LPLA — what changed in the latest 10-Q
A section-by-section comparison of LPLA's newest periodic SEC filing (10-K/10-Q) against the prior same-form filing: paragraphs added and removed per section, with verbatim excerpts. Purely a deterministic text diff — no similarity scores, no directional read, not investment advice.
Comparing 10-Q · 2026-10-29 vs the prior 10-Q · 2026-08-03
| Section | Outcome | Added | Removed | Minor | Unchanged |
|---|---|---|---|---|---|
| MD&A | Text added/removed | +40 | −29 | ~27 | 71 |
| Market risk (Item 3) | Text added/removed | 0 | 0 | ~3 | 13 |
| Controls & procedures | Text added/removed | +1 | −1 | 0 | 1 |
| Legal proceedings | No paragraph-level changes | 0 | 0 | 0 | 1 |
| Risk factors | No material changes reported (points to the 10-K) | — | — | — | — |
| Other information | Text added/removed | +2 | 0 | ~1 | 0 |
Counts are paragraphs; added/removed means text added or removed vs the prior filing — no direction or judgement implied.
Representative excerpts
Up to 5 excerpts of about 300 characters per section, quoted verbatim from the two SEC filings.
MD&A
Text added vs the prior filing · source: 10-Q · 2026-10-29
Results for the third quarter of 2026 included net income of $356.6 million, or $4.52 per diluted share, which compares to a net loss of $29.5 million, or a $0.37 loss per diluted share, for the third quarter of 2025.
Total advisory and brokerage assets served were $2.6 trillion at September 30, 2026, compared to $2.3 trillion at September 30, 2025. Total net new assets were $29.1 billion for the three months ended September 30, 2026, compared to $307.7 billion for the same period in 2025.
Net new advisory assets were $33.1 billion for the three months ended September 30, 2026, compared to $229.0 billion for the same period in 2025. Advisory assets were $1.6 trillion, or 61% of total advisory and brokerage assets served, at September 30, 2026, up 16% from $1.3 trillion at September 30…
Net new brokerage assets were an outflow of $4.0 billion for the three months ended September 30, 2026, compared to an inflow of $78.7 billion for the same period in 2025. Brokerage assets were $1.0 trillion at September 30, 2026, up 4% from $967.7 billion at September 30, 2025.
Gross profit, a non-GAAP financial measure, was $1.7 billion for the three months ended September 30, 2026, an increase of 12% from $1.5 billion for the three months ended September 30, 2025. See the “Key Performance Metrics” section for additional information on gross profit.
Text removed vs the prior filing · source: 10-Q · 2026-08-03
Resumed share repurchases and approved additional share repurchase program
During the second quarter we resumed our share repurchase program, with $309.5 million repurchased during the second quarter and approximately $300 million of repurchases planned for the third quarter. From July 1, 2026 through July 30, 2026, the Company has repurchased 420,464 outstanding shares fo…
Results for the second quarter of 2026 included net income of $379.3 million, or $4.74 per diluted share, which compares to net income of $273.2 million, or $3.40 per diluted share, for the second quarter of 2025.
Total advisory and brokerage assets served were $2.6 trillion at June 30, 2026, compared to $1.9 trillion at June 30, 2025. Total net new assets were $23.6 billion for the three months ended June 30, 2026, compared to $20.5 billion for the same period in 2025.
Net new advisory assets were $30.7 billion for the three months ended June 30, 2026, compared to $23.1 billion for the same period in 2025. Advisory assets were $1.5 trillion, or 60% of total advisory and brokerage assets served, at June 30, 2026, up 46% from $1.1 trillion at June 30, 2025.
Controls & procedures
Text added vs the prior filing · source: 10-Q · 2026-10-29
On August 1, 2025, we acquired CFN. During the three months ended September 30, 2026, we continued the ongoing integration of CFN, including the incorporation of CFN’s internal controls over financial reporting into our overall internal control framework. This integration represents a material chang…
Text removed vs the prior filing · source: 10-Q · 2026-08-03
There were no changes in our internal control over financial reporting that occurred during the second quarter ended June 30, 2026 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
Other information
Text added vs the prior filing · source: 10-Q · 2026-10-29
Maximum Number of Securities to be Purchased or Sold Pursuant to the Rule 10b5-1 Trading ArrangementsPurchase or Sale
(1) Represents the outside termination date pursuant to terms of each applicable plan. The agreement governing the applicable plan may terminate earlier pursuant to its terms in certain circumstances outside of the control of the applicable officer, including if all trades under the plan are complet…
How to read Risk Factors (Item 1A) in a 10-Q
A 10-Q risk-factor section usually takes one of three forms; this page classifies it as one of:
- Pointer — the filer states there have been no material changes and points back to the annual 10-K risk factors; there is no own risk text to compare this quarter.
- Partial update — the filer carves out specific updated risks ("except as set forth below"); the excerpts show exactly what is new this quarter.
- Restated in full — the quarter carries the complete risk-factor text. When the prior quarter was only a pointer there is no prior full text to diff against, so the page flags the section as restated instead.
This describes the filing structure only — it is never a judgement on whether risk went up or down.
Source: text-level diff of the two SEC EDGAR filings · deterministic (no AI-generated content) · for reference only · not investment advice