Futu Holdings Limited reported its unaudited third‑quarter 2025 results, posting revenue of US$822.9 million—an 86.3 % year‑over‑year increase—and non‑GAAP adjusted net income of US$425.7 million, up 136.9 % from the same period last year.
Total client assets climbed to US$159.5 billion, a 79 % jump, while the platform’s registered user base grew to 28.16 million and funded accounts rose to 3.13 million, driven by a 24.7 % quarter‑over‑quarter increase in net new funded accounts.
Revenue was supported by a mix of brokerage commission and handling charge income of US$374.5 million and interest income of US$391.3 million, reflecting strong trading activity across U.S., Hong Kong, and emerging markets. The quarter also saw a record trading volume of US$501.3 billion, with U.S. equities volume up 70 % and Hong Kong equities volume up 243 %.
Gross margin expanded to 87.6 % from 81.8 % a year earlier, a result of higher mix of high‑margin brokerage and interest income and effective cost control, even as operating expenses rose 57.9 % YoY to support aggressive investment in AI and cryptocurrency platforms.
Management highlighted the global momentum, noting that Malaysia, Japan, Canada, and the U.S. added the most funded accounts. Chairman and CEO Leaf Hua Li said, “We added 254 thousand net new funded accounts, up 24.7 % quarter‑over‑quarter, and client acquisition picked up in every market.”
While revenue beat the consensus estimate of US$752.52 million, the company missed consensus earnings estimates, with non‑GAAP diluted EPS of US$2.93 falling short of analysts’ expectation of US$2.93. The miss was attributed to higher operating expenses driven by R&D for crypto and AI, which offset the revenue lift.
Investors reacted positively to the results, citing record trading volume, strong client growth, and a revenue beat as key drivers of confidence in Futu’s long‑term strategy.
The board also authorized a new US$800 million share repurchase program, underscoring management’s confidence in the company’s valuation and future cash‑flow generation.
With no forward guidance issued, the results reinforce Futu’s trajectory of expanding its AI‑enhanced trading tools and cryptocurrency offerings, positioning the firm as a leading global fintech platform.
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