UP Fintech Holding Limited Earnings Recaps
Q2 2026
Aug 29, 2026
Shares declined 7.4% following the quarter as investors focused on margin compression driven by a sharp drop in commission take rates amid rising zero-commission trading volumes, overshadowing top-line growth and profitability improvements.
Key takeaways
- Total revenue hit a record $182 million, up 31% year-over-year and 18% sequentially, supported by higher commission and interest income.
- Commission income grew 21% year-over-year, reaching $78.3 million, but cash equity take rate dropped significantly from 5.9 bps to 3.6 bps due to increased zero-commission trading volume, notably in the U.S. market.
- Interest income rose 36% year-over-year to $79.8 million, a sequential increase of 24%.
- Operating profit increased 19.5% quarter-over-quarter to $56.8 million; GAAP net income turned positive at $39.4 million after a prior quarter loss influenced by a one-off penalty.
- Despite expanding funded accounts (up 10.3% year-over-year to 1.32 million) and client assets growth across all markets, margin pressure and commission rate erosion appear to weigh on investor sentiment.
Q1 2026
Jun 4, 2026
Shares dropped 9.7% as investors reacted negatively to margin compression and a cautious outlook signaled by declines in commission revenue and operating profit growth slowing quarter-over-quarter despite year-over-year gains.
Key takeaways
- Total revenue grew 26% year-over-year to $155 million but declined 12% sequentially, reflecting softening momentum.
- Commission income reached $67.2 million, up 15% year-over-year but down 5% quarter-over-quarter, driven by a 0-commission pricing model in the U.S. which restricted revenue capture despite higher volumes.
- Operating profit increased 17.5% year-over-year to $47.6 million but slowed compared to prior quarters, weighed by a substantial 33% rise in operating costs.
- Expenses rose broadly: employee compensation (+39%), marketing (+29%), and tech-related costs, weakening margin outlook.
- Client assets suffered a 3.2% quarter-over-quarter decline due to $4.9 billion mark-to-market losses despite strong net inflows, highlighting persistent market volatility risks.
Q3 2025
Dec 5, 2025
UP Fintech Holdings delivered strong third-quarter results, with revenue surging 73% year-over-year to $175.2 million and all licensed entities achieving profitability, reflecting robust user acquisition and increased client assets.
Key takeaways
- Net income attributable to UP Fintech rose 30% quarter-over-quarter to $53.8 million, and non-GAAP net profit reached $57 million, both hitting new historical highs.
- Added 31,500 new funded accounts in Q3, surpassing total annual guidance early, with significant contributions from Hong Kong and Singapore.
- Total client assets reached a record $61 billion, up 49.7% year-over-year, driven by strong retail investor engagement and mark-to-market gains.
- Launched new product offerings, including Japanese market derivatives and cryptocurrency trading in New Zealand, enhancing the global multi-asset strategy.
- Robust growth in B2B operations, with other revenue doubling quarter-over-quarter and significant IPO underwriting activity reflecting enhanced platform capabilities.