Lpl Financial Financials
This page shows Lpl Financial (LPLA) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 17 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
LPL’s growth engine now looks like a cash-absorbing expansion cycle, with borrowing filling the gap left by weaker cash conversion.
Between FY2023 and FY2025, revenue added roughly$6.9B , but the business finished that stretch with operating cash flow at-$411M , so added scale did not translate into more internal cash. With interest expense reaching$403M and long-term debt at$7.3B , incremental growth appears more balance-sheet funded and less cash generative than in the earlier part of the period.
FY2025 still produced
Debt-to-equity improved to 1.4x in FY2025 from 1.9x in FY2024, which could look like a cleaner capital structure at first glance. But long-term debt still climbed to
Financial Health Signals
Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →
Health score ≠ stock price. This rates the quality of Lpl Financial's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Lpl Financial's revenue surged 37.2% year-over-year to $17.0B, reflecting rapid business expansion. This strong growth earns a score of 83/100.
Lpl Financial carries a low D/E ratio of 1.36, meaning only $1.36 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 74/100, indicating a strong balance sheet with room for future borrowing.
While Lpl Financial generated -$411.4M in operating cash flow, capex of $570.4M consumed most of it, leaving -$981.8M in free cash flow. This results in a low score of 17/100, reflecting heavy capital investment rather than weak cash generation.
Lpl Financial earns a strong 16.2% return on equity (ROE), meaning it generates $16 of profit for every $100 of shareholders' equity. This efficient capital use earns a returns score of 76/100. This is down from 36.1% the prior year.
Lpl Financial passes 2 of 9 financial strength tests. 1 of 4 profitability signals pass, all 1 leverage/liquidity signals pass, neither operating efficiency signal passes.
For every $1 of reported earnings, Lpl Financial generates $-0.48 in operating cash flow (-$411.4M OCF vs $863.0M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
Key Financial Metrics
Earnings & Revenue
Lpl Financial generated $17.0B in revenue in fiscal year 2025. This represents an increase of 37.2% from the prior year.
Lpl Financial reported $863.0M in net income in fiscal year 2025. This represents a decrease of 18.5% from the prior year.
Lpl Financial earned $10.92 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 22.2% from the prior year.
Cash & Balance Sheet
Lpl Financial generated -$981.8M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 244.6% from the prior year.
Lpl Financial held $1.0B in cash against $7.3B in long-term debt as of fiscal year 2025.
Lpl Financial paid $1.20 per share in dividends in fiscal year 2025. This represents an increase of 0.0% from the prior year.
Margins & Returns
Lpl Financial's net profit margin was 5.1% in fiscal year 2025, showing the share of revenue converted to profit. This is down 3.5 percentage points from the prior year.
Lpl Financial's ROE was 16.2% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 20.0 percentage points from the prior year.
Capital Allocation
Lpl Financial spent $100.0M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 41.2% from the prior year.
Lpl Financial invested $570.4M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 1.4% from the prior year.
LPLA Income Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $4.9B+0.1% | $4.9B+8.4% | $4.6B+18.7% | $3.8B+4.5% | $3.7B+4.5% | $3.5B+13.0% | $3.1B+6.0% | $2.9B |
| Cost of Revenue | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Gross Profit | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | $368.7M-1.9% | $376.0M-35.8% | $585.4M+83.5% | $319.1M+4.4% | $305.5M-5.1% | $321.9M+20.8% | $266.4M-2.8% | $274.0M |
| Operating Income | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Interest Expense | $100.3M-5.0% | $105.6M-0.6% | $106.3M+0.6% | $105.6M+23.0% | $85.9M+4.7% | $82.0M+21.0% | $67.8M+5.3% | $64.3M |
| Income Tax | $128.2M+32.4% | $96.8M+2208.0% | -$4.6M-104.8% | $95.6M-3.2% | $98.7M+39.9% | $70.5M-23.4% | $92.0M+6.7% | $86.3M |
| Net Income | $356.4M+18.5% | $300.7M+1118.8% | -$29.5M-110.8% | $273.2M-14.2% | $318.6M+17.7% | $270.7M+6.1% | $255.3M+4.7% | $243.8M |
| EPS (Diluted) | $4.43 | N/A | $-0.37-110.9% | $3.40-19.8% | $4.24 | N/A | $3.39+5.0% | $3.23 |
LPLA Balance Sheet
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $18.8B+1.9% | $18.5B+2.6% | $18.0B+3.2% | $17.5B+25.1% | $14.0B+4.8% | $13.3B+11.5% | $11.9B+3.8% | $11.5B |
| Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Cash & Equivalents | $1.0B-1.2% | $1.0B-22.8% | $1.3B-67.9% | $4.2B+240.5% | $1.2B+27.1% | $967.1M-34.4% | $1.5B+11.8% | $1.3B |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Goodwill | $2.7B+0.5% | $2.6B-1.1% | $2.7B+20.8% | $2.2B0.0% | $2.2B+1.9% | $2.2B+16.3% | $1.9B+0.4% | $1.9B |
