Profitability remains highly unstable, with gross margins exhibiting significant volatility by swinging from a low of 37.4% in 2025Q4 to 76.4% in 2026Q4.
| Metric | Mar'26 | Mar'25 | Mar'24 | Mar'23 | Mar'22 | Mar'21 | Mar'20 | Mar'19 | Mar'18 | Mar'17 | Mar'16 | Mar'15 | Mar'14 | Mar'13 | Mar'12 | Mar'11 | Mar'10 | Mar'09 | Mar'08 | Mar'07 | Mar'06 | Mar'05 | Mar'04 | Mar'03 | Mar'02 | Mar'01 | Mar'00 | Mar'99 | Mar'98 | Mar'97 |
|---|
| Net Interest Income | -489.04M | -535.89M | -501.11M | -208.95M | -76.95M | -22.44M | -10.2M | -14.65M | -14.73M | -3.81M | 0 | 0 | 0 | 0 | -3.52M | -5.97M | 0 | -747.65K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| NII Growth % | 8.74% | -6.94% | -139.83% | -171.55% | -242.84% | -120.04% | 30.37% | 0.58% | -287.05% | - | - | - | - | 100% | 41.02% | - | 100% | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Net Interest Margin % | -3.72% | -5.41% | -6.04% | -4.11% | -2.38% | -1.07% | -2.25% | -4.17% | -4.46% | -3.14% | 0% | 0% | 0% | 0% | -8.5% | -1.86% | 0% | -0.26% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 6.82K | 16.95K | 14.21K | 32.13K | 11.39M | 275.14K | 391.22K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 489.04M | 535.89M | 501.11M | 208.95M | 76.95M | 22.44M | 10.2M | 14.65M | 14.73M | 3.81M | 1.59K | 6.82K | 16.95K | 14.21K | 3.55M | 5.98M | 4.6M | 1.14M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Loan Loss Provision | 120.83M | 427.73M | -8.64M | 15.86M | 109.7M | 123.93M | 9.21M | -8.41M | -12.45M | -3.46M | 1.71K | -6.82K | -16.95K | -14.21K | -3.45M | -5.89M | 3.96M | 6.39M | 5.52M | 2.27M | 875.32K | 406.36K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Non-Interest Income | 2.19B | 2.03B | 1.66B | 795.69M | 689.79M | 346.88M | 83.39M | 74.28M | 57.76M | 19.36M | 0 | -6.82K | -16.95K | -14.21K | -32.13K | -11.39M | 57M | 69.23M | 60.2M | 15.79M | 5.96M | 973.65K | 338.72K | 95.06K | 796.6K | 333.03K | 658.6K | 1.46M | 3.12M | 5.74M |
| Non-Interest Income % | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | - | - | - | - | - | - | 99.52% | 99.44% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% |
| Total Revenue | 2.19B | 2.03B | 1.66B | 795.69M | 689.79M | 346.88M | 83.39M | 74.28M | 57.76M | 19.36M | 0 | 0 | 0 | 0 | 0 | 0 | 57.27M | 69.62M | 60.2M | 15.79M | 5.96M | 973.65K | 338.72K | 95.06K | 796.6K | 333.03K | 658.6K | 1.46M | 3.12M | 5.74M |
| Revenue Growth % | 7.76% | 22.74% | 108.2% | 15.35% | 98.85% | 315.96% | 12.26% | 28.62% | 198.38% | - | - | - | - | - | - | -100% | -17.73% | 15.65% | 281.33% | 165.01% | 511.8% | 187.45% | 256.34% | -88.07% | 139.2% | -49.43% | -55.01% | -53.01% | -45.7% | - |
| Non-Interest Expense | 866.42M | 438.06M | 237.4M | 129.45M | 58.49M | 22.63M | 25.68M | 44.63M | 22.12M | 19.59M | 493.83K | 80.41K | 1.59M | 3.11M | 20.41M | 10.13M | 36.21M | 50.49M | 24.66M | 13.11M | 11.03M | 4.36M | 786.51K | 1.82M | 175.42K | 1.05M | 3.01M | 1.6M | 4.01M | 5.49M |
| Efficiency Ratio | 39.54% | 21.54% | 14.33% | 16.27% | 8.48% | 6.52% | 30.79% | 60.08% | 38.3% | 101.22% | - | - | - | - | - | - | 63.23% | 72.53% | 40.97% | 83.04% | 185.18% | 447.47% | 232.2% | 1917.29% | 22.02% | 315.19% | 456.36% | 109.34% | 128.7% | 95.66% |
| Operating Income | 715M | 631.77M | 926.79M | 441.44M | 444.65M | 177.87M | 38.3M | 23.41M | 33.35M | -581.97K | -493.83K | -80.41K | -1.59M | -3.11M | -23.96M | -16.1M | 7.89M | 11.6M | 30.02M | 404.84K | -5.95M | -3.79M | -447.79K | -1.73M | 621.18K | -716.64K | -2.35M | -136.75K | -894.01K | 248.76K |
