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Freedom Holding (FRHC) earnings and revenue breakdown

Latest: Q1 FY27 · 10-Q filed Aug 10, 2026 · Freedom Holding (FRHC) Q1 FY27 earnings results →

Q1 FY27 Revenue up 40% year over year to $733M · 4¢ of every $1 of revenue kept as net profit · operating margin 5.6%

Freedom Holding made $733M in Q1 FY27 (+40% Y/Y): Brokerage $283M, Banking $225M, Insurance $151M. Operating margin 5.6%, net earnings $31.7M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Aug 10, 2026.

Revenue$733M
Year over year+40%
Operating margin5.6%
Net earnings$31.7M
Operating cash flow−$342M

Drawing the Sankey…

Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF

What changed this quarter

Revenue was $732.5M in Q1 FY27, up 40% year over year and up 46% from the previous quarter. Brokerage was the largest line at 39% of revenue. Brokerage added $106.3M year over year (up 60%), 51% of the total change. Insurance declined 8%.

Operating profit was $40.8M, a 5.6% margin (down 3.5 points year over year). Operating profit fell $6.6M even though revenue rose $208.5M versus Q1 FY26, so costs grew faster than sales. Total costs grew 45% against revenue growth of 40%. The fastest-growing cost line was Cost of revenue (+153%). Net earnings were $31.7M, down 15% year over year. The effective tax rate was 22.5%.

Operating cash flow was −$341.6M. Non-cash charges added back $9.9M of depreciation and amortization and $23.2M of share-based compensation. Working capital and other items used $406.4M. Capital expenditures of $79.1M exceeded it, leaving free cash flow of −$420.8M.

Quarterly history

Freedom Holding revenue by quarterFreedom Holding revenue by quarter$665MQ3 FY25$298MQ4 FY25$524MQ1 FY26$526MQ2 FY26$629MQ3 FY26$503MQ4 FY26$733MQ1 FY27
Freedom Holding net earnings by quarterFreedom Holding net earnings by quarter$78.1MQ3 FY25−$142MQ4 FY25$30.4MQ1 FY26$38.7MQ2 FY26$76.2MQ3 FY26$8.0MQ4 FY26$31.7MQ1 FY27
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q1 FY2710-QAug 10, 2026$733M+40%5.6%$31.7M−$342M
Q4 FY2610-KJun 1, 2026$503M+69%6.2%$8.0M−$1.5B
Q3 FY2610-QFeb 9, 2026$629M-5%14.9%$76.2M$718M
Q2 FY2610-QNov 7, 2025$526M-10%11.5%$38.7M$535M
Q1 FY2610-QAug 8, 2025$524M+15%9.1%$30.4M$481M
Q4 FY2510-KJun 13, 2025$298M-37%-54.9%−$142M$1.3B
Q3 FY2510-QFeb 7, 2025$665M+59%14.8%$78.1M−$72.8M

Charts

Freedom Holding: revenue growth, year over year and quarter over quarterFreedom Holding: revenue growth, year over year and quarter over quarterY/YQ/Q+59%Q3 FY25-37%-55%Q4 FY25+15%+76%Q1 FY26-10%+0%Q2 FY26-5%+19%Q3 FY26+69%-20%Q4 FY26+40%+46%Q1 FY27
Latest (Q1 FY27): Y/Y +40%, Q/Q +46%.
Freedom Holding: where the cash came from (+) and went (−), TTM to Q1 FY27Freedom Holding: where the cash came from (+) and went (−), TTM to Q1 FY27Other financing$1.5BCash drawn (+) / kept (−)−$1.2BNet borrowing (+) / repaid (−)$794MOperating cash flow−$637MOther investing−$560MNot reconciled$327MCapital spending−$252MAcquisitions−$7.9M
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
Freedom Holding: profit against cash, quarter by quarterFreedom Holding: profit against cash, quarter by quarterNet incomeOperating cash flow$114M−$438MQ2 FY25$78.1M−$72.8MQ3 FY25−$151M$1.3BQ4 FY25$37.4M$481MQ1 FY26$38.7M$535MQ2 FY26$76.2M$718MQ3 FY26$8.0M−$1.5BQ4 FY26$31.7M−$342MQ1 FY27
Latest (Q1 FY27): Net income $31.7M, Operating cash flow −$342M.
Freedom Holding: diluted shares by fiscal yearFreedom Holding: diluted shares by fiscal year58MFY2159MFY2260MFY2359MFY2460MFY2561MFY26
+4.6% since FY21: more shares outstanding (issuance, stock pay).
Freedom Holding in its industry: growth against margin (24 companies, SIC 6211)Freedom Holding in its industry: growth against margin (24 companies, SIC 6211)revenue growth, year over year →↑ operating marginmedian +13%median 18%MSGSGLXYBLKSCHWJones Financial Companies LllpRJFJEFIBKRSFHOODVIRTSEICPIPROPYMIAXNAVINavient CorpMKTXWTCOHNSIEBDOMHFRHC (+40%, 6%)
Security Brokers, Dealers & Flotation Companies; dot size is quarterly revenue; dashed lines are the industry's medians.

