etoro Reports Third Quarter 2026 Results

Account growth continued, but October activity metrics showed year-over-year declines in trading and interest-earning assets.

Rhea-AI Summary

eToro (ETOR) reported third-quarter 2026 net income of $15 million, down 74% year over year as crypto trading activity weakened. Net contribution fell 13% to $186 million, while diluted earnings per share declined to $0.14 from $0.53. Adjusted net income fell 60% to $24 million, and adjusted EBITDA fell 56% to $34 million.

Funded accounts grew 18% to 4.39 million; assets under administration remained flat at $20.8 billion. Cash, cash equivalents and short-term investments totaled $1.2 billion at September 30. The board authorized repurchases of up to $250 million, and eToro agreed to acquire Argentina-based LB Finanzas. October funded accounts rose 18% year over year to 4.42 million, but assets under administration fell 6% to $19.2 billion. October trading volumes and invested amounts per trade declined across capital markets and crypto.

11 points · 1 major

NegativeiHow this balance works

How this balance works

Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.

It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.

Rhea-AI Sentiment measures something else, the tone of the wording.

How the balance worksHow Sentiment works

1 major · 23 points

Hollow bars mark forward-looking points. How the balance works

Positive

• Major point. Forward-looking: it has not happened yet and may not happen.Share repurchase authorization provides for capital returns of up to $250 million. 13% of market cap
• Moderate pointThird-quarter funded accounts increased 18% year over year to 4.39 million, from 3.73 million.
• Moderate pointThird-quarter capital markets net contribution increased 21% year over year.
• Moderate point. Forward-looking: it has not happened yet and may not happen.LB Finanzas acquisition agreement adds a planned investment and payments business in Argentina.
• Moderate pointOctober funded accounts increased 18% year over year to 4.42 million.

6 minor points

• Minor pointCash, cash equivalents and short-term investments totaled $1.2 billion at September 30, 2026.
• Minor pointThird-quarter general, administrative and operating costs declined to $51.092 million from $57.434 million a year earlier.
• Minor pointNine-month net income increased to $150.914 million from $146.954 million a year earlier.
• Minor pointNine-month diluted earnings per share increased to $1.59 from $1.55 a year earlier.
• Minor pointUsers engaged in API and agentic trading increased 250% quarter over quarter.
• Minor pointBuying-power adoption tripled quarter over quarter.

Negative

• Major pointThird-quarter net income fell 74% year over year to $15 million, from $57 million.
• Moderate pointThird-quarter net contribution fell 13% year over year to $186 million, primarily on weaker crypto trading activity.
• Moderate pointThird-quarter total revenue and income declined to $1,486.209 million from $4,113.535 million a year earlier.
• Moderate pointThird-quarter selling and marketing costs rose to $68.142 million from $47.901 million a year earlier.
• Moderate pointThird-quarter operating cash flow fell to $21.500 million from $41.913 million a year earlier.
• Moderate pointOctober assets under administration declined 6% year over year to $19.2 billion.
• Moderate pointOctober capital markets/ECC trades fell 22% year over year to 48.2 million.
• Moderate pointOctober capital markets/ECC invested amount per trade fell 49% year over year to $184.
• Moderate pointOctober crypto trades fell 62% year over year to 2.0 million.
• Moderate pointOctober crypto invested amount per trade fell 29% year over year to $228.
• Moderate pointOctober interest-earning assets declined 20% year over year to $7.0 billion.
• Moderate pointOctober total money transfers declined 21% year over year to $1.1 billion.

11 minor points

• Minor pointThird-quarter diluted earnings per share declined to $0.14 from $0.53 a year earlier.
• Minor pointThird-quarter adjusted net income fell 60% year over year to $24 million, from $60 million.
• Minor pointThird-quarter adjusted EBITDA fell 56% year over year to $34 million, from $78 million.
• Minor pointThird-quarter adjusted diluted earnings per share declined to $0.26 from $0.60 a year earlier.
• Minor pointThird-quarter cryptoasset derivatives trading loss widened to $30.894 million from $18.395 million a year earlier.
• Minor pointThird-quarter net interest income from users fell to $49.953 million from $58.850 million a year earlier.
• Minor pointThird-quarter currency conversion and other income fell to $20.871 million from $24.287 million a year earlier.
• Minor pointThird-quarter research and development costs rose to $42.110 million from $37.906 million a year earlier.
• Minor pointThird-quarter margin interest expense rose to $10.720 million from $9.785 million a year earlier.
• Minor pointThird-quarter finance and other expenses, net, rose to $6.039 million from $2.559 million a year earlier.
• Minor pointNine-month operating cash flow fell to $164.681 million from $192.591 million a year earlier.

