Futu Holdings Limited (FUTU) Cash Flow Statement
Where FUTU’s cash came from and went, 2025
December 31, 2025 · Hong Kong dollars- Cash from operations
- HK$40.79B +31.6% vs 2024
- Capital expenditures
- HK$54.7M 0.2% of revenue
- Free cash flow
- HK$40.73B 178.6% margin
- Returned to shareholders
- HK$2.15B 5% of free cash flow
- Change in cash
- HK$43.54B cash at year-end HK$123.87B
Drawn to scale: where the cash came from and how it was used. Hover for values.
FUTU operating cash flow, capex and free cash flow
FUTU cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | HK$1.40B2016 | HK$40.79B2025 | +45.5%/yr | |
| Capital expenditures | HK$4.0M2016 | HK$54.7M2025 | +33.6%/yr | |
| Free cash flow | HK$1.39B2016 | HK$40.73B2025 | +45.5%/yr | |
| Free cash flow margin | 1,601.6%2016 | 178.6%2025 | −1,423.0 pts | |
| Operating cash flow / net income | 32.272018 | 3.612025 | −28.66 | |
| Stock-based compensation | HK$9.2M2016 | HK$343.0M2025 | +49.6%/yr | |
| Dividends paid | HK$02016 | HK$2.15B2025 | — | |
| Share buybacks (net) | HK$02016 | HK$02025 | — | |
| Capex / revenue | 4.6%2016 | 0.2%2025 | −4.4 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
FUTU cash flow by activity
FUTU net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
FUTU cash flow statement in Hong Kong dollars
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | HK$11.30B | HK$5.43B | HK$4.28B | HK$2.93B | HK$2.81B | HK$1.33B | HK$165.7M | HK$138.5M | −HK$8.1M | −HK$98.5M |
| Depreciation & amortization | HK$223.0M | HK$175.5M | HK$171.2M | HK$149.6M | HK$120.1M | HK$79.8M | HK$66.1M | HK$8.3M | HK$4.3M | HK$3.6M |
| Stock-based compensation | HK$343.0M | HK$334.9M | HK$290.8M | HK$204.5M | HK$98.9M | HK$32.6M | HK$16.0M | HK$10.4M | HK$9.8M | HK$9.2M |
| Change in working capital | HK$29.23B | HK$24.76B | −HK$10.90B | HK$27.0M | HK$3.14B | HK$19.01B | HK$1.72B | HK$4.30B | HK$1.87B | HK$1.48B |
| Other non-cash items | −HK$308.3M | HK$288.7M | −HK$176.5M | HK$166.8M | −HK$156.5M | HK$13.0M | HK$5.8M | HK$8.0M | −HK$16.4M | −HK$116,000 |
| Cash from operating activities | HK$40.79B | HK$31.00B | −HK$6.34B | HK$3.47B | HK$6.01B | HK$20.46B | HK$1.97B | HK$4.47B | HK$1.86B | HK$1.40B |
| Investing activities | ||||||||||
| Capital expenditures | −HK$54.7M | −HK$167.5M | −HK$77.8M | −HK$90.5M | −HK$70.5M | −HK$44.6M | −HK$118.3M | −HK$18.8M | −HK$7.4M | −HK$4.0M |
| Investments (net) | −HK$2.21B | HK$103.9M | −HK$2.44B | HK$93.9M | −HK$893.1M | −HK$199.5M | −HK$160.1M | −HK$78.1M | −HK$5.1M | −HK$6.2M |
| Acquisitions & other investing | HK$476.7M | HK$167.5M | HK$77.8M | HK$90.5M | HK$0 | HK$0 | HK$118.3M | HK$18.8M | HK$7.4M | HK$4.0M |
| Cash from investing activities | −HK$1.78B | HK$103.9M | −HK$2.44B | HK$93.9M | −HK$963.6M | −HK$244.2M | −HK$160.1M | −HK$78.1M | −HK$5.1M | −HK$6.2M |
| Financing activities | ||||||||||
