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Side-by-side financial comparison of LPL Financial Holdings Inc. (LPLA) and SHOPIFY INC. (SHOP). 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 $3.7B, roughly 1.3× SHOPIFY INC.). SHOPIFY INC. runs the higher net margin — 20.2% vs 6.1%, a 14.1% gap on every dollar of revenue. On growth, LPL Financial Holdings Inc. posted the faster year-over-year revenue change (40.4% vs 30.6%). SHOPIFY INC. produced more free cash flow last quarter ($715.0M vs $613.3M). Over the past eight quarters, SHOPIFY INC.'s revenue compounded faster (40.5% CAGR vs 32.0%).
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.
Shopify Inc., stylized as shopify, is a Canadian multinational e-commerce company headquartered in Ottawa, Ontario that operates a platform for retail point-of-sale systems. The company has over 5 million customers and processed US$292.3 billion in transactions in 2024, of which 57% was in the United States. Major customers include Tesla, LVMH, Nestlé, PepsiCo, AB InBev, Kraft Heinz, Lindt, Whole Foods Market, Red Bull, and Hyatt.
LPLA vs SHOP — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $4.9B | $3.7B |
| Net Profit | $300.7M | $743.0M |
| Gross Margin | — | 46.1% |
| Operating Margin | 8.1% | 17.2% |
| Net Margin | 6.1% | 20.2% |
| Revenue YoY | 40.4% | 30.6% |
| Net Profit YoY | 11.1% | -42.5% |
| EPS (diluted) | $3.65 | $0.58 |
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 | $3.7B | ||
| Q3 25 | $4.6B | $2.8B | ||
| Q2 25 | $3.8B | $2.7B | ||
| Q1 25 | $3.7B | $2.4B | ||
| Q4 24 | $3.5B | $2.8B | ||
| Q3 24 | $3.1B | $2.2B | ||
| Q2 24 | $2.9B | $2.0B | ||
| Q1 24 | $2.8B | $1.9B |
| Q4 25 | $300.7M | $743.0M | ||
| Q3 25 | $-29.5M | $264.0M | ||
| Q2 25 | $273.2M | $906.0M | ||
| Q1 25 | $318.6M | $-682.0M | ||
| Q4 24 | $270.7M | $1.3B | ||
| Q3 24 | $255.3M | $828.0M | ||
| Q2 24 | $243.8M | $171.0M | ||
| Q1 24 | $288.8M | $-273.0M |
| Q4 25 | — | 46.1% | ||
| Q3 25 | — | 48.9% | ||
| Q2 25 | — | 48.6% | ||
| Q1 25 | — | 49.5% | ||
| Q4 24 | — | 48.1% | ||
| Q3 24 | — | 51.7% | ||
| Q2 24 | — | 51.1% | ||
| Q1 24 | — | 51.4% |
| Q4 25 | 8.1% | 17.2% | ||
| Q3 25 | -0.7% | 12.1% | ||
| Q2 25 | 9.6% | 10.9% | ||
| Q1 25 | 11.4% | 8.6% | ||
| Q4 24 | 9.7% | 16.5% | ||
| Q3 24 | 11.2% | 13.1% | ||
| Q2 24 | 11.3% | 11.8% | ||
| Q1 24 | 13.2% | 4.6% |
| Q4 25 | 6.1% | 20.2% | ||
| Q3 25 | -0.6% | 9.3% | ||
| Q2 25 | 7.1% | 33.8% | ||
| Q1 25 | 8.7% | -28.9% | ||
| Q4 24 | 7.7% | 46.0% | ||
| Q3 24 | 8.2% | 38.3% | ||
| Q2 24 | 8.3% | 8.4% | ||
| Q1 24 | 10.2% | -14.7% |
| Q4 25 | $3.65 | $0.58 | ||
| Q3 25 | $-0.37 | $0.20 | ||
| Q2 25 | $3.40 | $0.69 | ||
| Q1 25 | $4.24 | $-0.53 | ||
| Q4 24 | $3.58 | $0.99 | ||
| Q3 24 | $3.39 | $0.64 | ||
| Q2 24 | $3.23 | $0.13 | ||
| Q1 24 | $3.83 | $-0.21 |
