UP Fintech Holding Limited (NASDAQ: TIGR), the Singapore-based operator of Tiger Brokers, posted full-year 2025 revenue of $612.1 million, a 56.3% increase from $391.5 million in 2024, according to the company's unaudited earnings report released today (Thursday). Non-GAAP net income attributable to shareholders reached $186.5 million for the year, up 164.7% from $70.5 million the prior year.
The results cap a year of strong top-line growth for the online broker, but the quarterly picture tells a more nuanced story. Fourth-quarter revenue came in at $175.6 million, up 41.5% year-over-year but essentially unchanged from the third quarter's $175.2 million, suggesting the revenue acceleration that defined the first three quarters plateaued in the final stretch.
Join the inaugural Finance Magnates Singapore Summit 2026, which will bring together brokers, fintechs, banks, EMIs, wealth managers, and hedge funds across APAC.
Q4 Profit Slips From Record High
Q4 GAAP net income came in at $45.2 million, up 61.3% year-over-year, but down roughly 16% from the $53.8 million recorded in Q3 2025, when the company had reported what was then its best quarter on record across both revenue and profit.
On a non-GAAP basis, Q4 net income came to $48.9 million, compared with $57 million in Q3. The company did not provide a specific explanation for the sequential profit decline in its earnings statement.
“Both of our financial and operating performance have achieved significant growth in the full year of 2025,” Wu Tianhua, Chairman and CEO of UP Fintech, commented on the results. “We are pleased to see significant breakthroughs in both our annual and quarterly topline and bottom line compared to 2024.”
- Tiger Brokers Parent Posts Record Revenue as Client Assets Hit $61B
- Trading Volume Surge Pushes Tiger Brokers’ Q1 Income to Record High
- UP Fintech's Customer Base with Deposits Surges 21% in 2024, Surpassing 1 Million Mark
Total client assets stood at $60.8 billion at the end of December, down slightly from $61.0 billion at the close of September, with the modest dip likely reflecting market-driven asset valuation changes during the quarter.
Year-over-year, client assets were up 45.7% from $41.7 billion at year-end 2024. Margin financing and securities lending balances also eased from $5.7 billion at the end of Q3 to $5.4 billion at year-end, though they remained 21.5% above December 2024 levels, the company reported.
KPI | FY2024 | FY2025 | YoY Change |
Total Revenue | $391.5M | $612.1M | +56.3% |
Non-GAAP Net Income | $70.5M | $186.5M | +164.7% |
Total Client Assets | $41.7B | $60.8B | +45.7% |
Funded Accounts | 1,092.0K | 1,253.9K | +14.8% |
Hong Kong Growth Leads Regional Expansion
The most pronounced growth came from Hong Kong, where the company said full-year trading volume expanded 840.9% year-over-year, and Q4 trading volume rose 1,305% year-over-year.
Average net asset inflows per new funded client in Hong Kong reached $43,000 in the quarter, while client assets in the city more than tripled year-over-year, according to the company. Virtual asset trading was also active, with crypto order volume growing 228% year-over-year in Q4 and 60.9% quarter-over-quarter.
Singapore, where UP Fintech is headquartered, delivered what the company described as its eighth consecutive quarter of growth in trading orders and trading accounts. Full-year net profit in Singapore rose 96% year-over-year, with client assets up 50% year-over-year in Q4, the company said.
UP Fintech entered Singapore's securities market in 2021 and has since built a meaningful retail footprint in the city-state. Client assets in Australia and New Zealand more than doubled year-over-year, the company added.
IPO Business Drives Corporate Revenue Spike
The company's other revenue segment, covering investment banking, ESOP, and corporate services, rose 220.6% year-over-year to $30.8 million in Q4. The company said it completed 20 Hong Kong IPOs during the quarter, including autonomous driving firm Pony.ai, described internally as the largest global autonomous driving IPO of 2025, and HashKey Group, which the company said was the sole digital asset IPO in Hong Kong that year.
Full-year Hong Kong IPO margin financing subscription reached HK$1.2 trillion, the company said, crossing the HK$1 trillion mark for the first time. UP Fintech's growing role in the city's IPO pipeline reflects broader momentum in Hong Kong's listing market, a theme that also drove strong Q3 results for the broker.
On the ESOP side, the company added 135 new clients for the full year, bringing its total corporate client base to 748. Annual ESOP net profit rose more than 400% year-over-year, the firm said.
Scale Gap With Futu Remains Wide
While UP Fintech's results reflect consistent expansion, the company operates at a considerably different scale than its nearest comparable, Futu Holdings. Futu reported full-year 2025 revenue of HK$22.85 billion (approximately $2.94 billion), an increase of 68.1% year-over-year, with net income more than doubling to HK$11.3 billion. Futu's funded account base stood at 3.37 million at year-end 2025, compared to UP Fintech's 1.25 million. Tiger Brokers had first crossed the one-million funded-client milestone in 2024.
UP Fintech added 29,700 funded accounts in Q4, its lowest quarterly addition since Q1 2025, and below the 40,000 added in Q2 2025 and 31,500 in Q3. The company has set a target of 150,000 new funded clients for 2026, in line with what it guided for 2025, and said it will prioritize user quality over volume in the coming year.
