Companies /Financial Services

Futu Holdings Ltd

NASDAQ: FUTU Capital Markets
$122.14
▼ $2.12 (−1.71%) today
Markets closed · 7:32pm ET

Q4 2025 Earnings

Reported Mar 12, 2026, 6:02am ET · SEC source
$3.07
Miss −87.09%
EPS · est. $23.79
$827.2M
Miss −86.87%
Revenue · est. $6.3B
+8.9%
Beating market
FUTU vs S&P since report
7 quarters
Consecutive EPS misses

Market Reaction

% change · around the report
−9%−6%−3%0Mar 12Mar 13report 6:02am ETearnings−1.4%−7.2%
−9%−6%−3%0Mar 12Mar 13earnings−1.4%−7.2%
FUTU −7.2%S&P 500 −1.4%
−9%−6%−3%0Mar 12Mar 13report 6:02am ETearnings−1.8%−7.2%
−9%−6%−3%0Mar 12Mar 13earnings−1.8%−7.2%
FUTU −7.2%NASDAQ −1.8%
−12%−8%−4%0Mar 11Mar 20report 6:02am ETearnings−2.8%−10.8%
−12%−8%−4%0Mar 11Mar 20earnings−2.8%−10.8%
FUTU −10.8%S&P 500 −2.8%
−12%−8%−4%0Mar 11Mar 20report 6:02am ETearnings−2.7%−10.8%
−12%−8%−4%0Mar 11Mar 20earnings−2.7%−10.8%
FUTU −10.8%NASDAQ −2.7%
−6.31%
Day of report
−1.31%
Next session
−2.48%
One week
+13.17%
30 days

S&P 500 over the same 30 days: +4.26%.

Did FUTU Beat Earnings? Q4 2025 Results

Futu Holdings delivered a sharp disappointment in Q4 2025, with earnings per share of $3.07 missing the $21.36 consensus estimate by 85.63%, while revenue of $827.22 million fell 86.24% short of the $6.01 billion Wall Street had expected and declined 78.9% year-over-year. The dramatic gap between reported figures and estimates points to a significant divergence between the company's local-currency results and how consensus figures were translated, as the underlying filing tells a notably different operational story, with brokerage commissions, interest income, and wealth management all posting strong growth. Interest income was a particular standout, rising 50.2% and benefiting from expanded margin financing and securities lending activity. Analysts covering the stock have maintained a broadly constructive view, with a consensus Strong Buy rating and price targets suggesting meaningful upside from current levels. Looking ahead, Futu is guiding for 800,000 net new funded accounts in 2026, supported by continued momentum in Malaysia and Japan, while the company ramps investment in crypto and AI-related initiatives.

Key Takeaways
  • Higher trading volume reaching record HK$3.98 trillion in Q4
  • Strong growth in U.S. stock trading volume driven by AI value chain interest
  • Higher interest income from securities borrowing and lending, bank deposits, and margin financing
  • Margin financing and securities lending balance climbed 7.3% quarter-over-quarter to HK$67.7 billion
  • Total costs declined 6.1% year-over-year despite strong revenue growth, driving margin expansion
  • Operating leverage with gross margin expanding to 88.7% from 82.5%

“In 2025, we added over 954 thousand net new funded accounts, bringing total funded accounts to 3.4 million, up 39.6% year-over-year. Robust growth was broad-based in 2025, led by strong client additions from Hong Kong and Malaysia. Not only did we reinforce our market leadership in Hong Kong, where we hold the largest market share among all regions, but also achieved significant share gains in Malaysia, our newest international market in Asia.”

Futu Holdings CEO, on the earnings call

Forward Guidance & Outlook

Futu is guiding to 800,000 net new funded accounts in 2026. The company continues to see ample bottom-up growth opportunities across its markets. Growth momentum in Japan and Malaysia picked up meaningfully sequentially heading into year end. The company is increasing investment in crypto and AI-related initiatives, with R&D headcount growing to support these areas.

FUTU YoY Financials

Q4 2025 vs Q4 2024 · SEC filings Q4 2024 Q4 2025
$0$2.0B$4.0B$3.9B$827.2MRevenue$3.9B$733.6MGross Profit$2.2B$532.8MOperating Income$1.9B$432.9MNet Income
$0$2.0B$4.0BRevenueGross ProfitOperating IncomeNet Income

FUTU Revenue by Segment

Brokerage Commission and Handling Charge Income$355.9M+34.6%
Interest Income$390.3M+50.2%
Other Income$81.0M+78.7%

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