# EDGAR Filing Document

**Accession Number:** 0001397911
**File Stem:** 0001628280-25-047543
**Filing Date:** 2025-10
**Character Count:** 78477
**Document Hash:** 849fd1cb4a3438a601191d74eb02b3e7
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001628280-25-047543.hdr.sgml**: 20251030

**ACCESSION NUMBER**: 0001628280-25-047543

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20251030

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20251030

**DATE AS OF CHANGE**: 20251030

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** LPL Financial Holdings Inc.
- **CENTRAL INDEX KEY:** 0001397911
- **STANDARD INDUSTRIAL CLASSIFICATION:** SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES [6200]
- **ORGANIZATION NAME:** 09 Crypto Assets
- **EIN:** 203717839
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-34963
- **FILM NUMBER:** 251435708

**BUSINESS ADDRESS:**
- **STREET 1:** 4707 EXECUTIVE DRIVE
- **CITY:** SAN DIEGO
- **STATE:** CA
- **ZIP:** 92121
- **BUSINESS PHONE:** 800-877-7210

**MAIL ADDRESS:**
- **STREET 1:** 4707 EXECUTIVE DRIVE
- **CITY:** SAN DIEGO
- **STATE:** CA
- **ZIP:** 92121

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** LPL Investment Holdings Inc.
- **DATE OF NAME CHANGE:** 20070427

?xml version='1.0' encoding='ASCII'? lpla-20251030

**UNITED STATES SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K** 

**CURRENT REPORT**

**Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934**

**Date of Report (Date of earliest event reported): October 30, 2025**

**LPL Financial Holdings Inc.** 

(Exact name of registrant as specified in its charter)

---

| | | | |
|:---|:---|:---|:---|
| **Delaware** | **001-34963** | **001-34963** | **20-3717839** |
| (State or other jurisdiction of incorporation) | (Commission File Number) | (Commission File Number) | (IRS Employer Identification No.) |
| **4707 Executive Drive,** | **San Diego,** | **California** | **92121** |
| (Address of principal executive offices) | (Address of principal executive offices) | (Address of principal executive offices) | (Zip Code) |

---

Registrant's telephone number, including area code:

**(800)** **877-7210**

**N/A**

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrants under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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 - par value $0.001 per share | LPLA | The Nasdaq Global Select Market |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

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. ☐

------

---

| | |
|:---|:---|
| **Item 2.02** | **Results of Operations and Financial Condition.** |

---

On October 30, 2025, LPL Financial Holdings Inc. (collectively with its subsidiaries, the "Company") issued a press release announcing its financial results for the three months ended September 30, 2025. A copy of the press release is furnished with this Form 8-K and attached hereto as Exhibit 99.1.

Exhibit 99.1 shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities under that Section and shall not be deemed to be incorporated by reference into any filing of the Company under the Securities Act of 1933, as amended, or the Exchange Act.

---

| | | |
|:---|:---|:---|
| **Item 9.01** | **Financial Statements and Exhibits.** | **Financial Statements and Exhibits.** |
| (d) | | Exhibits |
| 99.1 | | <u>[Press Release dated October 30, 2025 ("LPL Financial Announces Third Quarter 2025 Results")](a2025q3earningsrelease.htm)</u> |
| 104 | | Cover Page Interactive Data File (embedded within the Inline XBRL document). |

---

------

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LPL FINANCIAL HOLDINGS INC. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LPL FINANCIAL HOLDINGS INC. |
| By: | /s/ Matthew Audette |
|  | Name: Matthew Audette |
|  | Title: President and Chief Financial Officer |

---

Dated: October 30, 2025

&nbsp;&nbsp;&nbsp;&nbsp;

## Exhibit 99.1

---

| | |
|:---|:---|
| For Immediate Release | ![image.jpg](image.jpg) |

---

LPL Financial Announces Third Quarter 2025 Results

**<u>Key Financial Results:</u>**

**• Net loss was $30 million, translating to diluted loss per share ("EPS") of $0.37**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ This included $419 million, or $5.21 per share, of one-time acquisition costs incurred at the closing of the Commonwealth Financial Network ("Commonwealth") acquisition

**• Adjusted EPS\* increased 25% year-over-year to $5.20**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Gross profit\* increased 31% year-over-year to $1,479 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Core G&A\* increased 33% year-over-year to $477 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Adjusted pre-tax income\* increased 35% year-over-year to $569 million

**<u>Key Business Results:</u>**

**• Total advisory and brokerage assets increased 45% year-over-year to $2.3 trillion**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Advisory assets increased 51% year-over-year to $1.3 trillion

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Advisory assets as a percentage of total assets increased to 58.2%, up from 56.0% a year ago

**• Total net new assets were $308 billion**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ This included $275 billion of acquired net new assets resulting from the acquisition of Commonwealth<sup>(1)</sup>

**• Total organic net new assets were $33 billion, representing 7% annualized growth**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ This included $17 billion of assets from First Horizon Bank ("First Horizon") that onboarded, and $6 billion of assets that off-boarded as part of the previously disclosed planned separation from misaligned large OSJs. Prior to these impacts, organic net new assets were $21 billion, translating to a 4% annualized growth rate

**• Recruited assets**<sup>(2)</sup> **were $33 billion, up 27% from a year ago**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Recruited assets over the trailing twelve months were $168 billion

**• Total client cash balances were $56 billion, an increase of $5 billion sequentially and $10 billion year-over-year**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ This included $4 billion resulting from the acquisition of Commonwealth

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Client cash balances as a percentage of total assets were 2.4%, down from 2.6% in the prior quarter and 2.9% in the prior year

**<u>Key Capital and Liquidity Measures:</u>**

**• Corporate cash**<sup>(3)</sup> **was $568 million**

**• Leverage ratio**<sup>(4)</sup> **was 2.04x**

**• Dividends paid were $24.0 million**

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

------

**<u>Key Updates</u>**

**Large Institutions:**

**• First Horizon:** Onboarded First Horizon with $18 billion of brokerage and advisory assets, of which $17 billion transitioned onto our platform in Q3

**M&A:**

**• Atria Wealth Solutions, Inc. ("Atria"):** Completed the conversion of Atria with $115 billion<sup>(5)</sup> of brokerage and advisory assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Estimated run-rate EBITDA has increased from $150 million to $155 million

**• Commonwealth:** Closed the acquisition of Commonwealth, and expect to complete the conversion in the fourth quarter of 2026

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ We are tracking towards our 90% retention target, with advisors representing nearly 80% of assets signed to-date

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Estimated run-rate EBITDA has increased from $415 million to $425 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ As a result of purchase accounting, $419 million of the total purchase price is treated as acquisition costs, with no change in the amount of cash deployed

**• Liquidity & Succession:** Deployed approximately $30 million of capital to close 5 deals in Q3

**Core G&A:**

**•** Given our performance to date, we are lowering our 2025 Core G&A\* outlook to a range of $1,860-1,880 million, including $165-170 million related to Prudential and Atria, and $160-165 million related to Commonwealth

**SAN DIEGO — October 30, 2025 —** LPL Financial Holdings Inc. (Nasdaq: LPLA) (the "Company") today announced results for its third quarter ended September 30, 2025, reporting net loss of $30 million, or $0.37 per share. This compares with net income of $255 million, or $3.39 per share, in the third quarter of 2024 and net income of $273 million, or $3.40 per share, in the prior quarter.

"Over the past quarter, we continued to make progress against our key priorities, while delivering strong business results and record adjusted earnings per share," said Rich Steinmeier, CEO. "We continue to seek opportunities to improve our advisors' efficacy in the market. As advisory services become more central to our clients, we're lowering fees and streamlining pricing to make our platforms the most competitive in the industry. Ensuring that our pricing supports the value that we deliver, next year we will also make targeted fee adjustments that more closely align with industry standards."

