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Side-by-side financial comparison of LPL Financial Holdings Inc. (LPLA) and Principal Financial Group (PFG). 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 $4.6B, roughly 1.1× Principal Financial Group). Principal Financial Group runs the higher net margin — 11.3% vs 6.1%, a 5.2% gap on every dollar of revenue. On growth, LPL Financial Holdings Inc. posted the faster year-over-year revenue change (40.4% vs -3.7%). Over the past eight quarters, LPL Financial Holdings Inc.'s revenue compounded faster (32.0% CAGR vs 6.3%).
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.
Principal Financial GroupPFGEarnings & Financial Report
Principal Financial Group, Inc. (PFG) is an American global financial investment management and insurance company headquartered in Des Moines, Iowa, United States.
LPLA vs PFG — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $4.9B | $4.6B |
| Net Profit | $300.7M | $517.0M |
| Gross Margin | — | — |
| Operating Margin | 8.1% | — |
| Net Margin | 6.1% | 11.3% |
| Revenue YoY | 40.4% | -3.7% |
| Net Profit YoY | 11.1% | -42.9% |
| EPS (diluted) | $3.65 | $2.30 |
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.
| Q4 25 | $4.9B | $4.6B | ||
| Q3 25 | $4.6B | $3.7B | ||
| Q2 25 | $3.8B | $3.7B | ||
| Q1 25 | $3.7B | $3.7B | ||
| Q4 24 | $3.5B | $4.8B | ||
| Q3 24 | $3.1B | $3.0B | ||
| Q2 24 | $2.9B | $4.3B | ||
| Q1 24 | $2.8B | $4.1B |
| Q4 25 | $300.7M | $517.0M | ||
| Q3 25 | $-29.5M | $213.8M | ||
| Q2 25 | $273.2M | $406.2M | ||
| Q1 25 | $318.6M | $48.1M | ||
| Q4 24 | $270.7M | $905.4M | ||
| Q3 24 | $255.3M | $-220.0M | ||
| Q2 24 | $243.8M | $353.1M | ||
| Q1 24 | $288.8M | $532.5M |
| Q4 25 | 8.1% | — | ||
| Q3 25 | -0.7% | — | ||
| Q2 25 | 9.6% | — | ||
| Q1 25 | 11.4% | — | ||
| Q4 24 | 9.7% | — | ||
| Q3 24 | 11.2% | — | ||
| Q2 24 | 11.3% | — | ||
| Q1 24 | 13.2% | — |
| Q4 25 | 6.1% | 11.3% | ||
| Q3 25 | -0.6% | 5.8% | ||
| Q2 25 | 7.1% | 11.1% | ||
| Q1 25 | 8.7% | 1.3% | ||
| Q4 24 | 7.7% | 19.1% | ||
| Q3 24 | 8.2% | -7.3% | ||
| Q2 24 | 8.3% | 8.2% | ||
| Q1 24 | 10.2% | 13.1% |
| Q4 25 | $3.65 | $2.30 | ||
| Q3 25 | $-0.37 | $0.95 | ||
| Q2 25 | $3.40 | $1.79 | ||
| Q1 25 | $4.24 | $0.21 | ||
| Q4 24 | $3.58 | $3.92 | ||
| Q3 24 | $3.39 | $-0.95 | ||
| Q2 24 | $3.23 | $1.49 | ||
| Q1 24 | $3.83 | $2.22 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $1.1B | $4.4B |
| Total DebtLower is stronger | $7.3B | $3.9B |
| Stockholders' EquityBook value | $5.3B | $11.9B |
| Total Assets | $18.5B | $341.4B |
| Debt / EquityLower = less leverage | 1.36× | 0.33× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.1B | $4.4B | ||
| Q3 25 | $1.6B | $5.1B | ||
| Q2 25 | $4.3B | $3.7B | ||
| Q1 25 | $1.4B | $3.9B | ||
| Q4 24 | $1.0B | $4.2B | ||
| Q3 24 | $1.6B | $6.2B | ||
| Q2 24 | $1.4B | $4.8B | ||
| Q1 24 | $1.2B | $4.2B |
| Q4 25 | $7.3B | $3.9B | ||
| Q3 25 | $7.5B | $3.9B | ||
| Q2 25 | $7.2B | $3.9B | ||
