Analyst Consensus ?
ConsensusBuy12 ratings
Bullish758.3%
Neutral433.3%
Bearish18.4%
Futu Holdings Limited · FUTU · FY2024 Q4 · Calendar Q1 2025
Futu pairs strong growth with higher acquisition and regulatory risks
The supplied analysis supports a constructive operating trajectory: strong client, revenue and margin growth, a broad product pipeline and raised guidance. The thesis is conditional on Futu controlling acquisition and G&A costs, securing relevant licenses and sustaining trading activity.
Reported Before market openNASDAQFinancial Services
$13.91B market cap
80quality score
Earnings scorecard
Reported versus consensus
Reported EPS
—
Consensus $13.30
EPS surprise
—
Reported versus consensus
Reported revenue
—
Consensus $3.85B
Revenue surprise
—
Reported versus consensus
Market reaction
prior-close to event-session close
Stock move
-3.8%
Event window
SPY move
-1.3%
Same window
Abnormal move
-2.4%
Stock minus SPY
Volume
1.3×
Versus trailing sessions
Subsequent drift
-30.4%
Up to 20 sessions
FUTUSPY benchmark
Ask FN2 about FUTU FY2024 Q4
Transcript, numbers and history already loaded
What drove FUTU's -3.8% move after FY2024 Q4 earnings?What changed in FUTU's guidance and outlook in FY2024 Q4?Give me the bull and bear case for FUTU after FY2024 Q4 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
Compared with the prior-quarter analysis, Futu's paying-client base exceeded 2.4 million, revenue growth accelerated to 87% year over year, gross margin reached 82.5%, and guidance sentiment moved from maintained to raised. The current analysis also highlights U.S. margin trading, AI integration, crypto expansion and structured products, alongside higher CAC and G&A concerns.
Guidance delta
Raised versus the prior quarter; management's 2025 plan includes 800,000 new paying clients and continued asset inflows.
Key takeaways
- Paying clients exceeded 2.4 million, up 41% year over year, with 215,000 added in Q4.
- Revenue rose 87% year over year to HK$4.4 billion, while gross margin expanded to 82.5%.
- Product expansion spans U.S. margin trading, options, crypto and AI-powered analysis.
- The main watchpoints are acquisition costs, G&A growth, licensing and market sensitivity.
Management priorities
- Roll out additional crypto trading pairs and launch crypto trading in the U.S.
- Expand AI-driven features, including stock synthesis and automated announcement analysis.
- Add equity derivatives, structured notes and wealth-management products.
- Continue product iteration with more than 200 app updates and new feature releases.
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Try FN2 freeEarnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$99.19Current
$27Low
$126.25Average
$236High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Oct 26, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| JP Morgan | Neutral | Neutral | Maintain | May 26, 2026 |
| Barclays | Overweight | Overweight | Maintain | Mar 16, 2026 |
| Citigroup | Buy | Neutral | Upgrade | Nov 21, 2025 |
| B of A Securities | Buy | Buy | Maintain | Aug 21, 2025 |
| UBS | Buy | Buy | Maintain | Mar 17, 2025 |
| CLSA | Outperform | Underperform | Upgrade | Mar 18, 2024 |
| Morgan Stanley | Equal Weight | Underweight | Upgrade | Jan 4, 2024 |
| Jefferies | Buy | Buy | Maintain | Nov 24, 2023 |
| Truist Securities | Underperform | Underperform | Maintain | May 25, 2023 |
| Credit Suisse | Neutral | Outperform | Downgrade | Dec 16, 2022 |
| BOCOM International | Buy | Neutral | Upgrade | Aug 2, 2021 |
| Goldman Sachs | Neutral | Neutral | Maintain | Jul 14, 2021 |
Named analyst price targets