"The third quarter underscores the strength of LPL, as we advanced on several strategic fronts," said Matt Audette, President and CFO. "We delivered another quarter of industry-leading organic growth, onboarded the wealth management business of First Horizon, closed on our acquisition of Commonwealth, and continued to make progress on driving operating leverage. As we look ahead, we remain excited about the opportunities to serve and support our advisors, while delivering long-term shareholder value."

**Dividend Declaration**

The Company's Board of Directors declared a $0.30 per share dividend to be paid on December 1, 2025 to all stockholders of record as of November 13, 2025.

**Conference Call and Additional Information**

The Company will hold a conference call to discuss its results at 5:00 p.m. ET on Thursday, October 30, 2025. The conference call will be accessible and available for replay at investor.lpl.com/events.

**<u>Contacts</u>**

Investor Relations

<u>investor.relations@lplfinancial.com</u>

Media Relations

<u>media.relations@lplfinancial.com</u>

------

**<u>About LPL Financial</u>**

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<sup>(6)</sup>, LPL supports over 32,000 financial advisors and the wealth management practices of approximately 1,100 financial institutions, servicing and custodying approximately $2.3 trillion in brokerage and advisory assets 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Company's retention of Commonwealth advisors following the closing and Commonwealth's future financial and operating performance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• run-rate EBITDA expectations in connection with the Company's acquisitions of Commonwealth and Atria;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the amount and timing of the onboarding of acquired, recruited or transitioned brokerage and advisory assets, including Commonwealth and First Horizon;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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, depreciation and amortization, leverage ratio (including plans to reduce leverage), pricing and fees (including their effect on adjusted pre-tax margin), corporate cash, run-rate EBITDA, transaction revenue, operating leverage, pre-tax margin and share repurchases; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• future capabilities, 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 30, 2025 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• disruptions in the businesses of the Company and Commonwealth that could make it more difficult to maintain relationships with advisors and their clients;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the choice by clients of acquired or recruited advisors not to open brokerage and/or advisory accounts at the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in general economic and financial market conditions, including retail investor sentiment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Company's strategy and success in managing client cash program fees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• fluctuations in the levels of advisory and brokerage assets, including net new assets, and the related impact on revenue;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• whether retail investors served by newly-recruited advisors choose to move their respective assets to new accounts at the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in the growth and profitability of the Company's fee-based offerings and asset-based revenues;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the performance of third-party service providers to which business processes have been transitioned;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Company's ability to control operating risks, information technology systems risks, cybersecurity risks and sourcing risks; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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,** | | **Three Months Ended**<br>**September 30,** | |
| | **2025** | **2025** |<br>**Change** | **2024** |<br>**Change** |
| REVENUE |  |  |  |  |  |
| &nbsp;&nbsp;Advisory | $2210499 | $1717738 | 29% | $1378050 | 60% |
| &nbsp;&nbsp;Commission: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sales-based | 695029 | 619792 | 12% | 429132 | 62% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trailing | 492426 | 418295 | 18% | 377400 | 30% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total commission | 1187455 | 1038087 | 14% | 806532 | 47% |
| &nbsp;&nbsp;Asset-based: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Client cash | 428190 | 397332 | 8% | 353855 | 21% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other asset-based | 354090 | 305015 | 16% | 272336 | 30% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total asset-based | 782280 | 702347 | 11% | 626191 | 25% |
| &nbsp;&nbsp;Service and fee | 174715 | 151839 | 15% | 145729 | 20% |
| &nbsp;&nbsp;Transaction | 67260 | 60541 | 11% | 58546 | 15% |
| &nbsp;&nbsp;Interest income, net | 60859 | 76941 | (21%) | 49923 | 22% |
| &nbsp;&nbsp;Other | 68909 | 87532 | (21%) | 43423 | 59% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total revenue | 4551977 | 3835025 | 19% | 3108394 | 46% |
| EXPENSE |  |  |  |  |  |
| &nbsp;&nbsp;Advisory and commission | 3025274 | 2483165 | 22% | 1948065 | 55% |
| &nbsp;&nbsp;Compensation and benefits | 585409 | 319100 | 83% | 266415 | 120% |
| &nbsp;&nbsp;Occupancy and equipment | 299680 | 81443 | n/m | 69879 | n/m |
| &nbsp;&nbsp;Promotional | 208547 | 177552 | 17% | 164538 | 27% |
| &nbsp;&nbsp;Interest expense on borrowings | 106295 | 105636 | 1% | 67779 | 57% |
| &nbsp;&nbsp;Depreciation and amortization | 99722 | 96231 | 4% | 78338 | 27% |
| &nbsp;&nbsp;Professional services | 75507 | 41092 | 84% | 26295 | 187% |
| &nbsp;&nbsp;Amortization of other intangibles | 64706 | 46103 | 40% | 32461 | 99% |
| &nbsp;&nbsp;Brokerage, clearing and exchange | 43282 | 43290 | —% | 29636 | 46% |
| &nbsp;&nbsp;Communications and data processing | 23060 | 21417 | 8% | 17916 | 29% |
| &nbsp;&nbsp;Other | 54606 | 51192 | 7% | 59724 | (9%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expense | 4586088 | 3466221 | 32% | 2761046 | 66% |
| (LOSS) INCOME BEFORE (BENEFIT FROM) PROVISION FOR INCOME TAXES | (34111) | 368804 | n/m | 347348 | n/m |
| (BENEFIT FROM) PROVISION FOR INCOME TAXES | (4594) | 95555 | n/m | 92045 | n/m |
| NET (LOSS) INCOME | $(29517) | $273249 | n/m | $255303 | n/m |
| (LOSS) EARNINGS PER SHARE |  |  |  |  |  |
| (Loss) earnings per share, basic | $(0.37) | $3.42 | n/m | $3.41 | n/m |
| (Loss) earnings per share, diluted | $(0.37) | $3.40 | n/m | $3.39 | n/m |
| &nbsp;&nbsp;Weighted-average shares outstanding, basic | 80017 | 79984 | —% | 74776 | 7% |
| &nbsp;&nbsp;Weighted-average shares outstanding, diluted | 80357 | 80373 | —% | 75405 | 7% |

---

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**LPL Financial Holdings Inc.**

**Condensed Consolidated Statements of Income**

**(In thousands, except per share data)**

**(Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| | **Nine Months Ended** | **Nine Months Ended** | |
| | **September 30,** | **September 30,** | |
| | **2025** | **2024** |<br>**Change** |
| REVENUE |  |  |  |
| &nbsp;&nbsp;Advisory | $5617482 | $3866024 | 45% |
| &nbsp;&nbsp;Commission: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sales-based | 1924859 | 1237437 | 56% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trailing | 1348440 | 1102587 | 22% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total commission | 3273299 | 2340024 | 40% |
| &nbsp;&nbsp;Asset-based: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Client cash | 1217553 | 1047712 | 16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other asset-based | 962315 | 780208 | 23% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total asset-based | 2179868 | 1827920 | 19% |
| &nbsp;&nbsp;Service and fee | 471753 | 412901 | 14% |
| &nbsp;&nbsp;Transaction | 195665 | 174739 | 12% |
| &nbsp;&nbsp;Interest income, net | 181651 | 140926 | 29% |
| &nbsp;&nbsp;Other | 137291 | 110222 | 25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total revenue | 12057009 | 8872756 | 36% |
| EXPENSE |  |  |  |
| &nbsp;&nbsp;Advisory and commission | 7862364 | 5500579 | 43% |
| &nbsp;&nbsp;Compensation and benefits | 1210055 | 814784 | 49% |
| &nbsp;&nbsp;Promotional | 531744 | 427282 | 24% |
| &nbsp;&nbsp;Occupancy and equipment | 458363 | 205672 | 123% |
| &nbsp;&nbsp;Interest expense on borrowings | 297793 | 192202 | 55% |
| &nbsp;&nbsp;Depreciation and amortization | 288309 | 216495 | 33% |
| &nbsp;&nbsp;Amortization of other intangibles | 154330 | 92620 | 67% |
| &nbsp;&nbsp;Professional services | 152925 | 61674 | 148% |
| &nbsp;&nbsp;Brokerage, clearing and exchange | 130710 | 93152 | 40% |
| &nbsp;&nbsp;Communications and data processing | 63983 | 57066 | 12% |
| &nbsp;&nbsp;Other | 154487 | 159619 | (3%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expense | 11305063 | 7821145 | 45% |
| INCOME BEFORE PROVISION FOR INCOME TAXES | 751946 | 1051611 | (28%) |
| PROVISION FOR INCOME TAXES | 189641 | 263744 | (28%) |
| NET INCOME | $562305 | $787867 | (29%) |
| EARNINGS PER SHARE |  |  |  |
| &nbsp;&nbsp;Earnings per share, basic | $7.19 | $10.55 | (32%) |
| &nbsp;&nbsp;Earnings per share, diluted | $7.15 | $10.45 | (32%) |
| &nbsp;&nbsp;Weighted-average shares outstanding, basic | 78220 | 74688 | 5% |
| &nbsp;&nbsp;Weighted-average shares outstanding, diluted | 78594 | 75424 | 4% |

