FRHC

MKT CAP:$9B

Freedom Holding Corp.

Market Cap

$9B

Financial Services·Financial - Capital Markets· KZ·NASDAQ

Financials·Financial·NASDAQ

Stock Price

$145.41+$21.18 (+17.05%)

Apr 23, 2026

Company Details

Freedom Holding Corp., through its subsidiaries, provides retail securities brokerage, research, investment counseling, securities trading, market making, retail banking, corporate investment banking, and underwriting services. The company ...

CEO

Timur Ruslanovich Turlov

IPO Date

Feb 7, 2018

Website

www.freedomholdingcorp.com

Key Metrics TTM

Revenue

$2.1B

+2.1% YoY

Net Income

$3M

EPS (Diluted)

$0.04

Free Cash Flow

$2.9B

Revenue / Share

$33.62

Gross Margin

53.4%

Operating Margin

21.6%

Net Margin

0.1%

FCF Margin

138.9%

P/S

4.4x

P/E

3369.3x

Earnings Reports

Q3 2026

Feb 9, 2026

$553M-4.1%EPS $1.25

Q2 2026

Nov 7, 2025

$531M+4.7%EPS $0.63

Q1 2026

Aug 8, 2025

$525M+19.5%EPS $0.50

FY 2025

Jun 13, 2025

$2.0B+22.7%EPS $1.40

Q4 2025

Jun 13, 2025

$446M-9.0%EPS -$2.34

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 19	$7M	$7M	-$2M
Q3 19	$26M	$25M	$13M
Q4 19	$23M	$19M	$6M
Q1 20	$29M	$25M	$13M
Q3 21	$78M	$60M	$50M
Q1 24	$313M	$232M	$177M
Q2 24	$421M	$316M	$270M
Q3 24	$431M	$302M	$241M
Q4 24	$490M	$331M	$235M
Q1 25	$439M	$254M	$176M
Q2 25	$507M	$283M	$245M
Q3 25	$576M	$301M	$225M
Q4 25	$446M	$167M	-$15M
Q1 26	$525M	$253M	$145M
Q2 26	$531M	$279M	$160M
Q3 26	$553M	$399M	$154M

Valuation

Quarter	P/S	P/E
Q1 19	311.0x	—
Q3 19	217.5x	—
Q4 19	137.6x	5639.4x
Q1 20	104.9x	684.8x
Q3 21	57.3x	143.9x
Q1 24	20.2x	73.8x
Q2 24	10.6x	38.3x
Q3 24	7.2x	27.8x
Q4 24	5.4x	23.9x
Q1 25	5.0x	26.2x
Q2 25	4.8x	26.3x
Q3 25	4.5x	27.8x
Q4 25	4.6x	106.0x
Q1 26	4.4x	111.3x
Q2 26	4.3x	1905.4x
Q3 26	4.4x	3369.3x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 19	$1M	$943.0K
Q3 19	$63M	$61M
Q4 19	$13M	$12M
Q1 20	$114M	$113M
Q3 21	$352M	$351M
Q1 24	-$914M	-$925M
Q2 24	-$438M	-$446M
Q3 24	-$22M	-$38M
Q4 24	$309M	$302M
Q1 25	$854M	$830M
Q2 25	-$438M	-$447M
Q3 25	-$73M	-$93M
Q4 25	$1.3B	$1.3B
Q1 26	$481M	$450M
Q2 26	$535M	$456M
Q3 26	$718M	$652M

Capital Expenditures

Quarter	CapEx
Q1 19	$477.0K
Q3 19	$2M
Q4 19	$676.0K
Q1 20	$721.0K
Q3 21	$943.0K
Q1 24	$11M
Q2 24	$9M
Q3 24	$17M
Q4 24	$7M
Q1 25	$24M
Q2 25	$9M
Q3 25	$20M
Q4 25	$42M
Q1 26	$31M
Q2 26	$79M
Q3 26	$66M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 19	—	+6772.5%
Q3 19	+88.7%	+248.7%
Q4 19	+1673.8%	+117.8%
Q1 20	+228.8%	+117.2%
Q3 21	+958.4%	+189.8%
Q1 24	+1087.6%	+891.1%
Q2 24	+1772.8%	+823.2%
Q3 24	+1374.3%	+1082.5%
Q4 24	+525.3%	+789.4%
Q1 25	+40.2%	+92.8%
Q2 25	+20.3%	+72.5%
Q3 25	+33.7%	+84.6%
Q4 25	-9.0%	+80.8%
Q1 26	+19.5%	+44.1%
Q2 26	+4.7%	+41.8%
Q3 26	-4.1%	+13.5%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 19	$838.0K	11.3%
Q3 19	$847.0K	3.2%
Q4 19	$965.0K	4.3%
Q1 20	$773.0K	2.6%
Q3 21	$0	0.0%
Q1 24	$1M	0.4%
Q2 24	$1M	0.2%
Q3 24	$1M	0.2%
Q4 24	$19M	4.0%
Q1 25	$11M	2.4%
Q2 25	$12M	2.4%
Q3 25	$13M	2.3%
Q4 25	$24M	5.3%
Q1 26	$23M	4.4%
Q2 26	$15M	2.9%
Q3 26	$15M	2.8%

