Futu Announces Fourth Quarter and Full Year 2025 Unaudited Financial Results
Rhea-AI Summary
Futu (Nasdaq: FUTU) reported strong fourth-quarter and full-year 2025 results, driven by higher trading volumes and asset inflows. Full-year revenue rose 68.1% to HK$22,846.9 million and net income climbed 108.0% to HK$11,301.9 million. Client assets reached HK$1.23 trillion, up 65.9% YoY.
Quarterly revenue was HK$6,438.5 million, net income HK$3,369.4 million, and total trading volume for 2025 was HK$14.68 trillion, up 89.4% YoY.
Positive
- Revenue +68.1% YoY to HK$22,846.9 million in 2025
- Net income +108.0% YoY to HK$11,301.9 million in 2025
- Total trading volume +89.4% YoY to HK$14.68 trillion in 2025
Negative
- Operating expenses +28.8% YoY to HK$5,823.9 million in 2025
- Hong Kong turnover -31.0% QoQ to HK$821.1 billion in Q4 2025
- Net new funded accounts -8.0% QoQ in Q4 2025
News Market Reaction – FUTU
In the Mar 12 session, FUTU declined 6.31%, reflecting a notable negative market reaction. Our momentum scanner triggered 21 alerts that day, indicating elevated trading interest and price volatility.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Previous Earnings Reports
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| Nov 18 | Q3 2025 earnings | Positive | -0.5% | Q3 2025 revenue and net income up sharply year-over-year with record volumes. |
| Nov 18 | Q3 2025 earnings | Positive | -0.5% | Q3 2025 results showed strong revenue, net income, and client asset growth. |
| Aug 20 | Q2 2025 earnings | Positive | +6.0% | Q2 2025 revenue and non-GAAP net income rose strongly with higher assets. |
| Aug 20 | Q2 2025 earnings | Positive | +6.0% | Q2 2025 showed broad-based growth in revenues, net income, and trading volume. |
| May 29 | Q1 2025 earnings | Positive | -0.3% | Q1 2025 delivered strong revenue and non-GAAP net income with record volumes. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Earnings releases have shown strong growth but mixed stock reactions, with several quarters seeing modest declines despite positive fundamentals.
Across Q1–Q3 2025, Futu reported rapid revenue and net income growth, record trading volumes, and expanding client assets, supported by international expansion, crypto and AI feature rollouts, and new product launches. Same-tag earnings events on May 29, Aug 20, and Nov 18, 2025 all highlighted strong year-over-year growth, yet price reactions were split between gains and small pullbacks. Today’s full-year and Q4 2025 report extends that growth trajectory with higher scale and profitability.
Key Terms
ads financial
non-gaap financial
margin financing financial
securities lending financial
ipo regulatory
AI-generated analysis. How Rhea-AI works. Not financial advice.
HONG KONG, March 12, 2026 (GLOBE NEWSWIRE) -- Futu Holdings Limited (“Futu” or the “Company”) (Nasdaq: FUTU), a leading tech-driven online brokerage and wealth management platform, today announced its unaudited financial results for the fourth quarter and full year ended December 31, 2025.
Fourth Quarter and Full Year 2025 Operational Highlights
- Total number of funded accounts1 increased
39.6% year-over-year to 3,365,414 as of December 31, 2025. - Total number of brokerage accounts2 increased
29.8% year-over-year to 5,948,093 as of December 31, 2025. - Total number of users3 increased
16.0% year-over-year to 29.2 million as of December 31, 2025. - Total client assets increased
65.9% year-over-year to HK$1.23 trillion as of December 31, 2025. - Daily average client assets were HK
$1.24 trillion in the fourth quarter of 2025, an increase of71.0% from the same period in 2024. - Total trading volume in the fourth quarter of 2025 increased by
37.8% year-over-year to HK$3.98 trillion , in which trading volume for U.S. stocks was HK$3.04 trillion , and trading volume for Hong Kong stocks was HK$821.1 billion . Total trading volume in 2025 increased89.4% year-over-year to HK$14.68 trillion . - Margin financing and securities lending balance increased
33.1% year-over-year to HK$67.7 billion as of December 31, 2025.
Fourth Quarter 2025 Financial Highlights
- Total revenues increased
45.3% year-over-year to HK$6,438.5 million (US$827.2 million ). - Total gross profit increased
56.2% year-over-year to HK$5,709.7 million (US$733.6 million ). - Net income increased
80.2% year-over-year to HK$3,369.4 million (US$432.9 million ). - Non-GAAP adjusted net income4 increased
77.0% year-over-year to HK$3,455.7 million (US$444.0 million ).
