eToro Reports Fourth Quarter and Full Year 2025 Results

Rhea-AI Summary

eToro (NASDAQ: ETOR) reported full year 2025 results: Net Contribution $868M (+10% YoY), Net Income $216M (+12% YoY) and AUA $18.5B (+11% YoY). Q4 2025 Net Contribution was $227M and Cash and short-term investments were $1.3B. The board approved a $100M increase to the share repurchase program (total remaining authorization $150M) and intends an accelerated repurchase of ~$50M.

eToro highlighted product expansion, AI tools, expanded market access, growth in funded accounts (3.81M) and January 2026 KPIs showing trade and transfer growth.

Positive

• Net Contribution +10% to $868M (FY2025)
• Net Income +12% to $216M (FY2025)
• AUA +11% to $18.5B (Q4 2025)
• Funded accounts +9% to 3.81M (Q4 2025)
• Share repurchase authorization increased by $100M; ASR planned ~$50M

Negative

• Q4 Net Contribution -10% to $227M (Q4 2025)
• Q4 Adjusted EBITDA -19% to $87M (Q4 2025)
• Crypto trades Jan 2026 -50% year-over-year

News Market Reaction

+20.43%

33 alerts

+20.43% News Effect

+13.3% Peak in 2 hr 31 min

+$481M Valuation Impact

$2.84B Market Cap

0.4x Rel. Volume

On the day this news was published, ETOR gained 20.43%, reflecting a significant positive market reaction. Argus tracked a peak move of +13.3% during that session. Our momentum scanner triggered 33 alerts that day, indicating elevated trading interest and price volatility. This price movement added approximately $481M to the company's valuation, bringing the market cap to $2.84B at that time.

Data tracked by StockTitan Argus on the day of publication.

Key Figures

2025 Net Contribution: $868 million 2025 Net Income (GAAP): $216 million 2025 Adjusted Net Income: $251 million +5 more

8 metrics

2025 Net Contribution $868 million Full year 2025, up 10% YoY vs $788M in 2024

2025 Net Income (GAAP) $216 million Full year 2025, up 12% YoY vs $192M in 2024

2025 Adjusted Net Income $251 million Full year 2025, up 10% vs $228M in 2024

2025 Adjusted EBITDA $317 million Full year 2025, up 4% vs $304M in 2024

2025 Adjusted Diluted EPS $2.64 Full year 2025, vs $2.67 in 2024

Q4 2025 Net Contribution $227 million Q4 2025, down 10% YoY vs $253M in Q4 2024

Assets Under Administration $18.5 billion Q4 2025 AUA, up 11% YoY vs $16.6B

Share Repurchase Authorization $150 million Total remaining authorization after new $100M increase

Market Reality Check

Price: $33.07 Vol: Volume 2217336 is 1.54x t...

high vol

$33.07 Last Close

Volume Volume 2217336 is 1.54x the 20-day average of 1441582. high

Technical Trading below 200-day MA at 45.99, 65.66% below 52-week high and 10.99% above 52-week low.

Peers on Argus

ETOR was up 2.69% with mixed peer moves: CIFR +0.21%, HUT +5.24%, WULF -1.0%, MI...

ETOR was up 2.69% with mixed peer moves: CIFR +0.21%, HUT +5.24%, WULF -1.0%, MIAX +1.08%, BGC -3.05%, indicating a stock-specific reaction.

Previous Earnings Reports

3 past events · Latest: Nov 10 (Positive)

Same Type Pattern 3 events

Date	Event	Sentiment	Move	Catalyst
Nov 10	Q3 2025 earnings	Positive	+8.2%	Strong Q3 growth in contribution, EBITDA, AUA and new buyback program.
Aug 12	Q2 2025 earnings	Positive	-8.3%	Q2 2025 results with strong growth in contribution, EBITDA and AUA.
Jun 10	Q1 2025 earnings	Positive	-11.9%	Q1 2025 growth in contribution, AUA and accounts with new products.

Pattern Detected

Recent earnings releases often showed strong fundamentals but mixed price reactions, with two negative moves and one strong gain following earnings.

Recent Company History

Across prior 2025 earnings events, eToro reported consistent growth in net contribution, Adjusted EBITDA, and Assets Under Administration, alongside expanding global trading, AI tools, and wealth products. Q1–Q3 2025 earnings all highlighted rising funded accounts and cash near $1.2B, plus new trading features like 24/5 U.S. equities and futures. The current Q4 and full-year 2025 results, combined with an expanded repurchase authorization, continue this theme of scaling a multi-asset, AI-enabled platform while maintaining profitability.