---

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**LPL Financial Holdings Inc.**

**Condensed Consolidated Statements of Financial Condition**

**(In thousands, except share data)**

**(Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| | **September 30, 2025** | **June 30, 2025** | **December 31, 2024** |
| **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
| Cash and equivalents | $1343507 | $4185337 | $967079 |
| Cash and equivalents segregated under federal or other regulations | 1249000 | 1611200 | 1597249 |
| Restricted cash | 228229 | 116675 | 119724 |
| Receivables from clients, net | 777860 | 710463 | 633834 |
| Receivables from brokers, dealers and clearing organizations | 81265 | 129490 | 76545 |
| Advisor loans, net | 3645122 | 2536190 | 2281088 |
| Other receivables, net | 1072166 | 951063 | 902777 |
| Investment securities ($199,944, $124,639, and $42,267 at fair value at September 30, 2025, June 30, 2025, and December 31, 2024, respectively) | 215221 | 139962 | 57481 |
| Property and equipment, net | 1338504 | 1278991 | 1210027 |
| Goodwill | 2674864 | 2213393 | 2172873 |
| Other intangibles, net | 3302834 | 1641133 | 1482988 |
| Other assets | 2103642 | 1959779 | 1815739 |
| Total assets | $18032214 | $17473676 | $13317404 |
| **LIABILITIES AND STOCKHOLDERS' EQUITY** | **LIABILITIES AND STOCKHOLDERS' EQUITY** | **LIABILITIES AND STOCKHOLDERS' EQUITY** | **LIABILITIES AND STOCKHOLDERS' EQUITY** |
| LIABILITIES: |  |  |  |
| Client payables | $1996568 | $2090520 | $1898665 |
| Payables to brokers, dealers and clearing organizations | 195728 | 273593 | 129228 |
| Accrued advisory and commission expenses payable | 355464 | 303614 | 323996 |
| Corporate debt and other borrowings, net | 7521468 | 7175032 | 5494724 |
| Accounts payable and accrued liabilities | 768248 | 556086 | 588450 |
| Other liabilities | 2151800 | 2000415 | 1951739 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 12989276 | 12399260 | 10386802 |
| STOCKHOLDERS' EQUITY: |  |  |  |
| Common stock, $0.001 par value; 600,000,000 shares authorized; 136,628,300, 136,603,206, and 130,914,541 shares issued at September 30, 2025, June 30, 2025, and December 31, 2024, respectively | 136 | 136 | 131 |
| Additional paid-in capital | 3806506 | 3787009 | 2066268 |
| Treasury stock, at cost — 56,590,828, 56,599,471, and 56,253,909 shares at September 30, 2025, June 30, 2025, and December 31, 2024, respectively | (4333444) | (4332275) | (4202322) |
| Retained earnings | 5569740 | 5619546 | 5066525 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total stockholders' equity | 5042938 | 5074416 | 2930602 |
| Total liabilities and stockholders' equity | $18032214 | $17473676 | $13317404 |

---

------

**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** | **Quarterly Results** | **Quarterly Results** | **Quarterly Results** | **Quarterly Results** |
| | **Q3 2025** | **Q2 2025** | **Change** | **Q3 2024** | **Change** |
| **Gross Profit(7)** | | | | | |
| &nbsp;&nbsp;Advisory | $2210499 | $1717738 | 29% | $1378050 | 60% |
| &nbsp;&nbsp;Trailing commissions | 492426 | 418295 | 18% | 377400 | 30% |
| &nbsp;&nbsp;Sales-based commissions | 695029 | 619792 | 12% | 429132 | 62% |
| &nbsp;&nbsp;&nbsp;&nbsp;Advisory fees and commissions | 3397954 | 2755825 | 23% | 2184582 | 56% |
| &nbsp;&nbsp;Production-based payout(8) | (2972256) | (2406692) | 23% | (1910634) | 56% |
| &nbsp;&nbsp;&nbsp;&nbsp;Advisory fees and commissions, net of payout | 425698 | 349133 | 22% | 273948 | 55% |
| &nbsp;&nbsp;Client cash(9) | 441576 | 413516 | 7% | 372333 | 19% |
| &nbsp;&nbsp;Other asset-based(10) | 354090 | 305015 | 16% | 272336 | 30% |
| &nbsp;&nbsp;Service and fee | 174715 | 151839 | 15% | 145729 | 20% |
| &nbsp;&nbsp;Transaction | 67260 | 60541 | 11% | 58546 | 15% |
| &nbsp;&nbsp;Interest income, net(11) | 47468 | 60738 | (22%) | 31428 | 51% |
| &nbsp;&nbsp;Other revenue(12) | 11821 | 6785 | 74% | 3392 | n/m |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total net advisory fees and commissions and attachment revenue** | **1522628** | **1347567** | 13% | **1157712** | 32% |
| &nbsp;&nbsp;Brokerage, clearing and exchange expense | (43282) | (43290) | —% | (29636) | 46% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Gross Profit(7)** | **1479346** | **1304277** | 13% | **1128076** | 31% |
| **G&A Expense** |  |  |  |  |  |
| &nbsp;&nbsp;Core G&A(13) | 477323 | 425595 | 12% | 359134 | 33% |
| &nbsp;&nbsp;Regulatory charges(14) | 6744 | 7267 | (7%) | 24879 | (73%) |
| &nbsp;&nbsp;Promotional (ongoing)(15)(16) | 201863 | 163575 | 23% | 175605 | 15% |
| &nbsp;&nbsp;Acquisition costs excluding interest(16) | 538177 | 71562 | n/m | 22243 | n/m |
| &nbsp;&nbsp;Employee share-based compensation | 18627 | 19504 | (4%) | 20289 | (8%) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total G&A** | **1242734** | **687503** | 81% | **602150** | 106% |
| **EBITDA(17)** | **236612** | **616774** | (62%) | **525926** | (55%) |
| &nbsp;&nbsp;Depreciation and amortization | 99722 | 96231 | 4% | 78338 | 27% |
| &nbsp;&nbsp;Amortization of other intangibles | 64706 | 46103 | 40% | 32461 | 99% |
| &nbsp;&nbsp;Interest expense on borrowings(18) | 106295 | 102323 | 4% | 67779 | 57% |
| &nbsp;&nbsp;Acquisition costs - interest(16) |  | 3313 | (100%) |  | —% |
| **(LOSS) INCOME BEFORE (BENEFIT FROM) PROVISION FOR INCOME TAXES** | **(34111)** | **368804** | n/m | **347348** | n/m |
| (BENEFIT FROM) PROVISION FOR INCOME TAXES | (4594) | 95555 | n/m | 92045 | n/m |
| **NET (LOSS) INCOME** | $**(29517)** | $**273249** | n/m | $**255303** | n/m |
| (Loss) earnings per share, diluted | $(0.37) | $3.40 | n/m | $3.39 | n/m |
| Weighted-average shares outstanding, diluted | 80357 | 80373 | —% | 75405 | 7% |
| Adjusted EBITDA(17) | $774789 | $688336 | 13% | $566169 | 37% |
| Adjusted pre-tax income(19) | $568772 | $489782 | 16% | $420052 | 35% |
| Adjusted EPS(20) | $5.20 | $4.51 | 15% | $4.16 | 25% |

