Grayscale Ethereum Staking ETF Financials
This page shows Grayscale Ethereum Staking ETF (ETHE) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 4 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).
Financial Health Signals
Grayscale Ethereum Staking ETF passes 3 of 9 financial strength tests. 2 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass.
For every $1 of reported earnings, Grayscale Ethereum Staking ETF generates $-2.29 in operating cash flow ($1.4B OCF vs -$618.8M net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.
Key Financial Metrics
Earnings & Revenue
Grayscale Ethereum Staking ETF reported -$618.8M in net income in fiscal year 2025. This represents a decrease of 123.9% from the prior year.
Cash & Balance Sheet
Grayscale Ethereum Staking ETF had 111M shares outstanding in fiscal year 2025. This represents a decrease of 34.4% from the prior year.
Margins & Returns
Grayscale Ethereum Staking ETF's ROE was -22.9% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 77.5 percentage points from the prior year.
Capital Allocation
Grayscale Ethereum Staking ETF spent $2.2B on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 40.8% from the prior year.
ETHE Income Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | N/A | 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 | N/A |
| Gross Profit | N/A | 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 | N/A |
| SG&A Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Income | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Interest Expense | N/A | 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 | N/A |
| Net Income | -$1.2B-166.6% | $1.8B+143.9% | $754.4M+138.0% | -$2.0B-273.9% | $1.1B+163.0% | -$1.8B-161.1% | -$695.3M-117.6% | $4.0B |
| EPS (Diluted) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
ETHE Balance Sheet
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $2.7B-38.9% | $4.4B+56.0% | $2.8B+27.6% | $2.2B-53.0% | $4.7B+9.4% | $4.3B-56.8% | $10.0B-6.5% | $10.7B |
| Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Cash & Equivalents | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Goodwill | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | $2.3M | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Current Liabilities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Equity | $2.7B-38.9% | $4.4B+56.0% | $2.8B+27.6% | $2.2B-53.0% | $4.7B+9.4% | $4.3B-56.8% | $10.0B-6.5% | $10.7B |
| Retained Earnings | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
ETHE Cash Flow Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $498.3M+102.0% | $246.7M+79.2% | $137.6M-74.1% | $532.3M-31.3% | $775.0M | N/A | N/A | N/A |
| Capital Expenditures | N/A | 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 | N/A |
| Investing Cash Flow | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Financing Cash Flow | -$498.3M-102.0% | -$246.7M-79.2% | -$137.6M+74.1% | -$532.3M+31.3% | -$775.0M | N/A | N/A | N/A |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | $719.0M+15.3% | $623.8M+206.2% | $203.7M-66.7% | $612.3M-22.5% | $789.7M | N/A | N/A | N/A |
ETHE Financial Ratios
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Net Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Return on Equity | -45.4%-86.9pp | 41.6%+15.0pp | 26.6%+116.0pp | -89.4%-113.5pp | 24.1%+66.1pp | -41.9%-35.0pp | -6.9%-43.9pp | 36.9% |
| Return on Assets | -45.3%-86.9pp | 41.6%+15.0pp | 26.6%+116.0pp | -89.4%-113.5pp | 24.1%+66.1pp | -41.9%-35.0pp | -6.9%-43.9pp | 36.9% |
| Current Ratio | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Debt-to-Equity | 0.000.0 | 0.000.0 | 0.000.0 | 0.000.0 | 0.000.0 | 0.000.0 | 0.000.0 | 0.00 |
| FCF Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
Frequently Asked Questions
Is Grayscale Ethereum Staking ETF profitable?
No, Grayscale Ethereum Staking ETF (ETHE) reported a net income of -$618.8M in fiscal year 2025.
What is Grayscale Ethereum Staking ETF's return on equity (ROE)?
Grayscale Ethereum Staking ETF (ETHE) has a return on equity of -22.9% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Grayscale Ethereum Staking ETF's operating cash flow?
Grayscale Ethereum Staking ETF (ETHE) generated $1.4B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Grayscale Ethereum Staking ETF's total assets?
Grayscale Ethereum Staking ETF (ETHE) had $2.7B in total assets as of fiscal year 2025, including both current and long-term assets.
Does Grayscale Ethereum Staking ETF buy back shares?
Yes, Grayscale Ethereum Staking ETF (ETHE) spent $2.2B on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.
How many shares does Grayscale Ethereum Staking ETF have outstanding?
Grayscale Ethereum Staking ETF (ETHE) had 111M shares outstanding as of fiscal year 2025.
What is Grayscale Ethereum Staking ETF's debt-to-equity ratio?
Grayscale Ethereum Staking ETF (ETHE) had a debt-to-equity ratio of 0.00 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Grayscale Ethereum Staking ETF's return on assets (ROA)?
Grayscale Ethereum Staking ETF (ETHE) had a return on assets of -22.9% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Grayscale Ethereum Staking ETF's Piotroski F-Score?
Grayscale Ethereum Staking ETF (ETHE) has a Piotroski F-Score of 3 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Grayscale Ethereum Staking ETF's earnings high quality?
Grayscale Ethereum Staking ETF (ETHE) has an earnings quality ratio of -2.29x, considered mixed quality. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.