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Acquisitions (Tables)

12 Months Ended

Dec. 31, 2025

Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]

Schedule of Business Acquisitions, by Acquisition

The following table summarizes the cash funded at closing and total consideration transferred (dollars in thousands):

Cash Funded at Close						August 1, 2025
Cash consideration						$	1,927,371
Cash for liabilities assumed(1)						405,823
Cash for post-combination expenses(2)						419,049
Total cash funded at close						$	2,752,243
Consideration						August 1, 2025
Cash						$	1,927,371
Other liabilities incurred						90,414
Total consideration						$	2,017,785

____________________

(1)Liabilities assumed are reflected in the Accounts payable and accrued liabilities and Equity awards liability line items in the table below and were paid concurrently with the closing.

(2)The post-combination expenses were paid at the closing and primarily included $228.4 million of costs related to transaction bonuses and the acceleration of unvested equity awards which were classified as Compensation and benefits and $190.1 million of costs related to certain contract termination fees which were classified as Occupancy and equipment in the consolidated financial statements.

The following table summarizes the total consideration for the transaction at October 1, 2024 (dollars in thousands):

Total Consideration			October 1, 2024
Cash			$	853,429
Fair value of contingent consideration			19,545
Total consideration			$	872,974

Schedule of Finite-Lived Intangible Assets Acquired as Part of Business Combination

The following table summarizes the Company's provisional purchase price allocation at August 1, 2025 (dollars in thousands):

Provisional Purchase Price Allocation(1)						August 1, 2025
Fair value of consideration transferred						$	2,017,785
Assets
Cash and equivalents						333,927
Restricted cash						95,414
Investment securities						43,719
Receivables from brokers, dealers and clearing organizations						1,839
Other receivables, net						55,788
Advisor loans, net						92,716
Property and equipment, net						7,769
Intangible assets						1,716,000
Other assets						58,330
Total identifiable assets acquired						$	2,405,502
Liabilities
Accrued advisory and commission expenses payable						14,440
Accounts payable and accrued liabilities						57,012
Client payables						525
Equity awards liability						382,231
Unearned revenue						309,594
Other liabilities						47,218
Total liabilities assumed						$	811,020
Net assets acquired						1,594,482
Goodwill						$	423,303

____________________

(1)The Company recorded provisional purchase accounting adjustments during the three months ended December 31, 2025 which resulted in a $12.9 million decrease in advisor loans, net, a $40.0 million increase in advisor relationship intangibles, a $5.0 million increase in trade name intangible, a $1.9 million decrease in other assets and a $30.1 million decrease in goodwill.

The following table summarizes the Company's purchase price allocation at October 1, 2024 (dollars in thousands):

Purchase Price Allocation(1)						October 1, 2024
Fair value of consideration transferred						$	872,974
Assets
Cash and equivalents						76,259
Restricted cash						15,866
Receivables from brokers, dealers and clearing organizations						13,734
Other receivables						37,163
Other intangibles						620,100
Other assets						30,482
Total identifiable assets acquired						$	793,604
Liabilities
Accrued advisory and commission expenses payable						32,756
Accounts payable and accrued liabilities						58,691
Deferred tax liabilities						110,643
Other liabilities						26,409
Total liabilities assumed						$	228,499
Net assets acquired						565,105
Goodwill						$	307,869

________________

(1)During the year ended December 31, 2025, the Company recorded purchase accounting adjustments that resulted in a $15.4 million decrease in total consideration, a $13.5 million decrease in advisor relationships, a $6.3 million decrease in institutional relationships, a $4.8 million decrease in other receivables, a $5.2 million increase in other assets, a $1.3 million decrease in deferred tax liabilities, and a $6.2 million increase in accounts payable and accrued liabilities. These cumulative adjustments resulted in an $8.9 million increase to goodwill.

Business Acquisition, Pro Forma Information

The following table presents unaudited pro forma results as if the acquisition of Commonwealth had occurred on January 1, 2024 (dollars in thousands):

						Years Ended December 31,
LPL Financial and Commonwealth Pro Forma Combined Financial Information (unaudited)						2025			2024
Total revenue						$	18,634,628		$	15,073,569
Net income						$	1,330,159		$	536,737

The following table presents unaudited pro forma results as if the acquisition of Atria had occurred on January 1, 2024 (dollars in thousands):

									Year Ended December 31,
LPL Financial and Atria Pro Forma Combined Financial Information (unaudited)									2024
Total revenue									$	12,998,942
Net income									$	982,067

X

- Definition

Tabular disclosure of pro forma results of operations for a material business acquisition or series of individually immaterial business acquisitions that are material in the aggregate.

+ References

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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)(2)
-SubTopic 10
-Topic 805
-Publisher FASB
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)(3)
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Tabular disclosure of a material business combination completed during the period, including background, timing, and recognized assets and liabilities. This table does not include leveraged buyouts.

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Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
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Tabular disclosure of finite-lived intangible assets acquired as part of a business combination or through an asset purchase, by major class and in total, including the value of the asset acquired, any significant residual value (the expected value of the asset at the end of its useful life) and the weighted-average amortization period.

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-Topic 350
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