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).
An unlevered asset pool with results dominated by valuation swings and investor exits, not by conventional operating mechanics.
FY2025 produced a net loss of-$618.8M alongside positive operating cash flow of$1.41B . With liabilities at just$2.3M and shares outstanding still falling, the year looks driven more by portfolio and redemption mechanics than by balance-sheet stress or a cost structure that got out of hand.
Because liabilities stayed minimal across the recent period, the swing from FY2024 profit to FY2025 loss says more about equity value moving with the underlying holdings than about leverage changing the outcome. ROA moved from
The vehicle also became smaller in FY2025 as shares outstanding fell from 169.1M to 110.9M. Assets dropped from
Financial Health Signals
Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →
Health score ≠ stock price. This rates the quality of Grayscale Ethereum Staking ETF's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Grayscale Ethereum Staking ETF carries a low D/E ratio of 0.00, meaning only $0.00 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 100/100, indicating a strong balance sheet with room for future borrowing.
Grayscale Ethereum Staking ETF's ROE of -22.9% shows moderate profitability relative to equity, earning a score of 43/100. This is down from 54.6% the prior year.
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 | Q2'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| 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 | -$775.6M+36.8% | -$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 |
| EPS (Diluted) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
ETHE Balance Sheet
| Metric | Q2'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $1.8B-34.0% | $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 |
| 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 | $20K-99.1% | $2.3M | $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 | $1.8B-34.0% | $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 |
| Retained Earnings | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
ETHE Cash Flow Statement
| Metric | Q2'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | N/A | $498.3M+102.0% | $246.7M+79.2% | $137.6M-74.1% | $532.3M-31.3% | $775.0M | 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 | N/A | -$498.3M-102.0% | -$246.7M-79.2% | -$137.6M+74.1% | -$532.3M+31.3% | -$775.0M | N/A | N/A |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | N/A | $719.0M+15.3% | $623.8M+206.2% | $203.7M-66.7% | $612.3M-22.5% | $789.7M | N/A | N/A |
ETHE Financial Ratios
| Metric | Q2'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| 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 | -43.5%+1.9pp | -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% |
| Return on Assets | -43.5%+1.9pp | -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% |
| 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.
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 to 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.
How financially healthy is Grayscale Ethereum Staking ETF?
Grayscale Ethereum Staking ETF (ETHE) scores 24 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.