LPL Financial (LPLA) Financials

$314.73 +1.84 (+0.59%)

Closing price 10/3/2025 04:00 PM Eastern

Extended Trading

$314.70 -0.04 (-0.01%)

As of 10/3/2025 06:47 PM Eastern

Annual Income Statements for LPL Financial

This table shows LPL Financial's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	178	4,444	192	239	439	560	473	460	846	1,066	1,059
Consolidated Net Income / (Loss)	178	169	192	239	439	560	473	460	846	1,066	1,059
Net Income / (Loss) Continuing Operations	178	4,444	192	239	439	560	473	460	846	1,066	1,059
Total Pre-Tax Income	295	283	298	365	593	742	626	601	1,112	1,445	1,393
Total Revenue	4,374	8,491	4,049	4,235	5,188	5,495	5,766	7,616	8,475	10,053	12,385
Net Interest Income / (Expense)	0.00	-59	0.00	0.00	0.00	-130	-106	-104	-126	0.00	0.00
Total Interest Income	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Interest Expense	0.00	59	0.00	0.00	0.00	130	106	104	126	0.00	0.00
Total Non-Interest Income	4,374	8,550	4,049	4,235	5,188	5,625	5,872	7,721	8,601	10,053	12,385
Trust Fees by Commissions	2,118	1,977	1,737	1,671	1,920	1,892	1,907	2,379	2,326	2,553	3,305
Other Service Charges	917	946	2,312	2,586	1,475	1,703	1,608	1,788	2,322	3,205	3,430
Investment Banking Income	1,338	1,352	-	-	1,793	1,983	2,328	3,525	3,875	4,136	5,462
Other Non-Interest Income	-	4,275	-	-	-	47	29	29	77	159	188
Total Non-Interest Expense	4,079	3,933	3,752	3,870	4,596	4,753	5,140	7,015	7,363	8,608	10,992
Salaries and Employee Benefits	3,421	3,305	3,037	3,127	3,684	3,944	4,306	5,921	6,146	6,895	8,888
Net Occupancy & Equipment Expense	126	131	137	142	162	186	219	246	287	324	357
Marketing Expense	125	139	149	172	209	206	208	302	340	459	589
Other Operating Expenses	272	235	315	307	393	253	229	291	303	388	440
Depreciation Expense	58	73	76	84	88	96	110	151	200	247	309
Amortization Expense	39	38	38	38	60	65	67	79	88	107	135
Other Special Charges	3.94	-	0.00	-	0.00	3.16	0.00	24	-	187	274
Income Tax Expense	117	114	106	126	153	182	153	141	266	379	334
Basic Earnings per Share	$1.78	$1.77	$2.15	$2.65	$4.99	$6.78	$5.96	$5.75	$10.60	$13.88	$14.17
Weighted Average Basic Shares Outstanding	99.85M	95.27M	89.07M	90.00M	88.12M	82.55M	79.24M	80.00M	79.80M	76.81M	74.71M
Diluted Earnings per Share	$1.75	$1.74	$2.13	$2.59	$4.85	$6.62	$5.86	$5.63	$10.40	$13.69	$14.03
Weighted Average Diluted Shares Outstanding	101.65M	96.79M	90.01M	92.12M	90.62M	84.62M	80.70M	81.74M	81.29M	77.86M	75.43M
Weighted Average Basic & Diluted Shares Outstanding	100M	95.40M	89.30M	90.10M	88.10M	79.62M	79.68M	79.97M	78.67M	74.45M	74.57M
Cash Dividends to Common per Share	$0.96	$1.00	$1.00	$1.00	$1.00	$1.00	$1.00	$1.00	$1.00	$1.20	$1.20

This table shows LPL Financial's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Net Income / (Loss) Attributable to Common Shareholders	319	339	286	224	218	289	244	255	271	319	273
Consolidated Net Income / (Loss)	319	339	286	224	218	289	244	255	271	319	273
Net Income / (Loss) Continuing Operations	319	339	286	224	218	289	244	255	271	319	273
Total Pre-Tax Income	419	444	389	318	294	374	330	347	341	417	369
Total Revenue	2,269	2,418	2,424	2,522	2,689	2,773	2,867	3,041	3,705	3,584	3,729
Net Interest Income / (Expense)	-72	37	-45	0.00	7.48	-60	-64	-68	192	-86	-106
Total Interest Income	-7.75	37	0.00	0.00	-37	0.00	0.00	0.00	-	0.00	0.00
Total Interest Expense	64	0.00	45	0.00	-45	60	64	68	-192	86	106
Long-Term Debt Interest Expense	-	-	45	-	-	60	64	68	-	86	106
Total Non-Interest Income	2,341	2,380	2,469	2,522	2,681	2,833	2,932	3,108	3,512	3,670	3,835
Trust Fees by Commissions	582	604	623	644	682	746	787	807	965	1,048	1,038
Other Service Charges	811	823	793	756	833	843	809	874	904	889	1,002
Investment Banking Income	902	954	1,015	1,082	1,085	1,200	1,288	1,378	1,596	1,689	1,718
Other Non-Interest Income	-	-	38	41	-	44	47	50	47	44	77
Total Non-Interest Expense	1,850	1,973	2,035	2,205	2,395	2,398	2,537	2,693	3,363	3,167	3,361
Salaries and Employee Benefits	1,566	1,604	1,680	1,732	1,879	2,008	2,093	2,214	2,572	2,659	2,802
Net Occupancy & Equipment Expense	77	78	86	81	80	86	89	88	94	97	103
Marketing Expense	80	98	103	132	127	127	136	165	162	146	178
Other Operating Expenses	77	74	81	119	114	81	118	116	126	129	136
Depreciation Expense	54	56	58	65	68	67	71	78	92	92	96
Amortization Expense	23	24	27	28	29	30	31	32	43	44	46
Income Tax Expense	100	106	103	93	76	85	86	92	71	99	96
Basic Earnings per Share	$4.01	$4.30	$3.70	$2.95	$2.93	$3.87	$3.26	$3.41	$3.63	$4.27	$3.42
Weighted Average Basic Shares Outstanding	79.80M	78.75M	77.23M	76.06M	76.81M	74.56M	74.73M	74.78M	74.71M	74.60M	79.98M
Diluted Earnings per Share	$3.93	$4.24	$3.65	$2.91	$2.89	$3.83	$3.23	$3.39	$3.58	$4.24	$3.40
Weighted Average Diluted Shares Outstanding	81.29M	79.97M	78.19M	77.15M	77.86M	75.46M	75.55M	75.41M	75.43M	75.11M	80.37M
Weighted Average Basic & Diluted Shares Outstanding	78.67M	77.67M	76.30M	75.62M	74.45M	74.71M	74.76M	74.88M	74.57M	79.98M	80.00M
Cash Dividends to Common per Share	-	$0.30	$0.30	$0.30	-	$0.30	$0.30	$0.30	-	$0.30	$0.30

