olivLaw · US equity research
LPL Financial Holdings Inc. LPLA
Security & Commodity Brokers, Dealers, Exchanges & Services · SIC 6200 · Vertical: Security & Commodity Brokers, Dealers, Exchanges & Services (SIC 6200)
LPL Financial is the largest independent broker-dealer in the United States, offering technology, self-clearing and practice management services to independent financial advisors and institutions. In 2026 the company is integrating Commonwealth, acquired for a cash payment of about $2.7 billion, and reported total assets of $2.6 trillion at June 30, 2026.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 05 Nov 2026, LPL Financial Holdings Inc. (LPLA) stock was 300.89 USD (−3.40% on the day), with market capitalisation 23.4 bn USD, P/E 17.3 on diluted EPS of 17.43 USD over the last 12 months, dividend yield 0.40%, beta 1.14, 52-week range 265.86–393.25 USD. Latest reported quarter (Q3 2026): revenue of 5.3 bn USD (+17.4% YoY), net income of 356.6 m USD, diluted EPS 4.52 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 44.8
- weak (30–45)
- Bollinger (20, 2)
- 277.27 – 345.53
- in the lower half of the band · %B 0.35 · band width 21.9%
- SMA 50 / 200
- 325.47 / 321.11
- mixed trend
- MACD (12, 26, 9)
- -8.03 / -7.97
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −9.5% | −5.9% | −3.5 pp | — |
| 3 months | −16.2% | −4.6% | −11.6 pp | — |
| 6 months | −2.8% | +0.2% | −3.0 pp | — |
| Year to date | −15.8% | +7.4% | −23.2 pp | — |
| 1 year | −19.7% | +8.2% | −27.9 pp | +10.6% |
| 3 years | +36.2% | +68.4% | −32.2 pp | +40.7% |
| 5 years | +78.9% | +56.5% | +22.3 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 3.5 bn | 3.7 bn | 3.8 bn | 4.6 bn | 4.9 bn | 4.9 bn | 5.2 bn | 5.3 bn |
| Depreciation & amortisation | 92.0 m | 92.4 m | 96.2 m | 99.7 m | 105.1 m | 105.8 m | 109.8 m | 117.3 m |
| Interest expense | 82.0 m | 85.9 m | 105.6 m | 106.3 m | 105.6 m | 100.3 m | 101.5 m | 105.8 m |
| Pre-tax income | 341.3 m | 417.3 m | 368.8 m | -34.1 m | 397.6 m | 484.6 m | 515.5 m | 485.1 m |
| Income tax | 70.5 m | 98.7 m | 95.6 m | -4.6 m | 96.8 m | 128.2 m | 136.2 m | 128.6 m |
| Net income | 270.7 m | 318.6 m | 273.2 m | -29.5 m | 300.7 m | 356.4 m | 379.3 m | 356.6 m |
| Diluted EPS | 3.59 ≈ | 4.24 | 3.40 | -0.37 | 3.74 ≈ | 4.43 | 4.74 | 4.52 |
| Operating cash flow | -178.8 m | 339.8 m | 193.3 m ≈ | -1.7 bn ≈ | 785.0 m | 290.4 m | 402.0 m ≈ | 297.1 m ≈ |
| Capex | 165.5 m | 119.5 m | 137.0 m ≈ | 142.2 m ≈ | 171.7 m | 165.8 m | 199.4 m ≈ | 229.7 m ≈ |
| Dividends paid | 22.5 m | 22.4 m | 24.0 m ≈ | 24.0 m ≈ | 24.0 m | 24.1 m | 24.0 m ≈ | 23.6 m ≈ |
| Share repurchases | 100.1 m | 100.2 m | -240.0 k ≈ | 0 ≈ | 0 | 0 | 309.5 m ≈ | 300.6 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 39 percentile of its own 44-quarter history (min 8.1, median 18.8, max 32.4; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 5.2 bn | 5.6 bn | 5.9 bn | 7.7 bn | 8.6 bn | 10.1 bn | 12.4 bn | 17.0 bn |
| Revenue YoY | +21.2% | +8.4% | +4.4% | +31.5% | +11.4% | +16.9% | +23.2% | +37.2% |
| Net income | 439.5 m | 559.9 m | 472.6 m | 459.9 m | 845.7 m | 1.1 bn | 1.1 bn | 863.0 m |
| Net income YoY | +84.0% | +27.4% | −15.6% | −2.7% | +83.9% | +26.1% | −0.7% | −18.5% |
| Diluted EPS | 4.85 | 6.62 | 5.86 | 5.63 | 10.40 | 13.69 | 14.03 | 10.92 |
| Diluted EPS YoY | +87.3% | +36.5% | −11.5% | −3.9% | +84.7% | +31.6% | +2.5% | −22.2% |
| net % | 8.5% | 10.0% | 8.0% | 6.0% | 9.8% | 10.6% | 8.5% | 5.1% |
