Lpl financial announces first quarter 2025 results

Key financial results: net income was $319 million , translating to diluted earnings per share ("eps") of $4.24 , up 11% from a year ago adjusted eps* increased 22% year-over-year to $5.15 gross profit* increased 19% year-over-year to $1,273 million core g&a* increased 14% year-over-year to $413 million adjusted pre-tax income* increased 23% year-over-year to $509 million key business results: total advisory and brokerage assets increased 25% year-over-year to $1.8 trillion advisory assets increased 23% year-over-year to $977 billion advisory assets as a percentage of total assets decreased to 54.5%, down from 55.0% a year ago total organic net new assets were $71 billion, representing 16% annualized growth this included $27 billion of assets from prudential advisors ("prudential") and $16 billion of assets from wintrust investments, llc and certain private client business at great lakes advisors, llc (collectively, "wintrust") that onboarded during the first quarter, as well as $0.7 billion of assets that off-boarded as part of the previously disclosed planned separation from misaligned large osjs. prior to these impacts, organic net new assets were $29 billion, translating to a 7% annualized growth rate recruited assets ( 1 ) were $39 billion, up 91% from a year ago recruited assets over the trailing twelve months were a record of $167 billion total client cash balances were $53 billion, a decrease of $2 billion sequentially and an increase of $7 billion year-over-year client cash balances as a percentage of total assets were 3.0%, down from 3.2% in the prior quarter and prior year key capital and liquidity results: corporate cash ( 2 ) was $621 million leverage ratio ( 3 ) was 1.82x share repurchases were $100 million and dividends paid were $22.4 million *see the non-gaap financial measures section and the endnotes to this release for further details about these non-gaap financial measures key updates large institutions: prudential: completed the onboarding of prudential, with $67 billion of brokerage and advisory assets, of which $27 billion transitioned onto our platform in q1 wintrust: onboarded wintrust, with $16 billion of brokerage and advisory assets transitioning onto our platform in q1 first horizon bank ("first horizon"): in april 2025, announced a strategic relationship agreement with first horizon to transition support of the broker-dealer and investment advisory services of first horizon advisors, inc., to lpl's institution services platform, expected to be completed in the second half of 2025.
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