This table details how cash moves in and out of LPL Financial's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Change in Cash & Equivalents	-104	312	135	67	-64	-90	327	273	1,065	-556	103
Net Cash From Operating Activities	232	279	389	453	582	624	790	453	1,946	513	278
Net Cash From Continuing Operating Activities	232	279	389	453	582	624	790	453	1,946	513	278
Net Income / (Loss) Continuing Operations	178	169	192	239	439	560	473	460	846	1,066	1,059
Consolidated Net Income / (Loss)	178	169	192	239	439	560	473	460	846	1,066	1,059
Provision For Loan Losses	2.43	2.54	4.06	2.79	6.11	6.70	5.82	9.17	14	16	19
Depreciation Expense	58	73	76	84	88	96	110	151	200	247	309
Amortization Expense	43	42	44	43	64	70	73	85	94	116	147
Non-Cash Adjustments to Reconcile Net Income	28	34	56	87	104	98	111	228	154	263	391
Changes in Operating Assets and Liabilities, net	-77	-41	18	-1.92	-120	-207	18	-481	638	-1,195	-1,646
Net Cash From Investing Activities	-93	-75	-127	-438	-162	-181	-187	-459	-376	-860	-1,592
Net Cash From Continuing Investing Activities	-93	-75	-127	-438	-162	-181	-187	-459	-376	-860	-1,592
Purchase of Property, Leasehold Improvements and Equipment	-90	-73	-128	-112	-133	-156	-156	-216	-307	-403	-563
Purchase of Investment Securities	-16	-4.60	-4.02	-329	-34	-30	-37	-248	-75	-462	-1,025
Sale and/or Maturity of Investments	13	3.36	5.00	3.01	5.00	5.00	5.10	5.00	5.00	5.50	5.00
Other Investing Activities, net	0.14	-1.14	-	-	-	-	-	-	0.00	0.00	-9.61
Net Cash From Financing Activities	-243	108	-127	51	-483	-533	-275	279	-504	-209	1,417
Net Cash From Continuing Financing Activities	-243	108	-127	51	-483	-533	-275	279	-504	-209	1,417
Issuance of Debt	150	1,149	0.00	2,612	0.00	923	1,806	2,859	815	2,467	3,448
Repayment of Debt	-56	-588	-18	-2,429	-15	-907	-1,862	-2,422	-918	-1,462	-1,708
Repurchase of Common Equity	-275	-391	-25	-114	-418	-500	-150	-90	-325	-1,100	-170
Payment of Dividends	-96	-96	-89	-90	-88	-83	-79	-80	-80	-92	-90
Other Financing Activities, Net	33	34	4.41	73	38	34	9.65	11	3.17	-22	-63
Cash Interest Paid	52	51	92	93	124	127	107	104	119	191	268
Cash Income Taxes Paid	139	132	123	139	122	213	169	145	238	536	320

This table details how cash moves in and out of LPL Financial's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Net Change in Cash & Equivalents	-442	-755	30	-138	306	246	131	4.04	-279	171	3,059
Net Cash From Operating Activities	-177	-206	403	173	143	426	-179	209	-179	340	193
Net Cash From Continuing Operating Activities	-176	-206	403	173	143	426	-179	209	-179	340	193
Net Income / (Loss) Continuing Operations	319	339	286	224	218	289	244	255	271	319	273
Consolidated Net Income / (Loss)	319	339	286	224	218	289	244	255	271	319	273
Provision For Loan Losses	1.74	3.35	4.49	4.01	4.10	2.67	6.93	3.90	5.48	-0.75	3.94
Depreciation Expense	54	56	58	65	68	67	71	78	92	92	96
Amortization Expense	25	26	29	30	31	32	33	35	45	51	53
Non-Cash Adjustments to Reconcile Net Income	1.61	77	70	73	43	96	113	101	81	119	121
Changes in Operating Assets and Liabilities, net	-577	-707	-44	-223	-221	-61	-647	-265	-673	-240	-354
Net Cash From Investing Activities	-99	-351	-151	-156	-202	-130	-246	-181	-1,035	-199	-250
Net Cash From Continuing Investing Activities	-99	-351	-151	-156	-202	-130	-246	-181	-1,035	-199	-250
Purchase of Property, Leasehold Improvements and Equipment	-74	-101	-101	-95	-106	-121	-129	-147	-166	-119	-137
Purchase of Investment Securities	-26	-251	-51	-63	-97	-10	-119	-35	-861	-80	-113
Sale and/or Maturity of Investments	1.25	1.75	1.25	1.25	1.25	1.25	1.25	1.25	1.25	1.25	1.25
Other Investing Activities, net	-	-	-	-	-	0.00	-	-	-	-1.43	-1.61
Net Cash From Financing Activities	-167	-198	-221	-155	365	-50	557	-24	935	30	3,116
Net Cash From Continuing Financing Activities	-167	-198	-221	-155	365	-50	557	-24	935	30	3,116
Issuance of Debt	350	135	472	139	1,721	245	1,033	-	2,170	1,317	1,497
Repayment of Debt	-353	-2.68	-323	-24	-1,113	-127	-456	-2.68	-1,123	-1,135	-12
Repurchase of Common Equity	-150	-275	-350	-250	-225	-70	-	-	-100	-100	0.24
Payment of Dividends	-20	-24	-23	-23	-23	-22	-22	-22	-22	-22	-24
Other Financing Activities, Net	5.95	-32	2.69	2.93	4.42	-76	1.67	1.00	10	-29	-70
Cash Interest Paid	32	40	44	50	57	44	75	44	107	54	105
Cash Income Taxes Paid	81	10	65	14	447	9.21	189	103	19	8.99	294