Historical Comparison

-4.0% avg move · In the past year, ETOR’s earnings headlines saw an average move of -3.98%. Today’s +2.69% reaction m...

earnings

-4.0%

Average Historical Move earnings

In the past year, ETOR’s earnings headlines saw an average move of -3.98%. Today’s +2.69% reaction marks a modest outperformance versus that pattern.

Earnings updates through 2025 show rising net contribution, EBITDA, and AUA each quarter, supported by expanding global market access, AI tools, and multi-asset features.

Market Pulse Summary

The stock surged +20.4% in the session following this news. A strong positive reaction aligns with e...

Analysis

The stock surged +20.4% in the session following this news. A strong positive reaction aligns with eToro’s continued profitability and growth, including full-year 2025 net income of $216M and AUA of $18.5B. Historically, earnings-related headlines produced an average move of -3.98%, with some sharp declines, so a gain of 2.69% would mark an upside deviation. The enlarged $150M remaining repurchase authorization could support sentiment, though past patterns show that enthusiasm around robust metrics sometimes faded after initial spikes.

Key Terms

adjusted ebitda, adjusted diluted eps, assets under administration, share repurchase program, +2 more

6 terms

adjusted ebitda financial

"Adjusted EBITDA (Non-GAAP) increased by 4% year over year to $317 million"

Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.

adjusted diluted eps financial

"Adjusted Diluted EPS (Non-GAAP) was $2.64, compared to $2.67 in 2024."

Adjusted diluted EPS is a company’s profit per share after adding back or removing one-time items (like restructuring costs or gains) and dividing by the number of shares including potential shares from options and convertible securities. Investors use it as a cleaner view of ongoing earnings—like looking at a car’s regular fuel efficiency rather than a trip boosted by downhill coasting—to judge underlying performance and compare companies without temporary distortions.

assets under administration financial

"Assets Under Administration (AUA) grew by 11% year over year to $18.5 billion"

Assets under administration (AUA) is the total market value of clients’ investments and accounts that a financial firm oversees for recordkeeping, reporting, and transaction processing without necessarily deciding how the money is invested. Think of it like a warehouse that stores and tracks other people’s goods: bigger AUA shows a firm’s scale, steady fee potential and client trust, so changes can signal growing business or client withdrawals that matter to investors.

share repurchase program financial

"approved a $100 million increase to its existing share repurchase program."

A share repurchase program is when a company buys back its own shares from the marketplace. This reduces the total number of shares available, which can increase the value of each remaining share and signal confidence in the company's prospects. For investors, it often suggests that the company believes its stock is undervalued or that it has extra cash to return to shareholders.

accelerated share repurchase financial

"enter into an Accelerated Share Repurchase (“ASR”) agreement to repurchase approximately $50 million"

An accelerated share repurchase is a deal where a company hires a bank to buy back a large block of its own stock immediately on the open market, with the bank later settling the exact number of shares over time. For investors it matters because the immediate reduction in shares outstanding can raise per‑share earnings and often supports the stock price, but it also uses company cash or borrowing and can change liquidity and future growth funding.

funded accounts financial

"Funded Accounts increased 9% year over year to 3.81 million"

A funded account is an investment or trading account that has cash or capital available to buy securities, cover positions, or meet margin requirements. For investors this matters because the amount and source of funding determine how much risk can be taken, how quickly trades can be executed, and how returns or losses will flow — think of it like the fuel in a car: without sufficient fuel you can’t drive, and the type of fuel affects performance and cost.

AI-generated analysis. Not financial advice.

Record Net Contribution of $868 million, up 10% year-over-year, including $227 million in Q4 
Q4 Assets Under Administration grew by 11% year-over-year to $18.5 billion
Announced $100 million increase to share repurchase program

NEW YORK, Feb. 17, 2026 (GLOBE NEWSWIRE) -- eToro Group Ltd. (“eToro”, or the “Company”) (NASDAQ: ETOR), the trading and investing platform, today announced financial results for the fourth quarter and full year 2025 which ended December 31, 2025.

“This was a milestone year for eToro,” said Yoni Assia, CEO of eToro. “We became a publicly traded company and significantly advanced the build-out of our global financial super-app. In 2025, we accelerated product innovation and AI adoption, expanded access to global markets, broadened and localized our offering, and strengthened eToro’s footprint around the world.

We are operating at a pivotal moment for financial services. Artificial intelligence and progress towards on-chain market infrastructure are reshaping how people invest and interact with markets and eToro is uniquely positioned to capture this opportunity. Through our public APIs and suite of AI-powered tools, users and partners can build, share, and scale strategies and tools, as part of a growing ecosystem. We are launching a number of apps ahead of the roll out of the eToro App Store, bringing enhanced capabilities to our retail audience.

