UP Fintech Holding Limited (NASDAQ:TIGR), which operates the Tiger Brokers online trading brand, has reported its results for the fourth quarter and full year 2025, indicating slower growth than earlier in the year as the company’s profits declined slightly from Q3 and Q2 levels.

Revenues and Profits Q4 2025

On the top line, Revenues at Tiger Brokers came in at a record $156.5 million in Q4 2025, up by 2% from Q3’s previous record $153.2 million. However increasing costs in areas such as employee compensation, G&A, and marketing led to a decline in Net Profit for Q4, at $51.9 million versus $52.7 million in Q3.

UP Fintech shares traded down by more than 5% (as at the time of writing), to $6.69, and now sit close to their 52 week low of $6.38. NASDAQ:TIGR shares are down by about 30% so far in 2026.

UP Fintech 1-year price chart. Source: Google Finance.

Q4 results explanation

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 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.

The full UP Fintech / Tiger Brokers press release detailing its Q4 and full year 2025 results can be seen here.

About Tiger Brokers

UP Fintech owns the Tiger Brokers online brokerage brand, which operates licensed subsidiaries in the US, Australia, New Zealand, Hong Kong and Singapore. (The company sold its FCA licensed UK operation in 2025 to Ultima Markets). Tiger Brokers targets mainly Chinese traders, and other selected markets in the Far East. The company is controlled by Beijing based founder and majority shareholder Wu Tianhua.