Executive Summary
Freedom Holding Corp delivered a strong top-line in QQ3 2025, with revenue of $655.19 million and gross profit of $644.24 million, yielding a gross margin of 98.33% and an operating income of $570.80 million (operating margin 87.12%). The core business generated substantial profitability, as evidenced by an EBITDA of $230.16 million and an EBITDA margin of 35.13%. However, the bottom line was notably pressured by a large negative other income/expenses item of $-472.47 million, resulting in income before tax of $98.33 million and net income of $78.28 million (net margin 11.95%). Diluted EPS was $1.29 on 60.46 million shares outstanding. YoY revenue growth was +51.9% and QoQ growth was +29.3%, while net income declined YoY by 18.8% largely due to the increased negative other income line versus the prior year.
Key Performance Indicators
QoQ: 127.50% | YoY:113.08%
QoQ: 8 709.97% | YoY:136.85%
QoQ: -31.73% | YoY:-18.77%
QoQ: -31.61% | YoY:-20.00%
Key Insights
Revenue: $655.19M (YoY +51.93%, QoQ +29.25%); Gross Profit: $644.24M (YoY +113.08%, QoQ +127.50%); Operating Income: $570.80M (YoY +136.85%, QoQ +8,709.97%); Net Income: $78.28M (YoY -18.77%, QoQ -31.73%); EPS (diluted): $1.29 (YoY -20.0%, QoQ -31.61%). EBITDA: $230.16M with EBITDA margin 35.13%. Gross margin 98.33%, Operating margin 87.12%, Net margin 11.95%....
Financial Highlights
Revenue: $655.19M (YoY +51.93%, QoQ +29.25%); Gross Profit: $644.24M (YoY +113.08%, QoQ +127.50%); Operating Income: $570.80M (YoY +136.85%, QoQ +8,709.97%); Net Income: $78.28M (YoY -18.77%, QoQ -31.73%); EPS (diluted): $1.29 (YoY -20.0%, QoQ -31.61%). EBITDA: $230.16M with EBITDA margin 35.13%. Gross margin 98.33%, Operating margin 87.12%, Net margin 11.95%.
Income Statement
| Metric |
Value |
YoY Change |
QoQ Change |
| Revenue |
655.19M |
51.93% |
29.25% |
| Gross Profit |
644.24M |
113.08% |
127.50% |
| Operating Income |
570.80M |
136.85% |
8 709.97% |
| Net Income |
78.28M |
-18.77% |
-31.73% |
| EPS |
1.32 |
-20.00% |
-31.61% |
Key Financial Ratios
operatingProfitMargin
87.1%
operatingCashFlowPerShare
$-1.23
freeCashFlowPerShare
$-1.56
Management Commentary
Not available. The provided data set contains an earnings transcript field but no transcript content was delivered for QQ3 2025 FRHC. Consequently, there are no management quotes or theme summaries to extract as transcript highlights.
Not available in the provided earnings transcript.
— N/A
Not available in the provided earnings transcript.
— N/A
Forward Guidance
No explicit management guidance for QQ4 2025 or beyond is included in the provided data. In absence of stated targets, the outlook hinges on continued revenue growth, control of operating expenses, and normalization of non-operating items. Key factors to monitor include: (1) the trajectory of other income/expenses and its impact on pretax and net income; (2) the evolution of deferred revenue, which stood at $3.85B, and its recognition profile; (3) debt levels and interest expense (interest expense of $131.14M in QQ3 2025) and the potential for refinancing or deleveraging; (4) cash flow dynamics, given negative operating cash flow of $-72.76M and negative free cash flow of $-92.70M, despite a solid cash balance of $1.32B; and (5) regulatory and market risks across its multi-regional footprint (Central Asia, Europe, U.S., Russia, Middle East/Caucasus). Absent explicit guidance, our view is that sustained revenue growth supported by core brokerage and advisory activities could support earnings resilience if non-operating headwinds abate and working capital dynamics stabilize.