LPL Financial Holdings Inc. reported a net loss of $30 million, or $0.37 per diluted share, for the third quarter of 2025. This result includes $419 million, or $5.21 per share, in one-time acquisition costs associated with the closing of the Commonwealth Financial Network acquisition. Adjusted earnings per share increased 25% year-over-year to $5.20. Gross profit rose 31% year-over-year to $1,479 million. Core general and administrative expenses increased 33% year-over-year to $477 million. Adjusted pre-tax income increased 35% year-over-year to $569 million. Total advisory and brokerage assets rose 45% year-over-year to $2.3 trillion, with advisory assets up 51% to $1.3 trillion. Advisory assets represented 58.2% of total assets, compared to 56.0% a year ago. During the quarter, LPL onboarded the wealth management business of First Horizon, closed the acquisition of Commonwealth, and completed five deals totaling approximately $30 million in capital deployment. The company lowered its 2025 outlook for core general and administrative expenses to a range of $1,860 million to $1,880 million. The Board of Directors declared a dividend of $0.30 per share, payable on December 1, 2025, to stockholders of record as of November 13, 2025.