UP Fintech Holding Limited (NASDAQ: TIGR) (“UP Fintech” or the “Company”), a leading online brokerage firm focusing on global investors, today announced its unaudited financial results for the fourth quarter and full year ended December 31, 2025.
Mr. Wu Tianhua, Chairman and CEO of UP Fintech stated: “Both of our financial and operating performance have achieved significant growth in the full year of 2025. The full year total revenue amounted to US$612.1 million, a 56.3% increase from 2024. Total revenue in the fourth quarter reached US$175.6 million, representing a year-over-year increase of 41.5% and remaining flat compared to the prior quarter. Bottom line for the full year of 2025 also largely increased on a GAAP and non-GAAP basis. The full year net income and non-GAAP net income attributable to ordinary shareholders of UP Fintech in 2025 were US$170.9 million and US$186.5 million, increased 181.4% and 164.7% respectively compared to prior year. Net income and non-GAAP net income attributable to ordinary shareholders of UP Fintech in the fourth quarter reached US$45.2 million and US$48.9 million, representing a year-over-year growth of 61.3% and 60.5%. We are pleased to see significant breakthroughs in both our annual and quarterly topline and bottom line compared to 2024. This progress reflects our effective execution of our internationalization strategy and our commitment to building a resilient business model with improved operating leverage.
In the fourth quarter, we added 29,700 customers with deposits, bringing our yearly total to 161,900, exceeding our yearly guidance of 150,000. The total number of customers with deposits at the end of 2025 reached 1,253,900, a 14.8% increase compared to 2024 year-end. We target to acquire 150 thousand new funded clients in 2026 while prioritizing user quality. Additionally, asset inflows remained robust, with a net inflow of US$3 billion in the fourth quarter and over US$10 billion throughout the entire year of 2025. As a result, the total account balance rose by an impressive 45.7% year-over-year, reaching US$60.8 billion by the end of 2025. Singapore as our headquarter, client assets increased by more than 50% year-over-year. While our expanding markets in Australia and New Zealand, as well as Hong Kong, experienced rapid growth, with client assets more than doubling and tripling year-over-year, respectively. This represents the continued loyalty and trust from our users on Tiger platform across all markets.
We have continued to roll out a range of localized products and features designed to enhance the user experience. Building on our options combo feature, we upgraded it in the fourth quarter to now allow users to execute combination orders of options and underlying stock contracts, enabling clients to implement more complex trading strategies that adapt to market changes. Additionally, we launched margin accounts in the Australia market, significantly enhancing our competitive position and improving the trading experience for local users.
Our corporate business continued to perform well in the fourth quarter of 2025. During this period, we underwrote a total of 22 U.S. and Hong Kong IPOs, including “Pony AI Inc.” and “HashKey”, bringing the total number of U.S. and Hong Kong IPOs underwritten for the year to 47. In our ESOP business, we added 39 new clients in the fourth quarter, bringing the total number of ESOP clients served to 748 as of December 31, 2025.”
Financial Highlights for Fourth Quarter 2025
Total revenues were US$175.6 million, an increase of 41.5% year-over-year and an increase of 0.2% quarter-over-quarter.
Total net revenues were US$156.5 million, an increase of 45.8% year-over-year and an increase of 2.2% quarter-over-quarter.
Net income attributable to ordinary shareholders of UP Fintech was US$45.2 million compared to a net income of US$28.1 million in the same quarter of last year, an increase of 61.3%.
Non-GAAP net income attributable to ordinary shareholders of UP Fintech was US$48.9 million, compared to a non-GAAP net income of US$30.5 million in the same quarter of last year, an increase of 60.5%. A reconciliation of non-GAAP financial metrics to the most comparable GAAP metrics is set forth below.
Financial Highlights for Fiscal Year 2025
Total revenues increased 56.3% year-over-year to US$612.1 million.
Total net revenues increased 62.9% year-over-year to US$538.7 million.
Net income attributable to ordinary shareholders of UP Fintech was US$170.9 million compared to a net income of US$60.7 million in 2024, an increase of 181.4%.
Non-GAAP net income attributable to ordinary shareholders of UP Fintech was US$186.5 million, compared to a non-GAAP net income of US$70.5 million in 2024, an increase of 164.7%. A reconciliation of non-GAAP financial metrics to the most comparable GAAP metrics is set forth below.
Operating Highlights as of Year End 2025
Total account balance increased 45.7% year-over-year to US$60.8 billion.
Total margin financing and securities lending balance increased 21.5% year-over-year to US$5.4 billion.
Total number of customers with deposit increased 14.8% year-over-year to 1,253.9 thousand.
Fourth Quarter 2025 Financial Results
REVENUES
Total revenues were US$175.6 million, an increase of 41.5% from US$124.1 million in the same quarter of last year.
Commissions were US$70.8 million, an increase of 26.6% from US$56.0 million in the same quarter of last year, due to an increase in trading volume.
Financing service fees were US$2.7 million, a decrease of 3.8% from US$2.8 million in the same quarter of last year, primarily due to decreased interest rates.
Interest income was US$71.3 million, an increase of 27.8% from US$55.8 million in the same quarter of last year, primarily due to the increase in margin financing and securities lending activities of our consolidated account customers, partially offset by decreased interest rates.
Other revenues were US$30.8 million, an increase of 220.6% from US$9.6 million in the same quarter of last year, primarily due to the increase of our wealth management service revenue.
