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Futu Announces First Quarter 2025 Unaudited Financial Results

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Futu Holdings (NASDAQ: FUTU) reported strong Q1 2025 financial results with significant year-over-year growth across key metrics. Total revenues increased 81.1% to HK$4.69 billion (US$603.4M), while net income grew 107% to HK$2.14 billion (US$275.4M). The company saw substantial operational growth with funded accounts up 41.6% to 2.67 million and total client assets increasing 60.2% to HK$829.8 billion. Trading volume surged 140.1% to HK$3.22 trillion, with U.S. stocks accounting for HK$2.25 trillion. The company maintained strong momentum in Hong Kong market and showed promising growth in Malaysia and Japan. Wealth management client assets grew 117.7% YoY to HK$139.2 billion, with 29% of funded accounts holding wealth management products.
Futu Holdings (NASDAQ: FUTU) ha riportato solidi risultati finanziari nel primo trimestre 2025, con una crescita significativa anno su anno in tutti i principali indicatori. I ricavi totali sono aumentati dell'81,1% raggiungendo 4,69 miliardi di HK$ (603,4 milioni di dollari USA), mentre l'utile netto è cresciuto del 107% a 2,14 miliardi di HK$ (275,4 milioni di dollari USA). L'azienda ha registrato una notevole espansione operativa con i conti finanziati in aumento del 41,6% a 2,67 milioni e il totale degli asset dei clienti cresciuto del 60,2% a 829,8 miliardi di HK$. Il volume di scambi è salito del 140,1% a 3,22 trilioni di HK$, con le azioni statunitensi che rappresentano 2,25 trilioni di HK$. La società ha mantenuto un forte slancio nel mercato di Hong Kong e ha mostrato promettenti segnali di crescita in Malesia e Giappone. Gli asset dei clienti nella gestione patrimoniale sono aumentati del 117,7% su base annua a 139,2 miliardi di HK$, con il 29% dei conti finanziati che detiene prodotti di gestione patrimoniale.
Futu Holdings (NASDAQ: FUTU) reportó sólidos resultados financieros en el primer trimestre de 2025, con un crecimiento significativo interanual en métricas clave. Los ingresos totales aumentaron un 81,1% hasta HK$4.690 millones (US$603,4 millones), mientras que la utilidad neta creció un 107% hasta HK$2.140 millones (US$275,4 millones). La compañía experimentó un crecimiento operativo considerable con cuentas financiadas que aumentaron un 41,6% hasta 2,67 millones y activos totales de clientes que crecieron un 60,2% hasta HK$829.800 millones. El volumen de operaciones se disparó un 140,1% hasta HK$3,22 billones, con acciones estadounidenses representando HK$2,25 billones. La empresa mantuvo un fuerte impulso en el mercado de Hong Kong y mostró un crecimiento prometedor en Malasia y Japón. Los activos de clientes en gestión patrimonial crecieron un 117,7% interanual hasta HK$139.200 millones, con el 29% de las cuentas financiadas que poseen productos de gestión patrimonial.
