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Galaxy Digital (GLXY) Financials

Galaxy Digital logo
$25.14 -3.27 (-11.51%)
Closing price 04:00 PM Eastern
Extended Trading
$24.55 -0.59 (-2.35%)
As of 07:59 PM Eastern
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Annual Income Statements for Galaxy Digital

Annual Income Statements for Galaxy Digital

This table shows Galaxy Digital's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2023 2024 2025
Period end date 12/31/2023 12/31/2024 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 152 347 -287
Consolidated Net Income / (Loss)		 838 693 -483
Net Income / (Loss) Continuing Operations		 846 347 -241
Total Pre-Tax Income 		489 330 -271
Total Operating Income		 899 390 -179
Total Gross Profit		 104,200 43,492 61,056
Total Revenue		 104,419 43,758 61,356
Operating Revenue		 104,419 43,758 61,356
Total Cost of Revenue		 219 266 300
Operating Cost of Revenue		 219 266 300
Total Operating Expenses		 103,301 43,103 61,234
Selling, General & Admin Expense		 117 361 305
Other Operating Expenses / (Income)		 102,988 42,410 60,176
Impairment Charge		 197 332 754
Total Other Income / (Expense), net		 -37 -60 -92
Interest Expense		 27 31 59
Other Income / (Expense), net		 -9.74 -29 -33
Income Tax Expense		 16 -17 -29
Net Income / (Loss) Attributable to Noncontrolling Interest		 0.00 0.00 46
Basic Earnings per Share		 $0.72 $0.96 ($0.53)
Weighted Average Basic Shares Outstanding		 105.68M 120.85M 159.20M
Diluted Earnings per Share		 $0.60 $0.84 ($0.61)
Weighted Average Diluted Shares Outstanding		 325.98M 356.72M 366.48M
Weighted Average Basic & Diluted Shares Outstanding		 - - 389.10M

Quarterly Income Statements for Galaxy Digital

This table shows Galaxy Digital's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Income / (Loss) Attributable to Common Shareholders		 -0.00 -45 0.00 392 -295 15 208 -510 -94
Consolidated Net Income / (Loss)		 -0.00 -126 -33 852 -295 31 505 -1,018 -216
Net Income / (Loss) Continuing Operations		 -0.00 -126 -33 506 -295 31 505 -777 -216
Total Pre-Tax Income 		-0.00 -140 -41 511 -302 42 545 -858 -235
Total Operating Income		 -0.00 -132 -32 553 -378 181 559 -918 -218
Total Gross Profit		 0.00 8,803 8,655 26,034 12,799 8,992 28,317 23,747 10,130
Total Revenue		 0.00 8,865 8,712 26,181 12,856 9,057 28,402 23,897 10,213
Operating Revenue		 0.00 8,865 8,712 26,181 12,856 9,057 28,402 23,897 10,213
Total Cost of Revenue		 0.00 61 57 147 57 65 85 150 84
Operating Cost of Revenue		 - 61 57 - 57 65 85 - 84
Total Operating Expenses		 0.00 8,935 8,687 25,481 13,177 8,811 27,758 24,665 10,347
Selling, General & Admin Expense		 - 43 42 - 117 54 85 - 46
Other Operating Expenses / (Income)		 0.00 8,835 8,536 25,039 12,947 8,630 27,476 24,070 10,017
Impairment Charge		 - 57 108 - 112 127 198 - 284
Total Other Income / (Expense), net		 0.00 -8.00 -9.18 -43 76 -138 -13 60 -17
Interest Expense		 - 7.04 7.11 - 14 14 14 - 18
Other Income / (Expense), net		 - -0.96 -2.08 - 90 -124 0.96 90 0.70
Income Tax Expense		 0.00 -14 -7.89 4.99 -6.11 11 40 -81 -18
Net Income / (Loss) Attributable to Noncontrolling Interest		 - 0.00 - - 0.00 35 297 - -122
Basic Earnings per Share		 - ($0.37) ($0.10) - ($0.86) $0.10 $1.19 - ($0.48)
Weighted Average Basic Shares Outstanding		 - 122.31M 125.36M 120.85M 127.86M 143.10M 174.71M 159.20M 192.07M
Diluted Earnings per Share		 - ($0.37) ($0.10) - ($0.86) $0.08 $1.01 - ($0.49)
Weighted Average Diluted Shares Outstanding		 - 338.21M 341.21M 356.72M 127.86M 371.72M 221.46M 366.48M 390.48M
Weighted Average Basic & Diluted Shares Outstanding		 - - 125.36M 0.00 346.77M 376.29M 390.61M 389.10M 389.90M