| Free cash flow | 448.9 m | 467.5 m | 634.4 m | 237.1 m | 1.6 bn | 109.3 m | -284.9 m | -981.8 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 1.0 bn USD
- Financial debt
- 7.3 bn USD
- Net debt
- 6.2 bn USD
- Equity
- 5.3 bn USD
- Total assets
- 18.5 bn USD
- Debt / equity
- 1.36x
- Current ratio
- unavailable
- ROE
- 20.9%
- ROA
- 5.4%
- FCF margin
- -5.8%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 5.9 bn | 7.7 bn | 8.6 bn | 10.1 bn | 12.4 bn | 17.0 bn | SEC (XBRL)· 23 Feb 2026verified |
| Depreciation & amortisation | 109.7 m | 151.4 m | 199.8 m | 247.0 m | 308.5 m | 393.4 m | SEC (XBRL)· 23 Feb 2026verified |
| Interest expense | 105.8 m | 104.4 m | 126.2 m | 186.8 m | 274.2 m | 403.4 m | SEC (XBRL)· 23 Feb 2026verified |
| Pre-tax income | 626.1 m | 601.3 m | 1.1 bn | 1.4 bn | 1.4 bn | 1.1 bn | SEC (XBRL)· 23 Feb 2026verified |
| Income tax | 153.4 m | 141.5 m | 266.0 m | 378.5 m | 334.3 m | 286.5 m | SEC (XBRL)· 23 Feb 2026verified |
| Net income | 472.6 m | 459.9 m | 845.7 m | 1.1 bn | 1.1 bn | 863.0 m | SEC (XBRL)· 23 Feb 2026verified |
| Diluted EPS | 5.86 | 5.63 | 10.40 | 13.69 | 14.03 | 10.92 | SEC (XBRL)· 23 Feb 2026verified |
| Weighted average diluted shares | 80.7 m | 81.7 m | 81.3 m | 77.9 m | 75.4 m | 79.1 m | SEC (XBRL)· 23 Feb 2026verified |
| Dividend per share | 1.00 | 1.00 | 1.00 | 1.20 | 1.20 | 1.20 | SEC (XBRL)· 23 Feb 2026verified |
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 808.6 m | 495.2 m | 847.5 m | 465.7 m | 967.1 m | 1.0 bn | SEC (XBRL)· 23 Feb 2026verified |
| Property, plant & equipment, net | 582.9 m | 658.8 m | 780.4 m | 933.1 m | 1.2 bn | 1.4 bn | SEC (XBRL)· 23 Feb 2026verified |
| Goodwill | 1.5 bn | 1.6 bn | 1.6 bn | 1.9 bn | 2.2 bn | 2.6 bn | SEC (XBRL)· 23 Feb 2026verified |
| Intangibles (excl. goodwill) | 397.5 m | 455.0 m | 427.7 m | 671.6 m | 1.5 bn | 3.3 bn | SEC (XBRL)· 23 Feb 2026verified |
| Total assets | 6.6 bn | 8.0 bn | 9.5 bn | 10.4 bn | 13.3 bn | 18.5 bn | SEC (XBRL)· 23 Feb 2026verified |
| Long-term debt | 2.3 bn | 2.8 bn | 2.7 bn | 3.7 bn | 5.5 bn | 7.3 bn | SEC (XBRL)· 23 Feb 2026verified |
| Total liabilities | 5.3 bn | 6.3 bn | 7.3 bn | 8.3 bn | 10.4 bn | 13.1 bn | SEC (XBRL)· 23 Feb 2026verified |
| Equity | 1.3 bn † | 1.7 bn † | 2.2 bn † | 2.1 bn † | 2.9 bn † | 5.3 bn † | SEC (XBRL)· 23 Feb 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 789.9 m | 453.1 m | 1.9 bn | 512.6 m | 277.6 m | -411.4 m | SEC (XBRL)· 23 Feb 2026verified |
| Capex | 155.5 m | 216.0 m | 306.6 m | 403.3 m | 562.5 m | 570.4 m | SEC (XBRL)· 23 Feb 2026verified |
| Free cash flow | 634.4 m ≈ | 237.1 m ≈ | 1.6 bn ≈ | 109.3 m ≈ | -284.9 m ≈ | -981.8 m ≈ | SEC (XBRL)· 23 Feb 2026derived |
| Investing cash flow | -187.5 m | -458.6 m | -376.4 m | -860.2 m | -1.6 bn | -2.4 bn | SEC (XBRL)· 23 Feb 2026verified |
| Financing cash flow | -275.2 m | 278.8 m | -504.3 m | -208.5 m | 1.4 bn | 3.2 bn | SEC (XBRL)· 23 Feb 2026verified |
| Dividends paid | 79.1 m | 80.1 m | 79.8 m | 92.2 m | 89.7 m | 94.4 m | SEC (XBRL)· 23 Feb 2026verified |
| Share repurchases | 150.0 m | 90.0 m | 325.0 m | 1.1 bn | 170.1 m | 100.0 m | SEC (XBRL)· 23 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 58.3% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 23.4 bn USD
Key indicators
Coverage and freshness
Score by group
58% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 239.91 – 464.28 USD.
