Freedom Holding (FRHC) Cost of Revenue (2021 - 2025)

Freedom Holding's Cost of Revenue history runs 5 years deep, the most recent figure standing at $25.3 million for Q4 2025.

• In Q4 2025, Cost of Revenue rose 170.0% year-over-year to $25.3 million; the TTM figure through Dec 2025 stood at $66.8 million (up 162.12% YoY), while the FY2025 annual figure was $31.3 million, up 78.34% from the prior year.
• Cost of Revenue came in at $25.3 million for Q4 2025 at Freedom Holding, up from $15.1 million in the prior quarter.
• In the past five years, Cost of Revenue ranged from a high of $50.6 million in Q4 2022 to a low of -$126.4 million in Q1 2023.
• A 5-year average of $12.1 million and a median of $17.3 million in 2021 frame the typical range for Cost of Revenue.
• Across the five-year window, Cost of Revenue sank 605.06% in 2023 and jumped 224.53% in 2025, its largest moves.
• Freedom Holding's Cost of Revenue stood at $28.2 million in 2021, then soared by 79.19% to $50.6 million in 2022, then sank by 349.7% to -$126.4 million in 2023, then soared by 107.43% to $9.4 million in 2024, then soared by 170.0% to $25.3 million in 2025.
• According to Business Quant data, Cost of Revenue over the past three periods registered $25.3 million, $15.1 million, and $13.9 million for Q4 2025, Q3 2025, and Q2 2025 respectively.

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