This table presents LPL Financial's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Total Assets	4,042	4,521	4,835	5,359	5,477	5,880	6,596	7,992	9,482	10,385	13,317
Cash and Due from Banks	412	725	748	811	511	590	809	495	848	466	967
Restricted Cash	570	699	43	815	1,051	882	990	1,577	2,290	2,115	1,717
Trading Account Securities	27	28	26	42	47	76	42	49	53	91	57
Loans and Leases, Net of Allowance	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Customer and Other Receivables	365	339	341	344	413	434	405	579	562	589	634
Premises and Equipment, Net	214	275	387	413	461	533	583	659	780	933	1,210
Goodwill	1,366	1,366	1,366	1,428	1,490	1,504	1,514	1,642	1,642	1,857	2,173
Intangible Assets	431	392	354	414	484	440	397	455	428	672	1,483
Other Assets	656	697	1,570	1,092	1,019	1,422	1,855	2,535	2,880	3,663	5,076
Total Liabilities & Shareholders' Equity	4,042	4,521	4,835	5,359	5,477	5,880	6,596	7,992	9,482	10,385	13,317
Total Liabilities	3,070	3,805	4,014	4,394	4,503	4,856	5,281	6,321	7,315	8,307	10,387
Short-Term Debt	698	795	927	1,017	1,027	1,151	1,624	1,882	2,843	2,430	2,028
Other Short-Term Payables	289	332	-	461	479	558	309	384	449	486	588
Long-Term Debt	1,625	2,188	2,175	2,385	2,372	2,399	2,345	2,814	2,717	3,734	5,495
Other Long-Term Liabilities	458	489	912	530	626	749	1,003	1,241	1,306	1,657	2,276
Total Equity & Noncontrolling Interests	972	716	821	965	974	1,024	1,315	1,671	2,168	2,079	2,931
Total Preferred & Common Equity	972	716	821	965	974	1,024	1,315	1,671	2,168	2,079	2,931
Total Common Equity	972	716	821	965	974	1,024	1,315	1,671	2,168	2,079	2,931
Common Stock	1,355	1,418	1,445	1,556	1,634	1,704	1,763	1,842	1,913	1,988	2,066
Retained Earnings	396	469	570	718	1,070	1,555	1,943	2,328	3,101	4,085	5,067
Treasury Stock	-781	-1,172	-1,195	-1,310	-1,731	-2,235	-2,391	-2,499	-2,847	-3,994	-4,202

This table presents LPL Financial's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025
Total Assets	9,696	9,168	9,392	9,487	11,018	11,504	11,942	13,963	17,474
Cash and Due from Banks	1,219	470	761	799	1,102	1,319	1,475	1,229	4,185
Restricted Cash	2,360	1,913	1,652	1,476	1,725	1,640	1,488	1,625	1,728
Trading Account Securities	62	51	50	53	57	90	111	138	140
Loans and Leases, Net of Allowance	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Customer and Other Receivables	635	582	579	581	592	564	622	614	710
Premises and Equipment, Net	751	816	850	883	987	1,066	1,145	1,238	1,279
Goodwill	1,642	1,766	1,772	1,772	1,841	1,860	1,868	2,213	2,213
Intangible Assets	428	580	606	641	691	783	782	1,571	1,641
Other Assets	2,597	2,990	3,121	3,282	4,022	4,182	4,451	5,335	5,577
Total Liabilities & Shareholders' Equity	9,696	9,168	9,392	9,487	11,018	11,504	11,942	13,963	17,474
Total Liabilities	7,696	6,975	7,270	7,397	8,748	8,988	9,170	10,839	12,399
Short-Term Debt	3,444	2,245	2,245	2,098	2,677	2,176	2,250	2,297	2,364
Other Short-Term Payables	393	398	421	389	369	461	486	480	556
Long-Term Debt	2,719	2,851	3,001	3,124	3,854	4,443	4,442	5,687	7,175
Other Long-Term Liabilities	1,140	1,481	1,603	1,785	1,848	1,908	1,992	2,376	2,304
Total Equity & Noncontrolling Interests	2,000	2,193	2,122	2,091	2,270	2,515	2,772	3,124	5,074
Total Preferred & Common Equity	2,000	2,193	2,122	2,091	2,270	2,515	2,772	3,124	5,074
Total Common Equity	2,000	2,193	2,122	2,091	2,270	2,515	2,772	3,124	5,074
Common Stock	1,897	1,934	1,953	1,970	2,017	2,038	2,059	2,089	3,787
Retained Earnings	2,800	3,419	3,683	3,887	4,354	4,579	4,815	5,366	5,620
Treasury Stock	-2,697	-3,160	-3,514	-3,767	-4,101	-4,102	-4,102	-4,332	-4,332

