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LPL Financial Holdings Inc. (LPLA) stock

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NASDAQ: LPLA Nasdaq Investment Banking & Brokerage Next results ~January 28, 2027

C+ Fundamentals grade

LPL Financial Holdings Inc. is a US-listed company in the investment banking & brokerage industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$440

Valuation models combined (4)

Base case. Range ~$370–$570. Weighted average of 4 models (forward price-to-earnings vs peers, residual income, justified price-to-book, dividend discount (two-stage)), the forward price-to-earnings vs peers counting double.

Price vs value

Undervalued

The price is below our entire value range; our base value is 48% above it.

Price used: $298.63, November 2, 2026

LPL Financial Holdings Inc. valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

Value diary

Our note on each quarter LPL Financial files

10-Q filed October 29: LPL Financial

LPL Financial Holdings reported revenue of $20.4bn for the twelve months to September 2026, a rise of 31.0% on the prior year. That pace marks a deceleration from the 38.8% growth recorded a quarter earlier, though it still places the company 4th of 21 among the investment banking and brokerage firms we cover. Growth of this scale remains well ahead of most peers, even as momentum eases. Alongside the top-line expansion, the diluted share count has climbed 2.8% year on year. This increase in shares outstanding dilutes existing holders, meaning each share now represents a slightly smaller claim on the business than it did twelve months ago.

Source: 10-Q filed October 29, 2026 on SEC EDGAR · Financials · Valuation

Earlier notes (1)

Where LPL Financial stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $19.6bn, up 38.8% on a year earlier, faster than 38.1% a quarter earlier. That growth ranks 64 of 931 among all the companies we cover. The diluted share count is up 4.9% on a year earlier, which dilutes existing holders. Our valuation models combined value is $310 a share, against a share price of $323.

10-Q on SEC EDGAR

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~January 28, 2027 (estimated)

LPL Financial Holdings Inc.'s trailing-twelve-month revenue grew 31.0% year on year, with a free-cash-flow margin of 4.9%. Where it stands out: stock pay as % of revenue of 0.4% ranks 6 of 36 investment banking & brokerage companies we cover.

Current signal Revenue growth decelerating: TTM revenue growth slowed to 31.0% (-7.8pp vs the prior quarter).

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Priced below our value. The share price of $298.63 is 48% below our value per share of $440.
  • Fast growth. Revenue grew 31.0% over the last 12 months, against a median of 20.8% for investment banking & brokerage companies we cover.
  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.

Things to watch

  • Growth slowing. The growth rate is 7.8 points lower than a quarter earlier.
  • Share dilution. Diluted shares rose 2.8% in a year.
  • Weak cash conversion. Free cash flow was 72% of net income over the last 12 months.

Latest results: FY2026 Q3

Filed October 29, 2026
Earnings per share
$5.97 against an average estimate of $5.69: beat by 5.0%
Revenue
$5.34bn, up 17.4% on a year earlier
Share reaction
-15.1% in the first session after the results on October 27, 2026, against +0.9% for the S&P 500
Guidance given
core G&A outlook $2,140m to $2,160m (2026); asset retention 83% (in connection with the Commonwealth conversion)
Next report
October 27, 2026; average EPS estimate $6.09

LPL Financial's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+5.2%
  • 1 week-5.9%
  • 1 month-5.6%
  • This year-16.2%
  • 1 year-20.6%
  • 5 years+76.6%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

Loading chart…

Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$20.4B
Net margin
6.8%
EPS (TTM, diluted)
$17.42

Growth

Revenue growth
+31.0%
Change in growth rate
−7.8 pts
Share count change
+2.8%

Earnings

Last results
October 27, 2026
Next results (est.)
January 28, 2027

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Results
  2. Guidance
  3. Our research
  4. Insider trade
  5. Results

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

LPL Financial Holdings Inc. valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03
Buy12-month view
12-month price target
~$440
Price used
$297.80close November 3, 2026
Implied change
▲ +48%
Uncertainty
Low

