LPLA

MKT CAP:$26B

LPL Financial Holdings Inc.

Market Cap

$26B

Financial Services·Financial - Capital Markets·🇺🇸 United States·NASDAQ

Financials·Financial·🇺🇸·NASDAQ

Stock Price

$327.78-$33.85 (-9.36%)

Apr 22, 2026

Company Details

LPL Financial Holdings Inc., together with its subsidiaries, provides an integrated platform of brokerage and investment advisory services to independent financial advisors and financial advisors at financial institutions in the United Stat...

CEO

Richard Steinmeier

IPO Date

Nov 18, 2010

Website

www.lpl.com

Key Metrics TTM

Revenue

$17.0B

+37.2% YoY

Net Income

$863M

EPS (Diluted)

$11.01

Free Cash Flow

-$1.1B

Revenue / Share

$211.29

Gross Margin

23.7%

Operating Margin

9.6%

Net Margin

5.1%

FCF Margin

-6.5%

P/S

1.5x

P/E

29.9x

Earnings Reports

Q1 2026

May 14, 2026

PENDING

FY 2025

Feb 23, 2026

$17.0B+37.2%EPS $10.92

Q4 2025

Feb 23, 2026

$4.9B+40.4%EPS $3.74

Q3 2025

Nov 3, 2025

$4.6B+46.4%EPS -$0.37

Q2 2025

Aug 4, 2025

$3.8B+30.8%EPS $3.40

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$2.1B	$477M	$201M
Q2 22	$2.0B	$514M	$241M
Q3 22	$2.2B	$630M	$340M
Q4 22	$2.3B	$748M	$456M
Q1 23	$2.4B	$788M	$484M
Q2 23	$2.5B	$759M	$434M
Q3 23	$2.5B	$765M	$366M
Q4 23	$2.6B	$739M	$348M
Q1 24	$2.8B	$794M	$434M
Q2 24	$2.9B	$806M	$394M
Q3 24	$3.1B	$864M	$437M
Q4 24	$3.5B	$905M	$423M
Q1 25	$3.7B	$966M	$503M
Q2 25	$3.8B	$989M	$474M
Q3 25	$4.6B	$898M	$72M
Q4 25	$4.9B	$1.2B	$582M

Valuation

Quarter	P/S	P/E
Q1 22	3.2x	55.6x
Q2 22	3.1x	51.0x
Q3 22	3.1x	40.6x
Q4 22	3.0x	30.5x
Q1 23	2.9x	24.5x
Q2 23	2.7x	21.9x
Q3 23	2.6x	22.1x
Q4 23	2.6x	24.2x
Q1 24	2.5x	25.4x
Q2 24	2.4x	26.5x
Q3 24	2.2x	25.6x
Q4 24	2.1x	24.4x
Q1 25	1.9x	23.7x
Q2 25	1.8x	23.1x
Q3 25	1.7x	31.0x
Q4 25	1.5x	29.9x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	-$75M	-$149M
Q2 22	$73M	-$4M
Q3 22	$2.1B	$2.0B
Q4 22	-$177M	-$251M
Q1 23	-$206M	-$307M
Q2 23	$403M	$302M
Q3 23	$173M	$78M
Q4 23	$143M	$37M
Q1 24	$426M	$305M
Q2 24	-$179M	-$308M
Q3 24	$209M	$62M
Q4 24	-$179M	-$344M
Q1 25	$340M	$220M
Q2 25	$193M	$56M
Q3 25	-$1.7B	-$1.9B
Q4 25	$662M	$490M

