According to Freedom Holding Corp.’s Form 10-K filing for fiscal year 2026, which ended March 31, 2026, the company’s revenue has increased more than 26-fold since its Nasdaq listing, reaching $2.19 billion. Furthermore, the company has doubled its net profit from $76.2 million in 2025 to $153.3 million in 2026.
As Freedom Holding Corp. CEO Timur Turlov noted, the company has successfully completed another fiscal year despite significant investments in developing the Freedom ecosystem.
«Our client base is growing rapidly, once again confirming the effectiveness of our strategy. We’re building an institutional infrastructure with a focus on solving our clients’ daily problems, not around products and services. As of today, the daily audience of Freedom SuperApp, the core of our ecosystem, is over 2.5 million people, compared to just over a million just a year ago. The total number of app users exceeds 5 million. And I know for sure that all solutions we managed to implement in Kazakhstan will be universal across all markets where we operate,» he emphasized.
The holding also said that interest income increased by $18 million, or 2% year-on-year (YoY), to $882.5 million. Net profit from securities trading increased by $158.8 million, up 375% from the previous period, primarily due to the sale of corporate debt securities in Kazakhstan.
In addition, net profit from derivatives increased by 438% YoY to $66.8 million, primarily due to the favorable revaluation of currency swaps. On the other hand, net revenue from insurance operations decreased by 29% to $402.4 million compared to the same period last year, driven by changes in Kazakhstan’s legislation regarding life insurance for borrowers and the payment of agency commissions to credit institutions. Commission revenue amounted to $489.8 million, a decrease of $15.3 million, or 3%, primarily due to lower banking revenue.
Sales of goods and services increased by 143% to $97.4 million, reflecting business expansion through the development of the telecommunications segment following the acquisition of Freedom Cloud Holding.
Kazakhstan remains the center of profit generation for FRHC, accounting for approximately 84% of the holding’s total revenue and the vast majority of net profit in the fiscal year 2026. Operations in Kazakhstan also account for approximately 63% of the group’s total assets.
According to the report, the holding’s profit stems from three main sources: brokerage, banking and insurance. Freedom Broker published its financial results last week, showing a net profit of $133.6 million for the fiscal year 2026. Between January and March 2026, it reached $35.8 million, a 106.2% increase. The primary contributors to the positive dynamics were a $28.4 million increase in interest income and an $11.1 million increase in commission income.
A significant increase in net revenue for the brokerage division was driven by the growth in client trading activity. Thus, commission income from brokerage services alone grew by 17% (+$74.1 million), reaching $504.3 million from $430.1 million in 2025. An additional growth driver was broker interest income, which increased by $44.6 million.
The banking division also recorded growth in total net revenue. The main driver was a $191.6 million increase in net income from trading securities. Furthermore, due to the active expansion of Kazakhstan’s Freedom Bank’s loan portfolio, interest income on customer loans jumped by 37% (+$75.9 million) compared to the 2025 fiscal year.
On May 29, the bank published its audited financial statements for 2025 on the Kazakhstan Stock Exchange (KASE) website. The bank’s net profit amounted to 13.35 billion tenge ($27.3 million).
Meanwhile, the holding’s insurance business continues to strengthen its market position, reaching a 14.53% share within the overall insurance market in Kazakhstan (by assets). Thus, Freedom Life reported $665.5 million in assets (compared to $554 million last year), while Freedom Insurance’s assets totaled $226.7 million (compared to $157.4 million in 2025).
Reaching the $13 billion mark
Over the past fiscal year, Freedom Holding Corp.’s total assets increased by 33%, reaching $13.2 billion as of March 31, 2026. Last year, this figure stood at $9.9 billion.
Most of the increase was driven by the expansion of the investment securities portfolio and growth in the client base, confirming a high level of investor confidence in the ecosystem’s products.
The report also reflected on the development of the ecosystem’s non-financial services, including the surge in orders through the Arbuz online supermarket. The company believes this is a sign of synergy from the integration of lifestyle services into the holding’s digital ecosystem.
Moreover, FRHC shares continue to outperform the broader market. While the S&P 500 has gained only 10.81% year-to-date, Freedom Holding’s share price has risen 23.66% from $124 to $150 per share since the beginning of 2026.
Ecosystem investments
Freedom Holding Corp. is actively building an international ecosystem around financial services, banking, insurance, e-commerce and digital platforms. The company’s banking business is also actively scaling internationally. In October 2024, Freedom Bank entered the Tajik market, receiving a license from the local regulator. In June 2025, the bank began operations in Kyrgyzstan and in November 2025, it received approval from Kazakhstan’s Agency for Regulation and Development of the Financial Market to establish a subsidiary in Georgia. In other words, Freedom is actively developing a regional banking network across Central Asia and the Caucasus.
At the same time, the company is actively developing its investment arm. Freedom Financial Services Inc., for example, is establishing a brokerage company in Turkey under the brand name Freedom Investment Securities Inc. The company has already received the necessary approval from local regulators. Furthermore, in December 2025, the group’s brokerage arm received a license in Abu Dhabi, gaining access to the Middle East market.
Furthermore, Freedom is completing one of its largest international transactions — the acquisition of 99.32% of the shares of Turkish Bank A.Ş. from Özyol Holding and the National Bank of Kuwait. Once the deal is closed, the company will acquire a fully fledged bank in Turkey to integrate it into its ecosystem of financial and digital services.
That being said, the group’s strategy isn’t built solely around financial services. Over the past several years, in Kazakhstan, Freedom has acquired a bank, insurance companies, payment services and a number of digital assets, including Ticketon, Aviata, Chocotravel and Arbuz.kz. As a result, Freedom is creating an ecosystem that unites brokerage services, banking products, insurance, travel, e-commerce and payment solutions under a single brand.
Freedom Holding Corp. is an international financial company founded by Timur Turlov. The company is registered in the U.S. and listed on the Nasdaq stock exchange under the ticker FRHC. The company operates in more than 20 countries and is developing an ecosystem that integrates brokerage businesses, banking, insurance companies, payment services and consumer digital products. The key market for the group is Kazakhstan.
