LPL Financial Holdings Inc.: 2Q26 Delivers a Strong Beat; 2H26 Setup Well for NNA Acceleration; Platform Fee Still Under Evaluation But Cash Tiering Adjustments Deliver Higher Yields; Share Repurchases Resume

Research evidence excerpt

LPL Financial Holdings Inc.: 2Q26 Delivers a Strong Beat; 2H26 Setup Well for NNA Acceleration; Platform Fee Still Under Evaluation But Cash Tiering Adjustments Deliver Higher Yields; Share Repurchases Resume

J P M O R G A N North America Equity Research

30 July 2026

LPL Financial Holdings Inc.

2Q26 Delivers a Strong Beat; 2H26 Setup Well for NNA Overweight

Acceleration; Platform Fee Still Under Evaluation But LPLA, LPLA US

Cash Tiering Adjustments Deliver Higher Yields; Share Price (30 Jul 26):$339.17

Repurchases Resume ▲Price Target (Dec-26):$428.00 Prior (Dec-26):$408.00

LPL Financial reported 2Q26 adj. EPS of $5.84, well-ahead of our and Bloomberg

consensus expectations primarily driven by better expense management. Gross Brokers, Asset Managers &

Exchangesprofit was a touch ahead, but 2Q26 core G&A was considerably lower than our

model. Moreover, LPL lowered its full year 2026 core G&A guide again (~$20mn Michael Cho AC

at midpoint) as platform efficiencies are driving overall lower costs to serve. Net (1-212) 622-3619

michael.cho@jpmchase.com

new assets remained steady in 2Q26 at ~4%, similar to 1Q26. That said, June NNA

growth exhibited acceleration exiting the quarter, and LPL’s record pipelines Kenneth B. Worthington, CFA

(1-212) 622-6613

continued to build. We expect NNA growth to accelerate in 2H26 as LPL begins kenneth.b.worthington@jpmorgan.com

to further convert its solid backlog. Separately, Commonwealth remains on-track

Madeline Daleiden

(still at mid-80%s asset retention with 90% goal) and the expected run-rate (1-212) 622-4911

EBITDA contribution increased to $435mn (from $410mn). More importantly, madeline.daleiden@jpmchase.com

LPL continues to evaluate the merits and execution potential for a prospective shift J.P. Morgan Securities LLC