How we got here: the combined value of 4 valuation models built for a business like LPL Financial Holdings Inc. (see the models table below and how they are combined) , with a 9.5% cost of equity. The models span ~$370–~$570; that spread sets a 15% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Valuation models

We value LPL Financial Holdings Inc. as an asset manager, broker or exchange, with every model that fits that kind of business. Cost of equity 9.5%: the 10-year Treasury yield (4.9%) plus a beta of 1.01 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$440 ~$350–$680 Primary model, counts double
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$570 ~$410–$810 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$370 ~$320–$440 Included
Price-to-book vs peers Book value per share times peers' typical (harmonic-mean) price-to-book. ~$7.2 ~$76–$330 Left out: out of range vs price (0.02x)
Dividend discount (two-stage) Dividends for five years at the growth the business can fund, then a steady payout and growth. ~$380 ~$320–$470 Included
Combined value Weighted average of the models that apply: the primary model (forward price-to-earnings vs peers) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$440 ~$370–$570 4 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare LPL Financial Holdings Inc. with brokers, investment banks and exchanges in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Moat

75 /100

Strong moat

How hard LPL Financial's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 20 / 20

    Net income has been a median 7.1% of total assets over 10 years.

  • Durability 11 / 20

    Net margin has been a median 7.6%; its worst year was 5.2%.

  • Discipline 17 / 20

    The diluted share count fell 1.9% over five years; stock-based pay has been a median 0.6% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (80 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $23.54 +17% $20.9bn +23%
Next $29.86 +27% $23.7bn +13%

Next year's EPS estimate has moved +1.8% in 90 days, across 18 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +0.4% on 90 days ago. In the last 30 days, 0 analysts raised LPL Financial Holdings Inc.'s forecast and 10 cut it.

Consensus EPS forecast LPL Financial Holdings Inc., last 90 days
$22.00 $24.00 $26.00 $28.00 $30.00 $32.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $23.45 Current fiscal year, 60 days ago: $24.04 Current fiscal year, 30 days ago: $24.01 Current fiscal year, 7 days ago: $23.66 Current fiscal year, Now: $23.54 $23.54 Next fiscal year, 90 days ago: $29.34 Next fiscal year, 60 days ago: $29.86 Next fiscal year, 30 days ago: $29.90 Next fiscal year, 7 days ago: $30.20 Next fiscal year, Now: $29.86 $29.86

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $23.45$29.34
60 days ago $24.04$29.86
30 days ago $24.01$29.90
7 days ago $23.66$30.20
Now $23.54$29.86

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $5.69 $5.97 +5.0%
Jun 2026 $5.39 $5.84 +8.5%
Mar 2026 $5.47 $5.60 +2.5%
Dec 2025 $4.90 $5.23 +6.8%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, October 27, 2026
  • Core G&A outlook 2026 $2,140m to $2,160m Non-GAAP Narrowed
    “Given our performance to date, we are narrowing our 2026 Core G&A* outlook range to $2,140-2,160 million, including expenses related to Commonwealth” source
  • Asset retention · Commonwealth in connection with the Commonwealth conversion about 83%
    “Asset retention is now expected to be approximately 83%” source
  • Estimated run-rate EBITDA · Commonwealth in connection with the Commonwealth conversion about $415m
    “Estimated run-rate EBITDA is now expected to be $415 million” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

Analyst recommendations

18 analysts, Oct 2026
Buy1478%
Hold422%
Sell00%

Monthly trend

  1. Oct 202668418
  2. Sep 202658417
  3. Aug 202667316
  4. Jul 202667316

Counts of recommendations published by analysts covering LPL Financial Holdings Inc., by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
2.5%
of tradable shares
Days to cover
2.45
at average volume
Short interest, 1 month
+4%
to September 30, 2026
Held by institutions
—
of shares
Held by insiders
0.4%
of shares
Employees
10,081
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months −20.6%

$375.95 on October 31, 2025 to $298.63

ThenNowEffect
Revenue (last 12 months) $14.1bn $19.6bn +38.8%
Net margin 7.9% 5.1% −35.1%
P/E multiple 25.7x 23.8x −7.5%
Share count 77m 80m −4.7%

Biggest factor: net margin.

