Total revenue surged 188% from $2.5B in Q2 2023 to $7.2B in Q2 2026, driven by a new $2.6B net interest income stream that reduced fee income's share from 100% to 61% of total revenue.
Futu Holdings Limited (FUTU) annual income statement — 10-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 |
|---|
| Net Interest Income | 5.65B | 10.42B | 0 | 0 | 2.92B | 2.14B | 780.54M | 375.67M | 264.96M | 85.99M | 2.34M |
| NII Growth % | 0% | - | - | -100% | 36.45% | 174.34% | 107.77% | 41.78% | 208.12% | 3581.21% | - |
| Net Interest Margin % | 1.93% | 4.56% | 0% | 0% | 3.09% | 2.11% | 1.09% | 1.76% | 1.65% | 0.79% | 0.05% |
| Interest Income | 6.17B | 10.42B | 0 | 0 | 3.21B | 2.52B | 965.63M | 464.9M | 360.58M | 105.87M | 5.79M |
| Interest Expense | 513.4M | 0 | 0 | 0 | 292.5M | 376.9M | 185.09M | 89.24M | 95.62M | 19.88M | 3.46M |
| Loan Loss Provision | 2.23B | 2.94B | 2.45B | 1.54B | 703.63M | 829.16M | 510.86M | 192.47M | 153.97M | 89.22M | 41.61M |
| Non-Interest Income | 19.74B | 12.38B | 13.59B | 10.01B | 4.4B | 4.6B | 2.35B | 596.65M | 450.76M | 205.79M | 81.22M |
| Non-Interest Income % | 77.74% | 54.3% | 100% | 100% | 60.09% | 68.22% | 75.03% | 61.36% | 62.98% | 70.53% | 97.2% |
| Total Net Revenue | 25.4B | 22.81B | 13.59B | 10.01B | 7.32B | 6.74B | 3.13B | 972.32M | 715.72M | 291.78M | 83.56M |
| Revenue Growth % | 42.08% | 67.83% | 35.79% | 36.7% | 8.65% | 115.58% | 221.47% | 35.85% | 145.29% | 249.21% | - |
| Non-Interest Expense | 6.6B | 5.81B | 4.52B | 3.46B | 3.05B | 2.73B | 1.15B | 591.9M | 352.99M | 194.26M | 152.61M |
| Efficiency Ratio | 25.98% | 25.49% | 33.28% | 34.62% | 41.64% | 40.46% | 36.7% | 60.87% | 49.32% | 66.58% | 182.64% |
| Operating Income | 16.57B | 14.06B | 6.62B | 5.01B | 3.57B | 3.18B | 1.47B | 187.96M | 208.76M | 8.3M | -110.66M |
| Operating Margin % | 65.23% | 61.63% | 48.72% | 50.03% | 48.75% | 47.23% | 46.96% | 19.33% | 29.17% | 2.84% | -132.44% |
| Operating Income Growth % | - | 112.28% | 32.24% | 40.31% | 12.13% | 116.83% | 680.96% | -9.97% | 2416.38% | 107.5% | - |
| Pretax Income | 13.66B | 13.64B | 6.43B | 5.03B | 3.34B | 3.19B | 1.45B | 177.95M | 200.8M | 3.38M | -111.75M |
| Pretax Margin % | 53.79% | 59.8% | 47.32% | 50.23% | 45.63% | 47.27% | 46.4% | 18.3% | 28.06% | 1.16% | -133.74% |
| Income Tax | 2.6B | 2.36B | 998.34M | 748.48M | 413.96M | 375.08M | 124.79M | 12.29M | 62.29M | 11.48M | -13.28M |
| Effective Tax Rate % | 19% | 17.27% | 15.52% | 14.89% | 12.39% | 11.78% | 8.6% | 6.9% | 31.02% | 339.85% | 11.88% |
| Net Income | 11.12B | 11.32B | 5.44B | 4.28B | 2.93B | 2.81B | 1.33B | 165.66M | 138.51M | -8.1M | -98.47M |
| Net Margin % | 43.79% | 49.62% | 40.05% | 42.78% | 39.98% | 41.7% | 42.41% | 17.04% | 19.35% | -2.78% | -117.85% |
| Net Income Growth % | 40.56% | 107.94% | 27.13% | 46.28% | 4.15% | 112.01% | 700.13% | 19.6% | 1809.6% | 91.77% | - |
| Net Income (Continuing) | 11.07B | 11.28B | 5.43B | 4.28B | 2.93B | 2.81B | 1.33B | 165.66M | 138.51M | -8.1M | -98.47M |
| EPS (Diluted) | 79.43 | 80.08 | 38.88 | 30.56 | 20.32 | 18.40 | 10.08 | 1.28 | 0.56 | -0.41 | -1.04 |
| EPS Growth % | 40.14% | 105.97% | 27.23% | 50.39% | 10.43% | 82.54% | 687.5% | 128.57% | 236.59% | 60.58% | - |
| EPS (Basic) | - | 81.28 | 39.44 | 31.04 | 20.56 | 18.72 | 10.24 | 1.36 | 0.72 | -0.41 | -1.04 |
| Diluted Shares Outstanding | 140.02M | 141.36M | 140.06M | 139.96M | 143.88M | 152.46M | 131.27M | 114.74M | 63.94M | 111.18M | 111.18M |
Quick answers to the most common questions about buying FUTU stock.
