Revenue has experienced extreme cyclical contraction, falling from a quarterly peak of $920.0M in 2022Q2 to $24.4M by 2024Q4, while net margins remain erratic, swinging from 143.6% in 2024Q2 to 34.4% in 2024Q4.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Sep'16 | Sep'15 | Sep'14 | Sep'13 | Sep'12 | Sep'11 | Sep'10 | Sep'09 | Sep'08 | Sep'07 | Sep'06 | Sep'05 | Sep'04 | Sep'03 | Sep'02 | Sep'01 | Sep'00 | Sep'99 | Sep'98 | Sep'97 | Sep'96 |
|---|
| Sales/Revenue | 187.08M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Revenue Growth % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Cost of Goods Sold | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| COGS % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | 138.51M | 24.92M | 24.45M | 184.41M | 1.06B | 97.7M | 1.1B | 698.74M | 707.61M | 1B | 3.27B | 3.21B | 3.11B | 2.8B | 2.61B | 2.73B | 2.51B | 2.36B | 2.46B | 2.06B | 1.8B | 1B | 880.1M | 713.28M | 425.68M | 453.35M | 564.61M | 268.4M | 134.8M | 77.2M | 54.4M |
| Gross Margin % | 74.03% | 43.55% | 45.22% | 107.33% | 77.74% | 7.05% | 99.82% | 59.18% | 99.23% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 84.3% | 100% | 95.46% | 97.57% | 100% | 100% | 100% | 100% | 100% | 100% | 100% |
| Gross Profit Growth % | - | 1.91% | -86.74% | -82.56% | 982.18% | -91.08% | 56.72% | -1.25% | -29.48% | -69.34% | 1.97% | 3.29% | 11.17% | 7% | -4.31% | 8.55% | 6.34% | -3.82% | 19.14% | 14.42% | 79.8% | 13.98% | 23.39% | 67.56% | -6.1% | -19.71% | 110.36% | 99.11% | 74.61% | 41.91% | - |
| Operating Expenses | 26.51M | -20.94M | -1.59M | 30.89M | -39.66M | -66.28M | -137.96M | -328.8M | 77.38M | 146.62M | -1.95B | -1.88B | -1.81B | -1.68B | -1.67B | -1.68B | -1.55B | -1.25B | -867.88M | -456.1M | 1.03B | -308.26M | 421M | 485.88M | -426.83M | -544.73M | -495.03M | -203.4M | -105M | -37.4M | -24.9M |
| OpEx % of Revenue | - | -36.61% | -2.95% | 17.98% | -2.92% | -4.78% | -12.57% | -27.85% | 10.85% | 14.61% | -59.68% | -58.52% | -58.3% | -60.16% | -64.03% | -61.43% | -61.72% | -52.89% | -35.3% | -22.1% | 48.04% | -30.73% | 45.66% | 66.46% | -100.27% | -120.16% | -87.68% | -75.78% | -77.89% | -48.45% | -45.77% |
| Selling, General & Admin | 49.15M | 10.46M | 13.4M | 13.74M | 123.46M | 52.88M | 67.57M | 6.49M | 2.29M | 39.57M | 1.37B | 1.33B | 1.26B | 1.15B | 826.75M | 1.03B | 1.07B | 861.95M | 676.28M | 575.22M | 676.3M | 272.89M | 324.9M | 353.09M | 194.94M | 282.42M | 321.61M | 134.1M | 79.7M | 33.3M | 21.5M |
| SG&A % of Revenue | - | 18.29% | 24.78% | 8% | 9.08% | 3.82% | 6.16% | 0.55% | 0.32% | 3.94% | 41.91% | 41.36% | 40.54% | 41.24% | 31.65% | 37.89% | 42.52% | 36.45% | 27.51% | 27.87% | 31.61% | 27.2% | 35.24% | 48.3% | 45.8% | 62.3% | 56.96% | 49.96% | 59.12% | 43.13% | 39.52% |
| Research & Development | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Operating Income | 117.87M | 45.86M | 26.04M | 91.83M | 1.21B | 1.28B | 1.02B | 1.03B | 635.75M | 856.78M | 1.32B | 1.33B | 1.3B | 1.11B | 939.71M | 1.05B | 962.58M | 1.11B | 1.59B | 1.61B | 426.64M | 694.88M | 409.75M | 209.5M | -1.15M | -91.38M | 69.57M | 65M | 29.8M | 39.8M | 29.5M |
| Operating Margin % | 63% | 80.16% | 48.17% | 53.45% | 89.29% | 92.31% | 93.22% | 87.03% | 89.15% | 85.39% | 40.32% | 41.48% | 41.7% | 39.84% | 35.97% | 38.57% | 38.28% | 47.11% | 64.7% | 77.9% | 19.94% | 69.27% | 44.44% | 28.66% | -0.27% | -20.16% | 12.32% | 24.22% | 22.11% | 51.55% | 54.23% |
