iShares Ethereum Trust ETF Financials
This page shows iShares Ethereum Trust ETF (ETHA) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 2 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Results are dominated by below-the-line swings, while cash demands are almost entirely met through financing flows.
In FY2024 and FY2025, operating losses of just-$889K and-$18.4M sat beside net results of$34.4M and-$2.3B , so the bottom line is being set mainly by items below operating income rather than by recurring operations. FY2025 also showed-$8.9B of operating cash flow nearly matched by$8.9B of financing cash flow, meaning cash usage was externally funded instead of internally generated.
With 441.5M shares outstanding in FY2025 and near-offsetting cash flow lines, scale appears to come from capital activity more than from a self-funding operating model. That makes the reported operating loss a weak guide to economic performance on its own, because much larger below-the-line swings dominate reported results.
Some figures from recent filings were inconsistent and were omitted from this summary.
Financial Health Signals
For every $1 of reported earnings, iShares Ethereum Trust ETF generates $3.84 in operating cash flow (-$8.9B OCF vs -$2.3B net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
Key Financial Metrics
Earnings & Revenue
iShares Ethereum Trust ETF reported -$2.3B in net income in fiscal year 2025. This represents a decrease of 6827.4% from the prior year.
Cash & Balance Sheet
iShares Ethereum Trust ETF had 441M shares outstanding in fiscal year 2025.
Margins & Returns
Capital Allocation
ETHA Income Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|
| Revenue | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Cost of Revenue | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Gross Profit | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Income | -$5.0M | N/A | -$7.7M-582.1% | -$1.1M+9.3% | -$1.2M | N/A | -$172K |
| Interest Expense | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Income Tax | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Net Income | -$3.0B | N/A | $3.6B+368.3% | $759.5M+139.3% | -$1.9B | N/A | -$138.7M |
| EPS (Diluted) | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
ETHA Cash Flow Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $726.8M-18.3% | $890.0M+111.4% | -$7.8B-440.0% | -$1.4B-163.2% | -$548.6M+76.9% | -$2.4B-105.6% | -$1.2B |
| Capital Expenditures | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Free Cash Flow | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Investing Cash Flow | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Financing Cash Flow | -$726.8M+18.3% | -$890.0M-111.4% | $7.8B+440.0% | $1.4B+163.2% | $548.6M-76.9% | $2.4B+105.6% | $1.2B |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A |