Galaxy Digital (GLXY) Q3 2026 Earnings Report
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MX:GLXY Q3 2026 EPS Results
- Actual EPS
- MXN 15.60
- Consensus EPS
- MXN 5.32
- Beat/Miss
- Beat by +MXN 10.28
- One Year Ago EPS
- MXN 21.05
MX:GLXY Q3 2026 Revenue Results
- Actual Revenue
- MXN 163.27B
- Expected Revenue
- MXN 164.24B
- Beat/Miss
- Missed by -MXN 973.56M
- YoY Revenue Growth
- +741.56%
Earnings Announcement Details
- Quarter
- Q3 2026
- Date
- 10/27/2026
- Time
- Before Open
- Conference Call
- Tuesday, October 27, 2026
MX:GLXY Upcoming Earnings
Galaxy Digital's next earnings date is estimated for February 9, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
MX:GLXY Q3 2026 Earnings Call
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Q3 2026 Earnings Slide Deck
Q3 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call was strongly optimistic, supported by a sharp improvement in net income, adjusted gross profit, and adjusted EBITDA; growth in trading volumes, lending, AUM, staking assets, and AI investments; and the initial contribution from Helios. Management also emphasized a large data center pipeline, strong liquidity, and continued institutional demand. The main challenges were the delayed Helios II lease, Texas regulatory and ERCOT uncertainty, negative EBITDA in the digital assets segment, higher capital spending, the upcoming exchangeable note maturity, and stressed credit markets. Overall, the number and magnitude of the stated positive developments significantly outweighed the challenges.
Company Guidance
Galaxy expects approximately $80 million of leasing revenue per quarter from Helios Phase I and to exit 2027 at an annualized leasing revenue run rate of between $80 million to $150 million as Phase II comes online next year; Phase II will deliver an additional 260 megawatts of critical IT capacity, with data hall deliveries scheduled to begin in the second quarter of 27 and a significant portion of the remaining construction expenditures anticipated in the first half of 27. Galaxy expects additional sizable partner launches before year end, expects greater clarity on power allocation and anticipated energization timelines for certain projects in April 2027, and intends to pursue Phase III financing in the first half of 27 while Phase III is fully equity funded. Fund II is expected to reach a first close towards the end of Q4 with a fund target size of $250 million to $300 million, and Galaxy expects to roll out expanded brokerage capabilities in Q1 27.
- Strong Third-Quarter Financial ImprovementGalaxy reported third-quarter net income of $323 million, adjusted gross profit of $569 million, and adjusted EBITDA of $455 million, marking a sharp improvement from second-quarter performance.
- Operating Businesses Delivered Significant GrowthCombined adjusted gross profit from operating businesses was approximately $150 million, up more than 75% from $86 million in the prior quarter, while adjusted EBITDA increased to $60 million from approximately $1 million in Q2.
- Crypto Market Rebound Supported Client ActivityBitcoin was up more than 40% during the quarter, accompanied by improved sentiment and client activity. Galaxy's global markets business grew trading volumes and expanded client engagement.
- Global Markets Trading Volume and Profit GrowthDigital asset trading volumes grew 12% quarter over quarter while broader spot-market volumes declined. Global Markets adjusted gross profit increased to $53 million from $49 million in Q2, and management said Galaxy continued to gain market share.
- Lending Book ExpansionThe average loan book grew over 25% to approximately $1.8 billion, reflecting continued demand for Galaxy's financing solutions. Management also reported a 27% quarter-over-quarter increase in average loan book size and said it is developing structures to expand lending beyond its own balance sheet.
- Expansion of Digital Asset Financing and Trading CapabilitiesGalaxy expanded the Galaxy On-Chain Financing Rate, growth financing facility, loan syndication, collar lending, and structured financing capabilities. Its derivatives business also completed its first compute link derivatives transaction.
- Asset Management Product and AUM GrowthGalaxy launched the Galaxy-Sharplink On-Chain Yield Fund. SWEEP, an on-chain money market fund created with State Street Global Advisors, was approaching $300 million of AUM. Asset management and infrastructure solutions generated $19 million of adjusted gross profit versus $17 million in Q2, while AUM increased more than 30% to $5.9 billion, including growth of more than 40% in ETFs and 30% in alternatives.
- Galaxy Ventures Fund II Progress and Fund I ReturnsGalaxy Ventures was progressing toward a first close of Fund II expected toward the end of Q4, with a target size of $250 million to $300 million. Fund I was currently marked at 2.25 gross MOIC.
