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Mar 31
Futu Q1 2025 Earnings Report
Futu reported strong growth in Q1 2025 with significant increases in revenue, net income, and trading activity.
Key Takeaways
Futu's Q1 2025 results demonstrated exceptional growth across core metrics, highlighted by over 80% revenue growth and a doubling of net income year-over-year.
Revenue reached $603.4 million, up from $332.9 million a year earlier.
Net income rose 107% year-over-year to $275.4 million.
Total trading volume surged to approximately $413.8 billion.
Strong margin expansion driven by operational leverage and product diversification.
Futu
Futu
Futu Revenue by Segment
Futu Revenue by Geographic Location
Revenue by Segment
Brokerage Revenue
CapyFin.comInterest Income Revenue
CapyFin.comOther Income Revenue
CapyFin.comRevenue by Geographic Location
U.S. Revenue
CapyFin.comHong Kong Revenue
CapyFin.com Forward Guidance
Futu remains confident in achieving its 2025 goal of 800K net new funded accounts, underpinned by momentum in international expansion and product innovation.
Positive Outlook
- Hong Kong led new account growth due to market rally and IPO activity.
- Malaysia posted fastest sequential account growth.
- U.S. trading enhanced by product expansion and marketing campaigns.
- Client assets rose double digits QoQ in Singapore, Canada, and Australia.
- New launches in Japan: U.S. fractional shares and options trading.
Challenges Ahead
- Lower risk appetite impacted margin balances in late Q1.
- Market pullback constrained asset inflows in some regions.
- Blended commission rates slightly declined despite volume growth.
- Increased operating expenses due to market expansion.
- Net loss in 'other income' from equity method investments.
Revenue & Expenses
Visualization of income flow from segment revenue to net income