across the United States. The firm's brokerage division offers a diverse range of financial instruments, encompassing various annuities (both variable and fixed), mutual funds, equities, and savings vehicles for retirement and education. It also includes fixed income products, insurance, and specialized alternative investments such as non-traded real estate investment trusts and auction rate notes.…
Historical context
All LPLA earningsFinancial Services peers this season
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| AJG Arthur J. Gallagher & Co. | FY2026 Q3 · Calendar Q4 2026 | +0.3% | +2.9% | AJG: Q3 growth and AssuredPartners synergies support outlook |
Latest beats and misses
Who reports nextBeat on EPS
- CHDFY2026 Q3 · October 30, 2026+2.2% EPS+1.2% move
- AZNFY2026 Q3 · October 30, 2026+7.3% EPS+7.0% move
- FRTFY2026 Q3 · October 30, 2026+3.9% EPS-1.1% move
- CVXFY2026 Q3 · October 30, 2026+8.4% EPS+1.8% move
- BTSGFY2026 Q3 · October 30, 2026+14.2% EPS+11.1% move
- EXCFY2026 Q3 · October 30, 2026+10.4% EPS+0.5% move
Missed on EPS
- GLPIFY2026 Q3 · October 29, 2026-11.5% EPS-1.3% move
- LYBFY2026 Q3 · October 30, 2026-1.2% EPS+5.0% move
- CCJFY2026 Q3 · October 30, 2026-101.4% EPS-7.9% move
- VALEFY2026 Q3 · October 29, 2026-24.6% EPS+1.9% move
- DLR-PLFY2026 Q3 · October 29, 2026-8.4% EPS— move
- DLR-PKFY2026 Q3 · October 29, 2026-8.4% EPS— move
Get the LPLA recap when the next report posts
One email per quarter with the scorecard, the market reaction and what changed on the call. No account needed.
Sources
- Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
- FN2 earnings calendar · 2026-07-26T00:37:12.209961+00:00
- Polygon adjusted daily market bars · 2026-11-02T00:50:43.485172+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-11-02T00:50:43.482396+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated · As of 2026-11-02. For educational purposes only; not investment advice.