Last 3 years +38.7%

$215.37 on November 3, 2023 to $298.63

ThenNowEffect
Revenue (last 12 months) $9.4bn $19.6bn +109.0%
Net margin 12.5% 5.1% −59.0%
P/E multiple 14.7x 23.8x +62.4%
Share count 80m 80m −0.3%

Biggest factor: net margin.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
LPLA+55%+36%+6%+44%+10%−16%
Industry peers (median)+26%−20%+19%+44%+9%−16%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
LPLA75%67%67%75%50%64%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
LPLA−18%−25%−29%−33%−26%−32%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 65% from December 1, 2015 to February 12, 2016. Getting back needed a 183% gain, reached on July 20, 2017, 524 days after the low.

Price behaviour

52-week range
$265.65 – $392.14
From 52-week high
−23.8%
vs 50-day average
−9.2%
vs 200-day average
−7.2%
Volatility (1 year)
38%
Beta vs S&P 500
0.80

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
6 up, 6 down
typical move ±5.6%
After a week
7 up, 4 down
typical move ±6.5%
After a month
6 up, 5 down
typical move ±9.9%
Results releasedNext dayS&P 500 next day5 days21 days
October 27, 2026 −15.1% +0.9% — —
July 30, 2026 +4.7% +2.4% +6.3% +9.8%
April 30, 2026 −3.7% +1.3% −6.4% −16.8%
January 29, 2026 −0.7% −0.5% +1.5% −16.6%
October 30, 2025 +9.8% −0.8% +8.5% +4.4%
July 31, 2025 −7.3% −2.0% −7.6% −8.6%
May 8, 2025 +7.7% +0.6% +14.0% +13.8%
January 30, 2025 +1.3% 0.0% +2.5% −0.9%
October 30, 2024 +6.2% −2.3% +16.0% +22.5%
July 25, 2024 −2.5% +0.6% −5.4% −1.3%
April 30, 2024 −3.1% −1.9% −1.8% +2.1%
February 1, 2024 +5.0% +2.4% +1.9% +11.9%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How LPL Financial Holdings Inc.’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Implied vs realised volatility

Options look cheap

Option prices imply less movement than the shares have recently shown. Selling options pays little for the risk taken.

  • Implied is 0.89× the last 60 days’ realised volatility , richer than 7% of the 229 stocks we screen today.
  • Calls are priced 5 points richer than puts (25-delta): demand for upside is high, which favours selling calls over puts.
  • Why: implied is below 60-day realised: selling options pays little for the risk taken.

Our rule for “rich”: implied at least 1.2× 60-day realised (beyond measurement noise), above 1-year realised (not just a calm spell), and in the top 20% of our coverage that day. Never with results inside the option’s life. These are our conventions, built on research showing option prices usually imply more movement than follows, most when the gap is wide. How we judge this.

Cash-secured put

Not offered: fundamentals grade C+ (needs B+ or better).

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

Covered call

Not offered: no liquid call at or above our price target — the model says the upside is worth more than any listed strike.

For holders: sell a call at a strike at or above our fair value, so the shares are only sold at a price the model calls full value.

