Filing Flows › Freedom Holding (FRHC) › Q4 FY26 › vs Q3 FY26
Freedom Holding (FRHC) Q4 FY26 vs Q3 FY26 (quarter over quarter)
Freedom Holding's revenue fell $125M (-20%) from $629M in Q3 FY26 to $503M in Q4 FY26. The biggest changes: Insurance −$86.9M (-67%); Bank −$33.8M (-14%); Other −$5.9M (-11%). Operating margin 6.2% against 14.9% (-8.8 pts).
Freedom Holding, Q4 FY26: revenue $503M (+69% year over year), operating margin 6.2%, net earnings $8.0M, operating cash flow −$1.5B. The chart draws each line against Q3 FY26, the increases inside each band.
Margins
| Q4 FY26 | Q3 FY26 | Change | |
|---|---|---|---|
| Operating margin | 6.2% | 14.9% | -8.8 pts |
| Net margin | 1.6% | 12.1% | -10.5 pts |
Every line
| Line | Q4 FY26 | Q3 FY26 | Change | % |
|---|---|---|---|---|
| Brokerage | $211M | $210M | $1.2M | +0.6% |
| Bank | $202M | $236M | −$33.8M | -14% |
| Other | $47.7M | $53.6M | −$5.9M | -11% |
| Insurance | $43.0M | $130M | −$86.9M | -67% |
| Revenue | $503M | $629M | −$125M | -20% |
| Operating profit | $31.0M | $93.9M | −$62.9M | -67% |
| Costs & expenses | $472M | $535M | −$62.6M | -12% |
| Pre-tax earnings | $31.0M | $93.9M | −$62.9M | -67% |
| Cost of revenue | $25.2M | $25.3M | −$106K | -0.4% |
| General & admin | $63.4M | $71.4M | −$8.0M | -11% |
| Other operating costs | $383M | $438M | −$54.4M | -12% |
| Net earnings | $8.0M | $76.2M | −$68.3M | -90% |
| Income tax | $23.0M | $17.7M | $5.3M | +30% |
| Operating cash sources | $1.6B | −$618M | $2.2B | — |
| Depreciation & amortization | $13.9M | $8.3M | $5.5M | +67% |
| Share-based compensation | $14.1M | $15.4M | −$1.2M | -8% |
| Cash used in operations | $1.5B | −$718M | $2.3B | — |
| Working capital & other | $1.6B | −$618M | $2.2B | — |
Questions
How much did Freedom Holding's revenue grow quarter over quarter in Q4 FY26?
Freedom Holding's revenue fell $125M (-20%) from $629M in Q3 FY26 to $503M in Q4 FY26.
What drove Freedom Holding's revenue change in Q4 FY26?
Insurance −$86.9M (-67%); Bank −$33.8M (-14%); Other −$5.9M (-11%).