LPL Financial Announces Third Quarter 2026 Results

Key Financial Results

• Net income was $357 million, translating to diluted earnings per share ("EPS") of $4.52
• Adjusted EPS* increased 15% year-over-year to $5.97
  • Gross profit* increased 12% year-over-year to $1,662 million
  • Core G&A* increased 11% year-over-year to $532 million
  • Adjusted pre-tax income* increased 13% year-over-year to $641 million
    

Key Business Results

• Total client assets increased 11% year-over-year to $2.6 trillion
  • Advisory assets increased 16% year-over-year to $1.6 trillion
  • Advisory assets as a percentage of total client assets increased to 60.9%, up from 58.2% a year ago
• Total organic net new assets were $29 billion, representing 5% annualized growth
• Recruited assets⁽¹⁾ were $24 billion, down 26% from a year ago
  • Recruited assets over the trailing twelve months were $81 billion
• Total client cash balances were $57 billion, consistent with prior quarter and an increase of $1 billion year-over-year
  • Client cash balances as a percentage of total client assets were 2.2%, consistent with prior quarter and down from 2.4% in the prior year

Key Capital and Liquidity Measures

• Corporate cash⁽²⁾ was $563 million
• Leverage ratio⁽³⁾ was 1.93x
• Share repurchases were $301 million and dividends paid were $24 million
  

Key Updates

M&A:

• Commonwealth Financial Network ("Commonwealth"): On track to complete the conversion in the fourth quarter of 2026
  • Asset retention is now expected to be approximately 83%
  • Estimated run-rate EBITDA is now expected to be $415 million
• Liquidity & Succession: Deployed approximately $20 million of capital to close three deals in Q3

Core G&A:

• Given our performance to date, we are narrowing our 2026 Core G&A* outlook range to $2,140-2,160 million, including expenses related to Commonwealth
  

Capital Management:

• Dividend: The Company's Board of Directors declared a $0.30 per share dividend to be paid on November 30, 2026 to all stockholders of record as of November 12, 2026
  

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

SAN DIEGO, Oct. 27, 2026 (GLOBE NEWSWIRE) -- LPL Financial Holdings Inc. (Nasdaq: LPLA) (the "Company") today announced results for its third quarter ended September 30, 2026, reporting net income of $357 million, or $4.52 per share. This compares with a net loss of $30 million, or $0.37 per share, in the third quarter of 2025 and net income of $379 million, or $4.74 per share, in the prior quarter.

"After an outstanding first half of the year, we delivered another quarter of strong business performance and excellent financial results, while making meaningful progress on key strategic initiatives,” said Rich Steinmeier, CEO. “We delivered improved organic growth, advanced our preparation to onboard Commonwealth, and began the roll out of our proprietary AI agent, Cyan, to advisors. These accomplishments underscore the strength of our platform and our continued focus on delivering unmatched value for advisors and their clients."

"The team delivered another quarter of outstanding results, highlighted by strong organic growth and record adjusted earnings per share, all while advancing our advisor experience and executing on our capital allocation strategy," said Matt Audette, President and CFO. “These efforts position us to sustain that momentum through year-end and into 2027."

Conference Call and Additional Information

The Company will hold a conference call to discuss its results at 5:00 p.m. ET on Tuesday, October 27, 2026. The conference call will be accessible and available for replay at investor.lpl.com/events.

Contacts

Investor Relations
investor.relations@lplfinancial.com

Media Relations
media.relations@lplfinancial.com

About LPL Financial
LPL Financial Holdings Inc. (Nasdaq: LPLA) is among the fastest growing wealth management firms in the U.S. As a leader in the financial advisor-mediated marketplace⁽⁴⁾, LPL supports more than 32,000 financial advisors and the wealth management practices of approximately 1,100 financial institutions, servicing and custodying approximately $2.6 trillion in brokerage and advisory assets on behalf of approximately 8 million Americans. The firm provides a wide range of advisor affiliation models, investment solutions, fintech tools and practice management services, ensuring that advisors and institutions have the flexibility to choose the business model, services, and technology resources they need to run thriving businesses. For further information about LPL, please visit www.lpl.com. 

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

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

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

Forward-Looking Statements

This press release contains statements regarding:

• the Company’s retention of Commonwealth assets and Commonwealth’s future financial and operating performance;
• run-rate EBITDA expectations in connection with the Company’s acquisition of Commonwealth;
• the amount and timing of the onboarding of acquired, recruited or transitioned brokerage and advisory assets, including Commonwealth;
• the Company's plans to invest to drive growth and increase efficiency while scaling its business;
• the Company’s recruitment pipeline and expected organic growth;
• the Company's future financial and operating results, growth, plans, priorities and business strategies, including forecasts and statements related to the Company's ICA yield, service and fee revenue, transaction revenue, core G&A expense, interest expense and income, leverage ratio (including plans to reduce leverage), pricing and fees (including their effect on adjusted pre-tax margin), corporate cash, run-rate EBITDA, depreciation and amortization, operating leverage, pre-tax margin, transition assistance loan amortization, organic growth, payout rate, tax rate and share repurchases; and
• future capabilities, including the timing and extent of the Company's expansion of access to Cyan, future advisor service experience, future investments and capital deployment, including share repurchase activity and dividends, if any, and long-term shareholder value.
  

