Filing Flows › Freedom Holding (FRHC) › Q2 FY26
Freedom Holding (FRHC) Q2 FY26 earnings results (second quarter fiscal 2026)
10-Q filed Nov 7, 2025
Freedom Holding (FRHC) reported revenue of $526M for the second quarter fiscal 2026 (Q2 FY26), -10% from a year earlier and +0.4% from the quarter before. Operating margin was 11.5%, net earnings $38.7M (7.4% of revenue).
Freedom Holding, Q2 FY26: revenue $526M (-10% year over year), operating margin 11.5%, net earnings $38.7M, operating cash flow $535M. The chart follows the revenue to costs, profit and cash.
| Q2 FY26 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $526M | +0.4% | -10% |
| Operating profit | $60.5M | +27% | -53% |
| Net earnings | $38.7M | +27% | -66% |
| Operating cash flow | $535M | +11% | — |
| Free cash flow | $456M | +1% | — |
What changed
Revenue was $526.1M in Q2 FY26, down 10% year over year and roughly flat from the previous quarter. Brokerage was the largest line at 45% of revenue. Banking lost $95.8M year over year (down 48%), 160% of the total change.
Operating profit was $60.5M, a 11.5% margin (down 10.4 points year over year). Total costs grew 2% against a revenue fall of 10%. The fastest-growing cost line was Cost of revenue (+189%). Net earnings were $38.7M, down 66% year over year. The effective tax rate was 36.0%.
Operating cash flow was $535.3M, 1382% of net earnings. Non-cash charges added back $6.3M of depreciation and amortization and $15.5M of share-based compensation. Working capital and other items added $474.8M. Capital expenditures of $78.9M left free cash flow of $456.4M.
Questions
What was Freedom Holding's revenue in the second quarter fiscal 2026?
Freedom Holding (FRHC) reported revenue of $526M for the second quarter fiscal 2026 (Q2 FY26), -10% from a year earlier and +0.4% from the quarter before.
Was Freedom Holding profitable in the second quarter fiscal 2026?
Operating profit was $60.5M (11.5% of revenue) and net earnings $38.7M.
Source: Freedom Holding 10-Q on SEC EDGAR.