Futu Holdings Latest Earnings Report Released: Did Q4 2025 Performance Exceed Expectations?

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Futu Holdings’ Q4 2025 performance significantly exceeded market expectations on multiple key indicators. This earnings report delivered positive signals to the market.

The company’s total revenue and paid user count both achieved strong growth, becoming the core drivers behind this quarter’s outstanding performance.

This impressive report card lays a solid foundation for the company’s future development.

Key Points

• Futu Holdings’ Q4 2025 performance exceeded market expectations.
• The company’s total revenue and paid user count grew rapidly.
• Wealth management and corporate services are important growth points for the company.
• Company management is full of confidence in future development.
• The market generally has a positive outlook on Futu Holdings’ future performance.

Core Financial Data: Key Indicators Exceed Expectations

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Futu Holdings’ financial report this quarter demonstrated solid operating fundamentals. The company surpassed market analysts’ general expectations in both revenue and profit dimensions, delivering a strong answer sheet.

Revenue and Net Profit Growth Analysis

According to the earnings report, the company achieved the following core financial data in Q4 2025:

• Total revenue: Approximately $568 million (equivalent to 4.433 billion HKD)
• Non-GAAP net profit: Approximately $250 million (equivalent to 1.952 billion HKD)

Compared to the same period last year (Q4 2024), the company’s revenue and net profit remained stable, demonstrating its business resilience in a complex market environment.

From a quarter-over-quarter perspective, compared to approximately $821 million in revenue and approximately $425 million in net profit in Q3 2025, this quarter’s data showed a decline. Such quarterly fluctuations are relatively common in the securities industry. The unusually active market trading environment in the third quarter may have elevated the performance base at that time, while the fourth quarter’s performance returned to a more normalized and steady level.

The most critical point is that this quarter’s performance significantly outperformed market expectations. Earnings data shows that the company’s revenue exceeded analysts’ average forecasts by about 5%, and non-GAAP net profit exceeded expectations by nearly 8%. This clearly indicates that the company’s actual operating condition is more optimistic than market expectations.

Profitability and Margin Changes

Profitability is a core metric for measuring enterprise operating efficiency. This quarter, the company’s profitability remained at a high industry level.

To more intuitively display changes in profitability, we can compare data from the recent two quarters:

The table shows that the fourth quarter’s non-GAAP net profit margin was approximately 44.0%. Although it declined compared to the record 51.8% in the third quarter, this was mainly due to changes in revenue structure following market conditions. Even so, a net profit margin exceeding 40% remains a top level among global peers, fully proving the company’s excellent cost control capabilities and efficient operating model.

Futu Holdings User Growth: The Engine Remains Solid

In addition to impressive financial data, user growth is a core measure of a tech broker’s long-term value. Futu Holdings once again proved the strength and stability of its user growth engine this quarter, demonstrating sustained attractiveness in both user count and asset scale.

Paid User Scale and Growth Rate

Paid users are a direct source of company revenue. In the fourth quarter, the company’s paid user base continued to expand.

• Total paid users: As of the end of Q4 2025, the company’s total paid users reached 1.72 million.
• Quarterly net addition: Approximately 45,000 net new paid users this quarter.

This growth rate demonstrates the company’s ongoing ability to acquire high-value users. Notably, the new paid users mainly came from Hong Kong, Singapore, and other international markets. This indicates that the company’s internationalization strategy is steadily advancing, successfully establishing brand influence in multiple markets and reducing dependence on a single market.

The company’s user growth strategy does not simply pursue quantity but focuses more on quality. The attracted paid users exhibit higher engagement and stronger asset retention, laying a solid foundation for future revenue conversion.

Client Total Assets (AUM) Trend

Client total assets (Assets Under Management, AUM) is a key indicator measuring platform user trust and capital attraction. As of the end of Q4 2025, the company’s client total assets reached approximately $59.5 billion.

This figure’s growth was mainly driven by two factors: inflows from new clients and asset appreciation of existing clients on the platform. Steady AUM growth reflects high user trust in the platform, with willingness to entrust more assets to platform management.

To more clearly display its growth trend, we can compare data from the recent three quarters:

The table shows that client total assets exhibited a continuous and stable upward trend. Even amid market fluctuations, AUM maintained growth, fully proving the platform’s strong attractiveness to users and its “safe haven” effect for assets. This healthy asset growth model is one of the most reliable guarantees of the company’s long-term value.

Business Segment Performance: Diversification Strategy Pays Off

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Futu Holdings’ performance growth relies not only on user scale expansion but also significantly on its diversified business layout. This quarter, the wealth management and corporate services segments both showed strong development momentum, becoming important supplements to the company’s revenue structure and effectively reducing dependence on traditional brokerage business.