Interactive views

The same charts as the app — open one to draw it.

💵Where each $1 goesinteractive

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🌏Named in Asian annual reportsinteractive

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🔄Rotation against the market and its industry (RRG)interactive

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🔍Earnings qualityinteractive

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⚖️Fair value by methodinteractive

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🔭Outlook & guidanceinteractive

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📈Investments: gains and what it boughtinteractive

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🏭Its industry’s money flow (input-output)interactive

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Customers and suppliers named in filings

Buys from

About Freedom Holding

Freedom Holding Corp. ("FRHC") is organized under the laws of the State of Nevada and acts as a holding company for all of our subsidiaries. Our subsidiaries engage in a broad range of activities including securities brokerage, securities dealing for customers and for our own account, market making activities, investment research, investment counseling, retail and commercial banking, and insurance products. We also own several ancillary businesses and lifestyle solutions, which complement our core financial services businesses, including payment and information processing services, entertainment and travel ticketing services, e-commerce business, cloud services, and telecommunications and media businesses in Kazakhstan that are in a developmental stage.

In its own words, from its 10-K, filed Jun 1, 2026.

Freedom Holding against its Security Brokers, Dealers & Flotation Companies peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +40% against the peers' median +13%. Operating margin: 5.6% against the peers' median 18.2%.

CompanyQuarterRevenueY/YOp. margin
FRHC Freedom HoldingQ1 FY27$733M+40%5.6%
MS Morgan StanleyQ3 2026$20.3B+12%31.9%
GS Goldman Sachs GroupQ3 2026$18.7B+23%37.5%
GLXY Galaxy DigitalQ3 2026$8.1B-72%4.3%
BLK BlackRockQ3 2026$7.8B+19%30.0%
SCHW Schwab CharlesQ3 2026$7.2B+17%52.7%
Jones Financial Companies LllpQ3 2026$5.2B+13%0.0%
RJF Raymond James FinancialQ4 FY26$4.7B+13%18.2%
JEF Jefferies Financial GroupQ3 FY26$3.2B+11%10.9%

Source: Freedom Holding 10-Q on SEC EDGAR · CIK 924805 · Security Brokers, Dealers & Flotation Companies

13F: who owns FRHC and who is buying

Largest holders of FRHC (13F)Largest holders of FRHC (13F)BlackRock$77.9MState Street$30.0MGeode Capital Management, LLC$22.4MAQR Capital Management LLC$14.9MMorgan Stanley$14.2MVanguard Group$8.4MNorthern Trust$7.0MUBS Group AG$6.7MBank of New York Mellon$6.3MBank of America$5.6M
Funds' net buying of FRHC by quarter (13F)Funds' net buying of FRHC by quarter (13F)−$2.1M2024-09$6.2M2024-12$37.9M2025-03$138M2025-06$48.7M2025-09−$9.1M2025-12−$25.8M2026-03$5.5M2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on FRHC

History

Every quarter: Q1 FY27 results · Q4 FY26 results · Q3 FY26 results · Q2 FY26 results · Q1 FY26 results · Q4 FY25 results · Q3 FY25 results

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