These and any other statements that are not related to present facts or current conditions, or that are not purely historical, constitute forward-looking statements. They reflect the Company's expectations and objectives as of October 27, 2026 and are not guarantees that expectations or objectives expressed or implied will be achieved. The achievement of such expectations and objectives involves risks and uncertainties that may cause actual results, levels of activity or the timing of events to differ materially from those expressed or implied by forward-looking statements. Important factors that could cause or contribute to such differences include:

• difficulties and delays in onboarding the assets of acquired, recruited or transitioned advisors, including the receipt and timing of regulatory approvals that may be required;
• disruptions in the businesses of the Company and Commonwealth that could make it more difficult to maintain relationships with advisors and their clients;
• the choice by clients of acquired or recruited advisors not to open brokerage and/or advisory accounts at the Company;
• changes in general economic and financial market conditions, including retail investor sentiment;
• changes in interest rates and fees payable by banks participating in the Company's client cash programs, including the Company's success in negotiating agreements with current or additional counterparties;
• the Company's strategy and success in managing client cash program fees;
• fluctuations in the levels of advisory and brokerage assets, including net new assets, and the related impact on revenue;
• effects of competition in the financial services industry and the success of the Company in attracting and retaining financial advisors and institutions, and their ability to provide financial products and services effectively;
• whether retail investors served by newly-recruited advisors choose to move their respective assets to new accounts at the Company;
• changes in the growth and profitability of the Company's fee-based offerings and asset-based revenues;
• the effect of current, pending and future legislation, regulation and regulatory actions, including disciplinary actions imposed by federal and state regulators and self-regulatory organizations;
• the cost of defending, settling and remediating issues related to regulatory matters or legal proceedings, including civil monetary penalties or actual costs of reimbursing customers for losses in excess of our reserves or insurance;
• changes made to the Company's services and pricing, including in response to competitive developments and current, pending and future legislation, regulation and regulatory actions, and the effect that such changes may have on the Company’s gross profit streams and costs;
• the execution of the Company's capital management plans, including its compliance with the terms of the Company's amended and restated credit agreement, the committed revolving credit facilities of the Company and LPL Financial, and the indentures governing the Company's senior unsecured notes;
• strategic acquisitions and investments, including pursuant to the Company's Liquidity & Succession solution, and the effect that such acquisitions and investments may have on the Company’s capital management plans and liquidity;
• the price, availability and trading volumes of shares of the Company's common stock, which will affect the timing and size of future share repurchases by the Company, if any;
• the execution of the Company's plans and its success in realizing the synergies, expense savings, service improvements or efficiencies expected to result from its investments, initiatives and acquisitions, expense plans and technology initiatives;
• whether advisors affiliated with Commonwealth will transition registration to the Company and whether assets reported as serviced by such financial advisors will translate into assets of the Company;
• the performance of third-party service providers to which business processes have been transitioned;
• the Company's ability to control operating risks, information technology systems risks, cybersecurity risks and sourcing risks; and
• the other factors set forth in the Company's most recent Annual Report on Form 10-K, as may be amended or updated in the Company's Quarterly Reports on Form 10-Q or other filings with the Securities and Exchange Commission. 
  

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

LPL Financial Holdings Inc. Condensed Consolidated Statements of Income (In thousands, except per share data) (Unaudited)
	Three Months Ended						Three Months Ended
	September 30,		June 30,				September 30,
	2026		2026		Change			2025		Change
REVENUE
Advisory	$	2,872,928	$	2,632,405	9	%	$	2,210,499		30	%
Commission:
Sales-based		742,852		728,155	2	%		695,029		7	%
Trailing		507,904		503,918	1	%		492,426		3	%
Total commission		1,250,756		1,232,073	2	%		1,187,455		5	%
Asset-based:
Client cash		461,471		443,501	4	%		428,190		8	%
Other asset-based		400,613		391,643	2	%		354,090		13	%
Total asset-based		862,084		835,144	3	%		782,280		10	%
Service and fee		218,055		208,879	4	%		174,715		25	%
Transaction		79,120		83,216	(5	%)		67,260		18	%
Interest income, net		48,699		46,527	5	%		60,859		(20	%)
Other		12,388		148,379	(92	%)		68,909		(82	%)
Total revenue		5,344,030		5,186,623	3	%		4,551,977		17	%
EXPENSE
Advisory and commission		3,632,732		3,507,164	4	%		3,025,274		20	%
Compensation and benefits		358,512		355,612	1	%		585,409		(39	%)
Promotional		235,733		220,030	7	%		208,547		13	%
Occupancy and equipment		149,380		125,542	19	%		299,680		(50	%)
Depreciation and amortization		117,287		109,805	7	%		99,722		18	%
Interest expense on borrowings		105,834		101,502	4	%		106,295		—	%
Amortization of other intangibles		72,844		70,886	3	%		64,706		13	%
Professional services		53,250		50,757	5	%		75,507		(29	%)
Brokerage, clearing and exchange		49,139		52,018	(6	%)		43,282		14	%
Communications and data processing		23,978		26,200	(8	%)		23,060		4	%
Other		60,215		51,603	17	%		54,606		10	%
Total expense		4,858,904		4,671,119	4	%		4,586,088		6	%
INCOME (LOSS) BEFORE PROVISION FOR (BENEFIT FROM) INCOME TAXES		485,126		515,504	(6	%)		(34,111	)	n/m
PROVISION FOR (BENEFIT FROM) INCOME TAXES		128,565		136,243	(6	%)		(4,594	)	n/m
NET INCOME (LOSS)	$	356,561	$	379,261	(6	%)	$	(29,517	)	n/m
EARNINGS (LOSS) PER SHARE
Earnings (loss) per share, basic	$	4.53	$	4.75	(5	%)	$	(0.37	)	n/m
Earnings (loss) per share, diluted	$	4.52	$	4.74	(5	%)	$	(0.37	)	n/m
Weighted-average shares outstanding, basic		78,658		79,791	(1	%)		80,017		(2	%)
Weighted-average shares outstanding, diluted		78,968		80,032	(1	%)		80,357		(2	%)

