LPL Financial Holdings Inc.LPLA

LPL Financial Holdings Inc. Earnings Per Share Disclosure

10-KFiled Feb 23, 20261 min read
EARNINGS PER SHARE
Basic earnings per share is computed by dividing net income available to common stockholders by the weighted-average number of shares of common stock outstanding during the period. The computation of diluted earnings per share is similar to the computation of basic earnings per share, except that the denominator is increased to include the number of additional shares of common stock that would have been outstanding if dilutive potential shares of common stock had been issued. The calculation of basic and diluted earnings per share for the years noted was as follows (in thousands, except per share data):
Years Ended December 31,
 202520242023
Net income$863,024 $1,058,616 $1,066,250 
Basic weighted-average number of shares outstanding78,681 74,713 76,807 
Dilutive common share equivalents380 714 1,054 
Diluted weighted-average number of shares outstanding79,061 75,427 77,861 
Basic earnings per share$10.97 $14.17 $13.88 
Diluted earnings per share$10.92 $14.03 $13.69 
The computation of diluted earnings per share excludes stock options, warrants and stock units that are anti-dilutive. For the years ended December 31, 2025, 2024 and 2023, stock options, warrants and stock units representing common share equivalents of 41,871 shares, 42,918 shares and 55,298 shares, respectively, were anti-dilutive.

Historical Timeline

Fiscal YearFiled
2025Feb 23, 2026Showing above
2024Feb 20, 2025
2023Feb 21, 2024
2022Feb 23, 2023
2021Feb 22, 2022
2020Feb 23, 2021
2019Feb 21, 2020
2018Feb 26, 2019
2017Feb 21, 2018
2016Feb 24, 2017
2015Feb 25, 2016

About Earnings Per Share Disclosures

The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.

Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.

Other Available Disclosures

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