Hong Kong Exchanges and Clearing Limited (HKEX) reported total revenue and other income of 29.16 billion in 2025, compared with 22.37 billion in 2024. After deducting 297.00 million in transaction-related expenses, revenue and other income less transaction-related expenses stood at 28.86 billion. Trading fees and trading tariffs contributed 10.33 billion, while clearing and settlement fees amounted to 7.04 billion. Stock Exchange listing fees totaled 1.79 billion, depository, custody and nominee services fees reached 1.50 billion, and market data fees were 1.17 billion. Other revenue for the year came to 1.91 billion. Net investment income was 5.11 billion, which included 9.74 billion of investment income offset by interest rebates to Participants of (4.63) billion.

Operating expenses amounted to 6.07 billion, primarily comprising 4.00 billion in staff costs and related expenses, 0.96 billion in information technology and computer maintenance expenses, and 0.55 billion in other operating outlays. Earnings before interest, taxation, depreciation and amortisation (non-HKFRS measure) reached 22.80 billion, while depreciation, amortisation and impairment totaled 1.57 billion, resulting in operating profit of 21.23 billion. Finance costs were 96.00 million, and the share of results of joint ventures and an associate contributed 26.00 million, bringing profit before taxation to 21.16 billion. Following taxation of 3.32 billion, profit for the year came in at 17.84 billion. Of this amount, 17.75 billion was attributable to shareholders, compared with 13.05 billion attributable to shareholders in the previous year, and 0.08 billion was attributable to non-controlling interests.

Equity attributable to shareholders rose from 53.85 billion at 31 December 2024 to 58.15 billion at 31 December 2025. Return on equity was 31 per cent in 2025, compared with 24 per cent in 2024. Basic earnings per share were 14.05, and diluted earnings per share were 14.01, versus 10.32 and 10.29, respectively, in the prior year.

On the balance sheet, total financial assets stood at 485.91 billion, with financial liabilities of 463.92 billion. Working capital was 28.35 billion at 31 December 2025, compared with 29.05 billion a year earlier. Margin Funds and Clearing House Funds posted net investment income of 3.24 billion, up from 3.18 billion in 2024. The gross gearing ratio remained at 1 per cent, while the net gearing ratio stood at zero.

Other comprehensive income amounted to 0.37 billion in 2025, bringing total comprehensive income to 18.21 billion, compared with 13.13 billion in 2024. Of the total comprehensive income in 2025, 18.12 billion was attributable to shareholders, and 0.09 billion was attributable to non-controlling interests.