Annual Cash Flow Statements for Galaxy Digital

This table details how cash moves in and out of Galaxy Digital's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2023 2024 2025
Period end date 12/31/2023 12/31/2024 12/31/2025
Net Change in Cash & Equivalents		 -225 145 784
Net Cash From Operating Activities		 -4.08 -205 -317
Net Cash From Continuing Operating Activities		 -4.08 -205 -317
Net Income / (Loss) Continuing Operations		 229 347 -241
Consolidated Net Income / (Loss)		 229 347 -241
Depreciation Expense		 23 47 34
Non-Cash Adjustments To Reconcile Net Income		 -343 -737 -487
Changes in Operating Assets and Liabilities, net		 88 138 378
Net Cash From Investing Activities		 -285 -522 -1,291
Net Cash From Continuing Investing Activities		 -285 -522 -1,291
Purchase of Property, Plant & Equipment		 -46 -59 -1,193
Acquisitions		 -44 -5.12 -7.78
Purchase of Investments		 -472 -3,539 -3,298
Sale of Property, Plant & Equipment		 0.65 2.95 11
Sale and/or Maturity of Investments		 210 2,878 2,642
Other Investing Activities, net		 67 201 554
Net Cash From Financing Activities		 63 872 2,391
Net Cash From Continuing Financing Activities		 63 872 2,391
Repayment of Debt		 -26 160 1,589
Payment of Dividends		 -22 -55 -49
Issuance of Debt		 117 316 380
Issuance of Common Equity		 11 125 851
Other Financing Activities, net		 -17 326 -380
Cash Interest Paid		 23 51 53
Cash Income Taxes Paid		 9.32 8.56 5.81

Quarterly Cash Flow Statements for Galaxy Digital

This table details how cash moves in and out of Galaxy Digital's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Change in Cash & Equivalents		 -0.00 -2.58 -42 190 47 182 446 109 -336
Net Cash From Operating Activities		 -0.00 221 -49 -378 159 170 428 -1,074 -83
Net Cash From Continuing Operating Activities		 -0.00 221 -49 -378 159 170 428 -1,074 -83
Net Income / (Loss) Continuing Operations		 -0.00 263 -33 118 -295 31 505 -482 -216
Consolidated Net Income / (Loss)		 -0.00 263 -33 118 -295 31 505 -482 -216
Depreciation Expense		 0.00 20 13 13 13 6.48 7.40 6.60 5.84
Non-Cash Adjustments To Reconcile Net Income		 0.00 -94 -125 -518 493 24 -344 -659 46
Changes in Operating Assets and Liabilities, net		 0.00 32 96 9.53 -51 109 259 61 81
Net Cash From Investing Activities		 0.00 -402 -56 -64 64 -407 -368 -580 -430
Net Cash From Continuing Investing Activities		 0.00 -402 -56 -64 64 -407 -368 -580 -430
Purchase of Property, Plant & Equipment		 0.00 -30 -3.38 -26 -92 -305 -238 -558 -338
Purchase of Investments		 0.00 -2,659 -294 -587 -698 -715 -1,429 -456 -275
Sale of Property, Plant & Equipment		 - - - - 7.95 - 3.39 - 0.00
Sale and/or Maturity of Investments		 0.00 2,216 159 504 782 607 1,231 22 42
Other Investing Activities, net		 - - 84 48 64 6.65 65 418 141
Net Cash From Financing Activities		 0.00 178 62 632 -176 419 386 1,763 177
Net Cash From Continuing Financing Activities		 0.00 178 62 632 -176 419 386 1,763 177
Repayment of Debt		 - - -127 396 -32 -45 325 1,341 163
Repurchase of Preferred Equity		 - - - - -3.29 - - - -80
Payment of Dividends		 - - -9.58 - -9.44 -30 -9.43 - 0.00
Issuance of Debt		 - - 164 -76 62 13 78 227 6.16
Issuance of Common Equity		 - - 0.39 2.79 2.25 475 45 329 3.60
Other Financing Activities, net		 - - 34 309 -195 6.26 -53 -135 85
Cash Interest Paid		 0.00 18 2.23 31 11 16 8.69 17 2.09
Cash Income Taxes Paid		 0.00 7.45 - 1.12 2.31 2.61 0.28 0.60 6.73

Annual Balance Sheets for Galaxy Digital

This table presents Galaxy Digital's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2024 2025
Period end date 12/31/2024 12/31/2025
Total Assets		 7,120 11,348
Total Current Assets		 5,881 8,516
Cash & Equivalents		 462 1,246
Short-Term Investments		 835 709
Note & Lease Receivable		 1,056 1,624
Accounts Receivable		 55 34
Prepaid Expenses		 27 100
Other Current Assets		 3,446 4,802
Plant, Property, & Equipment, net		 237 1,423
Total Noncurrent Assets		 1,002 1,409
Long-Term Investments		 809 1,023
Noncurrent Note & Lease Receivables		 0.00 11
Goodwill		 58 67
Intangible Assets		 21 27
Other Noncurrent Operating Assets		 114 281
Total Liabilities & Shareholders' Equity		 7,120 11,348
Total Liabilities		 4,926 8,313
Total Current Liabilities		 3,888 5,312
Short-Term Debt		 511 481
Accounts Payable		 282 278
Other Current Liabilities		 3,096 4,553
Total Noncurrent Liabilities		 1,038 3,002
Long-Term Debt		 845 2,433
Other Noncurrent Operating Liabilities		 192 569
Commitments & Contingencies		 0.00 0.00
Total Equity & Noncontrolling Interests		 2,194 3,035
Total Preferred & Common Equity		 2,194 1,956
Total Common Equity		 2,194 1,956
Common Stock		 0.00 1,615
Retained Earnings		 0.00 343
Accumulated Other Comprehensive Income / (Loss)		 0.00 -2.04
Noncontrolling Interest		 0.00 1,079

