What is Freedom Holding's earnings per share (EPS)?

Freedom Holding (FRHC) reported diluted earnings per share of $2.51 for fiscal year 2026. This represents a 99.2% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Freedom Holding Financials

FRHC

Source SEC Filings (10-K/10-Q) Data as of Mar 31, 2026 Currency USD FYE March

This page shows Freedom Holding (FRHC) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 16 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).

Rhea AI FRHC FY2025 2026-04-22

Balance-sheet growth outran profit generation, leaving a larger, more leveraged company with thinner earnings on each asset dollar.

Between FY2023 and FY2025, total assets climbed from $5.08B to $9.91B; the platform expanded far faster than its earning power. Return on assets fell to 0.9% even as operating cash flow reached $1.68B, suggesting FY2025 cash came more from balance-sheet movement than from durable profitability.

Leverage kept ratcheting up, with debt-to-equity moving from 4.8x to 7.2x across the period; growth has been funded with a thicker liability layer, not with proportionate shareholder capital. Interest expense reached $535.9M, which helps explain why reported net income shrank to $84.7M despite a much larger revenue base.

Net margin compression from 22.5% to 4.1% while revenue still rose shows scale alone did not improve economics; more of each sales dollar was absorbed below the gross line. Cash reserves ended at $837.3M against $8.70B of liabilities, so liquidity depends on continual balance-sheet turnover more than on a large cash cushion.

Financial Health Signals

Financial health score pending refresh

We are recalculating Freedom Holding's peer-relative financial health score against the latest fiscal year. It will appear here once the refresh completes. The signals and metrics below are current.

Piotroski F-Score Partial

4/7

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.

Earnings Quality Cash-Backed

1.21x

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

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Earnings & Revenue

Revenue

$2.2B

YoY+9.3%

5Y CAGR+44.6%

Freedom Holding generated $2.2B in revenue in fiscal year 2026. This represents an increase of 9.3% from the prior year.

EBITDA

N/A

Net Income

$153.3M

YoY+101.0%

5Y CAGR+0.5%

Freedom Holding reported $153.3M in net income in fiscal year 2026. This represents an increase of 101.0% from the prior year.

EPS (Diluted)

$2.51

YoY+99.2%

5Y CAGR-0.4%

Freedom Holding earned $2.51 per diluted share (EPS) in fiscal year 2026. This represents an increase of 99.2% from the prior year.

Cash & Balance Sheet

Free Cash Flow

-$13.5M

YoY-100.8%

Freedom Holding generated -$13.5M in free cash flow in fiscal year 2026, representing cash available after capex. This represents a decrease of 100.8% from the prior year.

Cash & Debt

$966.1M

YoY+15.4%

5Y CAGR+41.8%

Freedom Holding held $966.1M in cash against $0 in long-term debt as of fiscal year 2026.

Dividends Per Share

N/A

Shares Outstanding

61M

YoY+0.5%

5Y CAGR+1.0%

Freedom Holding had 61M shares outstanding in fiscal year 2026. This represents an increase of 0.5% from the prior year.

Margins & Returns

Gross Margin

96.4%

YoY-2.1pp

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.

Operating Margin

N/A

Net Margin

7.0%

YoY+3.2pp

5Y CAGR-36.1pp

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.

Return on Equity

10.3%

YoY+4.1pp

5Y CAGR-43.7pp

10Y CAGR+12.2pp

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.

Capital Allocation

R&D Spending

N/A

Share Buybacks

N/A

Capital Expenditures

$198.8M

YoY+145.7%

5Y CAGR+165.1%

10Y CAGR+298.1%

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.