---

------

**LPL Financial Holdings Inc.**

**Operating Metrics**

**(Dollars in billions, except where noted)**

**(Unaudited)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Q3 2025** | **Q2 2025** | **Change** | **Q3 2024** | **Change** |
| **Market Drivers** | | | | | |
| &nbsp;&nbsp;&nbsp;S&P 500 Index (end of period) | 6688 | 6205 | 8% | 5762 | 16% |
| &nbsp;&nbsp;&nbsp;Russell 2000 Index (end of period) | 2436 | 2175 | 12% | 2230 | 9% |
| &nbsp;&nbsp;&nbsp;Fed Funds daily effective rate (average bps) | 430 | 433 | (3bps) | 527 | (97bps) |
| **Advisory and Brokerage Assets(21)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Advisory assets | $1346.9 | $1060.7 | 27% | $892.0 | 51% |
| &nbsp;&nbsp;&nbsp;Brokerage assets | 967.7 | 858.5 | 13% | 700.1 | 38% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Advisory and Brokerage Assets** | $**2314.5** | $**1919.2** | 21% | $**1592.1** | 45% |
| &nbsp;&nbsp;Advisory as a % of Total Advisory and Brokerage Assets | 58.2% | 55.3% | 290bps | 56.0% | 220bps |
| **Assets by Platform** |  |  |  |  |  |
| &nbsp;&nbsp;Corporate advisory assets(22) | $1022.1 | $766.4 | 33% | $618.8 | 65% |
| &nbsp;&nbsp;Independent RIA advisory assets(22) | 324.8 | 294.3 | 10% | 273.2 | 19% |
| &nbsp;&nbsp;&nbsp;Brokerage assets | 967.7 | 858.5 | 13% | 700.1 | 38% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Advisory and Brokerage Assets** | $**2314.5** | $**1919.2** | 21% | $**1592.1** | 45% |
| **Centrally Managed Assets** |  |  |  |  |  |
| &nbsp;&nbsp;Centrally managed assets(23)  | $203.1 | $183.5 | 11% | $138.1 | 47% |
| &nbsp;&nbsp;&nbsp;Centrally Managed as a % of Total Advisory Assets | 15.1% | 17.3% | (220bps) | 15.5% | (40bps) |

---

------

**LPL Financial Holdings Inc.**

**Operating Metrics**

**(Dollars in billions, except where noted)**

**(Unaudited)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Q3 2025** | **Q2 2025** | **Change** | **Q3 2024** | **Change** |
| **Organic Net New Assets (NNA)(24)** | | | | | |
| &nbsp;&nbsp;&nbsp;Organic net new advisory assets | $29.6 | $23.1 | n/m | $23.2 | n/m |
| &nbsp;&nbsp;&nbsp;Organic net new brokerage assets | 3.1 | (2.6) | n/m | 3.8 | n/m |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Organic Net New Assets** | $**32.7** | $**20.5** | n/m | $**27.0** | n/m |
| **Acquired Net New Assets(1)(24)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquired net new advisory assets | $199.4 | $— | n/m | $0.5 | n/m |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquired net new brokerage assets | 75.7 |  | n/m | 0.1 | n/m |
| **&nbsp;&nbsp;&nbsp;&nbsp; Total Acquired Net New Assets** | $**275.0** | $**—** | n/m | $**0.6** | n/m |
| **Total Net New Assets(24)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net new advisory assets | $229.0 | $23.1 | n/m | $23.7 | n/m |
| &nbsp;&nbsp;&nbsp;Net new brokerage assets | 78.7 | (2.6) | n/m | 3.8 | n/m |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Net New Assets** | $**307.7** | $**20.5** | n/m | $**27.5** | n/m |
| &nbsp;&nbsp;Net brokerage to advisory conversions(25) | $6.8 | $6.4 | n/m | $3.5 | n/m |
| &nbsp;&nbsp;Organic advisory NNA annualized growth(26) | 11.2% | 9.5% | n/m | 11.2% | n/m |
| &nbsp;&nbsp;Total organic NNA annualized growth(26) | 6.8% | 4.6% | n/m | 7.2% | n/m |
| **Net New Advisory Assets(24)** |  |  |  |  |  |
| &nbsp;&nbsp;Corporate RIA net new advisory assets | $213.6 | $24.8 | n/m | $24.0 | n/m |
| &nbsp;&nbsp;Independent RIA net new advisory assets | 15.4 | (1.7) | n/m | (0.3) | n/m |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Net New Advisory Assets** | $**229.0** | $**23.1** | n/m | $**23.7** | n/m |
| &nbsp;&nbsp;Centrally managed net new advisory assets(24) | $9.9 | $6.1 | n/m | $4.4 | n/m |
| Net buy (sell) activity(27)  | $41.8 | $36.6 | n/m | $37.7 | 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 2025** | **Q3 2025** | **Q2 2025** | **Q2 2025** | **Change** | **Q3 2024** | **Q3 2024** | **Change** |
| **Client Cash Balances (in billions)(28)** | | | | | | | | |
| &nbsp;&nbsp;Insured cash account sweep | $| 36.9 | $| 34.2 | 8% | $| 32.1 | 15% |
| &nbsp;&nbsp;Deposit cash account sweep | 13.0 | 13.0 | 10.8 | 10.8 | 20% | 9.6 | 9.6 | 35% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Bank Sweep** | **49.9** | **49.9** | **44.9** | **44.9** | 11% | **41.7** | **41.7** | 20% |
| &nbsp;&nbsp;Money market sweep | 4.2 | 4.2 | 3.7 | 3.7 | 14% | 2.3 | 2.3 | 83% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Client Cash Sweep Held by Third Parties** | **54.1** | **54.1** | **48.6** | **48.6** | 11% | **44.0** | **44.0** | 23% |
| &nbsp;&nbsp;Client cash account (CCA) | 1.8 | 1.8 | 2.0 | 2.0 | (10%) | 1.8 | 1.8 | —% |
| **Total Client Cash Balances** | **$** | **55.8** | **$** | **50.6** | 10% | **$** | **45.8** | 22% |
| &nbsp;&nbsp;Client Cash Balances as a % of Total Assets | 2.4% | 2.4% | 2.6% | 2.6% | (20bps) | 2.9% | 2.9% | (50bps) |

---

Note: Totals may not foot due to rounding.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
| | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **September 30, 2024** | **September 30, 2024** | **September 30, 2024** |
|<br>**Interest-Earnings Assets** | **Average Balance <br>(in billions)** | **Revenue** | **Net Yield (bps)(29)**  | **Average Balance <br>(in billions)** | **Revenue** | **Net Yield (bps)(29)**  | **Average Balance <br>(in billions)** | **Revenue** | **Net Yield (bps)(29)**  |
| Insured cash account sweep | $34.7 | $307118 | 351 | $34.4 | $293420 | 342 | $31.1 | $259503 | 332 |
| Deposit cash account sweep | 11.8 | 118957 | 401 | 10.7 | 101298 | 381 | 9.2 | 92765 | 400 |
| **Total Bank Sweep** | **46.5** | **426075** | **364** | **45.1** | **394718** | **351** | **40.3** | **352268** | **348** |
| Money market sweep | 3.8 | 2115 | 22 | 4.0 | 2614 | 26 | 2.3 | 1587 | 28 |
| **Total Client Cash Held By <br> Third Parties** | **50.3** | **428190** | **338** | **49.1** | **397332** | **325** | **42.6** | **353855** | **330** |
| Client cash account (CCA) | 1.5 | 13386 | 365 | 1.7 | 16184 | 378 | 1.6 | 18478 | 472 |
| **Total Client Cash** | **51.8** | **441576** | **339** | **50.8** | **413516** | **326** | **44.2** | **372333** | **335** |
| Margin receivables | 0.7 | 13910 | 820 | 0.6 | 12080 | 807 | 0.5 | 11199 | 885 |
| Other interest revenue | 2.9 | 33558 | 458 | 4.4 | 48658 | 448 | 1.5 | 20229 | 533 |
| **Total Client Cash and <br> Interest Income, Net** | $**55.3** | $**489044** | **351** | $**55.8** | $**474254** | **341** | $**46.2** | $**403761** | **348** |

---

Note: Totals may not foot due to rounding.