| Q1 25 | $5.7B | $4.3B | ||
| Q4 24 | $5.5B | $4.0B | ||
| Q3 24 | $4.4B | $3.9B | ||
| Q2 24 | $4.4B | $3.9B | ||
| Q1 24 | $3.9B | $3.9B |
| Q4 25 | $5.3B | $11.9B | ||
| Q3 25 | $5.0B | $11.7B | ||
| Q2 25 | $5.1B | $11.4B | ||
| Q1 25 | $3.1B | $11.2B | ||
| Q4 24 | $2.9B | $11.1B | ||
| Q3 24 | $2.8B | $11.2B | ||
| Q2 24 | $2.5B | $11.0B | ||
| Q1 24 | $2.3B | $11.2B |
| Q4 25 | $18.5B | $341.4B | ||
| Q3 25 | $18.0B | $334.5B | ||
| Q2 25 | $17.5B | $323.1B | ||
| Q1 25 | $14.0B | $313.0B | ||
| Q4 24 | $13.3B | $313.7B | ||
| Q3 24 | $11.9B | $322.9B | ||
| Q2 24 | $11.5B | $308.8B | ||
| Q1 24 | $11.0B | $308.7B |
| Q4 25 | 1.36× | 0.33× | ||
| Q3 25 | 1.49× | 0.34× | ||
| Q2 25 | 1.41× | 0.34× | ||
| Q1 25 | 1.82× | 0.39× | ||
| Q4 24 | 1.87× | 0.36× | ||
| Q3 24 | 1.60× | 0.35× | ||
| Q2 24 | 1.77× | 0.36× | ||
| Q1 24 | 1.70× | 0.35× |
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 | $785.0M | $1.7B |
| Free Cash FlowOCF − Capex | $613.3M | — |
| FCF MarginFCF / Revenue | 12.4% | — |
| Capex IntensityCapex / Revenue | 3.5% | — |
| Cash ConversionOCF / Net Profit | 2.61× | 3.37× |
| TTM Free Cash FlowTrailing 4 quarters | $-981.8M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $785.0M | $1.7B | ||
| Q3 25 | $-1.7B | $1.0B | ||
| Q2 25 | $193.3M | $811.9M | ||
| Q1 25 | $339.8M | $977.3M | ||
| Q4 24 | $-178.8M | $1.5B | ||
| Q3 24 | $209.3M | $1.1B | ||
| Q2 24 | $-178.9M | $1.4B | ||
| Q1 24 | $425.9M | $584.2M |
| Q4 25 | $613.3M | — | ||
| Q3 25 | $-1.9B | — | ||
| Q2 25 | $56.3M | — | ||
| Q1 25 | $220.3M | — | ||
| Q4 24 | $-344.3M | — | ||
| Q3 24 | $62.3M | — | ||
| Q2 24 | $-307.8M | — | ||
| Q1 24 | $304.9M | — |
| Q4 25 | 12.4% | — | ||
| Q3 25 | -41.1% | — | ||
| Q2 25 | 1.5% | — | ||
| Q1 25 | 6.0% | — | ||
| Q4 24 | -9.8% | — | ||
| Q3 24 | 2.0% | — | ||
| Q2 24 | -10.5% | — | ||
| Q1 24 | 10.8% | — |
| Q4 25 | 3.5% | — | ||
| Q3 25 | 3.1% | — | ||
| Q2 25 | 3.6% | — | ||
| Q1 25 | 3.3% | — | ||
| Q4 24 | 4.7% | — | ||
| Q3 24 | 4.7% | — | ||
| Q2 24 | 4.4% | — | ||
| Q1 24 | 4.3% | — |
| Q4 25 | 2.61× | 3.37× | ||
| Q3 25 | — | 4.70× | ||
| Q2 25 | 0.71× | 2.00× | ||
| Q1 25 | 1.07× | 20.32× | ||
| Q4 24 | -0.66× | 1.61× | ||
| Q3 24 | 0.82× | — | ||
| Q2 24 | -0.73× | 4.05× | ||
| Q1 24 | 1.47× | 1.10× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
LPLA
Segment breakdown not available.
PFG
| Segment Retirement And Income Solutions | $1.6B | 36% |
| Segment Benefits And Protection | $1.1B | 23% |
| Other | $582.8M | 13% |
| Segment Principal Asset Management | $465.6M | 10% |
| Subsegment Investment Management | $449.4M | 10% |
| Administrative Service | $152.2M | 3% |
| Subsegment International Pension | $91.2M | 2% |
| Segment Corporate | $73.0M | 2% |
| Subsegment Life Insurance | $26.1M | 1% |
| Financial Service Other | $25.1M | 1% |
| Residential Mortgage | $7.4M | 0% |
| Subsegment Specialty Benefits | $3.7M | 0% |
| Deposit Account | $3.4M | 0% |
| Commission Income | $1.8M | 0% |
