Nasdaq-listed online broker Futu Holdings reported that full-year net income more than doubled to HK$11.3 billion (US$1.45 billion) on Thursday, as funded accounts grew 39.6% to 3.37 million and total client assets rose 65.9% to HK$1.23 trillion.
Full-year revenue at the firm, which owns neobrokerage Moomoo, reached HK$22.8 billion (US$2.94 billion), up 68.1% year-over-year, according to the company’s earnings release. Annual trading volume surged 89.4% to HK$14.68 trillion. Operating margin expanded to 61.6% from 48.7% in 2024, as revenue growth outpaced the rise in costs.
Flat acquisition costs, wider margins
Futu added 954,000 net new funded accounts during the year, exceeding its original guidance of 800,000. Customer acquisition costs remained flat year-over-year even as selling and marketing spend rose 40.5%.
In Q4, revenue climbed 45.3% to HK$6.44 billion and net income rose 80.2% to HK$3.37 billion. Gross margin hit 88.7%, up from 82.5% a year earlier, helped by lower interest expenses on securities borrowing and lending.
While growth was broad-based, Hong Kong client additions decelerated in Q4 after a sharp local equity market downturn, while Japan and Malaysia accelerated. U.S. stock trading volume reached HK$3.04 trillion in Q4, with management attributing demand to AI-related equities. Hong Kong stock turnover fell 31.0% quarter-over-quarter.
“We continue to see ample bottom-up growth opportunities across our markets and are guiding to 800 thousand net new funded accounts in 2026,” Futu Chairman and CEO Leaf Hua Li said.
IPO distribution, wealth management, R&D
Futu provided investment banking services to more than half of newly listed Hong Kong Main Board companies in 2025, with subscription amounts on its platform accounting for 49% of total public offering subscription volume. Wealth management assets grew 62.0% to HK$179.6 billion.
R&D expenses rose 27.8% for the full year to HK$1.91 billion as the company invested in crypto and AI capabilities, including a new algorithmic trading feature that lets users build strategies using natural language.
