LPL Financial Holdings Inc.
LPLA · Security & Commodity Brokers, Dealers, Exchanges & Services · 80.0M shares · -2%/yr ↓ buyback · EDGAR filings ↗
Net buyback after stock comp: $1.0B (gross $1.1B, SBC $69M)
Reference price $306.00 · est. market cap ~$24.5B — last insider sale, 2026-06-17 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
B73LPL Financial — leading independent broker-dealer/advisor platform with high ROE.
Strengths
- ROE 16.1% (89th pct), ROA (67th); scale in advisor services
- Recurring advisory and cash-sweep revenue
Risks
- Negative free cash flow this year (acquisitions/timing); leverage (85th)
- Rate-sensitive sweep income; advisor-retention competition
Notable findings
- Exec changeRecent 8-K item 5.02 8-K ↗
- Cash burnNegative free cash flow (-981.8M)
- Customer concentration~16% of revenue from one customer/distributor — The following discussion presents an analysis of our results of operations for the years ended December 31, 2025 and 2024 (in thousands): Years Ended December 31, 2025 2024 % Change REVENUE A
- Buying back stockNet buyback — share count -2%/yr over 4y
- Insider sellingInsider selling — 19 open-market sale(s) by 4 insider(s) (cluster of 4 insiders, ~$3M, last 6mo) Form 4 ↗
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Net margin
5.1%
Return on equity
16.1%
Return on assets
4.7%
Revenue growth (QoQ)
0.1%
Net-income growth
-18.5%
Debt / equity
1.4×
Free cash flow
-$982M
Tangible book value
-$631M
Cash & investments
$1.1B
Cash runway
5q
Stock comp / revenue
0.5%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-06-17 | Jambusaria Aneri | Sell | 308 | $306.00 |
| 2026-06-12 | Gates Greg | Tax withheld | 232 | $295.66 |
| 2026-06-12 | Cohen Marc Eliot | Tax withheld | 44 | $295.66 |
| 2026-06-04 | Mnookin Allison | Grant | 3 | — |
| 2026-06-04 | Putnam James S | Grant | 10 | — |
| 2026-06-04 | EBERHART PAULETT | Grant | 5 | — |
| 2026-06-04 | SCHIFTER RICHARD P | Grant | 19 | — |
| 2026-06-04 | Thomas Corey E. | Grant | 7 | — |
| 2026-06-04 | BERNARD EDWARD C | Grant | 4 | — |
| 2026-06-04 | Glavin William Francis Jr | Grant | 15 | — |
| 2026-05-15 | Glavin William Francis Jr | Grant | 712 | — |
| 2026-05-15 | EBERHART PAULETT | Grant | 712 | — |
| 2026-05-15 | BERNARD EDWARD C | Grant | 712 | — |
| 2026-05-15 | BERNARD EDWARD C | Grant | 348 | — |
| 2026-05-15 | Thomas Corey E. | Grant | 712 | — |
| 2026-05-15 | SCHIFTER RICHARD P | Grant | 712 | — |
| 2026-05-15 | Thomas Corey E. | Grant | 348 | — |
| 2026-05-15 | SCHIFTER RICHARD P | Grant | 348 | — |
| 2026-05-15 | Putnam James S | Grant | 712 | — |
| 2026-05-15 | MULCAHY ANNE M | Grant | 712 | — |
| 2026-05-15 | MULCAHY ANNE M | Grant | 348 | — |