Wealth Management Business Contribution

The wealth management business is key to the company’s revenue stability. As of the end of this quarter, the company’s wealth management asset scale (AUM) continued to grow, directly reflecting high user trust in the platform.

The success of this business marks the company’s transition from a trading tool platform to a one-stop comprehensive wealth management platform. This not only enhances user stickiness but also brings more sustainable revenue sources.

The platform offers a rich array of wealth management products, including various funds and bonds. Users can conveniently allocate global assets within a single account. This convenience has attracted a large number of users seeking asset preservation, contributing stable management fees and subscription fee income to the company. The strong performance of the wealth management business proves the company’s outstanding ability to meet users’ diversified investment needs.

Corporate Services Business Highlights

Corporate services (ES) is another fast-growing engine for Futu Holdings, branded as “FUTU I&E”. This business provides comprehensive capital market services to enterprise clients.

Highlights this quarter mainly include the following two aspects:

• IPO distribution services: The company continued to serve as an important distribution channel for popular U.S. stocks and Hong Kong stocks IPO projects. Its large base of high-quality users provided strong subscription support for new share issuances.
• Employee Stock Ownership Plan (ESOP): The company provided ESOP solutions to numerous enterprises. This service helps enterprise clients manage employee incentive plans, establishing long-term and stable cooperative relationships.

These services not only created considerable revenue but, more importantly, built an ecosystem connecting investors, listed companies, and the primary market. This greatly enhances the company’s strategic value in the entire financial services chain.

Future Outlook and Market Reaction

After releasing quarterly performance that exceeded expectations, market attention naturally turned to the company’s future development path. Management’s performance guidance and the latest analyses from investment banks paint a cautiously optimistic picture.

Management Performance Guidance Interpretation

Company management provided outlook for future performance during the earnings conference call, showing confidence in sustained business growth. The following is part of the company’s financial forecast for fiscal year 2026:

Note: Currency units in the above table are in HKD.

This guidance clearly indicates that management expects company revenue to continue growing. The full-year 2026 net sales target shows strong growth expectations. This reflects the company’s firm confidence in its internationalization strategy, user growth, and diversified business monetization capabilities.

Latest Investment Bank Ratings and Target Prices

Following the strong earnings report, multiple mainstream investment banks quickly updated their analysis reports. The market reacted positively overall, with most analysts reaffirming “Buy” or “Overweight” ratings for the company and raising target prices.

Analysts generally believe that the company’s execution in a challenging market environment is impressive. Its efficient user acquisition model and deepening penetration in international markets are core drivers of future growth.

Reasons investment banks are bullish on Futu Holdings’ future performance mainly include:

• Solid user growth: Especially in high-value markets like Hong Kong and Singapore, the user base continues to expand.
• Internationalization strategy taking effect: Successful entry into multiple new markets, reducing single-market risks and opening new growth space.
• Business diversification: Increasing contributions from non-brokerage segments like wealth management and corporate services, enhancing revenue stability.

Overall, the market holds an optimistic attitude toward the company’s future development, believing it has the ability to continue consolidating its industry-leading position.

In summary, the company’s Q4 2025 earnings report is indeed impressive. Core indicators such as revenue, profit, and user growth all surpassed general market expectations.

Behind the outstanding performance is the company’s strong user acquisition capabilities and efficient diversified business monetization efficiency.

Looking ahead, management’s positive guidance and the market’s favorable reaction inject confidence into the company’s development. However, investors still need to pay attention to potential challenges from global macroeconomic fluctuations.

FAQ

Why did revenue and profit decline quarter-over-quarter this quarter?

The quarter-over-quarter decline in revenue and profit is normal fluctuation. The third quarter’s unusually active market trading elevated the performance base. The fourth quarter’s performance returned to a more normalized and steady level, and overall performance still significantly exceeded market analysts’ expectations.

Where does the company’s user growth mainly come from?

The company’s user growth engine remains strong. This quarter’s new paid users mainly came from Hong Kong, Singapore, and other international markets. This clearly indicates that the company’s internationalization strategy is steadily advancing and has achieved significant results, successfully reducing dependence on a single market.

Has the company’s profitability weakened?

No. Although this quarter’s net profit margin declined compared to the record previous quarter, it still maintained an industry-leading level of approximately 44.0%. This fully proves Futu Holdings’ excellent cost control capabilities and efficient operating model, with profitability remaining very strong.

What are the company’s main growth points in the future?

The company’s future growth will be driven by multiple engines.

• International expansion: Continuously exploring new markets and acquiring high-value users.
• Business diversification: Increasing contributions from wealth management and corporate services segments, enhancing revenue stability.

These strategies collectively lay a solid foundation for the company’s long-term development.