News Explained

Before announcing the new authorization, eToro had recorded $189,108 thousand in treasury-share purchases for the nine months ended September 30, 2026; this is completed past activity, while the new authorization does not specify a purchase amount or timing.

Key Figures

Net contribution: $186 million, down 13% year-over-year GAAP net income: $15 million, down 74% year-over-year Adjusted net income: $24 million, down 60% year-over-year +5 more

Net contribution

$186 million, down 13% year-over-year

Third quarter 2026; compared with $215 million in Q3 2025

GAAP net income

$15 million, down 74% year-over-year

Third quarter 2026; compared with $57 million in Q3 2025

Adjusted net income

$24 million, down 60% year-over-year

Third quarter 2026; non-GAAP

Adjusted EBITDA

$34 million, down 56% year-over-year

Third quarter 2026; non-GAAP

Funded accounts

4.39 million, up 18% year-over-year

Third quarter 2026

Assets under Administration

$20.8 billion, flat year-over-year

Third quarter 2026

Share repurchase authorization

Up to $250 million

Board-authorized program

October Assets under Administration

$19.2 billion, down 6% year-over-year

October 2026 selected monthly business metric

Previous Earnings Reports

2 past events · Latest: Aug 11

Same Type 2 events

1. Aug 11

   Q2 earnings

   24h Move

   -13.7%

   Net contribution rose 9% and GAAP net income rose 77% year over year.

2. Nov 10

   Q3 earnings

   24h Move

   +8.2%

   Net contribution grew 28%, adjusted EBITDA 43%, and GAAP net income 48% year over year.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

gaap, adjusted ebitda, diluted eps, rule 10b5-1 plans

4 terms

gaap financial

"Net income (GAAP) decreased by 74% year-over-year"

GAAP, or Generally Accepted Accounting Principles, are a set of standardized rules and guidelines that companies follow when preparing their financial statements. They ensure consistency, transparency, and comparability across different companies, making it easier for investors to understand and compare financial information accurately. This helps investors make informed decisions based on trustworthy and uniform financial reports.

View in glossary

adjusted ebitda financial

"Adjusted EBITDA (non-GAAP) decreased by 56% year-over-year"

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.

diluted eps financial

"Diluted EPS (GAAP) was $0.14"

Diluted earnings per share (EPS) shows how much profit a company makes for each share of stock, assuming all possible shares from stock options or convertible securities are used. It provides a more conservative estimate than basic EPS, accounting for potential share increases that could dilute ownership. Investors use diluted EPS to get a clearer picture of a company's true profitability on a per-share basis.

rule 10b5-1 plans regulatory

"including through Rule 10b5-1 plans"

A Rule 10b5-1 plan is a prearranged schedule that lets company insiders buy or sell stock at set times or prices, set up when they do not possess confidential information. It acts like an automatic thermostat for trades, reducing the risk that otherwise-timed transactions could be accused of insider trading. Investors care because such plans increase transparency about insider activity and signal when insider trades are routine rather than reactive to private news.

AI-generated analysis. How Rhea-AI works. Not financial advice.

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google

Add on Google Not now

Funded accounts grew by 18% year-over-year to 4.39 million
Announced $250 million share repurchase program

NEW YORK, Nov. 10, 2026 (GLOBE NEWSWIRE) -- etoro Group Ltd. (“etoro”, or the “Company”) (NASDAQ: ETOR), the trading and investing platform, today announced financial results for the third quarter ended September 30, 2026. 

“This quarter we launched the new eToro app, built from the ground up with AI at its core, enabling us to ship products faster to our global community,” said Yoni Assia, Co-Founder and CEO of eToro.

“As markets move on chain and trading becomes 24/7, we continue to expand round-the-clock trading across more assets. Now we are taking it into the agentic era, combining the collective intelligence of our community with AI and advanced tools. The goal is simple: give every investor more ways to navigate markets, discover opportunities and generate higher returns.”