Capital Expenditures

Quarter	CapEx
Q1 22	$74M
Q2 22	$76M
Q3 22	$82M
Q4 22	$74M
Q1 23	$101M
Q2 23	$101M
Q3 23	$95M
Q4 23	$106M
Q1 24	$121M
Q2 24	$129M
Q3 24	$147M
Q4 24	$166M
Q1 25	$119M
Q2 25	$137M
Q3 25	$142M
Q4 25	$172M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	+21.0%	+24.9%
Q2 22	+7.4%	+5.0%
Q3 22	+7.0%	-1.8%
Q4 22	+11.4%	-2.8%
Q1 23	+17.0%	+3.7%
Q2 23	+21.1%	+13.2%
Q3 23	+16.6%	+18.3%
Q4 23	+13.3%	+22.3%
Q1 24	+17.2%	+24.0%
Q2 24	+18.8%	+24.7%
Q3 24	+23.2%	+23.9%
Q4 24	+32.9%	+34.6%
Q1 25	+29.6%	+32.0%
Q2 25	+30.8%	+32.4%
Q3 25	+46.4%	+67.7%
Q4 25	+40.4%	+40.8%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$13M	0.6%
Q2 22	$14M	0.7%
Q3 22	$12M	0.6%
Q4 22	$13M	0.6%
Q1 23	$19M	0.8%
Q2 23	$17M	0.7%
Q3 23	$16M	0.7%
Q4 23	$16M	0.6%
Q1 24	$23M	0.8%
Q2 24	$21M	0.7%
Q3 24	$21M	0.7%
Q4 24	$27M	0.8%
Q1 25	$19M	0.5%
Q2 25	$20M	0.5%
Q3 25	$19M	0.4%
Q4 25	$20M	0.4%

OpEx Breakdown

Quarter	G&A	S&M
Q1 22	$85M	$87M
Q2 22	$89M	$78M
Q3 22	$89M	$95M
Q4 22	$96M	$80M
Q1 23	$92M	$98M
Q2 23	$104M	$103M
Q3 23	$100M	$132M
Q4 23	$101M	$127M
Q1 24	$99M	$127M
Q2 24	$111M	$136M
Q3 24	$114M	$165M
Q4 24	$126M	$162M
Q1 25	$133M	$146M
Q2 25	$144M	$178M
Q3 25	$398M	$209M
Q4 25	$51M	$658M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$1.0B	$19M	$1.0B
Q2 22	$700M	$16M	$717M
Q3 22	$1.2B	$27M	$1.2B
Q4 22	$848M	$37M	$884M
Q1 23	$470M	$18M	$487M
Q2 23	$761M	$15M	$776M
Q3 23	$799M	$36M	$835M
Q4 23	$466M	$76M	$542M
Q1 24	$1.1B	$43M	$1.1B
Q2 24	$1.3B	$76M	$1.4B
Q3 24	$1.5B	$96M	$1.6B
Q4 24	$967M	$42M	$1.0B
Q1 25	$1.2B	$123M	$1.4B
Q2 25	$4.2B	$125M	$4.3B
Q3 25	$1.3B	$200M	$1.5B
Q4 25	$1.0B	$92M	$1.1B

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	82M	-0.2%	-0.1%
Q2 22	81M	-0.2%	-0.4%
Q3 22	81M	-0.2%	-0.7%
Q4 22	81M	+0.0%	-0.6%
Q1 23	80M	-1.6%	-2.0%
Q2 23	78M	-2.2%	-4.0%
Q3 23	77M	-1.3%	-5.0%
Q4 23	76M	-1.2%	-6.2%
Q1 24	75M	-1.0%	-5.6%
Q2 24	76M	+0.1%	-3.4%
Q3 24	75M	-0.2%	-2.3%
Q4 24	75M	-0.1%	-1.2%
Q1 25	75M	-0.3%	-0.5%
Q2 25	78M	+3.5%	+2.9%
Q3 25	80M	+3.3%	+6.6%
Q4 25	80M	+0.1%	+6.7%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$350.1K	6K
Q2 22	$345.6K	6K
Q3 22	$366.6K	6K
Q4 22	$338.1K	7K
Q1 23	$350.4K	7K
Q2 23	$357.8K	7K
Q3 23	$365.6K	7K
Q4 23	$314.7K	8K
Q1 24	$337.2K	8K
Q2 24	$349.0K	8K
Q3 24	$370.0K	8K
Q4 24	$390.3K	9K
Q1 25	$407.8K	9K
Q2 25	$426.1K	9K
Q3 25	$505.8K	9K
Q4 25	$493.2K	10K

Revenue / Employee