Galaxy Announces Third Quarter 2026 Financial Results

Helios I, Phase II is fully financed and under construction, while 830 MW of approved Helios II capacity remains unleased.

Rhea-AI Summary

Galaxy Digital (Nasdaq: GLXY) reported third-quarter 2026 net income of $323 million, reversing a loss in the previous quarter.

The prior-quarter loss was $85 million. Diluted earnings per share were $0.66; adjusted EBITDA, a non-GAAP earnings measure, reached $455 million versus negative $77 million. Cash, stablecoins and U.S. Treasuries rose 99% quarter over quarter to $4.9 billion, while equity increased 10% to $3.0 billion.

Data Centers adjusted EBITDA rose 498% to $69 million, while Digital Assets recorded negative $9 million. Galaxy completed $3.5 billion of senior secured notes to fund Helios I, Phase II construction; data hall deliveries are scheduled to begin in the second quarter of 2027. Its gross power pipeline expanded to over 5.7 GW. The board authorized an additional up to $200 million buyback after completing the prior $200 million program, which repurchased approximately 9.8 million shares.

25 points · 1 major

PositiveiHow this balance works

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

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1 major · 5 points

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

Positive

• Major point$3.5 billion senior secured notes offering completed to fund Helios I, Phase II construction. 57% of market cap
• Moderate pointQ3 net income of $323 million reversed a $85 million loss in Q2 2026.
• Moderate pointCash, stablecoins and U.S. Treasuries of $4.9 billion increased 99% quarter over quarter.
• Moderate pointTotal equity of $3.0 billion increased 10% quarter over quarter.
• Moderate pointTotal assets of $16.4 billion increased 51% quarter over quarter.
• Moderate pointNet digital assets and investments of $1.7 billion increased 48% quarter over quarter.
• Moderate pointGross transaction expenses of $8.0 billion declined 6% from Q2 2026.
• Moderate pointData Centers adjusted EBITDA of $69 million rose 498% quarter over quarter.
• Moderate pointTreasury & Corporate adjusted EBITDA of $395 million reversed negative $78 million in Q2 2026.
• Moderate pointDigital Assets adjusted gross profit of $71 million increased 9% quarter over quarter.
• Moderate pointTrading volumes grew 12% quarter over quarter while broader spot-market volumes declined.
• Moderate pointAverage loan book of $1.8 billion increased 27% quarter over quarter.
• Moderate pointAsset Management net inflows exceeded $160 million during Q3 2026.
• Moderate pointETF assets of $2.5 billion increased 41% quarter over quarter.
• Moderate pointAlternatives assets of $3.3 billion increased 30% quarter over quarter.
• Moderate pointAssets under stake of $4.6 billion increased 64% quarter over quarter.
• Moderate pointMulti-year BNY agreement includes staking support and Galaxy's role as a digital asset infrastructure design partner.
• Moderate pointGross power pipeline expanded to over 5.7 GW.
• Moderate point. Forward-looking: it has not happened yet and may not happen.Additional buyback of up to $200 million authorized by the board on October 26, 2026. 3.3% of market cap
• Moderate pointPrior $200 million buyback completed October 15, 2026, repurchasing approximately 9.8 million shares and more than offsetting equity-based compensation dilution. 3.3% of market cap

5 minor points

• Minor pointData Centers adjusted gross profit of $79 million rose 293% quarter over quarter.
• Minor pointTreasury & Corporate adjusted gross profit of $419 million reversed negative $42 million in Q2 2026.
• Minor pointTrading counterparties of 1,763 increased 1% quarter over quarter.
• Minor pointHelios I, Phase II is fully financed, under construction, on schedule and within budget.
• Minor point. Forward-looking: it has not happened yet and may not happen.Helios I, Phase II data hall deliveries are scheduled to begin in the second quarter of 2027.

Negative

• Major point$3.5 billion of senior secured notes adds secured debt to finance Helios I, Phase II. 57% of market cap
• Moderate pointData Centers liabilities of $5.3 billion increased 244% quarter over quarter.
• Moderate pointData Centers quarterly capital expenditure of $757 million increased 69% from Q2 2026.
• Moderate point830 MW of approved Helios II capacity remains unleased, with prospective-tenant discussions continuing.
• Minor pointDigital Assets adjusted EBITDA remained negative $9 million, improving from negative $11 million in Q2 2026.

