Futu (FUTU) Q1 2025 earnings summary

Executive summary

• Added 262,000 new funded accounts in Q1 2025, up 48% year-over-year and 22% quarter-over-quarter, reaching 2.7 million total funded accounts, a 42% increase year-over-year and 11% sequentially, with Hong Kong as the top contributor and Malaysia showing fastest sequential growth.

• Achieved one-third of the annual target for net new funded accounts, tracking well against 2025 guidance of 800,000 net new accounts.

• Total client assets reached HK$829.8 billion, up 60.2% year-over-year and 11.6% quarter-over-quarter, driven by record net asset inflow.

• Wealth management client assets surged 118% year-over-year to HK$139.2 billion, with 29% of funded accounts holding wealth products.

• Launched Futubull AI, a smart investment assistant, and new desktop version of Futubull, enhancing user experience and engagement, and introduced U.S. fractional shares trading in Japan.

Financial highlights

• Total revenue was HK$4,694.6 million, up 81% year-over-year from HK$2,600 million.

• Brokerage commission and handling charge income rose 113% year-over-year to HK$2,310.2 million.

• Interest income increased 53% year-over-year to HK$2,070.5 million.

• Gross profit reached HK$3,945.7 million, up 86% year-over-year, with gross margin at 84% (vs. 81.9% last year).

• Net income was HK$2,142.7 million, up 107% year-over-year, with net income margin expanding to 45.6%.

Outlook and guidance

• Management reaffirmed the full-year target of 800,000 net new funded accounts for 2025, with one-third of the goal already achieved in Q1.

• Confident in achieving 800,000 new paying clients for 2025 despite expected double-digit sequential decrease in new funded accounts in Q2 due to a high Q1 base.

• Expect further sequential increase in total trading volume and client asset inflows in Q2.

• Maintain full-year guidance on customer acquisition cost (CAC), with ongoing emphasis on brand building and continued investment in Malaysia and Japan.