| Operating Income Growth % | - | 76.09% | -71.64% | -92.44% | -5.02% | 25.02% | -0.47% | 61.63% | -25.8% | -35.07% | -0.89% | 2.76% | 16.35% | 18.51% | -10.76% | 9.39% | -13.61% | -29.96% | -1.04% | 276.8% | -38.6% | 69.59% | 95.59% | 18364.75% | 98.74% | -231.34% | 7.04% | 118.12% | -25.13% | 34.92% | - |
| EBITDA | 185.97M | 55.77M | 32.89M | 94.45M | 1.22B | 1.28B | 1.02B | 1.03B | 636.09M | 857.16M | 2.7B | 1.51B | 1.48B | 1.29B | 1.1B | 1.22B | 1.12B | 1.23B | 1.49B | 1.69B | 490.14M | 719.29M | 433.05M | 241.2M | 26.8M | -55.34M | 91.2M | 71.8M | 33.2M | 41.9M | 30.9M |
| EBITDA Margin % | 99.41% | 97.49% | 60.83% | 54.97% | 89.71% | 92.31% | 93.22% | 87.04% | 89.2% | 85.43% | 82.49% | 47.12% | 47.65% | 46.17% | 42.25% | 44.58% | 44.54% | 52.18% | 60.79% | 81.81% | 22.91% | 71.7% | 46.97% | 32.99% | 6.3% | -12.21% | 16.15% | 26.75% | 24.63% | 54.27% | 56.8% |
| EBITDA Growth % | -95.63% | 69.58% | -65.18% | -92.26% | -4.58% | 25.02% | -0.48% | 61.56% | -25.79% | -68.25% | 78.53% | 2.14% | 14.73% | 16.93% | -9.3% | 8.65% | -9.23% | -17.44% | -11.47% | 244.44% | -31.86% | 66.1% | 79.54% | 800.05% | 148.42% | -160.69% | 27.02% | 116.27% | -20.76% | 35.6% | - |
| D&A (Non-Cash Add-back) | 41.29M | 9.91M | 6.84M | 2.62M | 5.76M | 44.36K | 30.36K | 113.69K | 334.05K | 379.71K | 1.38B | 180.92M | 184.96M | 176.94M | 163.95M | 163.84M | 157.43M | 119.71M | -96.19M | 80.67M | 63.5M | 24.41M | 23.3M | 31.7M | 27.95M | 36.03M | 21.62M | 6.8M | 3.4M | 2.1M | 1.4M |
| EBIT | 223.51M | 81.56M | 68.64M | 165.9M | 1.21B | 1.35B | 1.02B | 1.02B | 616.94M | 791.38M | 0 | 1.33B | 1.3B | 1.11B | 939.71M | 1.05B | 962.58M | 1.11B | 1.59B | 1.61B | 767.49M | 694.88M | 417.24M | 209.58M | -1.15M | -91.38M | 69.57M | 65M | 29.8M | 39.8M | 29.5M |
| Net Interest Income | 85.12M | 20.77M | 5.49M | 11.99M | 15.4M | 13.28M | 250.64M | 91.34M | 90.1M | -6.01M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 102.13M | 33.52M | 18.92M | 20.19M | 16.26M | 14.93M | 272.14M | 119M | 99.14M | 22.76M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 17.01M | 12.74M | 13.43M | 8.2M | 859K | 1.65M | 21.51M | 27.65M | 9.04M | 28.77M | 54.98M | 43.98M | 25.99M | 25.99M | 33.99M | 36.83M | 50.9M | 55.21M | 327.91M | 573.37M | -89.81M | 141.4M | -41.86M | -17.81M | 17.37M | 55.01M | 89.84M | 46.9M | 29.3M | 18.4M | 11M |
| Other Income/Expense | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Pretax Income | 212.91M | 68.82M | 55.22M | 157.7M | 1.36B | 1.33B | 1.28B | 987.32M | 608.07M | 807.75M | 1.26B | 1.29B | 1.27B | 1.09B | 905.72M | 1.02B | 911.68M | 1.06B | 1.26B | 1.03B | 857.3M | 553.49M | 459.1M | 227.39M | -18.52M | -146.39M | -20.26M | 18.1M | 499.99K | 21.4M | 18.5M |
| Pretax Margin % | 113.81% | 120.29% | 102.13% | 91.78% | 99.75% | 96.11% | 116.31% | 83.63% | 85.27% | 80.5% | 38.64% | 40.11% | 40.86% | 38.91% | 34.67% | 37.22% | 36.25% | 44.78% | 51.37% | 50.12% | 40.07% | 55.18% | 49.79% | 31.1% | -4.35% | -32.29% | -3.59% | 6.74% | 0.37% | 27.72% | 34.01% |