Full Year 2025 Financial Highlights
- Total revenues increased
68.1% year-over-year to HK$22,846.9 million (US$2,935.4 million ). - Total gross profit increased
78.6% year-over-year to HK$19,904.5 million (US$2,557.3 million ). - Net income increased
108.0% year-over-year to HK$11,301.9 million (US$1,452.1 million ). - Non-GAAP adjusted net income increased
101.9% year-over-year to HK$11,644.9 million (US$1,496.1 million ).
Mr. Leaf Hua Li, Futu’s Chairman and Chief Executive Officer, said, “In 2025, we added over 954 thousand net new funded accounts, bringing total funded accounts to 3.4 million, up
“Net asset inflow remained robust in the fourth quarter, but depreciation of clients’ Hong Kong stock holdings weighed on client assets. Total client assets were HK
“Total trading volume hit a record HK
“Total client assets in wealth management increased
“As of quarter end, we served 600 IPO distribution and IR clients, up
Fourth Quarter 2025 Financial Results
Revenues
Total revenues were HK
Brokerage commission and handling charge income was HK
Interest income was HK
Other income was HK
Costs
Total costs were HK
Brokerage commission and handling charge expenses were HK
Interest expenses were HK
Processing and servicing costs were HK
Gross Profit
Total gross profit was HK
Operating Expenses
Total operating expenses were HK
Research and development expenses were HK
Selling and marketing expenses were HK
General and administrative expenses were HK
Income from Operations
Income from operations increased by
Net Income
Net income increased by
Non-GAAP adjusted net income increased by
Net Income per ADS
Basic net income per American Depositary Share (“ADS”) was HK
Full Year 2025 Financial Results
Revenues
Total revenues were HK
Brokerage commission and handling charge income was HK
Interest income was HK
Other income was HK
Costs
Total costs were HK
Brokerage commission and handling charge expenses were HK
Interest expenses were HK
Processing and servicing costs were HK
Gross Profit
Total gross profit was HK
Operating Expenses
Total operating expenses were HK
Research and development expenses were HK
Selling and marketing expenses were HK
General and administrative expenses were HK
Income from Operations
Income from operations increased by
Net Income
Net income increased by
Non-GAAP adjusted net income increased by
Net Income per ADS
Basic net income per ADS was HK
Conference Call and Webcast
Futu's management will hold an earnings conference call on Thursday, March 12, 2026, at 7:30 AM U.S. Eastern Time (7:30 PM on the same day, Beijing/Hong Kong Time).
Please note that all participants will need to pre-register for the conference call, using the link
https://register-conf.media-server.com/register/BIe49e3331c0f24a9d9926d5b979ab55df.
It will automatically lead to the registration page of "Futu Holdings Ltd Fourth Quarter and Full Year 2025 Earnings Conference Call", where details for RSVP are needed.
Upon registering, all participants will be provided in confirmation emails with participant dial-in numbers and personal PINs to access the conference call. Please dial in 10 minutes prior to the call start time using the conference access information.
Additionally, a live and archived webcast of this conference call will be available at https://ir.futuholdings.com/.
About Futu Holdings Limited
Futu Holdings Limited (Nasdaq: FUTU) is an advanced technology company transforming the investing experience by offering fully digitalized financial services. Through its proprietary digital platforms, Futubull and Moomoo, the Company provides a full range of investment services, including trade execution and clearing, margin financing and securities lending, and wealth management. The Company has embedded social media tools to create a network centered around its users and provide connectivity to users, investors, companies, analysts, media and key opinion leaders. The Company also provides corporate services, including IPO distribution, investor relations and ESOP solution services.
Use of Non-GAAP Financial Measures
In evaluating the business, the Company considers and uses non-GAAP adjusted net income, a non-GAAP measure, as a supplemental measure to review and assess its operating performance. The presentation of the non-GAAP financial measure is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with U.S. GAAP. The Company defines non-GAAP adjusted net income as net income excluding share-based compensation expenses. The Company presents the non-GAAP financial measure because it is used by the management to evaluate the operating performance and formulate business plans. Non-GAAP adjusted net income enables the management to assess the Company's operating results without considering the impact of share-based compensation expenses, which are non-cash charges. The Company also believes that the use of the non-GAAP measure facilitates investors' assessment of its operating performance.
Non-GAAP adjusted net income is not defined under U.S. GAAP and is not presented in accordance with U.S. GAAP. This non-GAAP financial measure has limitations as analytical tools. One of the key limitations of using non-GAAP adjusted net income is that it does not reflect all items of expense that affect the Company's operations. Share-based compensation expenses have been and may continue to be incurred in the business and is not reflected in the presentation of non-GAAP adjusted net income. Further, the non-GAAP measure may differ from the non-GAAP information used by other companies, including peer companies, and therefore their comparability may be limited.
