Futu (FUTU) Q1 2026 earnings summary

Executive summary

• Net new funded accounts increased by 225,000, reaching 3.59 million, up 34% year-over-year and 7% quarter-over-quarter as of March 31, 2026.

• Total client assets rose 47% year-over-year to HK$1.22 trillion, with double-digit sequential growth in Japan, Australia, and Canada, and strong inflows in Hong Kong and Singapore.

• Total trading volume hit a record HK$4.15 trillion, up 29% year-over-year and 4% quarter-over-quarter, with Hong Kong stock trading volume up 22.5% quarter-over-quarter.

• International expansion accelerated, with overseas funded accounts surpassing 2 million and average AUM per client at $18,000.

• Wealth management client assets increased 28.2% year-over-year to HK$178.4 billion, with expanded product offerings in Hong Kong, Japan, and Singapore.

Financial highlights

• Total revenue was HK$5.9 billion, up 25% year-over-year.

• Gross profit reached HK$5.1 billion, up 29% year-over-year, with gross margin at 87.2%.

• Operating income was HK$3.53 billion, up 31% year-over-year, with operating margin at 60.3%.

• Net income dropped 61% year-over-year to HK$831 million due to a one-time regulatory penalty; adjusted net income would have increased 36% year-over-year to HK$2.9 billion.

• Brokerage commission and handling charge income was HK$2.64 billion, up 14% year-over-year; interest income was HK$2.65 billion, up 28% year-over-year.

Outlook and guidance

• Full-year guidance for 800,000 net new funded accounts remains unchanged despite regulatory updates and market volatility.

• Net new funding accounts and net asset inflows expected to remain stable sequentially in Q2, with potential for double-digit sequential growth in AUM and trading volume.

• Continued focus on compliance, international expansion, and product innovation to drive long-term growth.