Methods computed but outside the aggregate range: Dividend discount (DDM) (a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate).
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)239.91 – 464.28 (Mid 322.11)WACC 8.1% · starting FCFF 1.3 bn USD · terminal value share of EV 78%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: starting growth implied by the price (fading linearly to terminal growth, everything else fixed): 12.5%
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/E293.30 – 444.37 (Mid 437.25)9 companies used · median multiple 25.1x · quartiles 16.8x – 25.5xBGC, CBOE, CME, GSIW, ICE, MRX, NDAQ, SNEX, TW
- Dividend discount (DDM)outside the aggregate15.77 – 21.21 (Mid 18.09)a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 58.3% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 6.8% | 57 (vs peers) | 11% |
| FCF conversion · Quality | 72.4% | 61 (on a fixed band) | 11% |
| Revenue CAGR 3Y · Growth | 25.5% | 100 (on a fixed band) | 14% |
| EPS CAGR 3Y · Growth | 1.6% | 11 (on a fixed band) | 14% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | unavailable | unavailable | — |
| P/E (TTM) · Valuation | 17.3x | 67 (vs peers) | 18% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 4.3% | 54 (on a fixed band) | 14% |
| Shareholder yield (distributions) · Returns | 3.0% | 43 (on a fixed band) | 11% |
| Payout ratio (FCF) · Returns | 9.5% | 100 (on a fixed band) | 7% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partialunavailable · 0/3 factors with a value
- Growth55/100 · 2/2 factors with a value
- Quality59/100 · 2/3 factors with a value
- Returns66/100 · 2/2 factors with a value
- Valuation61/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
LPL Financial Holdings Inc. (LPLA). Latest full fiscal year: 2025; data up to 2026-09-30.
Figures computed from the financial statements: revenue 17.0 bn USD in 2025; YoY growth 37.2%; net margin 6.8%; ROE 25.7%.
The estimated value range is 266.60–454.33 USD per share (median of 2 methods, agreement: high); assumptions are illustrative. Against the central value of 379.68 USD, the price of 300.89 USD leaves a potential of 26.2% (value / price − 1) and a margin of safety of 20.8% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 58.3% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Revenue CAGR 3Y: 25.5%
- Payout ratio (FCF): 9.5%
What contradicts it
- EPS CAGR 3Y: 1.6%
Not assessed (insufficient data or a ratio without meaning): ROIC, Net debt / EBITDA, Interest coverage, Current ratio, EV/EBITDA.
Versus the vertical median
Security & Commodity Brokers, Dealers, Exchanges & Services (SIC 6200) · same industry (4-digit SIC) · compared with 15 companies
The size band was not applied: too few companies would have remained; the vertical includes much smaller or larger companies.