In parallel, we are positioning eToro for a financial system that is increasingly moving on-chain. With our long-standing leadership in crypto and tokenization, we are well placed to help shape this transition. This quarter, we are introducing 24/7 access to select popular assets with plans to expand around-the-clock access across asset classes.

Our focus remains on empowering users through a simple, transparent, and digital-first investing experience, while positioning eToro to serve the next generation of investors at every stage of their journey. We are uniquely positioned as both a natively crypto company and a global equities trading platform. We look forward to capturing the many long-term growth opportunities ahead for the benefit of our users, shareholders, and partners.”

Meron Shani, CFO of eToro, said: “Our fourth quarter results reflect the strength and resilience of our mult-asset business model. We delivered compelling financial performance through a combination of diversified revenue streams, healthy funded accounts growth, and disciplined financial management. Furthermore, we are off to a strong start to 2026 with our January capital markets KPIs demonstrating the ability of our platform to adapt and perform across all different market conditions, including the recent spike in commodities trading. With our strong balance sheet and a clear execution roadmap, we believe that we are well positioned to deliver accelerated growth in 2026.”

Full year 2025 Financial Highlights¹

• Net Contribution increased by 10% year over year to $868 million, compared to $788 million in 2024.
• Net Income (GAAP) increased 12% year over year to $216 million, compared to $192 million in 2024.
• Adjusted Net Income (Non-GAAP) increased 10% to $251 million, compared to $228 million in 2024.
• Adjusted EBITDA (Non-GAAP) increased by 4% year over year to $317 million, compared to $304 million in 2024
• Adjusted Diluted EPS (Non-GAAP) was $2.64, compared to $2.67 in 2024.
  

Fourth Quarter 2025 Financial Highlights²

• Net Contribution decreased by 10% year over year to $227 million, compared to $253 million in the fourth quarter of 2024.
• Net Income (GAAP) increased 16% year over year to $69 million, compared to $59 million in the fourth quarter of 2024.
• Adjusted Net Income (Non-GAAP) increased 6% year over year to $70 million, compared to $67 million in the fourth quarter of 2024.
• Adjusted EBITDA (Non-GAAP) decreased by 19% year over year to $87 million, compared to $108 million in the fourth quarter of 2024
• Adjusted Diluted EPS (Non-GAAP) was $0.71, compared to $0.79 in the fourth quarter of 2024.
• Funded Accounts increased 9% year over year to 3.81 million compared to 3.48 million in the fourth quarter of 2024.
• Assets Under Administration (AUA) grew by 11% year over year to $18.5 billion, compared to $16.6 billion in the fourth quarter of 2024.
• Cash, Cash Equivalents and Short-Term Investments were $1.3 billion as of December 31, 2025.

January KPI metrics³

eToro also reported the below selected monthly business metrics for January 2026:

• Assets under Administration (AUA) were $18.4 billion, up 2% year-over-year.
• Funded accounts were 3.85 million, up 9% year-over-year.
• Capital Markets/ECC Activity
  • Total number of trades for January was 74 million, up 55% year-over-year;
  • Invested amount per trade for January was $252, up 8% year-over-year;
• Crypto Activity
  • Total number of trades for January was 4 million, down 50% year-over-year;
  • Invested amount per trade for January was $182, down 34% year-over-year;
• Interest Earning Assets for January was $7.7 billion, up 17% year-over-year.
• Total Money Transfers for January was $1.8 billion, up 68% year-over-year.

Business Highlights

eToro is demonstrating strong progress across its four product pillars driven by continued product innovation, localization, and strategic partnerships.

• Trading: eToro expanded access to global markets while advancing toward always-on trading. With the addition of equities listed on the Abu Dhabi Securities Exchange, Hong Kong Stock Exchange, and across the Nordics, eToro now offers access to equities from 25 stock exchanges. The Company grew its crypto offering to more than 150 cryptoassets, including an expanded range of more than 100 cryptoassets for US users. eToro also broadened derivatives access, expanding its futures offering across Europe and launching futures and options in the UK. It has also begun the roll out of stock margin trading, where eligible users can access leveraged exposure to U.S. equities. In 2025, eToro expanded 24/5 trading to all S&P 500 and NASDAQ 100 stocks, and in Q1, the Company is introducing 24/7 access to a select number of popular assets with plans to expand this across asset classes.
  
