Futu Holdings Ltd financial statements

Income statement, balance sheet and cash flow statement for the last 7 fiscal years, taken from the XBRL data Futu Holdings Ltd files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	136	427	912	976	1,281	1,750	2,935
Cost of revenue	36.2	89.8	155	128	197	315	378
Gross profit	100	337	758	848	1,085	1,435	2,557
Research and development	33.7	66.2	103	157	184	192	245
Selling and marketing	21.1	49.7	178	115	90.9	181	254
General and administrative	21.2	32	67.8	119	168	209	249
Operating expenses	76	148	350	391	444	582	748
Operating income					641	852	1,809
Other non-operating income	-1.22	-2.22	0.32	-27	4.28	-11.1	-47.2
Pre-tax income	22.9	187	408	431	645	841	1,762
Income tax	1.58	16.1	48.1	53.1	95.8	129	303
Net income to minority interests				-0.01	-0.32	-1.29	-4.6
Net income	21.3	171	360	375	548	701	1,457
EBITDA					649	861	1,818
EPS, basic	0.02	0.16	0.30	0.33	0.50	0.63	1.31
EPS, diluted	0.02	0.16	0.30	0.33	0.49	0.63	1.29
Shares, basic (weighted)	833	1,037	1,201	1,139	1,105	1,104	1,114
Shares, diluted (weighted)	918	1,050	1,220	1,151	1,120	1,120	1,131

Balance sheet

	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	46.5	133	584	645	632	1,505	1,345
Short-term investments			150	86.5	399	310	859
Other current assets			10.5	13.1	17.3	20.6	29
Total current assets			12,911	11,929	12,217	20,068	28,735
Lease right-of-use assets	20.7	26.9	31.3	25.2	28.7	32.6	73.2
Long-term investments			3	30.7	30.5	73.8	79
Other non-current assets			72.9	124	157	261	445
Total assets	2,747	9,201	13,018	12,113	12,436	20,438	29,350
Total current liabilities			10,305	9,425	9,273	16,815	24,116
Lease liabilities			21	13	15.8	17.1	50.6
Other non-current liabilities			1.4	1.75	1.56	1.04	2.82
Total liabilities	2,420	8,129	10,328	9,439	9,290	16,833	24,169
Paid-in capital	326	898	2,300	2,327	2,363	2,421	2,461
Retained earnings	2.15	173	532	907	1,454	1,886	3,339
Treasury stock			-151	-554	-666	-669	-668
Other comprehensive income	-0.57	0.64	9.74	-6.13	-6.33	-32.2	6.62
Shareholders' equity	327	1,071	2,691	2,674	3,145	3,606	5,139
Minority interests				0.03	0.38	-0.87	41.1
Total equity	327	1,071	2,691	2,674	3,146	3,605	5,180
Total liabilities and equity	2,747	9,201	13,018	12,113	12,436	20,438	29,350
Shares outstanding	0

Cash flow statement

	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	21.3	171	360	375	548	699	1,452
Depreciation and amortization	2.12	3.51	4.67	7.01	7.79	9	9.29
Stock-based compensation	2.05	4.2	12.7	26.2	37.2	43.1	44.1
Deferred income tax							-10.1
Cash from operations	253	2,638	771	445	-811	3,990	5,240
Capital expenditures	-15.2	-5.76	-9.03	-11.6	-9.96	-21.6	-7.03
Purchases of investments	-36.7	-26.7	-150	-521	-609	-103	-422
Sales and maturities of investments	32.1	39.5
Cash from investing	-20.5	-31.5	-124	12	-313	13.4	-229
Stock issued	0.12	302	1,392	2.09	1.49	2.6	1.02
Share buybacks			-151	-403	-112
Dividends paid							-276
Cash from financing	148	1,084	1,353	-898	295	9.12	552
Exchange rate effect	-5.73	-0.14	21.4
Net change in cash	374	3,691	2,022	-458	-820	3,994	5,594
Free cash flow	238	2,633	762	434	-821	3,969	5,233
Interest paid	11.5	23.4	47.1	38.2	112	203	230
Income taxes paid	1.94	2.1	13.2	89.1	89.5	98.1	212

