Filing Flows › LPL Financial Holdings (LPLA) › Q4 2025
LPL Financial Holdings (LPLA) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 23, 2026
LPL Financial Holdings (LPLA) reported revenue of $4.9B for the fourth quarter 2025 (Q4 2025), +40% from a year earlier and +8% from the quarter before. Operating margin was 8.1%, net earnings $301M (6.1% of revenue).
LPL Financial Holdings, Q4 2025: revenue $4.9B (+40% year over year), operating margin 8.1%, net earnings $301M, operating cash flow $785M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $4.9B | +8% | +40% |
| Operating profit | $398M | — | +16% |
| Net earnings | $301M | — | +11% |
| Operating cash flow | $785M | — | — |
| Free cash flow | $613M | — | — |
What changed
Revenue was $4.9B in Q4 2025, up 40% year over year and up 8% from the previous quarter.
Operating profit was $0.40B, a 8.1% margin (down 1.7 points year over year). Of the extra revenue versus a year earlier, 4% reached operating profit, below the 10% margin then. Total costs grew 43% against revenue growth of 40%. Net earnings were $0.30B, up 11% year over year. The effective tax rate was 24.4%.
Operating cash flow was $0.79B, 261% of net earnings. Non-cash charges added back $0.34B of depreciation and amortization and $0.02B of share-based compensation. Working capital and other items added $0.12B. Capital expenditures of $0.17B left free cash flow of $0.61B.
Questions
What was LPL Financial Holdings' revenue in the fourth quarter 2025?
LPL Financial Holdings (LPLA) reported revenue of $4.9B for the fourth quarter 2025 (Q4 2025), +40% from a year earlier and +8% from the quarter before.
Was LPL Financial Holdings profitable in the fourth quarter 2025?
Operating profit was $398M (8.1% of revenue) and net earnings $301M.