| Dividends paid | −HK$2.15B | HK$0 | HK$0 | — | −HK$53.51B | — | HK$0 | HK$0 | HK$0 | HK$0 |
| Share repurchases & issuance (net) | HK$0 | HK$0 | −HK$874.7M | −HK$3.15B | −HK$1.18B | HK$0 | HK$1.26B | HK$0 | HK$620.6M | HK$0 |
| Net borrowing (repayment) | HK$6.44B | HK$50.7M | HK$3.17B | −HK$3.88B | HK$869.8M | HK$4.02B | −HK$108.7M | HK$35.7M | HK$1.54B | HK$147.6M |
| Shares issued | HK$0 | HK$0 | HK$0 | HK$0 | HK$10.86B | HK$2.34B | HK$1.26B | HK$0 | HK$0 | HK$0 |
| Other financing | HK$7.9M | HK$20.2M | HK$11.6M | HK$16.3M | HK$53.51B | HK$2.05B | −HK$1.26B | HK$0 | HK$0 | HK$0 |
| Cash from financing activities | HK$4.30B | HK$70.9M | HK$2.31B | −HK$7.01B | HK$10.55B | HK$8.41B | HK$1.15B | HK$35.7M | HK$2.16B | HK$147.6M |
| Summary | ||||||||||
| Net change in cash | HK$43.54B | HK$31.02B | −HK$6.41B | −HK$3.58B | HK$15.77B | HK$28.62B | HK$2.92B | HK$4.44B | HK$4.03B | HK$1.54B |
| Cash at end of period | HK$123.87B | HK$80.33B | HK$49.31B | HK$55.72B | HK$59.29B | HK$43.52B | HK$14.90B | HK$11.99B | HK$7.55B | HK$3.52B |
| Free cash flow | HK$40.73B | HK$30.83B | −HK$6.42B | HK$3.38B | HK$5.94B | HK$20.41B | HK$1.85B | HK$4.45B | HK$1.85B | HK$1.39B |
| Free cash flow margin | 178.6% | 226.8% | −64.1% | 44.4% | 83.5% | 616.5% | 174.4% | 548.6% | 592.9% | 1,601.6% |
| Capex / revenue | 0.2% | 1.2% | 0.8% | 1.2% | 1.0% | 1.3% | 11.1% | 2.3% | 2.4% | 4.6% |
| Operating cash flow / net income | 3.61 | 5.71 | −1.48 | 1.19 | 2.14 | 15.43 | 11.89 | 32.27 | — | — |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in Hong Kong dollars as reported; data from EODHD.
FUTU cash generation
In fiscal 2025 (ended December 31, 2025), Futu generated HK$40.8 billion of cash from operations (up 31.6%) and spent HK$54.7 million on capital expenditures, leaving free cash flow of HK$40.7 billion, 178.6% of revenue. It returned HK$2.2 billion to shareholders through dividends (HK$2.2 billion) and net share buybacks (HK$0). Cash and equivalents rose by HK$43.5 billion over the year.
Related: FUTU income statement, FUTU balance sheet. See the FUTU stock overview for the latest quote and news.
FUTU cash flow FAQ
What is Futu's free cash flow?
Futu's free cash flow was HK$40.7 billion in fiscal 2025: HK$40.8 billion of operating cash flow minus HK$54.7 million of capital expenditures It was HK$30.8 billion a year earlier..
How much cash does Futu generate from operations?
Futu generated HK$40.8 billion of cash from operating activities in fiscal 2025, 3.61 times its net income of HK$11.3 billion.
How much does Futu spend on capital expenditures?
Futu spent HK$54.7 million on capital expenditures in fiscal 2025, 0.2% of revenue, compared with HK$167.5 million the year before.
How much does Futu pay in dividends?
Futu paid HK$2.2 billion in dividends in fiscal 2025, 5.3% of free cash flow.