  
• Investing: eToro strengthened its investing proposition by expanding access to intelligent, long-term investment solutions. The Company launched Tori, its AI Analyst, and through its public APIs and suite of AI-powered tools, users and partners can build, share, and scale strategies and tools, creating a growing ecosystem. This quarter, eToro is introducing a number of apps ahead of the launch of the eToro App Store, where ‘investor builders’ and partners can publish and share their apps with millions of eToro users globally. eToro continued to expand its range of Smart Portfolios including launching portfolios with Franklin Templeton, WisdomTree, ARK Invest and Amundi. The launch of Alpha Portfolios provides retail investors with access to quantitative, data driven strategies leveraging eToro’s data for the benefit of our customers. Having pioneered social investing, users can follow, copy, and engage with over 5,000 members of eToro’s Pro Investor Program, with Copy Trading now also launched in the US. During 2025, eToro introduced securities lending in the UK, Europe and the UAE, as well as expanding its staking program to help users access passive yield generating opportunities. eToro launched the eToro Club Subscription providing access to premium investing tools, financial perks and dedicated support.
  
  
• Wealth Management: eToro continued to scale its long-term savings solutions in 2025. The Company partnered with Generali to provide French users with access to long-term, tax advantaged retirement (PER) and life insurance products. eToro also expanded its ISA offering in the UK with the addition of a self-directed stocks and shares ISA and a cash ISA. The AuA in eToro’s UK ISA products grew by 7x from Q4 2024 to Q4 2025. Assets under administration in our Australian savings products grew 44% between 2023 and 2025, supported by strong momentum following the launch of our superannuation offering. 
  
  
• Neo-Banking: During 2025, eToro accelerated the localization of its money management experience. The expansion of local bank accounts to more countries and the continued roll out of the debit card across Europe resulted in eToro Money’s transaction volume increasing 6.5x year-over-year. eToro Money ended the year with 1.87 million accounts. eToro Money, including eToro’s crypto wallet, is now fully integrated into the eToro app and provides seamless crypto transfers including 1% stock-back rewards on eligible crypto transfers.
  
  
• Partnerships: eToro announced a multi-year partnership with BWT Alpine Formula 1 extending the business’ global brand presence and engagement with a fast-growing, international audience. eToro also entered into a partnership with Gemini Space Station Inc to support the migration of their customers from the UK, Europe and Australia onto the eToro platform, reinforcing its position as a leading, global, multi-asset broker.
  

Share Repurchase Program

eToro today announced that its Board of Directors has approved a $100 million increase to its existing share repurchase program. The program previously authorized $150 million, of which $100 million has already been used, leaving $50 million remaining. Following the increase, total remaining authorization is $150 million. Such repurchases may be made through a variety of methods, including through open market transactions (including through Rule 10b5-1 plans), privately negotiated transactions, block trades and by way of an accelerated share repurchase program. Additionally, subject to market and other conditions, the Company intends to enter into an Accelerated Share Repurchase (“ASR”) agreement to repurchase approximately $50 million of its common shares under the new authorization. This authorization reflects the Company’s confidence in its long-term strategy and growth prospects, financial strength, and commitment to deliver shareholder value. eToro believes that its current share price does not fully reflect the Company’s fundamental value, and that repurchasing shares represents a prudent allocation of capital. The program also provides additional flexibility to support potential future strategic initiatives, including mergers and acquisitions, where eToro shares could serve as an effective transaction currency. The actual timing, number, manner and value of any shares repurchased will depend on several factors, including the market price of our shares, general market and economic conditions, our liquidity requirements, applicable legal requirements and other business considerations. The authorization does not expire.

Conference Call and Livestream Information
eToro will host a video call to discuss its results at 5:30 a.m. PT / 8:30 a.m. ET today, February 17, 2026. The video call can be accessed at investors.etoro.com, along with this earnings press release and accompanying slide presentation and certain monthly business metrics. The event will also be live streamed to eToro’s YouTube and X.com official channels.

Contact
Media Relations - pr@etoro.com
Investor Relations - investors@etoro.com

About eToro
eToro is the trading and investing platform that empowers you to invest, share and learn. We were founded in 2007 with the vision of a world where everyone can trade and invest in a simple and transparent way. Today we have 40 million registered users from 75 countries. We believe there is power in shared knowledge and that we can become more successful by investing together. So we’ve created a collaborative investment community designed to provide you with the tools you need to grow your knowledge and wealth. On eToro, you can hold a range of traditional and innovative assets and choose how you invest: trade directly, invest in a portfolio, or copy other investors. You can visit our media center here for our latest news.

Website and Social Media Channels
eToro uses its website to distribute company information and makes available free of charge a variety of information for investors, including its filings with the U.S. Securities and Exchange Commission (“SEC”), in addition to disclosing information via press releases, filings with the SEC, public conference calls, webcasts, X feed (@eToro), Instagram page (@eToro_official) and LinkedIn page. The information disclosed through the foregoing channels could be deemed to be material information and we encourage investors, the media, and others to follow the channels listed above and to review the information disclosed through such channels. In addition, investors may opt in to automatically receive email alerts and other information about eToro when enrolling their email address under the “Stay Up to Date” option at the bottom of https://investors.etoro.com/. Information contained on or accessible through any of the foregoing channels is not incorporated by reference into this press release.