Futu Holdings (NASDAQ: FUTU)는 2025년 1분기에 주요 지표 전반에서 전년 대비 큰 폭의 성장을 기록하며 강력한 재무 실적을 보고했습니다. 총 수익은 81.1% 증가한 46억 9천만 홍콩달러(미화 6억 3,340만 달러)를 기록했고, 순이익은 107% 증가한 21억 4천만 홍콩달러(미화 2억 7,540만 달러)에 달했습니다. 운영 측면에서도 큰 성장이 나타났으며, 자금이 입금된 계좌 수는 41.6% 증가한 267만 개, 고객 자산 총액은 60.2% 증가한 8,298억 홍콩달러로 늘어났습니다. 거래량은 140.1% 증가한 3조 2,200억 홍콩달러로 급증했으며, 미국 주식이 2조 2,500억 홍콩달러를 차지했습니다. 회사는 홍콩 시장에서 강한 모멘텀을 유지했으며 말레이시아와 일본에서도 유망한 성장세를 보였습니다. 자산 관리 고객 자산은 전년 대비 117.7% 증가한 1,392억 홍콩달러로 성장했으며, 자금이 입금된 계좌의 29%가 자산 관리 상품을 보유하고 있습니다.
Futu Holdings (NASDAQ : FUTU) a publié de solides résultats financiers pour le premier trimestre 2025, affichant une croissance significative d'une année sur l'autre sur les principaux indicateurs. Le chiffre d'affaires total a augmenté de 81,1 % pour atteindre 4,69 milliards de HK$ (603,4 millions de dollars US), tandis que le bénéfice net a progressé de 107 % pour atteindre 2,14 milliards de HK$ (275,4 millions de dollars US). L'entreprise a connu une croissance opérationnelle importante avec une augmentation de 41,6 % des comptes financés, atteignant 2,67 millions, et une hausse de 60,2 % des actifs clients totaux, s'élevant à 829,8 milliards de HK$. Le volume des transactions a bondi de 140,1 % pour atteindre 3,22 billions de HK$, les actions américaines représentant 2,25 billions de HK$. La société a maintenu une forte dynamique sur le marché de Hong Kong et a montré une croissance prometteuse en Malaisie et au Japon. Les actifs des clients en gestion de patrimoine ont augmenté de 117,7 % en glissement annuel pour atteindre 139,2 milliards de HK$, 29 % des comptes financés détenant des produits de gestion de patrimoine.
Futu Holdings (NASDAQ: FUTU) meldete starke finanzielle Ergebnisse für das erste Quartal 2025 mit erheblichem Wachstum gegenüber dem Vorjahr in wichtigen Kennzahlen. Die Gesamterlöse stiegen um 81,1 % auf 4,69 Milliarden HK$ (603,4 Mio. USD), während der Nettogewinn um 107 % auf 2,14 Milliarden HK$ (275,4 Mio. USD) wuchs. Das Unternehmen verzeichnete ein deutliches operatives Wachstum mit einer Zunahme der finanzierten Konten um 41,6 % auf 2,67 Millionen und einem Anstieg der gesamten Kundenvermögen um 60,2 % auf 829,8 Milliarden HK$. Das Handelsvolumen stieg um 140,1 % auf 3,22 Billionen HK$, wobei US-Aktien 2,25 Billionen HK$ ausmachten. Das Unternehmen hielt die starke Dynamik im Hongkonger Markt aufrecht und zeigte vielversprechendes Wachstum in Malaysia und Japan. Die Vermögensverwaltungs-Kundenvermögen wuchsen um 117,7 % im Jahresvergleich auf 139,2 Milliarden HK$, wobei 29 % der finanzierten Konten Vermögensverwaltungsprodukte halten.
Positive
  • Net income surged 107% YoY to HK$2.14 billion with improved margin of 45.6%
  • Total revenues grew 81.1% YoY to HK$4.69 billion
  • Trading volume increased 140.1% YoY to HK$3.22 trillion
  • Added 262,000 new funded accounts, up 47.8% YoY
  • Total client assets rose 60.2% YoY to HK$829.8 billion
  • Operating margin improved to 57.2% from 46.0% YoY
  • Wealth management client assets grew 117.7% YoY
Negative
  • Decline in blended commission rate affected brokerage income
  • Operating expenses increased 35.6% YoY to HK$1.26 billion
  • Lower risk appetite in second half of quarter due to market pullback

