Futu Holdings Limited announced its unaudited financial results for the fourth quarter and full year ended December 31, 2025.

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 of 71.0% 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 increased 89.4% 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 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. We were also encouraged to see solid growth in other international markets, with this momentum extending into the year end, despite choppy equity and crypto market performance. We acquired approximately 234 thousand net new funded accounts in the fourth quarter, down 8.0% quarter-over-quarter but up 9.0% year-over-year. Growth in Hong Kong decelerated quarter-over-quarter due to a sharp Hong Kong stock market downturn, yet growth in Japan and Malaysia picked up meaningfully sequentially. We continue to see ample bottom-up growth opportunities across our markets and are guiding to 800 thousand net new funded accounts in 2026."

"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$1.23 trillion as of quarter end, up 65.9% year-over-year and flat quarter-over-quarter. Hong Kong, Singapore, and the U.S. markets were major contributors to net asset inflow, while the U.S. market recorded the fastest sequential growth in average client assets. Margin financing and securities lending balance climbed 7.3% quarter-over-quarter to HK$67.7 billion, mainly driven by higher U.S. stock margin trading activity. A number of popular Hong Kong IPOs during the quarter spurred short-term financing demand, resulting in a double-digit sequential increase in daily average margin balance."

"Total trading volume hit a record HK$3.98 trillion, up 37.8% year-over-year and 2.0% quarter-over-quarter. U.S. stock trading volume grew 17.1% sequentially to HK$3.04 trillion, primarily driven by heightened client interests in companies across the AI value chain. Hong Kong stock turnover declined 31.0% quarter-over-quarter to HK$821.1 billion amid subdued investor interests in China technology names during the second-half drawdown, partially offset by increased trading activity in gold and other precious metals-related equities. Despite weak sentiment in crypto in the fourth quarter, crypto trading volume remained resilient, and crypto penetration continued to trend upward in Hong Kong, Singapore, and the U.S."

"Total client assets in wealth management increased 62.0% year-over-year and 2.3% quarter-over-quarter to HK$179.6 billion. To meet rising demand for diversification, we expanded our high-dividend fund offerings in Hong Kong, introduced more domestic equity-focused funds in Singapore, and launched Shariah-compliant gold tracker funds in Malaysia, which were well received by local clients."

"As of quarter end, we served 600 IPO distribution and IR clients, up 24.5% year-over-year. In 2025, we further strengthened our position as the go-to online broker for Hong Kong IPO distribution and subscription. We provided investment banking services to more than half of the newly listed Hong Kong Main Board companies during the year, and the full year subscription amount on our platform accounted for 49% of total public offering subscription amount. In the fourth quarter, we acted as overall coordinators for several prominent Hong Kong IPOs, including those of Xunce Technology and Xiao Noodles."

Fourth Quarter 2025 Financial Results

Revenues

Total revenues were HK$6,438.5 million (US$827.2 million), an increase of 45.3% from HK$4,432.5 million in the fourth quarter of 2024.

Brokerage commission and handling charge income was HK$2,770.1 million (US$355.9 million), an increase of 34.6% from the fourth quarter of 2024. This was mainly due to higher trading volume, partially offset by a mild decline in blended commission rate.

Interest income was HK$3,037.9 million (US$390.3 million), an increase of 50.2% from the fourth quarter of 2024. The increase was mainly driven by higher interest income from securities borrowing and lending business, bank deposits and margin financing.

Other income was HK$630.4 million (US$81.0 million), an increase of 78.7% from the fourth quarter of 2024. The increase was primarily attributable to higher fund distribution service income and IPO subscription service charge income.

Costs

Total costs were HK$728.8 million (US$93.6 million), a decrease of 6.1% from HK$776.0 million in the fourth quarter of 2024.

Brokerage commission and handling charge expenses were HK$141.3 million (US$18.2 million), an increase of 25.9% from the fourth quarter of 2024. This increase was roughly in line with the growth of our brokerage commission and handling charge income.

Interest expenses were HK$437.1 million (US$56.2 million), a decrease of 14.9% from the fourth quarter of 2024. The decrease was primarily due to lower expenses associated with our securities borrowing and lending business.

Processing and servicing costs were HK$150.4 million (US$19.3 million), flat compared to the fourth quarter of 2024.

Gross Profit

Total gross profit was HK$5,709.7 million (US$733.6 million), an increase of 56.2% from HK$3,656.5 million in the fourth quarter of 2024. Gross margin was 88.7%, as compared to 82.5% in the fourth quarter of 2024.

Operating Expenses

Total operating expenses were HK$1,562.7 million (US$200.8 million), an increase of 8.6% from HK$1,439.1 million in the fourth quarter of 2024.

Research and development expenses were HK$506.6 million (US$65.1 million), an increase of 26.8% from the fourth quarter of 2024. This increase was primarily due to an increase in research and development headcount to support crypto and AI-related initiatives.

Selling and marketing expenses were HK$506.6 million (US$65.1 million), an increase of 9.2% from HK$464.0 million in the fourth quarter of 2024. This was mainly driven by the increase in net new funded accounts as customer acquisition costs were flat compared to the year-ago quarter.

