L

LPL Financial Holdings Inc.

LPLA · CIK 0001397911

17 fiscal years · 0 SEC filings · every number carries its receipt

Revenue (FY)
$16.99B37.2%
FY2025
Net income (FY)
$863.0M18.5%
FY2025
Free cash flow (FY)
−$981.8M244.6%
FY2025
Diluted EPS (FY)
$10.9222.2%
FY2025
The story, charted

The shape of the business

FY2009–FY2025 · hover any year for its receipt
Revenue & net incomeRevenueNet income
$0$5B$10B$15BFY2009 · Revenue $2.75B · Net income $47.5M · 0001397911-12-000009 · filed 2012-02-27FY09Revenue $2.75BNet income $47.5M0001397911-12-000009 · filed 2012-02-27FY2010 · Revenue $3.11B · Net income −$56.9M · 0001397911-13-000012 · filed 2013-02-26FY10Revenue $3.11BNet income −$56.9M0001397911-13-000012 · filed 2013-02-26FY2011 · Revenue $3.48B · Net income $170.4M · 0001397911-14-000038 · filed 2014-02-26FY11Revenue $3.48BNet income $170.4M0001397911-14-000038 · filed 2014-02-26FY2012 · Revenue $3.66B · Net income $151.9M · 0001397911-15-000007 · filed 2015-02-20FY12Revenue $3.66BNet income $151.9M0001397911-15-000007 · filed 2015-02-20FY2013 · Revenue $4.14B · Net income $181.9M · 0001397911-16-000219 · filed 2016-02-25FY13Revenue $4.14BNet income $181.9M0001397911-16-000219 · filed 2016-02-25FY2014 · Revenue $4.37B · Net income $178.0M · 0001397911-17-000025 · filed 2017-02-24FY14Revenue $4.37BNet income $178.0M0001397911-17-000025 · filed 2017-02-24FY2015 · Revenue $4.28B · Net income $168.8M · 0001397911-18-000015 · filed 2018-02-27FY15Revenue $4.28BNet income $168.8M0001397911-18-000015 · filed 2018-02-27FY2016 · Revenue $4.05B · Net income $191.9M · 0001397911-19-000018 · filed 2019-02-26FY16Revenue $4.05BNet income $191.9M0001397911-19-000018 · filed 2019-02-26FY2017 · Revenue $4.28B · Net income $238.9M · 0001397911-20-000023 · filed 2020-02-21FY17Revenue $4.28BNet income $238.9M0001397911-20-000023 · filed 2020-02-21FY2018 · Revenue $5.19B · Net income $439.5M · 0001397911-21-000029 · filed 2021-02-23FY18Revenue $5.19BNet income $439.5M0001397911-21-000029 · filed 2021-02-23FY2019 · Revenue $5.62B · Net income $559.9M · 0001397911-22-000014 · filed 2022-02-22FY19Revenue $5.62BNet income $559.9M0001397911-22-000014 · filed 2022-02-22FY2020 · Revenue $5.87B · Net income $472.6M · 0001397911-23-000024 · filed 2023-02-23FY20Revenue $5.87BNet income $472.6M0001397911-23-000024 · filed 2023-02-23FY2021 · Revenue $7.72B · Net income $459.9M · 0001397911-24-000011 · filed 2024-02-21FY21Revenue $7.72BNet income $459.9M0001397911-24-000011 · filed 2024-02-21FY2022 · Revenue $8.60B · Net income $845.7M · 0001397911-25-000018 · filed 2025-02-20FY22Revenue $8.60BNet income $845.7M0001397911-25-000018 · filed 2025-02-20FY2023 · Revenue $10.05B · Net income $1.07B · 0001628280-26-010705 · filed 2026-02-23FY23Revenue $10.05BNet income $1.07B0001628280-26-010705 · filed 2026-02-23FY2024 · Revenue $12.39B · Net income $1.06B · 0001628280-26-010705 · filed 2026-02-23FY24Revenue $12.39BNet income $1.06B0001628280-26-010705 · filed 2026-02-23FY2025 · Revenue $16.99B · Net income $863.0M · 0001628280-26-010705 · filed 2026-02-23FY25Revenue $16.99BNet income $863.0M0001628280-26-010705 · filed 2026-02-23FY25Revenue $16.99BNet income $863.0M0001628280-26-010705 · filed 2026-02-23FY09FY11FY13FY15FY17FY19FY21FY23FY25

