LPL Financial Holdings Inc.
lplfinancial.lpl.comWhat Do They Do?
Provides brokerage and advisory platforms, custody services, and technology and business support to financial advisors and financial institutions.
10-K for FY2025, filed Feb 23, 2026LPL serves the financial advisor-mediated marketplace as the nation’s largest independent broker-dealer, a leading investment advisory…View ↗
Our business is dedicated exclusively to our advisors; we are not a market-maker nor do we offer investment banking services. We offer no…View ↗
We support our advisors by providing front-, middle- and back-office solutions through our distinct value proposition: integrated…View ↗
We are a leader in the advisor-mediated marketplace as the nation’s largest independent broker-dealer, a leading investment advisory firm…View ↗
How Do They Make Money?
Clients pay advisory fees quarterly in advance, and commissions arise when advisors’ clients buy or sell investments; some commissions continue while clients hold investments. Advisors and product sponsors also pay fees for platform and account services.
10-K for FY2025, filed Feb 23, 2026Advisory revenue represents fees charged to advisors’ clients’ advisory accounts on the Company’s corporate RIA advisory platform and is…View ↗
The Company earns commission revenue from sales commissions generated by advisors for their clients’ purchases and sales of securities or…View ↗
The Company generates two types of commission revenue: (1) sales-based commissions that are recognized at the point of sale on the trade…View ↗
Our revenue is derived primarily from fees and commissions from products and advisory services offered by our advisors to their clients, a…View ↗
Under our self-clearing platform, we custody the majority of client assets invested in these financial products, for which we provide…View ↗
$17B
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10-K for FY2025, filed Feb 23, 2026
$17B ↗
Who Are Their Customers?
Independent advisors affiliate with LPL directly; independent RIA firms and financial institutions engage LPL for technology, custody, clearing and business support used to serve investors.
10-K for FY2025, filed Feb 23, 2026Advisors licensed with LPL Financial as investment adviser representatives conduct fee-based business on our corporate RIA platform, and…View ↗
LPL Financial also supports approximately 600 independent firms that conduct their business through separate registered investment advisors…View ↗
We believe we are the market leader in the enterprise channel, providing support to over 7,400 financial advisors at approximately 1,200…View ↗
Do Revenues Turn Into Profits?
Yes. It kept 5 cents of every revenue dollar as net income in FY2025, but spent more cash than it brought in: free cash flow was −$981.8M.
How Are They Changing?
- Net income
-
Sources
10-Q for Q2 FY2026, filed Aug 3, 2026
$379.3MView ↗
- ▲ +39%
- vs $273.2M in Q2 FY2025
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Jul 30, 2026
Acquired Mariner Advisor Network branch and raised Commonwealth earnings estimate
Commonwealth’s expected earnings run rate rose from $410 million to $435 million; Mariner’s office supports 367 advisors with $31 billion in client assets.
Sources
8-K, filed Jul 30, 2026
Commonwealth Financial Network ("Commonwealth"): On track to complete the conversion in the fourth quarter of 2026 Continue to expect asset…View ↗
Growing. Revenue grew 2.2x in 4 years, from $7.7B in FY2021 to $17B in FY2025, about 22% a year.
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