LPL Financial Holdings Inc. Condensed Consolidated Statements of Income (In thousands, except per share data) (Unaudited)
	Nine Months Ended
	September 30,
	2026		2025		Change
REVENUE
Advisory	$	8,120,380	$	5,617,482	45	%
Commission:
Sales-based		2,176,422		1,924,859	13	%
Trailing		1,498,441		1,348,440	11	%
Total commission		3,674,863		3,273,299	12	%
Asset-based:
Client cash		1,350,297		1,217,553	11	%
Other asset-based		1,167,736		962,315	21	%
Total asset-based		2,518,033		2,179,868	16	%
Service and fee		637,918		471,753	35	%
Transaction		242,878		195,665	24	%
Interest income, net		140,406		181,651	(23	%)
Other		134,609		137,291	(2	%)
Total revenue		15,469,087		12,057,009	28	%
EXPENSE
Advisory and commission		10,431,105		7,862,364	33	%
Compensation and benefits		1,082,864		1,210,055	(11	%)
Promotional		664,163		531,744	25	%
Occupancy and equipment		393,445		458,363	(14	%)
Depreciation and amortization		332,843		288,309	15	%
Interest expense on borrowings		307,628		297,793	3	%
Amortization of other intangibles		210,960		154,330	37	%
Brokerage, clearing and exchange		156,632		130,710	20	%
Professional services		154,388		152,925	1	%
Communications and data processing		73,645		63,983	15	%
Other		176,200		154,487	14	%
Total expense		13,983,873		11,305,063	24	%
INCOME BEFORE PROVISION FOR INCOME TAXES		1,485,214		751,946	98	%
PROVISION FOR INCOME TAXES		392,988		189,641	107	%
NET INCOME	$	1,092,226	$	562,305	94	%
EARNINGS PER SHARE
Earnings per share, basic	$	13.74	$	7.19	91	%
Earnings per share, diluted	$	13.68	$	7.15	91	%
Weighted-average shares outstanding, basic		79,515		78,220	2	%
Weighted-average shares outstanding, diluted		79,814		78,594	2	%

LPL Financial Holdings Inc. Condensed Consolidated Statements of Financial Condition (In thousands, except share data) (Unaudited)
	September 30, 2026			June 30, 2026			December 31, 2025
ASSETS
Cash and equivalents	$	1,059,019		$	1,275,690		$	1,037,378
Cash and equivalents segregated under federal or other regulations		1,694,088			1,420,167			1,792,064
Restricted cash		149,970			232,889			225,298
Receivables from clients, net		1,119,673			994,139			803,206
Receivables from brokers, dealers and clearing organizations		110,715			244,302			70,897
Advisor loans, net		3,979,817			3,889,372			3,681,512
Other receivables, net		1,323,879			1,427,985			1,203,539
Investment securities ($140,282, $188,006, and $76,108 at fair value at September 30, 2026, June 30, 2026, and December 31, 2025, respectively)		155,287			203,499			91,528
Property and equipment, net		1,681,641			1,569,647			1,409,376
Goodwill		2,699,747			2,681,661			2,644,723
Other intangibles, net		3,472,226			3,433,597			3,330,788
Other assets		2,424,558			2,418,172			2,202,444
Total assets	$	19,870,620		$	19,791,120		$	18,492,753
LIABILITIES AND STOCKHOLDERS’ EQUITY
LIABILITIES:
Client payables	$	2,256,906		$	2,256,333		$	2,308,275
Payables to brokers, dealers and clearing organizations		217,055			599,397			150,520
Accrued advisory and commission expenses payable		403,041			381,255			361,623
Corporate debt and other borrowings, net		7,802,917			7,460,510			7,258,694
Accounts payable and accrued liabilities		782,312			812,156			821,641
Other liabilities		2,596,071			2,524,629			2,247,515
Total liabilities		14,058,302			14,034,280			13,148,268
STOCKHOLDERS’ EQUITY:
Common stock, $0.001 par value; 600,000,000 shares authorized; 136,850,801, 136,822,289, and 136,637,544 shares issued at September 30, 2026, June 30, 2026, and December 31, 2025, respectively		137			137			136
Additional paid-in capital		3,924,639			3,898,694			3,843,017
Treasury stock, at cost — 58,540,091, 57,660,516, and 56,576,672 shares at September 30, 2026, June 30, 2026, and December 31, 2025, respectively		(4,968,083	)		(4,664,666	)		(4,333,725	)
Retained earnings		6,855,625			6,522,675			5,835,057
Total stockholders’ equity		5,812,318			5,756,840			5,344,485
Total liabilities and stockholders’ equity	$	19,870,620		$	19,791,120		$	18,492,753

LPL Financial Holdings Inc.
Management's Statements of Operations
(In thousands, except per share data)
(Unaudited)

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

	Quarterly Results
	Q3 2026			Q2 2026			Change		Q3 2025			Change
Gross Profit(5)
Advisory	$	2,872,928		$	2,632,405		9	%	$	2,210,499		30	%
Trailing commissions		507,904			503,918		1	%		492,426		3	%
Sales-based commissions		742,852			728,155		2	%		695,029		7	%
Advisory fees and commissions		4,123,684			3,864,478		7	%		3,397,954		21	%
Production-based payout(6)		(3,627,962	)		(3,378,961	)	7	%		(2,972,256	)	22	%
Advisory fees and commissions, net of payout		495,722			485,517		2	%		425,698		16	%
Client cash(7)		472,282			456,945		3	%		441,576		7	%
Other asset-based(8)		400,613			391,643		2	%		354,090		13	%
Service and fee		218,055			208,879		4	%		174,715		25	%
Transaction		79,120			83,216		(5	%)		67,260		18	%
Interest income, net(9)		37,853			33,027		15	%		47,468		(20	%)
Other revenue(10)		7,390			11,054		(33	%)		11,821		(37	%)
Total net advisory fees and commissions and attachment revenue		1,711,035			1,670,281		2	%		1,522,628		12	%
Brokerage, clearing and exchange expense		(49,139	)		(52,018	)	(6	%)		(43,282	)	14	%
Gross Profit(5)		1,661,896			1,618,263		3	%		1,479,346		12	%
G&A Expense
Core G&A(11)		532,205			519,272		2	%		477,323		11	%
Transition assistance loan amortization(12)		150,009			142,335		5	%		104,760		43	%
Promotional (ongoing)(12)(13)(14)		87,943			79,123		11	%		97,103		(9	%)
Employee share-based compensation		21,109			22,701		(7	%)		18,627		13	%
Regulatory charges		6,390			8,158		(22	%)		6,744		(5	%)
Acquisition costs(14)		83,149			48,977		70	%		538,177		(85	%)
Total G&A		880,805			820,566		7	%		1,242,734		(29	%)
EBITDA(15)		781,091			797,697		(2	%)		236,612		n/m
Interest expense on borrowings		105,834			101,502		4	%		106,295		—	%
Depreciation and amortization		117,287			109,805		7	%		99,722		18	%
Amortization of other intangibles		72,844			70,886		3	%		64,706		13	%
INCOME (LOSS) BEFORE PROVISION FOR (BENEFIT FROM) INCOME TAXES		485,126			515,504		(6	%)		(34,111	)	n/m
PROVISION FOR (BENEFIT FROM) INCOME TAXES		128,565			136,243		(6	%)		(4,594	)	n/m
NET INCOME (LOSS)	$	356,561		$	379,261		(6	%)	$	(29,517	)	n/m
Earnings (loss) per share, diluted	$	4.52		$	4.74		(5	%)	$	(0.37	)	n/m
Weighted-average shares outstanding, diluted		78,968			80,032		(1	%)		80,357		(2	%)
Adjusted EBITDA(15)	$	864,240		$	846,674		2	%	$	774,789		12	%
Adjusted pre-tax income(16)	$	641,119		$	635,367		1	%	$	568,772		13	%
Adjusted EPS(17)	$	5.97		$	5.84		2	%	$	5.20		15	%