------

**LPL Financial Holdings Inc.**

**Monthly Metrics**

**(Dollars in billions, except where noted)**

**(Unaudited)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **September 2025** | **August 2025** | **Change** | **July 2025** | **June 2025** |
| **Advisory and Brokerage Assets(21)** | | | | | |
| &nbsp;&nbsp;Advisory assets | $1346.9 | $1308.3 | 3% | $1077.0 | $1060.7 |
| &nbsp;&nbsp;Brokerage assets | 967.7 | 955.3 | 1% | 862.4 | 858.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Advisory and Brokerage Assets** | $**2314.5** | $**2263.5** | 2% | $**1939.4** | $**1919.2** |
| **Organic Net New Assets (NNA)(24)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Organic net new advisory assets  | $10.4 | $11.8 | n/m | $7.5 | $7.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Organic net new brokerage assets  | (1.0) | 6.1 | n/m | (2.0) | 0.1 |
| **&nbsp;&nbsp;&nbsp;&nbsp; Total Organic Net New Assets**  | $**9.4** | $**17.8** | n/m | $**5.5** | $**8.0** |
| **Acquired Net New Assets(1)(24)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquired net new advisory assets  | $— | $199.3 | n/m | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquired net new brokerage assets  |  | 75.7 | n/m |  |  |
| **&nbsp;&nbsp;&nbsp;&nbsp; Total Acquired Net New Assets**  | $**—** | $**275.0** | n/m | $**—** | $**—** |
| **Total Net New Assets(24)** |  |  |  |  |  |
| &nbsp;&nbsp;Net new advisory assets | $10.4 | $211.1 | n/m | $7.5 | $7.9 |
| &nbsp;&nbsp;Net new brokerage assets | (1.0) | 81.7 | n/m | (2.0) | 0.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Net New Assets** | $**9.4** | $**292.8** | n/m | $**5.5** | $**8.0** |
| &nbsp;&nbsp;Net brokerage to advisory conversions(25) | $2.3 | $2.1 | n/m | $2.4 | $2.4 |
| **Client Cash Balances(28)** |  |  |  |  |  |
| &nbsp;&nbsp;Insured cash account sweep | $36.9 | $35.0 | 5% | $33.7 | $34.2 |
| &nbsp;&nbsp;Deposit cash account sweep | 13.0 | 12.2 | 7% | 10.8 | 10.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Bank Sweep** | **49.9** | **47.2** | 6% | **44.4** | **44.9** |
| &nbsp;&nbsp;Money market sweep | 4.2 | 4.1 | 2% | 3.4 | 3.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Client Cash Sweep Held by Third Parties** | **54.1** | **51.3** | 5% | **47.9** | **48.6** |
| &nbsp;&nbsp;Client cash account (CCA) | 1.8 | 1.4 | 29% | 1.6 | 2.0 |
| **Total Client Cash Balances** | $**55.8** | $**52.7** | 6% | $**49.5** | $**50.6** |
| Net buy (sell) activity(27)  | $13.9 | $14.2 | n/m | $13.7 | $12.7 |
| **Market Drivers** |  |  |  |  |  |
| &nbsp;&nbsp;S&P 500 Index (end of period) | 6688 | 6460 | 4% | 6339 | 6205 |
| &nbsp;&nbsp;Russell 2000 Index (end of period) | 2436 | 2366 | 3% | 2212 | 2175 |
| &nbsp;&nbsp;Fed Funds effective rate (average bps) | 422 | 433 | (11bps) | 433 | 433 |

---

&nbsp;&nbsp;&nbsp;&nbsp;Note: Totals may not foot due to rounding.

------

**LPL Financial Holdings Inc.**

**Financial Measures**

**(Dollars in thousands, except where noted)**

**(Unaudited)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Q3 2025** | **Q2 2025** | **Change** | **Q3 2024** | **Change** |
| **Commission Revenue by Product** | | | | | |
| &nbsp;&nbsp;&nbsp;Annuities | 713900 | 629763 | 13% | 481852 | 48% |
| &nbsp;&nbsp;&nbsp;Mutual funds | 258167 | 223317 | 16% | 193451 | 33% |
| &nbsp;&nbsp;&nbsp;Fixed income | 66550 | 53014 | 26% | 55707 | 19% |
| &nbsp;&nbsp;&nbsp;Equities | 51475 | 47811 | 8% | 36786 | 40% |
| &nbsp;&nbsp;&nbsp;Other | 97363 | 84182 | 16% | 38736 | 151% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total commission revenue** | **1187455** | **1038087** | 14% | **806532** | 47% |
| **Commission Revenue by Sales-based and Trailing** | **Commission Revenue by Sales-based and Trailing** | **Commission Revenue by Sales-based and Trailing** |  |  |  |
| &nbsp;&nbsp;&nbsp;**Sales-based commissions** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Annuities | 438927 | 393654 | 12% | 265955 | 65% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mutual funds | 54235 | 52301 | 4% | 42310 | 28% |
| &nbsp;&nbsp;&nbsp;&nbsp;Fixed income | 66550 | 53014 | 26% | 55707 | 19% |
| &nbsp;&nbsp;&nbsp;&nbsp;Equities | 51475 | 47811 | 8% | 36786 | 40% |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 83842 | 73012 | 15% | 28374 | 195% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total sales-based commissions** | **695029** | **619792** | 12% | **429132** | 62% |
| &nbsp;&nbsp;&nbsp;**Trailing commissions** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Annuities | 274973 | 236109 | 16% | 215897 | 27% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mutual funds | 203932 | 171016 | 19% | 151141 | 35% |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 13521 | 11170 | 21% | 10362 | 30% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total trailing commissions** | **492426** | **418295** | 18% | **377400** | 30% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total commission revenue** | **1187455** | **1038087** | 14% | **806532** | 47% |
| **Payout Rate(8)** | **87.47%** | **87.33%** | 14bps | **87.46%** | 1bps |