| 2026-05-15 | Mnookin Allison | Grant | 712 | — |
| 2026-05-15 | Ko Albert J | Grant | 712 | — |
| 2026-05-15 | Khanna Somesh | Grant | 712 | — |
| 2026-05-07 | Putnam James S | Gift | 100 | — |
| 2026-04-15 | Audette Matthew J | Sell | 220 | $327.45 |
| 2026-04-15 | Audette Matthew J | Sell | 189 | $328.34 |
| 2026-04-15 | Audette Matthew J | Sell | 595 | $331.09 |
| 2026-04-15 | Audette Matthew J | Sell | 106 | $332.27 |
| 2026-04-14 | Audette Matthew J | Sell | 330 | $325.00 |
| 2026-04-14 | Audette Matthew J | Sell | 139 | $326.16 |
| 2026-03-24 | BERNARD EDWARD C | Grant | 4 | — |
| 2026-03-24 | Thomas Corey E. | Grant | 7 | — |
| 2026-03-24 | SCHIFTER RICHARD P | Grant | 19 | — |
| 2026-03-24 | Putnam James S | Grant | 10 | — |
| 2026-03-24 | Mnookin Allison | Grant | 3 | — |
| 2026-03-24 | Glavin William Francis Jr | Grant | 15 | — |
| 2026-03-24 | EBERHART PAULETT | Grant | 5 | — |
| 2026-03-10 | Cohen Marc Eliot | Sell | 1.1K | $309.72 |
| 2026-03-09 | Cohen Marc Eliot | Sell | 2.2K | $308.75 |
| 2026-03-09 | Cohen Marc Eliot | Option exercise | 2.2K | $77.53 |
| 2026-03-02 | Jambusaria Aneri | Sell | 308 | $306.00 |
| 2026-02-26 | Audette Matthew J | Sell | 348 | $318.51 |
| 2026-02-26 | Enyedi Matthew | Sell | 183 | $322.72 |
| 2026-02-26 | Enyedi Matthew | Sell | 169 | $321.74 |
| 2026-02-26 | Enyedi Matthew | Sell | 666 | $320.99 |
| 2026-02-26 | Enyedi Matthew | Sell | 628 | $319.38 |
| 2026-02-26 | Enyedi Matthew | Sell | 463 | $318.38 |
| 2026-02-26 | Audette Matthew J | Sell | 453 | $322.15 |
| 2026-02-26 | Audette Matthew J | Sell | 506 | $321.04 |
| 2026-02-26 | Audette Matthew J | Sell | 274 | $319.32 |
| 2026-02-25 | Audette Matthew J | Grant | 6.6K | — |
| 2026-02-25 | Steinmeier Richard | Grant | 2.3K | — |
| 2026-02-25 | Steinmeier Richard | Tax withheld | 2.6K | $318.47 |
| 2026-02-25 | Steinmeier Richard | Grant | 11K | — |
| 2026-02-25 | Reeping Katharine | Grant | 81 | — |
| 2026-02-25 | Reeping Katharine | Tax withheld | 212 | $318.47 |
| 2026-02-25 | Reeping Katharine | Grant | 373 | — |
| 2026-02-25 | Morningstar Matthew | Grant | 1.1K | — |
| 2026-02-25 | Jambusaria Aneri | Grant | 942 | — |
| 2026-02-25 | Jambusaria Aneri | Tax withheld | 715 | $318.47 |
| 2026-02-25 | Jambusaria Aneri | Grant | 1.3K | — |
| 2026-02-25 | Gates Greg | Grant | 1.9K | — |
| 2026-02-25 | Gates Greg | Tax withheld | 1.3K | $318.47 |
| 2026-02-25 | Gates Greg | Grant | 2.8K | — |
| 2026-02-25 | Gates Greg | Grant | 2.8K | — |
| 2026-02-25 | Field Emily | Grant | 1.1K | — |
| 2026-02-25 | Enyedi Matthew | Grant | 1.8K | — |
| 2026-02-25 | Enyedi Matthew | Tax withheld | 1.3K | $318.47 |
| 2026-02-25 | Enyedi Matthew | Grant | 2.2K | — |
| 2026-02-25 | Cohen Marc Eliot | Grant | 537 | — |
