2Q26 EPS Closing Thoughts: Solid Result With Catalysts Ahead

研报英文原文证据摘录

2Q26 EPS Closing Thoughts: Solid Result With Catalysts Ahead

Global Research

30 July 2026ab

First Read

EquitiesLPL Financial Holdings Inc

2Q26 EPS Closing Thoughts: Solid Result With United States

Catalysts Ahead Investment Services

12-month rating Buy

12m price target US$391.00

Our Take

Overall, we view 2Q26 results as solid, with positives outweighing negatives. Key

highlights included better-than-expected NNA, a core G&A beat alongside lower full- Price (30 Jul 2026) US$339.17

year expense guidance, stronger buybacks, encouraging commentary on recruitment RIC: LPLA.O BBG: LPLA US

and future NNA growth, and healthy Commonwealth retention. Offsetting these were a

Trading data and key metrics

modest advisory revenue miss (net of payout benefits), lower client cash balances and

cash revenues, and higher payout guidance. AI disruption remains a topic of debate, but 52-wk range US$393.25-265.86

concerns appear to be easing and were notably less prominent than last quarter. Market cap. US$27.1b

Shares o/s 80.0m (COM)

Closing thoughts: As we move into the 2H, we see several company-specific Free float 99%

catalysts that could continue to aid LPLA’s re-rating journey. For more on catalysts

Avg. daily volume ('000) 976

taking form in the 2H, see our note, 6-7 In Sight; Upgrade to Buy. Reiterate Buy.

Avg. daily value (m) US$289.1

EPS Beat UBSe and Consensus Common s/h equity (12/26E) US$5.92b

Adjusted EPS came in at $5.84, above UBSe of $5.57 and Visible Alpha Consensus of P/BV (12/26E) 4.4x

$5.39. Advisory fees and commissions, net beat consensus, though on a lower payout Tier 1 ratio -

ratio and higher commissions as Advisory Revenue missed. The other main driver of the EPS (UBS, diluted) (USD)

beat was lower core G&A and notably, LPL lowered the full year guide.