LPL Financial Holdings Inc. Operating Metrics (Dollars in billions, except where noted) (Unaudited)
	Q3 2026			Q2 2026			Change	Q3 2025			Change
Market Drivers
S&P 500 Index (end of period)		7,652			7,499		2%		6,688		14%
Russell 2000 Index (end of period)		2,797			3,024		(8%)		2,436		15%
Fed Funds daily effective rate (average bps)		367			363		4bps		430		(63bps)
Client Assets(18)
Advisory	$	1,561.0		$	1,548.4		1%	$	1,346.9		16%
Brokerage		1,003.6			1,014.3		(1%)		967.7		4%
Total Client Assets	$	2,564.6		$	2,562.7		—%	$	2,314.5		11%
Advisory as a % of Total Client Assets		60.9	%		60.4	%	50bps		58.2	%	270bps
Assets by Platform
Corporate RIA advisory(19)	$	1,202.7		$	1,190.8		1%	$	1,022.1		18%
Independent RIA advisory(19)		358.3			357.6		—%		324.8		10%
Brokerage		1,003.6			1,014.3		(1%)		967.7		4%
Total Client Assets	$	2,564.6		$	2,562.7		—%	$	2,314.5		11%
Centrally Managed Assets
Centrally managed assets(20)	$	250.4		$	245.6		2%	$	203.1		23%
Centrally Managed as a % of Total Advisory Assets		16.0	%		15.9	%	10bps		15.1	%	90bps

LPL Financial Holdings Inc. Operating Metrics (Dollars in billions, except where noted) (Unaudited)
	Q3 2026			Q2 2026			Change	Q3 2025			Change
Organic Net New Assets (NNA)(21)
Advisory	$	33.1		$	30.2		n/m	$	29.6		n/m
Brokerage		(4.0	)		(7.1	)	n/m		3.1		n/m
Total Organic NNA	$	29.1		$	23.1		n/m	$	32.7		n/m
Acquired NNA(21)
Advisory	$	—		$	0.5		n/m	$	199.4		n/m
Brokerage		—			—		n/m		75.7		n/m
Total Acquired NNA	$	—		$	0.5		n/m	$	275.0		n/m
Total NNA(21)
Advisory	$	33.1		$	30.7		n/m	$	229.0		n/m
Brokerage		(4.0	)		(7.1	)	n/m		78.7		n/m
Total NNA	$	29.1		$	23.6		n/m	$	307.7		n/m
Net brokerage to advisory conversions(22)	$	7.4		$	8.8		n/m	$	8.0		n/m
Organic advisory NNA annualized growth(23)		8.5	%		8.7	%	n/m		11.2	%	n/m
Total organic NNA annualized growth(23)		4.5	%		4.0	%	n/m		6.8	%	n/m
Total Organic Advisory NNA(21)
Organic corporate RIA advisory	$	34.5		$	27.9		n/m	$	29.0		n/m
Organic independent RIA advisory		(1.4	)		2.3		n/m		0.6		n/m
Total Organic Advisory NNA	$	33.1		$	30.2		n/m	$	29.6		n/m
Organic centrally managed NNA(21)	$	8.4		$	7.9		n/m	$	9.9		n/m
Net buy (sell) activity(24)	$	41.9		$	39.7		n/m	$	41.8		n/m

Note: Totals may not foot due to rounding.

LPL Financial Holdings Inc. Client Cash Data (Dollars in thousands, except where noted) (Unaudited)
	Q3 2026			Q2 2026			Change	Q3 2025			Change
Client Cash Balances (in billions)(25)
Insured cash account sweep	$	37.8		$	38.4		(2%)	$	36.9		2%
Deposit cash account sweep		16.0			15.6		3%		13.0		23%
Total Bank Sweep		53.8			54.1		(1%)		49.9		8%
Money market sweep		1.0			1.1		(9%)		4.2		(76%)
Total Client Cash Sweep Held by Third Parties		54.8			55.2		(1%)		54.1		1%
Client cash account (CCA)		1.8			1.7		6%		1.8		—%
Total Client Cash Balances	$	56.6		$	56.9		(1%)	$	55.8		1%
Client Cash Balances as a % of Total Assets		2.2	%		2.2	%	—bps		2.4	%	(20bps)

Note: Totals may not foot due to rounding.

