Companies /Financial Services

Futu Holdings Ltd

NASDAQ: FUTU Capital Markets
$122.14
▼ $2.12 (−1.71%) today
Markets closed · 6:36pm ET

Q3 2025 Earnings

Reported Nov 18, 2025, 6:03am ET · SEC source
$2.93
Miss −85.70%
EPS · est. $20.48
$822.9M
Miss −85.16%
Revenue · est. $5.5B
−5.0%
Trailing market
FUTU vs S&P since report
7 quarters
Consecutive EPS misses

Market Reaction

% change · around the report
−4%−2%0+2%Nov 18Nov 19report 6:03am ETearnings−0.5%−4.2%
−4%−2%0+2%Nov 18Nov 19earnings−0.5%−4.2%
FUTU −4.2%S&P 500 −0.5%
−4%−2%0+2%Nov 18Nov 19report 6:03am ETearnings−0.8%−4.2%
−4%−2%0+2%Nov 18Nov 19earnings−0.8%−4.2%
FUTU −4.2%NASDAQ −0.8%
−12%−8%−4%0Nov 17Nov 26report 6:03am ETearnings+1.9%−1.6%
−12%−8%−4%0Nov 17Nov 26earnings+1.9%−1.6%
FUTU −1.6%S&P 500 +1.9%
−12%−8%−4%0Nov 17Nov 26report 6:03am ETearnings+1.6%−1.6%
−12%−8%−4%0Nov 17Nov 26earnings+1.6%−1.6%
FUTU −1.6%NASDAQ +1.6%
−0.49%
Day of report
−1.10%
Next session
+0.33%
One week
−1.84%
30 days

S&P 500 over the same 30 days: +3.11%.

Did FUTU Beat Earnings? Q3 2025 Results

Futu Holdings delivered a sharply mixed third quarter for fiscal 2025, posting results that fell well short of Wall Street expectations despite robust underlying business momentum. Revenue came in at $822.90 million, missing the $5.55 billion consensus estimate by 85.16% and declining 76.0% year-over-year, while adjusted EPS of $2.93 trailed the $20.48 consensus by 85.70%. The disconnect between strong operational metrics and the headline miss reflects the gap between reported figures in USD and analyst models calibrated to Hong Kong dollar-denominated results, a recurring source of confusion around the stock. On the ground, the company's business showed genuine strength, with total funded accounts rising 42.6% year-over-year to 3.13 million and record trading volume reaching $3.90 trillion, up 104.8% year-over-year, driven by surging crypto activity and Hong Kong equity rotation. Management signaled continued investment ahead, noting it is in the early stages of crypto penetration after launching Solana trading in Hong Kong, and the board authorized a new $800.00 million share repurchase program extending through December 2027.

Key Takeaways
  • Record total trading volume of HK$3.90 trillion, up 104.8% year-over-year
  • Hong Kong stock trading volume surged 42.9% sequentially to HK$1.19 trillion
  • Crypto trading volume soared 161% quarter-over-quarter
  • 254 thousand net new funded accounts added, up 24.7% quarter-over-quarter
  • Total client assets up 78.9% year-over-year to HK$1.24 trillion
  • Margin financing and securities lending balance up 55.2% year-over-year to HK$63.1 billion
  • Strong operating leverage drove operating margin expansion to 61.0% from 50.4%
  • Gross margin improved to 87.6% from 81.8%

“In the third quarter, we added 254 thousand net new funded accounts, up 24.7% quarter-over-quarter. Total funded accounts reached 3.1 million, up 42.6% year-over-year and 8.8% quarter-over-quarter. Client acquisition picked up in every market. For the fourth consecutive quarter, Hong Kong led new client additions as we executed well in a quarter of strong equity market performance and robust IPO pipeline.”

Futu Holdings CEO, on the earnings call

Forward Guidance & Outlook

Futu sees a long runway for growth in Malaysia after seven quarters of rapid market share expansion. The company believes leading brokers in Hong Kong benefit from the new IPO FINI regime as clients consolidate brokerage accounts. Management stated it is in the 'very early innings' of driving crypto penetration, having launched Solana trading in Hong Kong alongside existing Bitcoin and Ethereum offerings. The company continues to invest in AI capabilities and product localization, including Malay language support and local stock analysis tools.

FUTU YoY Financials

Q3 2025 vs Q3 2024 · SEC filings Q3 2024 Q3 2025
$0$1.0B$2.0B$3.0B$3.4B$822.9MRevenue$2.8B$720.9MGross Profit$1.7B$501.8MOperating Income$1.3B$413.5MNet Income
$0$1.0B$2.0B$3.0BRevenueGross ProfitOperating IncomeNet Income

FUTU Revenue by Segment

Brokerage Commission and Handling Charge Income$374.5M+90.6%
Interest Income$391.3M+79.2%
Other Income$57.1M+113.0%

Figures from SEC filings and company reports. Not investment advice.