LPL Financial Holdings Inc. (LPLA)

Key figures

The last twelve months reported, with the latest price and balance sheet.

Revenue, last twelve months

$19.6B

Revenue growth

38.8%

Net income, last twelve months

$1.0B

Earnings per share

$12.54

Operating margin

7.0%

Net margin

5.1%

Free cash flow

-$931.3M

Return on equity

17.5%

Market value

$21.2B

Price to earnings

21.5x

Dividend yield

0.4%

Cash

$1.3B

Debt

$7.5B

Debt to equity

1.30

Shares outstanding

78.7M

Financial statements

Revenue, profit and cash flow by fiscal year, each year linked to its annual report.

By quarter

What the company said with its results

From the third quarter of 2026 results, filed 27 October 2026.

• Net income and diluted EPS. Net income was $356.6 million, or $4.52 diluted EPS, against $379.3 million, or $4.74, in the second quarter. The third quarter of 2025 was a net loss of $30 million.
• Adjusted EPS up 15% year on year. Adjusted EPS was $5.97, up 2% from $5.84 in the second quarter and 15% from $5.20 a year earlier. Adjusted pre-tax income was $641.1 million, up 13% year on year.
• Gross profit and revenue rose. Gross profit was $1,661.9 million, up 3% on the quarter and 12% on the year. Total revenue was $5,344.0 million, up 3% on the quarter and 17% on the year.
• Nine-month results rose. For the nine months ended September 30, 2026, total revenue was $15,469.1 million, up 28%, and diluted EPS was $13.68, up 91% from $7.15.
• Advisory revenue up 30% on year. Advisory revenue was $2,872.9 million, up 9% from the second quarter and 30% from a year earlier. It is the largest revenue line in the quarter.
• Asset-based revenue up 3%. Total asset-based revenue was $862.1 million, up 3%. Client cash revenue was $461.5 million, up 4%, and other asset-based revenue was $400.6 million, up 2%.
• Annuity commissions led mix. Annuity commission revenue was $748.5 million, up 3% on the quarter and 5% on the year. Fixed income commissions rose 4%, while equities commissions fell 13%.
• Service and fee revenue up 25%. Service and fee revenue was $218.1 million, up 4% on the quarter and 25% on the year. Transaction revenue fell 5% to $79.1 million.
• Client assets at $2.6 trillion. Total client assets were $2,564.6 billion, flat on the quarter and up 11% on the year. Advisory assets were 60.9% of total client assets, up from 58.2% a year earlier.
• Organic net new assets of $29.1 billion. Total organic net new assets were $29.1 billion, up from $23.1 billion. The release describes this as 5% annualized growth, and the table shows 4.5%.
• Advisory inflows rose, brokerage narrowed. Advisory organic net new assets were $33.1 billion, against $30.2 billion. Brokerage organic net new assets were negative $4.0 billion, against negative $7.1 billion.
• Corporate RIA drove advisory inflows. Organic corporate RIA advisory net new assets were $34.5 billion, up from $27.9 billion. Independent RIA advisory was negative $1.4 billion, against $2.3 billion.
• Recruited assets down 26%. Recruited assets were $24 billion, down 26% from a year earlier. Trailing twelve-month recruited assets were $81 billion.
• Advisor count edged up. The company reported 32,597 advisors, with 122 net new advisors in the quarter, compared with 331 in the second quarter.

Company events

The newest 8-K filings of 211 held.

Every filing

The newest filings with the SEC of 414 held.

Insider trades

Form 4 trades by officers, directors and 10% owners, last 12 months.

Planned insider sales

Form 144 notices, filed when the sell order goes to the broker.

Large holders

Schedule 13D and 13G filings by holders of more than 5% of the voting shares.

Trades by members of the House

From each member's periodic transaction report.

Short interest

Shares sold short and not yet bought back, on each FINRA settlement date.

Funds that hold it

From each fund's latest Form 13F.

861 funds held it at 30 Jun 2026: 327 added and 300 trimmed in the quarter. The largest:

Peers

Companies in the same industry.