	Three Months Ended
	September 30, 2026					June 30, 2026					September 30, 2025
Interest-Earning Assets	Average Balance (in billions)		Revenue		Net Yield (bps)(26)	Average Balance (in billions)		Revenue		Net Yield (bps)(26)	Average Balance (in billions)		Revenue		Net Yield (bps)(26)
Insured cash account sweep	$	37.1	$	328,870	352	$	37.7	$	315,814	336	$	34.7	$	307,118	351
Deposit cash account sweep		15.1		131,642	346		14.9		126,571	341		11.8		118,957	401
Total Bank Sweep		52.2		460,512	350		52.6		442,385	337		46.5		426,075	364
Money market sweep		1.0		959	37		1.3		1,116	35		3.8		2,115	22
Total Client Cash Held By Third Parties		53.2		461,471	344		53.9		443,501	330		50.3		428,190	338
Client cash account (CCA)		1.6		10,811	265		1.8		13,444	303		1.5		13,386	365
Total Client Cash		54.8		472,282	342		55.7		456,945	329		51.8		441,576	339
Margin receivables		0.9		17,037	792		0.8		15,602	796		0.7		13,910	820
Other interest revenue		1.6		20,816	512		1.4		17,425	514		2.9		33,558	458
Total Client Cash and Interest Income, Net	$	57.3	$	510,135	353	$	57.9	$	489,972	340	$	55.3	$	489,044	351

Note: Totals may not foot due to rounding.

LPL Financial Holdings Inc. Monthly Metrics (Dollars in billions, except where noted) (Unaudited)
	September 2026			August 2026		Change	July 2026			June 2026
Client Assets(18)
Advisory	$	1,561.0		$	1,582.5	(1%)	$	1,544.2		$	1,548.4
Brokerage		1,003.6			1,019.4	(2%)		1,002.4			1,014.3
Total Client Assets	$	2,564.6		$	2,601.9	(1%)	$	2,546.6		$	2,562.7
Organic NNA(21)
Advisory	$	10.4		$	12.5	n/m	$	10.2		$	13.3
Brokerage		(2.2	)		0.9	n/m		(2.8	)		(2.0	)
Total Organic NNA	$	8.2		$	13.5	n/m	$	7.4		$	11.3
Acquired NNA(21)
Advisory	$	—		$	—	n/m	$	—		$	0.5
Brokerage		—			—	n/m		—			—
Total Acquired NNA	$	—		$	—	n/m	$	—		$	0.5
Total NNA(21)
Advisory	$	10.4		$	12.5	n/m	$	10.2		$	13.8
Brokerage		(2.2	)		0.9	n/m		(2.8	)		(2.0	)
Total NNA	$	8.2		$	13.5	n/m	$	7.4		$	11.8
Net brokerage to advisory conversions(22)	$	2.5		$	2.3	n/m	$	2.6		$	3.1
Client Cash Balances(25)
Insured cash account sweep	$	37.8		$	37.1	2%	$	36.8		$	38.4
Deposit cash account sweep		16.0			15.1	6%		15.0			15.6
Total Bank Sweep		53.8			52.2	3%		51.8			54.1
Money market sweep		1.0			1.0	—%		1.1			1.1
Total Client Cash Sweep Held by Third Parties		54.8			53.1	3%		52.8			55.2
Client cash account (CCA)		1.8			1.2	50%		1.5			1.7
Total Client Cash Balances	$	56.6		$	54.4	4%	$	54.3		$	56.9
Net buy (sell) activity(24)	$	13.3		$	13.8	n/m	$	14.7		$	13.1
Market Drivers
S&P 500 Index (end of period)		7,652			7,686	—%		7,490			7,499
Russell 2000 Index (end of period)		2,797			2,956	(5%)		2,931			3,024
Fed Funds daily effective rate (average bps)		375			363	12bps		363			363

Note: Totals may not foot due to rounding.

LPL Financial Holdings Inc. Financial Measures (Dollars in thousands, except where noted) (Unaudited)
	Q3 2026			Q2 2026			Change	Q3 2025			Change
Commission Revenue by Product
Annuities	$	748,473		$	727,746		3%	$	713,900		5%
Mutual funds		261,833			262,044		—%		258,167		1%
Fixed income		85,064			82,014		4%		66,550		28%
Equities		51,314			58,751		(13%)		51,475		—%
Other		104,072			101,518		3%		97,363		7%
Total commission revenue	$	1,250,756		$	1,232,073		2%	$	1,187,455		5%
Commission Revenue by Sales-based and Trailing
Sales-based commissions
Annuities	$	469,397		$	444,791		6%	$	438,927		7%
Fixed income		85,064			82,014		4%		66,550		28%
Equities		51,314			58,751		(13%)		51,475		—%
Mutual funds		48,527			53,993		(10%)		54,235		(11%)
Other		88,550			88,606		—%		83,842		6%
Total sales-based commissions	$	742,852		$	728,155		2%	$	695,029		7%
Trailing commissions
Annuities	$	279,076		$	282,955		(1%)	$	274,973		1%
Mutual funds		213,306			208,051		3%		203,932		5%
Other		15,522			12,912		20%		13,521		15%
Total trailing commissions	$	507,904		$	503,918		1%	$	492,426		3%
Total commission revenue	$	1,250,756		$	1,232,073		2%	$	1,187,455		5%
Payout Rate(6)		87.98	%		87.44	%	54bps		87.47	%	51bps

LPL Financial Holdings Inc. Capital Management Measures (Dollars in thousands, except where noted) (Unaudited)
	Q3 2026			Q2 2026			Q4 2025
Cash and equivalents	$	1,059,019		$	1,275,690		$	1,037,378
Cash at regulated subsidiaries		(985,736	)		(1,221,009	)		(925,356	)
Excess cash at regulated subsidiaries per the Credit Agreement		489,476			375,379			357,693
Corporate Cash(2)	$	562,759		$	430,060		$	469,715
Corporate Cash(2)
Cash at LPL Holdings, Inc.	$	44,960		$	16,807		$	19,368
Excess cash at regulated subsidiaries per the Credit Agreement		489,476			375,379			357,693
Cash at non-regulated subsidiaries		28,323			37,874			92,654
Corporate Cash	$	562,759		$	430,060		$	469,715
Leverage Ratio
Total debt	$	7,836,000		$	7,496,000		$	7,299,000
Total corporate cash		562,759			430,060			469,715
Credit Agreement Net Debt	$	7,273,241		$	7,065,940		$	6,829,285
Credit Agreement EBITDA (trailing twelve months)(27)	$	3,771,437		$	3,695,539		$	3,501,832
Leverage Ratio	1.93x			1.91x			1.95x

