Q3 25 EPS
$2.93
MISS 85.70%
Est. $20.48
Q3 25 Revenue
$822.9M
MISS 85.16%
Est. $5.55B
vs S&P Since Q3 25
-16.3%
TRAILING MARKET
FUTU -7.1% vs S&P +9.2%
Market Reaction
Did FUTU Beat Earnings? Q3 2025 Results
Futu Holdings delivered a sharply mixed third quarter for fiscal 2025, posting results that fell well short of Wall Street expectations despite robust underlying business momentum. Revenue came in at $822.90 million, missing the $5.55 billion consens… Read more Futu Holdings delivered a sharply mixed third quarter for fiscal 2025, posting results that fell well short of Wall Street expectations despite robust underlying business momentum. Revenue came in at $822.90 million, missing the $5.55 billion consensus estimate by 85.16% and declining 76.0% year-over-year, while adjusted EPS of $2.93 trailed the $20.48 consensus by 85.70%. The disconnect between strong operational metrics and the headline miss reflects the gap between reported figures in USD and analyst models calibrated to Hong Kong dollar-denominated results, a recurring source of confusion around the stock. On the ground, the company's business showed genuine strength, with total funded accounts rising 42.6% year-over-year to 3.13 million and record trading volume reaching $3.90 trillion, up 104.8% year-over-year, driven by surging crypto activity and Hong Kong equity rotation. Management signaled continued investment ahead, noting it is in the early stages of crypto penetration after launching Solana trading in Hong Kong, and the board authorized a new $800.00 million share repurchase program extending through December 2027.
Key Takeaways
- • Record total trading volume of HK$3.90 trillion, up 104.8% year-over-year
- • Hong Kong stock trading volume surged 42.9% sequentially to HK$1.19 trillion
- • Crypto trading volume soared 161% quarter-over-quarter
- • 254 thousand net new funded accounts added, up 24.7% quarter-over-quarter
- • Total client assets up 78.9% year-over-year to HK$1.24 trillion
- • Margin financing and securities lending balance up 55.2% year-over-year to HK$63.1 billion
- • Strong operating leverage drove operating margin expansion to 61.0% from 50.4%
- • Gross margin improved to 87.6% from 81.8%
FUTU YoY Financials
Q3 2025 vs Q3 2024, source: SEC Filings
FUTU Revenue by Segment
With YoY comparisons, source: SEC Filings
“In the third quarter, we added 254 thousand net new funded accounts, up 24.7% quarter-over-quarter. Total funded accounts reached 3.1 million, up 42.6% year-over-year and 8.8% quarter-over-quarter. Client acquisition picked up in every market. For the fourth consecutive quarter, Hong Kong led new client additions as we executed well in a quarter of strong equity market performance and robust IPO pipeline.”
— Leaf Hua Li, Q3 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 | — | — | — | — |