Invesco Galaxy Ethereum ETF Financials
This page shows Invesco Galaxy Ethereum ETF (QETH) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. All figures are derived from SEC filings (10-K and 10-Q reports).
An almost entirely equity-funded structure had to replace operating cash burn with financing inflows in FY2025.
With-$4.1M of operating cash outflow matched by$4.1M of financing inflow, FY2025 operations were funded externally rather than by the portfolio's own cash generation. Year-end cash at$0 and a net loss of-$1.8M show that reported earnings understated the cash needed to keep the structure running.
The balance sheet was nearly unlevered:
Some figures from recent filings were inconsistent and were omitted from this summary.
Financial Health Signals
We are recalculating Invesco Galaxy Ethereum ETF's peer-relative financial health score against the latest fiscal year. It will appear here once the refresh completes. The signals and metrics below are current.
For every $1 of reported earnings, Invesco Galaxy Ethereum ETF generates $2.26 in operating cash flow (-$4.1M OCF vs -$1.8M 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
Invesco Galaxy Ethereum ETF generated $0 in revenue in fiscal year 2025.
Invesco Galaxy Ethereum ETF reported -$1.8M in net income in fiscal year 2025.
Cash & Balance Sheet
Invesco Galaxy Ethereum ETF held $0 in cash against $0 in long-term debt as of fiscal year 2025.
Invesco Galaxy Ethereum ETF had 873,000 shares outstanding in fiscal year 2025.
Margins & Returns
Invesco Galaxy Ethereum ETF's ROE was -7.0% in fiscal year 2025, measuring profit generated per dollar of shareholder equity.
Capital Allocation
Invesco Galaxy Ethereum ETF spent $34.8M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding.
QETH Income Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $0 | N/A | $0 | $0 | $0 | N/A | $0 | 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 | -$14K | N/A | -$22K-87.9% | -$12K+6.5% | -$12K | N/A | -$6K | 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 | -$7.5M | N/A | $14.1M+154.8% | $5.5M+148.5% | -$11.4M | N/A | -$3.5M | N/A |
| EPS (Diluted) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
QETH Balance Sheet
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $18.9M-26.9% | $25.9M-33.7% | $39.0M+72.1% | $22.7M+64.9% | $13.7M-41.7% | $23.6M+15.7% | $20.4M+20276.2% | $100K |
| Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Cash & Equivalents | $0 | $0 | $0 | $0 | $0 | $0 | $0-100.0% | $100K |
| 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 | $4K-22.5% | $6K-25.9% | $8K+59.2% | $5K+40.9% | $3K-44.1% | $6K+130.9% | $3K | $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 | $18.9M-26.9% | $25.8M-33.7% | $39.0M+72.1% | $22.6M+64.9% | $13.7M-41.7% | $23.6M+15.7% | $20.4M+20273.6% | $100K |
| Retained Earnings | -$5.2M-327.8% | $2.3M-81.5% | $12.3M+788.1% | -$1.8M+75.6% | -$7.3M-279.3% | $4.1M+216.2% | -$3.5M | N/A |
QETH Cash Flow Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$542K-117.6% | $3.1M+240.0% | -$2.2M+34.6% | -$3.4M-109.7% | -$1.6M-136.3% | $4.4M+118.5% | -$23.9M | 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 | $542K+117.6% | -$3.1M-240.0% | $2.2M-34.6% | $3.4M+109.7% | $1.6M+136.3% | -$4.4M-118.5% | $23.9M | N/A |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | $9.3M+8.0% | $8.6M-65.2% | $24.8M | $0-100.0% | $1.5M-86.5% | $10.7M+10648.8% | $100K | N/A |
QETH Financial Ratios
| Metric | Q1'26 | 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 | -39.7% | N/A | 36.3%+11.8pp | 24.5%+107.8pp | -83.3% | N/A | -17.3% | N/A |
| Return on Assets | -39.6% | N/A | 36.3%+11.8pp | 24.5%+107.7pp | -83.2% | N/A | -17.3% | N/A |
| 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
What is Invesco Galaxy Ethereum ETF's annual revenue?
Invesco Galaxy Ethereum ETF (QETH) reported $0 in total revenue for fiscal year 2025. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
Is Invesco Galaxy Ethereum ETF profitable?
No, Invesco Galaxy Ethereum ETF (QETH) reported a net income of -$1.8M in fiscal year 2025.
What is Invesco Galaxy Ethereum ETF's return on equity (ROE)?
Invesco Galaxy Ethereum ETF (QETH) has a return on equity of -7.0% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Invesco Galaxy Ethereum ETF's operating cash flow?
Invesco Galaxy Ethereum ETF (QETH) generated -$4.1M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Invesco Galaxy Ethereum ETF's total assets?
Invesco Galaxy Ethereum ETF (QETH) had $25.9M in total assets as of fiscal year 2025, including both current and long-term assets.
What is Invesco Galaxy Ethereum ETF's debt-to-equity ratio?
Invesco Galaxy Ethereum ETF (QETH) 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 Invesco Galaxy Ethereum ETF's return on assets (ROA)?
Invesco Galaxy Ethereum ETF (QETH) had a return on assets of -7.0% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Invesco Galaxy Ethereum ETF's cash runway?
Based on fiscal year 2025 data, Invesco Galaxy Ethereum ETF (QETH) had $0 in cash against an annual operating cash burn of $4.1M. This gives an estimated cash runway of approximately 0 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.
Are Invesco Galaxy Ethereum ETF's earnings high quality?
Invesco Galaxy Ethereum ETF (QETH) has an earnings quality ratio of 2.26x, considered low quality (accrual-driven). 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.