The Company compensates for these limitations by reconciling the non-GAAP financial measure to the nearest U.S. GAAP performance measure, all of which should be considered when evaluating the Company's performance.
For more information on this non-GAAP financial measure, please see the table captioned "Unaudited Reconciliations of Non-GAAP and GAAP Results" set forth at the end of this press release.
Exchange Rate Information
This announcement contains translations of certain HK dollars ("HK$") amounts into U.S. dollars ("US$") at specified rates solely for the convenience of the reader. Unless otherwise stated, all translations from HK$ to US$ were made at the rate of HK
Safe Harbor Statement
This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. Among other things, the quotations from the management team of the Company, contain forward-looking statements. Futu may also make written or oral forward-looking statements in its periodic reports to the SEC, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about Futu's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Futu's goal and strategies; Futu's expansion plans; Futu's future business development, financial condition and results of operations; Futu's expectations regarding demand for, and market acceptance of, its credit products; Futu's expectations regarding keeping and strengthening its relationships with borrowers, institutional funding partners, merchandise suppliers and other parties it collaborates with; general economic and business conditions; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in Futu's filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and Futu does not undertake any obligation to update any forward-looking statement, except as required under applicable law.
For investor inquiries, please contact:
Investor Relations
Futu Holdings Limited
ir@futuholdings.com
_____________________
1 The number of funded accounts refers to the number of brokerage accounts with Futu that have a positive account balance. Multiple funded accounts by one client are counted as one funded account.
2 Multiple brokerage accounts by one client are counted as one brokerage account.
3 The number of users refers to the number of user accounts registered with Futu.
4 Non-GAAP adjusted net income is defined as net income excluding share-based compensation expenses.
| FUTU HOLDINGS LIMITED UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands, except for share and per share data) | ||||||||
| As of December 31, | As of December 31, | |||||||
| 2024 | 2025 | 2025 | ||||||
| HK$ | HK$ | US$ | ||||||
| ASSETS | ||||||||
| Cash and cash equivalents | 11,688,383 | 10,465,888 | 1,344,659 | |||||
| Cash held on behalf of clients | 68,639,816 | 113,398,356 | 14,569,444 | |||||
| Restricted cash | 1,121 | 2,510 | 322 | |||||
| Term deposit | 4,990 | - | - | |||||
| Short-term investments | 2,411,074 | 6,688,871 | 859,388 | |||||
| Securities purchased under agreements to resell | 316,301 | 507,767 | 65,238 | |||||
| Loans and advances-current (net of allowance of HK | 49,695,691 | 64,607,370 | 8,300,768 | |||||
| Receivables: | ||||||||
| Clients | 534,077 | 838,521 | 107,733 | |||||
| Brokers | 17,224,387 | 18,459,373 | 2,371,664 | |||||
| Clearing organizations | 3,277,063 | 5,522,472 | 709,529 | |||||
| Fund management companies and fund distributors | 1,210,472 | 1,997,086 | 256,586 | |||||
| Interest | 597,483 | 852,186 | 109,489 | |||||
| Amounts due from related parties | 61,200 | 6,780 | 871 | |||||
| Prepaid assets | 63,497 | 77,960 | 10,016 | |||||
| Other current assets | 160,330 | 225,478 | 28,969 | |||||
| Total current assets | 155,885,885 | 223,650,618 | 28,734,676 | |||||
| Operating lease right-of-use assets | 253,212 | 569,939 | 73,226 | |||||
| Long-term investments | 573,190 | 615,220 | 79,044 | |||||
