Futu (FUTU) Q3 2025 earnings summary

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.