Upside is calculated against the persisted current price $99.19. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Jefferies | Zoey Zong | $170.5 | $104.5 | +71.9% | May 28, 2026 |
| Goldman Sachs | Shuo Yang | $102.13 | $89.76 | +3.0% | May 25, 2026 |
| Goldman Sachs | Analyst unavailable | $205 | $154.85 | +106.7% | May 4, 2026 |
| Morgan Stanley | Analyst unavailable | $225 | $133.94 | +126.8% | Mar 27, 2026 |
| Goldman Sachs | Shuo Yang | $213.39 | $162.57 | +115.1% | Feb 2, 2026 |
| Barclays | Analyst unavailable | $236 | $165.9 | +137.9% | Nov 20, 2025 |
| Barclays | Analyst unavailable | $232 | $190.64 | +133.9% | Aug 22, 2025 |
| Jefferies | Zoey Zong | $109.2 | $58.24 | +10.1% | Nov 19, 2024 |
| Morgan Stanley | Chiyao Huang | $115 | $89.08 | +15.9% | Nov 18, 2024 |
| Deutsche Bank | Johnny Xie | $118.4 | $98.75 | +19.4% | Nov 11, 2024 |
| Bank of America Securities | Emma Xu | $108 | $96.25 | +8.9% | Oct 16, 2024 |
| Citigroup | Judy Zhang | $79 | $62.67 | -20.4% | Aug 22, 2024 |
| Bank of America Securities | Emma Xu | $80.2 | $59.71 | -19.1% | Aug 21, 2024 |
| Morgan Stanley | Chiyao Huang | $70 | $76.91 | -29.4% | May 29, 2024 |
| CLSA | Hu Shen | $65 | $54.25 | -34.5% | Mar 18, 2024 |
| US Tiger Securities | Emma Xu | $27 | $40.65 | -72.8% | Dec 30, 2022 |
| Daiwa | Leon Qi | $64 | $39.88 | -35.5% | Dec 30, 2022 |
Track every rating change on FUTU the moment it posts. Free to start.
Start freeCompany context
Snapshot as of publicationFutu Holdings Limited is a global provider of digital brokerage services for securities and the distribution of wealth management products, with operations based in Hong Kong. The company's primary offerings include a full spectrum of online financial services delivered through its proprietary digital platforms, Futubull and Moomoo. These services cover brokerage for trading securities and derivatives, margin lending, and the distribution of investment funds. Beyond trading, Futu also supplies financial market data and analytical information. Its "Money Plus" brand, integrated into the Futubull and Moomoo platforms, grants clients access to a diverse array of online wealth management products, such as mutual funds, private funds, bonds, structured products, and other investment vehicles. A key component of its ecosystem is the "NiuNiu Community," an interactive online forum where users and clients can freely share insights, pose questions, and discuss financial ideas. Futu Holdings Limited was established in 2007 and is headquartered in Admiralty, Hong Kong.
Historical context
All FUTU earningsFinancial Services peers this season
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Latest beats and misses
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- FCNCPFY2026 Q3 · October 23, 2026+19.9% EPS+1.0% move
- RDYFY2027 Q2 · October 23, 2026+24.0% EPS-0.2% move
- SLBFY2026 Q3 · October 23, 2026+3.7% EPS+7.1% move
Missed on EPS
- INFYFY2027 Q2 · October 23, 2026-4.8% EPS-6.6% move
- BBDFY2026 Q3 · October 22, 2026-7.7% EPS+3.0% move
- SNAFY2026 Q3 · October 22, 2026-5.9% EPS-3.4% move
- SPOTFY2026 Q3 · October 22, 2026-11.6% EPS+11.1% move
- VRSNFY2026 Q3 · October 22, 2026-2.0% EPS-0.9% move
- HBANMFY2026 Q3 · October 22, 2026-5.3% EPS+0.5% move
Get the FUTU recap when the next report posts
One email per quarter with the scorecard, the market reaction and what changed on the call. No account needed.
Sources
- Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
- FN2 earnings calendar · 2025-02-27T00:01:03.097539+00:00
- Polygon adjusted daily market bars · 2026-10-25T23:50:41.821812+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-25T23:50:41.819009+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated · As of 2026-10-25. For educational purposes only; not investment advice.