Insights

Futu delivered exceptional Q1 2025 results with 107% profit growth, 81.1% revenue growth, and accelerating user acquisition across markets.

Futu's Q1 2025 results showcase exceptional growth across all key performance indicators. The company reported HK$4.69 billion in revenue (US$603.4 million), an impressive 81.1% year-over-year increase. Even more remarkable was the 107% surge in net income to HK$2.14 billion (US$275.4 million), with net margin expanding to 45.6% from 39.9% in the year-ago quarter.

The operational metrics are equally compelling. Funded accounts increased 41.6% year-over-year to 2.67 million, with approximately 262,000 new accounts added in Q1 alone—representing 47.8% year-over-year growth and putting the company on track to meet its full-year guidance of 800,000 net new funded accounts. Total client assets jumped 60.2% to HK$829.8 billion, while daily average client assets rose 64.7% to HK$790.4 billion.

Trading volume metrics were particularly striking, increasing 140.1% year-over-year to HK$3.22 trillion. The U.S. stock trading volume of HK$2.25 trillion (up 8.2% quarter-over-quarter) was complemented by Hong Kong stock trading volume of HK$916 billion (up 21.4% quarter-over-quarter).

Importantly, Futu is demonstrating strong operating leverage, with operating margin expanding to 57.2% from 46.0% a year earlier. While operating expenses increased 35.6% to HK$1.26 billion, this was significantly outpaced by the 85.9% growth in gross profit.

The company's geographical expansion strategy is yielding results, with Malaysia showing the fastest sequential growth in new funded accounts, while Japan reached a historic high in new funded accounts. Singapore's total client assets rose 11.4% quarter-over-quarter, marking consecutive quarters of double-digit growth.

Futu's wealth management business is also flourishing, with client assets up 117.7% year-over-year and 25.6% quarter-over-quarter to HK$139.2 billion. The company has expanded its product offerings with FX-linked notes in Hong Kong and Singapore, equity funds in Malaysia, and money market funds in Japan.

The company continues to innovate with new features like Futubull AI and enhanced desktop tools, while also growing its IPO distribution business, serving as joint lead manager for several high-profile Hong Kong IPOs.

HONG KONG, May 29, 2025 (GLOBE NEWSWIRE) -- Futu Holdings Limited (“Futu” or the “Company”) (Nasdaq: FUTU), a leading tech-driven online brokerage and wealth management platform, today announced its unaudited financial results for the first quarter ended March 31, 2025.

First Quarter 2025 Operational Highlights

  • Total number of funded accounts1 increased 41.6% year-over-year to 2,673,119 as of March 31, 2025.
  • Total number of brokerage accounts2 increased 30.0% year-over-year to 4,955,319 as of March 31, 2025.
  • Total number of users3 increased 16.8% year-over-year to 26.3 million as of March 31, 2025.
  • Total client assets increased 60.2% year-over-year to HK$829.8 billion as of March 31, 2025.
  • Daily average client assets were HK$790.4 billion in the first quarter of 2025, an increase of 64.7% from the same period in 2024.
  • Total trading volume in the first quarter of 2025 increased by 140.1% year-over-year to HK$3.22 trillion, in which trading volume for U.S. stocks was HK$2.25 trillion, and trading volume for Hong Kong stocks was HK$916.0 billion.
  • Margin financing and securities lending balance increased 33.7% year-over-year to HK$50.3 billion as of March 31, 2025.

First Quarter 2025 Financial Highlights

  • Total revenues increased 81.1% year-over-year to HK$4,694.6 million (US$603.4 million).
  • Total gross profit increased 85.9% year-over-year to HK$3,945.7 million (US$507.2 million).
  • Net income increased 107.0% year-over-year to HK$2,142.7 million (US$275.4 million).
  • Non-GAAP adjusted net income4 increased 97.7% year-over-year to HK$2,216.9 million (US$285.0 million).

Mr. Leaf Hua Li, Futu’s Chairman and Chief Executive Officer, said, “We started 2025 on a strong note, adding approximately 262 thousand funded accounts in the first quarter, up 47.8% year-over-year and 21.9% quarter-over-quarter. Total funded accounts reached 2.7 million, representing a 41.6% increase year-over-year and a 10.9% increase quarter-over-quarter. Hong Kong remained the top contributor to new funded accounts, as our marketing initiatives effectively leveraged the Hong Kong market rally and IPO boom. We believe that brokers with leading brand equity, product experience and execution capabilities will gain outsized benefits from strong equity market performance. Malaysia posted the fastest sequential growth in new funded accounts among all seven markets. After a year of rapid market share gain in Malaysia, we think there is ample headroom for further growth and will continue to invest in our product and our brand. In Japan, new funded accounts enjoyed robust growth and reached a historic high, as we solidified our position as the go-to broker for U.S. stock trading. Funded account growth accelerated in the U.S. as we enhanced our offerings for active traders and our high-profile advertising campaigns boosted brand visibility. With one-third of our full-year target already achieved, we remain firmly on track to meet our guidance of 800 thousand net new funded accounts in 2025.”

“Total client assets reached HK$829.8 billion, up 60.2% year-over-year and 11.6% quarter-over-quarter, thanks to record net asset inflow. In Singapore, total client assets rose 11.4% quarter-over-quarter, sustaining its streak of double-digit sequential growth. Average client assets in Canada and Australia also logged five straight quarters of sequential increase. Margin financing and securities lending balance at quarter end remained largely stable at HK$50.3 billion, due to lower risk appetite in the second half of the quarter amid market pullback.”