“We delivered continued growth in our user base, with funded accounts up 18% year-over-year to 4.39 million and assets under administration of $20.8 billion. Capital markets net contribution increased 21% year over year, while crypto activity sequentially recovered. Our strong balance sheet and cash generation allow us to continue investing selectively in the platform, pursue strategic opportunities and return capital to shareholders through the $250 million share repurchase program,” said Meron Shani, etoro’s CFO.

Third Quarter 2026 Financial and Product Highlights¹

• Net contribution decreased by 13% year-over-year to $186 million, compared to $215 million in the third quarter of 2025, driven primarily by decreased crypto trading activity. 
• Net income (GAAP) decreased by 74% year-over-year to $15 million, compared to $57 million in the third quarter of 2025. 
• Adjusted Net Income (non-GAAP) decreased by 60% year-over-year to $24 million, compared to $60 million in the third quarter of 2025. 
• Adjusted EBITDA (non-GAAP) decreased by 56% year-over-year to $34 million, compared to $78 million in the third quarter of 2025. 
• Diluted EPS (GAAP) was $0.14, compared to $0.53 in the third quarter of 2025. 
• Adjusted Diluted EPS (non-GAAP) was $0.26, compared to $0.60 in the third quarter of 2025. 
• Funded Accounts increased 18% year-over-year to 4.39 million, compared to 3.73 million in the third quarter of 2025. This was driven primarily by strength in user acquisition and retention efforts. 
• Assets under Administration were flat year-over-year at $20.8 billion. 
• Cash, Cash Equivalents and Short Term Investments were $1.2 billion as of September 30, 2026.
  

October KPI metrics² 

etoro also reported the below selected monthly business metrics for October 2026:

• Assets under Administration (AUA) were $19.2 billion, down 6% year-over-year.
• Funded Accounts were 4.42 million, up 18% year-over-year. 
• Capital Markets/ECC Activity  
  • Total number of trades for October was 48.2 million, down 22% year-over-year; 
  • Invested amount per trade for October was $184, down 49% year-over-year;
• Crypto Activity 
  • Total number of trades for October was 2.0 million, down 62% year-over-year;
  • Invested amount per trade for October was $228, down 29% year-over-year;
• Interest Earning Assets for October was $7.0 billion, down 20% year-over-year.
• Total Money Transfers for October was $1.1 billion, down 21% year-over-year. 

_____________________________
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. Adjusted EBITDA margin is based on net contribution.
² Numbers may not sum up due to rounding; percentage changes based on unrounded data.

Business Highlights

The quarter saw continued progress across each of etoro’s four strategic pillars.

Trading: etoro continued to expand its trading proposition with Edge, its desktop experience for more active traders, bringing professional-grade charting, analytics and order tools into a customizable workspace. etoro also expanded 24/7 trading across additional assets, while buying-power adoption tripled quarter-over-quarter, giving eligible users greater flexibility to deploy their capital using margin.

Investing: Users engaged in API and agentic trading increased 250% quarter-over-quarter. New connectors to Claude, ChatGPT and Grok allow users to connect their own AI agents to etoro, while the App Store now offers more than 250 active apps. Tori is evolving into a more proactive investing layer, helping users understand and manage their portfolios and, over time, take action within the objectives and controls they set.

Wealth Management: Alpha Portfolios, which leverage etoro's proprietary retail investor data via AI-driven strategies, continued to grow, while Copy Trading reached $2.4 billion AUM. Agent Portfolios, which enable users to connect AI agents to a sub-account within their portfolio, also continued to gain momentum. etoro launched 26 Smart Portfolios in the U.S.

Neo-banking: etoro continued to expand the ways users can move, manage and invest their money across traditional and digital finance. The number of debit cards issued across Europe continued to increase, while etoro continued to develop local payment and wallet capabilities.

Acquisitions: etoro agreed to acquire LB Finanzas, a leading digital investment and payments platform in Argentina. This acquisition strengthens the Company’s geographical reach to Latin America, an area which is currently experiencing rapid growth in retail participation.

Share Repurchase Program

etoro today announced that its Board of Directors has authorized a share repurchase program of up to $250 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. 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 is also intended to provide 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.

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, November 10, 2026. The video call can be accessed at investors.etoro.com, along with this earnings press release and accompanying slide presentation. 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 platform where you can trade, invest, save and spend. Founded in 2007 with the vision of a world where everyone can trade and invest in a simple and transparent way, we’ve built a regulated, Nasdaq-listed platform used by millions of people in 75 countries. We believe there is power in shared knowledge. By combining the collective intelligence of our community with AI-powered tools, we’ve created a collaborative investment community designed to help you 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, copy other investors, or invest with an AI agent. Visit our media center for our latest news.