ETORO GROUP LTD. CONDENSED CONSOLIDATED BALANCE SHEETS U.S. dollars in thousands
		December 31			December 31
		2025			2024
		Unaudited			Unaudited
Assets
Current assets:
Cash and cash equivalents		1,072,641			575,395
Restricted cash		329			314
Short-term investment		202,688			65,000
Counterparties		249,055			224,867
Cryptoassets		62,606			113,279
Receivable from omnibus accounts		26,820			50,466
Other receivables and prepaid expenses		61,299			46,005
		1,675,438			1,075,326
Non-current assets:
Restricted cash		11,688			11,630
Right of use assets		41,873			44,406
Property and equipment, net		7,361			5,007
Goodwill and other intangible assets, net		43,211			46,346
Deferred taxes assets		11,776			8,647
		115,909			116,036
Total Assets		1,791,347			1,191,362
Liabilities and equities
Current liabilities:
Accounts payable		4,435			4,201
Current maturities of long term lease liabilities		5,978			4,758
Other short term liabilities		8,994			-
Payable to users		107,830			103,493
Accrued expenses and other payables		215,414			193,115
		342,651			305,567
Non-current liabilities:
Employee benefit liabilities, net		962			1,253
Other long term liabilities		-			5,653
Long term lease liabilities		48,485			43,546
Deferred taxes liabilities		4,659			2,968
		54,106			53,420
Equity attributable to equity holders of the company:
Common share premium		1,273,894			474,469
Preferred share premium		-			397,019
Treasury shares		(62,085	)		(2,625	)
Advanced Investment Agreement		9,091			9,091
Other capital reserve		5,441			1,868
Retained Earnings (Accumulated deficit)		168,249			(47,447	)
		1,394,590			832,375
Total liabilities and equity		1,791,347			1,191,362

ETORO GROUP LTD. CONDENSED CONSOLIDATED STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME (LOSS) U.S. dollars in thousands
		Three months ended						Twelve months ended
		December 31						December 31
		2025			2024			2025		2024
		Unaudited			Unaudited			Unaudited		Unaudited
Revenue and income:
Net trading income from equities, commodities and currencies		115,618			80,683			399,362		328,706
Revenue from cryptoassets		3,592,968			5,813,811			12,975,078		12,147,329
Net trading income (loss) from cryptoassets derivatives		73,783			(130,498	)		124,032		(130,729	)
Net interest income from users		58,073			51,610			213,415		197,178
Currency conversion and other income		25,277			26,866			95,978		81,415
Other interest income		9,062			4,366			30,067		16,654
Total revenue and income		3,874,781			5,846,838			13,837,932		12,640,553
Costs:
Cost of revenue from cryptoassets		3,636,921			5,585,104			12,932,009		11,816,192
Margin interest expense		11,075			9,204			37,536		36,660
Research and development		37,867			31,991			151,247		131,071
Selling and marketing		46,970			59,215			208,671		178,365
General, administrative and operating costs		60,430			67,570			243,636		228,004
Finance and other expenses, net		3,081			2,491			11,432		4,642
Total costs		3,796,344			5,755,575			13,584,531		12,394,934
Income before taxes on income		78,437			91,263			253,401		245,619
Taxes on income		9,695			32,079			37,705		53,238
Net income		68,742			59,184			215,696		192,381
Other comprehensive income, net:
Items that may be reclassified subsequently to profit or loss:
Cash flow hedges, net of tax		(179	)		1,267			3,573		1,868
Other comprehensive income (loss) for the year, net of tax		(179	)		1,267			3,573		1,868
Total comprehensive income		68,563			60,451			219,269		194,249
Basic net income per share		0.79			0.78			2.58		2.55
Diluted net income per share		0.69			0.70			2.27		2.26
Weighted-average shares of common shares used to compute net income per share attributable to common shareholders:
Basic		86,740,531			75,676,247			83,503,592		75,595,967
Diluted		99,635,590			84,969,521			95,129,729		85,297,910