| Total Liabilities | $13.1B0.0% | $13.1B+1.2% | $13.0B+4.8% | $12.4B+14.4% | $10.8B+4.4% | $10.4B+13.3% | $9.2B+2.0% | $9.0B |
| Current Liabilities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Long-Term Debt | $7.2B-1.1% | $7.3B-3.5% | $7.5B+4.8% | $7.2B+26.2% | $5.7B+3.5% | $5.5B+23.7% | $4.4B0.0% | $4.4B |
| Total Equity | $5.7B+6.4% | $5.3B+6.0% | $5.0B-0.6% | $5.1B+62.4% | $3.1B+6.6% | $2.9B+5.7% | $2.8B+10.2% | $2.5B |
| Retained Earnings | $6.2B+5.7% | $5.8B+4.8% | $5.6B-0.9% | $5.6B+4.7% | $5.4B+5.9% | $5.1B+5.2% | $4.8B+5.1% | $4.6B |
LPLA Cash Flow Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $290.4M-63.0% | $785.0M+145.4% | -$1.7B-994.7% | $193.3M-43.1% | $339.8M+290.1% | -$178.8M-185.4% | $209.3M+217.0% | -$178.9M |
| Capital Expenditures | $165.8M-3.4% | $171.7M+20.7% | $142.2M+3.8% | $137.0M+14.7% | $119.5M-27.8% | $165.5M+12.6% | $147.1M+14.1% | $128.9M |
| Free Cash Flow | $124.6M-79.7% | $613.3M+132.8% | -$1.9B-3424.0% | $56.3M-74.4% | $220.3M+164.0% | -$344.3M-652.9% | $62.3M+120.2% | -$307.8M |
| Investing Cash Flow | -$311.5M-22.9% | -$253.4M+84.9% | -$1.7B-572.2% | -$250.5M-25.8% | -$199.2M+80.8% | -$1.0B-471.1% | -$181.2M+26.4% | -$246.3M |
| Financing Cash Flow | -$127.7M+57.1% | -$297.6M-192.8% | $320.6M-89.7% | $3.1B+10295.0% | $30.0M-96.8% | $934.8M+3976.8% | -$24.1M-104.3% | $556.6M |
| Dividends Paid | $24.1M+0.2% | $24.0M0.0% | $24.0M0.0% | $24.0M+7.2% | $22.4M-0.3% | $22.5M+0.1% | $22.4M+0.1% | $22.4M |
| Share Buybacks | $0 | $0 | $0+100.0% | -$240K-100.2% | $100.2M+0.2% | $100.1M | $0 | $0 |
LPLA Financial Ratios
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Net Margin | 7.2%+1.1pp | 6.1%+6.8pp | -0.7%-7.8pp | 7.1%-1.6pp | 8.7%+1.0pp | 7.7%-0.5pp | 8.2%-0.1pp | 8.3% |
| Return on Equity | 6.3%+0.6pp | 5.6%+6.2pp | -0.6%-6.0pp | 5.4%-4.8pp | 10.2%+1.0pp | 9.2%+0.0pp | 9.2%-0.5pp | 9.7% |
| Return on Assets | 1.9%+0.3pp | 1.6%+1.8pp | -0.2%-1.7pp | 1.6%-0.7pp | 2.3%+0.3pp | 2.0%-0.1pp | 2.1%+0.0pp | 2.1% |
| Current Ratio | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Debt-to-Equity | 1.26-0.1 | 1.36-0.1 | 1.49+0.1 | 1.41-0.4 | 1.82-0.1 | 1.87+0.3 | 1.60-0.2 | 1.77 |
| FCF Margin | 2.5%-9.9pp | 12.4%+53.5pp | -41.1%-42.6pp | 1.5%-4.5pp | 6.0%+15.8pp | -9.8%-11.8pp | 2.0%+12.5pp | -10.5% |
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Frequently Asked Questions
What is Lpl Financial's annual revenue?
Lpl Financial (LPLA) reported $17.0B in total revenue for fiscal year 2025. This represents a 37.2% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Lpl Financial's revenue growing?
Lpl Financial (LPLA) revenue grew by 37.2% year-over-year, from $12.4B to $17.0B in fiscal year 2025.
Is Lpl Financial profitable?
Yes, Lpl Financial (LPLA) reported a net income of $863.0M in fiscal year 2025, with a net profit margin of 5.1%.
How much debt does Lpl Financial have?
As of fiscal year 2025, Lpl Financial (LPLA) had $1.0B in cash and equivalents against $7.3B in long-term debt.
What is Lpl Financial's net profit margin?
Lpl Financial (LPLA) had a net profit margin of 5.1% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
Does Lpl Financial pay dividends?
Yes, Lpl Financial (LPLA) paid $1.20 per share in dividends during fiscal year 2025.
What is Lpl Financial's return on equity (ROE)?
Lpl Financial (LPLA) has a return on equity of 16.2% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Lpl Financial's free cash flow?
Lpl Financial (LPLA) generated -$981.8M in free cash flow during fiscal year 2025. This represents a -244.6% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Lpl Financial's operating cash flow?
Lpl Financial (LPLA) generated -$411.4M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Lpl Financial's total assets?
Lpl Financial (LPLA) had $18.5B in total assets as of fiscal year 2025, including both current and long-term assets.
What are Lpl Financial's capital expenditures?
Lpl Financial (LPLA) invested $570.4M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
What is Lpl Financial's debt-to-equity ratio?
Lpl Financial (LPLA) had a debt-to-equity ratio of 1.36 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Lpl Financial's return on assets (ROA)?
Lpl Financial (LPLA) had a return on assets of 4.7% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Lpl Financial's cash runway?
Based on fiscal year 2025 data, Lpl Financial (LPLA) had $1.0B in cash against an annual operating cash burn of $411.4M. This gives an estimated cash runway of approximately 30 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.
What is Lpl Financial's Piotroski F-Score?
Lpl Financial (LPLA) has a Piotroski F-Score of 2 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Lpl Financial's earnings high quality?
Lpl Financial (LPLA) has an earnings quality ratio of -0.48x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
How financially healthy is Lpl Financial?
Lpl Financial (LPLA) scores 42 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.