General and administrative expenses were HK$549.5 million (US$70.6 million), a decrease of 4.6% from the fourth quarter of 2024. The decrease was primarily due to lower professional service expenses compared to the year-ago quarter.

Income from Operations

Income from operations increased by 87.0% to HK$4,147.0 million (US$532.8 million) from HK$2,217.4 million in the fourth quarter of 2024. Operating margin increased to 64.4% from 50.0% in the fourth quarter of 2024 mainly due to strong topline growth and operating leverage.

Net Income

Net income increased by 80.2% to HK$3,369.4 million (US$432.9 million) from HK$1,869.5 million in the fourth quarter of 2024. Net income margin for the fourth quarter of 2025 increased to 52.3% from 42.2% in the year-ago quarter.

Non-GAAP adjusted net income increased by 77.0% to HK$3,455.7 million (US$444.0 million) from the fourth quarter of 2024. Non-GAAP adjusted net income is defined as net income excluding share-based compensation expenses. For further information, see "Use of Non-GAAP Financial Measures" at the bottom of this press release.

Net Income per ADS

Basic net income per American Depositary Share ("ADS") was HK$24.32 (US$3.12), compared with HK$13.54 in the fourth quarter of 2024. Diluted net income per ADS was HK$23.92 (US$3.07), compared with HK$13.35 in the fourth quarter of 2024. Each ADS represents eight Class A ordinary shares.

Full Year 2025 Financial Results

Revenues

Total revenues were HK$22,846.9 million (US$2,935.4 million), an increase of 68.1% from HK$13,590.1 million in 2024.

Brokerage commission and handling charge income was HK$10,572.7 million (US$1,358.4 million), an increase of 74.9% from HK$6,044.7 million in 2024. This was mainly due to an 89.4% increase in trading volume, partially offset by lower blended commission rate.

Interest income was HK$10,441.6 million (US$1,341.5 million), an increase of 56.6% from HK$6,666.9 million in 2024. The increase was mainly driven by higher interest income from securities borrowing and lending business, bank deposits and margin financing.

Other income was HK$1,832.6 million (US$235.4 million), an increase of 108.6% from HK$878.5 million in 2024. The increase was primarily attributable to higher fund distribution service income and currency exchange service income.

Costs

Total costs were HK$2,942.4 million (US$378.0 million), an increase of 20.3% from HK$2,445.5 million in 2024.

Brokerage commission and handling charge expenses were HK$606.0 million (US$77.9 million), an increase of 77.6% from HK$341.2 million in 2024. This increase was roughly in line with the growth of our brokerage commission and handling charge income.

Interest expenses were HK$1,757.9 million (US$225.8 million), an increase of 8.7% from HK$1,617.5 million in 2024. The increase was mainly driven by higher expenses associated with our securities borrowing and lending business, and higher margin financing interest expenses.

Processing and servicing costs were HK$578.5 million (US$74.3 million), an increase of 18.8% from HK$486.8 million in 2024. The increase was primarily due to higher cloud service fee as well as higher market information and data fee.

Gross Profit

Total gross profit was HK$19,904.5 million (US$2,557.3 million), an increase of 78.6% from HK$11,144.7 million in 2024. Gross profit margin increased from 82.0% in 2024 to 87.1% in 2025.

Operating Expenses

Total operating expenses were HK$5,823.9 million (US$748.3 million), an increase of 28.8% from HK$4,523.0 million in 2024.

Research and development expenses were HK$1,908.8 million (US$245.2 million), an increase of 27.8% from HK$1,493.6 million in 2024. This increase was primarily due to increased investment in crypto and AI capabilities.

Selling and marketing expenses were HK$1,980.5 million (US$254.5 million), an increase of 40.5% from HK$1,409.3 million in 2024. This was mainly driven by a 36.1% increase in net new funded accounts, while customer acquisition costs remained largely flat year-over-year.

General and administrative expenses were HK$1,934.7 million (US$248.6 million), an increase of 19.4% from HK$1,620.0 million in 2024. The increase was primarily due to an increase in general and administrative personnel.

Income from Operations

Income from operations increased by 112.6% to HK$14,080.6 million (US$1,809.1 million) from HK$6,621.7 million in 2024. Operating margin increased to 61.6% from 48.7% in 2024 mainly due to strong topline growth and operating leverage.

Net Income

Net income increased by 108.0% to HK$11,301.9 million (US$1,452.1 million) from HK$5,433.1 million in 2024. Net income margin increased to 49.5% from 40.0% in 2024.

Non-GAAP adjusted net income increased by 101.9% to HK$11,644.9 million (US$1,496.1 million) from HK$5,768.0 million in 2024. Non-GAAP adjusted net income is defined as net income excluding share-based compensation expenses. For further information, see "Use of Non-GAAP Financial Measures" at the bottom of this press release.

Net Income per ADS

Basic net income per ADS was HK$81.36 (US$10.45), compared with HK$39.44 in 2024. Diluted net income per ADS was HK$80.24 (US$10.31), compared with HK$38.88 in 2024. Each ADS represents eight Class A ordinary shares.

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).

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