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LPL Financial

LPLA Nasdaq Investment Banking & Brokerage Financials FY2016–FY2025

LPL Financial's revenue rose 37.2% to $17.0 billion in fiscal 2025. Its net margin was 5.1%, down from 8.6% a year earlier. Free cash flow was −$982 million. It paid out $194 million in dividends and buybacks. The diluted share count rose 4.8%.

Last close · Oct 23, 2026

$315.61

1.0%
Value it Compare
Revenue Total sales reported in the income statement.
$17.0B
37.2% vs prior year
Operating margin Operating income as a share of revenue.
—
Net income Profit after all expenses, interest and tax.
$863M
18.5%
Free cash flow Cash from operations minus capital spending.
−$982M
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
12.3%
7.4 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$25.2B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
25.1x
On $12.57 EPS (TTM)

What LPL Financial does

No business description yet.

Legal name
LPL Financial Holdings Inc.
Fiscal year ends
December 31, 2025
Latest annual report
—
Accession · CIK
0001628280-26-010705
0001397911

Revenue and margins

LPL Financial had $17.0B of revenue in fiscal 2025, up 37.2% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2016 to 2025, diluted EPS grew 19.9% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was −$982M in fiscal 2025, −5.8% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

LPL Financial returned $194M to shareholders in fiscal 2025. The diluted share count rose 4.8%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value LPL Financial yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of −$6.1B and divides by 79.1M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 25.1x · peers 23.1x · sector 13.7x.

Balance sheet

Cash, debt and the ratios that show how comfortably LPL Financial can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $544M$900M$557M$1.0B$1.1B
Debt incl. finance leases $2.9B$2.8B$3.8B$5.6B$7.3B
Net debt / EBITDA 2.8x1.3x1.8x2.3x3.2x
Debt / equity 1.8x1.3x1.9x1.9x1.4x
Interest coverage 6.8x9.8x8.7x6.1x3.9x
Total assets $8.0B$9.5B$10.4B$13.3B$18.5B
Total liabilities $6.3B$7.3B$8.3B$10.4B$13.1B
Shareholders' equity $1.7B$2.2B$2.1B$2.9B$5.3B
Net debt (− = net cash) $2.4B$1.9B$3.3B$4.6B$6.1B

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$5.0M

6 insiders

Of sales under plans

47%

$2.4M

DateInsiderTradeSharesPriceValueFiling
Sep 11, 2026 Katharine ReepingPrincipal Accounting Officer Sold 440 $347.88 $0.2M Form 4
Aug 27, 2026 Aneri JambusariaGroup Managing Director Sold plan 308 $357.36 $0.1M Form 4
Aug 20, 2026 Greg GatesGroup Managing Director Sold 4,119 $355.38 $1.5M Form 4
Jul 31, 2026 Matthew EnyediGroup Managing Director Sold plan 1,000 $352.72 $0.4M Form 4
Jun 17, 2026 Aneri JambusariaGroup Managing Director Sold plan 308 $306.00 $0.1M Form 4
Apr 15, 2026 Matthew J AudettePresident and CFO Sold plan 1,110 $330.01 $0.4M Form 4
Apr 14, 2026 Matthew J AudettePresident and CFO Sold plan 469 $325.34 $0.2M Form 4
Mar 10, 2026 Marc Eliot CohenGroup Managing Director Sold 1,088 $309.72 $0.3M Form 4
Mar 9, 2026 Marc Eliot CohenGroup Managing Director Sold 2,212 $308.75 $0.7M Form 4
Mar 2, 2026 Aneri JambusariaGroup Managing Director Sold plan 308 $306.00 $0.1M Form 4
Feb 26, 2026 Matthew EnyediGroup Managing Director Sold plan 2,109 $320.15 $0.7M Form 4
Feb 26, 2026 Matthew J AudettePresident and CFO Sold plan 1,581 $320.50 $0.5M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✕
Return on assets rose ✓ ✕ ✕
Cash from operations exceeds net income ✕ ✕ ✕
Debt fell relative to assets ✕ ✕ ✓
Current ratio rose — — —
Share count didn't rise ✓ ✓ ✕
Gross margin rose — — —
Revenue rose relative to assets ✕ ✓ ✓
F-score — / 9— / 9— / 9
Accruals ratio 5.6%6.6%8.0%
Altman Z'' ———