Quarterly Balance Sheets for Galaxy Digital

This table presents Galaxy Digital's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q1 2025 Q2 2025 Q3 2025 Q1 2026
Period end date 3/31/2025 6/30/2025 9/30/2025 3/31/2026
Total Assets		 0.00 9,086 11,523 9,992
Total Current Assets		 0.00 7,357 9,057 6,941
Cash & Equivalents		 0.00 691 1,137 911
Short-Term Investments		 - 748 854 624
Note & Lease Receivable		 - 1,424 1,935 1,292
Accounts Receivable		 - 41 72 103
Prepaid Expenses		 - 40 79 87
Other Current Assets		 - 4,412 4,980 3,923
Plant, Property, & Equipment, net		 0.00 596 874 1,778
Total Noncurrent Assets		 0.00 1,133 1,591 1,274
Long-Term Investments		 - 864 1,252 875
Noncurrent Note & Lease Receivables		 - 6.68 7.30 12
Goodwill		 - 62 63 67
Intangible Assets		 - 3.01 57 13
Other Noncurrent Operating Assets		 - 197 213 306
Total Liabilities & Shareholders' Equity		 0.00 9,086 11,523 9,992
Total Liabilities		 0.00 6,462 8,350 7,213
Total Current Liabilities		 0.00 5,471 6,730 4,085
Short-Term Debt		 - 348 317 517
Accounts Payable		 - 242 509 270
Other Current Liabilities		 - 4,881 5,905 3,298
Total Noncurrent Liabilities		 0.00 990 1,620 3,128
Long-Term Debt		 - 726 1,150 2,626
Other Noncurrent Operating Liabilities		 - 265 470 503
Commitments & Contingencies		 - 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 0.00 2,624 3,172 2,779
Total Preferred & Common Equity		 0.00 1,506 1,762 1,812
Total Common Equity		 0.00 1,506 1,762 1,812
Common Stock		 0.01 1,174 1,224 1,561
Retained Earnings		 -0.00 332 541 251
Accumulated Other Comprehensive Income / (Loss)		 - - -2.61 0.20
Noncontrolling Interest		 - 1,118 1,410 967

Annual Metrics And Ratios for Galaxy Digital

This table displays calculated financial ratios and metrics derived from Galaxy Digital's official financial filings.