Collar

Not offered: the shares trade below our fair value: a collar caps upside the model expects.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

LPL Financial Holdings Inc. in five measures

Fundamentals grade C+
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) LPL Financial Holdings Inc.
$10B $15B $20B $25B FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $10.1B Revenue (TTM), FY24 Q1: $10.5B Revenue (TTM), FY24 Q2: $10.9B Revenue (TTM), FY24 Q3: $11.5B Revenue (TTM), FY24 Q4: $12.4B Revenue (TTM), FY25 Q1: $13.2B Revenue (TTM), FY25 Q2: $14.1B Revenue (TTM), FY25 Q3: $15.6B Revenue (TTM), FY25 Q4: $17B Revenue (TTM), FY26 Q1: $18.3B Revenue (TTM), FY26 Q2: $19.6B Revenue (TTM), FY26 Q3: $20.4B $20.4B

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $10.1B
FY24 Q1 $10.5B
FY24 Q2 $10.9B
FY24 Q3 $11.5B
FY24 Q4 $12.4B
FY25 Q1 $13.2B
FY25 Q2 $14.1B
FY25 Q3 $15.6B
FY25 Q4 $17B
FY26 Q1 $18.3B
FY26 Q2 $19.6B
FY26 Q3 $20.4B
Revenue growth, TTM YoY LPL Financial Holdings Inc.
10% 20% 30% 40% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: 16.9% Revenue growth, TTM YoY, FY24 Q1: 16.9% Revenue growth, TTM YoY, FY24 Q2: 16.5% Revenue growth, TTM YoY, FY24 Q3: 18.2% Revenue growth, TTM YoY, FY24 Q4: 23.2% Revenue growth, TTM YoY, FY25 Q1: 26.3% Revenue growth, TTM YoY, FY25 Q2: 29.2% Revenue growth, TTM YoY, FY25 Q3: 35.2% Revenue growth, TTM YoY, FY25 Q4: 37.2% Revenue growth, TTM YoY, FY26 Q1: 38.1% Revenue growth, TTM YoY, FY26 Q2: 38.8% Revenue growth, TTM YoY, FY26 Q3: 31.0% 31.0%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 16.9%
FY24 Q1 16.9%
FY24 Q2 16.5%
FY24 Q3 18.2%
FY24 Q4 23.2%
FY25 Q1 26.3%
FY25 Q2 29.2%
FY25 Q3 35.2%
FY25 Q4 37.2%
FY26 Q1 38.1%
FY26 Q2 38.8%
FY26 Q3 31.0%
FCF margin (TTM) LPL Financial Holdings Inc.
-15% -10% -5% 0% 5% 10% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: 1.1% FCF margin (TTM), FY24 Q1: 6.9% FCF margin (TTM), FY24 Q2: 1.0% FCF margin (TTM), FY24 Q3: 0.8% FCF margin (TTM), FY24 Q4: -2.3% FCF margin (TTM), FY25 Q1: -2.8% FCF margin (TTM), FY25 Q2: -0.0% FCF margin (TTM), FY25 Q3: -12.5% FCF margin (TTM), FY25 Q4: -5.8% FCF margin (TTM), FY26 Q1: -5.9% FCF margin (TTM), FY26 Q2: -4.7% FCF margin (TTM), FY26 Q3: 4.9% 4.9%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 1.1%
FY24 Q1 6.9%
FY24 Q2 1.0%