| Income Tax | 5.95M | 1.57M | 1.64M | 4.31M | 104.59M | 109.31M | 137.55M | 158.04M | 83.72M | 135.07M | 422.87M | 474.8M | 482.88M | 412.86M | 319.9M | 378.61M | 319.76M | 415.53M | 459.38M | 388.62M | -10.35M | 213.74M | 168.81M | 90.71M | 10.45M | -55.21M | -6.64M | 6.6M | 300K | 7.6M | 7.3M |
| Effective Tax Rate % | 2.8% | 2.28% | 2.97% | 2.74% | 7.71% | 8.21% | 10.78% | 16.01% | 13.77% | 16.72% | 33.44% | 36.88% | 38.03% | 37.96% | 35.32% | 37.26% | 35.07% | 39.24% | 36.37% | 37.58% | -1.21% | 38.62% | 36.77% | 39.89% | -56.41% | 37.72% | 32.76% | 36.46% | 60% | 35.51% | 39.46% |
| Net Income | 187.64M | 43.6M | 51.04M | 142.99M | 1.23B | 1.23B | 1.14B | 120.47M | 467.37M | 567.68M | 841.74M | 812.66M | 786.81M | 674.77M | 585.82M | 637.57M | 591.93M | 643.45M | 803.55M | 645.6M | 867.66M | 339.75M | 290.29M | 136.68M | -28.96M | -91.18M | -13.63M | 11.5M | 200K | 13.8M | 11.2M |
| Net Margin % | 100.3% | 76.21% | 94.4% | 83.23% | 90.32% | 88.5% | 103.82% | 10.2% | 65.54% | 56.58% | 25.72% | 25.32% | 25.32% | 24.14% | 22.43% | 23.36% | 23.54% | 27.21% | 32.68% | 31.28% | 40.56% | 33.87% | 31.48% | 18.7% | -6.8% | -20.11% | -2.41% | 4.28% | 0.15% | 17.88% | 20.59% |
| Net Income Growth % | -91.5% | -14.58% | -64.31% | -88.36% | 0.21% | 7.63% | 845.51% | -74.22% | -17.67% | -32.56% | 3.58% | 3.28% | 16.61% | 15.18% | -8.12% | 7.71% | -8.01% | -19.92% | 24.47% | -25.59% | 155.38% | 17.04% | 112.39% | 571.91% | 68.23% | -569.14% | -218.49% | 5650.01% | -98.55% | 23.21% | - |
| Net Income (Continuing) | 206.96M | 67.25M | 53.58M | 153.38M | 1.25B | 1.23B | 1.14B | 106.68M | 524.35M | 672.68M | 841.74M | 812.66M | 786.81M | 674.77M | 585.82M | 637.57M | 591.93M | 643.45M | 803.55M | 645.6M | 867.66M | 339.75M | 290.29M | 136.68M | -28.96M | -91.18M | -13.63M | 11.5M | 200K | 13.8M | 11.2M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 108.12M | 177.1M | 108.12M | 7.08M | 247.15M | 15.5M | 0 | 0 | 541.8M | 485.04M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 16.79 | 2.88 | 4.20 | 13.32 | 132.96 | 173.10 | 154.92 | 156.72 | 84.00 | 102.06 | 157.74 | 148.80 | 142.02 | 121.92 | 105.60 | 110.82 | 100.08 | 109.74 | 133.26 | 106.26 | 143.94 | 82.38 | 69.72 | 32.10 | -12.66 | -49.14 | -7.98 | 7.02 | 0.12 | 7.98 | 6.54 |
| EPS Growth % | -93.66% | -31.43% | -68.47% | -89.98% | -23.19% | 11.74% | -1.15% | 86.57% | -17.7% | -35.3% | 6.01% | 4.77% | 16.49% | 15.45% | -4.71% | 10.73% | -8.8% | -17.65% | 25.41% | -26.18% | 74.73% | 18.16% | 117.2% | 353.55% | 74.24% | -515.79% | -213.68% | 5750% | -98.5% | 22.02% | - |
| EPS (Basic) | - | 2.88 | 4.20 | 13.32 | 132.96 | 173.10 | 156.30 | 156.72 | 84.00 | 102.06 | 158.64 | 149.70 | 142.98 | 122.82 | 106.98 | 111.72 | 100.98 | 111.12 | 135.18 | 107.64 | 143.94 | 84.24 | 69.72 | 32.10 | -12.66 | -49.14 | -7.98 | 7.02 | 0.12 | 7.98 | 6.54 |
| Diluted Shares Outstanding | 11.17M | 15.03M | 11.17M | 10.07M | 8.32M | 6.33M | 6.83M | 6.01M | 5.56M | 5.56M | 5.34M | 5.47M | 5.54M | 5.54M | 5.54M | 5.76M | 5.92M | 5.87M | 6.03M | 6.08M | 6.02M | 4.13M | 4.18M | 4.27M | 2.27M | 1.86M | 1.75M | 1.64M | 1.74M | 1.74M | 1.74M |
| Basic Shares Outstanding | 11.17M | 15.03M | 11.17M | 10.07M | 8.32M | 6.33M | 6.84M | 6.01M | 5.56M | 5.56M | 5.31M | 5.43M | 5.5M | 5.49M | 5.48M | 5.7M | 5.85M | 5.79M | 5.94M | 5.99M | 6.02M | 4.04M | 4.18M | 4.27M | 2.27M | 1.86M | 1.75M | 1.64M | 1.74M | 1.74M | 1.74M |