Metric 2023 2024 2025
Period end date 12/31/2023 12/31/2024 12/31/2025
DEI Shares Outstanding		 0.00 0.00 390,610,330.00
DEI Adjusted Shares Outstanding		 0.00 0.00 390,610,330.00
DEI Earnings Per Adjusted Shares Outstanding		 0.00 0.00 -0.74
Growth Metrics		 - - -
Revenue Growth		 0.00% -58.09% 40.22%
EBITDA Growth		 0.00% -55.31% -143.53%
EBIT Growth		 0.00% -59.44% -158.64%
NOPAT Growth		 0.00% -52.89% -130.53%
Net Income Growth		 0.00% -17.27% -169.61%
EPS Growth		 0.00% 40.00% -172.62%
Operating Cash Flow Growth		 0.00% -4,927.68% -54.40%
Free Cash Flow Firm Growth		 0.00% 0.00% -59.43%
Invested Capital Growth		 0.00% 0.00% 105.58%
Revenue Q/Q Growth		 0.00% 0.00% 0.00%
EBITDA Q/Q Growth		 0.00% 0.00% 0.00%
EBIT Q/Q Growth		 0.00% 0.00% 0.00%
NOPAT Q/Q Growth		 0.00% 0.00% 0.00%
Net Income Q/Q Growth		 0.00% 0.00% 0.00%
EPS Q/Q Growth		 0.00% 0.00% 0.00%
Operating Cash Flow Q/Q Growth		 0.00% 0.00% 0.00%
Free Cash Flow Firm Q/Q Growth		 0.00% 0.00% 0.00%
Invested Capital Q/Q Growth		 0.00% 0.00% 112.76%
Profitability Metrics		 - - -
Gross Margin		 99.79% 99.39% 99.51%
EBITDA Margin		 0.87% 0.93% -0.29%
Operating Margin		 0.86% 0.89% -0.29%
EBIT Margin		 0.85% 0.82% -0.34%
Profit (Net Income) Margin		 0.80% 1.58% -0.79%
Tax Burden Percent		 171.46% 210.27% 178.33%
Interest Burden Percent		 54.99% 91.46% 128.02%
Effective Tax Rate		 3.26% -5.14% 0.00%
Return on Invested Capital (ROIC)		 0.00% 56.70% -5.66%
ROIC Less NNEP Spread (ROIC-NNEP)		 0.00% -19.04% 82.16%
Return on Net Nonoperating Assets (RNNOA)		 0.00% 6.50% -12.80%
Return on Equity (ROE)		 0.00% 63.20% -18.46%
Cash Return on Invested Capital (CROIC)		 0.00% -143.30% -74.77%
Operating Return on Assets (OROA)		 0.00% 5.06% -2.29%
Return on Assets (ROA)		 0.00% 9.74% -5.23%
Return on Common Equity (ROCE)		 0.00% 63.20% -14.65%
Return on Equity Simple (ROE_SIMPLE)		 0.00% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 869 410 -125
NOPAT Margin		 0.83% 0.94% -0.20%
Net Nonoperating Expense Percent (NNEP)		 0.00% 75.74% -87.82%
Return On Investment Capital (ROIC_SIMPLE)		 - 11.54% -2.10%
Cost of Revenue to Revenue		 0.21% 0.61% 0.49%
SG&A Expenses to Revenue		 0.11% 0.82% 0.50%
R&D to Revenue		 0.00% 0.00% 0.00%
Operating Expenses to Revenue		 98.93% 98.50% 99.80%
Earnings before Interest and Taxes (EBIT)		 889 361 -211
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 912 407 -177
Valuation Ratios		 - - -
Price to Book Value (P/BV)		 0.00 0.00 4.19
Price to Tangible Book Value (P/TBV)		 0.00 0.00 4.40
Price to Revenue (P/Rev)		 0.00 0.00 0.13
Price to Earnings (P/E)		 0.00 0.00 0.00
Dividend Yield		 0.00% 0.00% 0.00%
Earnings Yield		 0.00% 0.00% 0.00%
Enterprise Value to Invested Capital (EV/IC)		 0.00 0.00 3.10
Enterprise Value to Revenue (EV/Rev)		 0.00 0.00 0.15
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 0.00 0.00
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 0.00
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 0.00 0.00
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00
Leverage & Solvency		 - - -
Debt to Equity		 0.00 0.62 0.96
Long-Term Debt to Equity		 0.00 0.39 0.80
Financial Leverage		 0.00 -0.34 -0.16
Leverage Ratio		 0.00 3.24 3.53
Compound Leverage Factor		 0.00 2.97 4.52
Debt to Total Capital		 0.00% 38.19% 48.98%
Short-Term Debt to Total Capital		 0.00% 14.39% 8.09%
Long-Term Debt to Total Capital		 0.00% 23.81% 40.89%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 18.14%
Common Equity to Total Capital		 0.00% 61.81% 32.88%
Debt to EBITDA		 0.00 3.33 -16.43
Net Debt to EBITDA		 0.00 -1.84 0.37
Long-Term Debt to EBITDA		 0.00 2.07 -13.71
Debt to NOPAT		 0.00 3.31 -23.31
Net Debt to NOPAT		 0.00 -1.83 0.52
Long-Term Debt to NOPAT		 0.00 2.06 -19.46
Altman Z-Score		 0.00 0.00 6.32
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 20.64%
Liquidity Ratios		 - - -
Current Ratio		 0.00 1.51 1.60
Quick Ratio		 0.00 0.62 0.68
Cash Flow Metrics		 - - -
Free Cash Flow to Firm (FCFF)		 0.00 -1,035 -1,650
Operating Cash Flow to CapEx		 -9.07% -365.75% -26.81%
Free Cash Flow to Firm to Interest Expense		 0.00 -33.60 -27.85
Operating Cash Flow to Interest Expense		 -0.15 -6.66 -5.34
Operating Cash Flow Less CapEx to Interest Expense		 -1.80 -8.48 -25.28
Efficiency Ratios		 - - -
Asset Turnover		 0.00 6.15 6.64
Accounts Receivable Turnover		 0.00 791.58 1,374.29
Inventory Turnover		 0.00 0.00 0.00
Fixed Asset Turnover		 0.00 184.60 73.92
Accounts Payable Turnover		 0.00 0.94 1.07
Days Sales Outstanding (DSO)		 0.00 0.46 0.27
Days Inventory Outstanding (DIO)		 0.00 0.00 0.00
Days Payable Outstanding (DPO)		 0.00 386.91 340.33
Cash Conversion Cycle (CCC)		 0.00 -386.45 -340.06
Capital & Investment Metrics		 - - -
Invested Capital		 0.00 1,445 2,970
Invested Capital Turnover		 0.00 60.58 27.80
Increase / (Decrease) in Invested Capital		 0.00 1,445 1,525
Enterprise Value (EV)		 0.00 0.00 9,209
Market Capitalization		 0.00 0.00 8,194
Book Value per Share		 $0.00 $18.16 $5.01
Tangible Book Value per Share		 $0.00 $17.50 $4.77
Total Capital		 0.00 3,550 5,948
Total Debt		 0.00 1,356 2,914
Total Long-Term Debt		 0.00 845 2,433
Net Debt		 0.00 -750 -65
Capital Expenditures (CapEx)		 45 56 1,181
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 0.00 1,207 1,730
Debt-free Net Working Capital (DFNWC)		 0.00 2,504 3,686
Net Working Capital (NWC)		 0.00 1,993 3,204
Net Nonoperating Expense (NNE)		 31 -284 358
Net Nonoperating Obligations (NNO)		 0.00 -750 -65
Total Depreciation and Amortization (D&A)		 23 47 34
Debt-free, Cash-free Net Working Capital to Revenue		 0.00% 2.76% 2.82%
Debt-free Net Working Capital to Revenue		 0.00% 5.72% 6.01%
Net Working Capital to Revenue		 0.00% 4.55% 5.22%
Earnings Adjustments		 - - -
Adjusted Basic Earnings per Share		 $0.00 $0.00 ($0.53)
Adjusted Weighted Average Basic Shares Outstanding		 0.00 0.00 159.20M
Adjusted Diluted Earnings per Share		 $0.00 $0.00 ($0.61)
Adjusted Weighted Average Diluted Shares Outstanding		 0.00 0.00 366.48M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 0.00 0.00 389.10M
Normalized Net Operating Profit after Tax (NOPAT)		 1,060 505 403
Normalized NOPAT Margin		 1.01% 1.15% 0.66%
Pre Tax Income Margin		 0.47% 0.75% -0.44%
Debt Service Ratios		 - - -
EBIT to Interest Expense		 32.58 11.71 -3.57
NOPAT to Interest Expense		 31.86 13.30 -2.11
EBIT Less CapEx to Interest Expense		 30.93 9.89 -23.51
NOPAT Less CapEx to Interest Expense		 30.22 11.48 -22.05
Payout Ratios		 - - -
Dividend Payout Ratio		 2.67% 7.97% -10.22%
Augmented Payout Ratio		 2.67% 7.97% -10.22%

