Futu (FUTU) Q4 2025 earnings summary

Executive summary

• Net new funded accounts in 2025 exceeded guidance by 19%, reaching 3.4 million, up 40% year-over-year, with strong growth in Hong Kong and Malaysia.

• Total client assets rose 65.9% year-over-year to HK$1.23 trillion, with robust net asset inflow despite market volatility.

• Wealth management client assets increased 62% year-over-year to HKD 179.6 billion, driven by expanded product offerings across regions.

• Trading volume reached a record HK$3.98 trillion in Q4 2025, up 37.8% year-over-year, led by U.S. stock trading.

• Served 600 IPO distribution and IR clients, up 24.5% year-over-year, and acted as coordinator for major Hong Kong IPOs.

Financial highlights

• Q4 2025 revenues rose 45.3% year-over-year to HK$6.44 billion; full year revenues up 68.1% to HK$22.85 billion.

• Q4 2025 net income increased 80.2% year-over-year to HK$3.37 billion; net income margin expanded to 52.3%.

• Gross profit margin improved to 88.7% in Q4 2025 from 82.5% a year ago.

• Operating margin increased to 64.4% in Q4 2025, up from 50% year-over-year.

• Basic net income per ADS for Q4 2025 was HK$24.32 (US$3.12); full year was HK$81.36 (US$10.45).

Outlook and guidance

• Targeting 800,000 net new funded accounts in 2026, including entry into a new Asian market.

• Client acquisition cost for 2026 expected to be HKD 2,500–3,000, with early-year costs trending at the lower end.

• Expects ongoing momentum in international markets despite recent market headwinds.