Research · Sep 3, 2026
[LPLA] LPL Financial Thesis 2026: Commonwealth and Atria Acquisitions Reach Two-Point-Four Trillion
LPL Financial Holdings FY25 revenue $16.99B (+37%); op income $2.28B (+37%); NI $863M (-19% on integration costs); EPS $10.92. Total advisory + brokerage assets $2.4T (+30%) — Commonwealth added $275B. Organic NNA $103B (8%) FY25; Q4 NNA $23B (4% annualized). Q4 adj EPS $5.23 (+23%); pretax margin ~36%. Commonwealth integration: ~3,000 advisers / 90% retention target / 80% of assets signed; $425M run-rate EBITDA fully integrated (Q4 2026 onboard). Atria $155M run-rate EBITDA. FY26 G&A $2.155-$2.21B; buyback paused post-Commonwealth.