Futu Holdings delivered a blowout Q4 and full-year 2025, with annual revenue surging 68.1% to HK$22.85 billion (US$2.94 billion) and net income more than doubling to HK$11.30 billion. Diluted EPS per ADS came in at HK$23.92 (US$3.07) for Q4 and HK$80.24 (US$10.31) for the full year. Q4 revenue of HK$6.44 billion beat the consensus estimate of HK$6.30 billion, while Q4 net income of HK$3.39 billion topped expectations of HK$3.20 billion. Shares traded at $152.64 as of the pre-market session on March 12, 2026, down 0.61% from the previous close, reflecting cautious positioning after a strong 7.2% pre-earnings rally.
About Futu Holdings
Futu Holdings Limited (Nasdaq: FUTU) is a leading technology-driven online brokerage and wealth management platform headquartered in Admiralty, Hong Kong. Founded in 2012 and listed on Nasdaq in March 2019 at an IPO price of $12.00 per share, Futu has grown into one of Asia’s most prominent digital brokerages.
The company operates two flagship digital platforms, Futubull and Moomoo, through which it provides a full suite of investment services: trade execution and clearing, margin financing and securities lending, wealth management, and corporate services including IPO distribution and ESOP solutions. Futu has expanded its global footprint to cover Hong Kong, the United States, Singapore, Australia, Canada, Japan, Malaysia, and New Zealand, with over 100 licenses and qualifications worldwide.
As of March 2026, Futu carries a market capitalization of approximately $21.25 billion, a trailing P/E ratio of 17.15, and employs roughly 3,343 people. The company’s 52-week stock price range is $70.60 to $202.53, and its return on equity stands at 30.06%. Futu serves 29.2 million registered users, 3.37 million funded accounts, and manages HK$1.23 trillion in total client assets as of December 31, 2025.
Top Financial Highlights
- Total revenue for FY2025 reached HK$22,846.9 million (US$2,935.4 million), representing 68.1% growth year over year compared with HK$13,590.1 million in 2024.
- Net income for FY2025 totaled HK$11,301.9 million (US$1,452.1 million), increasing 108.0% year over year from HK$5,433.1 million in 2024.
- Diluted earnings per ADS for FY2025 reached HK$80.24 (US$10.31), compared with HK$38.88 recorded in 2024.
- Revenue in the fourth quarter of 2025 reached HK$6,438.5 million (US$827.2 million), reflecting 45.3% growth year over year.
- Net income for the fourth quarter of 2025 totaled HK$3,369.4 million (US$432.9 million), representing an 80.2% increase compared with the same quarter in 2024.
- Diluted earnings per ADS in the fourth quarter reached HK$23.92 (US$3.07), compared with HK$13.35 in the fourth quarter of 2024.
- Gross margin in the fourth quarter of 2025 reached 88.7%, increasing from 82.5% in the same quarter of 2024, while the full year gross margin improved to 87.1% from 82.0%.
- Operating margin for the fourth quarter of 2025 reached 64.4%, rising from 50.0% in the fourth quarter of 2024, while the full year operating margin increased to 61.6% from 48.7%.
- Brokerage commission income for FY2025 reached HK$10,572.7 million, increasing 74.9% year over year, supported by an 89.4% rise in trading volume.
- Interest income for FY2025 totaled HK$10,441.6 million, reflecting 56.6% growth year over year, driven by higher securities lending, bank deposits, and margin financing activities.
- Other income for FY2025 reached HK$1,832.6 million, increasing 108.6% year over year, supported by fund distribution and currency exchange services.
- Total client assets reached HK$1.23 trillion as of December 31, 2025, representing 65.9% growth year over year.
- Total trading volume for FY2025 reached HK$14.68 trillion, reflecting a strong 89.4% increase compared with the previous year.
- Non GAAP adjusted net income for FY2025 reached HK$11,644.9 million, representing 101.9% growth year over year.
- Cash and cash equivalents totaled HK$10.47 billion as of December 31, 2025, compared with HK$11.69 billion one year earlier.
- Guidance for 2026 includes a target of 800,000 net new funded accounts during the year.
Beat or Miss?
Futu beat Wall Street consensus estimates on both revenue and net income for Q4 2025.
| Metric | Reported (Q4 2025) | Estimated | Difference |
| Revenue (HK$) | HK$6,438.5 million | HK$6,300 million | Beat by ~2.2% |
| Revenue (US$) | US$827.2 million | US$815.1 million (Zacks) | Beat by ~1.5% |
| Net Income (HK$) | HK$3,390 million | HK$3,200 million | Beat by ~5.9% |
| YoY Revenue Growth (Reported) | 45.30% | +42.2% (est.) | Outperformed estimate |
| YoY Net Income Growth (Reported) | +80.2% (actual) | +71.2% (est.) | Significantly outperformed |
The full-year 2025 results were also significantly above prior-year levels, with revenue growth of 68.1% and net income growth of 108.0%, driven by record trading volumes, strong net asset inflows, and expanding margins.
What Leadership Is Saying?