OpEx Breakdown

Quarter	G&A	S&M
Q1 24	$32M	$8M
Q2 24	$43M	$9M
Q3 24	$39M	$11M
Q4 24	$64M	$11M
Q1 25	$58M	$22M
Q2 25	$61M	$32M
Q3 25	$98M	$21M
Q4 25	$17M	$66M
Q1 26	$78M	$24M
Q2 26	$72M	$28M

Revenue Segments

Quarter	Banking Segment	Brokerage Segment	Insurance Segment	Other Segment
Q1 25	$91M	$175M	$147M	$37M
Q1 26	$146M	$176M	$174M	$37M
Q2 26	$106M	$235M	$151M	$35M

Revenue by Geography

Quarter	Central Asia and Eastern Europe	Europe, excluding Eastern Europe	Middle East	United States	Armenia	Cyprus	Kazakhstan	Other Countries
Q1 24	$283M	$25M	$221.0K	$8M	—	—	—	—
Q2 24	$387M	$38M	$9M	$2M	—	—	—	—
Q3 24	$361M	$40M	$12M	$6M	—	—	—	—
Q1 26	—	—	—	$6M	$44M	$20M	$462M	$2M
Q2 26	—	—	—	$4M	$56M	$35M	$427M	$4M

War Chest

Quarter	Cash	Short-term Investments	Total
Q4 22	$225M	$1.3B	$1.5B
Q1 23	$906M	$1.6B	$2.5B
Q2 23	$790M	$1.5B	$2.3B
Q3 23	$664M	$2.1B	$2.8B
Q4 23	$581M	$2.7B	$3.2B
Q1 24	$597M	$3.6B	$4.2B
Q2 24	$464M	$3.8B	$4.3B
Q3 24	$562M	$3.9B	$4.4B
Q4 24	$545M	$3.9B	$4.5B
Q1 25	$719M	$3.7B	$4.4B
Q2 25	$569M	$3.9B	$4.5B
Q3 25	$578M	$419M	$997M
Q4 25	$837M	$2.7B	$3.6B
Q1 26	$568M	$2.1B	$2.7B
Q2 26	$636M	$1.8B	$2.5B
Q3 26	$869M	$2.3B	$3.1B

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 19	58M	+0.3%	+418.9%
Q3 19	58M	+0.1%	-88.1%
Q4 19	58M	+0.0%	+29.4%
Q1 20	58M	-0.0%	+0.4%
Q3 21	58M	+0.3%	+0.4%
Q1 24	59M	+1.4%	+1.8%
Q2 24	59M	-0.0%	+1.8%
Q3 24	59M	-0.0%	+1.8%
Q4 24	60M	+1.5%	+2.9%
Q1 25	60M	+0.1%	+1.6%
Q2 25	60M	+0.3%	+2.0%
Q3 25	61M	+0.1%	+2.1%
Q4 25	61M	+0.7%	+1.4%
Q1 26	61M	+0.1%	+1.3%
Q2 26	61M	+0.1%	+1.1%
Q3 26	61M	-0.0%	+0.9%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 19	$11.9K	623
Q3 19	$42.4K	623
Q4 19	$21.2K	1K
Q1 20	$27.5K	1K
Q3 21	$56.9K	1K
Q1 24	$96.5K	3K
Q2 24	$129.8K	3K
Q3 24	$132.8K	3K
Q4 24	$79.0K	6K
Q1 25	$70.9K	6K
Q2 25	$81.8K	6K
Q3 25	$93.0K	6K
Q4 25	$51.3K	9K
Q1 26	$60.4K	9K
Q2 26	$61.1K	9K
Q3 26	$63.6K	9K

Revenue / Employee