ETORO GROUP LTD. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS U.S. dollars in thousands
		Three months ended						Twelve months ended
		December 31						December 31
		2025			2024			2025			2024
		Unaudited			Unaudited			Unaudited			Unaudited
Cash flows from operating activities:
Net income		68,742			59,184			215,696			192,381
Adjustments to reconcile net income to net cash provided by operating activities:
Adjustments to profit or loss items:
Depreciation, amortization and impairment		3,821			3,097			12,973			11,337
Share-based payment		4,013			3,313			16,145			27,150
Evaluation of contingent liabilities		(622	)		-			3,341			-
Revaluation of fair value of cryptoassets and counterparties		114,355			(4,456	)		29,560			(35,967	)
Non-cash revenue from staking and blockchain rewards		(10,290	)		(9,178	)		(37,380	)		(21,022	)
Non-cash costs from staking and blockchain rewards		6,843			6,048			25,395			13,417
Finance and other expenses, net		3,081			2,491			11,432			4,642
Taxes on income, net		9,695			32,079			37,705			53,238
		130,896			33,394			99,171			52,795
Changes in asset and liability items:
Increase of counterparties		(61,070	)		(21,035	)		(52,527	)		(34,492	)
Decrease of cryptoassets		27,097			508			55,692			8,593
Decrease (Increase) of other receivables and prepaid expenses		6,856			3,598			(7,097	)		(3,947	)
Decrease (Increase) of restricted cash		(6	)		(11	)		30			(857	)
Increase (Decrease) of user and omnibus accounts, net		(41,860	)		(31,506	)		33,728			30,536
Increase (Decrease) of accounts payable		(2,964	)		(11,065	)		(2,400	)		2,218
Increase of accrued expenses and other payables		3,343			35,916			1,937			39,667
Increase (Decrease) of employee benefit liabilities, net		2			(11	)		(459	)		(555	)
		(68,602	)		(23,606	)		28,904			41,163
Interest paid, net during the period		(335	)		(24	)		(7,096	)		(3,188	)
Taxes paid, net during the period		(5,047	)		(3,252	)		(18,430	)		(14,572	)
Net cash provided by operating activities		125,654			65,696			318,245			268,579
Cash flows from investing activities:
Increase of Short term deposits		(182,264	)		(65,000	)		(427,264	)		(65,000	)
Decrease of Short term deposits		110,701			-			289,701			-
Increase of long-term investments		-			(609	)		(500	)		(609	)
Purchase of property and equipment		(1,775	)		(359	)		(4,841	)		(2,372	)
Purchase of intangible assets		(12	)		(203	)		(635	)		(546	)
Net cash used in investing activities		(73,350	)		(66,171	)		(143,539	)		(68,527	)
Cash flows from financing activities:
Exercise of options		2,396			242			6,126			929
Repayment of lease liabilities		(1,233	)		(1,116	)		(4,573	)		(4,119	)
Issuance of class A common share upon initial public offering, net of underwriting discounts, commissions and other issuance costs		-			-			377,943			-
Purchase of treasury shares		(59,547	)		-			(59,547	)		-
Net cash provided by (used in) financing activities		(58,384	)		(874	)		319,949			(3,190	)
Exchange differences on balances of cash and cash equivalents		(14,746	)		(10,020	)		2,591			(9,801	)
Increase in cash and cash equivalents		(20,826	)		(11,369	)		497,246			187,061
Cash and cash equivalents at beginning of the period		1,093,467			586,764			575,395			388,334
Cash and cash equivalents at end of the period		1,072,641			575,395			1,072,641			575,395

                                                                

Non-GAAP Financial Metrics and Key Performance Indicators
This press release and the accompanying tables contain financial measures that are not calculated in accordance with International Financial Reporting Standards nor with Generally Accepted Accounting Principles (collectively “GAAP”) metrics, including Adjusted EBITDA, Adjusted Net Income and Adjusted Diluted EPS. The inclusion of the non-GAAP financial information is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP. eToro believes these non-GAAP financial measures provide important supplemental information to management regarding financial and business trends used in assessing its results of operations. eToro believes excluding specified items provides a more meaningful comparison to the corresponding reporting periods and internal budgets and forecasts, assists investors in performing analysis that is consistent with financial models developed by investors and research analysts, provides management with a more relevant measure of operating performance and is more useful in assessing management performance.
eToro urges its investors to review the reconciliations of Adjusted EBITDA, Adjusted Net Income and Adjusted Diluted EPS to their most directly comparable GAAP financial measure set forth herein, and not to rely on any single financial measure to evaluate its business.
This press release includes key performance indicators that eToro’s management uses to help evaluate the business, measure its performance, identify trends, prepare financial projections and make business decisions. eToro’s key performance indicators include Funded Accounts, Assets Under Administration and Net Contribution. Definitions of performance indicators can be found in this press release.

