Freedom Holding (FRHC) reported $2.4B in revenue over the twelve months to Jun 30, 2026, up 15.8% from the prior twelve months. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 15 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
A rapidly enlarging balance sheet is driving growth, but cash generation and returns have not scaled with it.
Over two years, assets expanded by$4.9B and debt-to-equity reached 7.8x. Yet return on assets fell from4.6% to1.2% , meaning the company is using far more balance-sheet capacity for each dollar of profit than it did earlier.
One year earlier, cash conversion was unusually strong, with operating cash flow of
The business also carries a heavy interest load: interest expense was
Financial Health Signals
Freedom Holding does not currently provide enough eligible data for a peer-relative financial health score, so none is published. The signals and metrics below are current.
Freedom Holding passes 4 of 7 computable financial strength tests (2 of the nine could not be computed from available data). All 4 profitability signals pass (positive income, cash flow, and earnings quality), no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), neither operating efficiency signal passes.
For every $1 of reported earnings, Freedom Holding generates $1.21 in operating cash flow ($185.2M OCF vs $153.3M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Key Financial Metrics
Earnings & Revenue
Freedom Holding generated $2.2B in revenue in fiscal year 2026. This represents an increase of 9.3% from the prior year.
Freedom Holding reported $153.3M in net income in fiscal year 2026. This represents an increase of 101.0% from the prior year.
Freedom Holding earned $2.51 per diluted share (EPS) in fiscal year 2026. This represents an increase of 99.2% from the prior year.
Not reported for fiscal year 2026.
Cash & Balance Sheet
Freedom Holding recorded an outflow of $13.5M in free cash flow in fiscal year 2026, representing a cash shortfall after capex. This represents a decrease of 100.8% from the prior year.
Freedom Holding held $966.1M in cash as of fiscal year 2026; long-term debt is not reported for that period.
Not reported for fiscal year 2026.
Margins & Returns
Freedom Holding's gross margin was 96.4% in fiscal year 2026, indicating the percentage of revenue retained after direct costs. This is down 2.1 percentage points from the prior year.
Freedom Holding's net profit margin was 7.0% in fiscal year 2026, showing the share of revenue converted to profit. This is up 3.2 percentage points from the prior year.
Freedom Holding's ROE was 10.3% in fiscal year 2026, measuring profit generated per dollar of shareholder equity. This is up 4.1 percentage points from the prior year.
Not reported for fiscal year 2026.
Capital Allocation
Freedom Holding invested $198.8M in capex in fiscal year 2026, funding long-term assets and infrastructure. This represents an increase of 145.7% from the prior year.
Not reported for fiscal year 2026.
Not reported for fiscal year 2026.
FRHC Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | Q1'27 | Q4'26 | Q3'26 | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $732.5M+42.9% | $512.6M-18.5% | $628.6M+19.5% | $526.1M+0.4% | $524.0M+75.6% | $298.4M-55.1% | $664.6M+13.4% | $586.1M |
| Cost of Revenue | $35.2M+39.6% | $25.2M-0.4% | $25.3M+67.4% | $15.1M+8.9% | $13.9M+12.4% | $12.4M+31.7% | $9.4M+79.2% | $5.2M |
| Gross Profit | $697.3M+43.1% | $487.3M-19.2% | $603.3M+18.1% | $511.0M+0.2% | $510.1M+78.3% | $286.1M-56.3% | $655.2M+12.8% | $580.9M |
| SG&A Expenses | $76.2M+20.2% | $63.4M-11.2% | $71.4M+56.8% | $45.6M+8.5% | $42.0M+53.6% | $27.3M-49.3% | $53.9M+31.9% | $40.9M |
| Interest Expense | $177.6M+22.1% | $145.5M+13.7% | $127.9M+25.1% | $102.3M-9.8% | $113.4M-15.6% | $134.4M+2.5% | $131.1M+5.2% | $124.7M |
| Income Tax | $9.2M-60.2% | $23.0M+30.1% | $17.7M-18.6% | $21.8M+115.1% | $10.1M+177.2% | -$13.1M-164.9% | $20.2M+44.2% | $14.0M |
| Net Income | $31.7M+3016.1% | $1.0M-98.7% | $76.2M+96.9% | $38.7M+3.7% | $37.4M+124.7% | -$151.1M-293.0% | $78.3M-31.7% | $114.7M |
| EPS (Diluted) | $0.52 | $0.13 | $1.25+98.4% | $0.63+3.3% | $0.61+124.4% | -$2.50-293.8% | $1.29-31.7% | $1.89 |
Not reported in any period shown, so not listed: R&D Expenses, Operating Income.
FRHC Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | Q1'27 | Q4'26 | Q3'26 | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $14.0B+6.8% | $13.2B+6.3% | $12.4B+19.6% | $10.3B+6.8% | $9.7B-2.3% | $9.9B+8.5% | $9.1B+3.6% | $8.8B |
| Cash & Equivalents | $1.4B+39.8% | $966.1M+11.2% | $869.2M+36.7% | $636.0M+12.0% | $567.9M-32.2% | $837.3M+44.9% | $577.9M+1.5% | $569.2M |
| Goodwill | $53.0M+3.7% | $51.1M+3.3% | $49.5M+6.9% | $46.2M-4.6% | $48.5M-1.3% | $49.1M+1.8% | $48.2M-9.3% | $53.2M |
| Total Liabilities | $12.5B+7.2% | $11.7B+6.2% | $11.0B+20.3% | $9.1B+7.9% | $8.5B-2.6% | $8.7B+10.4% | $7.9B+4.2% | $7.6B |
| Total Equity | $1.5B+3.1% | $1.5B+6.8% | $1.4B+14.2% | $1.2B-0.6% | $1.2B+0.4% | $1.2B-2.8% | $1.3B0.0% | $1.3B |
| Retained Earnings | $1.3B+2.6% | $1.2B0.0% | $1.2B+6.6% | $1.2B+3.5% | $1.1B+3.5% | $1.1B-12.1% | $1.2B+6.8% | $1.1B |
Not reported in any period shown, so not listed: Current Assets, Inventory, Accounts Receivable, Current Liabilities, Long-Term Debt.
