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LPL Financial HoldingsLPLA

Legal name
LPL Financial Holdings Inc.
Sector
Other
Industry
Security & Commodity Brokers, Dealers, Exchanges & Services
Exchange
Nasdaq

Stock Price $LPLA

Latest filings

You are here#69 of 77 in Financials by market cap

Filing record · 2016–202610-K1210-Q338-K120

LPLA filed 12 annual reports (10-K), 33 quarterly reports (10-Q) and 120 current reports (8-K) between 2016 and 2026.

  1. FY2018 annual report10-K · Feb ’19Feb ’19
  2. Leadership change8-K · Jul ’21Jul ’21
  3. Leadership change8-K · Jan ’26Jan ’26

01—Key figures

Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025

Revenue Trend

Year-over-year comparison from 10-K annual reports

  17. $16.99B
YoY changeLargest recent move+31.5%in FY21Latest +37.2%

Latest bar from 10-KFY2025Click a bar to open its SEC filing

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All LPLA Financial Metrics47 metrics

Income Statement10

Balance Sheet18

Cash Flow14

Per Share5

02—Overview

LPL Financial Holdings Financial Overview 2021–2025

Updated Nov 4, 2026

LPL's revenue climbed 120% in four years, from $7.72 billion in FY2021 to $16.99 billiona in FY2025, yet FY2025 net income fell to $863.0 million from $1,058.6 million. That gap is the story: LPL is buying scale faster than it can show it in GAAP earnings. The central claim is that the $740.4 million of acquisition costs, not weaker operations, drove the dip, and adjusted EPS of $20.09 against $16.51 in FY2024 supports that.

The long-term arc is steep. Advisory and brokerage assets grew from $1.2 trillion at the end of FY2021 to $2.4 trillionb at the end of FY2025. Net new assets reached $431.5 billion in FY2025, versus $118.8 billion of organic net new assets in FY2021. Diluted EPS went from $5.63 to $10.92 over the same span, peaking at $14.03 in FY2024. The $2.7 billion Commonwealth deal, closed August 1, 2025, did most of the lifting.

That growth was paid for with leverage and new equity. Corporate debt rose to $7.26 billionc from $5.49 billion, and the company raised about $1.7 billion by selling shares at $320.00. The leverage ratio of 1.95 still sits well inside the 4.0 covenant cap. Buybacks slowed to $100.0 million in FY2025. The market paid up for the story: LPL closed at $357.17 on 2025-12-30, or 32.7x FY2025 earnings, a multiple inflated by the depressed GAAP base.

Recent Developments (Q2 and Q3 2026)

Earnings recovered as acquisition costs faded. Q3 2026 net income was $356.6 milliond, or $4.52 per diluted share, against a $29.5 million loss in Q3 2025. Acquisition costs fell to $83.1 million from $538.2 million. Revenue rose to $5,344.0 million from $4,552.0 million, and gross profit grew 12%. Growth in new assets slowed: Q3 2026 net new assets were $29.1 billion, and recruited assets fell 26%. Commonwealth asset retention is now expected near 83%, down from about 90% in Q2 2026, and run-rate EBITDA was cut to $415 million from $435 million. Buybacks resumed, at $309.5 million in Q2 2026 and $300.6 million in Q3 2026, with $2.5 billion authorized.

Bull case: earnings are normalizing, leverage is 1.93x against a 4.0x cap, and buybacks are steady. Bear case: lower retention and recruiting could slow growth, and brokerage outflows continue. The stock traded at 25.6x earnings as of the October 28, 2026 report date, using $10.92e of annual EPS. That figure is not today's multiple.

What to watch: Commonwealth conversion and asset retention in Q4 2026; recruiting momentum and brokerage outflows

