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Side-by-side financial comparison of LPL Financial Holdings Inc. (LPLA) and NetEase, Inc. (NTES). Click either name above to swap in a different company.
LPL Financial Holdings Inc. is the larger business by last-quarter revenue ($4.9B vs $4.0B, roughly 1.2× NetEase, Inc.). NetEase, Inc. runs the higher net margin — 31.0% vs 7.2%, a 23.8% gap on every dollar of revenue. Over the past eight quarters, LPL Financial Holdings Inc.'s revenue compounded faster (29.8% CAGR vs 9.7%).
LPL Financial Holdings Inc. was founded in 1989 and is considered the largest independent broker-dealer in the United States. As of 2021 the company had more than 17,500 financial advisors, over US$1 trillion in advisory and brokerage assets, and generated approximately $10.3 billion in annual revenue for the 2023 fiscal year. LPL Financial has main offices in Boston, Fort Mill, Austin, and San Diego. The company is a member of FINRA and the SIPC.
NetEase, Inc. is a Chinese developer and publisher of online PC and mobile games, advertising services, email services, and e-commerce platforms. It is one of the largest Internet and video game companies in the world and was founded by Ding Lei in June 1997.
LPLA vs NTES — Head-to-Head
Income Statement — Q1 FY2026 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $4.9B | $4.0B |
| Net Profit | $356.4M | $1.2B |
| Gross Margin | 32.3% | 64.1% |
| Operating Margin | — | 28.3% |
| Net Margin | 7.2% | 31.0% |
| Revenue YoY | 34.6% | — |
| Net Profit YoY | — | — |
| EPS (diluted) | $4.43 | — |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | $4.9B | — | ||
| Q4 25 | $4.9B | — | ||
| Q3 25 | $4.6B | $4.0B | ||
| Q2 25 | $3.8B | $3.9B | ||
| Q1 25 | $3.7B | $4.0B | ||
| Q4 24 | $3.5B | — | ||
| Q3 24 | $3.1B | $3.7B | ||
| Q2 24 | $2.9B | $3.5B |
| Q1 26 | $356.4M | — | ||
| Q4 25 | $300.7M | — | ||
| Q3 25 | $-29.5M | $1.2B | ||
| Q2 25 | $273.2M | $1.3B | ||
| Q1 25 | $318.6M | $1.5B | ||
| Q4 24 | $270.7M | — | ||
| Q3 24 | $255.3M | $955.7M | ||
| Q2 24 | $243.8M | $939.6M |
| Q1 26 | 32.3% | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | 64.1% | ||
| Q2 25 | — | 64.7% | ||
| Q1 25 | — | 64.1% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 62.9% | ||
| Q2 24 | — | 62.9% |
| Q1 26 | — | — | ||
| Q4 25 | 8.1% | — | ||
| Q3 25 | -0.7% | 28.3% | ||
| Q2 25 | 9.6% | 32.5% | ||
| Q1 25 | 11.4% | 36.2% | ||
| Q4 24 | 9.7% | — | ||
| Q3 24 | 11.2% | 27.3% | ||
| Q2 24 | 11.3% | 27.4% |
| Q1 26 | 7.2% | — | ||
| Q4 25 | 6.1% | — | ||
| Q3 25 | -0.6% | 31.0% | ||
| Q2 25 | 7.1% | 32.6% | ||
| Q1 25 | 8.7% | 36.6% | ||
| Q4 24 | 7.7% | — | ||
| Q3 24 | 8.2% | 25.6% | ||
| Q2 24 | 8.3% | 26.8% |
| Q1 26 | $4.43 | — | ||
| Q4 25 | $3.65 | — | ||
| Q3 25 | $-0.37 | — | ||
| Q2 25 | $3.40 | — | ||
| Q1 25 | $4.24 | — | ||
| Q4 24 | $3.58 | — | ||
| Q3 24 | $3.39 | — | ||
| Q2 24 | $3.23 | — |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $1.0B | $31.3B |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $5.7B | $160.8B |