| Loans and advances - non-current | 18,805 | 139,668 | 17,945 | |||||
| Other non-current assets | 2,025,841 | 3,461,431 | 444,726 | |||||
| Total non-current assets | 2,871,048 | 4,786,258 | 614,941 | |||||
| Total assets | 158,756,933 | 228,436,876 | 29,349,617 | |||||
| LIABILITIES | ||||||||
| Amounts due to related parties | 79,090 | 67,143 | 8,627 | |||||
| Payables: | ||||||||
| Clients | 72,379,135 | 125,249,957 | 16,092,141 | |||||
| Brokers | 43,697,746 | 38,678,396 | 4,969,408 | |||||
| Clearing organizations | 503,396 | 750,964 | 96,484 | |||||
| Fund management companies and fund distributors | 507,076 | 1,277,467 | 164,129 | |||||
| Interest | 86,964 | 62,527 | 8,033 | |||||
| Borrowings | 5,702,259 | 12,143,237 | 1,560,166 | |||||
| Securities sold under agreements to repurchase | 2,574,659 | 4,743,096 | 609,394 | |||||
| Lease liabilities - current | 144,357 | 200,089 | 25,707 | |||||
| Accrued expenses and other current liabilities | 4,936,805 | 4,527,129 | 581,646 | |||||
| Total current liabilities | 130,611,487 | 187,700,005 | 24,115,735 | |||||
| Lease liabilities - non-current | 132,924 | 393,843 | 50,603 | |||||
| Other non-current liabilities | 8,061 | 21,906 | 2,816 | |||||
| Total non-current liabilities | 140,985 | 415,749 | 53,419 | |||||
| Total liabilities | 130,752,472 | 188,115,754 | 24,169,154 | |||||
| SHAREHOLDERS’ EQUITY | ||||||||
| Class A ordinary shares | 72 | 73 | 9 | |||||
| Class B ordinary shares | 27 | 27 | 3 | |||||
| Additional paid-in capital | 18,807,369 | 19,158,175 | 2,461,446 | |||||
| Treasury Stock | (5,199,257 | ) | (5,199,257 | ) | (668,002 | ) | ||
| Accumulated other comprehensive (loss)/gain | (249,916 | ) | 51,503 | 6,617 | ||||
| Retained earnings | 14,652,946 | 25,990,667 | 3,339,285 | |||||
| Total shareholders' equity | 28,011,241 | 40,001,188 | 5,139,358 | |||||
| Non-controlling interests | (6,780 | ) | 319,934 | 41,105 | ||||
| Total equity | 28,004,461 | 40,321,122 | 5,180,463 | |||||
| Total liabilities and equity | 158,756,933 | 228,436,876 | 29,349,617 | |||||
| FUTU HOLDINGS LIMITED UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (In thousands, except for share and per share data) | |||||||||||||||||
| For the Three Months Ended | For the Twelve Months Ended | ||||||||||||||||
| December 31, 2024 | December 31, 2025 | December 31, 2025 | December 31, 2024 | December 31, 2025 | December 31, 2025 | ||||||||||||
| HK$ | HK$ | US$ | HK$ | HK$ | US$ | ||||||||||||
| Revenues | |||||||||||||||||
| Brokerage commission and handling charge income | 2,057,429 | 2,770,103 | 355,903 | 6,044,746 | 10,572,744 | 1,358,388 | |||||||||||
| Interest income | 2,022,283 | 3,037,941 | 390,315 | 6,666,864 | 10,441,585 | 1,341,537 | |||||||||||
| Other income | 352,836 | 630,427 | 80,999 | 878,515 | 1,832,569 | 235,449 | |||||||||||
| Total revenues | 4,432,548 | 6,438,471 | 827,217 | 13,590,125 | 22,846,898 | 2,935,374 | |||||||||||
| Costs | |||||||||||||||||
| Brokerage commission and handling charge expenses | (112,241 | ) | (141,328 | ) | (18,158 | ) | (341,238 | ) | (606,044 | ) | (77,865 | ) | |||||
| Interest expenses | (513,352 | ) | (437,073 | ) | (56,155 | ) | (1,617,450 | ) | (1,757,852 | ) | (225,849 | ) | |||||
| Processing and servicing costs | (150,453 | ) | (150,381 | ) | (19,321 | ) | (486,783 | ) | (578,459 | ) | (74,321 | ) | |||||
| Total costs | (776,046 | ) | (728,782 | ) | (93,634 | ) | (2,445,471 | ) | (2,942,355 | ) | (378,035 | ) | |||||
| Total gross profit | 3,656,502 | 5,709,689 | 733,583 | 11,144,654 | 19,904,543 | 2,557,339 | |||||||||||
| Operating expenses | |||||||||||||||||
| Research and development expenses | (399,462 | ) | (506,622 | ) | (65,091 | ) | (1,493,620 | ) | (1,908,758 | ) | (245,238 | ) | |||||