For fiscal year 2025, Futu Holdings Limited (FUTU) reported total revenue of $22.81B. This represents a 27196.7% increase compared to $83.6M in 2016.
Futu Holdings Limited (FUTU) is profitable, generating $11.32B in net income for the fiscal year ending 2025 with a net profit margin of 49.6%.
Futu Holdings Limited (FUTU) reported an operating income of $14.06B, resulting in an operating profit margin of 61.6%. This margin reflects the operational efficiency of the business before interest and taxes.
Futu Holdings Limited (FUTU) generated $19.87B in gross profit for the year, representing a gross profit margin of 87.1%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Regulatory overhang on mainland China client base
NII Emerges as a New Growth Driver
The sudden appearance of $2.6 billion in net interest income in Q2 2026, after eight quarters of zero reported NII, suggests a significant structural shift in Futu's revenue composition and potentially its balance sheet strategy.
This dramatic shift from a fee-only model to one with substantial interest income warrants close scrutiny. It may indicate a strategic decision to deploy excess client cash or a change in accounting presentation, rather than a pure organic growth driver. Investors should monitor whether this is a sustainable new pillar or a one-time adjustment.
Efficiency Ratio Expansion Drives Profitability
Futu's efficiency ratio improved markedly to 26.2% in Q2 2026 from 37.6% in Q2 2023, indicating that revenue growth is significantly outpacing the growth in operating expenses, a hallmark of a scalable platform business.
This trend reflects the high operating leverage inherent in Futu's technology-driven model, where incremental revenue from new users or assets carries minimal marginal cost. The sustained improvement suggests management is successfully scaling the business without a proportional increase in its fixed-cost base, which is a key competitive advantage.
Fee Income Dominance Amidst Revenue Mix Shift
Non-interest income constituted 100% of total revenue for eight consecutive quarters before dropping to 61% in Q2 2026, highlighting the historical reliance on transactional brokerage and wealth management fees.
The historical 100% fee composition underscores the company's sensitivity to market volatility and trading volumes. The recent decline in fee percentage is not due to fee income weakness—non-interest income grew to $4.1B from $1.1B in Q2 2023—but rather the introduction of the large NII line, which diversifies the revenue stream but also introduces new interest rate risk.
Q2 2026 Marks a Structural Revenue Inflection
Total revenue surged to $7.2 billion in Q2 2026, representing a 188% increase from $2.5 billion in Q2 2023, driven by the combined effect of robust fee growth and the new interest income stream.
This period represents a fundamental change in the company's earnings profile. The scale of growth suggests successful execution of international expansion and deeper client wallet penetration. However, the sustainability of this new revenue level depends on maintaining client asset growth and navigating the interest rate environment.
Interest Income Sustainability and Credit Risk
The sudden $2.6 billion NII contribution in Q2 2026, absent in prior periods, raises questions about its sustainability and the potential credit risk embedded in the underlying assets, such as margin loans or securities lending.
This new revenue stream may be tied to higher interest rates or a strategic shift in balance sheet usage, but it also introduces exposure to credit losses and rate cuts. The negative provision of $40.4 million in Q2 2026, a reversal from consistent positive provisions, could indicate improving credit quality or a change in provisioning methodology that warrants monitoring.