UP Fintech Holding Limited (NASDAQ: TIGR), the Singapore-based operator of Tiger Brokers, reported strong full-year 2025 financial results, highlighted by substantial revenue and profit growth, according to its unaudited earnings report released Thursday.
Full-year 2025 revenue reached $612.1 million, up 56.3% from $391.5 million in 2024. Non-GAAP net income attributable to shareholders rose 164.7% year-over-year to $186.5 million, compared with $70.5 million in the prior year. Key operating metrics also expanded, with total client assets increasing 45.7% to $60.8 billion at year-end 2025 from $41.7 billion a year earlier. Funded accounts grew 14.8% to 1,253.9 thousand from 1,092.0 thousand in 2024.
The quarterly trend was more mixed. Fourth-quarter 2025 revenue came in at $175.6 million, up 41.5% from the same period a year earlier but essentially flat versus the third quarter’s $175.2 million, signaling a plateau after strong acceleration in the first three quarters. Q4 GAAP net income was $45.2 million, a 61.3% increase year-over-year but down roughly 16% from $53.8 million in the third quarter. On a non-GAAP basis, Q4 net income was $48.9 million, compared with $57 million in Q3.
Total client assets stood at $60.8 billion at the end of December, slightly below the $61.0 billion recorded at the end of September, though still significantly higher than year-end 2024. UP Fintech added 29,700 funded accounts in the fourth quarter, its lowest quarterly addition since the first quarter of 2025.
Geographic performance and business segments
The company reported particularly strong growth in Hong Kong, where full-year trading volume expanded 840.9% year-over-year. Fourth-quarter trading volume in Hong Kong increased 1,305% compared with the same period a year earlier. In Singapore, UP Fintech delivered its eighth consecutive quarter of growth in trading orders and trading accounts, with full-year net profit in the market rising 96% year-over-year.
UP Fintech’s other revenue segment, which covers investment banking, employee stock ownership plan (ESOP) services, and corporate services, generated $30.8 million in revenue in the fourth quarter, up 220.6% year-over-year. The company said it completed 20 Hong Kong IPOs during the quarter.
Commenting on the results, Wu Tianhua, Chairman and CEO of UP Fintech, said the company achieved significant growth in both financial and operating performance in 2025, noting what he described as breakthroughs in annual and quarterly top-line and bottom-line performance compared with 2024.
Looking ahead, UP Fintech has set a target of adding 150,000 new funded clients in 2026, following the slower pace of funded account additions observed in the fourth quarter of 2025.