| Selling and marketing expenses | (464,001 | ) | (506,594 | ) | (65,087 | ) | (1,409,313 | ) | (1,980,486 | ) | (254,453 | ) | |||||
| General and administrative expenses | (575,676 | ) | (549,489 | ) | (70,598 | ) | (1,620,017 | ) | (1,934,692 | ) | (248,570 | ) | |||||
| Total operating expenses | (1,439,139 | ) | (1,562,705 | ) | (200,776 | ) | (4,522,950 | ) | (5,823,936 | ) | (748,261 | ) | |||||
| Income from operations | 2,217,363 | 4,146,984 | 532,807 | 6,621,704 | 14,080,607 | 1,809,078 | |||||||||||
| Others, net | 55,882 | (144,037 | ) | (18,506 | ) | (86,372 | ) | (367,448 | ) | (47,210 | ) | ||||||
| Income before income tax expense and share of (loss)/gain from equity method investments | 2,273,245 | 4,002,947 | 514,301 | 6,535,332 | 13,713,159 | 1,761,868 | |||||||||||
| Income tax expense | (358,429 | ) | (655,738 | ) | (84,249 | ) | (998,342 | ) | (2,359,633 | ) | (303,166 | ) | |||||
| Share of (loss)/gain from equity method investments | (45,357 | ) | 22,234 | 2,857 | (103,934 | ) | (51,619 | ) | (6,632 | ) | |||||||
| Net income | 1,869,459 | 3,369,443 | 432,909 | 5,433,056 | 11,301,907 | 1,452,070 | |||||||||||
| Attributable to: | |||||||||||||||||
| Ordinary shareholders of the Company | 1,871,704 | 3,390,488 | 435,613 | 5,443,094 | 11,337,721 | 1,456,671 | |||||||||||
| Non-controlling interests | (2,245 | ) | (21,045 | ) | (2,704 | ) | (10,038 | ) | (35,814 | ) | (4,601 | ) | |||||
| 1,869,459 | 3,369,443 | 432,909 | 5,433,056 | 11,301,907 | 1,452,070 | ||||||||||||
| Net income per share attributable to ordinary shareholders of the Company | |||||||||||||||||
| Basic | 1.69 | 3.04 | 0.39 | 4.93 | 10.17 | 1.31 | |||||||||||
| Diluted | 1.67 | 2.99 | 0.38 | 4.86 | 10.03 | 1.29 | |||||||||||
| Net income per ADS | |||||||||||||||||
| Basic | 13.54 | 24.32 | 3.12 | 39.44 | 81.36 | 10.45 | |||||||||||
| Diluted | 13.35 | 23.92 | 3.07 | 38.88 | 80.24 | 10.31 | |||||||||||
| Weighted average number of ordinary shares used in computing net income per share | |||||||||||||||||
| Basic | 1,106,025,655 | 1,115,595,012 | 1,115,595,012 | 1,104,199,740 | 1,114,463,205 | 1,114,463,205 | |||||||||||
| Diluted | 1,121,506,777 | 1,133,282,856 | 1,133,282,856 | 1,120,478,183 | 1,130,846,701 | 1,130,846,701 | |||||||||||
| Net income | 1,869,459 | 3,369,443 | 432,909 | 5,433,056 | 11,301,907 | 1,452,070 | |||||||||||
| Other comprehensive (loss)/ income, net of tax | |||||||||||||||||
| Changes in the fair value of financial assets | - | (322 | ) | (41 | ) | - | (474 | ) | (61 | ) | |||||||
| Foreign currency translation adjustment | (223,100 | ) | 67,759 | 8,707 | (200,220 | ) | 301,624 | 38,754 | |||||||||
| Total comprehensive income | 1,646,359 | 3,436,880 | 441,575 | 5,232,836 | 11,603,057 | 1,490,763 | |||||||||||
| Attributable to: | |||||||||||||||||
| Ordinary shareholders of the Company | 1,648,308 | 3,457,929 | 444,279 | 5,242,611 | 11,639,140 | 1,495,400 | |||||||||||
| Non-controlling interests | (1,949 | ) | (21,049 | ) | (2,704 | ) | (9,775 | ) | (36,083 | ) | (4,637 | ) | |||||
| 1,646,359 | 3,436,880 | 441,575 | 5,232,836 | 11,603,057 | 1,490,763 | ||||||||||||
| FUTU HOLDINGS LIMITED UNAUDITED RECONCILIATIONS OF NON-GAAP AND GAAP RESULTS (In thousands) | |||||||||||
| For the Three Months Ended | For the Twelve Months Ended | ||||||||||
| December 31, 2024 | December 31, 2025 | December 31, 2025 | December 31, 2024 | December 31, 2025 | December 31, 2025 | ||||||
| HK$ | HK$ | US$ | HK$ | HK$ | US$ | ||||||
| Net income | 1,869,459 | 3,369,443 | 432,909 | 5,433,056 | 11,301,907 | 1,452,070 | |||||
| Add: Share-based compensation expenses | 82,886 | 86,276 | 11,085 | 334,926 | 343,024 | 44,072 | |||||
| Adjusted net income | 1,952,345 | 3,455,719 | 443,994 | 5,767,982 | 11,644,931 | 1,496,142 | |||||
Non-GAAP to GAAP reconciling items have no income tax effect.