News Explained

Galaxy's board authorized up to $200 million for additional share repurchases, but this is not committed spending: the company says it need not buy any shares and may suspend the program, so the authorization alone commits neither a cash outflow nor a reduction in shares outstanding.

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Key Figures

Net income: $323 million Diluted EPS: $0.66 Adjusted EPS: $0.83 +5 more

Net income

$323 million

Q3 2026

Diluted EPS

$0.66

Q3 2026

Adjusted EPS

$0.83

Q3 2026; non-GAAP measure

Adjusted EBITDA

$455 million

Q3 2026; non-GAAP measure

Total equity

$3.0 billion

As of September 30, 2026

Cash, stablecoins, and U.S. Treasuries

$4.9 billion

As of September 30, 2026

Share repurchase authorization

Up to $200 million

Additional authorization approved October 26, 2026

Senior secured notes offering

$3.5 billion

Completed to fund construction of Helios I, Phase II

Previous Earnings Reports

2 past events · Latest: Aug 05

Same Type 2 events

1. Aug 05

   Earnings results

   24h Move

   -13.9%

   Prior quarter reported an $85 million net loss; current quarter reported $323 million net income.

2. Oct 21

   Earnings results

   24h Move

   +8.1%

   Prior-year Q3 reported $505 million net income and $629 million adjusted EBITDA.

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

Key Terms

adjusted ebitda, non-gaap, stablecoins, senior secured notes, +1 more

5 terms

adjusted ebitda financial

"Q3 2026 adjusted gross profit of $569 million and adjusted EBITDA of $455 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.

non-gaap financial

"Adjusted EPS, Adjusted Gross Profit and Adjusted EBITDA are non-GAAP financial measures."

Non-GAAP refers to financial measures that companies use to show their earnings or performance without including certain expenses or income that are often added back to give a different picture. It matters because it can make a company's results look better or more favorable, but it may also hide important costs, so investors need to look at both GAAP (official rules) and non-GAAP numbers to get a full understanding.

View in glossary

stablecoins financial

"Total equity of $3.0 billion and cash, stablecoins, and U.S. Treasuries of $4.9 billion"

Stablecoins are a type of digital currency designed to maintain a steady value, often linked to traditional currencies like the dollar or euro. They function like digital cash that offers the convenience of online transactions while avoiding the large price swings common with other cryptocurrencies. This stability makes them useful for investors and users who want a reliable way to store and transfer value without exposure to sudden market changes.

senior secured notes financial

"Completed $3.5 billion offering of senior secured notes to fund construction"

Senior secured notes are loans a company sells to investors that are backed by specific assets and given first priority for repayment if the company defaults. Because they have a claim on collateral and are paid before other debts, they usually offer lower risk and correspondingly lower interest than unsecured debt; investors use them to judge how safe repayment and recovery of principal might be, like holding a mortgage instead of an unsecured credit card balance.

rule 10b5-1 regulatory

"including through the use of trading plans intended to qualify under Rule 10b5-1"

Rule 10b5-1 is a regulation that allows company insiders to buy or sell their shares at predetermined times, even if they have access to non-public information. It acts like setting a schedule in advance for transactions, helping prevent accusations of unfair trading. This rule provides a way for insiders to plan trades transparently, giving investors confidence that these transactions are not based on hidden information.

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

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NEW YORK, Oct. 27, 2026 /PRNewswire/ -- Galaxy Digital Inc. (Nasdaq: GLXY) (the "Company" or "GDI") today released financial results for the three and nine months ended September 30, 2026. In this press release, a reference to "Galaxy," "we," "our" and similar words refers to GDI, its subsidiaries and affiliates, and, prior to the Reorganization Transactions, refers to Galaxy Digital Holdings LP (the "Partnership" or "GDH LP"), its subsidiaries and affiliates, or any one of them, as the context requires. ¹

"Galaxy delivered a strong third quarter, reflecting the strength of our established Digital Assets franchise, significant appreciation across our investments portfolio, and the growing contribution from our Data Centers business. Our strategy is centered on two significant opportunities in the global economy: the modernization of financial markets through digital assets and the expansion of AI infrastructure. The progress we're making across both businesses is strengthening and diversifying our earnings profile, while positioning Galaxy to capitalize on substantial growth opportunities. We remain focused on disciplined execution and creating long-term value for our shareholders," stated Mike Novogratz, Founder and Chief Executive Officer.

