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Freedom Holding Financials

FRHC
Trailing 12 months to June 30, 2026
Revenue $2.4B +15.8% YoY
Net Income $147.6M +86.3% YoY
EPS (Diluted) $2.53 +96.1% YoY
Free Cash Flow -$888.8M -172.6% YoY
Source SEC Filings (10-K/10-Q) Latest period Q1 FY2027, ended Jun 30, 2026 Reported Currency USD FYE March

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).

Rhea AI FRHC FY2026

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 from 4.6% to 1.2%, 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 $1.7B against net income of only $76M. In the latest year, operating cash flow fell to $185M and free cash flow slipped slightly negative at -$13.5M, suggesting cash results are heavily shaped by balance-sheet movements rather than earnings alone.

The business also carries a heavy interest load: interest expense was $489M versus net income of $153M, which limits how much revenue growth becomes retained profit. Cash of $966M provides a cushion, but beside $11.7B of liabilities it looks more like operating fuel than excess capital.

[ NOT FINANCIAL ADVICE ]

Financial Health Signals

Financial health score not available

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.

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.

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.

EBITDA

Not reported for fiscal year 2026.

Cash & Balance Sheet

Free Cash Flow
-$13.5M
YoY-100.8%

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.

Cash & Debt
$966.1M
YoY+15.4%
5Y CAGR+41.8%

Freedom Holding held $966.1M in cash as of fiscal year 2026; long-term debt is not reported for that period.

Shares Outstanding
61M
YoY+0.1%
5Y CAGR+0.6%

Freedom Holding had 61M shares outstanding in fiscal year 2026. This represents an increase of 0.1% from the prior year.

Dividends Per Share

Not reported for fiscal year 2026.

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.

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.

Operating Margin

Not reported for fiscal year 2026.

Capital Allocation

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.

R&D Spending

Not reported for fiscal year 2026.

Share Buybacks

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.

FRHC quarterly income statement
MetricQ1'27Q4'26Q3'26Q2'26Q1'26Q4'25Q3'25Q2'25
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.

FRHC quarterly balance sheet
MetricQ1'27Q4'26Q3'26Q2'26Q1'26Q4'25Q3'25Q2'25
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.

FRHC quarterly cash flow statement
MetricQ1'27Q4'26Q3'26Q2'26Q1'26Q4'25Q3'25Q2'25
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.

FRHC quarterly financial ratios
MetricQ1'27Q4'26Q3'26Q2'26Q1'26Q4'25Q3'25Q2'25
Gross Margin95.2%+0.1pp95.1%-0.9pp96.0%-1.1pp97.1%-0.2pp97.4%+1.5pp95.9%-2.7pp98.6%-0.5pp99.1%
Net Margin4.3%+4.1pp0.2%-11.9pp12.1%+4.8pp7.4%+0.2pp7.1%+57.7pp-50.6%-62.4pp11.8%-7.8pp19.6%
Return on Equity2.1%+2.0pp0.1%-5.4pp5.5%+2.3pp3.2%+0.1pp3.0%+15.4pp-12.3%-18.5pp6.2%-2.9pp9.1%
Return on Assets0.2%+0.2pp0.0%-0.6pp0.6%+0.2pp0.4%0.0pp0.4%+1.9pp-1.5%-2.4pp0.9%-0.4pp1.3%
Debt-to-Equity8.15+0.3x7.830.0x7.87+0.4x7.47+0.6x6.88-0.2x7.10+0.8x6.25+0.3x5.99
FCF Margin-57.4%-306.6%103.7%85.9%-0.8pp86.7%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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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%.

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 (FRHC) had a gross margin of 96.4% in fiscal year 2026, indicating the percentage of revenue retained after direct costs of goods sold.

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.

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.

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.

Freedom Holding (FRHC) generated $185.2M in operating cash flow during fiscal year 2026, representing cash generated from core business activities.

Freedom Holding (FRHC) had $13.2B in total assets as of fiscal year 2026, including both current and long-term assets.

Freedom Holding (FRHC) invested $198.8M in capital expenditures during fiscal year 2026, funding long-term assets and infrastructure.

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

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.

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.

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.

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.

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