| Operating Margin % | 32.63% | 31.07% | 55.94% | 55.48% | 64.46% | 51.28% | 45.93% | 31.52% | 57.73% | -3.01% | - | - | - | - | - | - | 13.77% | 16.66% | 49.87% | 2.56% | -99.87% | -389.21% | -132.2% | -1817.29% | 77.98% | -215.19% | -356.36% | -9.34% | -28.7% | 4.34% |
| Operating Income Growth % | 13.17% | -31.83% | 109.95% | -0.72% | 149.98% | 364.42% | 63.57% | -29.78% | 5829.81% | -17.85% | -514.14% | 94.94% | 48.91% | 87.02% | -48.81% | -304.15% | -31.97% | -61.37% | 7315.24% | 106.8% | -56.99% | -746.27% | 74.08% | -378.09% | 186.68% | 69.47% | -1616.24% | 84.7% | -459.39% | - |
| Pretax Income | 225.97M | 112.95M | 435.37M | 235.94M | 363.69M | 151.81M | 29.09M | 8.52M | 18.61M | 5.77M | -492.24K | -73.59K | -1.57M | -3.09M | -23.97M | -16.5M | 7.44M | 16.13M | 31.21M | 1.89M | -5.31M | -3.29M | -447.79K | -1.73M | 621.18K | -716.64K | -2.35M | -390.18K | -902.33K | 248.76K |
| Pretax Margin % | 10.31% | 5.55% | 26.28% | 29.65% | 52.73% | 43.76% | 34.88% | 11.46% | 32.23% | 29.82% | - | - | - | - | - | - | 12.99% | 23.17% | 51.84% | 11.99% | -89.13% | -337.49% | -132.2% | -1817.29% | 77.98% | -215.19% | -356.36% | -26.65% | -28.96% | 4.34% |
| Income Tax | 72.64M | 28.43M | 60.42M | 42.78M | 38.57M | 23.31M | 4.93M | 1.37M | 418K | -524K | -240 | -54.8K | 0 | 6.85K | 0 | -1.37M | -1.55M | -1.03M | -403.58K | 853.28K | 35.04K | 343 | 165.99K | 9 | 243.69K | 1.19M | 1.12M | 0 | -82.86K | 88.08K |
| Effective Tax Rate % | 32.15% | 25.17% | 13.88% | 18.13% | 10.61% | 15.35% | 16.96% | 16.07% | 2.25% | -9.08% | 0.05% | 74.47% | 0% | -0.22% | 0% | 8.28% | -20.86% | -6.38% | -1.29% | 45.08% | -0.66% | -0.01% | -37.07% | -0% | 39.23% | -165.64% | -47.7% | 0% | 9.18% | 35.41% |
| Net Income | 153.33M | 84.65M | 375.54M | 205.14M | 227.49M | 149.65M | 24.84M | 7.15M | 18.2M | 6.29M | -492K | -18.79K | -1.57M | -3.09M | -139.22M | 4.88M | 8.99M | 17.16M | 31.61M | 1.04M | -5.34M | -3.29M | -613.78K | -1.73M | 377.49K | -2.33M | -3.6M | -390.18K | -15.29K | -230.15K |
| Net Margin % | 7% | 4.16% | 22.67% | 25.78% | 32.98% | 43.14% | 29.78% | 9.62% | 31.51% | 32.48% | - | - | - | - | - | - | 15.7% | 24.65% | 52.51% | 6.58% | -89.72% | -337.53% | -181.2% | -1817.3% | 47.39% | -698.42% | -546.53% | -26.65% | -0.49% | -4.01% |
| Net Income Growth % | 81.13% | -77.46% | 83.07% | -9.83% | 52.02% | 502.53% | 247.52% | -60.72% | 189.44% | 1377.85% | -2518.83% | 98.8% | 49.11% | 97.78% | -2951.62% | -45.72% | -47.58% | -45.72% | 2940.97% | 119.45% | -62.62% | -435.42% | 64.47% | -557.62% | 116.23% | 35.38% | -822.5% | -2452.38% | 93.36% | - |
| Net Income (Continuing) | 153.33M | 84.52M | 374.95M | 193.16M | 325.12M | 128.5M | 24.16M | 7.15M | 18.2M | 6.3M | -492K | -18.79K | -1.57M | -3.09M | -23.97M | -15.13M | -10.73M | 17.16M | 31.61M | 1.04M | -5.34M | -3.29M | -613.78K | -1.73M | 377.49K | -1.9M | -3.47M | -390.18K | -819.46K | 160.68K |
| EPS (Diluted) | 2.51 | 1.40 | 6.33 | 3.45 | 3.84 | 2.56 | 0.43 | 0.12 | 0.54 | 0.56 | -0.05 | -0.01 | -0.03 | -0.06 | -62.37 | 2.29 | 4.50 | 9.25 | 17.50 | 0.50 | -3.75 | -3.05 | -0.98 | -104.43 | 49.25 | -503.99 | -3019.67 | -334.75 | -13.12 | -197.45 |
| EPS Growth % | 79.29% | -77.88% | 83.48% | -10.16% | 50% | 495.35% | 258.33% | -77.78% | -3.57% | 1211.11% | - | 70.21% | 49.1% | 99.91% | -2823.58% | -49.11% | -51.35% | -47.14% | 3400% | 113.33% | -22.95% | -211.22% | 99.06% | -312.04% | 109.77% | 83.31% | -802.07% | -2451.45% | 93.36% | - |
| EPS (Basic) | 2.56 | 1.43 | 6.37 | 3.50 | 3.84 | 2.56 | 0.43 | 0.12 | 0.55 | 0.56 | -0.05 | -0.01 | -0.03 | -0.06 | -62.37 | 2.29 | 4.50 | 9.25 | 17.75 | 0.50 | -3.75 | -3.05 | -0.98 | -104.43 | 49.25 | -503.99 | -3019.67 | -335.94 | -13.16 | -198.16 |
