TLDR
- Q2 2025 revenue reached HKD5.3 billion, up 7% year over year.
- Net income rose 113% year over year to HKD2.6 billion.
- Total trading volume hit HKD3.59 trillion, up 121% year over year.
- Client assets reached a record HKD974 billion, up 68% year over year.
- Over 50% of funded accounts came from international clients.
Futu Holdings Ltd. (NASDAQ: FUTU) posted strong second-quarter 2025 earnings on August 20, 2025. The stock traded at $182.67, up 2.24% during market hours, as investors reacted positively to record revenue, income, and client growth.
Revenue and Profit Performance
Total revenue came in at HKD5.3 billion, representing a 7% year-over-year increase. Brokerage commission and handling charges contributed HKD2.6 billion, up 87% year over year and 12% from the previous quarter. Interest income rose 44% year over year to HKD2.3 billion, while other income surged 176% year over year to HKD444 million.
Gross profit jumped 82% to HKD4.6 billion, supported by a higher gross margin of 87.4% compared with 81.6% a year earlier. Income from operations rose 126% year over year to HKD3.3 billion, with operating margin strengthening to 63%. Net income surged 113% year over year to HKD2.6 billion, with net margin improving to 48.4%.
Futu Holdings, $FUTU, Q2-25. Results:
📊 Adj. EPS: $2.45 🟢
💰 Revenue: $676.6M 🟢
📈 Net Income: $327.7M
🔎 Strong international growth, over half of funded accounts are now outside Hong Kong, boosted by crypto launch and U.S. brand expansion. pic.twitter.com/HkDxxwiB2j— EarningsTime (@Earnings_Time) August 20, 2025
Costs and Expenses
Total costs stood at HKD671 million, up 13% year over year. Operating expenses increased to HKD1.3 billion, a 21% rise. Selling and marketing expenses rose 27%, while general and administrative costs grew 17% due to higher headcount. Interest expenses remained flat year over year but dropped 20% sequentially, reflecting cost adjustments.
Trading and Client Growth
Trading activity was robust in Q2. Total trading volume reached HKD3.59 trillion, marking 121% growth year over year and 12% quarter over quarter. Funded accounts rose 41% year over year to 2.9 million. International expansion remained a bright spot, with over half of accounts funded by clients outside of Hong Kong.
Total client assets reached HKD974 billion, a 68% increase year over year and 17% sequentially. Wealth management assets also grew strongly to HKD163.2 billion, more than doubling from last year.
Risks and Challenges
While earnings were strong, risks remain. Hong Kong stock trading volume contracted 9% quarter over quarter, reflecting reduced activity in the technology sector. Customer acquisition showed signs of slowing, partly due to stricter onboarding for Mainland Chinese clients in Hong Kong. Rising selling and marketing costs could also weigh on margins if growth moderates.
Performance Overview
Futu’s stock performance has far outpaced global benchmarks. As of August 21, 2025, year-to-date returns stood at 126.88%, with one-year gains of 213.16%. Over three years, FUTU shares are up 387.33%, while five-year returns reached 485.80%. In comparison, the MSCI World Index gained 11.51% year to date and 72.84% over five years.
Futu’s Q2 earnings confirm its strong position in online brokerage and wealth management. While cost pressures and regional slowdowns present challenges, the company’s international growth and record asset base continue to drive investor optimism.