FY24 Q3 0.8%
FY24 Q4 -2.3%
FY25 Q1 -2.8%
FY25 Q2 -0.0%
FY25 Q3 -12.5%
FY25 Q4 -5.8%
FY26 Q1 -5.9%
FY26 Q2 -4.7%
FY26 Q3 4.9%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ billions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Sept 2026
Income
Revenue 2.7 3.1 3.5 3.7 4.1 4.4 4.3 4.0 4.3 5.2 5.6 5.9 7.7 8.6 10.1 12.4 17.0 20.4
Net income 0.0 −0.1 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.4 0.6 0.5 0.5 0.8 1.1 1.1 0.9 1.4
Diluted EPS $0.47 −$0.64 $1.50 $1.37 $1.72 $1.75 $1.74 $2.13 $2.59 $4.85 $6.62 $5.86 $5.63 $10.40 $13.69 $14.03 $10.92 $17.42
Growth (year on year)
Revenue — +13.2% +11.8% +5.2% +13.1% +5.6% −2.3% −5.3% +5.7% +21.2% +8.4% +4.4% +31.5% +11.4% +16.9% +23.2% +37.2% +31.0%
Net income — — — −10.8% +19.7% −2.1% −5.2% +13.7% +24.5% +84.0% +27.4% −15.6% −2.7% +83.9% +26.1% −0.7% −18.5% +67.2%
Diluted EPS — — — −8.7% +25.5% +1.7% −0.6% +22.4% +21.6% +87.3% +36.5% −11.5% −3.9% +84.7% +31.6% +2.5% −22.2% +62.7%
Margins
Net margin 1.7% −1.8% 4.9% 4.1% 4.4% 4.1% 3.9% 4.7% 5.6% 8.5% 10.0% 8.0% 6.0% 9.8% 10.6% 8.5% 5.1% 6.8%
Free-cash-flow margin 9.6% −1.5% 11.7% 5.4% 2.0% 3.3% 4.8% 6.5% 8.0% 8.7% 8.3% 10.8% 3.1% 19.1% 1.1% −2.3% −5.8% 4.9%
Cash flow
Cash from operations 0.3 −0.0 0.4 0.3 0.2 0.2 0.3 0.4 0.5 0.6 0.6 0.8 0.5 1.9 0.5 0.3 −0.4 1.8
Capital spending 0.0 0.0 0.0 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.2 0.2 0.2 0.3 0.4 0.6 0.6 0.8
Free cash flow 0.3 −0.0 0.4 0.2 0.1 0.1 0.2 0.3 0.3 0.4 0.5 0.6 0.2 1.6 0.1 −0.3 −1.0 1.0
Stock-based pay 0.0 0.2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.1 0.1 0.1 0.1
Free cash flow after stock pay 0.3 −0.3 0.4 0.2 0.1 0.1 0.2 0.2 0.3 0.4 0.4 0.6 0.2 1.6 0.0 −0.4 −1.1 0.9
Balance sheet
Cash 0.4 0.4 0.7 0.5 0.5 0.4 0.7 0.7 0.8 0.5 0.6 0.8 0.5 0.8 0.5 1.0 1.0 1.1
Total debt 0.0 1.4 1.3 1.3 1.5 1.6 2.2 2.2 2.4 2.4 2.4 2.4 2.8 2.7 3.8 5.5 7.3 7.8
Net debt (negative = net cash) −0.4 1.0 0.6 0.9 1.0 1.2 1.5 1.4 1.6 1.9 1.8 1.6 2.3 1.9 3.3 4.5 6.3 6.7
Diluted shares 98m 89m 112m 111m 106m 102m 97m 90m 92m 91m 85m 81m 82m 81m 78m 75m 79m 80m
Returned to shareholders
Dividends — 0.0 0.0 0.2 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1
Buybacks 0.0 0.0 0.1 0.2 0.2 0.3 0.4 0.0 0.1 0.4 0.5 0.2 0.1 0.3 1.1 0.2 0.1 0.6
Total returned 0.0 0.0 0.1 0.4 0.3 0.4 0.5 0.1 0.2 0.5 0.6 0.2 0.2 0.4 1.2 0.3 0.2 0.7