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| ICEIntercontinental Exchange, Inc. | 97.2 bn | 23.7 | 14.2% | 29.6% | +7.5% | +11% / +53% |
| NDAQNasdaq, Inc. | 59.3 bn | 29.2 | 17.4% | 22.8% | +11.6% | +17% / +91% |
| CBOECboe Global Markets, Inc. | 36.8 bn | 25.1 | 27.4% | 28.0% | +15.1% | +37% / +94% |
| LPLALPL Financial Holdings Inc. | 23.4 bn | 17.3 | 25.7% | 6.8% | +37.2% | −20% / +36% |
| SNEXStoneX Group Inc. | 6.5 bn | 12.3 | 21.9% | 0.3% | +32.5% | +33% / +196% |
| MRXMarex Group Ltd | 4.7 bn | 16.8 | 28.7% | 14.5% | +26.9% | +87% / unavailable |
| TOPTop Financial Group Limited | 438.2 m | — | -1.0% | -23.3% | +41.9% | +113% / −46% |
| EBONEbang International Holdings Inc. | 182.3 m | — | -5.6% | -215.6% | +11.4% | −52% / −75% |
| GSIWGarden Stage Limited | 162.5 m | 7.5 | -89.5% | -190.1% | +33.2% | −65% / unavailable |
| WTFWaton Financial Limited | 94.5 m | — | -87.9% | -136.7% | +48.8% | −41% / unavailable |
| STEXStreamex Corp. | 38.0 m | — | -705.4% | — | +122.2% | −93% / −87% |
| SOSSOS Limited | 20.9 m | — | -22.7% | -63.1% | −33.3% | −85% / −100% |
| CMECme Group Inc. | — | 25.1 | 16.1% | 63.3% | +6.4% | +9% / +41% |
| TWTradeweb Markets Inc. | 0 | 29.9 | 14.1% | 39.8% | +18.9% | +17% / +32% |
| PLUTPlutus Financial Group Limited | — | — | -55.3% | -377.3% | +6.9% | −64% / unavailable |
| BGCBGC Group, Inc. | — | 25.5 | 19.5% | 6.0% | +30.0% | +20% / +61% |
1- and 3-year price returns: for LPLA from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 201.81 Total return -33% · Per year -33% | 355.16 Total return 19% · Per year 19% | 532.74 Total return 78% · Per year 78% |
| 3 years | 239.38 Total return -19% · Per year -7% | 469.70 Total return 58% · Per year 16% | 767.15 Total return 157% · Per year 37% |
| 5 years | 283.95 Total return -4% · Per year -1% | 621.18 Total return 110% · Per year 16% | 1,104.70 Total return 271% · Per year 30% |
- Exit P/E± 117.43
- Net margin± 82.20
- Annual revenue growth± 61.30
- Annual dilution± 6.91
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 03 Aug 2026; since then the company filed 10-Q (29 Oct 2026), 8-K (27 Oct 2026 · results).
In brief
LPL Financial is the largest independent broker-dealer in the United States, offering technology, self-clearing and practice management services to independent financial advisors and institutions. In 2026 the company is integrating Commonwealth, acquired for a cash payment of about $2.7 billion 1, and reported total assets of $2.6 trillion at June 30, 2026 2.
SWOT
Strengths
- Its position as the largest independent broker-dealer, with self-clearing and an integrated technology platform, gives the company cost advantages and control over client data 1.
- The model without proprietary products or market-making reduces conflicts of interest, supporting its reputation with independent advisors 1.
- Growth in advisory assets and gross profit in 2026 shows an ability to attract assets and improve operating efficiency 23.
Weaknesses
- Reliance on cash program revenue and benchmark interest rates makes profitability sensitive to monetary policy changes 1.
- High leverage after acquisitions and a base of fixed costs limit flexibility in periods of market decline 12.
- Brokerage assets recorded net outflows in the latest quarter, indicating pressure in the transactional segment 2.
Opportunities
- Integrating Commonwealth and recruiting advisors from wirehouses could expand the asset base and revenue if most assets are retained 13.
- Practice management and succession programs for advisors could generate additional revenue and retain existing advisors 1.
- If regulation or interpretations on sweep fees become favourable, cash revenue could be sustained over the longer term 1.
Threats
Risks
- Dependence on recruiting advisorshigh
Much revenue comes from advisor commissions and fees, so the departure of productive advisors could significantly reduce assets and revenue 1.
- Interest rate sensitivityhigh
Cash program revenue could fall if benchmark rates decline or if contracts with partner banks become less favourable 1.
- Commonwealth integration riskmedium
Conversion of Commonwealth assets could be delayed or retention could fall below estimates, affecting expected synergies 13.
- Technology and cyber risksmedium
Technology failures, cyberattacks or reliance on third-party providers could cause losses, litigation and sanctions 1.
- Litigation and regulationmedium
The company is exposed to litigation and regulatory actions by authorities and self-regulatory bodies, which could raise costs 1.
Investment thesis
What would need to be true (bull case)
- Strong growth in advisory assets and gross profit, together with rising recruitment, could sustain expansion if the pace holds.
- The Commonwealth integration and a higher run-rate EBITDA estimate could bring meaningful synergies over the medium term.