Interest expense was US$19.0 million, an increase of 13.8% from US$16.7 million in the same quarter of last year, primarily due to the increase in funding for margin financing and securities lending activities, partially offset by decreased interest rates.
OPERATING COSTS AND EXPENSES
Total operating costs and expenses were US$102.8 million, an increase of 40.6% from US$73.1 million in the same quarter of last year.
Execution and clearing expenses were US$5.3 million, a decrease of 12.7% from US$6.1 million in the same quarter of last year due to more self-clearing of US and HK equities.
Employee compensation and benefits expenses were US$50.3 million, an increase of 35.4% from US$37.2 million in the same quarter of last year, primarily due to an increase of global headcount to support our global expansion.
Occupancy, depreciation and amortization expenses were US$2.9 million, an increase of 33.5% from US$2.1 million in the same quarter of last year, due to the increase in office space and relevant leasehold improvements.
Communication and market data expenses were US$14.5 million, an increase of 22.9% from US$11.8 million in the same quarter of last year due to the increase of IT-related service fees.
Marketing and branding expenses were US$15.8 million, an increase of 66.5% from US$9.5 million in the same quarter of last year, primarily due to higher marketing spending this quarter.
General and administrative expenses were US$14.0 million, an increase of 118.0% from US$6.4 million in the same quarter of last year due to an uncollectible underwriting fee and an increase in professional service fees.
NET INCOME ATTRIBUTABLE TO ORDINARY SHAREHOLDERS OF UP FINTECH
Net income attributable to ordinary shareholders of UP Fintech was US$45.2 million, as compared to a net income of US$28.1 million in the same quarter of last year. Net income per ADS (1 ADS represents 15 Class A ordinary shares) – diluted was US$0.244, as compared to a net income per ADS – diluted of US$0.158 in the same quarter of last year.
Non-GAAP net income attributable to ordinary shareholders of UP Fintech, which excludes share-based compensation, was US$48.9 million, as compared to a US$30.5 million non-GAAP net income attributable to ordinary shareholders of UP Fintech in the same quarter of last year. Non-GAAP net income per ADS – diluted was US$0.264 as compared to a non-GAAP net income per ADS – diluted of US$0.172 in the same quarter of last year.
For the fourth quarter of 2025, the Company’s weighted average number of ADSs used in calculating non-GAAP net income per ADS – diluted was 187,939,834. As of December 31, 2025, the Company had a total of 2,677,817,547 Class A and B ordinary shares outstanding, or the equivalent of 178,521,170 ADSs.
Full Year 2025 Financial Results
REVENUES
Total revenues were US$612.1 million, an increase of 56.3% from US$391.5 million in 2024.
Commissions were US$266.8 million, an increase of 67.8% from US$159.0 million in 2024, due to an increase in trading volume.
Financing service fees were US$10.7 million, a decrease of 5.2% from US$11.3 million in 2024, primarily due to decreased interest rates.
Interest income was US$257.0 million, an increase of 34.0% from US$191.8 million in 2024, primarily due to the increase in margin financing and securities lending activities of our consolidated account customers, partially offset by decreased interest rates.
Other revenues were US$77.5 million, an increase of 163.4% from US$29.4 million in 2024, primarily due to our wealth management service revenue and IPO distribution income.
Interest expense was US$73.4 million, an increase of 20.6% from US$60.8 million in 2024, primarily due to the increase in margin financing and securities lending activities, partially offset by decreased interest rates.
OPERATING COSTS AND EXPENSES
Total operating costs and expenses were US$330.3 million, an increase of 30.9% from US$252.3 million in 2024.
Execution and clearing expenses were US$20.5 million, an increase of 40.2% from US$14.7 million in 2024 due to an increase in our trading volume.
Employee compensation and benefits expenses were US$167.2 million, an increase of 36.6% from US$122.4 million in 2024, primarily due to an increase of global headcount to support our global expansion.
Occupancy, depreciation and amortization expenses were US$10.5 million, an increase of 22.6% from US$8.6 million in 2024, due to the increase in office space and relevant leasehold improvements.
Communication and market data expenses were US$46.5 million, an increase of 19.4% from US$38.9 million in 2024 due to the increase of IT-related service fees.
Marketing and branding expenses were US$49.5 million, an increase of 73.4% from US$28.5 million in 2024, primarily due to higher marketing spending this year.
General and administrative expenses were US$36.2 million, a decrease of 7.8% from US$39.3 million in 2024 due to a decrease in bad debt expense.
NET INCOME ATTRIBUTABLE TO ORDINARY SHAREHOLDERS OF UP FINTECH
Net income attributable to ordinary shareholders of UP Fintech was US$170.9 million, as compared to a net income of US$60.7 million in 2024. Net income per ADS – diluted was US$0.927, as compared to a net income per ADS – diluted of US$0.366 in 2024.
Non-GAAP net income attributable to ordinary shareholders of UP Fintech, which excludes share-based compensation, was US$186.5 million, as compared to a US$70.5 million non-GAAP net income attributable to ordinary shareholders of UP Fintech in 2024. Non-GAAP net income per ADS – diluted was US$1.011 as compared to a non-GAAP net income per ADS – diluted of US$0.424 in 2024.
CERTAIN OTHER FINANCIAL ITEMS
As of December 31, 2025, the Company’s cash and cash equivalents, term deposits and long-term deposits were US$793.1 million, compared to US$396.0 million as of December 31, 2024.
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