“Total trading volume was HK$3.22 trillion, up 140.1% year-over-year and 11.4% quarter-over-quarter. U.S. stock trading volume grew 8.2% sequentially to HK$2.25 trillion, bolstered by clients’ bottom fishing of technology and semiconductor names. Hong Kong stock trading volume increased 21.4% quarter-over-quarter to HK$916.0 billion, as DeepSeek-induced market rally reignited investor interest.”

“We continued to drive product innovation, empowering retail investors with cutting-edge investment tools and seamless investment experience. In Hong Kong, we unveiled Futubull AI, our proprietarily trained, AI-powered investment assistance, and revealed a new desktop version with more intuitive tools and advanced features. In Japan, we continued to enhance our U.S. stock offerings as we rolled out U.S. fractional shares trading in the first quarter and subsequently launched U.S. options trading in April.”

“Wealth management client assets were HK$139.2 billion as of quarter end, up 117.7% year-over-year and 25.6% quarter-over-quarter. 29% of funded accounts held wealth management products, a further climb from 28% in the previous quarter. Money market funds remained the primary driver of asset inflow given the seek for stable returns amid market volatility. In Hong Kong and Singapore, we broadened our structured product suite with FX-linked notes in the first quarter. We also onboarded equity funds in Malaysia and money market funds in Japan.”

“We had 498 IPO distribution and IR clients as of quarter end, up 15.8% year-over-year. During the quarter, we served as joint lead manager for several high-profile Hong Kong IPOs, including those of Bloks Group and Guming Holdings. For both of these transactions, we were the exclusive online broker for IPO distribution. Notably, in the MIXUE Group IPO, more than 70 thousand clients contributed to over HK$1 trillion in subscription amount, putting us first among all brokers in number of subscribers and total subscription amount.”

First Quarter 2025 Financial Results

Revenues

Total revenues were HK$4,694.6 million (US$603.4 million), an increase of 81.1% from HK$2,592.5 million in the first quarter of 2024.

Brokerage commission and handling charge income was HK$2,310.2 million (US$296.9 million), an increase of 113.5% from the first quarter of 2024. This was mainly due to higher trading volume, partially offset by the decline in blended commission rate.

Interest income was HK$2,070.5 million (US$266.1 million), an increase of 52.9% from the first quarter of 2024. The increase was mainly driven by higher interest income from securities borrowing and lending business, margin financing and bank deposits.

Other income was HK$313.9 million (US$40.4 million), an increase of 101.0% from the first quarter of 2024. The increase was primarily attributable to higher fund distribution service income and currency exchange income.

Costs

Total costs were HK$749.0 million (US$96.3 million), an increase of 59.3% from HK$470.2 million in the first quarter of 2024.

Brokerage commission and handling charge expenses were HK$143.5 million (US$18.4 million), an increase of 138.0% from the first quarter of 2024. This increase was roughly in line with the growth of our brokerage commission and handling charge income.

Interest expenses were HK$469.3 million (US$60.3 million), an increase of 50.0% from the first quarter of 2024. The increase was primarily due to higher expenses associated with our securities borrowing and lending business and higher margin financing interest expenses.

Processing and servicing costs were HK$136.1 million (US$17.5 million), an increase of 40.2% from the first quarter of 2024. The increase was primarily due to higher market information and data fee for enhanced market data coverage.

Gross Profit

Total gross profit was HK$3,945.7 million (US$507.2 million), an increase of 85.9% from HK$2,122.2 million in the first quarter of 2024. Gross margin was 84.0%, as compared to 81.9% in the first quarter of 2024.

Operating Expenses

Total operating expenses were HK$1,260.4 million (US$162.0 million), an increase of 35.6% from HK$929.5 million in the first quarter of 2024.

Research and development expenses were HK$386.0 million (US$49.6 million), an increase of 15.1% from the first quarter of 2024. This increase was primarily driven by investment in AI capabilities and related technology initiatives.

Selling and marketing expenses were HK$459.2 million (US$59.0 million), an increase of 56.9% from HK$292.7 million in the first quarter of 2024. This was mainly driven by strong growth of new funded accounts.

