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Futu Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary18 Nov, 2025
Executive summary
Ended Q3 2025 with 3.13 million funded accounts, up 43% year-over-year and 9% quarter-over-quarter, with 254,000 net new funded accounts, a 65% year-over-year and 25% sequential increase.
Total client assets reached HK$1.24 trillion, up 78.9% year-over-year and 27.4% quarter-over-quarter, driven by mark-to-market gains and robust net inflows.
Trading volume hit a record HK$3.90 trillion, up 104.8% year-over-year and 8.7% quarter-over-quarter, with Hong Kong stock trading volume surging 42.9% sequentially.
Hong Kong led new client additions for the fourth consecutive quarter, with strong IPO activity and robust trading interest.
Singapore and Malaysia saw continued growth, with product localization and major investor events boosting brand presence.
Financial highlights
Total revenue reached HK$6,402.9 million, up 86.3% year-over-year; brokerage commission and handling charge income was HK$2.9 billion, up 91% year-over-year and 13% sequentially.
Interest income was HK$3 billion, up 79% year-over-year and 33% sequentially, driven by securities borrowing, margin financing, and bank deposits.
Gross profit was HK$5,609.2 million, up 99.5% year-over-year; gross margin expanded to 87.8% from 81.8% a year ago.
Net income surged 143.9% year-over-year to HK$3,217.2 million, with net income margin at 50.2% compared to 38.4% last year.
Basic net income per ADS was HK$23.20, up from HK$9.57 a year ago.
Outlook and guidance
Client acquisition cost in Q3 was HK$2,300, slightly up sequentially but within the full-year target range of HK$2,500–3,000; Q4 acquisition momentum and cost remain healthy.
Optimism expressed for client acquisition cost for the full year, expecting it to remain below initial objectives.
For every 25bps Fed rate cut, monthly pre-tax profit is expected to decrease by HK$7 million, though higher trading velocity and asset inflows may offset this.
Management expects continued growth in client acquisition across all markets, with Hong Kong and Malaysia highlighted as key growth drivers.
Ongoing product localization and technology enhancements, including AI tools and new derivatives, are expected to support further expansion.
Which markets are key for future funded account growth
Crypto trading's future revenue contribution
R&D investment impact on long-term profitability
Airstar Bank's P&L drag and offset
Crypto business growth drivers and M&A plans
Gross margin sustainability in scaling markets
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Frequently asked questions
Futu Holdings Limited, an investment holding company, operates an online brokerage and wealth management platform in Hong Kong and internationally. The company provides trading, clearing, and settlement services; margin financing and securities lending services; stock yield enhancement program; research reports and data; mobile client apps; and customer service. It also offers IPO services, such as application tracking and listing information. In addition, the company provides account opening and registration support, as well as wealth management services. Futu Holdings Limited was founded in 2012 and is headquartered in Lexington, Massachusetts.
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