- Growth in Staking Assets and Institutional InflowsAssets under stake increased 64% in the quarter to $4.6 billion, driven primarily by appreciation in the underlying assets and supplemented by more than $400 million of gross new inflows in Q3 and subsequent to quarter end. Major ETF providers began delegating ETH and SOL stake to Galaxy's infrastructure.
- Helios Phase I Reached Full-Quarter Leasing MilestoneGalaxy generated approximately $80 million of leasing revenue per quarter from Helios Phase I. The quarter was the first full quarter of leasing revenue, and the data center business generated approximately $79 million of adjusted gross profit and $69 million of adjusted EBITDA.
- Helios Phase II Construction ProgressPhase II, which will deliver an additional 260 megawatts of critical IT capacity, is fully funded and under construction. Buildings and the supporting substation were progressing on schedule and within budget, with data hall deliveries scheduled to begin in the second quarter of 2027.
- Helios Leasing Demand and Secured Power PositionGalaxy expects to exit 2027 with an annualized leasing revenue run rate of between $80 million to $150 million based on current delivery schedules. Helios II has more than 800 megawatts of secured power and supporting infrastructure, while demand for capacity beginning in 2028 and beyond has strengthened.
- Large Texas Data Center Development PipelineFive Texas data center projects received conditional ERCOT batch zero classifications representing approximately 4.2 gigawatts of capacity. Caspian, Selene, and Helios III received study load classifications representing an additional 2.6 gigawatts of potential capacity. These classifications covered a substantial portion of Galaxy's broader development pipeline of more than 5.7 gigawatts.
- AI Investment Portfolio AppreciationGalaxy deployed more than $80 million across 11 portfolio companies through 17 investments, including SpaceX, Etched, Carta, TRM Labs, and Architect. The current unrealized mark to market on that pool of investments was 3.4x.
- Significant Investment Portfolio and Liquidity GainsThe treasury and corporate segment generated $419 million of adjusted gross profit versus a $42 million loss in Q2, driven primarily by appreciation across digital asset holdings and private investments. Net digital assets and investments increased nearly 50% from Q2 to approximately $1.7 billion, while cash, stablecoins, and treasury bills increased to approximately $4.9 billion from $2.5 billion, largely due to the $3.5 billion Helios Phase II financing.
- Share Repurchases and Capital FoundationGalaxy repurchased $200 million of shares year to date, including approximately $79 million during the third quarter, and announced an additional $200 million authorization. Repurchases more than offset dilution from equity-based compensation. The company ended the quarter with approximately $3 billion of book equity, with more than 80% allocated to operating businesses.
- AI and On-Chain Infrastructure ExpansionGalaxy continued investing in AI, digital infrastructure, technology, people, and regulatory capabilities. Management is pursuing partnerships with traditional financial institutions for tokenization, custody, staking, and other on-chain infrastructure, including its relationship with BNY, with the objective of building recurring platform-service revenue.
- Galaxy 1 Platform Growth and 2027 Product Road MapGalaxy 1 assets on platform had grown substantially to well north of $125 million. The company plans to roll out expanded brokerage capabilities across multiple asset classes in Q1 2027, including higher-end bespoke wealth-management-style products.
- Helios II Equipment ProcurementGalaxy had already committed approximately $230 million in deposits and purchase orders for future electrical infrastructure for Helios II, primarily focused on long-lead-time equipment.
- Phase III Equity Funding AvailableManagement said Phase I and Phase II were fully funded through completion and end of construction, while Phase III was fully equity funded through the project. Galaxy intends to pursue debt financing for Phase III in the first half of 2027, but said the equity financing already available had not changed.
MX:GLXY Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Feb 09, 2027 | 2026 (Q4) | -1.77- | -20.3 | ― | ― |
| Oct 27, 2026 | 2026 (Q3) | 5.3215.60 | 21.05 | -25.89% (-5.45) | |
| Aug 05, 2026 | 2026 (Q2) | -8.66-1.69 | 1.5 | -212.50% (-3.19) | |
| Apr 28, 2026 | 2026 (Q1) | -15.43-9.21 | -16.16 | 43.02% (+6.95) | |
| Feb 03, 2026 | 2025 (Q4) | -17.12-20.30 | 8.83 | -329.79% (-29.13) | |
| Oct 21, 2025 | 2025 (Q3) | 7.1021.05 | -3.01 | 800.00% (+24.05) | |
| Aug 05, 2025 | 2025 (Q2) | 1.501.50 | -9.77 | 115.38% (+11.28) |
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat Missed
