$LPLA

LPL Financial Holdings Inc.

CIK:0001397911|SEC Filings

Condensed Consolidated Statements of Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
REVENUES:
Advisory	$ 2,632,405	$ 1,717,738	$ 5,247,452	$ 3,406,983
Commission	1,232,073	1,038,087	2,424,107	2,085,844
Asset-based	835,144	702,347	1,655,949	1,397,588
Service and fee	208,879	151,839	419,863	297,038
Transaction and fee	83,216	60,541	163,758	128,405
Interest Income	46,527	76,941	91,707	120,792
Other	148,379	87,532	122,221	68,382
Total net revenues	5,186,623	3,835,025	10,125,057	7,505,032
EXPENSES:
Advisory and commission	3,507,164	2,483,165	6,798,373	4,837,090
Compensation and benefits	355,612	319,100	724,352	624,646
Promotional	220,030	177,552	428,430	323,197
Occupancy and equipment	125,542	81,443	244,065	158,683
Depreciation and amortization	109,805	96,231	215,556	188,587
Interest Expense, Debt	101,502	105,636	201,794	191,498
Brokerage, clearing and exchange	52,018	43,290	107,493	87,428
Amortization of intangible assets	70,886	46,103	138,116	89,624
Professional services	50,757	41,092	101,138	77,418
Communications and data processing	26,200	21,417	49,667	40,923
Other	51,603	51,192	115,985	99,881
Costs and Expenses, Total	4,671,119	3,466,221	9,124,969	6,718,975
INCOME BEFORE PROVISION FOR INCOME TAXES	515,504	368,804	1,000,088	786,057
PROVISION FOR INCOME TAXES	136,243	95,555	264,423	194,235
NET INCOME	$ 379,261	$ 273,249	$ 735,665	$ 591,822
Earnings Per Share [Abstract]
Earnings per share, basic	$ 4.75	$ 3.42	$ 9.20	$ 7.66
Earnings per share, diluted	$ 4.74	$ 3.40	$ 9.17	$ 7.61
Weighted-average shares outstanding, basic	79,791	79,984	79,951	77,307
Weighted-average shares outstanding, diluted	80,032	80,373	80,243	77,760
Client cash
REVENUES:
Asset-based	$ 443,501	$ 397,332	$ 888,826	$ 789,363
Other asset-based
REVENUES:
Asset-based	391,643	305,015	767,123	608,225
Trailing
REVENUES:
Commission	503,918	418,295	990,537	856,014
Sales-based
REVENUES:
Commission	$ 728,155	$ 619,792	$ 1,433,570	$ 1,229,830

