Futu (FUTU) Q2 2025 earnings summary

Executive summary

• Funded accounts reached 2.9 million, up 41% year-over-year, with over 50% now outside Hong Kong, marking a milestone in international expansion.

• Total client assets reached HK$973.9 billion, up 68.1% year-over-year and 17.4% quarter-over-quarter.

• Trading volume surged 121% year-over-year to HK$3.59 trillion, led by U.S. equities and crypto.

• Quarterly retention rate for funded accounts remained above 98%, reflecting high loyalty and satisfaction globally.

Financial highlights

• Total revenue was HK$5.31 billion, up 70% year-over-year; gross profit rose 82% to HK$4.64 billion, with gross margin at 87.4%.

• Net income increased 113% year-over-year and 20% quarter-over-quarter to HK$2.57 billion; net income margin expanded to 48.4%.

• Non-GAAP adjusted net income increased 105% year-over-year to HK$2.66 billion.

• Basic net income per ADS was HK$18.48, up from HK$8.79 a year ago.

• Brokerage commission and handling charge income was HK$2.6 billion, up 87% year-over-year.

Outlook and guidance

• Confident in achieving the full-year target of 800,000 new funded accounts, with 460,000 already added in the first half.

• Expect continued strong asset inflow and trading activity in Q3, with potential for further sequential growth in trading volume and client AUM.

• Management highlighted continued international expansion and product innovation, including crypto trading and new fixed income offerings.

• Plans to roll out more physical locations and new products in wealth management and crypto in the second half.