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 | $5.8B |
| Total DebtLower is stronger | $7.3B | — |
| Stockholders' EquityBook value | $5.3B | $13.5B |
| Total Assets | $18.5B | $15.2B |
| Debt / EquityLower = less leverage | 1.36× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.1B | $5.8B | ||
| Q3 25 | $1.6B | $6.3B | ||
| Q2 25 | $4.3B | $5.8B | ||
| Q1 25 | $1.4B | $5.5B | ||
| Q4 24 | $1.0B | $5.5B | ||
| Q3 24 | $1.6B | — | ||
| Q2 24 | $1.4B | — | ||
| Q1 24 | $1.2B | — |
| 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 24 | $3.9B | — |
| Q4 25 | $5.3B | $13.5B | ||
| Q3 25 | $5.0B | $12.5B | ||
| Q2 25 | $5.1B | $12.1B | ||
| Q1 25 | $3.1B | $11.1B | ||
| Q4 24 | $2.9B | $11.6B | ||
| Q3 24 | $2.8B | $10.1B | ||
| Q2 24 | $2.5B | $9.2B | ||
| Q1 24 | $2.3B | $8.9B |
| Q4 25 | $18.5B | $15.2B | ||
| Q3 25 | $18.0B | $15.0B | ||
| Q2 25 | $17.5B | $14.6B | ||
| Q1 25 | $14.0B | $13.4B | ||
| Q4 24 | $13.3B | $13.9B | ||
| Q3 24 | $11.9B | — | ||
| Q2 24 | $11.5B | — | ||
| Q1 24 | $11.0B | — |
| 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× | — | ||
| Q1 24 | 1.70× | — |
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 | $725.0M |
| Free Cash FlowOCF − Capex | $613.3M | $715.0M |
| FCF MarginFCF / Revenue | 12.4% | 19.5% |
| Capex IntensityCapex / Revenue | 3.5% | 0.3% |
| Cash ConversionOCF / Net Profit | 2.61× | 0.98× |
| TTM Free Cash FlowTrailing 4 quarters | $-981.8M | $2.0B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $785.0M | $725.0M | ||
| Q3 25 | $-1.7B | $513.0M | ||
| Q2 25 | $193.3M | $428.0M | ||
| Q1 25 | $339.8M | $367.0M | ||
| Q4 24 | $-178.8M | $615.0M | ||
| Q3 24 | $209.3M | $423.0M | ||
| Q2 24 | $-178.9M | $340.0M | ||
| Q1 24 | $425.9M | $238.0M |
| Q4 25 | $613.3M | $715.0M | ||
| Q3 25 | $-1.9B | $507.0M | ||
| Q2 25 | $56.3M | $422.0M | ||
| Q1 25 | $220.3M | $363.0M | ||
| Q4 24 | $-344.3M | $611.0M | ||
| Q3 24 | $62.3M | $421.0M | ||
| Q2 24 | $-307.8M | $333.0M | ||
| Q1 24 | $304.9M | $232.0M |
| Q4 25 | 12.4% | 19.5% | ||
| Q3 25 | -41.1% | 17.8% | ||
| Q2 25 | 1.5% | 15.7% | ||
| Q1 25 | 6.0% | 15.4% | ||
| Q4 24 | -9.8% | 21.7% | ||
| Q3 24 | 2.0% | 19.5% | ||
| Q2 24 | -10.5% | 16.3% | ||
| Q1 24 | 10.8% | 12.5% |
| Q4 25 | 3.5% | 0.3% | ||
| Q3 25 | 3.1% | 0.2% | ||
| Q2 25 | 3.6% | 0.2% | ||
| Q1 25 | 3.3% | 0.2% | ||
| Q4 24 | 4.7% | 0.1% | ||
| Q3 24 | 4.7% | 0.1% | ||
| Q2 24 | 4.4% | 0.3% | ||
| Q1 24 | 4.3% | 0.3% |
| Q4 25 | 2.61× | 0.98× | ||
| Q3 25 | — | 1.94× | ||
| Q2 25 | 0.71× | 0.47× | ||
| Q1 25 | 1.07× | — | ||
| Q4 24 | -0.66× | 0.48× | ||
| Q3 24 | 0.82× | 0.51× | ||
| Q2 24 | -0.73× | 1.99× | ||
| Q1 24 | 1.47× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
LPLA
Segment breakdown not available.
SHOP
| Services | $2.9B | 79% |
| Subscription And Circulation | $777.0M | 21% |
