EPS (Diluted)Not reportedfor the trailing 12 months
Operating Cash Flow$1.4BFY2025 annual
Source SEC Filings (10-K/10-Q)Latest period Q2 FY2026, ended Jun 30, 2026ReportedCurrency USDFYE December
Newest figures come from the 10-Q for Q2 FY2026, filed Aug 7, 2026.
Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the ETHE SEC filings page.
This page shows Grayscale Ethereum Staking ETF Shares (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).
Rhea AIETHEFY2025
The fund’s reported results are dominated by asset-value movements, with $2.7B of FY2025 assets versus $6.8B in FY2023.
Net income swung sharply from a $3.1B profit in FY2023 to a $618.8M loss in FY2025. Assets also contracted from $6.8B to $2.7B, linking reported earnings more closely to changes in the investment vehicle’s holdings than to recurring operating sales.
FY2025 reported liabilities were only $2.3M against $2.7B of assets. That minimal liability base means conventional operating leverage contributes little to explaining the fund’s year-to-year results.
In FY2024, operating cash flow of $3.6B was exactly offset by financing cash flow of -$3.6B; FY2025 shows the same structure at $1.4B in each direction. This suggests reported cash movements were largely being passed through or redistributed rather than retained as operating cash, while share counts also fell materially across the period.
Financial Health Signals
Financial health score not available
Grayscale Ethereum Staking ETF Shares does not currently provide enough eligible data for a peer-relative financial health score, so none is published. The signals and metrics below are current.
Piotroski F-ScorePartial
3/5
Grayscale Ethereum Staking ETF Shares passes 3 of 5 computable financial strength tests (4 of the nine could not be computed from available data). 2 of 4 profitability signals pass, all 1 leverage/liquidity signals pass.
Earnings QualityMixed
N/A
Grayscale Ethereum Staking ETF Shares reported a net loss of $618.8M while generating $1.4B in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, the ratio between the two carries no quality signal.
Grayscale Ethereum Staking ETF Shares reported -$402.5M in net income in Q2 2026. This represents a decrease of 153.4% from the same quarter a year earlier. Against the prior quarter it is up 48.1%.
Revenue
Not reported for Q2 2026.
EBITDA
Not reported for Q2 2026.
EPS (Diluted)
Not reported for Q2 2026.
Cash & Balance Sheet
Shares Outstanding
95M
YoY-31.1%
QoQ-5.9%
5Y CAGR-21.1%
Grayscale Ethereum Staking ETF Shares had 95M shares outstanding in Q2 2026. This represents a decrease of 31.1% from the same quarter a year earlier. Against the prior quarter it is down 5.9%.
Free Cash Flow
Not reported for Q2 2026.
Cash & Debt
Not reported for Q2 2026.
Dividends Per Share
Not reported for Q2 2026.
Margins & Returns
Return on Equity
-32.9%
YoY-59.5pp
QoQ+10.5pp
Grayscale Ethereum Staking ETF Shares's ROE was -32.9% in Q2 2026, measuring profit generated per dollar of shareholder equity. This is down 59.5 percentage points from the same quarter a year earlier. Against the prior quarter it is up 10.5 percentage points.
Gross Margin
Not reported for Q2 2026.
Operating Margin
Not reported for Q2 2026.
Net Margin
Not reported for Q2 2026.
Capital Allocation
None of these metrics is reported for Q2 2026.
ETHE Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
Not reported in any period shown, so not listed: Revenue, Cost of Revenue, Gross Profit, R&D Expenses, SG&A Expenses, Operating Income, EBITDA, Interest Expense, Income Tax, EPS (Basic), EPS (Diluted), Diluted Shares (Avg).
Not reported in any period shown, so not listed: Revenue, Cost of Revenue, Gross Profit, R&D Expenses, SG&A Expenses, Operating Income, EBITDA, Interest Expense, Income Tax, EPS (Basic), EPS (Diluted), Diluted Shares (Avg).
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
ETHE Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
Not reported in any period shown, so not listed: Current Assets, Cash & Equivalents, Short-Term Investments, Inventory, Accounts Receivable, Long-Term Investments, Goodwill, Current Liabilities, Non-Current Liabilities, Long-Term Debt, Retained Earnings.
Not reported in any period shown, so not listed: Current Assets, Cash & Equivalents, Short-Term Investments, Inventory, Accounts Receivable, Long-Term Investments, Goodwill, Current Liabilities, Non-Current Liabilities, Long-Term Debt, Retained Earnings.
ETHE Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
Not reported in any period shown, so not listed: Depreciation & Amortization, Stock-Based Compensation, Capital Expenditures, Free Cash Flow, Investing Cash Flow, Dividends Paid.
Not reported in any period shown, so not listed: Depreciation & Amortization, Stock-Based Compensation, Capital Expenditures, Free Cash Flow, Investing Cash Flow, Dividends Paid.
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
ETHE Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
Is Grayscale Ethereum Staking ETF Shares profitable?
No, Grayscale Ethereum Staking ETF Shares (ETHE) reported a net income of -$618.8M in fiscal year 2025.
What is Grayscale Ethereum Staking ETF Shares's return on equity (ROE)?
Grayscale Ethereum Staking ETF Shares (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 Shares's operating cash flow?
Grayscale Ethereum Staking ETF Shares (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 Shares's total assets?
Grayscale Ethereum Staking ETF Shares (ETHE) had $2.7B in total assets as of fiscal year 2025, including both current and long-term assets.
Does Grayscale Ethereum Staking ETF Shares buy back shares?
Yes, Grayscale Ethereum Staking ETF Shares (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 Shares have outstanding?
Grayscale Ethereum Staking ETF Shares (ETHE) had 104M shares outstanding as of fiscal year 2025.
What is Grayscale Ethereum Staking ETF Shares's debt-to-equity ratio?
Grayscale Ethereum Staking ETF Shares (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 Shares's return on assets (ROA)?
Grayscale Ethereum Staking ETF Shares (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 Shares's Piotroski F-Score?
Grayscale Ethereum Staking ETF Shares (ETHE) has a Piotroski F-Score of 3 out of 5 computable signals; 4 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Grayscale Ethereum Staking ETF Shares's earnings high quality?
Grayscale Ethereum Staking ETF Shares (ETHE) reported a net loss of $618.8M while generating $1.4B in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, the ratio between the two carries no quality signal. 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.