---

------

**LPL Financial Holdings Inc.**

**Capital Management Measures**

**(Dollars in thousands, except where noted)**

**(Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| | **Q3 2025** | **Q2 2025** | **Q4 2024** |
| **Cash and equivalents** | $1343507 | $4185337 | $967079 |
| &nbsp;&nbsp;&nbsp;Cash at regulated subsidiaries | (1270366) | (1288722) | (884779) |
| &nbsp;&nbsp;&nbsp;Excess cash at regulated subsidiaries per the Credit Agreement | 495253 | 720359 | 397138 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Corporate Cash(3)** | $**568394** | $**3616974** | $**479438** |
| **Corporate Cash(3)** |  |  |  |
| &nbsp;&nbsp;Cash at LPL Holdings, Inc. | $12187 | $2841718 | $39782 |
| &nbsp;&nbsp;&nbsp;Excess cash at regulated subsidiaries per the Credit Agreement | 495253 | 720359 | 397138 |
| &nbsp;&nbsp;&nbsp;Cash at non-regulated subsidiaries | 60954 | 54897 | 42518 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Corporate Cash** | $**568394** | $**3616974** | $**479438** |
| **Leverage Ratio** |  |  |  |
| &nbsp;&nbsp;&nbsp;Total debt | $7564000 | $7220000 | $5517000 |
| &nbsp;&nbsp;&nbsp;Total corporate cash | 568394 | 3616974 | 479438 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Credit Agreement Net Debt** | $**6995606** | $**3603026** | $**5037562** |
| &nbsp;&nbsp;Credit Agreement EBITDA (trailing twelve months)(30) | $3435158 | $2933433 | $2665033 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Leverage Ratio** | **2.04x** | **1.23x** | **1.89x** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | |
|<br>**Total Debt** | **Balance** | **Current Applicable <br>Margin** | **Interest Rate** | **Maturity** |
| Revolving Credit Facility(a) | $344000 | ABR+37.5 bps / SOFR+147.5 bps | 5.695% | 5/20/2029 |
| Broker-Dealer Revolving Credit Facility |  | SOFR+125 bps | 5.490% | 5/18/2026 |
| Senior Unsecured Term Loan A | 1020000 | SOFR+147.5 bps(b) | 5.725% | 12/5/2026 |
| Senior Unsecured Notes | 500000 | 5.700% Fixed | 5.700% | 5/20/2027 |
| Senior Unsecured Notes | 400000 | 4.625% Fixed | 4.625% | 11/15/2027 |
| Senior Unsecured Notes | 500000 | 4.900% Fixed | 4.900% | 4/3/2028 |
| Senior Unsecured Notes | 750000 | 6.750% Fixed | 6.750% | 11/17/2028 |
| Senior Unsecured Notes | 900000 | 4.000% Fixed | 4.000% | 3/15/2029 |
| Senior Unsecured Notes | 750000 | 5.200% Fixed | 5.200% | 3/15/2030 |
| Senior Unsecured Notes | 500000 | 5.150% Fixed | 5.150% | 6/15/2030 |
| Senior Unsecured Notes | 400000 | 4.375% Fixed | 4.375% | 5/15/2031 |
| Senior Unsecured Notes | 500000 | 6.000% Fixed | 6.000% | 5/20/2034 |
| Senior Unsecured Notes | 500000 | 5.650% Fixed | 5.650% | 3/15/2035 |
| Senior Unsecured Notes | 500000 | 5.750% Fixed | 5.750% | 6/15/2035 |
| **Total / Weighted Average** | $**7564000** |  | **5.359%** |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Unsecured borrowing capacity of $2.25 billion at LPL Holdings, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The SOFR rate option is a one-month SOFR rate and subject to an interest rate floor of 0 bps.

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**LPL Financial Holdings Inc.**

**Key Business and Financial Metrics**

**(Dollars in thousands, except where noted)**

**(Unaudited)**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Q3 2025** | **Q2 2025** | **Change** | **Q3 2024** | **Change** |
| **Business Metrics** | | | | | |
| &nbsp;&nbsp;&nbsp;Advisors | 32128 | 29353 | 9% | 23686 | 36% |
| &nbsp;&nbsp;&nbsp;Net new advisors | 2775 | (140) | n/m | 224 | n/m |
| &nbsp;&nbsp;Annualized advisory fees and commissions per advisor(31) | $442 | $375 | 18% | $371 | 19% |
| &nbsp;&nbsp;Average total assets per advisor ($ in millions)(32) | $72.0 | $65.4 | 10% | $67.2 | 7% |
| &nbsp;&nbsp;Transition assistance loan amortization ($ in millions)(33) | $104.8 | $89.4 | 17% | $69.1 | 52% |
| &nbsp;&nbsp;&nbsp;Total client accounts (in millions) | 11.4 | 10.5 | 9% | 8.7 | 31% |
| &nbsp;&nbsp;Recruited AUM ($ in billions) | 32.6 | 18.4 | 77% | 25.7 | 27% |
| Employees(34) | 10116 | 9389 | 8% | 8773 | 15% |
| &nbsp;&nbsp;AUM retention rate (quarterly annualized)(35) | 96.4% | 97.6% | (120bps) | 97.0% | (60bps) |
| **Capital Management** |  |  |  |  |  |
| &nbsp;&nbsp;Capital expenditures ($ in millions)(36) | $142.2 | $137.0 | 4% | $147.1 | (3%) |
| &nbsp;&nbsp;&nbsp;Acquisitions, net ($ in millions)(37) | $1526.3 | $102.8 | n/m | $34.1 | n/m |
| &nbsp;&nbsp;&nbsp;Share repurchases ($ in millions) | $— | $— | —% | $— | —% |
| &nbsp;&nbsp;&nbsp;Dividends ($ in millions) | 24.0 | 24.0 | —% | 22.4 | 7% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Capital Returned ($ in millions)** | $**24.0** | $**24.0** | —% | $**22.4** | 7% |

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**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 (loss) income plus the after-tax impact of amortization of other intangibles, acquisition costs, and certain regulatory charges, divided by the weighted average number of diluted shares outstanding for the applicable period. The Company presents adjusted net income and adjusted EPS because management believes that these metrics can provide investors with useful insight into the Company's core operating performance by excluding non-cash items, acquisition costs, and certain other charges that management does not believe impact the Company's ongoing operations. Adjusted net income and adjusted EPS are not measures of the Company's financial performance under GAAP and should not be considered as alternatives to net (loss) income, (loss) earnings per diluted share or any other performance measure derived in accordance with GAAP. For a reconciliation of net (loss) income and (loss) earnings 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

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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; promotional (ongoing); employee share-based compensation; regulatory charges; and acquisition costs. Management presents core G&A because it believes core G&A reflects the corporate expense categories over which management can generally exercise a measure of control, compared with expense items over which management either cannot exercise control, such as advisory and commission, 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 (loss) income plus interest expense on borrowings, (benefit from) provision for income taxes, depreciation and amortization, and amortization of other intangibles. Adjusted EBITDA is defined as EBITDA, a non-GAAP measure, plus acquisition costs and certain regulatory charges. The Company presents EBITDA and adjusted EBITDA because management believes that they can be useful financial metrics in understanding the Company's earnings from operations. EBITDA and adjusted EBITDA are not measures of the Company's financial performance under GAAP and should not be considered as alternatives to net (loss) income or any other performance measure derived in accordance with GAAP. For a reconciliation of net (loss) income to EBITDA and adjusted EBITDA, please see the endnote disclosures in this release.

**Adjusted pre-tax income**

Adjusted pre-tax income is defined as (loss) income before (benefit from) provision for income taxes plus amortization of other intangibles, acquisition costs, and certain regulatory charges. 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, acquisition costs, and certain other charges 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 (loss) income before (benefit from) provision for income taxes or any other performance measure derived in accordance with GAAP. For a reconciliation of (loss) income before (benefit from) provision for 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) For August 2025 and third quarter of 2025 figures, includes Commonwealth assets as of June 30, 2025, assuming 90% retention. Based on unaudited preliminary financial information of Commonwealth.

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(2) Represents the estimated total advisory and brokerage 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 assets to LPL Financial generally occurs over several quarters and the actual amount transitioned may vary from the estimate.

(3) 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., Commonwealth Equity Services, LLC ("CES"), and certain of Atria's introducing broker-dealer subsidiaries, in excess of the capital requirements of the Company's Credit Agreement and (3) cash and equivalents held at non-regulated subsidiaries.

(4) Compliance with the Leverage Ratio is only required under the Company's revolving credit facility.

(5) Assets as of September 30, 2025, assuming 100% retention. Retention as of September 30, 2025 was approximately 82%.