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Dividends, buybacks and capital spending

FY2026 Q3 TTM
Buybacks (TTM)
$610M
Dividends (TTM)
$95.6M
Returned to shareholders
70%
of free cash flow
Buybacks, last 3 fiscal years
$1.4B
Diluted share count
+2.8%
year over year
Total shareholder yield
3.0%
dividends 0.4% + buybacks 2.6% of market value
Dividend payout ratio
7%
of net income paid out

Competitors: side by side with peers

Closest by revenue in investment banking & brokerage
Last 12 months unless stated LPLA RJF SCHW ETOR JEF IBKR Median
Revenue, last 12 months $20.4bn $17.0bn $26.0bn $13.8bn $12.2bn $6.9bn $2.0bn
Revenue growth, last 12 months 31.0% 8.0% 20.3% 9.5% 13.5% 21.3% 20.7%
Revenue growth, 3-year average 27.9% 10.8% 7.8% — 18.7% 12.8% 16.2%
Revenue growth, latest quarter 17.4% 13.5% 20.9% — 11.1% 28.1% 17.4%
Gross margin — — — 1.8% 98.7% — 3.6%
Net margin 6.8% 13.6% 38.8% 1.6% 7.3% 16.4% 5.8%
Cash from operations / revenue 8.7% 9.6% 43.9% 2.3% 36.3% 231.9% 7.7%
Free-cash-flow margin 4.9% 8.5% 41.5% 2.3% 34.5% 231.0% 5.2%
Free-cash-flow margin, 3-year average −2.2% 11.3% 56.3% — −1.5% 212.3% 16.8%
Stock pay / revenue 0.4% 1.4% 1.3% 0.1% 3.1% 1.8% 4.7%
Change in share count 2.8% −3.9% −3.2% 11.5% 0.0% 4.7% 1.2%

Median of all 40 companies we cover in investment banking & brokerage. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

40 investment banking & brokerage companies
Measure Company Peer median Rank
Revenue growth Growth 31.0% 20.8% 11 of 40
Change in growth rate Growth -7.8pp -0.3pp 30 of 40
Net margin Profitability 6.8% 6.0% 19 of 40
Stock pay as % of revenue Cash generation 0.4% 4.8% 6 of 36
Change in share count Balance sheet 2.8% 1.2% 20 of 35

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Who owns it

Funds buying and selling
Reported value
$23.5B
Institutions reporting
760
Shares held vs prior quarter
▲ 1.6%
Positions opened / closed
84 / 91

Top buyers and sellers, Q2 2026: 339 institutions bought and 391 sold ; the biggest buyer was Assenagon Asset Management S.A (+1.5M shares) and the biggest seller Massachusetts Financial Services Co (−2.4M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $1.3B 4.7M 5.7% ▼ 4.9%
Dodge & Cox $1.3B 4.6M 5.5% ▲ 10.4%
Boston Partners $1.2B 4.3M 5.1% ▲ 2.9%
Jupiter Topco LLC $1.2B 4.2M 5.0% —
Vanguard Portfolio Management LLC $1.1B 3.8M 4.6% ▼ 0.5%
Vanguard Capital Management LLC $1B 3.6M 4.3% ▲ 0.5%
Principal Financial Group Inc $756M 2.7M 3.2% ▲ 1.8%
Samlyn Capital, LLC $678M 2.4M 2.9% ▲ 3.5%
Capital World Investors $660M 2.3M 2.8% ▲ 1.3%
State Street Corp $545M 1.9M 2.3% ▲ 3.8%
WCM Investment Management, LLC $487M 1.8M 2.1% ▲ 4.4%
Goldman Sachs Group Inc $478M 1.7M 2.0% ▲ 370.0%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not LPL Financial Holdings Inc.'s complete shareholder register. Values are as reported by the filers ; 3 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $7.7M 48 trades by 7 insiders · 66% under pre-set plans
Net ▼ $7.7M net selling
Insider Date Trade Shares Price Value
Reeping Katharine Principal Accounting Officer September 11, 2026 Sell 440 $347.88 $153,050
Jambusaria Aneri Group Managing Director August 27, 2026 Sell pre-set plan 308 $357.36 $110,067
Gates Greg Group Managing Director August 20, 2026 Sell 4,119 $355.38 $1.5M
Enyedi Matthew Group Managing Director July 31, 2026 Sell pre-set plan 189 $351.06 $66,350
Enyedi Matthew Group Managing Director July 31, 2026 Sell pre-set plan 463 $352.77 $163,333
Enyedi Matthew Group Managing Director July 31, 2026 Sell pre-set plan 296 $353.37 $104,598
Enyedi Matthew Group Managing Director July 31, 2026 Sell pre-set plan 51 $354.52 $18,081
Enyedi Matthew Group Managing Director July 31, 2026 Sell pre-set plan 1 $355.51 $356
Jambusaria Aneri Group Managing Director June 17, 2026 Sell pre-set plan 308 $306.00 $94,248
Audette Matthew J President and CFO April 15, 2026 Sell pre-set plan 106 $332.27 $35,221
Audette Matthew J President and CFO April 15, 2026 Sell pre-set plan 595 $331.09 $196,999
Audette Matthew J President and CFO April 15, 2026 Sell pre-set plan 220 $327.45 $72,039

