UP Fintech (TIGR) Q4 2025 earnings summary

Executive summary

• Achieved record financial and operational performance in 2025, with total revenue reaching $612.1 million, up 56.3% year-over-year, and GAAP net income at $170.9 million, up 181.4% year-over-year.

• Fourth quarter revenue was $175.6 million, up 41.5% year-over-year; GAAP net income was $45.2 million, up 61.3% year-over-year.

• Surpassed annual target with 161,900 new funded accounts in 2025; total funded accounts exceeded 1.25 million, up 14.8% from 2024.

• Net asset inflows exceeded $10 billion for the year, with strong growth in Singapore, Australia, New Zealand, and Hong Kong.

• Total client assets at Q4-end: $80.8 billion, up 45.7% year-over-year.

Financial highlights

• Full-year non-GAAP net income reached $186.5 million, up 164.7% year-over-year.

• Q4 non-GAAP net income was $48.9 million, up 60.5% year-over-year.

• Q4 commissions: $70.8 million (+26.6% YoY); interest income: $71.3 million (+27.8% YoY); other revenues: $30.8 million (+220.6% YoY).

• Operating costs for 2025: $330.3 million (+30.9% YoY); Q4 operating costs: $102.9 million (+41% YoY).

• Cash equity take rate in Q4 was 6.4 basis points, down from 7.1 in Q3 due to less meme stock trading.

Outlook and guidance

• Targeting 150,000 new funded clients in 2026, focusing on user quality and high net worth clients.

• Regional mix for new clients in 2026 expected to mirror Q4: 35% Singapore, 35% Hong Kong, 25% Australia/NZ, 5% U.S.

• Marketing expense and CAC expected to remain stable in Q1 2026, with continued focus on ROI and user quality.