Futu (FUTU) Q4 2024 earnings summary

Executive summary

• Paying clients grew 41% year-over-year to 2.41 million as of December 31, 2024, with 215,000 new paying clients in Q4.

• Total client assets rose 53.1% year-over-year to HK$743.3 billion.

• Product innovation included 209 app iterations and 7,762 new features in 2024, with launches in margin trading, options, and recurring investment plans.

• Fourth quarter trading volume surged 202% year-over-year and 52% quarter-over-quarter to HK$2.89 trillion, with U.S. stock trading volume up 36.1% sequentially.

• Wealth management client assets increased 93% year-over-year and 14% quarter-over-quarter to HK$111 billion, now 15% of total client assets.

Financial highlights

• Q4 2024 revenues rose 87% year-over-year to HK$4.4 billion; full-year revenue was HK$13.6 billion, up 36% year-over-year.

• Q4 net income increased 113% year-over-year to HK$1.87 billion; full-year net income rose 27% to HK$5.43 billion.

• Brokerage commission income was HK$2.1 billion, up 128% year-over-year and 35% quarter-over-quarter.

• Interest income was HK$2 billion, up 52% year-over-year and 19% quarter-over-quarter.

• Non-GAAP adjusted net income for 2024 was HK$5.77 billion, up 26% year-over-year.

Outlook and guidance

• Targeting 800,000 new paying clients in 2025, with strong growth expected in Malaysia, Japan, Singapore, and Hong Kong.

• Client acquisition cost (CAC) targeted at HK$2,500–3,000 for 2025, with increased investment in brand equity.

• Forecasts higher net new paying clients, net asset inflow, and trading volume in Q1 2025.

• Plans to roll out crypto trading in the US and expand structured product offerings in wealth management.