| 2026-02-25 | Cohen Marc Eliot | Tax withheld | 483 | $318.47 |
| 2026-02-25 | Cohen Marc Eliot | Grant | 1.4K | — |
| 2026-02-25 | Audette Matthew J | Grant | 2.2K | — |
| 2026-02-25 | Audette Matthew J | Tax withheld | 2.4K | $318.47 |
| 2026-02-02 | Khanna Somesh | Grant | 139 | — |
| 2025-12-31 | SCHIFTER RICHARD P | Gift | 1.1K | — |
| 2025-12-09 | Morningstar Matthew | Grant | 1.7K | — |
| 2025-12-05 | Steinmeier Richard | Sell | 332 | $367.06 |
| 2025-12-05 | Steinmeier Richard | Sell | 183 | $368.63 |
| 2025-12-05 | Steinmeier Richard | Sell | 1.0K | $370.62 |
| 2025-12-05 | Steinmeier Richard | Sell | 2.5K | $371.23 |
| 2025-12-05 | Steinmeier Richard | Sell | 779 | $372.20 |
| 2025-12-05 | Steinmeier Richard | Sell | 274 | $373.20 |
| 2025-12-05 | Steinmeier Richard | Gift | 275 | — |
| 2025-12-05 | Gates Greg | Sell | 46 | $367.95 |
| 2025-12-05 | Gates Greg | Sell | 34 | $368.70 |
| 2025-12-05 | Gates Greg | Sell | 136 | $370.44 |
| 2025-12-05 | Gates Greg | Sell | 410 | $371.20 |
| 2025-12-05 | Gates Greg | Sell | 85 | $372.32 |
| 2025-12-05 | Gates Greg | Sell | 39 | $373.09 |
| 2025-12-01 | Thomas Corey E. | Grant | 4 | — |
| 2025-12-01 | SCHIFTER RICHARD P | Grant | 14 | — |
| 2025-12-01 | Putnam James S | Grant | 7 | — |
| 2025-12-01 | Mnookin Allison | Grant | 2 | — |
| 2025-12-01 | Jambusaria Aneri | Sell | 80 | $352.48 |
| 2025-12-01 | Glavin William Francis Jr | Grant | 10 | — |
| 2025-12-01 | EBERHART PAULETT | Grant | 4 | — |
| 2025-12-01 | BERNARD EDWARD C | Grant | 3 | — |
| 2025-11-05 | Gates Greg | Sell | 63 | $372.62 |
| 2025-11-05 | Gates Greg | Sell | 205 | $374.00 |
| 2025-11-05 | Gates Greg | Sell | 230 | $374.86 |
| 2025-11-05 | Gates Greg | Sell | 267 | $375.80 |
| 2025-11-05 | Gates Greg | Sell | 293 | $377.01 |
| 2025-11-05 | Gates Greg | Sell | 234 | $378.24 |
| 2025-11-05 | Gates Greg | Sell | 169 | $379.58 |
| 2025-11-05 | Gates Greg | Sell | 39 | $380.12 |
| 2025-10-06 | Gates Greg | Sell | 141 | $312.15 |
| 2025-10-06 | Gates Greg | Sell | 266 | $313.20 |
| 2025-10-06 | Gates Greg | Sell | 109 | $314.04 |
| 2025-10-06 | Gates Greg | Sell | 132 | $315.09 |
| 2025-10-06 | Gates Greg | Sell | 102 | $320.27 |
| 2025-09-09 | Reeping Katharine | Tax withheld | 56 | $339.97 |
| 2025-09-05 | Gates Greg | Sell | 47 | $342.88 |
| 2025-09-05 | Gates Greg | Sell | 91 | $329.17 |
| 2025-09-05 | Gates Greg | Sell | 11 | $330.12 |
| 2025-09-05 | Gates Greg | Sell | 79 | $331.83 |
| 2025-09-05 | Gates Greg | Sell | 326 | $332.90 |
| 2025-09-05 | Gates Greg | Sell | 28 | $334.53 |
| 2025-09-05 | Gates Greg | Sell | 72 | $335.84 |
| 2025-09-05 | Gates Greg | Sell | 128 | $337.13 |
| 2025-09-05 | Gates Greg | Sell | 25 | $337.58 |