	September 30, 2026
Total Debt	Balance		Current Applicable Margin	Interest Rate		Maturity
Revolving Credit Facility(a)	$	616,000	ABR+37.5 bps / SOFR+147.5 bps	5.299	%	5/20/2029
Broker-Dealer Revolving Credit Facility		—	SOFR+125 bps	5.150	%	5/17/2027
Senior Unsecured Term Loan A		1,020,000	SOFR+125 bps(b)	5.151	%	12/5/2028
Senior Unsecured Notes		500,000	5.700% Fixed	5.700	%	5/20/2027
Senior Unsecured Notes		400,000	4.625% Fixed	4.625	%	11/15/2027
Senior Unsecured Notes		500,000	4.900% Fixed	4.900	%	4/3/2028
Senior Unsecured Notes		750,000	6.750% Fixed	6.750	%	11/17/2028
Senior Unsecured Notes		900,000	4.000% Fixed	4.000	%	3/15/2029
Senior Unsecured Notes		750,000	5.200% Fixed	5.200	%	3/15/2030
Senior Unsecured Notes		500,000	5.150% Fixed	5.150	%	6/15/2030
Senior Unsecured Notes		400,000	4.375% Fixed	4.375	%	5/15/2031
Senior Unsecured Notes		500,000	6.000% Fixed	6.000	%	5/20/2034
Senior Unsecured Notes		500,000	5.650% Fixed	5.650	%	3/15/2035
Senior Unsecured Notes		500,000	5.750% Fixed	5.750	%	6/15/2035
Total / Weighted Average	$	7,836,000		5.265	%

(a) Unsecured borrowing capacity of $2.25 billion at LPL Holdings, Inc.
(b) The SOFR rate option is a one-month SOFR rate and subject to an interest rate floor of 0 bps.

LPL Financial Holdings Inc. Key Business and Financial Metrics (Dollars in thousands, except where noted) (Unaudited)
	Q3 2026			Q2 2026			Change	Q3 2025			Change
Business Metrics
Advisors		32,597			32,475		—%		32,128		1%
Net new advisors		122			331		n/m		2,775		n/m
Annualized advisory fees and commissions per advisor(28)	$	507		$	478		6%	$	442		15%
Average total assets per advisor ($ in millions)(29)	$	78.7		$	78.9		—%	$	72.0		9%
Total client accounts (in millions)		11.9			11.8		1%		11.4		4%
Recruited AUM ($ in billions)	$	24.1		$	24.9		(3%)	$	32.6		(26%)
Employees		10,417			10,081		3%		10,116		3%
AUM retention rate (quarterly annualized)(30)		97.4	%		97.4	%	—bps		96.4	%	100bps
Capital Management
Capital expenditures ($ in millions)(31)	$	229.7		$	199.4		15%	$	142.2		62%
Acquisitions, net ($ in millions)(32)	$	102.2		$	102.7		—%	$	1,526.3		(93%)
Share repurchases ($ in millions)	$	300.6		$	309.5		(3%)	$	—		100%
Dividends ($ in millions)		23.6			24.0		(2%)		24.0		(2%)
Total Capital Returned ($ in millions)	$	324.2		$	333.5		(3%)	$	24.0		n/m

Non-GAAP Financial Measures

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

Adjusted EPS and Adjusted net income

Adjusted EPS is defined as adjusted net income, a non-GAAP measure defined as net income (loss) 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 (loss), earnings (loss) per diluted share or any other performance measure derived in accordance with GAAP. For a reconciliation of net income (loss) and earnings (loss) per diluted share to adjusted net income and adjusted EPS, please see the endnote disclosures in this release.

Gross profit

Gross profit is calculated as total revenue less advisory and commission expense; brokerage, clearing and exchange expense; and market fluctuations on employee deferred compensation. All other expense categories, including depreciation and amortization of property and equipment and amortization of other intangibles, are considered general and administrative in nature. Because the Company’s gross profit amounts do not include any depreciation and amortization expense, the Company considers gross profit to be a non-GAAP financial measure that may not be comparable to similar measures used by others in its industry. Management believes that gross profit can provide investors with useful insight into the Company’s core operating performance before indirect costs that are general and administrative in nature. For a calculation of gross profit, please see the endnote disclosures in this release.

Core G&A

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

EBITDA and Adjusted EBITDA

EBITDA is defined as net income (loss) plus interest expense on borrowings, provision for (benefit from) income taxes, depreciation and amortization, and amortization of other intangibles. Adjusted EBITDA is defined as EBITDA, a non-GAAP measure, plus acquisition costs. 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 (loss) or any other performance measure derived in accordance with GAAP. For a reconciliation of net income (loss) to EBITDA and adjusted EBITDA, please see the endnote disclosures in this release.