(6)&nbsp;&nbsp;&nbsp;&nbsp;The Company was named a Top RIA custodian (Cerulli Associates, 2024 U.S. RIA Marketplace Report); No. 1 Independent Broker-Dealer in the U.S. (based on total revenues, Financial Planning magazine 1996-2022); and, among third-party providers of brokerage services to banks and credit unions, No. 1 in AUM Growth from Financial Institutions; No. 1 in Market Share of AUM from Financial Institutions; No. 1 in Market Share of Revenue from Financial Institutions; No. 1 on Financial Institution Market Share; No. 1 on Share of Advisors (2021-2022 Kehrer Bielan Research and Consulting Annual TPM Report). Fortune 500 as of June 2021.

(7) 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):

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| | | | |
|:---|:---|:---|:---|
| | **Q3 2025** | **Q2 2025** | **Q3 2024** |
| &nbsp;&nbsp;&nbsp;&nbsp;Total revenue | $4551977 | $3835025 | $3108394 |
| &nbsp;&nbsp;&nbsp;&nbsp;Advisory and commission expense | 3025274 | 2483165 | 1948065 |
| &nbsp;&nbsp;&nbsp;&nbsp;Brokerage, clearing and exchange expense | 43282 | 43290 | 29636 |
| &nbsp;&nbsp;&nbsp;&nbsp;Employee deferred compensation | 4075 | 4293 | 2617 |
| &nbsp;&nbsp;&nbsp;**Gross profit** | $**1479346** | $**1304277** | $**1128076** |

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(8) 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):

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Q3 2025** | **Q3 2025** | **Q2 2025** | **Q2 2025** | **Q3 2024** | **Q3 2024** |
| &nbsp;&nbsp;&nbsp;&nbsp;Advisory and commission expense | $| 3025274 | $| 2483165 | $| 1948065 |
| &nbsp;&nbsp;&nbsp;&nbsp;Plus (Less): Advisor deferred compensation | (53018) | (53018) | (76473) | (76473) | (37431) | (37431) |
| &nbsp;&nbsp;&nbsp;**Production-based payout** | **$** | **2972256** | **$** | **2406692** | **$** | **1910634** |
| &nbsp;&nbsp;&nbsp;Advisory and commission revenue | $| 3397954 | $| 2755825 | $| 2184582 |
| &nbsp;&nbsp;&nbsp;**Payout rate** | **87.47%** | **87.47%** | **87.33%** | **87.33%** | **87.46%** | **87.46%** |

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(9) 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):

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| | | | |
|:---|:---|:---|:---|
| | **Q3 2025** | **Q2 2025** | **Q3 2024** |
| &nbsp;&nbsp;&nbsp;&nbsp;Client cash on Management's Statement of Operations | $441576 | $413516 | $372333 |
| &nbsp;&nbsp;&nbsp;Interest income on CCA balances segregated under federal or other regulations(11) | (13386) | (16184) | (18478) |
| &nbsp;&nbsp;**Client cash on Condensed Consolidated Statements of Income** | $**428190** | $**397332** | $**353855** |

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(10) &nbsp;&nbsp;&nbsp;&nbsp;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.

(11) &nbsp;&nbsp;&nbsp;&nbsp;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):

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| | | | |
|:---|:---|:---|:---|
| | **Q3 2025** | **Q2 2025** | **Q3 2024** |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income, net on Management's Statement of Operations | $47468 | $60738 | 31428 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income on CCA balances segregated under federal or other regulations(9) | 13386 | 16184 | 18478 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income on deferred compensation(12) | 5 | 19 | 17 |
| &nbsp;&nbsp;&nbsp;**Interest income, net on Condensed Consolidated Statements of Income**  | $**60859** | $**76941** | $**49923** |

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(12) 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):

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| | | | |
|:---|:---|:---|:---|
| | **Q3 2025** | **Q2 2025** | **Q3 2024** |
| &nbsp;&nbsp;&nbsp;&nbsp;Other revenue on Management's Statement of Operations | $11821 | $6785 | $3392 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income on deferred compensation(11) | (5) | (19) | (17) |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred compensation | 57093 | 80766 | 40048 |
| &nbsp;&nbsp;**Other revenue on Condensed Consolidated Statements of Income**  | $**68909** | $**87532** | $**43423** |

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(13) &nbsp;&nbsp;&nbsp;&nbsp;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):

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| | | | |
|:---|:---|:---|:---|
| | **Q3 2025** | **Q2 2025** | **Q3 2024** |
| &nbsp;&nbsp;&nbsp;**Core G&A Reconciliation** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;Total expense | $4586088 | $3466221 | $2761046 |
| &nbsp;&nbsp;&nbsp;&nbsp;Advisory and commission | (3025274) | (2483165) | (1948065) |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | (99722) | (96231) | (78338) |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense on borrowings(18) | (106295) | (105636) | (67779) |
| &nbsp;&nbsp;&nbsp;&nbsp;Brokerage, clearing and exchange | (43282) | (43290) | (29636) |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of other intangibles | (64706) | (46103) | (32461) |
| &nbsp;&nbsp;&nbsp;&nbsp;Employee deferred compensation | (4075) | (4293) | (2617) |
| &nbsp;&nbsp;&nbsp;**Total G&A** | **1242734** | **687503** | **602150** |
| &nbsp;&nbsp;&nbsp;&nbsp;Promotional (ongoing)(15)(16) | (201863) | (163575) | (175605) |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisition costs excluding interest(16) | (538177) | (71562) | (22243) |
| &nbsp;&nbsp;&nbsp;&nbsp;Employee share-based compensation | (18627) | (19504) | (20289) |
| &nbsp;&nbsp;&nbsp;&nbsp;Regulatory charges(14) | (6744) | (7267) | (24879) |
| &nbsp;&nbsp;&nbsp;**Core G&A** | $**477323** | $**425595** | $**359134** |

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(14) Regulatory charges for the three months ended September 30, 2024 include charges related to a settlement with the SEC to resolve the civil investigation of certain elements of the Company's Anti-Money Laundering ("AML") compliance program. The Company recorded an $18.0 million charge for the quarter ended September 30, 2024 and reached a settlement with the staff of the SEC and paid the civil monetary penalty in January 2025.

(15) Promotional (ongoing) includes $19.0 million, $21.2 million and $13.0 million for the three months ended September 30, 2025, June 30, 2025 and September 30, 2024, 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.

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(16) Acquisition costs include the costs to setup, 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):

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| | | | |
|:---|:---|:---|:---|
| | **Q3 2025** | **Q2 2025** | **Q3 2024** |
| &nbsp;&nbsp;&nbsp;**Acquisition costs** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation and benefits(a) | $257607 | $16054 | $8352 |
| &nbsp;&nbsp;&nbsp;&nbsp;Occupancy and equipment(a) | 197567 | 944 | (980) |
| &nbsp;&nbsp;&nbsp;&nbsp;Promotional(15) | 25664 | 35198 | 1964 |
| &nbsp;&nbsp;&nbsp;&nbsp;Professional services | 9674 | 11057 | 6685 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in fair value of contingent consideration(38) | 2676 | 309 | 5849 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest(18) |  | 3313 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 44989 | 8000 | 373 |
| &nbsp;&nbsp;&nbsp;**Acquisition costs** | $**538177** | $**74875** | $**22243** |

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&nbsp;&nbsp;&nbsp;&nbsp;a.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.