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 735,665	$ 591,822
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	215,556	188,587
Amortization of intangible assets	138,116	89,624
Amortization of debt issuance costs	6,963	14,581
Share-based compensation	46,640	39,570
Provision for bad debts	13,656	3,195
Deferred income taxes	4,731	(178)
Change in estimated fair value of contingent consideration	4,729	6,903
Loan forgiveness	283,469	187,555
Other	4,063	4,998
Changes in operating assets and liabilities:
Receivables from clients	(190,831)	(75,781)
Receivables from product sponsors, broker-dealers and clearing organizations	(173,405)	(52,945)
Advisor loans, net	(502,964)	(449,518)
Receivables from others	(231,927)	(67,956)
Increase (Decrease) in Debt Securities, Trading, and Equity Securities, FV-NI	(108,789)	(82,142)
Operating leases	(6,697)	361
Other assets	(128,241)	(189,883)
Payables to clients	(51,942)	191,855
Payables to broker-dealers and clearing organizations	448,877	144,365
Accrued advisory and commission expenses payable	19,632	(20,382)
Accounts payable and accrued liabilities	(17,303)	(32,394)
Increase (Decrease) in Other Operating Liabilities	182,352	40,873
Net cash provided by operating activities	692,350	533,110
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures	(365,208)	(256,457)
Acquisitions, net of cash acquired	(234,110)	(190,129)
Purchases of securities classified as held-to-maturity	(2,491)	(2,498)
Proceeds from maturity of securities classified as held-to-maturity	2,500	2,500
Purchases of other investments	(12,064)	0
Capitalized interest	(5,583)	(3,044)
Net cash used in investing activities	(616,956)	(449,628)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from revolving credit facilities	980,000	69,000
Repayments of revolving credit facilities	(783,000)	(1,116,000)
Proceeds from senior unsecured notes	0	2,744,930
Payment of debt issuance costs	(1,173)	(31,036)
Payment of contingent consideration	(29,133)	(33,207)
Tax payments related to settlement of restricted stock units	(20,063)	(31,001)
Proceeds from Issuance of Common Stock	0	1,725,000
Incremental costs associated with issuance	0	47,779
Repurchase of common stock	(309,476)	(100,004)
Dividends on common stock	(48,028)	(46,390)
Proceeds from stock option exercises and other	10,215	12,596
Principal payment of financing obligation	(730)	(222)
Principal payment of finance leases and obligations	0	(209)
Net cash (used in) provided by financing activities	(201,388)	3,145,678
NET (DECREASE) INCREASE IN CASH AND EQUIVALENTS, CASH AND EQUIVALENTS SEGREGATED UNDER FEDERAL OR OTHER REGULATIONS AND RESTRICTED CASH	(125,994)	3,229,160
CASH AND EQUIVALENTS, CASH AND EQUIVALENTS SEGREGATED UNDER FEDERAL OR OTHER REGULATIONS AND RESTRICTED CASH — Beginning of period	3,054,740	2,684,052
CASH AND EQUIVALENTS, CASH AND EQUIVALENTS SEGREGATED UNDER FEDERAL OR OTHER REGULATIONS AND RESTRICTED CASH — End of period	2,928,746	5,913,212
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Interest paid	206,689	158,996
Income taxes paid	232,243	302,972
Cash paid for amounts included in the measurement of operating lease liabilities	21,668	17,596
Cash paid for amounts included in the measurement of finance lease liabilities	0	213
NONCASH DISCLOSURES:
Capital expenditures included in accounts payable and accrued liabilities	49,856	33,822
Lease assets obtained in exchange for operating lease liabilities	32,724	30,235
Prefunded acquisition	0	70,202
Contingent consideration and other liabilities recognized at acquisition date	$ 26,599	$ (9,245)

Condensed Consolidated Statements of Financial Condition (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
ASSETS
Cash and cash equivalents	$ 1,275,690	$ 1,037,378
Cash and equivalents segregated under federal or other regulations	1,420,167	1,792,064
Restricted cash	232,889	225,298
Receivables from:
Receivables from clients, net	994,139	803,206
Receivables from brokers, dealers and clearing organizations	244,302	70,897
Advisor loans, net	3,889,372	3,681,512
Other receivables, net	1,427,985	1,203,539
Investment securities	203,499	91,528
Property and equipment, net	1,569,647	1,409,376
Goodwill	2,681,661	2,644,723
Intangible Assets, Net (Excluding Goodwill)	3,433,597	3,330,788
Other assets	2,418,172	2,202,444
Total assets	19,791,120	18,492,753
LIABILITIES:
Payables to clients	2,256,333	2,308,275
Payables to broker-dealers and clearing organizations	599,397	150,520
Accrued advisory and commission expenses payable	381,255	361,623
Long-term Debt	7,460,510	7,258,694
Accounts payable and accrued liabilities	812,156	821,641
Other Liabilities, Noncurrent	2,524,629	2,247,515
Total liabilities	$ 14,034,280	$ 13,148,268
Common stock, shares issued	136,822,289	136,637,544
STOCKHOLDERS' EQUITY:
Common stock, $0.001 par value; 600,000,000 shares authorized; 136,822,289 and 136,637,544 shares issued at June 30, 2026 and December 31, 2025, respectively	$ 137	$ 136
Additional paid-in capital	3,898,694	3,843,017
Retained earnings	(4,664,666)	(4,333,725)
Retained earnings	6,522,675	5,835,057
Total stockholders' equity	5,756,840	5,344,485
Total liabilities and stockholders' equity	$ 19,791,120	$ 18,492,753