UP Fintech (NASDAQ:TIGR) reported record revenue and profit for the fourth quarter and full year 2025, citing growth in its funded account base, continued net asset inflows, expanded product capabilities, and contributions from its wealth management and investment banking businesses.
Financial results hit record highs
Chairman and CEO Wu Tianhua said 2025 brought “substantial improvement” in financial and operating performance, supported by user growth, client asset gains, product enhancements and localization efforts, and a supportive market environment.
In the fourth quarter, total revenue was $175.6 million, an increase of 41.5% year over year. Fourth-quarter GAAP net income attributable to UP Fintech was $45.2 million and non-GAAP net income was $48.9 million, up 61.3% and 60.5%, respectively, from the prior-year period.
CFO John Zeng noted quarterly revenue was up 42% year over year and rose 0.2% sequentially. He also said both quarterly and full-year revenue were all-time highs for the company. Zeng reported a fourth-quarter cash equity take rate of 6.4 basis points, down from 7.1 basis points in the third quarter, which he attributed to normalization following less meme-stock trading activity in the fourth quarter. Within commission revenue, he said about 65% came from cash equities, 25% from options, and the remainder from futures and other products.
Accounts and assets: inflows remained strong despite market pullbacks
UP Fintech added 29,700 newly funded accounts in the fourth quarter. For the full year, newly funded accounts totaled 161,900, exceeding the company’s annual target of 150,000. As of the end of 2025, total funded accounts surpassed 1.25 million, representing 14.8% growth from the end of 2024.
Wu said net asset inflows exceeded $10 billion in 2025, including more than $3 billion in the fourth quarter alone. He added that Hong Kong was the largest contributor to retail net asset inflow in the fourth quarter.
Total client assets ended the fourth quarter at $80.8 billion, stable sequentially despite mark-to-market losses, and up 45.7% year over year. Wu highlighted regional growth, saying client assets increased meaningfully across markets, with Singapore and the Australia–New Zealand market delivering “strong double-digit and even more than doubling” year-over-year growth. He called Hong Kong a standout, noting client assets there more than tripled year over year and still rose more than 20% quarter over quarter in the fourth quarter despite a pullback in the Hong Kong stock market.
Management also emphasized improving user quality in Hong Kong. Wu said the average net asset inflow of newly acquired clients in Hong Kong exceeded $43,000 in the fourth quarter, reaching a historic high.
Product upgrades and market expansion initiatives
Wu said the company continued to enrich product offerings and improve user experience. In the fourth quarter, UP Fintech upgraded its options combo trading feature by adding support for combined orders involving options and underlying cash equities. Management said the change allows investors to deploy more sophisticated strategies during volatile markets and that real-time combination quotes can improve order execution fill rates when trading based on combination price movements.
In Australia, the company launched margin accounts in the fourth quarter. Wu said the move was intended to strengthen local product competitiveness and complete the company’s trading service ecosystem as its Australian user base and investment preferences have diversified.
To-B businesses: underwriting, ESOP, and “other revenue” growth
UP Fintech said its business-to-business operations also performed well. In investment banking, the company underwrote 22 U.S. and Hong Kong IPOs in the fourth quarter, including Pony AI Inc. and Hesai, bringing the full-year total to 47 IPO underwritings.
In its ESOP (employee stock ownership plan) business, the company added 39 new clients in the fourth quarter, bringing the total number of ESOP clients served to 848 as of the end of 2025.
During Q&A, management addressed a notable increase in “other revenue,” which it said rose from “only a few million dollars quarterly” to around $25 million to $30 million per quarter in the past two quarters. Management said the main drivers were wealth management and investment banking, in addition to contributions from ESOP.
On investment banking activity tied to Hong Kong IPO subscriptions, management said its Hong Kong IPO pipeline expanded as subscription popularity increased. It also said that in the fourth quarter, total IPO subscription amount on the platform doubled quarter over quarter, while the number of subscribers increased about 80% sequentially. For the full year 2025, management reported total subscription amount reached HKD 1.2 trillion, surpassing HKD 1 trillion for the first time.