FRHC Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | Q1'27 | Q4'26 | Q3'26 | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$341.6M+77.9% | -$1.5B-315.8% | $717.8M+34.1% | $535.3M+11.3% | $480.8M-64.1% | $1.3B+1938.5% | -$72.8M+83.4% | -$438.0M |
| Capital Expenditures | $79.1M+244.2% | $23.0M-65.2% | $66.1M-20.8% | $83.4M+216.3% | $26.4M-3.5% | $27.3M+37.0% | $19.9M+110.7% | $9.5M |
| Free Cash Flow | -$420.8M+73.2% | -$1.6B-341.2% | $651.7M+44.2% | $451.9M-0.6% | $454.5M-65.3% | $1.3B+1513.6% | -$92.7M+79.3% | -$447.5M |
| Investing Cash Flow | -$275.4M-154.4% | -$108.2M+57.8% | -$256.4M-43.2% | -$179.0M+64.6% | -$505.5M-99.9% | -$252.8M+41.1% | -$429.2M-233.3% | -$128.8M |
| Financing Cash Flow | $1.2B+547.9% | $187.8M-76.0% | $784.1M+713.7% | $96.4M-21.9% | $123.4M+114.8% | -$835.2M-280.3% | $463.3M+271.3% | $124.8M |
Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.
FRHC Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | Q1'27 | Q4'26 | Q3'26 | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 95.2%+0.1pp | 95.1%-0.9pp | 96.0%-1.1pp | 97.1%-0.2pp | 97.4%+1.5pp | 95.9%-2.7pp | 98.6%-0.5pp | 99.1% |
| Net Margin | 4.3%+4.1pp | 0.2%-11.9pp | 12.1%+4.8pp | 7.4%+0.2pp | 7.1%+57.7pp | -50.6%-62.4pp | 11.8%-7.8pp | 19.6% |
| Return on Equity | 2.1%+2.0pp | 0.1%-5.4pp | 5.5%+2.3pp | 3.2%+0.1pp | 3.0%+15.4pp | -12.3%-18.5pp | 6.2%-2.9pp | 9.1% |
| Return on Assets | 0.2%+0.2pp | 0.0%-0.6pp | 0.6%+0.2pp | 0.4%0.0pp | 0.4%+1.9pp | -1.5%-2.4pp | 0.9%-0.4pp | 1.3% |
| Debt-to-Equity | 8.15+0.3x | 7.830.0x | 7.87+0.4x | 7.47+0.6x | 6.88-0.2x | 7.10+0.8x | 6.25+0.3x | 5.99 |
| FCF Margin | -57.4% | -306.6% | 103.7% | 85.9%-0.8pp | 86.7% | 439.1% | -14.0%+62.4pp | -76.3% |
Not reported in any period shown, so not listed: Operating Margin, Current Ratio.
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: FCF Margin.
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Where Freedom Holding Ranks
Frequently Asked Questions
What is Freedom Holding's annual revenue?
Freedom Holding (FRHC) reported $2.2B in total revenue for fiscal year 2026. This represents a 9.3% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Freedom Holding's revenue growing?
Freedom Holding (FRHC) revenue grew by 9.3% year-over-year, from $2.0B to $2.2B in fiscal year 2026.
Is Freedom Holding profitable?
Yes, Freedom Holding (FRHC) reported a net income of $153.3M in fiscal year 2026, with a net profit margin of 7.0%.
What is Freedom Holding's gross margin?
Freedom Holding (FRHC) had a gross margin of 96.4% in fiscal year 2026, indicating the percentage of revenue retained after direct costs of goods sold.
What is Freedom Holding's net profit margin?
Freedom Holding (FRHC) had a net profit margin of 7.0% in fiscal year 2026, representing the share of revenue converted into profit after all expenses.
What is Freedom Holding's return on equity (ROE)?
Freedom Holding (FRHC) has a return on equity of 10.3% for fiscal year 2026, measuring how efficiently the company generates profit from shareholder equity.
What is Freedom Holding's free cash flow?
Freedom Holding (FRHC) recorded an outflow of $13.5M in free cash flow during fiscal year 2026. This represents a -100.8% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Freedom Holding's operating cash flow?
Freedom Holding (FRHC) generated $185.2M in operating cash flow during fiscal year 2026, representing cash generated from core business activities.
What are Freedom Holding's total assets?
Freedom Holding (FRHC) had $13.2B in total assets as of fiscal year 2026, including both current and long-term assets.
What are Freedom Holding's capital expenditures?
Freedom Holding (FRHC) invested $198.8M in capital expenditures during fiscal year 2026, funding long-term assets and infrastructure.
What is Freedom Holding's debt-to-equity ratio?
Freedom Holding (FRHC) had a debt-to-equity ratio of 7.83 as of fiscal year 2026, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Freedom Holding's return on assets (ROA)?
Freedom Holding (FRHC) had a return on assets of 1.2% for fiscal year 2026, measuring how efficiently the company uses its assets to generate profit.
What is Freedom Holding's Piotroski F-Score?
Freedom Holding (FRHC) has a Piotroski F-Score of 4 out of 7 computable signals; 2 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Freedom Holding's earnings high quality?
Freedom Holding (FRHC) has an earnings quality ratio of 1.21x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.