LPL Financial
LPLA · NasdaqSecurity & Commodity Brokers, Dealers, Exchanges & Services · Fiscal year ends Dec 31
LPL Financial reported revenue of $17B in the fiscal year ended Dec 2025, up 37.2% from the year before. Net income was $863M. Operating cash flow of −$411M less capital expenditure of $570M left free cash flow of −$982M. Net debt was $6.2B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $7.7B | $8.6B | $10.1B | $12.4B | $17B |
| Interest expense | $104M | $126M | $187M | $274M | $403M |
| Pre-tax income | $601M | $1.1B | $1.4B | $1.4B | $1.1B |
| Income tax | $141M | $266M | $379M | $334M | $286M |
| Net income | $460M | $846M | $1.1B | $1.1B | $863M |
| Diluted EPS | 5.63 | 10.40 | 13.69 | 14.03 | 10.92 |
| Diluted shares | 82M | 81M | 78M | 75M | 79M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $495M | $848M | $466M | $967M | $1B |
| Net PP&E | $659M | $780M | $933M | $1.2B | $1.4B |
| Goodwill | $1.6B | $1.6B | $1.9B | $2.2B | $2.6B |
| Total assets | $8B | $9.5B | $10.4B | $13.3B | $18.5B |
| Deferred revenue | $161M | $138M | $156M | $208M | $265M |
| Long-term debt | $2.8B | $2.7B | $3.7B | $5.5B | $7.3B |
| Total liabilities | $6.3B | $7.3B | $8.3B | $10.4B | $13.1B |
| Shareholders' equity | $1.7B | $2.2B | $2.1B | $2.9B | $5.3B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $453M | $1.9B | $513M | $278M | −$411M |
| Capital expenditure | $216M | $307M | $403M | $563M | $570M |
| Free cash flow | $237M | $1.6B | $109M | −$285M | −$982M |
| Depreciation & amortisation | $151M | $200M | $247M | $309M | $393M |
| Stock-based compensation | $44M | $53M | $69M | $92M | $79M |
| Acquisitions | $246M | $56M | $453M | $1B | $1.8B |
| Share buybacks | $90M | $325M | $1.1B | $170M | $100M |
| Dividends paid | $80M | $80M | $92M | $90M | $94M |
| Dividend per share | 1.00 | 1.00 | 1.20 | 1.20 | 1.20 |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 11.4% | 16.9% | 23.2% | 37.2% |
| EPS growth (YoY) | – | 84.7% | 31.6% | 2.5% | −22.2% |
| Net margin | 6.0% | 9.8% | 10.6% | 8.5% | 5.1% |
| Return on equityBlank when equity is negative | 27.5% | 39.0% | 51.3% | 36.1% | 16.1% |
| Free cash flow margin | 3.1% | 19.1% | 1.1% | −2.3% | −5.8% |
| Cash conversion (CFO ÷ net income) | 0.99x | 2.30x | 0.48x | 0.26x | −0.48x |
| Debt ÷ equity | 1.68x | 1.25x | 1.80x | 1.87x | 1.36x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $2.3B | $1.9B | $3.3B | $4.5B | $6.2B |
Recent filings
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Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.