ETORO GROUP LTD. CONDENSED CONSOLIDATED BALANCE SHEETS U.S. dollars in thousands
		September 30			December 31
		2026			2025
		Unaudited			Unaudited
Assets
Current assets:
Cash and cash equivalents		881,327			1,072,641
Restricted cash		687			329
Short-term investment		342,134			202,688
Counterparties		284,188			249,055
Cryptoassets		76,857			62,606
Receivable from omnibus accounts		9,936			26,820
Other receivables and prepaid expenses		67,566			61,299
		1,662,695			1,675,438
Non-current assets:
Restricted cash		16,000			11,688
Right of use assets		25,062			41,873
Property and equipment, net		8,741			7,361
Goodwill and other intangible assets, net		64,316			43,211
Other long-term assets		22,220			–
Deferred taxes		7,130			11,776
		143,469			115,909
Total Assets		1,806,164			1,791,347
Liabilities and equities
Current liabilities:
Accounts payable		5,143			4,435
Current maturities of long-term lease liabilities		6,323			5,978
Short Term Liabilities		7,586			8,994
Payable to users		124,786			107,830
Accrued expenses and other payables		243,994			215,414
		387,832			342,651
Non-current liabilities:
Employee benefit liabilities, net		985			962
Other long-term liabilities		3,000			–
Long-term lease liabilities		26,653			48,485
Deferred taxes liabilities		4,163			4,659
		34,801			54,106
Equity attributable to equity holders of the company:
Common share premium		1,306,405			1,273,894
Treasury shares		(252,163	)		(62,085	)
Advanced Investment Agreement		9,091			9,091
Other capital reserve		1,034			5,441
Retained Earnings (Accumulated deficit)		319,164			168,249
		1,383,531			1,394,590
Total liabilities and equity		1,806,164			1,791,347

ETORO GROUP LTD. CONDENSED CONSOLIDATED STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME (LOSS) U.S. dollars in thousands (except share and per share data)
					Three months ended									Nine months ended
					September 30									September 30
					2026				2025					2026					2025
					Unaudited				Unaudited					Unaudited					Unaudited
Revenue and income:
Net trading income from equities, commodities and currencies					88,491				72,865					395,721					283,744
Revenue from cryptoassets					1,348,390				3,966,518					4,847,894					9,382,110
Net trading income (loss) from cryptoassets derivatives					(30,894		)		(18,395		)			22,204					50,249
Net interest income from users					49,953				58,850					145,734					155,342
Currency conversion and other income					20,871				24,287					79,910					70,701
Other interest income					9,398				9,410					27,000					21,005
Total revenue and income					1,486,209				4,113,535					5,518,463					9,963,151
Costs:
Cost of revenue from cryptoassets					1,289,190				3,889,146					4,813,918					9,295,088
Margin interest expense					10,720				9,785					30,693					26,461
Research and development					42,110				37,906					117,030					113,380
Selling and marketing					68,142				47,901					198,861					161,701
General, administrative and operating costs					51,092				57,434					169,487					183,206
Finance and other expenses, net					6,039				2,559					6,866					8,351
Total costs					1,467,293				4,044,731					5,336,855					9,788,187
Income before taxes on income					18,916				68,804					181,608					174,964
Taxes on income					3,886				11,987					30,694					28,010
Net income					15,030				56,817					150,914					146,954
Other comprehensive income (loss) net:
Items that may be reclassified subsequently to profit or loss:
Cash flow hedges, net of tax					(2,799		)		(1,212		)			(4,407		)			3,752
Other comprehensive income (loss) for the period, net of tax					(2,799		)		(1,212		)			(4,407		)			3,752
Total comprehensive income					12,231				55,605					146,507					150,706
Basic net income per share					0.18				0.66					1.83					1.78
Diluted net income per share					0.14				0.53					1.59					1.55
Weighted-average shares of common shares used to compute net income per share attributable to common shareholders:
Basic					81,373,292				86,648,439					82,399,716					82,760,081
Diluted					91,938,225				100,396,074					93,140,273					94,580,493