revenue 6.2× since FY2009 · net margin 1.7% → 5.1%

MarginsNet marginFCF margin
0%10%20%FY2009 · Net margin 1.7% · FCF margin 9.6%FY09Net margin 1.7%FCF margin 9.6%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2010 · Net margin -1.8% · FCF margin -1.5%FY10Net margin -1.8%FCF margin -1.5%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2011 · Net margin 4.9% · FCF margin 11.7%FY11Net margin 4.9%FCF margin 11.7%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2012 · Net margin 4.1% · FCF margin 5.4%FY12Net margin 4.1%FCF margin 5.4%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2013 · Net margin 4.4% · FCF margin 2.0%FY13Net margin 4.4%FCF margin 2.0%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2014 · Net margin 4.1% · FCF margin 3.3%FY14Net margin 4.1%FCF margin 3.3%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2015 · Net margin 3.9% · FCF margin 4.8%FY15Net margin 3.9%FCF margin 4.8%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2016 · Net margin 4.7% · FCF margin 6.5%FY16Net margin 4.7%FCF margin 6.5%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2017 · Net margin 5.6% · FCF margin 8.0%FY17Net margin 5.6%FCF margin 8.0%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2018 · Net margin 8.5% · FCF margin 8.7%FY18Net margin 8.5%FCF margin 8.7%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2019 · Net margin 10.0% · FCF margin 8.3%FY19Net margin 10.0%FCF margin 8.3%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2020 · Net margin 8.0% · FCF margin 10.8%FY20Net margin 8.0%FCF margin 10.8%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2021 · Net margin 6.0% · FCF margin 3.1%FY21Net margin 6.0%FCF margin 3.1%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2022 · Net margin 9.8% · FCF margin 19.1%FY22Net margin 9.8%FCF margin 19.1%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2023 · Net margin 10.6% · FCF margin 1.1%FY23Net margin 10.6%FCF margin 1.1%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2024 · Net margin 8.5% · FCF margin -2.3%FY24Net margin 8.5%FCF margin -2.3%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2025 · Net margin 5.1% · FCF margin -5.8%FY25Net margin 5.1%FCF margin -5.8%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY25Net margin 5.1%FCF margin -5.8%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue’09’13’17’21’25