| Dividend Payout Ratio | - | - | 8.43% | 1.96% | 10.07% | 10.14% | 5.51% | 599251.33% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Unpredictable Investment-Led Earnings
According to historical income statements, AMTD's revenue has experienced extreme fluctuations, collapsing from a quarterly peak of $920.0M in 2022Q2 to just $24.4M by 2024Q4, highlighting the firm's high sensitivity to capital market liquidity and the inherent instability of its transactional business model.
The dramatic decline in top-line figures suggests that the company's reliance on deal-based income and strategic investment exits is highly susceptible to broader market downturns. Investors should monitor whether the current revenue base can stabilize or if the firm remains trapped in a cycle of feast-or-famine performance tied to external market conditions.
As reported in financial filings, AMTD's net margin has swung wildly from 143.6% in 2024Q2 to 34.4% in 2024Q4, a pattern that suggests profitability is driven more by non-operating fair value adjustments than by consistent, recurring fee-based operational performance.
The frequent disconnect between gross and net margins indicates that the firm's bottom line is heavily influenced by the revaluation of its private investment portfolio. This structure makes it difficult to assess the underlying health of the core financial services business, as reported earnings may not reflect actual cash-generative capacity.
Based on the provided data, the company's operating income has shown extreme instability, swinging from a $861.0M profit in 2022Q2 to a $9.8M loss in 2023Q4, which indicates that SG&A expenses are not scaling efficiently against the firm's highly erratic revenue streams.
The lack of a consistent relationship between revenue growth and operating income suggests that the firm lacks the traditional operating leverage found in more stable financial institutions. This volatility warrants further investigation into whether management can maintain cost discipline during periods of significant revenue contraction.
Analysis of the income statement reveals that AMTD's net income is frequently decoupled from its core revenue, with 2024Q4 showing a $5.3M gross loss despite a $8.4M net profit, suggesting that the firm's reported earnings may be fundamentally unsustainable without continuous asset revaluations.
Short-term profitability appears to be a function of accounting gains rather than operational success, which poses a significant risk to long-term value creation. Investors should be wary of the potential for future write-downs if the valuations of the underlying 'SpiderNet' ecosystem partners face downward pressure in a cooling market.
Quick answers to the most common questions about buying AMTD stock.
AMTD IDEA Group (AMTD) is profitable, generating $43.6M in net income for the fiscal year ending 2025 with a net profit margin of 76.2%.
AMTD IDEA Group (AMTD) reported an operating income of $45.9M, resulting in an operating profit margin of 80.2%. This margin reflects the operational efficiency of the business before interest and taxes.
AMTD IDEA Group (AMTD) generated $24.9M in gross profit for the year, representing a gross profit margin of 43.6%. This demonstrates the company's core pricing power and production efficiency.