This table displays calculated financial ratios and metrics derived from LPL Financial's official financial filings.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	5.62%	94.14%	-52.31%	4.57%	22.52%	5.91%	4.93%	32.09%	11.27%	18.62%	23.20%
EBITDA Growth	4.30%	1,081.47%	-91.07%	17.73%	51.59%	21.88%	-10.92%	3.61%	67.82%	28.58%	2.23%
EBIT Growth	1.16%	1,446.67%	-93.47%	22.51%	62.56%	25.18%	-15.60%	-3.95%	84.87%	29.97%	-3.59%
NOPAT Growth	-2.10%	-5.20%	13.71%	24.45%	83.98%	27.40%	-15.58%	-2.70%	83.90%	26.08%	-0.72%
Net Income Growth	-2.10%	-5.20%	13.71%	24.45%	83.98%	27.40%	-15.58%	-2.70%	83.90%	26.08%	-0.72%
EPS Growth	1.74%	-0.57%	22.41%	21.60%	87.26%	36.49%	-11.48%	-3.92%	84.72%	31.63%	2.48%
Operating Cash Flow Growth	45.05%	20.33%	39.18%	16.55%	28.30%	7.27%	26.62%	-42.64%	329.36%	-73.65%	-45.85%
Free Cash Flow Firm Growth	-36.35%	-286.18%	86.42%	-541.03%	311.43%	-17.14%	-166.32%	-161.26%	17.27%	207.04%	-308.95%
Invested Capital Growth	1.59%	12.27%	6.05%	11.32%	0.13%	4.59%	15.54%	20.48%	21.37%	6.66%	26.82%
Revenue Q/Q Growth	0.24%	94.79%	-51.08%	11.20%	30.17%	3.13%	-17.78%	7.19%	2.44%	4.36%	10.76%
EBITDA Q/Q Growth	5.27%	995.10%	-91.07%	4.61%	12.67%	0.84%	-1.88%	0.74%	26.99%	-5.50%	4.88%
EBIT Q/Q Growth	5.73%	1,333.38%	-93.46%	6.16%	14.78%	0.34%	-2.97%	-1.52%	34.10%	-7.99%	3.53%
NOPAT Q/Q Growth	2.37%	-11.41%	8.43%	10.33%	14.66%	1.15%	-3.10%	-0.75%	33.24%	-8.69%	5.29%
Net Income Q/Q Growth	2.37%	-11.41%	8.43%	10.33%	14.66%	1.15%	-3.10%	-0.75%	33.24%	-8.69%	5.29%
EPS Q/Q Growth	3.55%	-11.22%	9.79%	10.21%	15.48%	3.12%	-2.82%	-1.05%	33.50%	-7.06%	5.17%
Operating Cash Flow Q/Q Growth	-4.21%	29.10%	16.77%	80.99%	10.62%	-30.32%	36.72%	-13.84%	-18.10%	164.93%	-53.65%
Free Cash Flow Firm Q/Q Growth	-25.84%	-237.93%	90.76%	-4.68%	35.98%	97.26%	-184.96%	4.87%	68.17%	-72.67%	-0.60%
Invested Capital Q/Q Growth	3.16%	15.11%	4.98%	5.25%	3.78%	-0.25%	10.27%	7.73%	-5.33%	12.71%	10.45%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
EBITDA Margin	9.04%	55.03%	10.30%	11.60%	14.35%	16.52%	14.02%	11.00%	16.59%	17.98%	14.92%
EBIT Margin	6.74%	53.68%	7.35%	8.61%	11.42%	13.50%	10.86%	7.90%	13.12%	14.37%	11.25%
Profit (Net Income) Margin	4.07%	1.99%	4.74%	5.64%	8.47%	10.19%	8.20%	6.04%	9.98%	10.61%	8.55%
Tax Burden Percent	60.42%	59.73%	64.51%	65.52%	74.15%	75.47%	75.49%	76.47%	76.08%	73.80%	76.00%
Interest Burden Percent	100.01%	6.20%	99.98%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Effective Tax Rate	39.58%	40.27%	35.49%	34.48%	25.85%	24.53%	24.51%	23.53%	23.92%	26.20%	24.00%
Return on Invested Capital (ROIC)	5.45%	4.83%	5.04%	5.76%	10.06%	12.52%	9.59%	7.89%	12.00%	13.35%	11.32%
ROIC Less NNEP Spread (ROIC-NNEP)	5.45%	4.83%	5.04%	5.76%	10.06%	12.52%	9.59%	7.89%	12.00%	13.35%	11.32%
Return on Net Nonoperating Assets (RNNOA)	11.74%	15.18%	19.95%	20.99%	35.27%	43.53%	30.83%	22.91%	32.07%	36.86%	30.94%
Return on Equity (ROE)	17.19%	20.01%	24.98%	26.75%	45.33%	56.05%	40.42%	30.81%	44.07%	50.22%	42.26%
Cash Return on Invested Capital (CROIC)	3.87%	-6.74%	-0.84%	-4.95%	9.92%	8.03%	-4.83%	-10.69%	-7.31%	6.90%	-12.32%
Operating Return on Assets (OROA)	7.29%	106.45%	6.36%	7.15%	10.94%	13.06%	10.04%	8.24%	12.72%	14.54%	11.75%
Return on Assets (ROA)	4.40%	3.94%	4.10%	4.69%	8.11%	9.86%	7.58%	6.30%	9.68%	10.73%	8.93%
Return on Common Equity (ROCE)	17.19%	20.01%	24.98%	26.75%	45.33%	56.05%	40.42%	30.81%	44.07%	50.22%	42.26%
Return on Equity Simple (ROE_SIMPLE)	18.32%	23.59%	23.38%	24.75%	45.12%	54.68%	35.95%	27.53%	39.02%	51.29%	36.12%
Net Operating Profit after Tax (NOPAT)	178	169	192	239	439	560	473	460	846	1,066	1,059
NOPAT Margin	4.07%	1.99%	4.74%	5.64%	8.47%	10.19%	8.20%	6.04%	9.98%	10.61%	8.55%
Net Nonoperating Expense Percent (NNEP)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SG&A Expenses to Revenue	83.94%	42.10%	82.07%	81.25%	78.15%	78.91%	82.09%	84.94%	79.92%	76.39%	79.40%
Operating Expenses to Revenue	93.26%	46.32%	92.65%	91.39%	88.58%	86.50%	89.14%	92.10%	86.88%	85.63%	88.75%
Earnings before Interest and Taxes (EBIT)	295	4,558	298	365	593	742	626	601	1,112	1,445	1,393
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	395	4,673	417	491	745	908	809	838	1,406	1,808	1,848
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	3.91	5.00	3.51	5.02	5.18	7.03	6.16	7.57	7.86	8.24	8.34
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	174.84	0.00	0.00
Price to Revenue (P/Rev)	0.87	0.42	0.71	1.14	0.97	1.31	1.40	1.66	2.01	1.70	1.97
Price to Earnings (P/E)	21.33	0.81	15.02	20.26	11.49	12.86	17.12	27.51	20.14	16.07	23.10
Dividend Yield	2.50%	2.66%	3.09%	1.86%	1.72%	1.12%	0.98%	0.63%	0.47%	0.53%	0.37%
Earnings Yield	4.69%	124.20%	6.66%	4.94%	8.70%	7.78%	5.84%	3.64%	4.97%	6.22%	4.33%
Enterprise Value to Invested Capital (EV/IC)	1.56	1.39	1.32	1.52	1.57	2.03	1.94	2.40	2.52	2.51	2.80
Enterprise Value to Revenue (EV/Rev)	1.18	0.61	1.28	1.56	1.33	1.69	1.78	2.01	2.30	2.06	2.36
Enterprise Value to EBITDA (EV/EBITDA)	13.00	1.10	12.45	13.47	9.25	10.22	12.69	18.23	13.84	11.46	15.85
Enterprise Value to EBIT (EV/EBIT)	17.44	1.13	17.45	18.15	11.62	12.51	16.39	25.40	17.50	14.34	21.03
Enterprise Value to NOPAT (EV/NOPAT)	28.87	30.44	27.06	27.70	15.67	16.57	21.72	33.21	23.00	19.43	27.67