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $111.87 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	87.1%	Gross profit / revenue.
Operating margin	61.6%	Operating income / revenue.
EBITDA margin	61.9%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	60.0%	Pre-tax income / revenue.
Net margin	49.6%	Net income / revenue.
FCF margin	178.3%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	178.5%	Cash from operations / revenue.
Effective tax rate	17.2%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	33.3%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	5.9%	Net income / average total assets.
Return on invested capital (ROIC)	50.8%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	8.4%	Research and development expense / revenue.
Stock-based pay / revenue	1.5%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	0.2%	Capital expenditures / revenue.
D&A / revenue	0.3%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	67.8%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	44.3%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	47.0%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	78.2%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	44.5%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	50.0%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	112.2%	Operating income vs the same period a year earlier. Only from a positive base.
EBITDA growth, 1y	111.1%	EBITDA vs the same period a year earlier. Only from a positive base.
Net income growth, 1y	107.9%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	57.2%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	53.5%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	104.8%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	57.5%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	51.8%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	31.3%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	127.4%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	14.7%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	31.9%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	129.3%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	14.7%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	42.5%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	24.3%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	36.8%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	43.6%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	34.3%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	26.1%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	0.9%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-0.6%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	1.5%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.19x	Current assets / current liabilities.
Quick ratio	0.09x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.09x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	82.3%	Total liabilities / total assets.
Working capital	$4.62B	Current assets - current liabilities.
Tangible book value	$5.14B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.12x	Revenue / average total assets.
FCF conversion	359.3%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	0.1%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$1.29	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic	$1.31	Net income per basic share, as reported (split-adjusted).
Revenue per share	$2.60	Revenue / diluted weighted shares.
FCF per share	$4.63	Free cash flow / diluted weighted shares.
Operating cash flow per share	$4.63	Cash from operations / diluted weighted shares.
Book value per share	$4.54	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$4.54	Tangible book value / shares outstanding.
Cash per share	$1.95	(Cash + short-term investments) / shares outstanding.
Payout ratio	19.0%	Dividends paid / net income, when net income is positive.
Dividends / FCF	5.3%	Dividends paid / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$15.68B	Share price x shares outstanding.
Enterprise value	$13.48B	Market cap + total debt - cash - short-term investments.
P/E	10.8x	Market cap / net income. Only when net income is positive.
P/S	5.34x	Market cap / revenue.
P/B	3.05x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	3.05x	Market cap / tangible book value, when positive.
P/FCF	3.00x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	2.99x	Market cap / cash from operations, when positive.
EV/Sales	4.59x	Enterprise value / revenue.
EV/EBIT	7.45x	Enterprise value / operating income, when both are positive.
EV/EBITDA	7.41x	Enterprise value / EBITDA, when both are positive.
EV/FCF	2.58x	Enterprise value / free cash flow, when both are positive.
FCF yield	33.4%	Free cash flow / market cap.
Earnings yield	9.3%	Net income / market cap (the inverse of P/E).
Dividend yield	1.8%	Dividends paid over the period / market cap.
Shareholder yield	1.8%	(Dividends paid + share buybacks) / market cap.
PEG	0.19x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was Futu Holdings Ltd's revenue in fiscal 2025?

Futu Holdings Ltd reported revenue of $2.94B for fiscal 2025, 67.8% higher than the year before.

Was Futu Holdings Ltd profitable in fiscal 2025?

Yes. Net income was $1.46B, a net margin of 49.6%.

How much free cash flow did Futu Holdings Ltd generate in fiscal 2025?

Cash from operations of $5.24B minus capital expenditures of $7.0M left free cash flow of $5.23B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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