ETORO GROUP LTD. RECONCILIATION OF NET INCOME TO ADJUSTED EBITDA U.S. dollars in thousands
		Three months ended					Twelve months ended
		December 31					December 31
		2025			2024		2025		2024
		Unaudited			Unaudited		Unaudited		Unaudited
Net income		68,742			59,184		215,696		192,381
Finance expense, net		3,081			2,491		11,432		4,642
Taxes on income		9,695			32,079		37,705		53,238
Share-base payment expense		4,028			3,313		16,160		27,150
Depreciation and amortization		3,822			3,097		12,973		11,337
Employee non-cash expense		(1,824	)		682		5,239		6,557
Transaction related costs		-			1,283		10,891		1,281
Other expenses, net		(621	)		5,473		6,876		7,285
Adjusted EBITDA		86,923			107,602		316,972		303,871

ETORO GROUP LTD. RECONCILIATION OF NET INCOME TO ADJUSTED NET INCOME U.S. dollars in thousands (except per share amounts)
		Three months ended						Twelve months ended
		December 31						December 31
		2025			2024			2025			2024
		Unaudited			Unaudited			Unaudited			Unaudited
Net income		68,742			59,184			215,696			192,381
Share-base payment expense		4,028			3,313			16,160			27,150
Amortization		1,221			906			3,768			3,085
Employee non-cash expense		(1,824	)		682			5,239			6,557
Transaction related costs		-			1,283			10,891			1,281
Other expenses, net		(1,502	)		5,473			5,995			7,285
Adjusted net income before tax		70,665			70,841			257,749			237,739
Effective tax rate		12.4	%		35.2	%		14.9	%		21.70	%
Tax impact		(238	)		(4,098	)		(6,257	)		(9,831	)
Adjusted net income		70,427			66,744			251,492			227,908
Basic Shares Outstanding		86,740,531			75,676,247			83,503,592			75,595,967
Diluted Shares Outstanding		99,635,590			84,969,521			95,129,729			85,297,910
Basic GAAP EPS		0.79			0.78			2.58			2.55
Diluted GAAP EPS		0.69			0.70			2.27			2.26
Basic Non - GAAP EPS		0.81			0.88			3.01			3.01
Diluted Non - GAAP EPS		0.71			0.79			2.64			2.67

Definitions of Certain Metrics
Adjusted EBITDA: Adjusted EBITDA is a non-GAAP financial metric that we define as net income adjusted to exclude finance and other expenses, net, taxes on income, share-based payment expense, depreciation and amortization, employee non-cash expense, one-time transaction costs and other expense.

Adjusted Diluted Earnings Per Share (Adjusted diluted EPS): Adjusted diluted EPS is a non-GAAP financial metric and is calculated by dividing the Adjusted Net Income attributable to common shareholders by the diluted shares outstanding during the period. Adjusted diluted EPS excludes the impact of the same non-recurring or non-operational items to provide investors with a normalized measure of profitability on a per-share basis.

Adjusted Net Income: Adjusted Net Income refers to the company’s net income after making adjustments for non-recurring, one-time, or non-cash items such as restructuring charges, asset impairments, acquisition-related expenses, or gains/losses from discontinued operations.

Assets under administration (AUA): AUA reflects the aggregate fair value of assets held by users within the platform, including those held by third-party partners for execution or custody services, categorized as follows:

• Crypto: Includes all cryptocurrencies and users’ crypto assets held in eToro digital wallets.
• Equities: Includes stocks, ETFs, and assets managed under the Spaceship program.
• Cash: Includes customers’ uninvested cash (e.g., cash balances, eMoney balances, in-process cashouts), as well as cash used for margin or posted as collateral for leveraged positions.
  

Funded Accounts: Funded Accounts are users who have completed KYC, AML and other onboarding processes, activated their account, deposited funds, executed at least one trade at any time and have a positive account balance (invested or uninvested). Funded Accounts represent the deepest level of our user acquisition funnel and are the users from whom we generate total commission.

Net Contribution: Net Contribution reflects Total revenue and income, less the Cost of revenue from cryptoassets and Margin interest expense. We use Net Contribution to evaluate the net contributions of our users’ activity on our platform before considering the overhead costs associated with our operations.

Net Contribution consists of the following five components, each representing revenue or income divided across our products based on the distinct patterns upon which we monetize users’ activity on the platform. We evaluate the performance of our business and our success in both diversification and risk management across these five components:

• Net Trading Contribution (Equities, Commodities and Currencies) is equal to our Net trading income from equities, commodities and currencies.
• Net Trading Contribution (Cryptoassets) is equal to Revenue from cryptoassets plus Net trading income (loss) from cryptoasset derivatives less Cost of revenue from cryptoassets, excluding the net contributions from blockchain rewards and staking activity.
• Net Interest Contribution represents Net interest contribution from users plus Other interest income plus the net contributions of staking activity, less Margin interest expense.
• eToro Money comprises the vast majority of our Currency conversion and other income. It represents the income earned from our money management services, including currency conversions, withdrawals, interchange on our debit card, transfers of cryptoassets, and fees relating to our cryptoasset wallet services.
• Subscriptions and Other is the remainder of Currency conversion and other income not attributable to eToro Money plus the net contributions of blockchain rewards.
  