Enterprise Value to Operating Cash Flow (EV/OCF)	22.13	18.39	13.35	14.60	11.84	14.87	12.99	33.71	10.00	40.41	105.51
Enterprise Value to Free Cash Flow (EV/FCFF)	40.62	0.00	0.00	0.00	15.88	25.82	0.00	0.00	0.00	37.57	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	2.39	4.17	3.78	3.53	3.49	3.47	3.02	2.81	2.57	2.96	2.57
Long-Term Debt to Equity	1.67	3.06	2.65	2.47	2.43	2.34	1.78	1.68	1.25	1.80	1.87
Financial Leverage	2.16	3.15	3.96	3.64	3.51	3.48	3.22	2.90	2.67	2.76	2.73
Leverage Ratio	3.90	5.08	6.09	5.71	5.59	5.68	5.33	4.89	4.55	4.68	4.73
Compound Leverage Factor	3.90	0.31	6.09	5.71	5.59	5.68	5.33	4.89	4.55	4.68	4.73
Debt to Total Capital	70.51%	80.66%	79.07%	77.90%	77.73%	77.61%	75.12%	73.76%	71.95%	74.78%	71.96%
Short-Term Debt to Total Capital	21.19%	21.50%	23.62%	23.29%	23.49%	25.16%	30.74%	29.56%	36.79%	29.48%	19.40%
Long-Term Debt to Total Capital	49.32%	59.15%	55.45%	54.61%	54.24%	52.45%	44.38%	44.20%	35.17%	45.30%	52.56%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	29.49%	19.34%	20.93%	22.10%	22.27%	22.39%	24.88%	26.24%	28.05%	25.22%	28.04%
Debt to EBITDA	5.87	0.64	7.43	6.93	4.56	3.91	4.91	5.61	3.95	3.41	4.07
Net Debt to EBITDA	3.39	0.33	5.54	3.62	2.47	2.29	2.68	3.13	1.72	1.98	2.62
Long-Term Debt to EBITDA	4.11	0.47	5.21	4.86	3.19	2.64	2.90	3.36	1.93	2.07	2.97
Debt to NOPAT	13.05	17.68	16.16	14.24	7.73	6.34	8.40	10.21	6.57	5.78	7.11
Net Debt to NOPAT	7.53	9.24	12.05	7.44	4.18	3.71	4.59	5.71	2.86	3.36	4.57
Long-Term Debt to NOPAT	9.13	12.96	11.33	9.98	5.40	4.28	4.96	6.12	3.21	3.50	5.19
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	127	-236	-32	-205	434	359	-238	-623	-515	551	-1,152
Operating Cash Flow to CapEx	259.06%	385.10%	304.70%	405.06%	438.31%	398.92%	507.90%	209.80%	634.57%	127.11%	49.35%
Free Cash Flow to Firm to Interest Expense	0.00	-3.98	0.00	0.00	0.00	2.76	-2.25	-5.96	-4.08	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	4.73	0.00	0.00	0.00	4.80	7.47	4.34	15.41	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	3.50	0.00	0.00	0.00	3.60	6.00	2.27	12.98	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.08	1.98	0.87	0.83	0.96	0.97	0.92	1.04	0.97	1.01	1.05
Fixed Asset Turnover	21.69	34.69	12.22	10.59	11.87	11.05	10.33	12.27	11.78	11.73	11.56
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	3,295	3,699	3,923	4,367	4,373	4,574	5,284	6,367	7,728	8,243	10,453
Invested Capital Turnover	1.34	2.43	1.06	1.02	1.19	1.23	1.17	1.31	1.20	1.26	1.32
Increase / (Decrease) in Invested Capital	52	404	224	444	5.82	201	711	1,082	1,361	515	2,211
Enterprise Value (EV)	5,139	5,138	5,194	6,617	6,887	9,279	10,264	15,274	19,454	20,714	29,287
Market Capitalization	3,798	3,578	2,882	4,840	5,050	7,201	8,093	12,650	17,031	17,132	24,449
Book Value per Share	$9.83	$7.53	$9.21	$10.70	$11.23	$12.67	$16.58	$20.84	$27.23	$27.49	$39.14
Tangible Book Value per Share	($8.35)	($10.97)	($10.08)	($9.72)	($11.54)	($11.38)	($7.52)	($5.33)	$1.22	($5.94)	($9.69)
Total Capital	3,295	3,699	3,923	4,367	4,373	4,574	5,284	6,367	7,728	8,243	10,453
Total Debt	2,323	2,984	3,102	3,402	3,399	3,550	3,970	4,696	5,560	6,164	7,523
Total Long-Term Debt	1,625	2,188	2,175	2,385	2,372	2,399	2,345	2,814	2,717	3,734	5,495
Net Debt	1,341	1,560	2,312	1,777	1,837	2,078	2,171	2,624	2,423	3,582	4,839
Capital Expenditures (CapEx)	90	73	128	112	133	156	156	216	307	403	563
Net Nonoperating Expense (NNE)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Nonoperating Obligations (NNO)	2,323	2,984	3,102	3,402	3,399	3,550	3,970	4,696	5,560	6,164	7,523
Total Depreciation and Amortization (D&A)	101	115	120	127	152	166	182	236	294	363	455
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.78	$1.77	$2.15	$2.65	$4.99	$6.78	$5.96	$5.75	$10.60	$13.88	$14.17
Adjusted Weighted Average Basic Shares Outstanding	99.85M	95.27M	89.07M	90.00M	88.12M	82.55M	79.24M	80.00M	79.80M	76.81M	74.71M
Adjusted Diluted Earnings per Share	$1.75	$1.74	$2.13	$2.59	$4.85	$6.62	$5.86	$5.63	$10.40	$13.69	$14.03
Adjusted Weighted Average Diluted Shares Outstanding	101.65M	96.79M	90.01M	92.12M	90.62M	84.62M	80.70M	81.74M	81.29M	77.86M	75.43M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$6.78	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	96.50M	88.94M	90.07M	90.04M	84.45M	79.62M	79.68M	79.97M	78.67M	74.45M	74.57M
Normalized Net Operating Profit after Tax (NOPAT)	201	176	192	239	439	562	473	479	846	1,204	1,267
Normalized NOPAT Margin	4.60%	2.07%	4.74%	5.64%	8.47%	10.23%	8.20%	6.28%	9.98%	11.98%	10.23%
Pre Tax Income Margin	6.74%	3.33%	7.35%	8.61%	11.42%	13.50%	10.86%	7.90%	13.12%	14.37%	11.25%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	77.07	0.00	0.00	0.00	5.71	5.92	5.76	8.81	0.00	0.00
NOPAT to Interest Expense	0.00	2.85	0.00	0.00	0.00	4.31	4.47	4.40	6.70	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	75.84	0.00	0.00	0.00	4.50	4.45	3.69	6.38	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	1.63	0.00	0.00	0.00	3.10	3.00	2.34	4.27	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	53.70%	56.77%	46.41%	37.79%	20.11%	14.75%	16.74%	17.42%	9.44%	8.65%	8.48%
Augmented Payout Ratio	208.21%	288.33%	59.45%	85.41%	115.20%	104.12%	48.48%	36.99%	47.87%	111.82%	24.54%

