Freedom
FRHC · NasdaqSecurity Brokers, Dealers & Flotation Companies · Fiscal year ends Mar 31
Freedom reported revenue of $2.2B in the fiscal year ended Mar 2026, up 9.3% from the year before. Net income was $153M. Operating cash flow of $185M less capital expenditure of $199M left free cash flow of −$14M.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|
| Revenue | $690M | $799M | $1.6B | $2B | $2.2B |
| Cost of revenue | – | $0 | $18M | $31M | $80M |
| Gross profit | – | $799M | $1.6B | $2B | $2.1B |
| Net interest incomeBanks | $45M | $86M | – | – | – |
| Interest expense | $77M | $209M | $501M | – | – |
| Pre-tax income | $364M | $236M | $439M | $105M | $226M |
| Income tax | $39M | $43M | $60M | $28M | $73M |
| Net income | $227M | $205M | $379M | $76M | $153M |
| Diluted EPS | 3.84 | 3.45 | 6.39 | 1.26 | 2.51 |
| Diluted shares | 59,378M | 60M | 59M | 60M | 61M |
Balance sheet
| Fiscal year | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|
| Cash & equivalents | $225M | $581M | $545M | $837M | $966M |
| Net PP&E | $18M | $54M | $83M | $191M | $358M |
| Goodwill | $6M | $14M | $53M | $49M | $51M |
| Total assets | $3.2B | $5.1B | $8.3B | $9.9B | $13.2B |
| Payables | $155M | – | – | – | – |
| Deferred revenue | – | – | $2.3B | $4.3B | $7.1B |
| DepositsBanks | $766M | $1.9B | $2.3B | $4.3B | $7.1B |
| Total liabilities | $2.7B | $4.3B | $7.1B | $8.7B | $11.7B |
| Shareholders' equity | $554M | $777M | $1.2B | $1.2B | $1.5B |
Cash flow
| Fiscal year | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|
| Operating cash flow | −$406M | −$952M | −$1.1B | $1.7B | $185M |
| Capital expenditure | $6M | $39M | $37M | $81M | $199M |
| Free cash flow | −$412M | −$990M | −$1.1B | $1.6B | −$14M |
| Depreciation & amortisation | $2M | $4M | $7M | $12M | $26M |
| Stock-based compensation | $8M | $9M | $23M | $60M | $68M |
| Acquisitions | $0 | $4M | – | – | – |
Key ratios
| Fiscal year | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 15.9% | 106.1% | 21.7% | 9.3% |
| EPS growth (YoY) | – | −10.2% | 85.2% | −80.3% | 99.2% |
| Gross margin | – | 100.0% | 98.9% | 98.4% | 96.4% |
| Net margin | 33.0% | 25.7% | 23.0% | 3.8% | 7.0% |
| Return on equityBlank when equity is negative | 41.1% | 26.4% | 32.6% | 6.2% | 10.3% |
| Free cash flow margin | −59.7% | −123.9% | −66.8% | 79.8% | −0.6% |
| Cash conversion (CFO ÷ net income) | −1.79x | −4.64x | −2.81x | 22.0x | 1.21x |
Recent filings
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Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.