- Its leading position in the independent model and self-clearing could make it hard to match for advisors seeking autonomy.
What would break the thesis
- Lower interest rates could reduce cash program revenue, which forms a significant part of asset-based income.
- Brokerage net outflows and higher leverage after acquisitions could limit financial flexibility if markets weaken.
- Competition and pressure on fees could narrow margins if the company must raise payouts to advisors.
What to watch
- Completion of Commonwealth asset conversion and asset retention rateQ4 2026
- Trend in cash program revenue and client cash balancesQ3 2026
- Pace of share repurchases and the leverage ratioQ3 2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 03 Aug 2026; since then the company filed 10-Q (29 Oct 2026), 8-K (27 Oct 2026 · results).
The business
Revenue comes mainly from fees and commissions on products and advisory services, much of which is paid out to advisors, plus fees advisors pay for technology, custody, clearing, trust and reporting platforms 1. Asset-based revenue comes from insured bank sweep vehicles, money market balances and access to product providers 1. The company notes that part of its revenue is not asset-based or tied to equity markets 1.
Segments
Independent advisors and affiliation models
This is the main source of assets and revenue, since advisors in independent channels receive a larger share of fees and commissions than in captive channels, and LPL offers corporate RIA, brokerage and independent RIA platforms 1.
Market context
The advisor-mediated market is contested by national and regional broker-dealers, banks, insurers, asset managers and robo-advice firms, and competitors often have much greater resources 1. Advisor migration from wirehouses to independent channels has supported the company's growth, but a slowdown in that migration could affect its growth plans 1.
Revenue depends on market levels and volatility, since declines hit both asset-based fees and transaction revenue, while bank sweep income depends on interest rates and contracts with partner banks 12.
Trends
- Lower interest rates and cash revenueheadwind
Revenue from client cash programs depends on benchmark rates, and continued reductions could lower the company's revenue 1.
- Commonwealth integrationmixed
Integrating Commonwealth could bring synergies and added revenue if assets are retained, though the company raised its run-rate EBITDA estimate and narrowed its core G&A outlook, showing progress alongside execution risk 3.
- Resumed share repurchasesmixed
The company resumed buybacks and approved a larger authorization, signalling a broader capital deployment that depends on leverage and liquidity 23.
- Net outflows from brokerageheadwind
Brokerage assets had net outflows in the second quarter of 2026 while advisory assets grew, suggesting a shift in product mix toward fee-based models 2.
Competitive position
Competition comes from national and regional broker-dealers, independent RIA firms, banks, insurers and robo-advice providers, some with far greater resources and different regulatory setups 1. Clearing-only firms may avoid supervisory liability for advisor conduct, which can give them competitive advantages 1.
Competition also plays out through technology, as rivals invest in artificial intelligence and machine learning to lower the cost of wealth management services 1. Pressure on fees could narrow margins if the company must raise payouts to advisors 1.
- National wirehouses
Broker-dealers with captive advisor networks that compete for experienced advisors.
- Independent RIA firms
Advisory firms competing with LPL for advisors and client assets, including through fixed-fee models.
- Banks and insurance companies
Institutions offering wealth management and investment products in direct competition for clients and advisors.
- Robo-advice firms
Automated advice providers that can attract clients at lower cost and influence market pricing.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
- LPL Financial Group Managing Director Sells 308 Shares for $110,100Yahoo Finance — News · 12 Sept 2026 · EN
- Former LPL Financial Boss Dan Arnold Joins Wealthtech FirmYahoo Finance — News · 11 Sept 2026 · EN
- AI Narrative Overshadows LPL Financial Holdings’ (LPLA) Strong FundamentalsYahoo Finance — News · 28 Aug 2026 · EN
The latest news item in our archive is from 12 Sept 2026; the newest SEC filing is from 29 Oct 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Quarterly report29 Oct 2026
- Current report27 Oct 2026Results of operations · Financial statements and exhibits
- Quarterly report03 Aug 2026
- Current report30 Jul 2026Results of operations · Financial statements and exhibits
- Current report15 May 2026Amendments to articles or bylaws · Shareholder vote · Financial statements and exhibits
- Quarterly report04 May 2026
- Current report30 Apr 2026Results of operations · Financial statements and exhibits
- Proxy statement02 Apr 2026
- Annual report23 Feb 2026
- Current report29 Jan 2026Results of operations · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / LPL Financial Holdings Inc. · 23 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / LPL Financial Holdings Inc. · 03 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / LPL Financial Holdings Inc. · 30 Jul 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.