General and administrative expenses were HK$415.2 million (US$53.4 million), an increase of 37.8% from the first quarter of 2024. The increase was primarily due to an increase in general and administrative personnel to support overseas market development.

Income from Operations

Income from operations increased by 125.1% to HK$2,685.3 million (US$345.2 million) from HK$1,192.7 million in the first quarter of 2024. Operating margin increased to 57.2% from 46.0% in the first quarter of 2024 mainly due to strong topline growth and operating leverage.

Net Income

Net income increased by 107.0% to HK$2,142.7 million (US$275.4 million) from HK$1,035.1 million in the first quarter of 2024. Net income margin for the first quarter of 2025 increased to 45.6% from 39.9% in the year-ago quarter.

Non-GAAP adjusted net income increased by 97.7% to HK$2,216.9 million (US$285.0 million) from the first quarter of 2024. Non-GAAP adjusted net income is defined as net income excluding share-based compensation expenses. For further information, see “Use of Non-GAAP Financial Measures” at the bottom of this press release.

Net Income per ADS

Basic net income per American Depositary Share (“ADS”) was HK$15.44 (US$1.98), compared with HK$7.53 in the first quarter of 2024. Diluted net income per ADS was HK$15.28 (US$1.96), compared with HK$7.46 in the first quarter of 2024. Each ADS represents eight Class A ordinary shares.

Conference Call and Webcast

Futu’s management will hold an earnings conference call on Thursday, May 29, 2025, at 7:30 AM U.S. Eastern Time (7:30 PM on the same day, Beijing/Hong Kong Time).

Please note that all participants will need to pre-register for the conference call, using the link

https://register-conf.media-server.com/register/BIb0180ca92acc4f49b995ccdec654eeb4.

It will automatically lead to the registration page of “Futu Holdings Ltd First Quarter 2025 Earnings Conference Call”, where details for RSVP are needed.

Upon registering, all participants will be provided in confirmation emails with participant dial-in numbers and personal PINs to access the conference call. Please dial in 10 minutes prior to the call start time using the conference access information.

Additionally, a live and archived webcast of this conference call will be available at https://ir.futuholdings.com/.

About Futu Holdings Limited

Futu Holdings Limited (Nasdaq: FUTU) is an advanced technology company transforming the investing experience by offering fully digitalized financial services. Through its proprietary digital platforms, Futubull and moomoo, the Company provides a full range of investment services, including trade execution and clearing, margin financing and securities lending, and wealth management. The Company has embedded social media tools to create a network centered around its users and provide connectivity to users, investors, companies, analysts, media and key opinion leaders. The Company also provides corporate services, including IPO distribution, investor relations and ESOP solution services.

Use of Non-GAAP Financial Measures

In evaluating the business, the Company considers and uses non-GAAP adjusted net income, a non-GAAP measure, as a supplemental measure to review and assess its operating performance. The presentation of the non-GAAP financial measure is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with U.S. GAAP. The Company defines non-GAAP adjusted net income as net income excluding share-based compensation expenses. The Company presents the non-GAAP financial measure because it is used by the management to evaluate the operating performance and formulate business plans. Non-GAAP adjusted net income enables the management to assess the Company’s operating results without considering the impact of share-based compensation expenses, which are non-cash charges. The Company also believes that the use of the non-GAAP measure facilitates investors’ assessment of its operating performance.

Non-GAAP adjusted net income is not defined under U.S. GAAP and is not presented in accordance with U.S. GAAP. This non-GAAP financial measure has limitations as analytical tools. One of the key limitations of using non-GAAP adjusted net income is that it does not reflect all items of expense that affect the Company’s operations. Share-based compensation expenses have been and may continue to be incurred in the business and is not reflected in the presentation of non-GAAP adjusted net income. Further, the non-GAAP measure may differ from the non-GAAP information used by other companies, including peer companies, and therefore their comparability may be limited.

The Company compensates for these limitations by reconciling the non-GAAP financial measure to the nearest U.S. GAAP performance measure, all of which should be considered when evaluating the Company's performance.

For more information on this non-GAAP financial measure, please see the table captioned “Unaudited Reconciliations of Non-GAAP and GAAP Results” set forth at the end of this press release.

