FRHC Freedom Holding Corp.

Overview and Growth

In fiscal 2026, Freedom Holding Corp. recorded $2.19B of revenue, net income of $153.33M, and an operating cash inflow of $185.22M. At $2.19B, the top line establishes the operating scale supporting the company’s profit and cash-flow profile. Compared with $2.00B in fiscal 2025, revenue recorded a 9.3% year-over-year increase. On a per-share basis, diluted EPS was $2.51, which connects the reported earnings outcome with the company’s diluted share count. Diluted EPS increased by 99.2% from $1.26 in fiscal 2025, showing how the earnings change reached shareholders on a per-share basis. The company employed $13.16B of total assets, the balance-sheet base supporting its current operating and cash-flow results. Asset turnover was 0.17x, relating the company’s annual revenue directly to the total assets reported at the period end.

Profitability

Gross profit was $2.11B, representing the portion of revenue remaining after the reported cost of revenue and before operating expenses. Gross profit represented 96.4% of revenue, showing how much of the top line remained after direct costs. After all reported below-operating-line items, the company recorded net income of $153.33M for the fiscal year. Measured against reported revenue, net income produced a 7.0% margin after operating costs and the remaining recognized items. Before income taxes, the company reported $225.97M of earnings, providing a bridge between the operating result and final net income. Pretax income represented 10.3% of revenue, placing earnings before tax in the context of the company’s operating scale. The reported income-tax provision was $72.64M, the amount recognized between pretax income and the final net-income result. Relative to pretax income, the tax provision measured 32.1%, quantifying the portion of pre-tax earnings paid in income tax. Net income equaled 10.3% of period-end equity, showing the earnings generated on shareholders’ book capital. The net-income-to-assets relationship measured 1.2%, showing earnings relative to the full balance sheet. Current net income of $153.33M was above fiscal 2025 net income of $76.29M, showing the direction of the bottom-line change.

Liquidity and Capital Structure

Total assets were $13.16B, supported by $11.67B of liabilities and $1.49B of shareholder equity. Reported cash and equivalents were $966.12M, separating immediately recognizable cash resources from the rest of the current-asset base. Equity equaled 11.3% of assets, showing the shareholder-capital layer within the company’s balance sheet. The liabilities-to-assets relationship was 88.7%, placing reported obligations against the full positive asset balance. Cash and equivalents equaled 7.3% of total assets, showing the liquid cash component within the company’s broader resource base. The asset base changed 32.7% from $9.92B in fiscal 2025, leaving current total assets higher year over year. Against $1.22B of equity in fiscal 2025, the current book-equity balance moved 21.6% and ended higher. Cash and equivalents were 15.4% higher than fiscal 2025 cash of $837.30M, showing the year-over-year change in liquid resources.

Cash Flow and Earnings Quality

Operating activities produced a cash inflow of $185.22M, giving the cash-flow counterpart to the accrual-based profit measures reported for the year. Operating cash flow equaled 1.21x of net income, showing how strongly accounting earnings converted into cash from operations. Capital spending was $198.77M, absorbing part of the cash generated from operations before free cash flow. Capital expenditures represented 107.3% of operating cash flow, leaving the remainder available as free cash flow. Negative free cash flow was $13.54M, leaving a cash deficit after capital spending and reducing financial flexibility. Free-cash-flow margin was -0.6%, reflecting a cash deficit equal to 0.6% of revenue after capital spending. The cash deficit after capital spending represented 0.1% of the period-end asset base.

Based on the annual report for the fiscal year ending Mar 31, 2026. Analysis generated Oct 21, 2026.