Quarterly Metrics And Ratios for Galaxy Digital

This table displays calculated financial ratios and metrics derived from Galaxy Digital's official financial filings.

Metric Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
DEI Shares Outstanding		 - - - 0.00 - - - 390,610,330.00 389,096,394.00
DEI Adjusted Shares Outstanding		 - - - 0.00 - - - 390,610,330.00 389,096,394.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - 0.00 - - - -1.31 -0.24
Growth Metrics		 - - - - - - - - -
Revenue Growth		 0.00% 0.00% 0.00% 0.00% 0.00% 2.17% 226.00% -8.72% -20.56%
EBITDA Growth		 0.00% 0.00% 0.00% 0.00% 1,359,200.00% 156.07% 2,787.02% -244.86% 23.18%
EBIT Growth		 0.00% 0.00% 0.00% 0.00% 100.00% 142.53% 1,740.62% -249.57% 24.52%
NOPAT Growth		 0.00% 0.00% 0.00% 0.00% 100.00% 242.70% 2,407.85% -217.29% 42.37%
Net Income Growth		 0.00% 0.00% 0.00% 0.00% 100.00% 124.44% 1,615.32% -219.48% 26.78%
EPS Growth		 0.00% 0.00% 0.00% 0.00% 0.00% 121.62% 1,110.00% 0.00% 43.02%
Operating Cash Flow Growth		 0.00% 0.00% 0.00% 0.00% 15,941,400.00% -23.23% 981.14% -184.16% -152.28%
Free Cash Flow Firm Growth		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% -1,285.87%
Invested Capital Growth		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 105.58% 0.00%
Revenue Q/Q Growth		 0.00% 0.00% -1.72% 200.50% 0.00% 0.00% 213.60% -15.86% -57.26%
EBITDA Q/Q Growth		 0.00% -11,214,300.00% 81.18% 2,785.26% 0.00% 362.67% 801.73% -244.77% 74.28%
EBIT Q/Q Growth		 0.00% -13,259,900.00% 74.28% 1,721.86% 0.00% 0.00% 892.21% -247.86% 73.78%
NOPAT Q/Q Growth		 0.00% -13,163,800.00% 75.66% 2,542.90% 0.00% 0.00% 293.58% -224.15% 76.28%
Net Income Q/Q Growth		 0.00% -12,559,500.00% 73.46% 2,657.37% 0.00% 0.00% 1,545.62% -301.65% 78.76%
EPS Q/Q Growth		 0.00% 0.00% 72.97% 0.00% 0.00% 0.00% 1,162.50% 0.00% 0.00%
Operating Cash Flow Q/Q Growth		 0.00% 22,127,200.00% -121.93% -678.44% 0.00% 6.56% 151.75% -351.04% 92.24%
Free Cash Flow Firm Q/Q Growth		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 30.47% -146.80% -69.05%
Invested Capital Q/Q Growth		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.08% 112.76% 18.26%
Profitability Metrics		 - - - - - - - - -
Gross Margin		 0.00% 99.31% 99.34% 99.44% 0.00% 99.28% 99.70% 99.37% 99.18%
EBITDA Margin		 0.00% -1.27% -0.24% 2.16% 0.00% 0.69% 2.00% -3.43% -2.07%
Operating Margin		 0.00% -1.49% -0.37% 2.11% 0.00% 1.99% 1.97% -3.84% -2.13%
EBIT Margin		 0.00% -1.50% -0.39% 2.11% 0.00% 0.62% 1.97% -3.46% -2.12%
Profit (Net Income) Margin		 0.00% -1.42% -0.38% 3.26% 0.00% 0.34% 1.78% -4.26% -2.12%
Tax Burden Percent		 100.00% 89.94% 80.87% 166.92% 0.00% 72.79% 92.64% 118.69% 92.22%
Interest Burden Percent		 100.00% 105.31% 120.83% 92.30% 0.00% 74.75% 97.42% 103.70% 108.10%
Effective Tax Rate		 0.00% 0.00% 0.00% 0.98% 0.00% 27.21% 7.36% 0.00% 0.00%
Return on Invested Capital (ROIC)		 0.00% 0.00% 0.00% 63.38% 0.00% 0.00% 0.00% -74.74% -49.88%
ROIC Less NNEP Spread (ROIC-NNEP)		 0.00% 0.00% 0.00% 22.75% 0.00% 0.00% 0.00% 17.56% -67.31%
Return on Net Nonoperating Assets (RNNOA)		 0.00% 0.00% 0.00% -7.77% 0.00% 0.00% 0.00% -2.74% -17.77%
Return on Equity (ROE)		 0.00% 0.00% 0.00% 55.60% 0.00% 0.00% 0.00% -77.47% -67.65%
Cash Return on Invested Capital (CROIC)		 0.00% 0.00% 0.00% -71.65% 0.00% 0.00% 0.00% -74.77% -200.74%
Operating Return on Assets (OROA)		 0.00% 0.00% 0.00% 12.99% 0.00% 0.00% 0.00% -23.01% -24.97%
Return on Assets (ROA)		 0.00% 0.00% 0.00% 20.01% 0.00% 0.00% 0.00% -28.32% -24.89%
Return on Common Equity (ROCE)		 0.00% 0.00% 0.00% 55.60% 0.00% 0.00% 0.00% -61.49% -44.11%
Return on Equity Simple (ROE_SIMPLE)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 -0.00 -92 -22 548 0.00 131 518 -643 -152