Adjusted pre-tax income

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

Credit Agreement EBITDA

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

Endnote Disclosures

(1)	Represents the estimated total client assets expected to transition to the Company's primary broker-dealer subsidiary, LPL Financial, in connection with advisors who transferred their licenses to LPL Financial during the period. The estimate is based on prior business reported by the advisors, which has not been independently and fully verified by LPL Financial. The actual transition of client assets to LPL Financial generally occurs over several quarters and the actual amount transitioned may vary from the estimate.
(2)	Corporate cash, a component of cash and equivalents, is the sum of cash and equivalents from the following: (1) cash and equivalents held at LPL Holdings, Inc., (2) cash and equivalents held at regulated subsidiaries as defined by the Company's Credit Agreement, which include LPL Financial, LPL Enterprise, LLC, The Private Trust Company, N.A., and Commonwealth Equity Services, LLC ("CES"), in excess of the capital requirements of the Company's Credit Agreement and (3) cash and equivalents held at non-regulated subsidiaries.
(3)	Compliance with the Leverage Ratio is only required under the Company's revolving credit facility.
(4)	The Company was named a Top RIA custodian (Cerulli Associates, 2025 U.S. RIA Marketplace Report); and, among third-party providers of brokerage services to banks and credit unions, No. 1 in Market Share of AUM from Financial Institutions and No. 1 in Share of Advisors (Cerulli Associates, 2025 U.S. Broker-Dealer Marketplace Report). Commonwealth and the Company ranked No. 1 and No. 2, respectively, in the JD Power 2026 Independent Advisor Satisfaction survey.
(5)	Gross profit is a non-GAAP financial measure. Please see a description of gross profit under the "Non-GAAP Financial Measures" section of this release for additional information. Below is a calculation of gross profit for the periods presented (in thousands):

		Q3 2026		Q2 2026		Q3 2025
	Total revenue	$	5,344,030		5,186,623	$	4,551,977
	Advisory and commission expense		3,632,732		3,507,164		3,025,274
	Brokerage, clearing and exchange expense		49,139		52,018		43,282
	Employee deferred compensation		263		9,178		4,075
	Gross profit	$	1,661,896	$	1,618,263	$	1,479,346

(6)

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

		Q3 2026			Q2 2026			Q3 2025
	Advisory and commission expense	$	3,632,732		$	3,507,164		$	3,025,274
	Plus (Less): Advisor deferred compensation		(4,770	)		(128,203	)		(53,018	)
	Production-based payout	$	3,627,962		$	3,378,961		$	2,972,256
	Advisory and commission revenue	$	4,123,684		$	3,864,478		$	3,397,954
	Payout rate		87.98	%		87.44	%		87.47	%

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

		Q3 2026			Q2 2026			Q3 2025
	Client cash on Management's Statements of Operations	$	472,282		$	456,945		$	441,576
	Interest income on CCA balances segregated under federal or other regulations(9)		(10,811	)		(13,444	)		(13,386	)
	Client cash on Condensed Consolidated Statements of Income	$	461,471		$	443,501		$	428,190

(8)	Consists of revenue from the Company's sponsorship programs with financial product manufacturers, omnibus processing and networking services but does not include fees from client cash programs.
(9)	Below is a reconciliation of interest income, net per Management's Statements of Operations to interest income, net on the Company's condensed consolidated statements of income for the periods presented (in thousands):

		Q3 2026		Q2 2026		Q3 2025
	Interest income, net on Management's Statements of Operations	$	37,853	$	33,027	$	47,468
	Interest income on CCA balances segregated under federal or other regulations(7)		10,811		13,444		13,386
	Interest income on deferred compensation(10)		35		56		5
	Interest income, net on Condensed Consolidated Statements of Income	$	48,699	$	46,527	$	60,859

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

      

		Q3 2026			Q2 2026			Q3 2025
	Other revenue on Management's Statements of Operations	$	7,390		$	11,054		$	11,821
	Interest income on deferred compensation(9)		(35	)		(56	)		(5	)
	Deferred compensation		5,033			137,381			57,093
	Other revenue on Condensed Consolidated Statements of Income	$	12,388		$	148,379		$	68,909

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

         

		Q3 2026			Q2 2026			Q3 2025
	Core G&A Reconciliation
	Total expense	$	4,858,904		$	4,671,119		$	4,586,088
	Advisory and commission		(3,632,732	)		(3,507,164	)		(3,025,274	)
	Depreciation and amortization		(117,287	)		(109,805	)		(99,722	)
	Interest expense on borrowings		(105,834	)		(101,502	)		(106,295	)
	Brokerage, clearing and exchange		(49,139	)		(52,018	)		(43,282	)
	Amortization of other intangibles		(72,844	)		(70,886	)		(64,706	)
	Employee deferred compensation		(263	)		(9,178	)		(4,075	)
	Total G&A		880,805			820,566			1,242,734
	Transition assistance loan amortization(12)		(150,009	)		(142,335	)		(104,760	)
	Promotional (ongoing)(12)(13)(14)		(87,943	)		(79,123	)		(97,103	)
	Acquisition costs(14)		(83,149	)		(48,977	)		(538,177	)
	Employee share-based compensation		(21,109	)		(22,701	)		(18,627	)
	Regulatory charges		(6,390	)		(8,158	)		(6,744	)
	Core G&A	$	532,205		$	519,272		$	477,323

(12)	During the fourth quarter of 2025, the Company updated its definition of Promotional (ongoing) to exclude transition assistance loan amortization. As a result, transition assistance loan amortization is now disclosed as a separate line on Management's Statements of Operations and in the Core G&A reconciliation. Prior period disclosures have been updated to reflect these changes as applicable.
(13)	Promotional (ongoing) includes $14.2 million, $13.5 million and $19.0 million for the three months ended September 30, 2026, June 30, 2026 and September 30, 2025, respectively, of support costs related to full-time employees that are classified within Compensation and benefits expense in the condensed consolidated statements of income and excludes costs that have been incurred as part of acquisitions that have been classified within acquisition costs.
(14)	Acquisition costs include the costs to set up, onboard and integrate acquired entities and other costs that were incurred as a result of the acquisitions. The below table summarizes the primary components of acquisition costs for the periods presented (in thousands):

		Q3 2026		Q2 2026			Q3 2025
	Acquisition costs
	Compensation and benefits(a)	$	31,891	$	20,231		$	257,607
	Occupancy and equipment(a)		11,789		4,618			197,567
	Promotional(13)		12,009		12,016			25,664
	Professional services		14,167		10,923			9,674
	Change in fair value of contingent consideration(33)		9,461		(2,794	)		2,676
	Other		3,832		3,983			44,989
	Acquisition costs	$	83,149	$	48,977		$	538,177
	(a) During the three months ended September 30, 2025, the Company incurred $419.0 million of acquisition costs at the Commonwealth closing. This primarily includes $228.4 million of costs related to transaction bonuses and the acceleration of unvested equity awards which were classified as Compensation and benefits and $190.1 million of costs related to certain contract termination fees which were classified as Occupancy and equipment.

