Freedom Holding Corp. reported higher revenue, a sharp increase in net income and continued customer growth in fiscal 2026, as the Nasdaq-listed group expanded its financial and digital ecosystem. Led by Chairman and Chief Executive Officer Timur Turlov, the company continued to grow across banking, brokerage and digital services.
For the fiscal year ended March 31, 2026, Freedom Holding Corp. reported total revenue, net, of $2,191.3 million, compared with $2,004.2 million in fiscal 2025. Net income more than doubled, reaching $153.3 million, compared with $76.2 million a year earlier. Income before income tax increased to $226.0 million from $104.6 million, while diluted earnings per common share amounted to $2.51, compared with $1.26 a year earlier.
The results reflect the company’s transition from a business historically associated with brokerage services into a broader financial ecosystem. Today, Freedom Holding Corp. combines brokerage, banking, insurance, digital services, e-commerce, payments and lifestyle services. This structure allows the company to serve clients through several connected services rather than through a single financial product.
Ecosystem Growth Gains Scale
Customer growth was one of the clearest signs that the ecosystem continued to scale. In fiscal 2026, the banking segment approximately doubled its customer base, increasing from 2.515 million to 5.026 million customers. Brokerage customer accounts also grew, rising to 858,000, compared with 683,000 in fiscal 2025. Customers in the company’s other segment increased to 1.105 million, compared with 605,000 a year earlier. Across the wider ecosystem, Freedom Holding Corp. had more than 14 million clients by the end of fiscal 2026, reflecting the group’s broader reach across financial, digital and consumer-facing services.
Freedom Holding Corp. links this expansion to the digital ecosystem it has developed under Timur Turlov. Its SuperApp brings together key services such as banking, insurance and lifestyle products in one digital environment. Monthly active users of the SuperApp reached 2.59 million in March 2026, compared with 1.02 million in March 2025. Daily active users averaged 634,578, compared with 183,000 a year earlier.
The growth of the SuperApp suggests that Freedom is increasing engagement across multiple services, although the company still needs to convert that usage into recurring revenue across the ecosystem. A user can interact with the ecosystem through banking, brokerage, insurance, payments or lifestyle products, while the company builds a broader relationship with each client.
Freedom Holding’s revenue structure also shows the importance of diversification. Net gain on trading securities reached $158.8 million, compared with a loss a year earlier. The result represented a $216.6 million improvement and was attributed mainly to sales of Kazakhstan sovereign and corporate debt securities.
Sales of goods and services increased to $97.4 million, compared with $40.1 million in fiscal 2025. The increase of $57.3 million, or 143%, was mainly connected with the company’s expansion into telecommunications and higher customer activity at Arbuz.kz, the company’s online retail and e-commerce subsidiary.
Net gain on derivatives also grew, reaching $66.8 million, an increase of $54.4 million from the previous year. Interest income amounted to $882.5 million, up $18.0 million, or 2%, supported by increased margin loans to customers and the continued expansion of Freedom Bank KZ’s customer loan portfolio.
At the same time, net insurance revenue declined to $402.4 million, down $168.8 million, or 29%, compared with fiscal 2025. The company attributed this mainly to lower written insurance premiums, regulatory caps on agent commissions for bank and microfinance loan products, and higher deferred profit liability issuance expense.
The mix of revenue sources is important. While total revenue rose by about 9% year over year, net income more than doubled, supported by gains on trading securities, derivatives and growth in goods and services. At the same time, the decline in insurance revenue shows that performance across the group’s segments was uneven.
Banking remained one of the key pillars of the ecosystem. As of March 31, 2026, combined assets in the banking segment increased by 21% to $5,359.8 million. The loan portfolio grew by 29% to $2,045.3 million, while the deposit portfolio increased by 46% to $2,522.8 million.
The brokerage segment continued to expand as well. By the end of fiscal 2026, Freedom Holding Corp. had approximately 858,000 total brokerage customer accounts. More than 56% of these accounts had positive cash or asset balances, showing that brokerage remained an important part of the group’s financial platform.
Insurance also contributed to the company’s ecosystem. Freedom Life recognized net profit of approximately $32.9 million for fiscal 2026, while Freedom Insurance recognized net profit of approximately $10.8 million.
The company’s other segment generated $172.8 million, or 8% of total revenue, net, for fiscal 2026. This segment includes online retail trade and e-commerce services, payment processing, online ticket sales, and online aggregation of air and railway ticket purchases.
Freedom’s balance sheet also expanded during the year. Total assets reached $13,155.2 million as of March 31, 2026, compared with $9,915.1 million as of March 31, 2025. Total shareholders’ equity stood at $1,489.3 million, compared with $1,224.6 million a year earlier. Total liabilities increased to $11,666.0 million.
Regional expansion also remained part of the company’s development. As of the end of fiscal 2026, Freedom Holding Corp. reported operations in 22 countries. In March 2026, the company entered into an agreement to purchase approximately 99.32% of Turkish Bank A.S., a bank operating in Türkiye. The transaction is subject to completion.
Technology infrastructure also featured in the annual update. In November 2025, Freedom Holding Corp. signed a non-binding memorandum of understanding with Kazakhstan’s Ministry of AI and Digital Development and NVIDIA Corporation with a view to developing a large-scale AI data center in Kazakhstan. The prospective project is expected to be implemented in phases.
As of March 31, 2026, Freedom Holding Corp. had 11,846 employees across 22 countries, including 11,627 full-time and 219 part-time employees.
For Timur Turlov, fiscal 2026 demonstrated the growing role of ecosystem strategy in the company’s development. Freedom Holding Corp. continued to increase customer reach, deepen digital engagement and expand the range of services available through its platform.
Fiscal 2026 left Freedom Holding Corp. with a larger customer base, higher profitability and a broader ecosystem. The next question is whether the company can convert that scale — particularly in SuperApp usage, telecommunications, e-commerce and banking — into a larger base of recurring revenue that is less dependent on market-sensitive gains.
