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Side-by-side financial comparison of LPL Financial Holdings Inc. (LPLA) and Tradeweb Markets Inc. (TW). 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 $521.2M, roughly 9.5× Tradeweb Markets Inc.). Tradeweb Markets Inc. runs the higher net margin — 62.4% vs 6.1%, a 56.3% gap on every dollar of revenue. On growth, LPL Financial Holdings Inc. posted the faster year-over-year revenue change (40.4% vs 12.5%). LPL Financial Holdings Inc. produced more free cash flow last quarter ($613.3M vs $336.5M). Over the past eight quarters, LPL Financial Holdings Inc.'s revenue compounded faster (32.0% CAGR vs 12.9%).
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.
Tradeweb Markets Inc., headquartered in New York City, operates electronic trading platforms primarily used by institutional investors to trade fixed income products, ETFs, and derivatives. It has over 3,000 customers including banks, asset managers, central banks, pension funds, and insurance companies. In 2024, 83% of the company's revenue was from transaction fees and commissions and 17% was from subscription fees. In 2024, 52% of revenue came from products related to rates, 27% of revenue...
LPLA vs TW — Head-to-Head
Income Statement — Q4 2025 vs Q4 2025
| Metric | | |
|---|---|---|
| Revenue | $4.9B | $521.2M |
| Net Profit | $300.7M | $325.0M |
| Gross Margin | — | — |
| Operating Margin | 8.1% | 42.4% |
| Net Margin | 6.1% | 62.4% |
| Revenue YoY | 40.4% | 12.5% |
| Net Profit YoY | 11.1% | 128.5% |
| EPS (diluted) | $3.65 | $1.52 |
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 | $521.2M | ||
| Q3 25 | $4.6B | $508.6M | ||
| Q2 25 | $3.8B | $513.0M | ||
| Q1 25 | $3.7B | $509.7M | ||
| Q4 24 | $3.5B | $463.3M | ||
| Q3 24 | $3.1B | $448.9M | ||
| Q2 24 | $2.9B | $405.0M | ||
| Q1 24 | $2.8B | $408.7M |
| Q4 25 | $300.7M | $325.0M | ||
| Q3 25 | $-29.5M | $185.6M | ||
| Q2 25 | $273.2M | $153.8M | ||
| Q1 25 | $318.6M | $148.4M | ||
| Q4 24 | $270.7M | $142.2M | ||
| Q3 24 | $255.3M | $113.9M | ||
| Q2 24 | $243.8M | $119.2M | ||
| Q1 24 | $288.8M | $126.1M |
| Q4 25 | 8.1% | 42.4% | ||
| Q3 25 | -0.7% | 41.4% | ||
| Q2 25 | 9.6% | 39.0% | ||
| Q1 25 | 11.4% | 40.0% | ||
| Q4 24 | 9.7% | 40.7% | ||
| Q3 24 | 11.2% | 35.5% | ||
| Q2 24 | 11.3% | 40.1% | ||
| Q1 24 | 13.2% | 41.0% |
| Q4 25 | 6.1% | 62.4% | ||
| Q3 25 | -0.6% | 36.5% | ||
| Q2 25 | 7.1% | 30.0% | ||
| Q1 25 | 8.7% | 29.1% | ||
| Q4 24 | 7.7% | 30.7% | ||
| Q3 24 | 8.2% | 25.4% | ||
| Q2 24 | 8.3% | 29.4% | ||
| Q1 24 | 10.2% | 30.9% |
| Q4 25 | $3.65 | $1.52 | ||
| Q3 25 | $-0.37 | $0.86 | ||
| Q2 25 | $3.40 | $0.71 | ||
| Q1 25 | $4.24 | $0.69 | ||
| Q4 24 | $3.58 | $0.66 | ||
| Q3 24 | $3.39 | $0.53 | ||
| Q2 24 | $3.23 | $0.55 | ||
| Q1 24 | $3.83 | $0.59 |
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 | $2.1B |
| Total DebtLower is stronger | $7.3B | — |
| Stockholders' EquityBook value | $5.3B | $6.5B |
