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TOP Financial Group (TOP) earnings and revenue breakdown
Latest: Q2 FY27 · 10-Q filed Oct 28, 2026 · TOP Financial Group (TOP) Q2 FY27 earnings results →
Q2 FY27 Revenue up 44% year over year to $2.2M · 12¢ of every $1 of revenue kept as net profit · operating margin 12.4%
TOP Financial Group made $2.2M in Q2 FY27 (+44% Y/Y): Interest income from loan business $1.4M, Other service revenues $319K, AI Services $222K. Operating margin 12.4%, net earnings $274K. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Oct 28, 2026.
Drawing the Sankey…
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What changed this quarter
Revenue was $2.2M in Q2 FY27, up 44% year over year and up 105% from the previous quarter. Interest income from loan business was the largest line at 63% of revenue. Interest income from loan business added $1.1M year over year (up 483%), 170% of the total change. Commission on futures broking from overseas Exchanges declined 80%.
Operating profit was $274K, a 12.4% margin (up 5.6 points year over year). Of the extra revenue versus a year earlier, 25% reached operating profit, above the 7% margin then. Total costs grew 35% against revenue growth of 44%. Net earnings were $274K, up 162% year over year. The effective tax rate was 0.0%.
Operating cash flow was −$8.4M. Non-cash charges added back $59K of depreciation. Working capital and other items used $8.8M. Capital expenditures of $7K exceeded it, leaving free cash flow of −$8.4M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q2 FY27 | 10-Q | Oct 28, 2026 | $2.2M | +44% | 12.4% | $274K | −$8.4M |
| Q1 FY27 | 10-Q | Aug 17, 2026 | $1.1M | -19% | -35.9% | −$114K | $6.0M |
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💵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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⚖️Fair value by methodinteractive
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📈Investments: gains and what it boughtinteractive
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About TOP Financial Group
On July 9, 2025, the Company and ZYNL (BVI) Limited (“ZYNL”), a subsidiary of the Company, entered into a Share Purchase Agreement with Zhong Yang Financial Services Limited (the “Target”) and the sole shareholder of the Target. The sole shareholder is a company incorporated under the laws of Hong Kong, of which a family member of Ms. Junli Yang, the Chairwoman of the Board, and Ms. Yung Yung Lo, the Chief Financial Officer, hold 71.50% and 8.30% equity interests, respectively. Pursuant to the agreement, ZYNL agreed to purchase 100% of the equity interest in the Target for a total purchase price of HKD500,000 (approximately US$63,750). See “Item 13. Certain Relationships and Related Transactions, and Director Independence.”
In its own words, from its 10-K, filed Jul 7, 2026.
TOP Financial Group against its Security & Commodity Brokers, Dealers, Exchanges & Services peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +44% against the peers' median +17%. Operating margin: 12.4% against the peers' median 30.6%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| TOP TOP Financial Group | Q2 FY27 | $2.2M | +44% | 12.4% |
| SNEX StoneX Group | Q3 FY26 | $40.2B | +15% | 0.4% |
| LPLA LPL Financial Holdings | Q3 2026 | $5.3B | +17% | 9.1% |
| ICE Intercontinental Exchange | Q3 2026 | $3.6B | +21% | 38.8% |
| NDAQ Nasdaq | Q3 2026 | $2.4B | +21% | 30.6% |
| CME CME Group | Q3 2026 | $1.7B | +13% | 65.7% |
| CBOE Cboe Global Markets | Q3 2026 | $1.4B | +19% | 39.3% |
| BGC BGC Group | Q3 2026 | $833M | +13% | 11.8% |
| TW Tradeweb Markets | Q3 2026 | $585M | +15% | 43.4% |
Source: TOP Financial Group 10-Q on SEC EDGAR · CIK 1848275 · Security & Commodity Brokers, Dealers, Exchanges & Services
More on TOP
History
Every quarter: Q2 FY27 results · Q1 FY27 results