FRHC Income Statement

Metric	FY26	FY25	FY24	FY23	FY22	FY21
Revenue	$2.2B+9.3%	$2.0B+21.7%	$1.6B+106.1%	$799.1M+15.9%	$689.8M+98.9%	$346.9M
Cost of Revenue	$79.6M+154.6%	$31.3M+78.3%	$17.5M	$0	N/A	N/A
Gross Profit	$2.1B+7.0%	$2.0B+21.1%	$1.6B+103.9%	$799.1M	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$222.3M+36.8%	$162.5M+34.4%	$120.9M+101.6%	$60.0M+154.8%	$23.5M+111.7%	$11.1M
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$489.0M-8.7%	$535.9M+6.9%	$501.1M+139.8%	$208.9M+171.5%	$76.9M+242.8%	$22.4M
Income Tax	$72.6M+155.5%	$28.4M-53.0%	$60.4M+41.2%	$42.8M+10.9%	$38.6M+65.5%	$23.3M
Net Income	$153.3M+101.0%	$76.3M-79.9%	$379.1M+84.8%	$205.1M-9.8%	$227.5M+52.0%	$149.7M
EPS (Diluted)	$2.51+99.2%	$1.26-80.3%	$6.39+85.2%	$3.45-10.2%	$3.84+50.0%	$2.56

Metric	Q4'26	Q3'26	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25
Revenue	$503.1M-20.0%	$628.6M+19.5%	$526.1M-1.4%	$533.4M+78.7%	$298.4M-55.1%	$664.6M+13.4%	$586.1M+28.8%	$455.0M
Cost of Revenue	$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+22.3%	$4.3M
Gross Profit	$477.9M-20.8%	$603.3M+18.1%	$511.0M-1.6%	$519.5M+81.6%	$286.1M-56.3%	$655.2M+12.8%	$580.9M+28.9%	$450.7M
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$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+1.1%	$40.4M
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$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-14.4%	$145.7M
Income Tax	$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+90.7%	$7.3M
Net Income	$8.0M-89.5%	$76.2M+96.9%	$38.7M+27.4%	$30.4M+120.1%	-$151.1M-293.0%	$78.3M-31.7%	$114.7M+233.3%	$34.4M
EPS (Diluted)	N/A	$1.25+98.4%	$0.63+26.0%	$0.50	N/A	$1.29-31.7%	$1.89+231.6%	$0.57

FRHC Balance Sheet

Metric	FY26	FY25	FY24	FY23	FY22	FY21
Total Assets	$13.2B+32.7%	$9.9B+19.4%	$8.3B+63.3%	$5.1B+57.4%	$3.2B+53.8%	$2.1B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$966.1M+15.4%	$837.3M+53.6%	$545.1M-6.2%	$581.4M+157.9%	$225.5M+33.6%	$168.8M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	$51.1M+4.1%	$49.1M-6.8%	$52.6M+271.0%	$14.2M+140.6%	$5.9M-23.4%	$7.7M
Total Liabilities	$11.7B+34.2%	$8.7B+21.8%	$7.1B+65.4%	$4.3B+60.7%	$2.7B+47.1%	$1.8B
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	$0
Total Equity	$1.5B+21.6%	$1.2B+5.2%	$1.2B+49.7%	$777.3M+40.4%	$553.6M+99.6%	$277.3M
Retained Earnings	$1.2B+14.2%	$1.1B+8.0%	$998.7M+54.3%	$647.1M+46.4%	$441.9M+111.8%	$208.6M

Metric	Q4'26	Q3'26	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25
Total Assets	$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+3.9%	$8.5B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$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-20.8%	$718.7M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	$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+5.1%	$50.6M
Total Liabilities	$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+3.0%	$7.3B
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$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+9.7%	$1.1B
Retained Earnings	$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+11.1%	$1.0B

