Q2 25 EPS
$2.32
MISS 86.04%
Est. $16.61
Q2 25 Revenue
$676.6M
MISS 86.02%
Est. $4.84B
vs S&P Since Q2 25
-20.2%
TRAILING MARKET
FUTU -7.3% vs S&P +12.9%
Market Reaction
Did FUTU Beat Earnings? Q2 2025 Results
Futu Holdings posted a sharp earnings miss for the second quarter of 2025, with EPS coming in at $2.32 against a consensus estimate of $16.61, a gap of 86.04%, while revenue of $676.56 million fell 86.02% short of the $4.84 billion analysts had expec… Read more Futu Holdings posted a sharp earnings miss for the second quarter of 2025, with EPS coming in at $2.32 against a consensus estimate of $16.61, a gap of 86.04%, while revenue of $676.56 million fell 86.02% short of the $4.84 billion analysts had expected and declined 78.4% year over year. The figures reflect a significant divergence between reported results and Wall Street's projections, though the filing context tells a more nuanced story: in local currency terms, Futu's revenues surged 69.7% year over year to HK$5.31 billion, driven by a 121.2% spike in total trading volume, robust brokerage commission growth of 87.4%, and expanding international operations that now account for over half of new funded accounts. Net income more than doubled on that basis, rising 112.7% year over year. Shares rallied roughly 6% following the report, with JPMorgan lifting its price target to $200, citing strong earnings growth momentum and the company's expanding crypto and international footprint.
Key Takeaways
- • Trade policy-induced market volatility boosted retail trading activity
- • High-profile Hong Kong IPOs drove retail sentiment and new account growth
- • U.S. stock trading volume grew 19.7% sequentially led by EV and crypto names
- • Total trading volume surged 121.2% YoY to HK$3.59 trillion
- • Net asset inflow in H1 2025 nearly doubled year-over-year
- • Favorable mark-to-market gains from Hong Kong and U.S. equities
- • Funded account quarterly retention rate stayed above 98%
FUTU YoY Financials
Q2 2025 vs Q2 2024, source: SEC Filings
FUTU Revenue by Segment
With YoY comparisons, source: SEC Filings
“We concluded the second quarter with approximately 2.9 million funded accounts, up 40.9% year-over-year and 7.6% quarter-over-quarter. We reached a key milestone in our international expansion – as of quarter end, over half of our total funded accounts are from clients outside of Futu Securities Hong Kong.”
— Leaf Hua Li, Q2 2025 Earnings Press Release
FUTU Earnings Trends
FUTU vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
FUTU EPS Trend
Earnings per share: estimate vs actual
FUTU Revenue Trend
Quarterly revenue: estimate vs actual
FUTU Quarterly Results
8 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q4 25 MISS FY | $21.36 | $3.07 | -85.63% | $827.2M | -86.24% |
| FY Full Year | $79.70 | $10.31 | -87.06% | $2.94B | -86.91% |
| Q3 25 MISS | $20.48 | $2.93 | -85.70% | $822.9M | -85.16% |
| Q2 25 MISS | $16.61 | $2.32 | -86.04% | $676.6M | -86.02% |
| Q1 25 MISS | $15.14 | $1.96 | -87.05% | $603.4M | -86.95% |
| Q3 24 MISS | $9.74 | $1.21 | -87.58% | $442.3M | -86.52% |
| Q4 22 BEAT FY | $0.70 | $0.87 | +24.29% | $292.3M | +23.32% |
| FY Full Year | — | $2.61 | — | $976.0M | — |
| Q2 22 | — | — | — | — | — |
| Q2 21 | $4.64 | — | — | — | — |