FUTU

MKT CAP:$22B

Futu Holdings Limited

Market Cap

$22B

Financial Services·Financial - Capital Markets·🇭🇰 Hong Kong·NASDAQ

Financials·Financial·🇭🇰·NASDAQ

Stock Price

$159.89-$18.57 (-10.41%)

Apr 24, 2026

Company Details

Futu Holdings Limited provides digitalized securities brokerage and wealth management product distribution service in Hong Kong and internationally. It offers online financial services, including securities and derivative trades brokerage, ...

CEO

Hua Li

IPO Date

Mar 8, 2019

Website

www.futuholdings.com

Key Metrics TTM

Revenue

$2.9B

+68.1% YoY

Net Income

$1.4B

EPS (Diluted)

$10.26

Free Cash Flow

$0

Revenue / Share

$20.59

Gross Margin

87.1%

Operating Margin

61.6%

Net Margin

49.6%

FCF Margin

0.0%

P/S

7.7x

P/E

15.4x

Earnings Reports

FY 2025

Apr 15, 2026

NEW

$2.9B+67.8%EPS $10.22

Q4 2025

Apr 15, 2026

NEW

$823M+45.3%EPS $3.06

Q3 2025

Nov 18, 2025

$817M+86.3%EPS $2.91

Q2 2025

Aug 20, 2025

$678M+69.7%EPS $2.34

Q1 2025

May 29, 2025

$599M+81.1%EPS $1.95

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$210M	$180M	$85M
Q2 22	$223M	$196M	$104M
Q3 22	$248M	$221M	$123M
Q4 22	$291M	$248M	$143M
Q1 23	$319M	$282M	$179M
Q2 23	$317M	$269M	$161M
Q3 23	$338M	$283M	$169M
Q4 23	$303M	$248M	$131M
Q1 24	$331M	$271M	$152M
Q2 24	$399M	$326M	$189M
Q3 24	$439M	$359M	$221M
Q4 24	$566M	$467M	$283M
Q1 25	$599M	$504M	$343M
Q2 25	$678M	$592M	$427M
Q3 25	$817M	$716M	$498M
Q4 25	$823M	$729M	$530M

Valuation

Quarter	P/S	P/E
Q1 22	6.7x	19.6x
Q2 22	8.9x	25.8x
Q3 22	5.9x	16.6x
Q4 22	6.4x	16.7x
Q1 23	6.6x	15.8x
Q2 23	4.8x	11.0x
Q3 23	6.3x	14.2x
Q4 23	5.5x	12.8x
Q1 24	6.1x	14.8x
Q2 24	6.5x	16.4x
Q3 24	9.0x	23.2x
Q4 24	6.5x	16.2x
Q1 25	7.1x	17.0x
Q2 25	7.5x	17.0x
Q3 25	9.1x	19.3x
Q4 25	7.9x	16.0x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q3 21	$2.5B	$2.5B
Q4 21	$103M	$101M
Q1 22	$0	$0
Q2 22	$0	$0
Q3 22	-$1.5B	-$1.5B
Q4 22	$167M	$165M
Q1 23	$0	$0
Q2 23	$0	$0
Q3 23	$0	$0
Q4 23	$0	$0
Q1 24	$0	$0
Q2 24	$0	$0
Q3 24	$0	$0
Q4 24	$0	$0
Q1 25	$0	$0
Q2 25	$0	$0

Capital Expenditures

Quarter	CapEx
Q3 21	$4M
Q4 21	$2M
Q1 22	$0
Q2 22	$0
Q3 22	$2M
Q4 22	$2M
Q1 23	$0
Q2 23	$0
Q3 23	$0
Q4 23	$0
Q1 24	$0
Q2 24	$0
Q3 24	$0
Q4 24	$0
Q1 25	$0
Q2 25	$0

