LPL Financial Holdings Inc 2025年度报告

☒ANNUAL REPORT PURSUANT TO SECTION13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934For the fiscal year ended December 31, 2025 OR ☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934For the transition period fromto Commission File Number 001-34963 LPL Financial Holdings Inc. (Exact name of registrant as specified in its charter) (I.R.S. Employer Identification No.) (800) (Registrant’s telephone number, including area code) Securities registered pursuant to Section12(b) of the Act: Name of each exchange on which registeredThe Nasdaq Global Select Market Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule405 of the Securities Act.YesNo Indicate by check mark if the registrant is not required to file reports pursuant to Section13 or 15(d) of the Exchange Act.YesNo Indicate by check mark whether the registrant (1)has filed all reports required to be filed by Section13 or 15(d) of the Securities Exchange Act of 1934during the preceding 12months (or for such shorter period that the registrant was required to file such reports), and (2)has been subject to such filingrequirements for the past 90days.YesNo Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule405 ofRegulationS-T (§232.405 of this chapter) during the preceding 12months (or for such shorter period that the registrant was required to submit suchfiles).YesNo Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or anemerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growthcompany” in Rule 12b-2 of the Exchange Act. Large accelerated filerAccelerated filerSmaller reporting company☐Non-accelerated filerEmerging growth company☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any newor revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internalcontrol over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm thatprepared or issued its audit report. If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in thefiling reflect the correction of an error to previously issued financial statements. Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensationreceived by any of the registrant’s executive officers during the relevant recovery period pursuant to § 240.10D-1(b). Indicate by check mark whether the registrant is a shell company (as defined in Rule12b-2 of the Exchange Act).☐YesNo As of June30, 2025, the aggregate market value of the voting stock held by non-affiliates of the registrant was $29.9 billion. For purposes of thisinformation, the outstanding shares of Common Stock owned by directors and executive officers of the registrant were deemed to be shares of the votingstock held by affiliates. The number of shares of Common Stock, par value $0.001 per share, outstanding as of February 19, 2026 was 80,080,181. DOCUMENTS INCORPORATED BY REFERENCE Portions of the definitive Proxy Statement for the Annual Meeting of Stockholders, which the Company intends to file within 120 days of the fiscal yearended December 31, 2025, are incorporated by reference into PartIII. TABLE OF CONTENTS PARTIItem 1BusinessiiiItem 1ARisk Factors13Item 1BUnresolved Staff Comments31Item 1CCybersecurity32Item 2Properties33Item 3Legal Proceedings33Item 4Mine Safety Disclosures33Information about our Executive Officers34PARTIIItem 5Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases ofEquity Securities37Item 6Reserved38Glossary of Terms38Item 7Management’s Discussion and Analysis of Financial Condition and Results ofOperations39Business Overview39Our Sources of Revenue40Significant Events40Executive Summary41Key Performance Metrics41Economic Overview and Impact of Financial Market Events46Results of Operations47Liquidity and Capital Resources51Debt and Related Covenants55Contractual Obligations56Risk Management57Critical Accounting Policies and Estimates59Item 7AQuantitative and Qualitative Disclosures About Market Risk60Item 8Financial Statements and Supplementary Data63Item 9Changes in and Disagreements with Accountants on Accounting and FinancialDisclosure114Item 9AControls and Procedures114Item 9BOther Information116Item 9CDi