Futu Holdings posted a 144% jump in third-quarter profit, riding a wave of heightened trading activity in Hong Kong stocks and rapid expansion in cryptocurrency markets.
The online brokerage reported net income of HK$3.22 billion ($413.5 million) for the three months ended September 30, compared with HK$1.32 billion a year earlier. Revenue climbed 86% to HK$6.40 billion ($822.9 million), according to results released today (Tuesday).
Futu added 254,000 funded accounts during the quarter, pushing its total to 3.13 million, a 43% increase from the prior year and almost 10% compared to the Q2 2025. Hong Kong led client acquisitions for the fourth straight quarter as investors flocked to a resurgent initial public offering market and rallying technology stocks.
Financial Metric | Q3 2025 | Q3 2024 | YoY Change | Q2 2025 | QoQ Change |
Total Revenue | $822.9M | $441.6M | +86% | $682.4M | +21% |
Brokerage Income | $374.5M | $196.5M | +91% | $331.7M | +13% |
Interest Income | $391.3M | $218.3M | +79% | $294.3M | +33% |
Net Income | $413.5M | $169.5M | +144% | $330.3M | +25% |
Total Trading Volume | $501.2B | $244.7B | +105% | $461.4B | +9% |
Hong Kong Drives Futu’s Volume Surge
Trading volume reached a record HK$3.90 trillion ($501.2 billion) during the quarter, up 105% from a year earlier. Hong Kong stocks accounted for HK$1.19 trillion ($152.9 billion) of that total, a 43% increase from the previous quarter and the highest proportion since 2023.
“We saw clients quickly flocked to Hong Kong technology names which outperformed many of their U.S. counterparts,” said Leaf Hua Li, Futu's Chairman and Chief Executive, in a statement.
U.S. stock trading held steady at HK$2.60 trillion ($334.2 billion), with options trading gaining traction. The number of options traders and contracts traded both posted double-digit sequential growth, the company said.
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In 2025, the company aimed to add 800,000 new clients. After the third quarter, it is just 100,000 short of that goal, making the target appear well within reach.
Crypto Assets Soar
“Crypto trading volume soared 161% quarter-over-quarter, on the back of a 90% sequential increase in crypto assets and higher trading velocity,” Li added.
Ethereum overtook Bitcoin as the most-traded digital currency on Futu's platforms, while newly launched Solana tokens in Hong Kong added to volumes.
Total client assets rose to HK$1.24 trillion ($159.4 billion), up 79% year-over-year and 27% from the second quarter. Margin financing and securities lending balances climbed 23% sequentially to HK$63.1 billion ($8.1 billion).
IPO Pipeline Delivers
Futu served as joint bookrunner for several prominent third-quarter listings in Hong Kong, including Chery Automobile, Hesai Group, and Lens Technology. Twelve IPOs attracted more than HK$100 billion ($12.9 billion) each in subscription volume on the company's platform.
The brokerage counted 561 IPO distribution and investor relations clients at quarter-end, up 22% from a year earlier. Hong Kong's IPO market raised $23.37 billion in the first nine months of 2025, triple the prior-year figure, according to London Stock Exchange Group data.
Share Buyback Authorized
Futu's board approved an $800 million share repurchase program running through December 2027. The authorization replaces a previous buyback plan set to expire. The company will fund repurchases from existing cash balances.
Diluted earnings per American Depositary Share came in at HK$22.80 ($2.93), compared with HK$9.42 ($1.121) a year earlier. Each ADS represents eight Class A ordinary shares.
