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LPLA

LPL Financial Holdings Inc.

LPLA

LPL Financial Holdings Inc. • NASDAQ
$356.04 ▲ 0.66% (+2.33)
Market Cap $28.50 B
52w High $403.58
52w Low $262.83
Dividend Yield 1.20%
P/E 33.21
Volume 144.12K
Outstanding Shares 80.04M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $0 ▼ $0 ▼ $0 ▼ 0% ▼ $-0.37 ▼ $0 ▼
Q2-2025 $3.835B ▲ $515.03M ▲ $273.249M ▼ 7.125% ▼ $3.42 ▼ $616.774M ▼
Q1-2025 $3.67B ▲ $463.283M ▼ $318.573M ▲ 8.68% ▲ $4.27 ▲ $638.992M ▲
Q4-2024 $3.512B ▲ $481.942M ▲ $270.749M ▲ 7.708% ▼ $3.62 ▲ $557.906M ▲
Q3-2024 $3.108B $426.951M $255.303M 8.213% $3.41 $525.926M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $1.543B ▼ $18.032B ▲ $12.989B ▲ $5.043B ▼
Q2-2025 $4.31B ▲ $17.474B ▲ $12.399B ▲ $5.074B ▲
Q1-2025 $1.352B ▲ $13.963B ▲ $10.839B ▲ $3.124B ▲
Q4-2024 $1.009B ▼ $13.317B ▲ $10.387B ▲ $2.931B ▲
Q3-2024 $1.571B $11.942B $9.17B $2.772B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q2-2025 $273.249M ▼ $193.3M ▼ $-250.469M ▼ $3.116B ▲ $3.059B ▲ $56.311M ▼
Q1-2025 $318.573M ▲ $339.81M ▲ $-199.159M ▲ $29.973M ▼ $170.624M ▲ $220.342M ▲
Q4-2024 $270.749M ▲ $-178.778M ▼ $-1.035B ▼ $934.823M ▲ $-278.65M ▼ $-344.301M ▼
Q3-2024 $255.303M ▲ $209.335M ▲ $-181.182M ▲ $-24.113M ▼ $4.04M ▼ $62.273M ▲
Q2-2024 $243.8M $-178.869M $-246.31M $556.569M $131.39M $-307.791M

Revenue by Products

Product Q1-2018Q2-2018Q3-2018Q4-2018
Assetbased Revenue
Assetbased Revenue
 $220.00M ▲$240.00M ▲$250.00M ▲$270.00M ▲
Money Market Cash Sweep Revenue
Money Market Cash Sweep Revenue
 $0 ▲$10.00M ▲$10.00M ▲$480.00M ▲
Recordkeeping Revenues
Recordkeeping Revenues
 $60.00M ▲$60.00M ▲$60.00M ▲$60.00M ▲
Sponsorship Programs
Sponsorship Programs
 $50.00M ▲$60.00M ▲$60.00M ▲$60.00M ▲
Cashsweep Revenue
Cashsweep Revenue
 $100.00M ▲$120.00M ▲$130.00M ▲$0 ▼

Five-Year Company Overview

Income Statement

Income Statement Revenue has grown steadily over the past five years, showing that LPL is successfully adding advisors, client assets, or both. Operating profits have also trended higher, which suggests that the core business is scaling well and absorbing higher technology and support costs. Net income and earnings per share have improved meaningfully over the period, though growth has flattened more recently, indicating that incremental gains are getting harder to achieve. Overall profitability looks solid for a scaled financial-services platform, but the recent plateau in bottom-line growth is worth watching.

Balance Sheet

Balance Sheet The balance sheet has expanded consistently, reflecting a larger, more complex business. Shareholders’ equity has generally risen, which points to accumulated earnings and a stronger capital base over time. Debt levels, however, have increased faster than equity, meaning leverage has moved up and the company is more reliant on borrowing than it used to be. This is typical for a growing financial platform but does introduce greater sensitivity to funding costs and credit markets, so the balance between growth and leverage bears attention.

Cash Flow

Cash Flow Cash generation has been uneven, with strong operating cash flow in some years and much weaker figures in others, suggesting meaningful swings in working capital and the timing of client-related flows. Investment spending has climbed steadily as LPL pours more money into technology, platforms, and infrastructure. As a result, free cash flow has become more volatile and recently turned negative, reflecting an intensive investment phase rather than a cash-short business model. This pattern can be healthy if the investments earn good returns, but it leaves less room for error during periods of market stress or slower growth.

Competitive Edge

Competitive Edge LPL holds a leading position in the independent advisor channel, benefiting from strong scale, brand recognition, and a focused business model. Its integrated technology, compliance, and support ecosystem makes it cumbersome for advisors to leave once they are fully embedded, creating sticky relationships and recurring revenue. Flexible affiliation options and an open-architecture product shelf further differentiate LPL from more rigid or product-driven competitors. At the same time, it competes in a crowded field with giants like Schwab and Fidelity, so maintaining service quality, pricing, and platform innovation is critical to sustaining its edge.

Innovation and R&D

Innovation and R&D Innovation is a clear focus, centered on LPL’s ClientWorks platform and a growing set of digital tools for advisors. The firm is pushing hard into artificial intelligence for tasks like marketing, compensation analytics, trading, and portfolio rebalancing, aiming to make advisors more productive and their practices more scalable. It has also built specialized capabilities in alternative investments, digital marketing, and high-net-worth solutions, plus continues to enhance client-facing portals. Strategic acquisitions and planned new offerings in cash management and lending show that LPL treats technology and product development as core growth drivers rather than side projects.

Summary

LPL Financial combines strong revenue growth with a scaled, advisor-centric platform and a clear commitment to technology-led differentiation. Profitability has improved over time, but recent earnings growth has slowed, just as leverage has moved higher and cash flows have turned more volatile due to heavy investment. Its competitive position in the independent advisor space is robust, supported by high switching costs, broad service offerings, and a focused strategy, yet it still faces intense industry competition and regulatory complexity. The company appears firmly in an investment and expansion phase, which could support future growth but also raises execution and balance-sheet risks that observers should monitor closely.

NEWS

November 20, 2025 · 4:05 PM UTC

LPL Financial Reports Monthly Activity for October 2025

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November 20, 2025 · 12:12 PM UTC

Republic Capital Group Advises Private Advisor Group on its Minority Investment by LPL Financial

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November 19, 2025 · 9:26 AM UTC

Private Advisor Group Announces Minority Investment by LPL Financial

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November 19, 2025 · 8:55 AM UTC

LPL Financial Welcomes Longstreet Wealth Management

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November 12, 2025 · 9:00 AM UTC

LPL Financial Launches Cash Management Account to Seamlessly Integrate Banking and Investing

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