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 27 trades and filings

In the last 12 months, 1 member of Congress disclosed 10 purchases and 0 sales of LPL Financial Holdings Inc. shares.

  • Gilbert Ray Cisneros, Jr.(D-CA 31):Purchase, $1,001 - $15,000, traded June 11, 2026, filed July 2, 2026
  • Gilbert Ray Cisneros, Jr.(D-CA 31):Purchase, $1,001 - $15,000, traded June 5, 2026, filed July 2, 2026
  • Gilbert Ray Cisneros, Jr.(D-CA 31):Purchase, $1,001 - $15,000, traded May 19, 2026, filed June 8, 2026

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around January 28, 2027 estimated from the company's past filing pattern, not announced

  • October 27, 2026
  • July 30, 2026
  • April 30, 2026
  • January 29, 2026
  • October 30, 2025
  • July 31, 2025

Recent SEC filings

Data status

When each part of this page on LPL Financial Holdings Inc. was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

LPL Financial Holdings Inc. in brief

What does LPL Financial Holdings Inc. do?
LPL Financial Holdings Inc. is a US-listed company in the investment banking & brokerage industry. Its financial year ends in December.
What is LPL Financial Holdings Inc.'s stock ticker?
LPL Financial Holdings Inc. trades under the ticker LPLA on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is LPL Financial Holdings Inc.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, LPL Financial Holdings Inc. reported revenue of $20.4B, 31.0% higher than a year earlier, according to its SEC filings.
What is LPL Financial Holdings Inc.'s free cash flow?
LPL Financial Holdings Inc.'s free-cash-flow margin is 4.9% of revenue over the trailing twelve months.
Who are LPL Financial Holdings Inc.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Dodge & Cox and Boston Partners. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is LPL Financial Holdings Inc. buying back stock, and does it pay a dividend?
LPL Financial Holdings Inc. spent $610M on share repurchases over the trailing twelve months, and its diluted share count still rose 2.8% over the year.
What is LPL Financial Holdings Inc.'s market cap?
On November 2, 2026, LPL Financial Holdings Inc.'s market capitalisation was about $23.9B, with a price-to-earnings ratio of 17.1 and net debt of $6.7B. Market figures come from third-party market data and may be delayed.
Does LPL Financial Holdings Inc. pay a dividend?
Yes: LPL Financial Holdings Inc. paid $95.6M in dividends over the trailing twelve months, a dividend yield of 0.41% and a payout ratio of 6.9%.
Who are LPL Financial Holdings Inc.'s competitors?
In our Investment Banking & Brokerage peer group, the companies closest to LPL Financial Holdings Inc. are Raymond James Financial, Charles Schwab Corporation, Etoro Group Ltd., Jefferies Financial Group Inc. and Interactive Brokers. The side-by-side comparison below sets their revenue, margins and growth against LPL Financial Holdings Inc.'s.
Are insiders buying or selling LPL Financial Holdings Inc. stock?
Over the last 12 months, LPL Financial Holdings Inc.'s directors and officers reported 0 open-market purchases and 48 sales on Form 4. The insider trading page charts every trade.
When is LPL Financial Holdings Inc.'s next earnings date?
Around January 28, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — LPL Financial Holdings Inc. announces its own schedule.