This table displays calculated financial ratios and metrics derived from LPL Financial's official financial filings.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	9.76%	17.05%	20.59%	18.43%	18.50%	14.67%	18.30%	20.55%	37.78%	29.27%	30.06%
EBITDA Growth	149.97%	118.07%	67.93%	7.67%	-21.13%	-10.08%	-8.71%	11.85%	21.89%	18.46%	19.19%
EBIT Growth	206.99%	156.37%	83.13%	3.57%	-29.92%	-15.82%	-15.11%	9.34%	16.17%	11.51%	11.73%
NOPAT Growth	195.22%	153.38%	77.84%	-3.46%	-31.82%	-14.79%	-14.61%	13.83%	24.45%	10.32%	12.08%
Net Income Growth	195.22%	153.38%	77.84%	-3.46%	-31.82%	-14.79%	-14.61%	13.83%	24.45%	10.32%	12.08%
EPS Growth	197.73%	158.54%	85.28%	1.75%	-26.46%	-9.67%	-11.51%	16.49%	23.88%	10.71%	5.26%
Operating Cash Flow Growth	-169.66%	-174.13%	454.22%	-91.85%	180.73%	306.83%	-144.41%	20.88%	-225.42%	-20.21%	208.07%
Free Cash Flow Firm Growth	-6.91%	9.15%	-156.60%	153.15%	71.45%	-57.69%	-76.21%	-276.48%	-552.34%	-62.61%	-241.83%
Invested Capital Growth	21.37%	18.05%	18.49%	-10.41%	6.66%	20.74%	23.98%	29.41%	26.82%	26.21%	59.98%
Revenue Q/Q Growth	6.53%	6.56%	0.25%	4.06%	6.59%	8.72%	3.42%	6.04%	21.84%	-3.25%	4.05%
EBITDA Q/Q Growth	30.07%	5.75%	-9.63%	-13.38%	-4.73%	20.57%	-8.25%	6.14%	3.82%	17.18%	-7.69%
EBIT Q/Q Growth	36.67%	6.03%	-12.53%	-18.30%	-7.52%	27.37%	-11.79%	5.23%	-1.75%	22.26%	-11.61%
NOPAT Q/Q Growth	37.34%	6.21%	-15.75%	-21.44%	-3.00%	32.73%	-15.57%	4.72%	6.05%	17.66%	-14.23%
Net Income Q/Q Growth	37.34%	6.21%	-15.75%	-21.44%	-3.00%	32.73%	-15.57%	4.72%	6.05%	17.66%	-14.23%
EPS Q/Q Growth	37.41%	7.89%	-13.92%	-20.27%	-0.69%	32.53%	-15.67%	4.95%	5.60%	18.44%	-19.81%
Operating Cash Flow Q/Q Growth	-108.31%	-16.62%	295.62%	-57.01%	-17.68%	198.78%	-142.00%	217.03%	-185.40%	290.07%	-43.12%
Free Cash Flow Firm Q/Q Growth	48.44%	25.55%	-11.44%	224.26%	-127.69%	-311.23%	-24.53%	-24.45%	-2.36%	-2.51%	-161.79%
Invested Capital Q/Q Growth	-5.33%	-5.68%	1.08%	-0.74%	12.71%	6.77%	3.79%	3.60%	10.45%	6.26%	31.56%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
EBITDA Margin	21.95%	21.78%	19.64%	16.35%	14.61%	17.08%	15.15%	15.17%	12.92%	15.65%	13.89%
EBIT Margin	18.48%	18.38%	16.04%	12.59%	10.93%	13.50%	11.51%	11.42%	9.21%	11.64%	9.89%
Profit (Net Income) Margin	14.06%	14.02%	11.78%	8.89%	8.09%	10.42%	8.50%	8.40%	7.31%	8.89%	7.33%
Tax Burden Percent	76.11%	76.24%	73.43%	70.60%	74.05%	77.17%	73.86%	73.50%	79.33%	76.35%	74.09%
Interest Burden Percent	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Effective Tax Rate	23.89%	23.76%	26.57%	29.40%	25.95%	22.83%	26.14%	26.50%	20.67%	23.65%	25.91%
Return on Invested Capital (ROIC)	16.91%	18.38%	16.02%	11.07%	10.19%	13.23%	10.99%	11.19%	9.68%	11.78%	8.67%
ROIC Less NNEP Spread (ROIC-NNEP)	16.91%	18.38%	16.02%	11.07%	10.19%	13.23%	10.99%	11.19%	9.68%	11.78%	8.67%
Return on Net Nonoperating Assets (RNNOA)	45.19%	44.62%	38.86%	30.82%	28.12%	34.47%	28.12%	27.43%	26.45%	31.71%	18.47%
Return on Equity (ROE)	62.10%	62.99%	54.89%	41.89%	38.31%	47.71%	39.10%	38.62%	36.14%	43.49%	27.14%
Cash Return on Invested Capital (CROIC)	-7.31%	-0.94%	0.38%	26.07%	6.90%	-6.16%	-9.60%	-13.65%	-12.32%	-12.24%	-36.73%
Operating Return on Assets (OROA)	17.92%	19.16%	17.31%	12.65%	11.06%	13.67%	11.75%	11.92%	9.63%	12.30%	9.60%
Return on Assets (ROA)	13.64%	14.61%	12.71%	8.93%	8.19%	10.55%	8.68%	8.76%	7.64%	9.39%	7.11%
Return on Common Equity (ROCE)	62.10%	62.99%	54.89%	41.89%	38.31%	47.71%	39.10%	38.62%	36.14%	43.49%	27.14%
Return on Equity Simple (ROE_SIMPLE)	0.00%	47.92%	55.41%	55.86%	0.00%	44.77%	38.74%	36.27%	0.00%	34.84%	22.03%
Net Operating Profit after Tax (NOPAT)	319	339	286	224	218	289	244	255	271	319	273
NOPAT Margin	14.06%	14.02%	11.78%	8.89%	8.09%	10.42%	8.50%	8.40%	7.31%	8.89%	7.33%
Net Nonoperating Expense Percent (NNEP)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SG&A Expenses to Revenue	75.93%	73.63%	77.09%	77.10%	77.56%	80.09%	80.84%	81.13%	76.36%	80.96%	82.66%
Operating Expenses to Revenue	81.52%	81.62%	83.96%	87.41%	89.07%	86.50%	88.49%	88.58%	90.79%	88.36%	90.11%
Earnings before Interest and Taxes (EBIT)	419	444	389	318	294	374	330	347	341	417	369
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	498	527	476	412	393	474	434	461	479	561	518
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	7.86	7.20	7.91	8.63	8.24	8.78	8.28	6.27	8.34	7.81	5.91
Price to Tangible Book Value (P/TBV)	174.84	0.00	0.00	0.00	0.00	0.00	0.00	143.58	0.00	0.00	24.58
Price to Revenue (P/Rev)	2.01	1.79	1.82	1.87	1.70	1.95	1.95	1.56	1.97	1.85	2.13
Price to Earnings (P/E)	20.14	15.03	14.27	15.45	16.07	19.61	21.38	17.30	23.10	22.41	26.83
Dividend Yield	0.47%	0.52%	0.62%	0.49%	0.53%	0.46%	0.43%	0.52%	0.37%	0.37%	0.32%
Earnings Yield	4.97%	6.65%	7.01%	6.47%	6.22%	5.10%	4.68%	5.78%	4.33%	4.46%	3.73%
Enterprise Value to Invested Capital (EV/IC)	2.52	2.54	2.66	2.87	2.51	2.69	2.68	2.23	2.80	2.66	2.30
Enterprise Value to Revenue (EV/Rev)	2.30	2.10	2.12	2.18	2.06	2.31	2.30	1.89	2.36	2.24	2.39
Enterprise Value to EBITDA (EV/EBITDA)	13.84	10.95	10.41	10.97	11.46	13.47	14.30	11.99	15.85	15.26	16.65
Enterprise Value to EBIT (EV/EBIT)	17.50	13.39	12.58	13.37	14.34	17.19	18.62	15.70	21.03	20.56	22.79