Exchange Rate Information

This announcement contains translations of certain HK dollars (“HK$”) amounts into U.S. dollars (“US$”) at specified rates solely for the convenience of the reader. Unless otherwise stated, all translations from HK$ to US$ were made at the rate of HK$7.7799 to US$1.00, the noon buying rate in effect on March 31, 2025 in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the HK$ or US$ amounts referred could be converted into US$ or HK$, as the case may be, at any particular rate or at all.

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and similar statements. Among other things, the quotations from the management team of the Company, contain forward-looking statements. Futu may also make written or oral forward-looking statements in its periodic reports to the SEC, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about Futu’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Futu’s goal and strategies; Futu’s expansion plans; Futu’s future business development, financial condition and results of operations; Futu’s expectations regarding demand for, and market acceptance of, its credit products; Futu’s expectations regarding keeping and strengthening its relationships with borrowers, institutional funding partners, merchandise suppliers and other parties it collaborates with; general economic and business conditions; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in Futu’s filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and Futu does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

For investor inquiries, please contact:

Investor Relations
Futu Holdings Limited
ir@futuholdings.com

___________________________

1 The number of funded accounts refers to the number of brokerage accounts with Futu that have a positive account balance. Multiple funded accounts by one client are counted as one funded account.
2 Multiple brokerage accounts by one client are counted as one brokerage account.
3 The number of users refers to the number of user accounts registered with Futu.
4 Non-GAAP adjusted net income is defined as net income excluding share-based compensation expenses.


FUTU HOLDINGS LIMITED

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands, except for share and per share data)

 As of December 31, As of March 31,
 2024 2025 2025
 HK$ HK$ US$
ASSETS     
Cash and cash equivalents11,688,383 6,495,155 834,864
Cash held on behalf of clients68,639,816 88,246,095 11,342,832
Restricted cash1,121 7,857 1,010
Term deposit4,990 5,240 674
Short-term investments2,411,074 2,659,746 341,874
Securities purchased under agreements to resell316,301 468,788 60,256
Loans and advances-current (net of allowance of HK$85,252 thousand and HK$133,380 thousand as of December 31, 2024 and March 31, 2025, respectively)49,695,691 48,552,818 6,240,802
Receivables:     
Clients534,077 717,361 92,207
Brokers17,224,387 17,913,085 2,302,483
Clearing organizations3,277,063 8,189,215 1,052,612
Fund management companies and fund distributors1,210,472 1,773,358 227,941
Interest597,483 624,324 80,248
Amounts due from related parties61,200 - -
Prepaid assets63,497 68,993 8,868
Other current assets160,330 753,181 96,811
Total current assets155,885,885 176,475,216 22,683,482
      
Operating lease right-of-use assets253,212 390,760 50,227
Long-term investments573,190 698,183 89,742
Loans and advances-non-current18,805 18,843 2,422
Other non-current assets2,025,841 3,055,412 392,730
Total non-current assets2,871,048 4,163,198 535,121
Total assets158,756,933 180,638,414 23,218,603


LIABILITIES     
Amounts due to related parties79,090  154,011  19,796 
Payables:     
Clients72,379,135  95,452,151  12,269,072 
Brokers43,697,746  38,246,431  4,916,057 
Clearing organizations503,396  357,842  45,996 
Fund management companies and fund distributors507,076  1,509,340  194,005 
Interest86,964  69,180  8,892 
Borrowings5,702,259  9,897,658  1,272,209 
Securities sold under agreements to repurchase2,574,659  929,084  119,421 
Lease liabilities-current144,357  132,750  17,063 
Accrued expenses and other current liabilities4,936,805  3,316,253  426,259 
Total current liabilities130,611,487  150,064,700  19,288,770 
      
Lease liabilities-non-current132,924  275,538  35,418 
Other non-current liabilities8,061  8,058  1,035 
Total non-current liabilities140,985  283,596  36,453 
Total liabilities130,752,472  150,348,296  19,325,223 
      
      
SHAREHOLDERS’ EQUITY     
Class A ordinary shares72  72  9 
Class B ordinary shares27  27  3 
Additional paid-in capital18,807,369  18,885,107  2,427,423 
Treasury stock(5,199,257) (5,199,257) (668,294)
Accumulated other comprehensive loss(249,916) (184,687) (23,739)
Retained earnings14,652,946  16,798,269  2,159,188 
Total shareholders' equity28,011,241  30,299,531  3,894,590 
      