| Total Assets | $18.5B | $8.2B |
| Debt / EquityLower = less leverage | 1.36× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.1B | $2.1B | ||
| Q3 25 | $1.6B | $1.9B | ||
| Q2 25 | $4.3B | $1.6B | ||
| Q1 25 | $1.4B | $1.3B | ||
| Q4 24 | $1.0B | $1.3B | ||
| Q3 24 | $1.6B | $1.2B | ||
| Q2 24 | $1.4B | $1.7B | ||
| Q1 24 | $1.2B | $1.5B |
| 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 | $6.5B | ||
| Q3 25 | $5.0B | $6.3B | ||
| Q2 25 | $5.1B | $6.1B | ||
| Q1 25 | $3.1B | $5.9B | ||
| Q4 24 | $2.9B | $5.8B | ||
| Q3 24 | $2.8B | $5.7B | ||
| Q2 24 | $2.5B | $5.6B | ||
| Q1 24 | $2.3B | $5.5B |
| Q4 25 | $18.5B | $8.2B | ||
| Q3 25 | $18.0B | $8.0B | ||
| Q2 25 | $17.5B | $8.1B | ||
| Q1 25 | $14.0B | $7.4B | ||
| Q4 24 | $13.3B | $7.3B | ||
| Q3 24 | $11.9B | $7.3B | ||
| Q2 24 | $11.5B | $7.3B | ||
| Q1 24 | $11.0B | $7.4B |
| 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 | $355.9M |
| Free Cash FlowOCF − Capex | $613.3M | $336.5M |
| FCF MarginFCF / Revenue | 12.4% | 64.6% |
| Capex IntensityCapex / Revenue | 3.5% | 3.7% |
| Cash ConversionOCF / Net Profit | 2.61× | 1.10× |
| TTM Free Cash FlowTrailing 4 quarters | $-981.8M | $1.1B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $785.0M | $355.9M | ||
| Q3 25 | $-1.7B | $342.3M | ||
| Q2 25 | $193.3M | $409.2M | ||
| Q1 25 | $339.8M | $60.2M | ||
| Q4 24 | $-178.8M | $282.0M | ||
| Q3 24 | $209.3M | $292.1M | ||
| Q2 24 | $-178.9M | $285.7M | ||
| Q1 24 | $425.9M | $37.9M |
| Q4 25 | $613.3M | $336.5M | ||
| Q3 25 | $-1.9B | $328.3M | ||
| Q2 25 | $56.3M | $403.7M | ||
| Q1 25 | $220.3M | $58.6M | ||
| Q4 24 | $-344.3M | $256.8M | ||
| Q3 24 | $62.3M | $287.8M | ||
| Q2 24 | $-307.8M | $280.8M | ||
| Q1 24 | $304.9M | $31.3M |
| Q4 25 | 12.4% | 64.6% | ||
| Q3 25 | -41.1% | 64.5% | ||
| Q2 25 | 1.5% | 78.7% | ||
| Q1 25 | 6.0% | 11.5% | ||
| Q4 24 | -9.8% | 55.4% | ||
| Q3 24 | 2.0% | 64.1% | ||
| Q2 24 | -10.5% | 69.4% | ||
| Q1 24 | 10.8% | 7.7% |
| Q4 25 | 3.5% | 3.7% | ||
| Q3 25 | 3.1% | 2.8% | ||
| Q2 25 | 3.6% | 1.1% | ||
| Q1 25 | 3.3% | 0.3% | ||
| Q4 24 | 4.7% | 5.4% | ||
| Q3 24 | 4.7% | 1.0% | ||
| Q2 24 | 4.4% | 1.2% | ||
| Q1 24 | 4.3% | 1.6% |
| Q4 25 | 2.61× | 1.10× | ||
| Q3 25 | — | 1.84× | ||
| Q2 25 | 0.71× | 2.66× | ||
| Q1 25 | 1.07× | 0.41× | ||
| Q4 24 | -0.66× | 1.98× | ||
| Q3 24 | 0.82× | 2.56× | ||
| Q2 24 | -0.73× | 2.40× | ||
| Q1 24 | 1.47× | 0.30× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
LPLA
| Other | $2.6B | 53% |
| Transferred At Point In Time | $721.1M | 15% |
| Annuities | $720.5M | 15% |
| Transferred Over Time | $510.7M | 10% |
| Mutual Fund | $271.1M | 5% |
| Other Investment | $110.2M | 2% |
TW
| Other | $235.2M | 45% |
| Wholesale Client Sector | $97.9M | 19% |
| Subscription Fee Revenue | $60.0M | 12% |
| Retail Client Sector | $35.0M | 7% |
| Market Data Client Sector | $33.8M | 6% |
| Corporate Client Sector | $26.1M | 5% |
| Market Data Revenue | $23.2M | 4% |
| Financial Service Other | $10.0M | 2% |