— Financial and Business Highlights

• Q3 2026 net income of $323 million and diluted and adjusted EPS of $0.66 and $0.83, respectively²
• Q3 2026 adjusted gross profit of $569 million and adjusted EBITDA of $455 million 
• Total equity of $3.0 billion and cash, stablecoins, and U.S. Treasuries of $4.9 billion
• Repurchased 9.8 million shares year-to-date, more than offsetting equity-based compensation dilution
• Board approved additional $200 million share repurchase authorization
• Substantially expanded data center footprint bringing total gross power pipeline to over 5.7 GW
• Completed $3.5 billion offering of senior secured notes to fund construction of Helios I, Phase II

	SELECT FINANCIAL METRICS	Q3 2026		Q2 2026		Q/Q % Change
	Total Assets	$16.4B		$10.8B		51 %
	Total Equity	$3.0B		$2.7B		10 %
	Cash, Stablecoins, and U.S. Treasuries3	$4.9B		$2.5B		99 %
	Net Digital Assets and Investments4	$1.7B		$1.2B		48 %
	Net Income / (Loss)	$323M		($85M)		N.M.
	Adjusted EBITDA2	$455M		($77M)		N.M.
	Note: Throughout this document, totals may not sum due to rounding. Percentage change calculations are based on unrounded results. N.M. is the abbreviation for "Not Meaningful". (1) On May 13, 2025, the Company, Galaxy Digital Holdings Ltd. and GDH LP consummated a series of transactions resulting in the reorganization of the Company's corporate structure (the "Reorganization Transactions"). (2) Adjusted EPS, Adjusted Gross Profit and Adjusted EBITDA are non-GAAP financial measures. Refer to pages 11 through 13 for more information and a non-GAAP to GAAP reconciliation to the most directly comparable GAAP measure. (3) Includes $1,325M in Cash and Cash Equivalents, $812M in Stablecoins, and $2,756M of U.S. Treasury Bills and Notes as of the end of Q3 2026 and $896M in Cash and Cash Equivalents and $1,563M in Stablecoins as of the end of Q2 2026. (4) Refer to page 5 of this release for a breakout of Galaxy's Treasury & Corporate net digital asset and investment exposure.

— Galaxy Financial Snapshot

GAAP Revenues and Transaction Expenses	Q3 2026		Q2 2026			Q/Q % Change
Gross Revenues & Gains/(Losses) from Operations	$8.7B		$8.7B			— %
Gross Transaction Expenses	$8.0B		$8.5B			(6) %
Segment Reporting Breakdown	Q3 2026		Q2 2026			Q/Q % Change
Digital Assets Adjusted Gross Profit1	$71M		$66M			9 %
Digital Assets Adjusted EBITDA1	($9M)		($11M)			N.M.
Data Centers Adjusted Gross Profit1	$79M		$20M			293 %
Data Centers Adjusted EBITDA1	$69M		$11M			498 %
Treasury & Corporate Adjusted Gross Profit1	$419M		($42M)			N.M.
Treasury & Corporate Adjusted EBITDA1	$395M		($78M)			N.M.
Adjusted Gross Profit1	$569M		$43M			N.M.
Adjusted EBITDA1	$455M		($77M)			N.M.
Net Income	$323M		($85M)			N.M.
Note: Throughout this document, totals may not sum due to rounding. Percentage change calculations are based on unrounded results. N.M. is the abbreviation for "Not Meaningful". (1) Adjusted Gross Profit and Adjusted EBITDA are non-GAAP financial measures. Refer to pages 11 through 13 for more information and a non-GAAP to GAAP reconciliation to the most directly comparable GAAP measure.

— Digital Assets

Global Markets

• Galaxy's digital asset trading volumes grew 12% quarter-over-quarter, outperforming the broader spot market, where volumes declined, highlighting the strength and breadth of the trading franchise.¹
  
• Average loan book size of $1.8 billion was up 27% compared to the prior quarter, driven by demand for the Galaxy Onchain Financing Rate ("GOFR") alongside broader demand for financing as market conditions improved.