(15)

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

		Q3 2026		Q2 2026		Q3 2025
	EBITDA and adjusted EBITDA Reconciliation
	Net income (loss)	$	356,561	$	379,261	$	(29,517	)
	Interest expense on borrowings		105,834		101,502		106,295
	Provision for (benefit from) income taxes		128,565		136,243		(4,594	)
	Depreciation and amortization		117,287		109,805		99,722
	Amortization of other intangibles		72,844		70,886		64,706
	EBITDA	$	781,091	$	797,697	$	236,612
	Acquisition costs(14)		83,149		48,977		538,177
	Adjusted EBITDA	$	864,240	$	846,674	$	774,789

(16)

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

		Q3 2026			Q2 2026			Q3 2025
	Income (loss) before provision for (benefit from) income taxes	$	485,126		$	515,504		$	(34,111	)
	Amortization of other intangibles		72,844			70,886			64,706
	Acquisition costs(14)		83,149			48,977			538,177
	Adjusted pre-tax income	$	641,119		$	635,367		$	568,772
	Adjusted pre-tax margin(a)		38.6	%		39.3	%		38.4	%
	(a) Calculated by dividing adjusted pre-tax income by gross profit.

(17)

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

		Q3 2026						Q2 2026						Q3 2025
		Amount			Per Share			Amount			Per Share			Amount			Per Share
	Net income (loss) / earnings (loss) per diluted share	$	356,561		$	4.52		$	379,261		$	4.74		$	(29,517	)	$	(0.37	)
	Amortization of other intangibles		72,844			0.92			70,886			0.89			64,706			0.81
	Acquisition costs(14)		83,149			1.05			48,977			0.61			538,177			6.70
	Tax benefit		(41,281	)		(0.52	)		(31,442	)		(0.39	)		(155,149	)		(1.93	)
	Adjusted net income / adjusted EPS	$	471,273		$	5.97		$	467,682		$	5.84		$	418,217		$	5.20
	Diluted share count		78,968						80,032						80,357
	Note: Totals may not foot due to rounding.

(18)	Consists of total assets under custody at the Company's primary broker-dealer subsidiary, LPL Financial, as well as assets under custody of a third-party custodian related to CES.
(19)	Assets on the Company's corporate RIA advisory platform are serviced by investment advisor representatives of LPL Financial. Assets on the Company's independent RIA advisory platform are serviced by investment advisor representatives of separate registered investment advisor firms rather than representatives of LPL Financial.
(20)	Consists of advisory assets in LPL Financial’s Model Wealth Portfolios, Optimum Market Portfolios, Personal Wealth Portfolios and Guided Wealth Portfolios platforms.
(21)	Consists of total client deposits into advisory or brokerage accounts less total client withdrawals from advisory or brokerage accounts, plus dividends, plus interest, minus advisory fees. The Company considers conversions from and to brokerage or advisory accounts as deposits and withdrawals, respectively.
(22)	During the third quarter of 2026, the Company updated its definition of net brokerage to advisory conversions to include direct assets. Net brokerage to advisory conversions now consists of existing custodied and direct assets that converted from brokerage to advisory, less existing custodied assets that converted from advisory to brokerage. Prior period disclosures have been updated to reflect these changes as applicable.
(23)	Calculated as annualized current period organic net new assets divided by preceding period assets in their respective categories of advisory assets or total assets.
(24)	Represents the amount of securities purchased less the amount of securities sold in client accounts custodied with LPL Financial.
(25)	Client cash balances include CCA and exclude purchased money market funds. CCA balances include cash that clients have deposited with LPL Financial that is included in Client payables in the condensed consolidated statements of financial condition. The following table presents purchased money market funds for the periods presented (in billions):

		Q3 2026		Q2 2026		Q3 2025
	Purchased money market funds	$	50.0	$	49.2	$	48.2

(26)

Calculated by dividing revenue for the period by the average balance during the period.

(27)

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

		Q3 2026		Q2 2026		Q4 2025
	EBITDA and Credit Agreement EBITDA Reconciliations
	Net income	$	1,392,945	$	1,006,867	$	863,024
	Interest expense on borrowings		413,241		413,702		403,406
	Provision for income taxes		489,830		356,671		286,483
	Depreciation and amortization		437,968		420,403		393,434
	Amortization of other intangibles		293,208		285,070		236,578
	EBITDA	$	3,027,192	$	2,482,713	$	2,182,925
	Credit Agreement Adjustments:
	Acquisition costs and other(14)(34)	$	309,764	$	766,866	$	777,299
	Employee share-based compensation		85,487		83,005		75,956
	M&A accretion(35)		345,681		359,895		462,597
	Advisor share-based compensation		3,313		3,060		3,055
	Credit Agreement EBITDA	$	3,771,437	$	3,695,539	$	3,501,832

(28)	Calculated based on the average advisor count from the current period and prior periods.
(29)	Calculated based on the end of period total assets divided by end of period advisor count.
(30)	Reflects retention of total assets, calculated by deducting quarterly annualized attrition from total assets, divided by the prior quarter total assets.
(31)	Capital expenditures represent cash payments for property and equipment during the period.
(32)	Acquisitions, net represent cash paid for acquisitions, net of cash acquired during the period.
(33)	Represents a fair value adjustment to our contingent consideration liabilities that is reflected in other expense in the condensed consolidated statements of income.
(34)	Acquisition costs and other primarily include costs related to acquisitions and costs incurred related to the integration of the strategic relationship with Prudential Advisors.
(35)	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.