LPL Financial Holdings Inc. (LPLA) Financial Statements

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LPL Financial financial statements at a glance

LPL Financial reported revenue of $16.99 billion for fiscal year 2025 (ended December 31, 2025), up 37.2% from fiscal year 2024. Net income was $863.02 million, a net margin of 5.1%, and diluted earnings per share were $10.92.

At the end of fiscal year 2025 it had total assets of $18.49 billion, total liabilities of $13.15 billion and shareholders' equity of $5.34 billion, with cash and short-term investments of $1.11 billion and total debt of $7.46 billion.

Its operations brought in -$411.40 million of cash; capital spending was $570.38 million, leaving free cash flow of -$981.78 million.

The tables below show the income statement, balance sheet and cash flow statement; the key figures of the last 5 fiscal years are at the bottom of the page.

Figures from company filings, in USD; latest fiscal year ended December 31, 2025.

LPLA logo

LPL Financial Holdings Inc.

LPLAUnited States
Financial Services
USD (Local)

Income Statement

Annual • USD

Total Revenue
16.99B
Prev Year: 12.39B
YoY: +37.2%
Operating Revenue
16.82B
Prev Year: 12.24B
YoY: +37.4%
Tax Rate for Calcs
0.249
Prev Year: 0
Total Unusual Items
-
Amortization
236.58M
Prev Year: 135.23M
YoY: +74.9%
Amortization of Intangibles
236.58M
Prev Year: 135.23M
YoY: +74.9%
Depreciation
393.43M
Prev Year: 308.53M
YoY: +27.5%
Cost of Revenue
12.97B
Prev Year: 9.02B
YoY: +43.8%
Gross Profit
4.02B
Prev Year: 3.37B
YoY: +19.3%
Operating Expense
2.47B
Prev Year: 1.70B
YoY: +45.0%
Selling General and Administrative
1.62B
Prev Year: 1.04B
YoY: +55.7%
General and Administrative Expense
881.81M
Prev Year: 450.78M
YoY: +95.6%
Rent and Landing Fees
577.22M
Prev Year: 281.21M
YoY: +105.3%
Salaries and Wages
-
Other General and Administrative
304.58M
Prev Year: 169.57M
YoY: +79.6%
Selling and Marketing Expense
737.20M
Prev Year: 589.34M
YoY: +25.1%
Depreciation Amortization Depletion
630.01M
Prev Year: 443.76M
YoY: +42.0%
Depreciation and amortization
630.01M
Prev Year: 443.76M
YoY: +42.0%
Other Operating Expenses
219.33M
Prev Year: 218.49M
YoY: +0.4%
Operating Income
1.55B
Prev Year: 1.67B
YoY: -6.8%
Net Non Operating Interest Income Expense
-403.41M
Prev Year: -274.18M
YoY: -47.1%
Non-operating Interest Expense
403.41M
Prev Year: 274.18M
YoY: +47.1%
Pre-tax Income
1.15B
Prev Year: 1.39B
YoY: -17.5%
Other Income Expense
-
Provision for Income Taxes
286.48M
Prev Year: 334.28M
YoY: -14.3%
Net Income Common Stockholders
863.02M
Prev Year: 1.06B
YoY: -18.5%
Net Income
863.02M
Prev Year: 1.06B
YoY: -18.5%
Net Income Including Non-Controlling Interests
863.02M
Prev Year: 1.06B
YoY: -18.5%
Net Income from Continuing Operations
863.02M
Prev Year: 1.06B
YoY: -18.5%
Diluted NI Available to Com Stockholders
863.02M
Prev Year: 1.06B
YoY: -18.5%
Basic EPS
10.97
Prev Year: 14.17
YoY: -22.6%
Diluted EPS
10.92
Prev Year: 14.03
YoY: -22.2%
Weighted Average Shares (basic)
78.68M
Prev Year: 74.71M
YoY: +5.3%
Weighted Average Shares (diluted)
79.06M
Prev Year: 75.43M
YoY: +4.8%
Rent Expense (supplemental)
577.22M
Prev Year: 281.21M
YoY: +105.3%
Total Expenses
15.44B
Prev Year: 10.72B
YoY: +44.0%
Net Income from Continuing and Discontinued Operation
863.02M
Prev Year: 1.06B
YoY: -18.5%
Normalized Income
863.02M
Prev Year: 1.06B
YoY: -18.5%
Interest Expense
403.41M
Prev Year: 274.18M
YoY: +47.1%
Interest Income
-
Net Interest Income
-403.41M
Prev Year: -274.18M
YoY: -47.1%
EBIT
1.55B
Prev Year: 1.67B
YoY: -6.8%
EBITDA
2.18B
Prev Year: 2.11B
YoY: +3.4%
Reconciled Cost of Revenue
12.97B
Prev Year: 9.02B
YoY: +43.8%
Reconciled Depreciation
630.01M
Prev Year: 443.76M
YoY: +42.0%
Net Income from Continuing Operation Net Minority Interest
863.02M
Prev Year: 1.06B
YoY: -18.5%
Normalized EBITDA
2.18B
Prev Year: 2.11B
YoY: +3.4%
Total Unusual Items Excluding Goodwill
-
Values in USD

LPL Financial key figures by fiscal year

FY2025FY2024FY2023FY2022FY2021
Revenue$17.0B$12.4B$10.1B$8.6B$7.7B
Gross profit$4.0B$3.4B$3.1B$2.4B$1.7B
Operating income$1.6B$1.7B$1.6B$1.2B$730.1M
Net income$863.0M$1.1B$1.1B$845.7M$459.9M
Diluted EPS$10.92$14.03$13.69$10.40$5.63
Total assets$18.5B$13.3B$10.4B$9.5B$8.0B
Total liabilities$13.1B$10.4B$8.3B$7.3B$6.3B
Shareholders' equity$5.3B$2.9B$2.1B$2.2B$1.7B
Cash and short-term investments$1.1B$1.0B$541.8M$884.3M$514.9M
Total debt$7.5B$5.7B$4.0B$2.9B$3.1B
Operating cash flow-$411.4M$277.6M$512.6M$1.9B$453.1M
Capital spending$570.4M$562.5M$403.3M$306.6M$216.0M
Free cash flow-$981.8M-$284.9M$109.3M$1.6B$237.1M

In USD. Fiscal years as reported by the company; statements on this page go back to fiscal year 2014.

Questions and answers

What was LPL Financial's revenue in fiscal year 2025?

$16.99 billion, up 37.2% from $12.39 billion in fiscal year 2024.

How much profit does LPL Financial make?

LPL Financial reported net income of $863.02 million for fiscal year 2025 (5.1% of revenue); operating income was $1.55 billion.

How much cash and debt does LPL Financial have?

At the end of fiscal year 2025: cash and short-term investments of $1.11 billion and total debt of $7.46 billion.

What is LPL Financial's free cash flow?

-$981.78 million in fiscal year 2025 (operating cash flow of -$411.40 million minus capital spending of $570.38 million).

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