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
LPL Financial LPLA $25.2B 37.2% — −5.8% 12.3% 25.1x —
Interactive Brokers IBKR $36.1B 19.7% — 253.7% — 32.0x — Compare →
Robinhood HOOD $86.7B 51.6% — 36.3% — 41.9x — Compare →
Evercore EVR $10.4B 29.5% — 30.5% — 14.2x 5 Compare →
Virtu Financial VIRT $4.9B 26.3% — 13.6% 37.9% 9.3x — Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $4.0B $4.3B $5.2B $5.6B $5.9B $7.7B $8.6B $10.1B $12.4B $17.0B
Interest expense $92.3M $92.6M $124M $130M $106M $104M $126M $187M $274M $403M
Pretax income $298M $365M $593M $742M $626M $601M $1.1B $1.4B $1.4B $1.1B
Income tax $106M $126M $153M $182M $153M $142M $266M $379M $334M $287M
Net income $192M $239M $440M $560M $473M $460M $846M $1.1B $1.1B $863M
Diluted EPS $2.13 $2.59 $4.85 $6.62 $5.86 $5.63 $10.40 $13.69 $14.03 $10.92
Diluted shares 0.09B 0.09B 0.09B 0.08B 0.08B 0.08B 0.08B 0.08B 0.08B 0.08B
Cash flow
Cash from operations $389M $453M $582M $624M $790M $453M $1.9B $513M $278M −$411M
Capital expenditure $128M $112M $133M $156M $156M $216M $307M $403M $563M $570M
Free cash flow $261M $341M $449M $467M $634M $237M $1.6B $109M −$285M −$982M
Depreciation and amortization $75.9M $84.1M $87.7M $95.8M $110M $151M $200M $247M $309M $393M
Stock-based compensation $24.9M $28.5M $29.2M $32.9M $34.0M $44.2M $52.6M $68.7M $91.8M $79.4M
Acquisitions $0.0M $160M $27.9M $25.9M $30.6M $246M $56.5M $454M $1.0B $1.8B
Share buybacks $25.0M $114M $418M $500M $150M $90.0M $325M $1.1B $170M $100M
Dividends paid $89.1M $90.3M $88.4M $82.6M $79.1M $80.1M $79.8M $92.2M $89.7M $94.4M
Dividends and buybacks $114M $204M $506M $583M $229M $170M $405M $1.2B $260M $194M
Balance sheet
Cash and short-term investments $748M $811M $511M $590M $851M $544M $900M $557M $1.0B $1.1B
Total debt $2.2B $2.4B $2.4B $2.4B $2.3B $2.8B $2.7B $3.7B $5.5B $7.3B
Finance lease liabilities $0.0M $0.0M $0.0M $109M $107M $106M $106M $106M $105M $0.0M
Inventory $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Property and equipment, net $387M $413M $461M $533M $583M $659M $780M $933M $1.2B $1.4B
Total assets $4.8B $5.4B $5.5B $5.9B $6.6B $8.0B $9.5B $10.4B $13.3B $18.5B
Total liabilities $4.0B $4.4B $4.5B $4.9B $5.3B $6.3B $7.3B $8.3B $10.4B $13.1B
Shareholders' equity $821M $965M $974M $1.0B $1.3B $1.7B $2.2B $2.1B $2.9B $5.3B
Margins
EBITDA margin 11.5% 12.6% 15.5% 17.2% 14.3% 11.1% 16.7% 18.7% 16.0% 11.5%
Net margin 4.7% 5.6% 8.5% 10.0% 8.1% 6.0% 9.8% 10.6% 8.6% 5.1%
FCF margin 6.5% 8.0% 8.7% 8.3% 10.8% 3.1% 19.1% 1.1% −2.3% −5.8%
Returns
Return on capital 11.4% 12.5% 19.8% 22.8% 18.9% 15.5% 23.2% 25.5% 19.7% 12.3%
Return on equity 25.0% 26.8% 45.3% 56.1% 40.4% 30.8% 44.1% 50.2% 42.3% 20.9%
Return on assets 4.1% 4.7% 8.1% 9.9% 7.6% 6.3% 9.7% 10.7% 8.9% 5.4%
Growth
Revenue growth −5.3% 5.7% 21.2% 8.4% 4.4% 31.5% 11.4% 16.9% 23.2% 37.2%
Net income growth 13.7% 24.5% 84.0% 27.4% −15.6% −2.7% 83.9% 26.1% −0.7% −18.5%
EPS growth 22.4% 21.6% 87.3% 36.5% −11.5% −3.9% 84.7% 31.6% 2.5% −22.2%
FCF growth 26.3% 30.7% 31.5% 4.1% 35.7% −62.6% 591.1% −93.3% −360.6% —
Share count change −7.0% 2.3% −1.6% −6.6% −4.6% 1.3% −0.6% −4.2% −3.1% 4.8%
Financial health
Net debt / EBITDA 3.1x 2.9x 2.3x 2.0x 1.9x 2.8x 1.3x 1.8x 2.3x 3.2x
Debt / equity 2.7x 2.5x 2.4x 2.5x 1.9x 1.8x 1.3x 1.9x 1.9x 1.4x
Interest coverage 4.2x 4.9x 5.8x 6.7x 6.9x 6.8x 9.8x 8.7x 6.1x 3.9x
Capital allocation
Capex / revenue 3.2% 2.6% 2.6% 2.8% 2.7% 2.8% 3.6% 4.0% 4.5% 3.4%
Stock comp / revenue 0.6% 0.7% 0.6% 0.6% 0.6% 0.6% 0.6% 0.7% 0.7% 0.5%
Payouts / FCF 43.7% 59.8% 112.8% 124.7% 36.1% 71.7% 24.7% 1,090.6% — —
Quality scores
Accruals ratio −4.2% −4.2% −2.6% −1.1% −5.1% 0.1% −12.6% 5.6% 6.6% 8.0%

Source: SEC EDGAR XBRL filings (CIK 0001397911). Data updated October 12, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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