The firm's capital allocation remains opaque, with no reported dividends or buybacks despite generating $2.6 billion in net income during 2025Q2.
| Cash from Operations | 0 | 40.79B | 31B | -6.34B | 3.47B | 6.01B | 20.46B | 1.97B | 4.47B | 1.86B | 1.4B |
| Operating CF Growth % | 0% | 31.59% | 589.1% | -282.37% | -42.2% | -70.61% | 938.71% | -55.94% | 140.94% | 32.74% | - |
| Net Income | 7.91B | 11.3B | 5.43B | 4.28B | 2.93B | 2.81B | 1.33B | 165.66M | 138.51M | -8.1M | -98.47M |
| Depreciation & Amortization | 0 | 222.99M | 175.5M | 171.21M | 149.65M | 120.13M | 79.78M | 66.1M | 8.33M | 4.3M | 3.58M |
| Deferred Taxes | 0 | -78.99M | 0 | -14.77M | -52.11M | -21.43M | -13.15M | -1.58M | -7.46M | -21.63M | -77K |
| Other Non-Cash Items | -8.24B | -229.33M | 288.66M | -161.73M | 218.93M | -135.06M | 26.1M | 7.38M | 15.42M | 5.18M | -39K |
| Working Capital Changes | 0 | 29.23B | 24.76B | -10.9B | 27.05M | 3.14B | 19.01B | 1.72B | 4.3B | 1.87B | 1.48B |
| Cash from Investing | 0 | -1.78B | 103.93M | -2.44B | 93.86M | -963.57M | -244.18M | -160.06M | -78.05M | -5.14M | -6.23M |
| Purchase of Investments | 0 | -3.67B | -1.24B | -4.8B | -4.3B | -1.19B | -206.79M | -292.49M | -123.26M | 0 | -2.24M |
| Sale/Maturity of Investments | 0 | 1.46B | 1.51B | 2.45B | 4.59B | 300M | 307.27M | 250.77M | 63.91M | 2.24M | 0 |
| Net Investment Activity | 0 | -2.21B | 273.11M | -2.35B | 293.91M | -893.11M | 100.47M | -41.73M | -59.35M | 2.24M | -2.24M |
| Acquisitions | 0 | 476.66M | -1.66M | -17.54M | -109.53M | -300M | 0 | -6.71M | 0 | 20.03K | 5K |
| Other Investing | 0 | 0 | 0 | 0 | 0 | 300M | -300M | 6.72M | 87K | 11.97K | 39K |
| Cash from Financing | 0 | 4.3B | 70.85M | 2.31B | -7.01B | 10.55B | 8.41B | 1.15B | 35.69M | 2.16B | 147.59M |
| Dividends Paid | 0 | -2.15B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | -874.69M | -3.15B | -1.18B | 0 | 0 | 0 | 0 | 0 |
| Stock Issued | 0 | 7.9M | 20.07M | 0 | 0 | 10.86B | 2.34B | 1.26B | 0 | 621.58M | 0 |
| Net Stock Activity | 0 | 7.9M | 20.07M | -874.69M | -3.15B | 9.68B | 2.34B | 1.26B | 0 | 621.58M | 0 |
| Debt Issuance (Net) | 0 | 1000K | 1000K | 1000K | -1000K | 1000K | 1000K | -1000K | 1000K | 1000K | 1000K |
| Other Financing | 0 | 0 | 91K | 11.62M | 16.33M | 6.63M | 2.05B | 756.34K | 0 | 0 | 0 |
| Net Change in Cash | 0 | 43.54B | 31.02B | -6.41B | -3.58B | 15.77B | 28.62B | 2.92B | 4.44B | 4.03B | 1.54B |
| Exchange Rate Effect | 0 | 235.92M | -149.87M | 66.35M | -135.2M | 167.13M | -1.12M | -44.67M | 7.46M | 21.63M | 77K |
| Cash at Beginning | 0 | 80.33B | 49.31B | 55.72B | 59.29B | 43.52B | 14.9B | 11.99B | 7.55B | 3.52B | 1.99B |
| Cash at End | 0 | 123.87B | 80.33B | 49.31B | 55.72B | 59.29B | 43.52B | 14.9B | 11.99B | 7.55B | 3.52B |
| Interest Paid | 0 | 0 | 1.57B | 876.51M | 298M | 367.04M | 181.71M | 89.24M | 95.28M | 20.29M | 1.41M |
| Income Taxes Paid | 0 | 0 | 761.91M | 698.82M | 694.97M | 102.89M | 16.25M | 15.12M | 18.73M | 8.69M | 358K |
| Free Cash Flow | 0 | 40.73B | 30.83B | -6.42B | 3.38B | 5.94B | 20.41B | 1.85B | 4.45B | 1.85B | 1.39B |
| FCF Growth % | - | 32.13% | 580.56% | -289.55% | -43.04% | -70.89% | 1002.7% | -58.42% | 140.89% | 32.59% | - |
Cross-border regulatory compliance
According to the provided financial data, Futu reports consistent net income growth reaching $2.6 billion in 2025Q2, yet the absence of disclosed operating cash flow figures prevents a direct assessment of the conversion quality between accounting profits and actual cash generation for the brokerage platform.
The lack of reported operating cash flow data makes it impossible to determine if the company's strong net income is supported by actual cash inflows or if it is heavily reliant on non-cash accruals. Investors should monitor whether the reported earnings are being effectively converted into liquidity, as the brokerage business model typically requires significant cash for margin lending and regulatory capital requirements.
Based on recent financial filings, Futu consistently utilizes stock-based compensation, with expenses reaching $87.3 million in 2025Q2, which serves as a non-cash adjustment that effectively masks the true cash cost of talent acquisition and potentially dilutes existing shareholders over the long term.
While stock-based compensation is a standard tool for fintech firms to preserve cash, the persistent reliance on equity-based incentives suggests that the company's reported net income may overstate the cash-generative capacity of the business. Analysts should adjust for these non-cash charges to better understand the underlying economic profitability of the platform's operations.
As reported in the provided financial statements, Futu shows no explicit capital expenditure figures across the last ten quarters, which complicates the evaluation of the company's investment in its proprietary technology stack and the maintenance of its global digital brokerage infrastructure.
The absence of capital expenditure data may suggest that the company is either capitalizing costs in a way that is not transparent or that its infrastructure needs are being met through operational expenses. This lack of visibility warrants further investigation into how the firm sustains its competitive advantage in a high-fixed-cost industry.
Based on the provided historical data, Futu has not reported any dividends, share repurchases, or net acquisitions over the last ten quarters, indicating a strategy that prioritizes the retention of capital within the business to support its ongoing international expansion and regulatory compliance efforts.
The decision to retain all generated earnings suggests that management is focused on scaling the platform's footprint in new markets like Japan and Malaysia. However, the lack of capital return to shareholders may indicate that the company is still in a high-growth phase where reinvestment is deemed more valuable than immediate cash distribution.
Quick answers to the most common questions about buying FUTU stock.
Futu Holdings Limited (FUTU) generated $40.79B in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Futu Holdings Limited (FUTU) generated $40.73B in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Futu Holdings Limited (FUTU) spent $54.7M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Futu Holdings Limited (FUTU) returned $2.15B to shareholders via cash dividends. This shows the company's commitment to returning capital to its equity investors.