(17) 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 (loss) income to EBITDA and adjusted EBITDA for the periods presented (in thousands):

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| | | | |
|:---|:---|:---|:---|
| | **Q3 2025** | **Q2 2025** | **Q3 2024** |
| &nbsp;&nbsp;**EBITDA and adjusted EBITDA Reconciliation** | | | |
| &nbsp;&nbsp;&nbsp;Net (loss) income | $(29517) | $273249 | $255303 |
| &nbsp;&nbsp;&nbsp;Interest expense on borrowings(18) | 106295 | 105636 | 67779 |
| &nbsp;&nbsp;&nbsp;(Benefit from) provision for income taxes | (4594) | 95555 | 92045 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 99722 | 96231 | 78338 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of other intangibles | 64706 | 46103 | 32461 |
| &nbsp;&nbsp;**EBITDA** | $**236612** | $**616774** | $**525926** |
| &nbsp;&nbsp;&nbsp;Regulatory charges(14)  |  |  | 18000 |
| &nbsp;&nbsp;&nbsp;Acquisition costs excluding interest(16) | 538177 | 71562 | 22243 |
| &nbsp;&nbsp;**Adjusted EBITDA** | $**774789** | $**688336** | $**566169** |

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(18)&nbsp;&nbsp;&nbsp;&nbsp;Below is a reconciliation of interest expense on borrowings per Management's Statements of Operations to interest expense on borrowings on the Company's condensed consolidated statements of income for the periods presented (in thousands):

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| | | | |
|:---|:---|:---|:---|
| | **Q3 2025** | **Q2 2025** | **Q3 2024** |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense on borrowings on Management's Statement of Operations | $106295 | $102323 | $67779 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of debt issuance related to Commonwealth acquisition(16) |  | 3313 |  |
| &nbsp;&nbsp;**Interest expense on borrowings on Condensed Consolidated Statements of Income**  | $**106295** | $**105636** | $**67779** |

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(19)&nbsp;&nbsp;&nbsp;&nbsp;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 (loss) income before (benefit from) provision for income taxes to adjusted pre-tax income for the periods presented (in thousands):

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| | | | |
|:---|:---|:---|:---|
| | **Q3 2025** | **Q2 2025** | **Q3 2024** |
| &nbsp;&nbsp;&nbsp;&nbsp;(Loss) income before (benefit from) provision for income taxes | $(34111) | $368804 | $347348 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of other intangibles | 64706 | 46103 | 32461 |
| &nbsp;&nbsp;&nbsp;Acquisition costs(16) | 538177 | 74875 | 22243 |
| &nbsp;&nbsp;&nbsp;Regulatory charge(14) |  |  | 18000 |
| &nbsp;&nbsp;**Adjusted pre-tax income** | $**568772** | $**489782** | $**420052** |

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(20) 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 (loss) income and (loss) earnings per diluted share to adjusted net income and adjusted EPS for the periods presented (in thousands, except per share data):

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Q3 2025** | **Q3 2025** | **Q2 2025** | **Q2 2025** | **Q3 2024** | **Q3 2024** |
| | **Amount** | **Per Share** | **Amount** | **Per Share** | **Amount** | **Per Share** |
| Net (loss) income / (loss) earnings per diluted share | $(29517) | $(0.37) | $273249 | $3.40 | $255303 | $3.39 |
| &nbsp;&nbsp;Regulatory charges(14) |  |  |  |  | 18000 | 0.24 |
| &nbsp;&nbsp;&nbsp;Amortization of other intangibles | 64706 | 0.81 | 46103 | 0.57 | 32461 | 0.43 |
| &nbsp;&nbsp;Acquisition costs(16) | 538177 | 6.70 | 74875 | 0.93 | 22243 | 0.29 |
| &nbsp;&nbsp;&nbsp;Tax benefit | (155149) | (1.93) | (31433) | (0.39) | (14650) | (0.19) |
| Adjusted net income / adjusted EPS | $418217 | $5.20 | $362794 | $4.51 | $313357 | $4.16 |
| &nbsp;&nbsp;Diluted share count | 80357 |  | 80373 |  | 75405 |  |
| Note: Totals may not foot due to rounding. |  |  |  |  |  |  |

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(21) Consists of total advisory and brokerage 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' and Atria's introducing broker-dealer subsidiaries.

(22) Assets on the Company's corporate 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.

(23) Consists of advisory assets in LPL Financial's Model Wealth Portfolios, Optimum Market Portfolios, Personal Wealth Portfolios and Guided Wealth Portfolios platforms.

(24) 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.

(25) Consists of existing custodied assets that converted from brokerage to advisory, less existing custodied assets that converted from advisory to brokerage.

(26) 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.

(27) Represents the amount of securities purchased less the amount of securities sold in client accounts custodied with LPL Financial.

(28) 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 balance sheets. The following table presents purchased money market funds for the periods presented (in billions):

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| | | | |
|:---|:---|:---|:---|
| | **Q3 2025** | **Q2 2025** | **Q3 2024** |
| Purchased money market funds | $48.2 | $47.0 | $38.5 |

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(29) Calculated by dividing revenue for the period by the average balance during the period.

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(30) 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):

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| | | | |
|:---|:---|:---|:---|
| | **Q3 2025** | **Q2 2025** | **Q4 2024** |
| **EBITDA and Credit Agreement EBITDA Reconciliations** | | | |
| &nbsp;&nbsp;&nbsp;Net income | $833054 | $1117874 | $1058616 |
| &nbsp;&nbsp;&nbsp;Interest expense on borrowings | 379772 | 341256 | 274181 |
| &nbsp;&nbsp;&nbsp;Provision for income taxes | 260173 | 356812 | 334276 |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | 380341 | 358957 | 308527 |
| &nbsp;&nbsp;&nbsp;Amortization of other intangibles | 196944 | 164699 | 135234 |
| **EBITDA** | $**2050284** | $**2339598** | $**2110834** |
| &nbsp;&nbsp;&nbsp;**Credit Agreement Adjustments:** |  |  |  |
| &nbsp;&nbsp;Acquisition costs and other(16)(39) | $743028 | $269638 | $223614 |
| &nbsp;&nbsp;&nbsp;Employee share-based compensation | 82564 | 84226 | 88957 |
| &nbsp;&nbsp;M&A accretion(40) | 552394 | 222150 | 235048 |
| &nbsp;&nbsp;&nbsp;Advisor share-based compensation | 2905 | 2838 | 2597 |
| &nbsp;&nbsp;&nbsp;Loss on extinguishment of debt | 3983 | 3983 | 3983 |
| **Credit Agreement EBITDA** | $**3435158** | $**2922433** | $**2665033** |

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(31) Calculated based on the average advisor count from the current period and prior periods.

(32)&nbsp;&nbsp;&nbsp;&nbsp;Calculated based on the end of period total advisory and brokerage assets divided by end of period advisor count.

(33)&nbsp;&nbsp;&nbsp;&nbsp;Represents amortization expense on forgivable loans for transition assistance to advisors and institutions.

(34) During the first quarter of 2025, the Company updated its reporting of employees to include all full-time employees, including those reflected in Core G&A, promotional (ongoing) and advisory and commission expense. Prior period disclosures have been updated to reflect this change as applicable.

(35) Reflects retention of total advisory and brokerage assets, calculated by deducting quarterly annualized attrition from total advisory and brokerage assets, divided by the prior quarter total advisory and brokerage assets.

(36) Capital expenditures represent cash payments for property and equipment during the period.

(37) Acquisitions, net represent cash paid for acquisitions, net of cash acquired during the period.

(38) Represents a fair value adjustment to our contingent consideration liabilities that is reflected in other expense in the condensed consolidated statements of income.

(39) Acquisition costs and other primarily include costs related to acquisitions, costs incurred related to the integration of the strategic relationship with Prudential Advisors, a $26.4 million reduction related to the departure of the Company's former Chief Executive Officer and related clawback of share-based compensation awards, and an $18.0 million regulatory charge recognized during the three months ended September 30, 2024 reflecting the amount of a penalty proposed by the SEC as part of its civil investigation of the Company's compliance with certain elements of the Company's AML compliance program.

(40)&nbsp;&nbsp;&nbsp;&nbsp;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.