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# LPL Financial Earns $357 Million, Reversing A Year-Ago Loss, And Narrows Its Cost Outlook
- URL: https://www.bullished.co/lpl-financial-earns-357-million-reversing-a-year-ago-loss-and-narrows-its-cost-outlook-87b90fc7/
- Published: 2026-10-27T20:44:33.000Z
- Updated: 2026-10-27T20:44:33.000Z
- Description: Adjusted earnings per share rose 15% to $5.97, and Commonwealth asset retention is now expected at about 83%.
- Author: Matteo Parrino
- Tags: Earnings, LPLA, Industry: Financials

LPL Financial, which provides brokerage, advisory and custody services to independent financial advisors, [earned $357 million](https://www.sec.gov/Archives/edgar/data/0001397911/000162828026067590/lpla-20261027.htm?ref=bullished.co) in the third quarter, or $4.52 per diluted share, against a $30 million loss, or $0.37 per share, a year earlier. The company also narrowed its 2026 outlook for core overhead spending, with the Commonwealth Financial Network conversion on track to finish in the fourth quarter.

## Profit swing and adjusted gains

The year-earlier loss came in a quarter that carried acquisition costs of $538 million, including $419.0 million booked at the Commonwealth closing. This quarter's acquisition costs were $83 million. Net income was down from $379 million, or $4.74 per share, in the second quarter, [the company reported](https://www.sec.gov/Archives/edgar/data/0001397911/000162828026067590/a2026q3earningsrelease.htm?ref=bullished.co).

Adjusted earnings per share rose 15% from a year ago [to $5.97](https://www.globenewswire.com/news-release/2026/10/27/3389614/0/en/lpl-financial-announces-third-quarter-2026-results.html?ref=bullished.co). Gross profit climbed 12% to $1,662 million, and adjusted pre-tax income rose 13% to $641 million. Total revenue was $5,344 million, up 17%.

CFO Matt Audette called the quarter one of "record adjusted earnings per share."

## Costs, Commonwealth and capital

Core G&A, the company's measure of overhead it can control, rose 11% to [$532 million](https://www.globenewswire.com/news-release/2026/10/27/3389614/0/en/lpl-financial-announces-third-quarter-2026-results.html?ref=bullished.co). LPL narrowed its 2026 core G&A range to $2,140-2,160 million, including Commonwealth-related expenses.

Commonwealth asset retention is now expected to be about 83%, and estimated run-rate EBITDA is expected at $415 million. LPL also put about $20 million of capital into three deals under its Liquidity & Succession program.

The company bought back $301 million of stock and paid $24 million in dividends. Corporate cash was $563 million, and the leverage ratio was 1.93x.

## Advisory mix up, recruiting down

Total client assets rose 11% to $2.6 trillion, with advisory assets up 16% to $1.6 trillion. Advisory assets made up 60.9% of the total, up from 58.2% a year ago.

Organic net new assets were $29 billion, or 5% annualized growth. Recruited assets were $24 billion, down 26% from a year ago, and $81 billion over the trailing twelve months.

CEO Rich Steinmeier said the company began rolling out its AI agent, Cyan, to advisors.

The board declared a $0.30 per share dividend, payable November 30 to holders of record on November 12.

### Sources

- [8-K Filing — LPL Financial Holdings Inc. (LPLA)](https://www.sec.gov/Archives/edgar/data/0001397911/000162828026067590/lpla-20261027.htm?ref=bullished.co) — SEC EDGAR
- [Exhibit a2026q3earningsrelease.htm — LPL Financial Holdings Inc. 8-K exhibit](https://www.sec.gov/Archives/edgar/data/0001397911/000162828026067590/a2026q3earningsrelease.htm?ref=bullished.co) — SEC EDGAR
- [LPL Financial Announces Third Quarter 2026 Results](https://www.globenewswire.com/news-release/2026/10/27/3389614/0/en/lpl-financial-announces-third-quarter-2026-results.html?ref=bullished.co) — globenewswire.com