FRHC revenue +9.3%, net income doubles to $153M; insurance revenue -29% on regulatory caps

Filed June 1, 2026 · Period ending March 31, 2026 · Compared to 10-K Jun 13, 2025 · ~2 min read

Key Changes

• high

  Net income doubled to $153M in FY2026 from $76M in FY2025, driven by $159M trading gains (vs. $58M loss prior year) and $67M derivatives income (+438%), partially offset by insurance revenue falling 29% to $402M on regulatory caps for agent commissions.

  MD&A: Net Income & Revenue Mix verify on EDGAR →
• high

  SEC issued Wells Notice on March 11, 2026 recommending civil enforcement action against FRHC and CEO Timur Turlov for alleged securities law violations related to internalized trades and accounting practices; company contests the preliminary determination and cannot estimate possible loss.

  Notes: SEC Investigation verify on EDGAR →
• high

  Headcount expanded 34% to 11,627 employees; brokerage accounts grew 26% to 858k; bank customers doubled to 5.0M; SuperApp reached 5.2M users (doubled in one year); Freedom Bank KZ discontinued purchasing loans from related-party FFIN Credit as of September 2025.

  Business: Operational Scale & Related-Party Changes verify on EDGAR →