LPL Financial Holdings Inc.

Listed Company

LPLACIK 0001397911NasdaqLarge AcceleratedSecurity & Commodity Brokers, Dealers, Exchanges & ServicesDelawareFY ends Dec 31

Period

FY 2025

Revenue

$16.99B

Net Income

$863.02M

Total Assets

$18.49B

Equity

$5.34B

Shares Out

80.08M

Op. Cash Flow

$-411.40M

Business

LPL Financial Holdings Inc. serves the advisor‑mediated marketplace as an independent broker‑dealer, investment adviser and custodian supporting financial advisors and institutions. It provides clearing and custody, integrated cloud‑based technology, curated access to fee‑based and commission products, practice management, compliance, research, trust and insurance services. Business units include LPL Financial (self‑clearing broker‑dealer and corporate RIA), LPL Enterprise (introducing broker‑dealer and RIA), Atria and technology subsidiaries such as AdvisoryWorld and Blaze, plus The Private Trust Company. The company operates across the United States via independent advisors, Independent RIAs, institutional clients and insurance channels using centralized clearing, custody and technology platforms.

Summary from filing dated 2025-02-20

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Advisory	8,161	5,462	4,136	3,875	3,525
Commission	4,505	3,305	2,553	2,326	2,379
Asset-based	2,996	2,498	2,378	1,760	1,148
Service and fee	652	552	508	467	412
Transaction and fee	271	236	200	181	156
Interest income, net	232	188	159	77	29
Other	172	144	119	−87	72
Total net revenues	16,989	12,385	10,053	8,601	7,721
Commission and advisory	11,204	7,751	5,916	5,325	5,180
Compensation and benefits	1,586	1,137	980	821	741
Promotional	737	589	459	340	302
Occupancy and equipment	577	281	249	220	186
Depreciation, Depletion and Amortization, Nonproduction	393	309	247	200	151
Interest Expense, Debt	403	274	187	126	104
Brokerage, clearing, and exchange	178	128	106	86	86
Amortization of other intangibles	237	135	107	88	79
Professional services	219	94	73	73	73
Communications and data processing	86	76	76	68	60
Other	219	218	209	144	132
Total expense	15,840	10,992	8,608	7,489	7,120
INCOME BEFORE PROVISION FOR INCOME TAXES	1,150	1,393	1,445	1,112	601
Effective income tax rate	286	334	379	266	141
NET INCOME	863	1,059	1,066	846	460
Earnings Per Share, Basic	10.97	14.17	13.88	10.6	5.75
Earnings Per Share, Diluted	10.92	14.03	13.69	10.4	5.63
Weighted-average shares outstanding, basic	79	75	77	80	80
Weighted-average shares outstanding, diluted	79	75	78	81	82

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and equivalents	1,037	967	466	848	495
Cash and equivalents segregated under federal or other regulations	1,792	1,597	2,007	2,199	1,496
Restricted cash	225	120	108	90	81
Receivables from clients, net	803	634	589	562	579
Receivables from brokers, dealers and clearing organizations	71	77	50	56	103
Advisor loans, net	3,682	2,281	1,480	1,123	964
Other receivables, net	1,204	903	743	678	581
Investment securities	92	57	91	53	49
Property and equipment, net	1,409	1,210	933	780	659
Goodwill	2,645	2,173	1,857	1,642	1,642
Other intangibles, net	3,331	1,483	672	428	455
Other assets	2,202	1,816	1,390	1,023	887
Total assets	18,493	13,317	10,385	9,482	7,992
Client payables	2,308	1,899	2,266	2,695	1,712
Payables to brokers, dealers and clearing organizations	151	129	163	148	170
Accrued advisory and commission expenses payable	362	324	217	203	222
Corporate debt and other borrowings, net	7,259	5,495	3,734	2,717	2,814
Accounts payable and accrued liabilities	822	588	486	449	384
Other Liabilities	2,248	1,952	1,440	1,103	1,018
Liabilities, Total	13,148	10,387	8,307	7,315	6,321
Common stock, $0.001 par value; 600,000,000 shares authorized; 136,637,544 shares and 130,914,541 shares issued at December 31, 2025 and 2024, respectively	136,000	131,000	130,000	130,000	129,000
Additional paid-in capital	3,843	2,066	1,988	1,913	1,841
Treasury stock, at cost 56,576,672 shares and 56,253,909 shares at December 31, 2025 and 2024, respectively	−4,334	−4,202	−3,994	−2,847	−2,499
Retained earnings	5,835	5,067	4,085	3,101	2,328
Total stockholders equity	5,344	2,931	2,079	2,168	1,671
Total liabilities and stockholders equity	18,493	13,317	10,385	9,482	7,992