	KEY PERFORMANCE INDICATORS	Q3 2026	Q2 2026	Q/Q % Change
	Global Markets Adjusted Gross Profit2	$53M	$49M	8 %
	Loan Book Size (Average)	$1.8B	$1.4B	27 %
	Total Trading Counterparties	1,763	1,741	1 %
	Global Markets Adjusted Gross Profit: Gross Profit from Galaxy trading activity, net of transaction expenses, and fee revenue associated with the Investment Banking business. Loan Book Size (Average): Average market value of all open loans, excluding uncommitted credit facilities.

Asset Management & Infrastructure Solutions

• Galaxy ended Q3 with $10.4 billion in combined assets under management and assets under stake, up 46% quarter-over-quarter.³ 
• Asset Management generated over $160 million of net inflows during the quarter, driven by the end of quarter launch of the Galaxy Sharplink Onchain Yield Fund, an institutional investment fund designed to deploy capital across DeFi liquidity protocols and other onchain yield-generating strategies.
• Galaxy entered a multi-year agreement with BNY, which oversees more than $60 trillion in assets under custody, to further advance digital asset infrastructure for institutional markets, including support for staking on BNY's Digital Asset Custody platform. In addition to staking, Galaxy is serving as a design partner to further advance BNY's digital asset platform infrastructure.

	KEY PERFORMANCE INDICATORS		Q3 2026		Q2 2026		Q/Q % Change
	Asset Management & Infrastructure Solutions Adjusted Gross Profit2		$19M		$17M		11 %
	ETFs		$2.5B		$1.8B		41 %
	Alternatives		$3.3B		$2.6B		30 %
	Assets Under Stake		$4.6B		$2.8B		64 %
	All figures are unaudited. ETFs: Include assets in Galaxy-sponsored and sub-advised exchange-traded funds, including seed investments by affiliates, based on prices as of the end of the specified period. ETF assets include both Galaxy balance sheet and third-party assets. Changes in ETF assets are generally the result of performance, inflows/outflows, and market movements. Alternatives: Includes committed capital closed-end vehicles, fund of fund products, engagements to unwind portfolios, affiliated and unaffiliated separately managed accounts, and seed investments by affiliates, based on prices as of the end of the specified period. For committed capital closed-end funds, Alternatives are reported as Net Asset Value ("NAV") plus unfunded commitments. Alternatives for quarterly close vehicles are reported as of the most recent quarter available for the applicable period. Assets Under Stake: Represents the total notional value of assets bonded to Galaxy validators, based on prices as of the end of the specified period. These figures include both Galaxy balance sheet and third-party assets. Note: As of the end of Q3 2026, $1.2B of assets are captured within both Assets Under Stake and Alternatives.

(1) Source: The Block. Industry-wide trading volumes defined as spot cryptocurrency monthly exchange volumes, BTC futures, BTC options, and ETH options volumes. (2) Adjusted Gross Profit is a non-GAAP financial measure. Refer to page 11 for more information and a reconciliation to the most directly comparable GAAP measure. (3) Assumes prices for relevant cryptocurrencies as of 9/30/2026.

— Data Centers

• Data Centers generated adjusted gross profit of $79 million and adjusted EBITDA of $69 million during the quarter, reflecting the first full quarter of revenue-generating operations under the Helios I, Phase I lease, with all 133 MW of critical IT load delivered to CoreWeave by the end of the second quarter.¹ 
• Helios I, Phase II is fully financed and under construction, with both buildings and the supporting substation progressing on schedule and within budget, and with construction activity expected to ramp significantly over the coming months, with data hall deliveries scheduled to begin in the second quarter of 2027.
• Galaxy continues to advance discussions with prospective tenants for the additional 830 MW of approved capacity at Helios II not yet under lease, with market dynamics seen as increasingly favorable.

	KEY PERFORMANCE INDICATORS	Q3 2026	Q2 2026	Q/Q % Change
	Data Centers Adjusted Gross Profit1	$79M	$20M	293 %
	Data Centers Adjusted EBITDA1	$69M	$11M	498 %
	Data Centers Total Assets	$6.8B	$2.5B	166 %
	Data Centers Total Liabilities	$5.3B	$1.5B	244 %
	Data Centers Quarterly Capital Expenditure	$757M	$448M	69 %
	Delivered Critical IT Load to Date2	133 MW	133 MW	— %
	(1) Adjusted Gross Profit and Adjusted EBITDA are non-GAAP financial measures. Refer to pages 11 and 12 for more information and a reconciliation to the most directly comparable GAAP measure. (2) Represents revenue-generating capacity delivered to tenants, reflecting cumulative capacity delivered at quarter end.