| Diluted Shares Outstanding | 61.12M | 60.49M | 59.36M | 59.5M | 59.38M | 58.44M | 58.25M | 58.24M | 33.39M | 11.21M | 9.77M | 2.23M | 55.79M | 55.79M | 2.23M | 2.13M | 2M | 1.87M | 1.81M | 2.08M | 1.43M | 1.08M | 623.85K | 16.54K | 7.67K | 4.62K | 1.19K | 1.17K | 1.17K | 1.17K |
Regulatory and jurisdictional volatility
As reported in recent financial statements, Freedom Holding Corp.'s gross margin fluctuated significantly, reaching a low of 37.4% in 2025Q4 before recovering to 76.4% in 2026Q4, suggesting that the company's transition toward a capital-intensive banking model introduces substantial variability into its core profitability profile.
The wide variance in gross margins indicates that the company's revenue mix is highly sensitive to market-making activities and proprietary trading outcomes. Investors should monitor whether the recent expansion in gross margin is sustainable or merely a reflection of favorable market conditions that may not persist in a more normalized interest rate environment.
Based on the provided income statement data, the company's operating margin has shown significant instability, swinging from a negative 3.3% in 2025Q4 to a peak of 55.9% in 2024Q3, which implies that the firm struggles to maintain consistent overhead efficiency during periods of rapid business model transformation.
The lack of a stable relationship between gross profit and operating income suggests that SG&A expenses are not scaling linearly with revenue growth. This volatility may indicate that the company is incurring lumpy, non-recurring costs related to its aggressive international expansion and ongoing regulatory compliance requirements.
According to the company's quarterly filings, net income has experienced extreme swings, including a net loss of $142.7 million in 2025Q4 and a subsequent recovery, which highlights the impact of non-operating items and stock-based compensation on the firm's reported bottom-line profitability.
The significant discrepancy between operating income and net income suggests that non-operating factors, such as unrealized gains or losses from proprietary trading and tax adjustments, are heavily influencing reported EPS. Investors should be cautious of relying on headline earnings, as they may not accurately reflect the underlying cash-generating capacity of the core brokerage and banking operations.
Financial data indicates that while revenue growth remains a focal point, the company's reliance on proprietary trading and complex international subsidiaries warrants further investigation, as these factors may mask underlying operational risks that short-sellers often highlight in frontier market financial institutions.
The company's pivot toward a digital banking ecosystem in Kazakhstan is ambitious, but the potential for credit risk in a frontier economy remains an under-analyzed threat to long-term profitability. If the net interest margin on digital loans begins to compress, the firm may lack the defensive moat necessary to maintain its current valuation multiples.
Quick answers to the most common questions about buying FRHC stock.
Freedom Holding Corp. (FRHC) is profitable, generating $153.3M in net income for the fiscal year ending 2026 with a net profit margin of 7.0%.
Freedom Holding Corp. (FRHC) reported an operating income of $715.0M, resulting in an operating profit margin of 32.6%. This margin reflects the operational efficiency of the business before interest and taxes.
Freedom Holding Corp. (FRHC) generated $1.58B in gross profit for the year, representing a gross profit margin of 72.2%. This demonstrates the company's core pricing power and production efficiency.