ETORO GROUP LTD. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS U.S. dollars in thousands
	Three months ended						Nine months ended
	September 30						September 30
	2026			2025			2026			2025
	Unaudited			Unaudited			Unaudited			Unaudited
Cash flows from operating activities:
Net income	15,030			56,817			150,914			146,954
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Adjustments to profit or loss items:
Depreciation, amortization and impairment	3,297			3,153			9,820			9,152
Other long-term assets	(2,706	)		–			(8,745	)		–
Share-based payment	6,452			4,300			16,854			12,132
Evaluation of liabilities	(2,115	)		(5,351	)		(1,408	)		3,963
Revaluation of fair value of cryptoassets and counterparties	(93,257	)		(70,661	)		(24,424	)		(84,795	)
Non-cash revenue from staking and blockchain rewards	(5,910	)		(10,336	)		(17,422	)		(27,090	)
Non-cash costs from staking and blockchain rewards	3,882			7,033			11,580			18,552
Finance and other expenses, net	6,039			2,559			6,866			8,351
Taxes on income, net	3,886			11,987			30,694			28,010
	(80,432	)		(57,316	)		23,815			(31,725	)
Changes in asset and liability items:
Decrease (increase) of counterparties	143,046			48,376			(11,884	)		8,543
Decrease (increase) of cryptoassets	(18,767	)		11,270			(10,399	)		28,595
Increase of other receivables and prepaid expenses	(3,494	)		(6,342	)		(12,246	)		(13,953	)
Decrease (increase) of restricted cash	(115	)		(99	)		(4,639	)		36
Increase (decrease) of accounts payable	2,084			1,196			(862	)		564
Increase (decrease) of user and omnibus accounts, net	(25,737	)		1,983			32,997			75,588
Increase (decrease) of accrued expenses and other payables	(1,370	)		(3,422	)		16,063			(1,406	)
Increase (decrease) of employee benefit liabilities, net	7			(498	)		2			(461	)
	95,654			52,464			9,032			97,506
Interest paid, net during the period	(641	)		(4,385	)		(2,819	)		(6,761	)
Taxes paid, net during the period	(8,111	)		(5,667	)		(16,261	)		(13,383	)
Net cash provided by operating activities	21,500			41,913			164,681			192,591
Cash flows from investing activities:
Increase of short-term deposits	(273,926	)		(24,000	)		(650,092	)		(245,000	)
Decrease of short-term deposits	197,953			93,000			511,674			179,000
Increase of long-term investments	(9,000	)		–			(13,500	)		(500	)
Purchase of property and equipment	(257	)		(1,785	)		(3,872	)		(3,066	)
Purchase of intangible assets	(100	)		(230	)		(505	)		(623	)
Business combination	–			–			(15,551	)		–
Net cash provided by(used in) investing activities	(85,330	)		66,985			(171,846	)		(70,189	)
Cash flows from financing activities:
Exercise of options	1,585			297			11,124			3,730
Repayment of lease liability	(1,581	)		(1,122	)		(4,487	)		(3,340	)
Issuance of class A common share upon initial public offering, net of underwriting discounts, commissions and other issuance costs	–			(875	)		–			377,943
Purchase of treasury shares	–			–			(189,108	)		–
Net cash provided by (used in) financing activities	4			(1,700	)		(182,471	)		378,333
Exchange differences on balances of cash and cash equivalents	(763	)		(1,591	)		(1,678	)		17,337
Increase (decrease) in cash and cash equivalents	(64,590	)		105,607			(191,314	)		518,072
Cash and cash equivalents at beginning of period	945,916			987,860			1,072,641			575,395
Cash and cash equivalents at end of period	881,327			1,093,467			881,327			1,093,467

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 (“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 the non-GAAP financial measures included in this press release to the 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					Nine months ended
		September 30					September 30
		2026		2025			2026		2025
		Unaudited		Unaudited			Unaudited		Unaudited
Net income		15,030		56,817			150,914		146,954
Finance expense, net		1,734		2,559			4,952		8,351
Taxes on income		3,886		11,987			30,694		28,010
Share-base payment expense		6,467		4,300			16,901		12,132
Depreciation, amortization, and impairment		3,293		3,153			9,820		9,151
Employee non-cash expense		1,601		22			7,048		7,063
Transaction related cost		–		421			–		10,891
Other expenses (income), net		2,189		(1,351	)		505		7,497
Adjusted EBITDA		34,200		77,908			220,834		230,049