FRHC Cash Flow Statement

Metric	FY26	FY25	FY24	FY23	FY22	FY21
Operating Cash Flow	$185.2M-89.0%	$1.7B+257.9%	-$1.1B-11.8%	-$951.7M-134.2%	-$406.4M-176.8%	$529.4M
Capital Expenditures	$198.8M+145.7%	$80.9M+120.2%	$36.7M-4.7%	$38.5M+585.4%	$5.6M+270.4%	$1.5M
Free Cash Flow	-$13.5M-100.8%	$1.6B+245.3%	-$1.1B-11.2%	-$990.2M-140.4%	-$412.0M-178.0%	$527.9M
Investing Cash Flow	-$1.0B-15.9%	-$905.5M-41.9%	-$638.2M+56.4%	-$1.5B-900.0%	-$146.3M-2405.8%	$6.3M
Financing Cash Flow	$1.2B+75615.1%	-$1.6M-100.1%	$1.7B-21.5%	$2.1B+244.9%	$618.5M+25.6%	$492.5M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q4'26	Q3'26	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25
Operating Cash Flow	-$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-151.3%	$854.1M
Capital Expenditures	$23.0M-65.2%	$66.1M-16.3%	$78.9M+156.4%	$30.8M+12.7%	$27.3M+37.0%	$19.9M+110.7%	$9.5M-60.9%	$24.2M
Free Cash Flow	-$1.6B-341.2%	$651.7M+42.8%	$456.4M+1.4%	$450.0M-65.7%	$1.3B+1513.6%	-$92.7M+79.3%	-$447.5M-153.9%	$829.9M
Investing Cash Flow	-$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-36.0%	-$94.7M
Financing Cash Flow	$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-49.2%	$245.5M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

FRHC Financial Ratios

Metric	FY26	FY25	FY24	FY23	FY22	FY21
Gross Margin	96.4%-2.1pp	98.4%-0.5pp	98.9%-1.1pp	100.0%	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	7.0%+3.2pp	3.8%-19.2pp	23.0%-2.7pp	25.7%-7.3pp	33.0%-10.2pp	43.1%
Return on Equity	10.3%+4.1pp	6.2%-26.3pp	32.6%+6.2pp	26.4%-14.7pp	41.1%-12.9pp	54.0%
Return on Assets	1.2%+0.4pp	0.8%-3.8pp	4.6%+0.5pp	4.0%-3.0pp	7.0%-0.1pp	7.1%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	7.83+0.7	7.10+1.0	6.13+0.6	5.55+0.7	4.85+4.8	0.00
FCF Margin	-0.6%-80.5pp	79.8%+146.7pp	-66.8%+57.1pp	-123.9%-64.2pp	-59.7%-211.9pp	152.2%

Metric	Q4'26	Q3'26	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25
Gross Margin	95.0%-1.0pp	96.0%-1.1pp	97.1%-0.3pp	97.4%+1.5pp	95.9%-2.7pp	98.6%-0.5pp	99.1%+0.0pp	99.1%
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	1.6%-10.5pp	12.1%+4.8pp	7.4%+1.7pp	5.7%+56.3pp	-50.6%-62.4pp	11.8%-7.8pp	19.6%+12.0pp	7.6%
Return on Equity	0.5%-4.9pp	5.5%+2.3pp	3.2%+0.7pp	2.5%+14.8pp	-12.3%-18.5pp	6.2%-2.9pp	9.1%+6.1pp	3.0%
Return on Assets	0.1%-0.6pp	0.6%+0.2pp	0.4%+0.1pp	0.3%+1.8pp	-1.5%-2.4pp	0.9%-0.4pp	1.3%+0.9pp	0.4%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	7.83-0.0	7.87+0.4	7.47+0.6	6.88-0.2	7.10+0.8	6.25+0.3	5.99-0.4	6.38
FCF Margin	-312.4%-416.1pp	103.7%+16.9pp	86.7%+2.4pp	84.4%-354.7pp	439.1%+453.0pp	-14.0%+62.4pp	-76.3%-258.7pp	182.4%

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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) generated -$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.

How many shares does Freedom Holding have outstanding?

Freedom Holding (FRHC) had 61M shares outstanding as of fiscal year 2026.

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.