| 2025-09-05 | Gates Greg | Sell | 121 | $340.01 |
| 2025-09-05 | Gates Greg | Sell | 190 | $340.83 |
| 2025-09-05 | Gates Greg | Sell | 79 | $341.89 |
| 2025-09-05 | Gates Greg | Sell | 150 | $343.98 |
| 2025-09-05 | Gates Greg | Sell | 3 | $344.67 |
| 2025-09-05 | Gates Greg | Sell | 1 | $345.44 |
| 2025-09-05 | Gates Greg | Sell | 106 | $347.46 |
| 2025-09-05 | Gates Greg | Sell | 11 | $348.04 |
| 2025-09-05 | Gates Greg | Sell | 32 | $349.60 |
| 2025-09-05 | Field Emily | Grant | 817 | — |
| 2025-09-02 | Jambusaria Aneri | Sell | 80 | $361.25 |
| 2025-08-29 | EBERHART PAULETT | Grant | 4 | — |
| 2025-08-29 | BERNARD EDWARD C | Grant | 3 | — |
| 2025-08-29 | Thomas Corey E. | Grant | 4 | — |
| 2025-08-29 | Mnookin Allison | Grant | 2 | — |
| 2025-08-29 | Glavin William Francis Jr | Grant | 10 | — |
| 2025-08-29 | SCHIFTER RICHARD P | Grant | 14 | — |
| 2025-08-29 | Putnam James S | Grant | 7 | — |
| 2025-08-05 | Gates Greg | Sell | 30 | $378.47 |
| 2025-08-05 | Gates Greg | Sell | 9 | $380.46 |
| 2025-08-05 | Gates Greg | Sell | 4 | $381.34 |
| 2025-08-05 | Gates Greg | Sell | 131 | $371.55 |
| 2025-08-05 | Gates Greg | Sell | 161 | $372.43 |
| 2025-08-05 | Gates Greg | Sell | 352 | $373.49 |
| 2025-08-05 | Gates Greg | Sell | 620 | $374.22 |
| 2025-08-05 | Gates Greg | Sell | 45 | $375.37 |
| 2025-08-05 | Gates Greg | Sell | 106 | $376.30 |
| 2025-08-05 | Gates Greg | Sell | 42 | $377.79 |
| 2025-07-03 | Gates Greg | Sell | 351 | $382.58 |
| 2025-07-03 | Gates Greg | Sell | 96 | $378.17 |
| 2025-07-03 | Gates Greg | Sell | 133 | $379.35 |
| 2025-07-03 | Gates Greg | Sell | 48 | $380.85 |
| 2025-07-03 | Gates Greg | Sell | 159 | $381.69 |
| 2025-07-03 | Gates Greg | Sell | 363 | $383.75 |
| 2025-07-03 | Gates Greg | Sell | 315 | $384.61 |
| 2025-07-03 | Gates Greg | Sell | 35 | $385.29 |
| 2025-06-12 | Thomas Corey E. | Grant | 4 | — |
| 2025-06-12 | SCHIFTER RICHARD P | Grant | 13 | — |
| 2025-06-12 | Putnam James S | Grant | 6 | — |
| 2025-06-12 | Mnookin Allison | Grant | 2 | — |
| 2025-06-12 | Glavin William Francis Jr | Grant | 10 | — |
| 2025-06-12 | Gates Greg | Tax withheld | 234 | $379.39 |
| 2025-06-12 | EBERHART PAULETT | Grant | 4 | — |
| 2025-06-12 | Cohen Marc Eliot | Tax withheld | 44 | $379.39 |
| 2025-06-12 | BERNARD EDWARD C | Grant | 3 | — |
| 2025-06-05 | Gates Greg | Sell | 275 | $375.52 |
| 2025-06-05 | Gates Greg | Sell | 143 | $376.49 |
| 2025-06-05 | Gates Greg | Sell | 189 | $377.39 |
| 2025-06-05 | Gates Greg | Sell | 59 | $378.42 |
| 2025-06-05 | Gates Greg | Sell | 409 | $379.79 |
| 2025-06-05 | Gates Greg | Sell | 83 | $380.54 |
| 2025-06-05 | Gates Greg | Sell | 219 | $381.69 |
| 2025-06-05 | Gates Greg | Sell | 123 | $382.37 |
