Futu
FUTU · NasdaqSecurity Brokers, Dealers & Flotation Companies · Fiscal year ends Dec 31 · Reports in HKD
Futu reported revenue of HKD 10.6B in the fiscal year ended Dec 2025, up 74.9% from the year before. Operating income was HKD 14.1B, an operating margin of 133.2%, and net income was HKD 11.3B. Operating cash flow of HKD 40.8B less capital expenditure of HKD 55M left free cash flow of HKD 40.7B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | HKD 3.9B | HKD 4B | HKD 3.9B | HKD 6B | HKD 10.6B |
| Cost of revenue | HKD 1.2B | HKD 996M | HKD 1.5B | HKD 2.4B | HKD 2.9B |
| Gross profit | HKD 5.9B | HKD 6.6B | HKD 8.5B | HKD 11.1B | HKD 19.9B |
| Research & development | HKD 805M | HKD 1.2B | HKD 1.4B | HKD 1.5B | HKD 1.9B |
| Operating income | HKD 3.2B | HKD 3.6B | HKD 5B | HKD 6.6B | HKD 14.1B |
| Interest expense | HKD 377M | HKD 293M | HKD 911M | – | – |
| Pre-tax income | HKD 3.2B | HKD 3.4B | HKD 5B | HKD 6.5B | HKD 13.7B |
| Income tax | HKD 375M | HKD 414M | HKD 748M | HKD 998M | HKD 2.4B |
| Net income | HKD 2.8B | HKD 2.9B | HKD 4.3B | HKD 5.4B | HKD 11.3B |
| Diluted EPS | 2.30 | 2.54 | 3.82 | 4.86 | 10.03 |
| Diluted shares | 1,220M | 1,151M | 1,120M | 1,120M | 1,131M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | HKD 4.6B | HKD 5B | HKD 4.9B | HKD 11.7B | HKD 10.5B |
| Current assets | HKD 101B | HKD 93.1B | HKD 95.4B | HKD 156B | HKD 224B |
| Net PP&E | HKD 176M | HKD 146M | HKD 125M | HKD 188M | HKD 164M |
| Goodwill | – | – | – | – | HKD 110M |
| Total assets | HKD 102B | HKD 94.5B | HKD 97.1B | HKD 159B | HKD 228B |
| Deferred revenue | HKD 3M | HKD 1M | – | – | – |
| Current liabilities | HKD 80.4B | HKD 73.5B | HKD 72.4B | HKD 131B | HKD 188B |
| Total liabilities | HKD 80.6B | HKD 73.6B | HKD 72.6B | HKD 131B | HKD 188B |
| Shareholders' equity | HKD 21B | HKD 20.9B | HKD 24.6B | HKD 28B | HKD 40B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | HKD 6B | HKD 3.5B | −HKD 6.3B | HKD 31B | HKD 40.8B |
| Capital expenditure | HKD 70M | HKD 91M | HKD 78M | HKD 168M | HKD 55M |
| Free cash flow | HKD 5.9B | HKD 3.4B | −HKD 6.4B | HKD 30.8B | HKD 40.7B |
| Depreciation & amortisation | HKD 36M | HKD 55M | HKD 61M | HKD 70M | HKD 72M |
| Stock-based compensation | HKD 99M | HKD 205M | HKD 291M | HKD 335M | HKD 343M |
| Share buybacks | HKD 1.2B | HKD 3.1B | HKD 875M | – | – |
| Dividends paid | – | – | – | – | HKD 2.2B |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 2.4% | −1.6% | 53.2% | 74.9% |
| Operating income growth (YoY) | – | 12.1% | 40.3% | 32.2% | 112.6% |
| EPS growth (YoY) | – | 10.4% | 50.4% | 27.2% | 106.4% |
| Gross margin | 151.0% | 165.1% | 214.8% | 184.4% | 188.3% |
| Operating margin | 81.3% | 89.1% | 126.9% | 109.5% | 133.2% |
| Net margin | 71.8% | 73.0% | 108.5% | 90.0% | 107.2% |
| Return on equityBlank when equity is negative | 13.4% | 14.0% | 17.4% | 19.4% | 28.3% |
| ROCEEBIT ÷ (assets − current liabilities) | 15.0% | 17.0% | 20.3% | 23.5% | 34.6% |
| Free cash flow margin | 151.8% | 84.4% | −162.6% | 510.0% | 385.3% |
| Cash conversion (CFO ÷ net income) | 2.14x | 1.19x | −1.48x | 5.69x | 3.60x |
| Interest cover | 8.44x | 12.2x | 5.50x | – | – |
| Current ratio | 1.25x | 1.27x | 1.32x | 1.19x | 1.19x |
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.