      
Non-controlling interest(6,780) (9,413) (1,210)
Total equity28,004,461  30,290,118  3,893,380 
Total liabilities and equity158,756,933  180,638,414  23,218,603 
      


FUTU HOLDINGS LIMITED

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(In thousands, except for share and per share data)

 For the Three Months Ended
 March 31,
2024
 March 31,
2025
 March 31,
2025
 HK$ HK$ US$
Revenues     
Brokerage commission and handling charge income1,082,107  2,310,220  296,947 
Interest income1,354,166  2,070,469  266,131 
Other income156,186  313,948  40,354 
Total revenues2,592,459  4,694,637  603,432 
Costs      
Brokerage commission and handling charge expenses(60,301) (143,505) (18,446)
Interest expenses(312,842) (469,333) (60,326)
Processing and servicing costs(97,103) (136,115) (17,496)
Total costs (470,246) (748,953) (96,268)
Total gross profit2,122,213  3,945,684  507,164 
      
Operating expenses     
Research and development expenses(335,487) (385,979) (49,612)
Selling and marketing expenses(292,664) (459,202) (59,024)
General and administrative expenses(301,335) (415,245) (53,374)
Total operating expenses (929,486) (1,260,426) (162,010)
      
Income from operations1,192,727  2,685,258  345,154 
      
Others, net31,741  (20,598) (2,648)
      
Income before income tax expense and share of loss from equity method investments1,224,468  2,664,660  342,506 
      
Income tax expense(185,641) (490,959) (63,106)
Share of loss from equity method investments(3,694) (30,997) (3,984)
      
Net income1,035,133  2,142,704  275,416 
      
Attributable to:     
Ordinary shareholders of the Company1,038,138  2,145,323  275,753 
Non-controlling interest(3,005) (2,619) (337)
 1,035,133  2,142,704  275,416 


Net income per share attributable to ordinary shareholders of the Company      
Basic0.94  1.93  0.25 
Diluted0.93  1.91  0.24 
      
Net income per ADS      
Basic7.53  15.44  1.98 
Diluted7.46  15.28  1.96 
      
Weighted average number of ordinary shares used in computing net income per share     
Basic1,102,929,775  1,113,426,758  1,113,426,758 
Diluted1,114,429,420  1,126,352,076  1,126,352,076 
      
Net income1,035,133  2,142,704  275,416 
Other comprehensive (loss)/income, net of tax     
Foreign currency translation adjustment(29,441) 65,215  8,382 
Total comprehensive income1,005,692  2,207,919  283,798 
      
Attributable to:     
Ordinary shareholders of the Company1,008,732  2,210,552  284,136 
Non-controlling interests(3,040) (2,633) (338)
 1,005,692  2,207,919  283,798 


FUTU HOLDINGS LIMITED

UNAUDITED RECONCILIATIONS OF NON-GAAP AND GAAP RESULTS

(In thousands)

 For the Three Months Ended
 March 31,
2024
 March 31,
2025
 March 31,
2025
 HK$ HK$ US$
      
Net income1,035,133 2,142,704 275,416
Add: Share-based compensation expenses85,938 74,199 9,537
Adjusted net income1,121,071 2,216,903 284,953
      

Non-GAAP to GAAP reconciling items have no income tax effect.


FAQ

What were FUTU's key financial results for Q1 2025?

In Q1 2025, Futu reported revenue of HK$4.69B (up 81.1% YoY), net income of HK$2.14B (up 107% YoY), and total trading volume of HK$3.22T (up 140.1% YoY).

How many funded accounts does FUTU have as of Q1 2025?

Futu reported 2,673,119 funded accounts as of March 31, 2025, representing a 41.6% increase year-over-year.

What is FUTU's total client assets value in Q1 2025?

Total client assets reached HK$829.8 billion as of March 31, 2025, up 60.2% year-over-year and 11.6% quarter-over-quarter.

What was FUTU's trading volume breakdown between US and Hong Kong stocks?

Of the HK$3.22T total trading volume, US stocks trading volume was HK$2.25T and Hong Kong stocks trading volume was HK$916.0B.

What is FUTU's guidance for new funded accounts in 2025?

Futu maintains its guidance of 800,000 net new funded accounts for 2025, with one-third of the target already achieved in Q1.
Futu Holdings Limited

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