| 2025-06-02 | SCHIFTER RICHARD P | Gift | 238 | — |
| 2025-06-02 | Jambusaria Aneri | Sell | 80 | $383.99 |
| 2025-05-23 | BERNARD EDWARD C | Grant | 602 | — |
| 2025-05-23 | Thomas Corey E. | Grant | 602 | — |
| 2025-05-23 | Thomas Corey E. | Grant | 308 | — |
| 2025-05-23 | SCHIFTER RICHARD P | Grant | 602 | — |
| 2025-05-23 | SCHIFTER RICHARD P | Grant | 308 | — |
| 2025-05-23 | Putnam James S | Grant | 602 | — |
| 2025-05-23 | MULCAHY ANNE M | Grant | 602 | — |
| 2025-05-23 | MULCAHY ANNE M | Grant | 308 | — |
| 2025-05-23 | Mnookin Allison | Grant | 602 | — |
| 2025-05-23 | Ko Albert J | Grant | 602 | — |
| 2025-05-23 | Ko Albert J | Grant | 308 | — |
| 2025-05-23 | Glavin William Francis Jr | Grant | 602 | — |
| 2025-05-23 | Glavin William Francis Jr | Grant | 308 | — |
| 2025-05-23 | EBERHART PAULETT | Grant | 602 | — |
| 2025-05-23 | BERNARD EDWARD C | Grant | 308 | — |
| 2025-03-25 | SCHIFTER RICHARD P | Grant | 15 | — |
| 2025-03-25 | Putnam James S | Grant | 8 | — |
| 2025-03-25 | Mnookin Allison | Grant | 2 | — |
| 2025-03-25 | Glavin William Francis Jr | Grant | 11 | — |
| 2025-03-25 | Thomas Corey E. | Grant | 4 | — |
| 2025-03-25 | BERNARD EDWARD C | Grant | 3 | — |
| 2025-03-25 | EBERHART PAULETT | Grant | 4 | — |
| 2025-03-24 | SCHIFTER RICHARD P | Gift | 110 | — |
| 2025-03-24 | SCHIFTER RICHARD P | Gift | 110 | — |
| 2025-03-24 | SCHIFTER RICHARD P | Gift | 110 | — |
| 2025-03-24 | SCHIFTER RICHARD P | Gift | 110 | — |
| 2025-03-24 | SCHIFTER RICHARD P | Gift | 110 | — |
| 2025-03-24 | SCHIFTER RICHARD P | Gift | 110 | — |
| 2025-03-24 | SCHIFTER RICHARD P | Gift | 110 | — |
| 2025-03-24 | SCHIFTER RICHARD P | Gift | 110 | — |
| 2025-03-24 | SCHIFTER RICHARD P | Gift | 110 | — |
| 2025-03-24 | SCHIFTER RICHARD P | Gift | 110 | — |
| 2025-03-24 | SCHIFTER RICHARD P | Gift | 110 | — |
| 2025-03-14 | Jambusaria Aneri | Sell | 80 | $311.87 |
| 2025-03-13 | EBERHART PAULETT | Gift | 4.3K | — |
| 2025-02-26 | Audette Matthew J | Sell | 4.6K | $360.07 |
| 2025-02-26 | Cohen Marc Eliot | Sell | 1.1K | $365.85 |
| 2025-02-25 | Cohen Marc Eliot | Grant | 774 | — |
| 2025-02-25 | Steinmeier Richard | Grant | 7.8K | — |
| 2025-02-25 | Steinmeier Richard | Tax withheld | 4.8K | $357.36 |
| 2025-02-25 | Steinmeier Richard | Grant | 7.0K | — |
| 2025-02-25 | Jambusaria Aneri | Grant | 1.8K | — |
| 2025-02-25 | Jambusaria Aneri | Tax withheld | 992 | $357.36 |
| 2025-02-25 | Jambusaria Aneri | Grant | 1.1K | — |
| 2025-02-25 | Gates Greg | Grant | 6.2K | — |
| 2025-02-25 | Gates Greg | Tax withheld | 3.3K | $357.36 |
| 2025-02-25 | Gates Greg | Grant | 2.2K | — |
| 2025-02-25 | Enyedi Matthew | Grant | 4.6K | — |