Enterprise Value to NOPAT (EV/NOPAT)	23.00	17.61	16.68	17.97	19.43	23.25	25.14	21.01	27.67	27.13	30.07
Enterprise Value to Operating Cash Flow (EV/OCF)	10.00	10.20	9.14	108.47	40.41	20.65	43.53	35.27	105.51	154.18	59.64
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	752.81	10.40	37.57	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	2.57	2.32	2.47	2.50	2.96	2.88	2.63	2.41	2.57	2.56	1.88
Long-Term Debt to Equity	1.25	1.30	1.41	1.49	1.80	1.70	1.77	1.60	1.87	1.82	1.41
Financial Leverage	2.67	2.43	2.43	2.78	2.76	2.61	2.56	2.45	2.73	2.69	2.13
Leverage Ratio	4.55	4.31	4.32	4.69	4.68	4.52	4.51	4.41	4.73	4.63	3.82
Compound Leverage Factor	4.55	4.31	4.32	4.69	4.68	4.52	4.51	4.41	4.73	4.63	3.82
Debt to Total Capital	71.95%	69.91%	71.20%	71.41%	74.78%	74.21%	72.46%	70.71%	71.96%	71.88%	65.28%
Short-Term Debt to Total Capital	36.79%	30.80%	30.47%	28.69%	29.48%	30.42%	23.83%	23.78%	19.40%	20.68%	16.18%
Long-Term Debt to Total Capital	35.17%	39.11%	40.73%	42.72%	45.30%	43.79%	48.64%	46.94%	52.56%	51.20%	49.10%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	28.05%	30.09%	28.80%	28.59%	25.22%	25.79%	27.54%	29.29%	28.04%	28.12%	34.72%
Debt to EBITDA	3.95	3.01	2.79	2.73	3.41	3.72	3.86	3.80	4.07	4.13	4.73
Net Debt to EBITDA	1.72	1.60	1.50	1.54	1.98	2.11	2.14	2.12	2.62	2.65	1.80
Long-Term Debt to EBITDA	1.93	1.69	1.59	1.63	2.07	2.20	2.59	2.52	2.97	2.94	3.55
Debt to NOPAT	6.57	4.85	4.46	4.47	5.78	6.43	6.79	6.66	7.11	7.34	8.53
Net Debt to NOPAT	2.86	2.58	2.41	2.52	3.36	3.64	3.76	3.71	4.57	4.71	3.24
Long-Term Debt to NOPAT	3.21	2.71	2.55	2.68	3.50	3.79	4.56	4.42	5.19	5.22	6.42
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-1,042	-776	-864	1,074	-297	-1,223	-1,523	-1,895	-1,940	-1,989	-5,206
Operating Cash Flow to CapEx	-237.27%	-203.37%	398.26%	182.21%	134.67%	351.91%	-138.74%	142.34%	-108.01%	284.44%	141.11%
Free Cash Flow to Firm to Interest Expense	-16.20	0.00	-19.27	0.00	0.00	-20.35	-23.67	-27.96	0.00	-23.16	-49.28
Operating Cash Flow to Interest Expense	-2.75	0.00	8.98	0.00	0.00	7.09	-2.78	3.09	0.00	3.96	1.83
Operating Cash Flow Less CapEx to Interest Expense	-3.90	0.00	6.73	0.00	0.00	5.07	-4.78	0.92	0.00	2.57	0.53
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.97	1.04	1.08	1.00	1.01	1.01	1.02	1.04	1.05	1.06	0.97
Fixed Asset Turnover	11.78	11.75	11.72	11.78	11.73	11.33	11.13	11.03	11.56	11.86	11.99
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	7,728	7,289	7,368	7,313	8,243	8,801	9,135	9,464	10,453	11,108	14,614
Invested Capital Turnover	1.20	1.31	1.36	1.24	1.26	1.27	1.29	1.33	1.32	1.33	1.18
Increase / (Decrease) in Invested Capital	1,361	1,114	1,150	-850	515	1,512	1,767	2,151	2,211	2,307	5,479
Enterprise Value (EV)	19,454	18,509	19,611	20,987	20,714	23,630	24,495	21,121	29,287	29,526	33,614
Market Capitalization	17,031	15,796	16,779	18,039	17,132	19,926	20,835	17,392	24,449	24,396	29,988
Book Value per Share	$27.23	$27.87	$27.32	$27.40	$27.49	$30.44	$33.67	$37.07	$39.14	$41.89	$63.45
Tangible Book Value per Share	$1.22	($1.95)	($3.30)	($4.23)	($5.94)	($3.51)	($1.71)	$1.62	($9.69)	($8.85)	$15.25
Total Capital	7,728	7,289	7,368	7,313	8,243	8,801	9,135	9,464	10,453	11,108	14,614
Total Debt	5,560	5,096	5,246	5,223	6,164	6,531	6,619	6,692	7,523	7,984	9,539
Total Long-Term Debt	2,717	2,851	3,001	3,124	3,734	3,854	4,443	4,442	5,495	5,687	7,175
Net Debt	2,423	2,713	2,833	2,948	3,582	3,704	3,661	3,729	4,839	5,129	3,626
Capital Expenditures (CapEx)	74	101	101	95	106	121	129	147	166	119	137
Net Nonoperating Expense (NNE)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Nonoperating Obligations (NNO)	5,560	5,096	5,246	5,223	6,164	6,531	6,619	6,692	7,523	7,984	9,539
Total Depreciation and Amortization (D&A)	79	82	87	95	99	99	104	114	137	144	149
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$4.01	$4.30	$3.70	$2.95	$2.93	$3.87	$3.26	$3.41	$3.63	$4.27	$3.42
Adjusted Weighted Average Basic Shares Outstanding	79.80M	78.75M	77.23M	76.06M	76.81M	74.56M	74.73M	74.78M	74.71M	74.60M	79.98M
Adjusted Diluted Earnings per Share	$3.93	$4.24	$3.65	$2.91	$2.89	$3.83	$3.23	$3.39	$3.58	$4.24	$3.40
Adjusted Weighted Average Diluted Shares Outstanding	81.29M	79.97M	78.19M	77.15M	77.86M	75.46M	75.55M	75.41M	75.43M	75.11M	80.37M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	78.67M	77.67M	76.30M	75.62M	74.45M	74.71M	74.76M	74.88M	74.57M	79.98M	80.00M
Normalized Net Operating Profit after Tax (NOPAT)	319	369	286	258	218	289	244	255	271	319	273
Normalized NOPAT Margin	14.06%	15.25%	11.78%	10.25%	8.09%	10.42%	8.50%	8.40%	7.31%	8.89%	7.33%
Pre Tax Income Margin	18.48%	18.38%	16.04%	12.59%	10.93%	13.50%	11.51%	11.42%	9.21%	11.64%	9.89%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	6.52	0.00	8.67	0.00	0.00	6.23	5.13	5.12	0.00	4.86	3.49
NOPAT to Interest Expense	4.96	0.00	6.37	0.00	0.00	4.81	3.79	3.77	0.00	3.71	2.59
EBIT Less CapEx to Interest Expense	5.36	0.00	6.42	0.00	0.00	4.21	3.13	2.96	0.00	3.47	2.19
NOPAT Less CapEx to Interest Expense	3.81	0.00	4.11	0.00	0.00	2.79	1.79	1.60	0.00	2.32	1.29
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	9.44%	7.94%	7.36%	7.66%	8.65%	8.96%	9.27%	8.94%	8.48%	8.24%	8.17%
Augmented Payout Ratio	47.87%	60.28%	79.66%	95.44%	111.82%	97.04%	65.20%	38.28%	24.54%	26.65%	26.07%