On wealth management, management said penetration has ramped quickly, with one out of every five new funded clients in licensed markets using wealth management services, driven mainly by Hong Kong and Singapore. Management said fourth-quarter AUM for mutual funds and assets in cash management tools such as Tiger Vault posted close to double year-over-year growth. It also cited structural notes momentum, saying fourth-quarter trading volume increased more than 50% quarter over quarter, with the number of trading accounts growing several-fold year over year as product coverage expanded. The company also discussed launching a strategy generation engine called Smart Fund AI, which it said helps fund managers generate investment suggestions based on selection criteria and clients’ risk preferences.
Cost drivers, CAC trends, and convertible bond maturity
Zeng outlined fourth-quarter expense movements, including interest expense of $19 million (up 14% year over year) due to increased margin financing and securities lending activities. Execution and clearing expense fell 13% to $5.3 million, primarily due to lower SEC regulatory fees. Employee compensation and benefits rose 35% to $50.3 million due to higher global headcount, while occupancy depreciation and amortization increased 34% to $2.9 million. Communication and market data expense increased 23% to $14.5 million, reflecting growth in the user base and IT-related services. Marketing expense rose 67% to $15.8 million as the company increased branding and marketing under a more favorable market backdrop. General and administrative expense increased 118% to $14 million, which Zeng attributed to an uncollectible underwriting fee and higher professional service fees.
Management also addressed quarter-over-quarter profit pressure in Q4 versus Q3 during Q&A, citing higher marketing expense as well as increases in communication and market data costs linked to crypto market data upgrades, additional R&D to improve Tiger AI, and overseas cloud services purchased at year-end. The company also said G&A increased due to a roughly $3 million bad debt provision tied to IPO underwriting deals from previous years where revenue had been recognized but counterparties had not yet paid; management described this as a one-off impact and said recovered payments would offset expenses in the period received.
On customer acquisition cost, management said average CAC rose in the fourth quarter due to higher marketing spend, higher channel rebates as the company partnered with channels to attract high net worth clients, and a slightly lower number of newly funded users compared with the third quarter. It highlighted marketing initiatives in Singapore around the holidays, including a HelloRide partnership and an in-person Tiger Trade Experience 2025 event that attracted more than 4,000 local users, as well as a charity fundraising event with Food from the Heart. In Hong Kong, the company said it increased local community events and referral-based acquisition programs, reiterating that Hong Kong clients have strong quality and a short payback period.
Looking into early 2026, management said market volatility did not materially impact acquisition pace, and it expected first-quarter newly funded accounts to be roughly flat versus Q4. It said U.S. equity turnover declined slightly compared with Q4, while Hong Kong equity trading picked up, with quarter-to-date volume already exceeding the entire fourth quarter volume. Client assets remained relatively stable through the end of February despite market pullbacks, which management said created mark-to-market losses but were offset by strong net inflows driven by retail clients’ position covering and continued marketing-driven acquisition of high net worth clients.
For 2026, management reiterated a target of 150,000 new funded clients while prioritizing quality. It provided a regional breakdown of Q4 new funded accounts: Singapore and Hong Kong each contributed 35%, Australia–New Zealand contributed around 25%, and the U.S. accounted for roughly 5%. Management said it expected the 2026 regional mix to be similar to Q4 2025, excluding any impact from entering new markets.
Management also discussed a $155 million private convertible bond issued in 2021 that will mature by April. It said two strategic investors agreed to extend about $50 million for another two years, and the company plans to repay the remaining $100 million. Management said it does not expect the repayment to have a meaningful impact on liquidity or business operations.
About UP Fintech (NASDAQ:TIGR)
Up Fintech Holding Ltd, trading on NASDAQ under the ticker TIGR, is a China-based financial technology company that provides online brokerage and wealth management services through its proprietary trading platform. The company’s primary offering, Tiger Brokers, enables retail and institutional clients to access global financial markets, including equities, exchange-traded funds (ETFs), options, and futures across the United States, Hong Kong, China A-shares, Australia, and Singapore.
Founded in 2014 by Zhang Zhen, Up Fintech has focused on developing an intuitive mobile and desktop trading experience, complete with real-time market data, customizable charting tools, and in-app research insights.
