FUTUNasdaqSecurity Brokers, Dealers & Flotation CompaniesUS GAAP · USD

Futu Holdings Ltd

Futu Holdings Ltd is a Hong Kong-based financial technology company that operates digital brokerage and wealth management platforms for investors in multiple markets. Through its Futubull and moomoo platforms, it provides trading, clearing, margin financing, securities lending, wealth management, and related corporate services.

Kysy yhtiöstä
Liikevaihto22,8mrd USD
+68,1 %v/v
Liikevoitto (EBIT)14,1mrd USD
+112,6 %v/v
EBIT-marginaali61,6%
+12,9 %-yks.v/v
Nettotulos11,3mrd USD
+108,3 %v/v

Tilikausi 2025 · muutos edellisvuodesta

Kehitys 2020–2025

0510152025mrd USD2020: 3,3 mrd USD2020: EBIT 1,5 mrd USD20202021: 7,1 mrd USD2021: EBIT 3,2 mrd USD20212022: 7,6 mrd USD2022: EBIT 3,4 mrd USD20222023: 10,0 mrd USD2023: EBIT 5,0 mrd USD20232024: 13,6 mrd USD2024: EBIT 6,6 mrd USD20242025: 22,8 mrd USD2025: EBIT 14,1 mrd USD202522,814,1
LiikevaihtoLiikevoitto (EBIT)
Kysy Clarifolta: Futu Holdings Ltd

Liiketoiminta

Osuus liikevaihdosta
Retail brokerage platforms45 %

Digital platforms that let individual investors trade listed securities and access market information.

Margin and securities finance20 %

Funding, margin lending, and securities borrowing/lending services tied to client trading activity.

Wealth management15 %

Investment products and portfolio services offered through the company's digital ecosystem.

Corporate services10 %

IPO distribution, investor relations, and ESOP solution services for listed and pre-IPO companies.

Platform and social features10 %

Social and community tools embedded in the platforms to support user engagement and discovery.

Asiakkaat

Futu serves retail investors who use its platforms to self-direct trading, financing, and wealth management decisions. It also serves corporate clients that need capital-markets support such as IPO distribution, investor relations, and ESOP administration. The business is built around digitally active users that value convenience, low-friction execution, and integrated market content.

Retail investors

Individuals who use Futubull or moomoo to trade and monitor markets online.

Active traders

Higher-frequency users who buy margin financing and securities lending to amplify trading activity.

Wealth management clients

Investors buying portfolio and wealth services through the digital platform.

Listed companies

Corporate issuers purchasing investor relations, distribution, and ESOP services.

IPO candidates

Companies that need underwriting-adjacent distribution and capital markets support.

Strategia

Futu's strategy is centered on expanding its digital investing ecosystem across markets while deepening user engagement through trading, financing, wealth, and community features. The company also builds adjacent corporate services that connect listed companies and capital-markets activity to its platform. Geographic diversification away from mainland China appears important to its operating model because it reduces concentration risk and broadens the addressable user base.

Grow overseas user baseKeskipitkä aikaväli

International expansion reduces concentration in mainland China and widens the addressable market.

Deepen platform monetizationKeskipitkä aikaväli

More services per user improve the economics of the brokerage platform.

Build corporate servicesKeskipitkä aikaväli

IPO and investor-relations offerings broaden revenue streams beyond retail trading.

Strengthen user engagement toolsLyhyt aikaväli

Social and content features can improve retention and platform stickiness.

Maantiede

Futu is headquartered in Hong Kong and operates digital brokerage services across Hong Kong, mainland China, and overseas markets. The company disclosed that mainland China funded accounts accounted for about 13% of total funded accounts at the end of the first quarter of 2026, while overseas funded accounts continued to grow. This geographic mix matters because the platform is exposed to differing regulatory regimes, investor behavior, and operating constraints by market.

Riskit

Futu faces regulatory and compliance risk because its brokerage activities and mainland China operations are subject to multiple supervisory regimes. It also faces market and client-activity risk typical of online brokerages, where trading volume, margin demand, and investor sentiment can change quickly with market conditions. Geographic concentration, especially any exposure to mainland China, can affect operating flexibility and account growth.

Järjestetty vakavuuden mukaan
MatalaKohtalainenKorkeaMatalaKohtalainenKorkeaVaikutus →Todennäköisyys →Regulatory enforcement and penalties1Geographic concentration in mainland China2Market-dependent brokerage activity3Cross-border compliance complexity4
Vaikutus on riskin vakavuus ja todennäköisyys sen toteutumisen todennäköisyys lähivuosina, molemmat arvioitu yhtiön raporttien perusteella. Numerot vastaavat listaa.
  1. Regulatory enforcement and penaltiesVaikutus: KorkeaTodennäköisyys: Kohtalainen

    The company disclosed ongoing proceedings with the CSRC and a proposed penalty tied to mainland China operations.

    Kohdistuu: Mainland China operations

  2. Geographic concentration in mainland ChinaVaikutus: KorkeaTodennäköisyys: Kohtalainen

    A meaningful share of funded accounts is still linked to mainland China, which increases exposure to local policy and regulatory changes.

    Kohdistuu: Client base and operating footprint

  3. Market-dependent brokerage activityVaikutus: KeskitasoTodennäköisyys: Korkea

    Brokerage, margin lending, and securities lending depend on market participation and volatility.

    Kohdistuu: Trading and financing volumes

  4. Cross-border compliance complexityVaikutus: KeskitasoTodennäköisyys: Korkea

    Operating across Hong Kong, mainland China, and overseas markets requires adherence to different rules and licensing regimes.

    Kohdistuu: Platform operations

Kysy Clarifolta: Futu Holdings Ltd

Kirjanpito

Harkinnanvaraiset erät
Revenue recognition for brokerage fees

Trading commissions and platform-related fees may be recognized at transaction time and can vary with activity levels.

Vaikutus: Affects quarterly comparability and reported revenue mix

Interest income from margin financing

Financing income depends on loan balances, rates, and client usage of leverage.

Vaikutus: Can materially change with market participation

Fair value and financial instruments

Brokerage platforms often hold or facilitate financial instruments that require valuation judgment.

Vaikutus: Can affect gains, losses, and balance-sheet volatility

Regulatory contingency accruals

The disclosed CSRC matter may require recognition of provisions or other adjustments if outcomes become probable and estimable.

Vaikutus: Can affect earnings and equity

Non-GAAP adjustments

Adjusted net income excludes selected items, so reconciliation is important for assessing recurring performance.

Vaikutus: Changes how underlying profitability is interpreted

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Päivitetty: 28.9.2026

Futu Holdings Ltd (Nasdaq) – Security Brokers, Dealers & Flotation Co | Analyysi – Clarifo