Financials Breakdown Chart

Key Financial Trends

Summary of Financial Performance for LPL Financial Holdings (LPLA) – Last Four Years

LPL Financial has shown generally positive trends in net income and total revenue over the most recent four years, along with significant increases in total assets and equity, reflecting growth and expanded operations. Below is a detailed analysis of key financial highlights, covering income, cash flow, and balance sheet trends.

Steady Growth in Net Income: The company’s quarterly consolidated net income rose from $217.6 million in Q4 2023 to $273.2 million in Q2 2025, indicating steady profitability improvement.
Increasing Total Revenue: Quarterly total revenue increased from $2.69 billion in Q4 2023 to $3.73 billion in Q2 2025, supported by rising trust fees, service charges, and investment banking income.
Robust Non-Interest Income: Non-interest income has consistently formed a major part of revenue, growing from about $2.68 billion in Q4 2023 to $3.83 billion in Q2 2025, driven by commissions and investment banking fees.
Strong Operating Cash Flow: Net cash from continuing operating activities improved from $142.5 million in Q4 2023 to $193.3 million in Q2 2025, indicating healthy cash generation from core business operations.
Rising Total Assets and Equity: Total assets increased from $9.49 billion in Q3 2023 to $17.47 billion in Q2 2025, while total equity grew from approximately $2.09 billion to over $5.07 billion during the same period, signaling balance sheet strength.
Consistent Dividend Payments: The company maintained a steady quarterly dividend of $0.3 per share through 2023 to mid-2025, showing commitment to shareholder returns.
Net Interest Expense: The company posted net interest expense consistently (e.g., $-105.6 million in Q2 2025 versus $7.48 million net interest income in Q4 2023), reflecting ongoing interest costs related to debt, which is typical for a financial services firm.
Capital Expenditures and Investments: Investments in property and equipment averaged around $100-$165 million quarterly, signaling ongoing reinvestment in infrastructure and tech.
Increasing Debt Levels: Total long-term debt increased from approx. $3.1 billion in Q3 2023 to $7.17 billion in Q2 2025, implying higher leverage which can increase financial risk but also support growth.
Volatile Changes in Operating Assets and Liabilities: Large negative swings in working capital changes impacted operating cash flow, such as -$673 million in Q4 2024 and -$646 million in Q2 2024, potentially indicating operational or client asset fluctuations affecting liquidity.

Detailed Observations:

Comparing income statements quarter over quarter, LPL has shown a clear upward trajectory in revenue, particularly in trust fees, service charges, and investment banking income, contributing to overall profitability growth. The consistency in dividend payments coupled with increasing equity levels positively reflect shareholder confidence and capital accumulation.

On the cash flow front, operating activities have remained a source of positive cash flow despite some quarters reflecting negative net cash from operations (notably in Q4 2024 and Q2 2024), likely due to changes in working capital. Capital expenditures have been significant but steady, supporting infrastructure growth. Financing activities show variability, with significant debt issuances and repayments, alongside substantial equity repurchases indicating active balance sheet management.

The balance sheet depicts growth with total assets nearly doubling over two years, driven by increases in cash and due from banks, goodwill, intangibles, and other assets. However, the substantial rise in long-term debt should be monitored for sustainability, despite overall equity gains.

Investment Takeaway:

LPL Financial displays strong and improving profitability, growing revenues, and an expanding asset base that signal good operational health and growth prospects. The consistent dividend suggests shareholder-friendly policies. However, investors should watch fluctuations in working capital and the rising debt level as potential risks in the coming periods.

10/04/25 02:23 AM ETAI Generated. May Contain Errors.

Frequently Asked Questions About LPL Financial's Financials

When does LPL Financial's fiscal year end?

According to the most recent income statement we have on file, LPL Financial's financial year ends in December. Their financial year 2024 ended on December 31, 2024.

How has LPL Financial's net income changed over the last 10 years?

LPL Financial's net income appears to be on an upward trend, with a most recent value of $1.06 billion in 2024, rising from $178.04 million in 2014. The previous period was $1.07 billion in 2023. View LPL Financial's forecast to see where analysts expect LPL Financial to go next.

How has LPL Financial's revenue changed over the last 10 years?

Over the last 10 years, LPL Financial's total revenue changed from $4.37 billion in 2014 to $12.39 billion in 2024, a change of 183.2%.

How much debt does LPL Financial have?

LPL Financial's total liabilities were at $10.39 billion at the end of 2024, a 25.0% increase from 2023, and a 238.3% increase since 2014.

How much cash does LPL Financial have?

In the past 10 years, LPL Financial's cash and equivalents has ranged from $412.33 million in 2014 to $967.08 million in 2024, and is currently $967.08 million as of their latest financial filing in 2024.

How has LPL Financial's book value per share changed over the last 10 years?

Over the last 10 years, LPL Financial's book value per share changed from 9.83 in 2014 to 39.14 in 2024, a change of 298.0%.

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This page (NASDAQ:LPLA) was last updated on 10/4/2025 by MarketBeat.com Staff

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LPL Financial (LPLA) Financials

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LPL Financial (LPLA) Financials

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