FY2025: net 5.1% · free cash flow -5.8% of revenue

Cash engineOperating cash flowFree cash flow
−$1B$0$1B$2BFY2009 · OCF $271.2M · FCF $262.8M · 0001397911-12-000009 · filed 2012-02-27FY09OCF $271.2MFCF $262.8M0001397911-12-000009 · filed 2012-02-27FY2010 · OCF −$22.9M · FCF −$46.0M · 0001397911-13-000012 · filed 2013-02-26FY10OCF −$22.9MFCF −$46.0M0001397911-13-000012 · filed 2013-02-26FY2011 · OCF $442.4M · FCF $406.0M · 0001397911-14-000038 · filed 2014-02-26FY11OCF $442.4MFCF $406.0M0001397911-14-000038 · filed 2014-02-26FY2012 · OCF $254.3M · FCF $199.5M · 0001397911-15-000007 · filed 2015-02-20FY12OCF $254.3MFCF $199.5M0001397911-15-000007 · filed 2015-02-20FY2013 · OCF $160.1M · FCF $81.9M · 0001397911-16-000219 · filed 2016-02-25FY13OCF $160.1MFCF $81.9M0001397911-16-000219 · filed 2016-02-25FY2014 · OCF $232.2M · FCF $142.6M · 0001397911-17-000025 · filed 2017-02-24FY14OCF $232.2MFCF $142.6M0001397911-17-000025 · filed 2017-02-24FY2015 · OCF $279.5M · FCF $206.9M · 0001397911-18-000015 · filed 2018-02-27FY15OCF $279.5MFCF $206.9M0001397911-18-000015 · filed 2018-02-27FY2016 · OCF $388.9M · FCF $261.3M · 0001397911-19-000018 · filed 2019-02-26FY16OCF $388.9MFCF $261.3M0001397911-19-000018 · filed 2019-02-26FY2017 · OCF $453.3M · FCF $341.4M · 0001397911-20-000023 · filed 2020-02-21FY17OCF $453.3MFCF $341.4M0001397911-20-000023 · filed 2020-02-21FY2018 · OCF $581.6M · FCF $448.9M · 0001397911-21-000029 · filed 2021-02-23FY18OCF $581.6MFCF $448.9M0001397911-21-000029 · filed 2021-02-23FY2019 · OCF $623.9M · FCF $467.5M · 0001397911-22-000014 · filed 2022-02-22FY19OCF $623.9MFCF $467.5M0001397911-22-000014 · filed 2022-02-22FY2020 · OCF $789.9M · FCF $634.4M · 0001397911-23-000024 · filed 2023-02-23FY20OCF $789.9MFCF $634.4M0001397911-23-000024 · filed 2023-02-23FY2021 · OCF $453.1M · FCF $237.1M · 0001397911-24-000011 · filed 2024-02-21FY21OCF $453.1MFCF $237.1M0001397911-24-000011 · filed 2024-02-21FY2022 · OCF $1.95B · FCF $1.64B · 0001397911-25-000018 · filed 2025-02-20FY22OCF $1.95BFCF $1.64B0001397911-25-000018 · filed 2025-02-20FY2023 · OCF $512.6M · FCF $109.3M · 0001628280-26-010705 · filed 2026-02-23FY23OCF $512.6MFCF $109.3M0001628280-26-010705 · filed 2026-02-23FY2024 · OCF $277.6M · FCF −$284.9M · 0001628280-26-010705 · filed 2026-02-23FY24OCF $277.6MFCF −$284.9M0001628280-26-010705 · filed 2026-02-23FY2025 · OCF −$411.4M · FCF −$981.8M · 0001628280-26-010705 · filed 2026-02-23FY25OCF −$411.4MFCF −$981.8M0001628280-26-010705 · filed 2026-02-23FY25OCF −$411.4MFCF −$981.8M0001628280-26-010705 · filed 2026-02-23’09’13’17’21’25

FY2025: −$411.4M operating cash − $570.4M capex = −$981.8M free cash flow

Returns on capitalReturn on equityReturn on assets
0%20%40%FY2010 · ROE -4.8% · ROA -1.6%FY10ROE -4.8%ROA -1.6%derived: net income ÷ equity · derived: net income ÷ assetsFY2011 · ROE 12.7% · ROA 4.5%FY11ROE 12.7%ROA 4.5%derived: net income ÷ equity · derived: net income ÷ assetsFY2012 · ROE 13.3% · ROA 3.8%FY12ROE 13.3%ROA 3.8%derived: net income ÷ equity · derived: net income ÷ assetsFY2013 · ROE 16.5% · ROA 4.5%FY13ROE 16.5%ROA 4.5%derived: net income ÷ equity · derived: net income ÷ assetsFY2014 · ROE 18.3% · ROA 4.4%FY14ROE 18.3%ROA 4.4%derived: net income ÷ equity · derived: net income ÷ assetsFY2015 · ROE 23.6% · ROA 3.7%FY15ROE 23.6%ROA 3.7%derived: net income ÷ equity · derived: net income ÷ assetsFY2016 · ROE 23.4% · ROA 4.0%FY16ROE 23.4%ROA 4.0%derived: net income ÷ equity · derived: net income ÷ assetsFY2017 · ROE 24.8% · ROA 4.5%FY17ROE 24.8%ROA 4.5%derived: net income ÷ equity · derived: net income ÷ assetsFY2018 · ROE 45.1% · ROA 8.0%FY18ROE 45.1%ROA 8.0%derived: net income ÷ equity · derived: net income ÷ assetsFY2019 · ROE 54.7% · ROA 9.5%FY19ROE 54.7%ROA 9.5%derived: net income ÷ equity · derived: net income ÷ assetsFY2020 · ROE 35.9% · ROA 7.2%FY20ROE 35.9%ROA 7.2%derived: net income ÷ equity · derived: net income ÷ assetsFY2021 · ROE 27.5% · ROA 5.8%FY21ROE 27.5%ROA 5.8%derived: net income ÷ equity · derived: net income ÷ assetsFY2022 · ROE 39.0% · ROA 8.9%FY22ROE 39.0%ROA 8.9%derived: net income ÷ equity · derived: net income ÷ assetsFY2023 · ROE 51.3% · ROA 10.3%FY23ROE 51.3%ROA 10.3%derived: net income ÷ equity · derived: net income ÷ assetsFY2024 · ROE 36.1% · ROA 7.9%FY24ROE 36.1%ROA 7.9%derived: net income ÷ equity · derived: net income ÷ assetsFY2025 · ROE 16.1% · ROA 4.7%FY25ROE 16.1%ROA 4.7%derived: net income ÷ equity · derived: net income ÷ assetsFY25ROE 16.1%ROA 4.7%derived: net income ÷ equity · derived: net income ÷ assets’13’17’21’25

