LPL Financial LPLA

Financial - Capital Markets, Financial Services

$315.61

−1.02%

Market cap: $24.9B
PE: 25.2×; 10y median 21.1×
Forward PE: 11.7×; 10y median 15.7×
Revenue, 12 months: $19.6B; +39% on a year ago
Net margin: 5.1%

LPL Financial trades at 25.2× trailing earnings, pricier than 67% of the last ten years. Revenue was $19.6B over the last twelve months, up 39% on a year earlier with a 5% net margin.

Charts

Financials

Income statement for LPLA, by quarter
Income statement	Q3 FY23	Q4 FY23	Q1 FY24	Q2 FY24	Q3 FY24	Q4 FY24	Q1 FY25	Q2 FY25	Q3 FY25	Q4 FY25	Q1 FY26	Q2 FY26
	$2.5B+17%	$2.6B+13%	$2.8B+17%	$2.9B+19%	$3.1B+23%	$3.5B+33%	$3.7B+30%	$3.8B+31%	$4.6B+46%	$4.9B+40%	$4.9B+35%	$5.2B+35%
	$366M+8%	$348.2M−24%	$434.3M−10%	$394.4M−9%	$415.1M+13%	$423.3M+22%	$503.1M+16%	$474.4M+20%	$72.2M−83%	$503.2M+19%	$584.9M+16%	$617M+30%
Interest expense	$48.4M+46%	$54.4M+47%	$60.1M+53%	$64.3M+44%	$67.8M+40%	$82M+51%	$85.9M+43%	$105.6M+64%	$106.3M+57%	$105.6M+29%	$100.3M+17%	$101.5M−4%
Pre-tax income	$317.7M+4%	$293.8M−30%	$374.2M−16%	$330.1M−15%	$347.3M+9%	$341.3M+16%	$417.3M+12%	$368.8M+12%	−$34.1M	$397.6M+17%	$484.6M+16%	$515.5M+40%
	$93.4M+26%	$76.2M−24%	$85.4M−19%	$86.3M−17%	$92M−1%	$70.5M−8%	$98.7M+16%	$95.6M+11%	−$4.6M	$96.8M+37%	$128.2M+30%	$136.2M+43%
Net income	$224.3M−4%	$217.6M−32%	$288.8M−15%	$243.8M−15%	$255.3M+14%	$270.7M+25%	$318.6M+10%	$273.2M+12%	−$29.5M	$300.7M+11%	$356.4M+12%	$379.3M+39%
	$2.91+2%	$2.86−27%	$3.83−10%	$3.23−12%	$3.39+17%	$3.59+26%	$4.24+11%	$3.40+5%	−$0.37	$3.74+4%	$4.43+5%	$4.74+39%
	77.1M−5%	76.1M−6%	75.5M−6%	75.5M−3%	75.4M−2%	75.4M−1%	75.1M−1%	80.4M+6%	80.4M+7%	80.4M+7%	80.4M+7%	80M−0%

Operating income: 62 periods, Q2 FY10 to Q2 FY26: not printed by the filing, worked out from its own lines.

EPS, diluted: 6 periods, Q4 FY20 to Q4 FY25: quarter's net income to common over its shares, to the cent.

Diluted shares: 15 periods, Q4 FY11 to Q4 FY25: share-days: the 12-month average less the 9-month, weighted by days.

From each company's 10-Q and 10-K filings, the newest version of each figure. Quarters are as filed (a fourth quarter is the year less its first nine months), fiscal years as the 10-K prints them, restated where a later 10-K restated them, and balance sheet lines as of the period's end. A quarter whose 10-Q isn't filed yet is from the company's results release. Growth is on the same period a year earlier. A dash is a period with no figure for the line: the filing doesn't print it, or it hasn't been read yet.

Estimates

Next earnings report: Oct 27, 2026.

Quarter	Revenue	Range	EPS	Range	Analysts
Q3 FY26	$5.4B	$5.3B to $5.4B	$5.66	$5.29 to $5.76	11
Q4 FY26	$5.5B	$5.4B to $5.5B	$6.36	$5.66 to $6.86	10
Q1 FY27	$5.7B	$5.6B to $5.7B	$7.28	$7.16 to $7.36	8
Q2 FY27	$5.9B	$5.8B to $5.9B	$7.61	$7.49 to $7.70	8
Q3 FY27	$6.1B	$6B to $6.1B	$7.57	$7.45 to $7.66	8
Q4 FY27	$6.3B	$6.2B to $6.3B	$8.09	$7.96 to $8.18	8
Q1 FY28	$6.4B	$6.3B to $6.4B	$8.65	$8.51 to $8.75	9
Q2 FY28	$6.6B	$6.5B to $6.6B	$8.79	$8.64 to $8.89	9

Peers

Companies in Financial - Capital Markets nearest LPL Financial's size, closest first.

Company	Market cap	PE	Its 10y median PE	Fwd PE	P/S	Revenue growth	Net margin
LPLALPL Financial	$24.9B	25.2×	21.1×	11.7×	n/m	+39%	5.1%
CRCLCircle Internet	$21.8B	54.0×	54.4×	n/m	n/m	+37%	15.5%
TWTradeweb Markets	$28.7B	29.3×	56.1×	28.3×	n/m	+14%	40.7%
SEICSEI Investments	$12.3B	18.0×	18.4×	n/m	n/m	+11%	28.8%
FRHCFreedom	$10.9B	67.7×	25.0×	n/m	n/m	+15%	6.5%
SFStifel Financial	$10.1B	11.9×	14.5×	n/m	n/m	+11%	14.3%
VIRTVirtu Financial	$8.7B	9.3×	10.9×	n/m	n/m	+21%	13.5%
HOODRobinhood Markets	$85.5B	41.9×	51.8×	37.3×	n/m	+38%	42.0%
MKTXMarketaxess	$5.8B	19.4×	49.3×	n/m	n/m	+4%	35.2%
PIPRPiper Sandler Companies	$4.6B	15.0×	20.6×	n/m	n/m	+32%	14.5%
SCHWCharles Schwab	$156.6B	15.5×	25.0×	12.1×	n/m	+18%	39.3%
Peer median	$11.6B	18.7×	25.0×	28.3×	n/a	+17%	22.2%