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization	393	309	247	200	151
Amortization of debt issuance costs	22	11	9	7	6
Share-based compensation	79	92	69	53	44
Provision for credit losses	17	19	16	14	9
Deferred provision (benefit) for income taxes	53	−76	−68	−93	18
Loan forgiveness	431	292	224	180	151
Unrealized loss on deferred compensation plans	73	66	1	−449,000	—
Change in estimated fair value of contingent consideration	24	42	27	330,000	—
Other	−5	−25	11	15	−10
Receivables from clients, net	−176	−46	−28	17	−174
Receivables from brokers, dealers and clearing organizations	7	−13	6	46	−5
Advisor loans, net	−1,752	−1,104	−594	−342	−527
Other receivables, net	−270	−127	−71	−108	−140
Investment securities - trading	12	34	−39	−73,000	−9
Other assets	−413	−435	−213	−148	−136
Client payables	409	−368	−429	983	178
Payables to brokers, dealers and clearing organizations	21	−34	16	−22	80
Accrued advisory and commission expenses payable	23	75	11	−19	30
Accounts payable and accrued liabilities	161	37	31	51	12
Other liabilities	−618	336	118	183	212
Operating lease assets	−3	−2	−3	−3	−2
Net cash (used in) provided by operating activities	−411	278	513	1,946	453
Capital expenditures	−570	−563	−403	−307	−216
Acquisitions, net of cash acquired	−1,788	−1,020	−453	−56	−246
Purchases of securities classified as held-to-maturity	−5	−5	−5	−11	−2
Proceeds from maturities of securities classified as held-to-maturity	5	5	6	5	5
Payments to Acquire Investments	−29	0	−4	−7	0
Proceeds from Sale of Other Investments	7	0	0	—	—
Interest Costs Capitalized	−7	−10	0	0	—
Net cash used in investing activities	−2,387	−1,592	−860	−376	−459
Proceeds from revolving credit facilities	876	1,430	1,718	815	1,585
Repayments of revolving credit facilities	−1,844	−663	−1,438	−905	−1,495
Proceeds from senior unsecured term loans	0	1,020	0	0	—
Repayment of senior secured term loans	0	−1,027	−11	−11	−900
Proceeds from senior unsecured notes	2,745	998	749	0	1,300
Payment of debt issuance costs	−31	−18	−13	−2	−16
Payment of equity issuance costs	−48	0	0	0	−26
Payment of contingent consideration	47	50	0	0	9
Tax payments related to settlement of restricted stock units	−33	−41	−40	−25	−20
Proceeds from Issuance of Common Stock	1,725	0	0	—	—
Repurchase of common stock	−100	−170	−1,100	−325	−90
Dividends on common stock	−94	−90	−92	−80	−80
Proceeds from stock option exercises and other	22	29	19	29	42
Principal payment of finance leases and obligations	−902,000	0	0	—	—
Principal payment of finance leases and obligations	−209,000	−342,000	−195,000	−408,000	−1
Net cash provided by (used in) financing activities	3,169	1,417	−209	−504	279
NET INCREASE (DECREASE) IN CASH AND EQUIVALENTS, CASH AND EQUIVALENTS SEGREGATED UNDER FEDERAL OR OTHER REGULATIONS AND RESTRICTED CASH	371	103	−556	1,065	273
Interest paid	380	268	191	119	104
Income taxes paid	329	320	536	238	145
Cash paid for amounts included in the measurement of operating lease liabilities	39	32	28	25	22
Cash paid for amounts included in the measurement of finance lease liabilities	209,000	9	9	9	10
Capital expenditures included in accounts payable and accrued liabilities	46	36	26	34	21
Lease assets obtained in exchange for operating lease liabilities	58	37	18	11	4
Pre-Funded Acquisition	70	0	0	—	—
Contingent consideration and other liabilities recognized at acquisition date	87	88	88	0	0

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