• CME Group Inc. (CME): revenue $7.0B, market value $105.5B
• Intercontinental Exchange, Inc. (ICE): revenue $13.4B, market value $87.5B
• Nasdaq, Inc. (NDAQ): revenue $9.2B, market value $59.0B
• Cboe Global Markets, Inc. (CBOE): revenue $5.1B, market value $33.5B
• Tradeweb Markets Inc. (TW): revenue $2.2B, market value $25.5B
• StoneX Group Inc. (SNEX): revenue $2.9B, market value $6.7B
• BGC Group, Inc. (BGC): revenue $3.3B, market value $5.5B

What the company does

LPL Financial Holdings is the parent company of a business that serves financial advisors and the wealth management arms of financial institutions in the United States. The company calls itself the nation's largest independent broker-dealer, a leading investment advisory firm and a top custodian. It supports more than 32,000 financial advisors and the wealth management practices of approximately 1,200 financial institutions. It services and custodies approximately $2.4 trillion in brokerage and advisory assets. Those advisors support approximately 11.6 million client accounts. The parent was incorporated in Delaware in 2005.

How the business is organised

Most operations sit in subsidiaries. LPL Financial LLC is a clearing broker-dealer and investment adviser that clears and settles customer transactions. LPL Enterprise, LLC is an introducing broker-dealer and registered investment adviser that supports part of the institutional services clients. LPL Insurance Associates, Inc. is an insurance brokerage general agency for life and disability products. The Private Trust Company, N.A. provides trust administration, investment management oversight and IRA custodial services. Blaze Portfolio Systems LLC provides an advisor-facing trading and portfolio rebalancing platform.

The company closed its acquisition of Commonwealth Financial Network on 1 August 2025. Commonwealth is still an introducing broker-dealer that clears through a third-party firm. The company says it expects to finish moving its assets to the LPL platform in the fourth quarter of 2026.

Who it serves

Advisors can affiliate in several ways. Most are independent practitioners, and many operate under their own business name. Independent advisors typically receive 80-100% of advisory fees and brokerage commissions, compared with 30-50% in captive channels, according to the filing. The company also offers an employee advisor affiliation model with a slightly lower payout.

- Approximately 600 independent firms run their own registered investment advisers (Independent RIAs), with approximately 6,240 advisors. They buy technology, clearing and custody services and keep 100% of their advisory fees. - Over 7,400 advisors work at approximately 1,200 institutions such as banks and credit unions. The company says many of these institutions find the cost of providing financial advice too high to do alone. - Approximately 4,200 further advisors are affiliated with insurance companies and use outsourced clearing, advisory platforms and technology.

What it provides

The company does not manufacture financial products, is not a market-maker and offers no investment banking. It gives advisors access to fee-based, commission, cash and money market products.

- a cloud-based technology platform - self-clearing and custody for the majority of advisors' transactions - compliance services, including surveillance and branch inspections - practice management programs and training, including a Liquidity & Succession program and an advisor loan program for buying another practice - business services and planning and advice services - in-house research

Advisory assets under custody make up 58.8% of total advisory and brokerage assets. Fee-based platforms include wrap-fee programs, mutual fund asset allocation programs and an advisor-enhanced digital advice program. Brokerage offerings include annuities, mutual funds, equities, fixed income, alternative investments, 529 plans and insurance. Client cash programs include two FDIC insured bank sweep vehicles, a client cash account and a money market account.

How it makes money

Revenue comes mainly from fees and commissions on products and advisory services that advisors sell to clients. A large share is paid out to advisors, and the payout rate was 87.44% in 2025.

- advisory fees, which were approximately 1% of underlying assets on the corporate RIA platform - sales-based and trailing commissions - asset-based fees from client cash balances, product sponsors, recordkeeping and networking - service and fee revenue, such as technology, custody and licensing charges, business services and conference sponsor fees - transaction charges - net interest income, including interest on client margin loans

The company says revenue is not concentrated. No single relationship accounted for more than 2% of advisory and commission revenue, and no single advisor accounted for more than 1%.

How it competes

The company says it believes it has no direct competitor offering its business model at its scale. It also does not treat product manufacturers as direct competitors. It competes for advisors with regional independent broker-dealers, wirehouses and large banks, regional firms with niche focus, and custodians that serve Independent RIA firms. Its advisors compete for clients with brokerage firms, banks, insurance companies, asset managers and online discount brokers.

Regulation and people

LPL Financial LLC is registered with the SEC, is a FINRA member and is registered as a broker-dealer in each of the 50 states, the District of Columbia, Puerto Rico and the U.S. Virgin Islands. The Private Trust Company, N.A. is regulated by the OCC. The business is also subject to the Advisers Act, ERISA and Regulation Best Interest.

The company had approximately 10,000 employees at 31 December 2025, working across finance, technology, compliance, business development and cybersecurity.

*From LPL Financial's annual report on Form 10-K for the year ended 31 December 2025. [The filing](https://www.sec.gov/Archives/edgar/data/1397911/000162828026010705/lpla-20251231.htm)*

From the company's 10-K.