Leaf Hua Li, Chairman and CEO: “In 2025, we added over 954 thousand net new funded accounts, bringing total funded accounts to 3.4 million, up 39.6% year-over-year. Robust growth was broad-based in 2025, led by strong client additions from Hong Kong and Malaysia. Not only did we reinforce our market leadership in Hong Kong, where we hold the largest market share among all regions, but also achieved significant share gains in Malaysia, our newest international market in Asia. We continue to see ample bottom-up growth opportunities across our markets and are guiding to 800 thousand net new funded accounts in 2026.”
Leaf Hua Li (on financials and trading activity): “Total trading volume hit a record HK$3.98 trillion, up 37.8% year-over-year and 2.0% quarter-over-quarter. U.S. stock trading volume grew 17.1% sequentially to HK$3.04 trillion, primarily driven by heightened client interests in companies across the AI value chain. Total client assets in wealth management increased 62.0% year-over-year and 2.3% quarter-over-quarter to HK$179.6 billion. As of quarter end, we served 600 IPO distribution and IR clients, up 24.5% year-over-year.”
Historical Performance
Futu Q4 2025 vs. Q4 2024
| Category | Q4 2025 | Q4 2024 | Change (%) |
| Total Revenue | HK$6,438.5M | HK$4,432.5M | +45.3% |
| Net Income | HK$3,369.4M | HK$1,869.5M | +80.2% |
| Gross Profit | HK$5,709.7M | HK$3,656.5M | +56.2% |
| Operating Expenses | HK$1,562.7M | HK$1,439.1M | +8.6% |
| Income from Operations | HK$4,147.0M | HK$2,217.4M | +87.0% |
| Net Income Margin | 52.30% | 42.20% | +10.1 ppts |
| Gross Margin | 88.70% | 82.50% | +6.2 ppts |
| Operating Margin | 64.40% | 50.00% | +14.4 ppts |
Futu Full Year 2025 vs. Full Year 2024
| Category | FY 2025 | FY 2024 | Change (%) |
| Total Revenue | HK$22,846.9M | HK$13,590.1M | +68.1% |
| Net Income | HK$11,301.9M | HK$5,433.1M | +108.0% |
| Gross Profit | HK$19,904.5M | HK$11,144.7M | +78.6% |
| Operating Expenses | HK$5,823.9M | HK$4,523.0M | +28.8% |
| Income from Operations | HK$14,080.6M | HK$6,621.7M | +112.6% |
| Net Income Margin | 49.50% | 40.00% | +9.5 ppts |
| Diluted EPS per ADS (HK$) | HK$80.24 | HK$38.88 | 106.40% |
Competitor Performance Comparison
To provide context, below is a comparison of Futu’s quarterly results alongside two major online brokerage competitors: Interactive Brokers (Q4 2025) and UP Fintech/Tiger Brokers (latest reported: Q3 2025). Charles Schwab (Q4 2025) is included as a broader industry reference.
Q4 2025 Quarterly Revenue and Profitability
| Metric | Futu (Q4 2025) | Interactive Brokers (Q4 2025) | UP Fintech/Tiger (Q3 2025)* | Charles Schwab (Q4 2025) |
| Quarterly Revenue | US$827.2M | US$1,640M | US$175.2M | US$6,340M |
| Revenue YoY Growth | +45.3% | +15.4% | +73.3% | +18.9% |
| Net Income | US$432.9M | ~US$610M (adj.) | US$53.8M | US$2,460M |
| Adjusted EPS | US$3.07/ADS | US$0.65/share | N/A | US$1.39/share |
| Pre-tax/Operating Margin | 64.4% | 77-79% | ~31% | 50.2% |
| Market Cap | ~$21.3B | ~$32.7B | ~$1.85B | ~$179.5B |
Full Year 2025 Comparison
| Metric | Futu (FY 2025) | Interactive Brokers (FY 2025) | Charles Schwab (FY 2025) |
| Annual Revenue | US$2,935.4M | ~US$6,000M+ | US$23,920M |
| Revenue YoY Growth | +68.1% | ~15-20% | +22% |
| Net Income Growth | +108.0% | Record year | +49% (GAAP) |
| Client Account Growth | +39.6% funded accounts | +1M net new accounts | +6% to 46.5M |
| Client Assets | HK$1.23T (~US$158B) | US$780B | US$11.9T |
Futu significantly outpaced all major peers in revenue growth rate, more than tripling the growth of Interactive Brokers and Schwab. Among Asia-focused digital brokers, Futu’s revenue scale is approximately 5-6x that of Tiger Brokers, maintaining a commanding lead in the segment.
How the Market Reacted?
Futu shares rose 7.2% in the session before the earnings release (March 10, 2026), as traders positioned ahead of the report amid improving sentiment around China-linked technology stocks and Hong Kong equities. The stock closed at $152.64 on March 11, down 0.61% as pre-earnings excitement cooled slightly.
In the pre-market session on March 12, 2026, shares were quoted at $155.25, up approximately 1.71% from the prior close, suggesting a mildly positive initial reaction to the earnings beat. Historically, FUTU shares have moved lower in the immediate aftermath of 8 out of 12 previous earnings reports, with an average one-day post-earnings decline of 2.1%, making any sustained positive reaction notable.
