LPL Financial
Runs brokerage, advisory, custody, and technology infrastructure for independent financial professionals.
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Profile
Provides U.S. financial advisors and institutions with brokerage, advisory, custody, clearing, technology, compliance, and practice-management infrastructure. Supports multiple affiliation models and expands through advisor recruiting, network migrations, and acquisitions, while its independent structure creates substantial supervisory and regulatory obligations.
Provides an integrated wealth-management platform for independent financial advisors and financial institutions in the United States. The offering combines brokerage and investment advisory services with custody, clearing, technology, compliance, practice management, and investment solutions.
Supports multiple affiliation structures, allowing advisors and institutions to choose how much independence and centralized support they use. Large advisor-network migrations and acquisitions have repeatedly extended the shared platform, with Atria integrated and Commonwealth awaiting conversion.
The model depends on reliable custody, technology, clearing, and compliance systems across a wide independent network. Advisor flexibility also raises supervisory complexity because independent practices can use broader product choices, outside activities, office technologies, and operating models.
Company facts
Categories
Key statistics
Year to date +2.5% · Average volume (30d) 618.6K
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Aug 12, 2026 | Wolfe Research | Reiterate | Outperform | $478 | $454 | |
| Aug 3, 2026 | BMO Capital | Reiterate | Outperform | $390 | ||
| Jul 31, 2026 | Barclays | Reiterate | Overweight | $394 | $401 | |
| Jul 10, 2026 | Morgan Stanley | Reiterate | Overweight | $374 | $387 | |
| Jul 9, 2026 | Barclays | Target | $412 | $394 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Jul 30, 2026Q2 FY26 | $5.39 | $5.84 | +8.3% | $5.04B | $5.19B | +3.0% | +4.28% |
| Apr 30, 2026Q1 FY26 | $5.48 | $5.60 | +2.2% | $4.98B | $4.94B | −0.9% | −4.64% |
| Jan 29, 2026Q4 FY25 | $4.92 | $5.23 | +6.3% | $4.91B | $4.93B | +0.5% | +0.49% |
| Oct 30, 2025Q3 FY25 | $4.49 | $5.20 | +15.8% | $4.35B | $4.55B | +4.6% | +11.47% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $3.67B | $3.84B | $4.55B | $4.93B | $4.94B | $5.19B | |
| Gross profit | $966.4M | $989.5M | $898.0M | $1.17B | $1.25B | $1.63B | |
| Operating income | $503.1M | $474.4M | $72.2M | $582.0M | $646.1M | $798.0M | |
| Net income | $318.6M | $273.2M | −$29.5M | $300.7M | $356.4M | $379.3M | |
| Diluted EPS | $4.24 | $3.40 | −$0.37 | $3.74 | $4.43 | $4.74 | |
| Gross margin | 26.3% | 25.8% | 19.7% | 23.7% | 25.2% | 31.4% | |
| Operating margin | 13.7% | 12.4% | 1.6% | 11.8% | 13.1% | 15.4% |
Fiscal years (4-quarter sums)FY21 $7.72B · FY22 $8.60B · FY23 $10.05B · FY24 $12.39B · FY25 $16.99B
Balance sheet, Jun 30, 2026Cash & short-term investments $2.70B · Total debt $7.46B · Total assets $19.79B · Shareholders' equity $5.76B
Dividends
Raised for 12 straight years — most recently to $0.30 from $0.25 in Mar 2023. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Aug 14, 2026 | Aug 14 | Aug 28 | $0.30 | |
| May 21, 2026 | May 21 | Jun 4 | $0.30 | |
| Mar 10, 2026 | Mar 10 | Mar 24 | $0.30 | |
| Nov 13, 2025 | Nov 13 | Dec 1 | $0.30 | |
| Aug 15, 2025 | Aug 15 | Aug 29 | $0.30 | |
| May 30, 2025 | May 30 | Jun 12 | $0.30 | |
| Mar 11, 2025 | Mar 11 | Mar 25 | $0.30 | |
| Nov 14, 2024 | Nov 14 | Dec 2 | $0.30 |
Ownership
A 13F quarter can total more than the shares outstanding — sub-advisers file the same block twice, and a filer's own share count can be a quarter stale. No split is drawn from it.
Shares outstanding 79.98M · Float 79.55M · 99.5% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| BlackRock, Inc. | 4.73M | 5.92% | 13F | Aug 7, 2026 |
| Dodge & Cox | 4.58M | 5.72% | 13F | Aug 13, 2026 |
| Jupiter Topco LLC | 4.20M | 5.25% | 13F | Aug 14, 2026 |
| JANUS HENDERSON GROUP Ltd. | 4.20M | 5.30% | 13G | Aug 13, 2026 |
| Boston Partners | 4.00M | 5.01% | 13G | Aug 4, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 20, 2026 | Greg Gates | officer: Group Managing Director | −4,119 | $355.38 |
| Jul 31, 2026 | Matthew Enyedi | officer: Group Managing Director | −1,000 | $352.72 |
| Jun 17, 2026 | Aneri Jambusaria | officer: Group Managing Director | −308 | $306.00 |
| Apr 15, 2026 | Matthew J. Audette | officer: President and CFO | −1,110 | $330.01 |
| Apr 14, 2026 | Matthew J. Audette | officer: President and CFO | −469 | $325.34 |
Peers
- Raymond James Financial
Closest public rival in independent-advisor affiliation and wealth support
- Ameriprise Financial
Large advisor franchise contesting recruiting and retail wealth relationships
- Charles Schwab
Scale leader in RIA custody, trading, and advisor support services
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| LPL Financial | $370.69 | +0.02% | $29.65B | 29.6 | 13.7 | 1.5 | +35.2% |
| Raymond James Financial | $179.36 | +0.02% | $34.46B | 15.6 | 13.0 | 2.0 | +3.8% |
| Ameriprise Financial | $564.76 | +0.97% | $50.28B | 13.5 | 11.4 | 2.5 | +14.6% |
| Charles Schwab | $110.05 | −0.09% | $191.58B | 20.0 | 15.2 | 6.4 | +20.9% |
| Median | 15.6 | 13.0 | 2.5 | +14.6% |