03—Filings

Recent SEC Filings

  1. 8-KLPL Financial Holdings 8-K Report, Financial Results (Oct 27, 2026)LPL Financial Holdings Inc. reported third-quarter 2026 net income of $357 million, or $4.52 per diluted share, compared with a net loss of $30 million, or $0.37 per share, in the third quarter of 2025, and net income of $379 million, or $4.74 per share, in the prior quarter. Adjusted EPS rose 15% year-over-year to $5.97. Gross profit increased 12% year-over-year to $1,662 million, core G&A increased 11% to $532 million, and adjusted pre-tax income increased 13% to $641 million. Total client assets reached $2.6 trillion, up 11% year-over-year, with advisory assets of $1.6 trillion, up 16%. Total organic net new assets were $29 billion, representing 5% annualized growth, while recruited assets of $24 billion were down 26% from a year earlier. On the capital side, the company reported corporate cash of $563 million, a leverage ratio of 1.93x, share repurchases of $301 million, and dividends paid of $24 million. Management is on track to complete the Commonwealth Financial Network conversion in the fourth quarter of 2026, with asset retention now expected at approximately 83% and estimated run-rate EBITDA of $415 million. The company narrowed its 2026 core G&A outlook to $2,140-2,160 million, including Commonwealth-related expenses, and declared a $0.30 per share dividend payable November 30, 2026. The results are furnished under Item 2.02 in Exhibit 99.1 and are not deemed filed under Section 18 of the Exchange Act.
  2. 8-KLPL Financial Holdings 8-K Report, Financial Results (Jul 30, 2026)LPL Financial Holdings Inc. (Nasdaq: LPLA) reported second quarter 2026 results for the three months ended June 30, 2026, in a press release furnished as Exhibit 99.1. Net income was $379 million, or $4.74 per diluted share, compared with $273 million, or $3.40 per share, in the second quarter of 2025. Adjusted EPS rose 29% year-over-year to $5.84, gross profit increased 24% to $1,618 million, and total client assets grew 34% to $2.6 trillion. Organic net new assets were $23 billion, representing 4% annualized growth, and recruited assets were $25 billion. The company resumed share repurchases, buying back $309 million in the second quarter and planning approximately $300 million for the third quarter. On July 23, 2026, the Board approved a $2.5 billion increase to the share repurchase authorization. The Board also declared a $0.30 per share dividend payable August 28, 2026. Management lowered its 2026 Core G&A outlook to $2,140-2,165 million, including expenses related to Commonwealth. The Commonwealth Financial Network acquisition remains on track for conversion in the fourth quarter of 2026, with expected asset retention of approximately 90% and estimated run-rate EBITDA raised from $410 million to $435 million. The leverage ratio was 1.91x, and corporate cash was $430 million at quarter end.
  3. 8-KLPL Financial Holdings 8-K Report, Bylaw Amendment (May 15, 2026)LPL Financial Holdings Inc. reported two items in this Form 8-K. On May 14, 2026, its Board adopted the Eighth Amended and Restated Bylaws, effective the same day. The amendments align the bylaws with developments in Delaware law and jurisprudence, clarify the Board's authority to postpone, reschedule or cancel stockholder meetings, codify director qualification procedures, revise requirements for director nominations and other business proposals, clarify the powers of the Board and meeting chair to regulate conduct at meetings, and add provisions allowing the Board to operate with reduced procedural requirements during an emergency as defined in the Delaware General Corporation Law. The filing says the bylaws also include other ministerial and conforming changes. The complete text is filed as Exhibit 3.1. At its 2026 annual meeting on May 14, 2026, stockholders elected all eleven director nominees to serve until the 2027 annual meeting. Stockholders also ratified Deloitte & Touche LLP as the independent registered public accounting firm for the current fiscal year, approved the advisory vote on named executive officer compensation described in the April 2, 2026 proxy statement, and approved three charter amendments: removing supermajority voting requirements, providing for officer exculpation to the fullest extent permitted by Delaware law, and removing the corporate opportunities provision. Each proposal was approved by the votes reported in the filing. The officer exculpation amendment received the narrowest margin among the charter proposals, with 60,866,391 votes for, 12,880,740 against and 36,104 abstentions. The other charter amendments and the say-on-pay proposal drew far fewer opposing votes. Individual director vote totals show some nominees received substantially more against votes than others, with Anne M. Mulcahy receiving 4,559,791 votes against and Albert J. Ko receiving 139,076.
  4. 8-KLPL Financial Holdings 8-K Report, Financial Results (Apr 30, 2026)LPL Financial Holdings Inc. (Nasdaq: LPLA) filed this Form 8-K under Item 2.02 to furnish its press release announcing results for the three months ended March 31, 2026. Net income was $356 million, or $4.43 diluted EPS, up 4% from a year ago; Adjusted EPS rose 9% year-over-year to $5.60. Total revenue was $4,938,434 thousand, up 35% from the prior-year quarter, and Gross Profit increased 25% year-over-year to $1,593 million. Core G&A increased 29% year-over-year to $532 million, and the company lowered the upper end of its 2026 Core G&A outlook by $20 million to a range of $2,155-2,190 million. Business metrics were mixed. Total client assets increased 30% year-over-year to $2.3 trillion, with advisory assets at 59.5% of the total, up from 54.5% a year earlier. Total organic net new assets were $21 billion, representing 4% annualized growth, but recruited assets fell 55% year-over-year to $17 billion. Total client cash balances were $59 billion, down $2 billion sequentially. The leverage ratio was 1.86x and corporate cash was $567 million. On corporate actions, the company said the Commonwealth Financial Network conversion is on track for the fourth quarter of 2026, with estimated run-rate EBITDA lowered from $425 million to $410 million. It also announced an agreement in April to lead the acquisition of Mariner Advisor Network, resumed share repurchases with about $125 million planned for the second quarter, and declared a $0.30 per share dividend payable June 4, 2026.
  5. 8-KLPL Financial Holdings 8-K Report, Financial Results (Jan 29, 2026)LPL Financial Holdings Inc. (Nasdaq: LPLA) filed this Form 8-K under Item 2.02 to furnish its press release announcing results for the three and twelve months ended December 31, 2025. For the fourth quarter, the company reported net income of $301 million, or $3.74 diluted EPS, up 4% from a year earlier, and adjusted EPS rose 23% year-over-year to $5.23. Gross profit increased 26% to $1,542 million, core G&A increased 27% to $536 million, and adjusted pre-tax income increased 36% to $559 million. For the full year, net income was $863 million, or $10.92 diluted EPS, down 22% from 2024, while adjusted EPS rose 22% to $20.09. Operating metrics were strong. Total advisory and brokerage assets increased 36% year-over-year to $2.4 trillion, and advisory assets reached 58.8% of total assets. Organic net new assets were $23 billion for the quarter (4% annualized) and $147 billion for the full year (8% growth rate). Total client cash balances were $61 billion, and the leverage ratio was 1.95x at year-end. The company also disclosed that the Commonwealth Financial Network conversion is on track for completion in the fourth quarter of 2026, with expected asset retention of approximately 90% and run-rate EBITDA of approximately $425 million. The board declared a $0.30 per share dividend payable March 24, 2026. The company guided 2026 core G&A to $1,775-1,820 million before Commonwealth, or $2,155-2,210 million including Commonwealth-related expenses. Fourth-quarter GAAP results were affected by $78.8 million of acquisition costs, following $538.2 million in the third quarter, which drove the year-over-year swing in reported net income.
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04—See also

Related Companies

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