Net Income: Net income represents the company’s total earnings or profit for a given period, calculated as total revenue minus all expenses, including operating costs, depreciation, interest, taxes, and other income or expenses. It reflects the company’s overall profitability according to GAAP standards.

Cautionary Note Regarding Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, including but not limited to, statements regarding our financial outlook, market positioning, artificial intelligence (“AI”), and share repurchase authorization, including execution of the expected accelerated share repurchase arrangement. These forward-looking statements are made as of the date they were first issued and were based on current expectations, estimates, forecasts and projections as well as the beliefs and assumptions of management. Words such as “outlook,” “guidance,” “expect,” “anticipate,” “should,” “believe,” “hope,” “target,” “project,” “plan,” “goals,” “estimate,” “potential,” “predict,” “may,” “will,” “might,” “could,” “intend,” “shall” and variations of these terms or the negative of these terms and similar expressions are intended to identify these forward-looking statements. Forward-looking statements are subject to a number of risks and uncertainties, many of which involve factors or circumstances that are beyond eToro’s control. eToro’s actual results could differ materially from those stated or implied in forward-looking statements due to a number of factors, including but not limited to market volatility and erratic market movements; failure to retain existing users or add new users; extreme competition; changes in the regulatory and legal framework under which we operate; regulatory inquiries and investigations; our estimates of our financial performance; interest rate fluctuations; the evolving cryptoasset market, including the regulations thereof; conditions related to our operations in Israel, including the ongoing war; risks related to data security and privacy and use of Open Source Software (“OSS”); risks related AI; changes in general economic or political conditions; changes to accounting principles and guidelines; unexpected costs or expenses; and other factors described in “Risk Factors” in our prospectus, dated May 13, 2025, filed with the Securities and Exchange Commission (“SEC”), as such factors may be updated from time to time in eToro’s filings with the SEC, which are, or will be, accessible on the SEC’s website at www.sec.gov.

Past performance is not necessarily indicative of future results. The forward-looking statements included in this press release represent eToro’s views as of the date of this press release. eToro anticipates that subsequent events and developments will cause its views to change. eToro undertakes no intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. These forward-looking statements should not be relied upon as representing eToro’s views as of any date subsequent to the date of this press release.

Source: eToro Group Ltd.

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¹ See “Non-GAAP Financial Metrics and Key Performance Indicators” below for additional information and a reconciliation to GAAP for all Non-GAAP financial metrics. Numbers may not sum up due to rounding; percentage changes based on unrounded data.
² See “Non-GAAP Financial Metrics and Key Performance Indicators” below for additional information and a reconciliation to GAAP for all Non-GAAP financial metrics. Numbers may not sum up due to rounding; percentage changes based on unrounded data.
³ Numbers may not sum up due to rounding; percentage changes based on unrounded data.

FAQ

What did eToro (ETOR) report for full year 2025 Net Contribution and Net Income?

eToro reported Net Contribution of $868M and Net Income of $216M for FY2025. According to the company, Net Contribution rose 10% year-over-year while Net Income increased 12% versus 2024, reflecting diversified revenue streams and account growth.

How much did eToro (ETOR) increase its share repurchase program on February 17, 2026?

eToro's board approved a $100M increase, raising remaining authorization to $150M and planning an ASR of ~ $50M. According to the company, the move reflects confidence in its strategy and provides capital flexibility for shareholders and deals.

What were eToro's key Q4 2025 operating metrics for funded accounts and AUA?

eToro ended Q4 2025 with 3.81 million funded accounts and $18.5B AUA. According to the company, funded accounts were up 9% year-over-year and AUA grew 11% versus Q4 2024, supporting its multi-asset growth narrative.

How did eToro's trading activity perform in January 2026 and which metrics moved most?

Total January trades were 74 million (up 55% YoY) with invested amount per trade at $252 (up 8%). According to the company, total money transfers jumped 68% and capital markets activity drove the month’s growth despite weaker crypto trade counts.

What notable cost or profitability shifts did eToro (ETOR) report in Q4 2025?

Adjusted EBITDA for Q4 2025 declined to $87M, down 19% year-over-year, while GAAP Net Income rose to $69M. According to the company, margins were affected by product investments and market-mix differences during the quarter.