LPL Financial Holdings Inc. reported a net loss of $30 million, or $0.37 per share, for the third quarter ended September 30, 2025, a decline from the $255 million net income ($3.39 per share) reported in the same quarter of 2024.
Revenue for the quarter rose 48.4 % year‑over‑year to $4.55 billion, driven by higher advisory and brokerage activity and the inclusion of assets from the Commonwealth Financial Network acquisition.
The net loss was largely attributable to $419 million in one‑time acquisition costs related to the Commonwealth Financial Network deal, which closed on August 1, 2025. Adjusted earnings per share were $5.20, 15.8 % above analysts’ consensus estimates, reflecting strong underlying profitability.
LPL declared a dividend of $0.30 per share to be paid on December 1, 2025.
In the prior quarter, LPL posted a net income of $273 million, or $3.40 per share, and revenue of $3.835 billion, underscoring the impact of the acquisition on the current quarter’s GAAP results.
Management highlighted progress on technology investments and advisor‑affiliation expansion as key drivers of revenue growth, while noting that integration of Commonwealth advisors is expected to complete by the fourth quarter of 2026 and that the company aims to retain 90 % of Commonwealth advisors.
The company’s leverage ratio after the acquisition was approximately 2.04x, below the upper end of its target range, and it lowered its full‑year 2025 core G&A outlook to $1.86 billion–$1.88 billion.
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