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LPL Financial Holdings cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$67.5M in Q3 2026 · $1.0B over twelve months

Operating cash flow$297M
Capital spending−$230M
Free cash flow+$67.5M
Cash / net income0.8×

Analysis

In Q3 2026, LPL Financial Holdings generated $297M of operating cash flow and spent $230M on capital projects, leaving free cash flow of $67.5M. That is $1.9B more than in Q3 2025 (−$1.9B).

Over the twelve months to Sep 30, 2026, operating cash flow was $1.8B; the largest uses were capital spending ($767M), buybacks ($610M), acquisitions ($394M); besides operations, cash came from net borrowing (+) / repaid (−) ($272M), shares issued ($20.6M); the cash balance rose by $82.3M.

Operating cash flow was $297M against net income of $357M — 0.8× profit, less cash than reported earnings, worth checking against working capital. The largest differences: depreciation & amortization +$117M, other liabilities +$56.6M, payables −$41.9M.

Free cash flow

LPL Financial Holdings: free cash flow by quarterLPL Financial Holdings: free cash flow by quarter−$344MQ4 2024$220MQ1 2025$56.3MQ2 2025−$1.9BQ3 2025$613MQ4 2025$125MQ1 2026$203MQ2 2026$67.5MQ3 2026
Operating cash flow less capital spending.
LPL Financial Holdings: operating cash flow against capital spendingLPL Financial Holdings: operating cash flow against capital spendingOperating cash flowCapital spending−$179M$166MQ4 2024$340M$119MQ1 2025$193M$137MQ2 2025−$1.7B$142MQ3 2025$785M$172MQ4 2025$290M$166MQ1 2026$402M$199MQ2 2026$297M$230MQ3 2026
Latest (Q3 2026): Operating cash flow $297M, Capital spending $230M.

Capital allocation, year by year

LPL Financial Holdings: where the cash came from (up) and went (down), by fiscal yearLPL Financial Holdings: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingAcquisitionsBuybacksDividendsFY2021: Operating cash flow $453MFY2021: Net borrowing $490MFY2021: Shares issued $42.0MFY2021: Capital spending −$216MFY2021: Acquisitions −$246MFY2021: Buybacks −$90.0MFY2021: Dividends −$80.1M$985MFY2021FY2022: Operating cash flow $1.9BFY2022: Net borrowing −$101MFY2022: Shares issued $28.7MFY2022: Capital spending −$307MFY2022: Acquisitions −$56.5MFY2022: Buybacks −$325MFY2022: Dividends −$79.8M$2.0BFY2022FY2023: Operating cash flow $513MFY2023: Net borrowing $1.0BFY2023: Shares issued $18.7MFY2023: Capital spending −$403MFY2023: Acquisitions −$453MFY2023: Buybacks −$1.1BFY2023: Dividends −$92.2M$1.6BFY2023FY2024: Operating cash flow $278MFY2024: Net borrowing $738MFY2024: Shares issued $28.7MFY2024: Capital spending −$563MFY2024: Acquisitions −$1.0BFY2024: Buybacks −$170MFY2024: Dividends −$89.7M$1.0BFY2024FY2025: Operating cash flow −$411MFY2025: Net borrowing $1.8BFY2025: Shares issued $1.7BFY2025: Capital spending −$570MFY2025: Acquisitions −$1.8BFY2025: Buybacks −$100MFY2025: Dividends −$94.4M$3.5BFY2025
Over these 5 years operating cash flow totalled $2.8B; the largest uses were acquisitions ($3.6B) and capital spending ($2.1B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$1.2B
Debt$7.8B
Net debt$6.6B

LPL Financial Holdings funds itself: free cash flow was $1.0B over the last twelve months, and $1.2B of cash and investments stands against $7.8B of debt.

LPL Financial Holdings: debt maturities by year (FY2025)LPL Financial Holdings: debt maturities by year (FY2025)$900MYear 2$2.3BYear 3$979MYear 4$1.2BYear 5$1.9BAfter year 5
Principal due in each year as disclosed in the annual report, against $1.2B of cash and investments now.

Where the cash came from and went

LPL Financial Holdings: sources (+) and uses (−) of cash, Q3 2026LPL Financial Holdings: sources (+) and uses (−) of cash, Q3 2026Net borrowing (+) / repaid (−)$340MBuybacks−$301MOperating cash flow$297MCapital spending−$230MAcquisitions−$102MCash drawn (+) / kept (−)$25.7MDividends−$23.6MOther investing−$10.0MShares issued$5.1MTaxes on employees’ shares−$1.2MOther financing−$707K
LPL Financial Holdings: sources (+) and uses (−) of cash, TTM to Q3 2026LPL Financial Holdings: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$1.8BCapital spending−$767MBuybacks−$610MAcquisitions−$394MNet borrowing (+) / repaid (−)$272MDividends−$95.6MCash drawn (+) / kept (−)−$82.3MOther investing−$51.8MOther financing−$44.8MTaxes on employees’ shares−$22.1MShares issued$20.6M

From profit to cash

LPL Financial Holdings: net income to operating cash flow, Q3 2026LPL Financial Holdings: net income to operating cash flow, Q3 2026Net income$357MDepreciation & amortization$117MStock-based pay$22.1MDeferred taxes$42KOther non-cash$7.5MPayables−$41.9MPrepaid and other assets−$2.0MOther liabilities$56.6MOperating cash flow$297M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksDividendsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$297M−$230M−$102M−$301M−$23.6M$340M$5.1M$25.7M$67.5M
Q2 2026$402M−$199M−$103M−$309M−$24.0M$276M$5.2M−$22.8M$203M
Q1 2026$290M−$166M−$131M—−$24.1M−$79.0M$5.0M$149M$125M
Q4 2025$785M−$172M−$57.5M—−$24.0M−$265M$5.3M−$234M$613M
Q3 2025−$1.7B−$142M−$1.5B—−$24.0M$344M$4.3M$3.1B−$1.9B
Q2 2025$193M−$137M−$112M$240K−$24.0M$1.5B$5.1M−$3.1B$56.3M
Q1 2025$340M−$119M−$78.3M−$100M−$22.4M$201M$7.5M−$171M$220M
Q4 2024−$179M−$166M−$861M−$100M−$22.5M$1.0B$11.1M$279M−$344M

LPL Financial Holdings: income statement and cash flow

LPL Financial Holdings, Q3 2026: revenue $5.3B (+17% year over year), operating margin 9.1%. The chart follows the revenue to costs, profit and cash.

LPL Financial Holdings: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.