NOPAT Margin		 0.00% -1.04% -0.26% 2.09% 0.00% 1.45% 1.82% -2.69% -1.49%
Net Nonoperating Expense Percent (NNEP)		 0.00% 0.00% 0.00% 40.62% 0.00% -16.40% -1.40% -92.30% 17.43%
Return On Investment Capital (ROIC_SIMPLE)		 - - - 15.43% 0.00% 3.56% 11.15% -10.80% -2.57%
Cost of Revenue to Revenue		 0.00% 0.69% 0.66% 0.56% 0.00% 0.72% 0.30% 0.63% 0.82%
SG&A Expenses to Revenue		 0.00% 0.49% 0.49% 0.00% 0.00% 0.59% 0.30% 0.00% 0.45%
R&D to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Expenses to Revenue		 0.00% 100.79% 99.71% 97.33% 0.00% 97.29% 97.73% 103.21% 101.31%
Earnings before Interest and Taxes (EBIT)		 -0.00 -133 -34 553 0.00 56 560 -827 -217
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 -0.00 -112 -21 567 14 63 567 -821 -211
Valuation Ratios		 - - - - - - - - -
Price to Book Value (P/BV)		 0.00 0.00 0.00 0.00 0.00 5.40 4.25 4.19 3.98
Price to Tangible Book Value (P/TBV)		 0.00 0.00 0.00 0.00 0.00 5.65 4.56 4.40 4.16
Price to Revenue (P/Rev)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.13 0.12
Price to Earnings (P/E)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Dividend Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Enterprise Value to Invested Capital (EV/IC)		 0.00 0.00 0.00 0.00 0.00 5.76 5.10 3.10 2.54
Enterprise Value to Revenue (EV/Rev)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.15 0.15
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Leverage & Solvency		 - - - - - - - - -
Debt to Equity		 0.00 0.00 0.00 0.62 0.00 0.41 0.46 0.96 1.13
Long-Term Debt to Equity		 0.00 0.00 0.00 0.39 0.00 0.28 0.36 0.80 0.95
Financial Leverage		 0.00 0.00 0.00 -0.34 -1.00 -0.47 -0.56 -0.16 0.26
Leverage Ratio		 0.00 0.00 0.00 3.24 1.00 3.46 3.63 3.53 3.60
Compound Leverage Factor		 0.00 0.00 0.00 2.99 0.00 2.59 3.54 3.66 3.89
Debt to Total Capital		 0.00% 0.00% 0.00% 38.19% 0.00% 29.04% 31.62% 48.98% 53.08%
Short-Term Debt to Total Capital		 0.00% 0.00% 0.00% 14.39% 0.00% 9.42% 6.83% 8.09% 8.74%
Long-Term Debt to Total Capital		 0.00% 0.00% 0.00% 23.81% 0.00% 19.62% 24.79% 40.89% 44.34%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 30.23% 30.39% 18.14% 16.33%
Common Equity to Total Capital		 0.00% 0.00% 0.00% 61.81% 100.00% 40.73% 37.98% 32.88% 30.60%
Debt to EBITDA		 0.00 0.00 0.00 3.33 0.00 0.00 0.00 -16.43 -27.66
Net Debt to EBITDA		 0.00 0.00 0.00 -1.84 0.00 0.00 0.00 0.37 -6.46
Long-Term Debt to EBITDA		 0.00 0.00 0.00 2.07 0.00 0.00 0.00 -13.71 -23.10
Debt to NOPAT		 0.00 0.00 0.00 3.31 0.00 0.00 0.00 -23.31 -242.35
Net Debt to NOPAT		 0.00 0.00 0.00 -1.83 0.00 0.00 0.00 0.52 -56.57
Long-Term Debt to NOPAT		 0.00 0.00 0.00 2.06 0.00 0.00 0.00 -19.46 -202.46
Altman Z-Score		 0.00 0.00 0.00 0.00 0.00 1.08 1.01 6.14 6.78
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 42.60% 44.45% 20.64% 34.80%
Liquidity Ratios		 - - - - - - - - -
Current Ratio		 0.00 0.00 0.00 1.51 0.00 1.34 1.35 1.60 1.70
Quick Ratio		 0.00 0.00 0.00 0.62 0.00 0.53 0.59 0.68 0.72
Cash Flow Metrics		 - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 0.00 0.00 0.00 0.00 0.00 -1,263 -878 -2,168 -3,665
Operating Cash Flow to CapEx		 0.00% 744.12% -1,435.10% -1,458.35% 190.48% 55.73% 182.25% -192.39% -24.67%
Free Cash Flow to Firm to Interest Expense		 0.00 0.00 0.00 0.00 0.00 -88.71 -60.93 0.00 -208.50
Operating Cash Flow to Interest Expense		 0.00 31.43 -6.83 0.00 0.00 11.93 29.67 0.00 -4.74
Operating Cash Flow Less CapEx to Interest Expense		 0.00 27.21 -7.31 0.00 0.00 -9.48 13.39 0.00 -23.97
Efficiency Ratios		 - - - - - - - - -
Asset Turnover		 0.00 0.00 0.00 6.15 0.00 0.00 0.00 6.64 11.75