| Total Assets | $18.8B | $214.5B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $1.0B | — | ||
| Q4 25 | $1.1B | — | ||
| Q3 25 | $1.6B | $31.3B | ||
| Q2 25 | $4.3B | $54.4B | ||
| Q1 25 | $1.4B | $41.7B | ||
| Q4 24 | $1.0B | — | ||
| Q3 24 | $1.6B | $20.2B | ||
| Q2 24 | $1.4B | $19.0B |
| Q1 26 | — | — | ||
| Q4 25 | $7.3B | — | ||
| Q3 25 | $7.5B | — | ||
| Q2 25 | $7.2B | — | ||
| Q1 25 | $5.7B | — | ||
| Q4 24 | $5.5B | — | ||
| Q3 24 | $4.4B | — | ||
| Q2 24 | $4.4B | — |
| Q1 26 | $5.7B | — | ||
| Q4 25 | $5.3B | — | ||
| Q3 25 | $5.0B | $160.8B | ||
| Q2 25 | $5.1B | $154.0B | ||
| Q1 25 | $3.1B | $147.8B | ||
| Q4 24 | $2.9B | — | ||
| Q3 24 | $2.8B | $135.6B | ||
| Q2 24 | $2.5B | $134.2B |
| Q1 26 | $18.8B | — | ||
| Q4 25 | $18.5B | — | ||
| Q3 25 | $18.0B | $214.5B | ||
| Q2 25 | $17.5B | $208.5B | ||
| Q1 25 | $14.0B | $200.9B | ||
| Q4 24 | $13.3B | — | ||
| Q3 24 | $11.9B | $184.9B | ||
| Q2 24 | $11.5B | $183.3B |
| Q1 26 | — | — | ||
| Q4 25 | 1.36× | — | ||
| Q3 25 | 1.49× | — | ||
| Q2 25 | 1.41× | — | ||
| Q1 25 | 1.82× | — | ||
| Q4 24 | 1.87× | — | ||
| Q3 24 | 1.60× | — | ||
| Q2 24 | 1.77× | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | — | $1.8B |
| Free Cash FlowOCF − Capex | — | $1.8B |
| FCF MarginFCF / Revenue | — | 44.7% |
| Capex IntensityCapex / Revenue | 0.0% | 1.0% |
| Cash ConversionOCF / Net Profit | — | 1.47× |
| TTM Free Cash FlowTrailing 4 quarters | — | $6.3B |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $785.0M | — | ||
| Q3 25 | $-1.7B | $1.8B | ||
| Q2 25 | $193.3M | $1.5B | ||
| Q1 25 | $339.8M | $1.7B | ||
| Q4 24 | $-178.8M | — | ||
| Q3 24 | $209.3M | $1.5B | ||
| Q2 24 | $-178.9M | $898.8M |
| Q1 26 | — | — | ||
| Q4 25 | $613.3M | — | ||
| Q3 25 | $-1.9B | $1.8B | ||
| Q2 25 | $56.3M | $1.5B | ||
| Q1 25 | $220.3M | $1.6B | ||
| Q4 24 | $-344.3M | — | ||
| Q3 24 | $62.3M | $1.5B | ||
| Q2 24 | $-307.8M | $875.6M |
| Q1 26 | — | — | ||
| Q4 25 | 12.4% | — | ||
| Q3 25 | -41.1% | 44.7% | ||
| Q2 25 | 1.5% | 38.3% | ||
| Q1 25 | 6.0% | 40.4% | ||
| Q4 24 | -9.8% | — | ||
| Q3 24 | 2.0% | 38.9% | ||
| Q2 24 | -10.5% | 25.0% |
| Q1 26 | 0.0% | — | ||
| Q4 25 | 3.5% | — | ||
| Q3 25 | 3.1% | 1.0% | ||
| Q2 25 | 3.6% | 0.7% | ||
| Q1 25 | 3.3% | 1.6% | ||
| Q4 24 | 4.7% | — | ||
| Q3 24 | 4.7% | 1.4% | ||
| Q2 24 | 4.4% | 0.7% |
| Q1 26 | — | — | ||
| Q4 25 | 2.61× | — | ||
| Q3 25 | — | 1.47× | ||
| Q2 25 | 0.71× | 1.20× | ||
| Q1 25 | 1.07× | 1.15× | ||
| Q4 24 | -0.66× | — | ||
| Q3 24 | 0.82× | 1.58× | ||
| Q2 24 | -0.73× | 0.96× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
LPLA
| Advisory | $2.6B | 53% |
| Sales-based | $705.4M | 14% |
| Trailing | $486.6M | 10% |
| Client cash | $445.3M | 9% |
| Other | $394.5M | 8% |
| Service and fee | $211.0M | 4% |
| Transaction | $80.5M | 2% |
NTES
| Games and related value-added services | $3.3B | 82% |
| NetEase Cloud Music | $275.9M | 7% |
| Youdao | $228.8M | 6% |
| Innovative businesses and others | $202.1M | 5% |
