LPL Financial (NASDAQ: LPLA) reported Q4 EPS of $5.23, $0.29 better than the analyst estimate of $4.94. Revenue for the quarter came in at $4.93 billion versus the consensus estimate of $4.91 billion.

Key Updates
M&A:

Commonwealth Financial Network ("Commonwealth"): On track to complete the conversion in the fourth quarter of 2026

Continue to expect asset retention of approximately 90% and run-rate EBITDA of approximately $425 million

Liquidity & Succession: Deployed approximately $53 million of capital to close 7 deals in Q4

Core G&A:

2025 Core G&A* was $1,852 million, below the low end of our outlook range of $1,860-1,880 million

Prior to the impacts of Prudential Advisors, Atria Wealth Solutions, Inc. ("Atria"), and Commonwealth, 2025 Core G&A* increased by 4%

In 2026, we plan to continue investing to drive growth, while creating greater efficiencies as we scale our business

Our 2026 Core G&A* outlook range prior to Commonwealth is $1,775-1,820 million, or 4.5-7% year-over-year growth
Including expenses related to Commonwealth, our 2026 Core G&A* outlook range is $2,155-2,210 million

For earnings history and earnings-related data on LPL Financial (LPLA) click here.