Accounts Receivable Turnover		 0.00 0.00 0.00 791.58 0.00 0.00 0.00 1,374.29 0.00
Inventory Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Fixed Asset Turnover		 0.00 0.00 0.00 184.60 0.00 0.00 0.00 73.92 0.00
Accounts Payable Turnover		 0.00 0.00 0.00 0.94 0.00 0.00 0.00 1.07 0.00
Days Sales Outstanding (DSO)		 0.00 0.00 0.00 0.46 0.00 0.00 0.00 0.27 0.00
Days Inventory Outstanding (DIO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Payable Outstanding (DPO)		 0.00 0.00 0.00 386.91 0.00 0.00 0.00 340.33 0.00
Cash Conversion Cycle (CCC)		 0.00 0.00 0.00 -386.45 0.00 0.00 0.00 -340.06 0.00
Capital & Investment Metrics		 - - - - - - - - -
Invested Capital		 0.00 0.00 0.00 1,445 0.00 1,395 1,396 2,970 3,512
Invested Capital Turnover		 0.00 0.00 0.00 30.29 0.00 0.00 0.00 27.80 33.43
Increase / (Decrease) in Invested Capital		 0.00 0.00 0.00 0.00 0.00 1,395 1,396 1,525 3,512
Enterprise Value (EV)		 0.00 0.00 0.00 0.00 0.00 8,029 7,121 9,209 8,905
Market Capitalization		 0.00 0.00 0.00 0.00 0.00 8,141 7,488 8,194 7,204
Book Value per Share		 $0.00 $0.00 $0.00 $18.16 $0.00 $4.34 $4.68 $5.01 $4.66
Tangible Book Value per Share		 $0.00 $0.00 $0.00 $17.50 $0.00 $4.16 $4.37 $4.77 $4.45
Total Capital		 0.00 0.00 0.00 3,550 0.00 3,698 4,640 5,948 5,922
Total Debt		 0.00 0.00 0.00 1,356 0.00 1,074 1,467 2,914 3,143
Total Long-Term Debt		 0.00 0.00 0.00 845 0.00 726 1,150 2,433 2,626
Net Debt		 0.00 0.00 0.00 -750 -0.00 -1,229 -1,776 -65 734
Capital Expenditures (CapEx)		 0.00 30 3.38 26 84 305 235 558 338
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 0.00 0.00 0.00 1,207 0.00 794 652 1,730 1,839
Debt-free Net Working Capital (DFNWC)		 0.00 0.00 0.00 2,504 0.00 2,234 2,644 3,686 3,373
Net Working Capital (NWC)		 0.00 0.00 0.00 1,993 0.00 1,885 2,327 3,204 2,856
Net Nonoperating Expense (NNE)		 0.00 33 11 -305 0.00 101 12 376 64
Net Nonoperating Obligations (NNO)		 0.00 0.00 0.00 -750 -0.00 -1,229 -1,776 -65 734
Total Depreciation and Amortization (D&A)		 0.00 20 13 13 14 6.48 7.40 6.60 5.84
Debt-free, Cash-free Net Working Capital to Revenue		 0.00% 0.00% 0.00% 2.76% 0.00% 0.00% 0.00% 2.82% 3.13%
Debt-free Net Working Capital to Revenue		 0.00% 0.00% 0.00% 5.72% 0.00% 0.00% 0.00% 6.01% 5.74%
Net Working Capital to Revenue		 0.00% 0.00% 0.00% 4.55% 0.00% 0.00% 0.00% 5.22% 4.86%
Earnings Adjustments		 - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.10 $1.19 $0.00 ($0.48)
Adjusted Weighted Average Basic Shares Outstanding		 0.00 0.00 0.00 120.85M 346.77M 143.10M 174.71M 159.20M 192.07M
Adjusted Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.08 $1.01 $0.00 ($0.49)
Adjusted Weighted Average Diluted Shares Outstanding		 0.00 0.00 0.00 356.72M 346.77M 371.72M 221.46M 366.48M 390.48M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 0.00 0.00 0.00 0.00 346.77M 376.29M 390.61M 389.10M 389.90M
Normalized Net Operating Profit after Tax (NOPAT)		 -0.00 -52 54 548 0.00 224 701 -643 47
Normalized NOPAT Margin		 0.00% -0.59% 0.61% 2.09% 0.00% 2.48% 2.47% -2.69% 0.46%
Pre Tax Income Margin		 0.00% -1.58% -0.47% 1.95% 0.00% 0.47% 1.92% -3.59% -2.30%
Debt Service Ratios		 - - - - - - - - -
EBIT to Interest Expense		 0.00 -18.84 -4.80 0.00 0.00 3.96 38.82 0.00 -12.35
NOPAT to Interest Expense		 0.00 -13.09 -3.16 0.00 0.00 9.23 35.90 0.00 -8.67
EBIT Less CapEx to Interest Expense		 0.00 -23.06 -5.28 0.00 0.00 -17.44 22.54 0.00 -31.57
NOPAT Less CapEx to Interest Expense		 0.00 -17.31 -3.63 0.00 0.00 -12.17 19.62 0.00 -27.89
Payout Ratios		 - - - - - - - - -
Dividend Payout Ratio		 0.00% 0.00% 0.00% 7.97% 0.00% 0.00% 0.00% -10.22% -9.88%
Augmented Payout Ratio		 0.00% 0.00% 0.00% 7.97% 0.00% 0.00% 0.00% -10.22% -9.88%