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	-25.6%	+4.6%
Q2 22	+10.8%	+0.4%
Q3 22	+12.4%	-5.0%
Q4 22	+42.3%	+11.3%
Q1 23	+52.3%	+12.1%
Q2 23	+42.3%	+31.9%
Q3 23	+36.2%	+35.8%
Q4 23	+4.1%	+16.3%
Q1 24	+3.7%	+27.8%
Q2 24	+25.9%	+34.4%
Q3 24	+29.6%	+28.2%
Q4 24	+86.8%	+64.2%
Q1 25	+81.1%	+43.6%
Q2 25	+69.7%	+19.3%
Q3 25	+86.3%	+46.6%
Q4 25	+45.3%	+3.5%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q3 21	$4M	1.8%
Q4 21	$4M	2.2%
Q1 22	$6M	3.1%
Q2 22	$6M	2.7%
Q3 22	$7M	2.6%
Q4 22	$7M	2.4%
Q1 23	$10M	3.0%
Q2 23	$9M	3.0%
Q3 23	$9M	2.5%
Q4 23	$9M	3.1%
Q1 24	$11M	3.3%
Q2 24	$11M	2.8%
Q3 24	$10M	2.3%
Q4 24	$11M	1.9%
Q1 25	$9M	1.6%
Q2 25	$11M	1.6%

OpEx Breakdown

Quarter	R&D	G&A	S&M
Q1 22	$36M	$23M	$37M
Q2 22	$37M	$27M	$28M
Q3 22	$40M	$27M	$30M
Q4 22	$43M	$42M	$20M
Q1 23	$45M	$39M	$18M
Q2 23	$46M	$40M	$22M
Q3 23	$46M	$41M	$27M
Q4 23	$46M	$47M	$23M
Q1 24	$43M	$38M	$37M
Q2 24	$48M	$46M	$43M
Q3 24	$49M	$49M	$40M
Q4 24	$51M	$73M	$59M
Q1 25	$49M	$53M	$59M
Q2 25	$56M	$54M	$55M
Q3 25	$73M	$70M	$75M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$756M	$213M	$969M
Q2 22	$804M	$3M	$807M
Q3 22	$877M	$5M	$882M
Q4 22	$642M	$91M	$733M
Q1 23	$938M	$126M	$1.1B
Q2 23	$475M	$221M	$696M
Q3 23	$675M	$368M	$1.0B
Q4 23	$630M	$415M	$1.0B
Q1 24	$848M	$441M	$1.3B
Q2 24	$1.2B	$422M	$1.6B
Q3 24	$1.2B	$373M	$1.5B
Q4 24	$1.5B	$349M	$1.8B
Q1 25	$829M	$400M	$1.2B
Q2 25	$799M	$398M	$1.2B
Q3 25	$1.4B	$662M	$2.0B
Q4 25	$15.8B	$854M	$16.7B

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	149M	-5.8%	+2.3%
Q2 22	144M	-3.4%	-6.5%
Q3 22	142M	-1.0%	-9.4%
Q4 22	141M	-0.9%	-10.7%
Q1 23	141M	+0.2%	-5.0%
Q2 23	140M	-0.8%	-2.5%
Q3 23	139M	-0.8%	-2.4%
Q4 23	139M	+0.1%	-1.3%
Q1 24	139M	+0.1%	-1.3%
Q2 24	140M	+0.4%	-0.1%
Q3 24	140M	+0.1%	+0.8%
Q4 24	140M	+0.1%	+0.8%
Q1 25	141M	+0.4%	+1.1%
Q2 25	141M	0.0%	+0.6%
Q3 25	141M	+0.5%	+1.0%
Q4 25	142M	+0.2%	+1.1%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$90.4K	2K
Q2 22	$96.2K	2K
Q3 22	$107.2K	2K
Q4 22	$104.6K	3K
Q1 23	$114.6K	3K
Q2 23	$114.0K	3K
Q3 23	$121.5K	3K
Q4 23	$94.3K	3K
Q1 24	$103.0K	3K
Q2 24	$124.3K	3K
Q3 24	$136.5K	3K
Q4 24	$169.3K	3K
Q1 25	$179.3K	3K
Q2 25	$202.8K	3K
Q3 25	$244.5K	3K
Q4 25	$246.1K	3K

Revenue / Employee