Futu Holdings Limited

What they do

Futu operates an internet-based brokerage platform providing trade execution and wealth management services to retail clients, described in the filing as users with brokerage accounts with the company. It reports client asset balance, defined as asset balance in funded accounts, and average DAUs, defined as the average number of daily active users on each trading day in a period. The company operates through a corporate structure that includes Consolidated Affiliated Entities controlled wholly or partly through contractual arrangements, and its annual report separately defines its China/Mainland China/PRC references as excluding Hong Kong, Macau and Taiwan.

Revenue drivers

• Brokerage services (implied by filing descriptions) — The filing describes Futu as serving retail clients with brokerage accounts and tracks client asset balance in funded accounts; no segment-level revenue breakdown is present in the excerpts provided.
• Client engagement / trading activity base — The company discloses average DAUs as a trading-day activity metric, implying trading and platform engagement underpin its client base; no product-line revenue split is given in the provided excerpts.
• Wealth and account assets under the platform — Client asset balance is defined as asset balance in funded accounts, a base from which brokerage and related services are offered; no fee or asset-based revenue figure is included in the source material.

Recent performance

Revenue grew from $778.2M in 2024 to $1.36B in 2025, following roughly flat revenue of $501.7M, $513.7M and $505.0M in 2021 through 2023. Net income rose from $700.7M in 2024 to $1.46B in 2025, versus $360.3M in 2021, $375.2M in 2022 and $548.1M in 2023. Diluted EPS increased from $0.63 in 2024 to $1.29 in 2025. Operating cash flow was $3.99B in 2024 and $5.24B in 2025, after $-811.4M in 2023. At December 31, 2025, total assets were $29.35B, total liabilities $24.17B, shareholder equity $5.14B and cash and equivalents $1.34B.

Strategy

The source filing is a Form 20-F for fiscal year 2025, and the excerpts provided do not include a management strategy discussion beyond the business and organizational descriptions. The filing references a corporate structure using Contractual Arrangements with VIEs and their shareholders, including Mr. Li and Ms. Lei Li (as applicable), and identifies Consolidated Affiliated Entities as the VIEs and their subsidiaries. No stated investment or capital allocation priorities appear in the provided excerpts.

Risks

• Variable interest entity / contractual arrangements risk — Futu operates parts of its business through Consolidated Affiliated Entities controlled by Contractual Arrangements rather than direct equity ownership, which the filing identifies as a structural feature of the group.
• Retail brokerage client and asset balance concentration — Its stated client base is users with brokerage accounts and its client asset balance is the asset balance in funded accounts, leaving results sensitive to retail trading activity and funded account funding levels.
• Operating cash flow volatility — Reported operating cash flow swung from $-811.4M in 2023 to $3.99B in 2024 and $5.24B in 2025, indicating large period-to-period variability in cash generation.
• Geographic and regulatory perimeter — The filing defines China/Mainland China/PRC references as excluding Hong Kong, Macau and Taiwan, a distinction that affects how the company's regulatory and operational footprint is described.

Outlook

The provided excerpts do not contain forward guidance or management outlook statements. The annual report covers the fiscal year ended December 31, 2025. No specific targets, capital plans or growth objectives are stated in the source material provided.