Financials Breakdown Chart

Key Financial Trends

Galaxy Digital’s recent financials show a company with very large revenue swings, improving profitability in some quarters, but also meaningful balance sheet leverage and highly variable cash generation. Over the last four quarters, results have been extremely uneven, which is not unusual for a crypto- and trading-exposed business, but it does make quarter-to-quarter comparisons especially important.

  • Q1 2026 revenue remained very strong at $10.2 billion, showing the business is still generating substantial top-line activity despite the drop from Q4 2025’s unusually high $23.9 billion.
  • Q1 2026 operating income was positive at $217.7 million, a sharp improvement versus the losses seen in Q4 2025 and earlier periods.
  • Q3 2025 was a standout quarter with operating income of $558.7 million and net income attributable to common shareholders of $208.5 million, showing Galaxy can produce strong profits in favorable market conditions.
  • Liquidity appears solid on the surface, with $910.7 million in cash and equivalents and $623.6 million in short-term investments at Q1 2026.
  • Total assets were nearly $10.0 billion in Q1 2026, supported by sizable note and lease receivables, investments, and a large current asset base.
  • Cash flow from operations improved materially in 2025 before weakening again: Galaxy generated $427.7 million in operating cash flow in Q3 2025, but posted a negative $1.07 billion in Q4 2025 and negative $83.3 million in Q1 2026.
  • Revenue and earnings remain highly volatile, with quarterly revenue ranging from $9.1 billion in Q2 2025 to $28.4 billion in Q3 2025 and $23.9 billion in Q4 2025, then down to $10.2 billion in Q1 2026.
  • The company continues to generate large non-operating swings, including other operating expenses/income that materially affect quarterly results and make underlying performance harder to read.
  • Q1 2026 net loss was sizable at $216.3 million, and loss attributable to common shareholders was $94.5 million.
  • Leverage is still significant, with $517.3 million in short-term debt and $2.63 billion in long-term debt at Q1 2026, against total equity of $1.81 billion.
  • Current liabilities are heavy at $4.08 billion in Q1 2026, which is large relative to current assets and suggests the balance sheet needs to be monitored closely.
  • Investing cash outflows remain substantial, including $337.9 million for property and equipment and $274.7 million for investments in Q1 2026, which can pressure cash if operating performance weakens.

Bottom line: Galaxy Digital has demonstrated it can earn meaningful profits and generate strong cash flow in the right quarter, but the business is still characterized by major volatility, heavy operating swings, and a leveraged balance sheet. For retail investors, this looks like a high-risk, high-cyclicality name where market conditions may drive results more than steady operating execution.

06/05/26 07:15 PM ETAI Generated. May Contain Errors.

Galaxy Digital Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Galaxy Digital's financial year ends in December. Their financial year 2025 ended on December 31, 2025.

Galaxy Digital's net income appears to be on a downward trend, with a most recent value of -$482.70 million in 2025, falling from $838.20 million in 2023. The previous period was $693.44 million in 2024. See where experts think Galaxy Digital is headed by visiting Galaxy Digital's forecast page.

Galaxy Digital's total operating income in 2025 was -$178.59 million, based on the following breakdown:
  • Total Gross Profit: $61.06 billion
  • Total Operating Expenses: $61.23 billion

Over the last 2 years, Galaxy Digital's total revenue changed from $104.42 billion in 2023 to $61.36 billion in 2025, a change of -41.2%.

Galaxy Digital's total liabilities were at $8.31 billion at the end of 2025, a 68.8% increase from 2024, and a 68.8% increase since 2024.

In the past 1 years, Galaxy Digital's cash and equivalents has ranged from $462.10 million in 2024 to $1.25 billion in 2025, and is currently $1.25 billion as of their latest financial filing in 2025.

Over the last 2 years, Galaxy Digital's book value per share changed from 0.00 in 2023 to 5.01 in 2025, a change of 500.7%.


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Financial statements for NASDAQ:GLXY last updated on 5/12/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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