Freedom Holding Corp reported a strong top-line quarter for QQ2 2025, with revenue of $506.9 million, up 69.0% year over year and 16.7% quarter over quarter. However, the operating cadence remained muted, as operating income registered $6.5 million and the company posted net income of $114.7 million, bolstered by a sizable contribution from total other income and expenses ($122.0 million) that amplified headline profitability. The earnings per share (diluted) came in at $1.90, with GAAP earnings per share at $1.93, reflecting a material mix shift toward non-operating items in the quarter.
On the balance sheet, Freedom exhibits a robust liquidity position (cash and short-term investments of about $4.45 billion and cash at period-end of $1.46 billion). Yet liquidity indicators are weak on a current-basis (current ratio 0.395) due to elevated short-term liabilities and working-capital outflows. Net debt stood around $2.32 billion, and leverage metrics imply a high debt burden relative to equity (debt-to-equity ~2.29; total debt-to-capitalization ~69.6%). Operating cash flow was negative (-$462.4 million) largely due to aggressive working-capital dynamics—most notably a substantial increase in accounts receivable and other working capital components—driving free cash flow negative (-$447.5 million).
Management commentary is not included in the provided transcript data. Accordingly, the forward-looking commentary relies on the quantified performance and industry context. The QQ2 2025 results underscore a growth-oriented revenue engine with a heavy reliance on non-operating income for profitability, a characteristic that warrants close monitoring of recurring earnings quality, balance-sheet resilience, and cash-flow discipline in the coming quarters.