ETORO GROUP LTD. RECONCILIATION OF NET INCOME TO ADJUSTED NET INCOME U.S. dollars in thousands
		Three months ended						Nine months ended
		September 30						September 30
		2026			2025			2026			2025
		Unaudited			Unaudited			Unaudited			Unaudited
Net income		15,030			56,817			150,914			146,954
Share based compensation and ESPP		6,467			4,300			16,901			12,132
Amortization of intangible assets		949			862			2,714			2,547
Employee non-cash expense (5 years)		1,601			22			7,048			7,063
Transaction related cost		–			421			–			10,891
Other expenses (income), net		2,189			(1,351	)		(465	)		7,497
Adjusted net income before tax		26,236			61,071			177,112			187,084
Tax impact		(2,302	)		(741	)		(4,428	)		(6,424	)
Adjusted net income		23,934			60,330			172,684			180,660
Basic Shares Outstanding		81,373,292			86,648,439			82,399,716			82,760,081
Diluted Shares Outstanding		91,938,225			100,396,074			93,140,273			94,580,493
Basic Non - GAAP EPS		0.29			0.70			2.10			2.18
Diluted Non - GAAP EPS		0.26			0.60			1.85			1.91
Basic GAAP EPS		0.18			0.66			1.83			1.78
Diluted GAAP EPS		0.14			0.53			1.59			1.55

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, amortization, and impairment, employee non-cash expense, transaction costs and other expenses (income), net.

Adjusted EBITDA Margin: Adjusted EBITDA Margin is a non-GAAP financial metric that we define as Adjusted EBITDA dividing by Net Contribution 

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 is calculated by adjusting net income to exclude share-based compensation and ESPP expense, amortization of intangible assets, employee non-cash expense, transaction related costs, and other expenses (income), in each case net of the related tax impact. 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. 

Interest Earning Assets: Interest Earning Assets are the average monthly balances of users’ cash balances, corporate cash, users’ total leveraged positions and stakeable cryptoassets. 

Invested amount per trade: The total invested amount divided by the total number of trades. For reporting purposes, we present this measure separately for capital markets (equities, commodities, and currencies) and for cryptoassets, in order to highlight trends across the two categories, given their unique characteristics. 

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. 

Total Money Transfers: Total money transfers are the cumulative value across the respective period of user deposits, withdrawals, and cross-currency trade funding via eToro Money IBAN. 

Trades: Trades represent the total number of orders that were placed by users and executed during the applicable period. Trades include self-directed and copy trades, and each trade reflects either the opening or closing of a position by a user. 

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, development plans, growth strategy, the development, launch and anticipated benefits of new products, features and partnerships, the anticipated benefits of our products to users, our capital allocation priorities, the implementation and anticipated benefits of the share repurchase program, and our plans to expand our geographic footprint including through the LB Finanzas acquisition and enter new markets. 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. All statements contained in this release that do not relate to matters of historical fact should be considered forward-looking statements. 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, though not all forward-looking statements contain such words. 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; the outcome of pending and future litigation and regulatory proceedings; 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 to artificial intelligence (“AI”); the ability to maintain the listing of our securities on Nasdaq; 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 Annual Report on Form 20-F for the fiscal year ended December 31, 2025, filed with the Securities and Exchange Commission (“SEC”) on March 2, 2026, 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. Except as required by law, 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. 

Financial figures refer to the consolidated results of eToro Group Ltd, inclusive of its U.S.-based subsidiaries and affiliates (eToro USA LLC, eToro NY LLC, eToro USA Securities Inc, eToro USA Advisers Inc). Availability of products and features discussed may vary by jurisdiction.

Source: eToro Group Ltd. 

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were eToro's third-quarter 2026 earnings?

eToro reported third-quarter 2026 GAAP net income of $15 million, down 74% year over year, and diluted earnings per share of $0.14, compared with $0.53. Net contribution decreased 13% to $186 million, primarily because of reduced crypto trading activity.

How large is eToro's new share repurchase program?

eToro's board authorized a share repurchase program of up to $250 million. The authorization permits purchases through open-market transactions, privately negotiated transactions, block trades and an accelerated share repurchase program.

Why does eToro plan to repurchase shares?

eToro believes its current share price does not fully reflect its fundamental value and views repurchases as a prudent allocation of capital. The program is also intended to provide flexibility for potential future initiatives, including acquisitions in which eToro shares could serve as transaction currency.