— Balance Sheet

Equity Capital

As of September 30, 2026, Galaxy had $3.0 billion in equity capital.

Below is a breakout of how the Company's equity capital is allocated across its Digital Assets, Data Centers and Treasury & Corporate segments.

	$3.0 billion of equity capital across three segments:
	~33%	~48%	~19%
	Digital Assets	Data Centers	Treasury & Corporate

Treasury & Corporate Net Digital Asset and Investment Exposure

The Company's Treasury & Corporate segment maintains exposure to the digital asset ecosystem through a diversified allocation across spot positions, derivatives, ETFs, equities, venture investments, private equity holdings and fund investments.

The below pie chart is representative of the Treasury & Corporate segment's net digital asset and investment exposure as of September 30, 2026.

(1) Includes spot BTC, BTC derivatives, short and other hedge positions, associated tokens such as wrapped BTC, and interests in investment vehicles designed to hold BTC.

(2) Includes spot ETH, associated tokens such as wrapped ETH, and interests in investment vehicles designed to hold ETH.

(3) Includes spot SOL, SOL derivatives, short and other hedge positions, associated tokens such as wrapped SOL, and interests in investment vehicles designed to hold SOL, including Galaxy's investment in Forward Industries.

(4) Represents spot positions and interests in investment vehicles that provide exposure to other digital assets.

(5) Includes publicly traded securities, including those subject to a short-term lock-up.

Capital Management

On October 26, 2026, the Company's Board of Directors authorized the repurchase of shares of the Company's Class A common stock in an amount up to $200 million, enabling the Company to opportunistically return value to shareholders. Repurchases will be subject to compliance with applicable securities laws and stock exchange requirements.

Galaxy previously announced a $200 million share repurchase program in February 2026, which was completed on October 15, 2026. In total under the program, Galaxy repurchased approximately 9.8 million shares of Class A common stock.

Galaxy may repurchase shares of its Class A common stock from time to time through open market purchases, in privately negotiated transactions, or by other means, including through the use of trading plans intended to qualify under Rule 10b5-1 under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), in accordance with applicable securities laws, stock exchange requirements and other restrictions. The timing and total amount of stock repurchases will depend upon business, economic and market conditions, corporate, legal and regulatory requirements, prevailing stock prices, and other considerations. The share repurchase program does not have a fixed expiration date, may be suspended or discontinued at any time and does not obligate the Company to acquire any amount of common stock. There can be no assurances how many shares Galaxy will repurchase, if any, or at what prices any purchases will be made. 

Earnings Conference Call

An investor conference call will be held today, October 27, 2026, at 8:30 AM Eastern Time. A live webcast will be available at https://investor.galaxy.com/ and on the Company's YouTube channel. A replay of the webcast will be available and can be accessed in the same manner as the live webcast on the Company's Investor Relations website. Through December 1, 2026, the recording will also be available by dialing 1-844-512-2921, or 1-412-317-6671 (outside the U.S. and Canada) and using the passcode: 18446.

About Galaxy Digital Inc. (Nasdaq: GLXY)

Galaxy Digital Inc. (Nasdaq: GLXY) is a global leader in digital assets and data center infrastructure, growing the economy that runs on code. Galaxy delivers the onchain infrastructure that connects institutions to digital assets, including trading, advisory, asset management, staking, self-custody, and tokenization. Galaxy also develops and operates data center infrastructure to power AI and HPC workloads. Anchored by its Helios campus in Texas, Galaxy is building a multi-gigawatt pipeline of more than 5.7 GW of potential capacity, positioning it among the largest and fastest-growing data center developers in North America. The Company is headquartered in New York City, with offices across North America, Europe, the Middle East, and Asia. Additional information about Galaxy's businesses and products is available on www.galaxy.com.