return on equity -5% (FY2010) → 16% (FY2025) · on assets 4.7%

Balance sheetLiabilitiesEquity
$0$5B$10B$15BFY2010 · Liabilities $2.47B · Equity $1.17BFY10Liabilities $2.47BEquity $1.17B0001397911-12-000009 · filed 2012-02-27FY2011 · Liabilities $2.47B · Equity $1.34BFY11Liabilities $2.47BEquity $1.34B0001397911-13-000012 · filed 2013-02-26FY2012 · Liabilities $2.85B · Equity $1.14BFY12Liabilities $2.85BEquity $1.14B0001397911-14-000038 · filed 2014-02-26FY2013 · Liabilities $2.94B · Equity $1.10BFY13Liabilities $2.94BEquity $1.10B0001397911-15-000007 · filed 2015-02-20FY2014 · Liabilities $3.07B · Equity $971.6MFY14Liabilities $3.07BEquity $971.6M0001397911-16-000219 · filed 2016-02-25FY2015 · Liabilities $3.81B · Equity $715.6MFY15Liabilities $3.81BEquity $715.6M0001397911-17-000025 · filed 2017-02-24FY2016 · Liabilities $4.01B · Equity $821.0MFY16Liabilities $4.01BEquity $821.0M0001397911-18-000015 · filed 2018-02-27FY2017 · Liabilities $4.39B · Equity $965.0MFY17Liabilities $4.39BEquity $965.0M0001397911-19-000018 · filed 2019-02-26FY2018 · Liabilities $4.50B · Equity $974.1MFY18Liabilities $4.50BEquity $974.1M0001397911-20-000023 · filed 2020-02-21FY2019 · Liabilities $4.86B · Equity $1.02BFY19Liabilities $4.86BEquity $1.02B0001397911-21-000029 · filed 2021-02-23FY2020 · Liabilities $5.28B · Equity $1.31BFY20Liabilities $5.28BEquity $1.31B0001397911-22-000014 · filed 2022-02-22FY2021 · Liabilities $6.32B · Equity $1.67BFY21Liabilities $6.32BEquity $1.67B0001397911-23-000024 · filed 2023-02-23FY2022 · Liabilities $7.31B · Equity $2.17BFY22Liabilities $7.31BEquity $2.17B0001397911-24-000011 · filed 2024-02-21FY2023 · Liabilities $8.31B · Equity $2.08BFY23Liabilities $8.31BEquity $2.08B0001397911-25-000018 · filed 2025-02-20FY2024 · Liabilities $10.39B · Equity $2.93BFY24Liabilities $10.39BEquity $2.93B0001628280-26-010705 · filed 2026-02-23FY2025 · Liabilities $13.15B · Equity $5.34BFY25Liabilities $13.15BEquity $5.34B0001628280-26-010705 · filed 2026-02-23FY25Liabilities $13.15BEquity $5.34B0001628280-26-010705 · filed 2026-02-23’13’17’21’25

FY2025: $18.49B assets · $13.15B liabilities · $5.34B equity

The receipts