Filing Flows › LPL Financial Holdings (LPLA) › Q3 2025
LPL Financial Holdings (LPLA) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 3, 2025
LPL Financial Holdings (LPLA) reported revenue of $4.6B for the third quarter 2025 (Q3 2025), +46% from a year earlier and +19% from the quarter before. Operating margin was -0.7%, net loss $29.5M (0.6% of revenue).
LPL Financial Holdings, Q3 2025: revenue $4.6B (+46% year over year), operating margin -0.7%, net loss $29.5M, operating cash flow −$1.7B. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $4.6B | +19% | +46% |
| Operating profit | −$34.1M | -109% | — |
| Net earnings | −$29.5M | -111% | — |
| Operating cash flow | −$1.7B | -995% | — |
What changed
Revenue was $4.6B in Q3 2025, up 46% year over year and up 19% from the previous quarter.
Operating costs exceeded revenue by $0.03B, an operating margin of -0.7%. Total costs grew 66% against revenue growth of 46%. The quarter ended with a net loss of $0.03B, after a profit of $0.27B the previous quarter.
Operating cash flow was −$1.7B. Non-cash charges added back $0.10B of depreciation and amortization and $0.02B of share-based compensation. Working capital and other items used $1.8B. Capital expenditures of $0.14B exceeded it, leaving free cash flow of −$1.9B.
Questions
What was LPL Financial Holdings' revenue in the third quarter 2025?
LPL Financial Holdings (LPLA) reported revenue of $4.6B for the third quarter 2025 (Q3 2025), +46% from a year earlier and +19% from the quarter before.
Was LPL Financial Holdings profitable in the third quarter 2025?
Operating loss was $34.1M (-0.7% of revenue) and net loss $29.5M.