| 2025-02-25 | Enyedi Matthew | Tax withheld | 3.1K | $357.36 |
| 2025-02-25 | Enyedi Matthew | Grant | 1.7K | — |
| 2025-02-25 | Dadyar Sara | Grant | 1.8K | — |
| 2025-02-25 | Cohen Marc Eliot | Grant | 1.1K | — |
| 2025-02-25 | Cohen Marc Eliot | Tax withheld | 673 | $357.36 |
| 2025-02-25 | Brown Althea | Tax withheld | 237 | $357.36 |
| 2025-02-25 | Brown Althea | Grant | 1.3K | — |
| 2025-02-25 | Audette Matthew J | Grant | 7.2K | — |
| 2025-02-25 | Audette Matthew J | Tax withheld | 4.7K | $357.36 |
| 2025-02-25 | Audette Matthew J | Grant | 5.9K | — |
| 2025-02-18 | Steinmeier Richard | Sell | 3.5K | $373.79 |
| 2025-02-10 | Enyedi Matthew | Option exercise | 5.2K | $39.48 |
| 2025-02-10 | Enyedi Matthew | Sell | 5.2K | $369.33 |
| 2025-02-06 | Audette Matthew J | Gift | 900 | — |
| 2025-02-05 | Audette Matthew J | Option exercise | 13K | $77.53 |
| 2025-02-05 | Audette Matthew J | Sell | 2.2K | $360.00 |
| 2025-02-05 | Audette Matthew J | Sell | 2.9K | $361.39 |
| 2025-02-05 | Audette Matthew J | Sell | 300 | $362.30 |
| 2025-02-05 | Audette Matthew J | Sell | 3.2K | $364.37 |
| 2025-02-05 | Audette Matthew J | Sell | 5.3K | $365.37 |
| 2025-02-05 | Audette Matthew J | Sell | 10K | $366.40 |
| 2025-02-05 | Audette Matthew J | Sell | 3.2K | $367.37 |
| 2025-02-05 | Audette Matthew J | Sell | 1.4K | $368.08 |
| 2025-02-05 | Audette Matthew J | Option exercise | 16K | $65.50 |
All non-derivative Form 4 activity (SEC), newest first.
Supply chain
Customers (2)
Suppliers (0)
Named in the 10-K; linked when we track them.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-05-15 | 5.03Shareholder voteExhibits | filing ↗ |
| 2026-04-30 | ResultsExhibits | filing ↗ |
| 2026-01-29 | ResultsExhibits | filing ↗ |
| 2026-01-08 | Exec/director changeReg FDExhibits | filing ↗ |
| 2025-10-30 | ResultsExhibits | filing ↗ |
| 2025-08-01 | Reg FDOtherExhibits | filing ↗ |
| 2025-07-31 | ResultsExhibits | filing ↗ |
| 2025-07-03 | Exec/director changeExhibits | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-05-15 | 2026-05-14 | 0001628280-26-035566 ↗ |
| 10-Q | 2026-05-04 | 2026-03-31 | 0001628280-26-029530 ↗ |
| 8-K | 2026-04-30 | 2026-04-30 | 0001628280-26-028890 ↗ |
| 10-K | 2026-02-23 | 2025-12-31 | 0001628280-26-010705 ↗ |
| 8-K | 2026-01-29 | 2026-01-29 | 0001628280-26-004112 ↗ |
| 8-K | 2026-01-08 | 2026-01-05 | 0001193125-26-007083 ↗ |
| 10-Q | 2025-11-03 | 2025-09-30 | 0001628280-25-047934 ↗ |
| 8-K | 2025-10-30 | 2025-10-30 | 0001628280-25-047543 ↗ |
| 10-Q | 2025-08-04 | 2025-06-30 | 0001397911-25-000122 ↗ |
| 8-K | 2025-08-01 | 2025-08-01 | 0001193125-25-171084 ↗ |
| 8-K | 2025-07-31 | 2025-07-31 | 0001397911-25-000119 ↗ |
| 8-K | 2025-07-03 | 2025-07-02 | 0001193125-25-155488 ↗ |