CAUTIONARY STATEMENT ABOUT FORWARD-LOOKING STATEMENTS

This press release and the accompanying conference call may contain "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act") and the Private Securities Litigation Reform Act of 1995, and "forward-looking information" under Canadian securities laws (collectively, "forward-looking statements"). Our forward-looking statements include, but are not limited to, statements regarding our or our management team's expectations, hopes, beliefs, intentions or strategies regarding the future. Statements that are not historical facts, including, without limitation, statements about Galaxy's business plans and goals, including, without limitation, with respect to the Helios Data Center, lease agreements with CoreWeave, planned data centers, growth opportunities, our share repurchase program, our future prospects, power capacity and energization timelines, future reporting measures and business strategy, our future results of operations and financial position, and industry and market dynamics are forward-looking statements. In addition, any statements that refer to estimates, projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. The words "anticipate," "believe," "continue," "could," "estimate," "expect," "forecast," "intend," "may," "might," "plan," "possible," "potential," "predict," "project," "should," "will," "would" and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. The forward-looking statements contained in this document are based on our current expectations and beliefs concerning future developments and their potential effects on us taking into account information currently available to us. There can be no assurance that future developments affecting us will be those that we have anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond our control) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. These risks include, but are not limited to: (1) the inability to maintain Nasdaq's listing standards; (2) costs related to AI/HPC plans, transactions, operations and strategy, including impairment charges recognized in connection with the conversion of our Helios mining infrastructure and negative Adjusted EBITDA in recent periods; (3) changes in applicable laws or regulations, and changes or events that impact the cryptocurrency and AI/HPC industry, including potential regulation, that are out of our control; (4) the possibility that the Company may be adversely affected by other economic, business, and/or competitive factors; (5) declines in the prices of digital assets or in the volume of transactions that we conduct, and our exposure to market risk on our digital asset and investment positions; (6) the risk that our business will not grow in line with our expectations; (7) the possibility that our addressable market is smaller than we have anticipated and/or that we may not gain share of it; (8) the possibility that there is a disruption or change in power dynamics impacting our results or current or future load capacity; (9) any delay or failure to consummate our business mandates or achieve our pipeline goals; (10) technological challenges, cyber incidents or exploits; (11) risks related to the construction of AI/HPC infrastructure, including the timing of construction and its impact on lease revenue; (12) any inability or difficulty in obtaining additional financing for AI/HPC infrastructure needs on acceptable terms or at all; (13) changes to the AI/HPC infrastructure needs and their impact on future plans at the Helios campus; (14) any delay in obtaining, or failure to obtain, necessary ERCOT power approvals; (15) risks associated with the leasing business, including those associated with counterparties; and (16) those other risks contained in filings we make with the Securities and Exchange Commission (the "SEC") from time to time, including in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025, filed with the SEC on February 26, 2026 and available on Galaxy's profile at www.sec.gov (our "Form 10-K"), as such factors may be updated from time to time in our filings with the SEC, including without limitation, our Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2026. Should one or more of these risks or uncertainties materialize, they could cause our actual results to differ materially from the forward-looking statements. Except as required by law, we assume no obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, or to update the reasons if actual results differ materially from those anticipated in the forward-looking statements. You should not take any statement regarding past trends or activities as a representation that the trends or activities will continue in the future. Accordingly, you should not put undue reliance on these statements.

This press release and our earnings call contain certain preliminary information about our performance in the third quarter of 2026. This information is preliminary and represents the most current information available to management. The Company's actual consolidated financial statements may differ materially as a result of the completion of normal quarterly accounting procedures and adjustments or due to other risks contained in our Form 10-K, as such risks may be updated from time to time in our filings with the SEC, including without limitation, our Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2026. Although the Company believes the expectations reflected in this press release are based upon reasonable assumptions, the Company can give no assurance that actual results will not differ materially from these expectations.

Galaxy announces material information to the public through filings with the Securities and Exchange Commission, the investor relations and newsroom pages on its website (investor.galaxy.com and galaxy.com/newsroom), press releases, its LinkedIn profile (linkedin.com/company/galaxyhq), its X account (@galaxyhq), public conference calls and webcasts in order to achieve broad, non-exclusionary distribution of information to the public and for complying with its disclosure obligations under Regulation FD. Galaxy encourages investors and others to follow the channels listed above and to review the information disclosed through such channels.

Non-GAAP Financial Measures

In addition to our results determined in accordance with GAAP, this press release and the accompanying tables contain adjusted gross profit, adjusted EBITDA and adjusted EPS, which are non-GAAP financial measures. Adjusted gross profit, adjusted EBITDA and adjusted EPS are unaudited, presented as supplemental disclosure and should not be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP.

Please see pages 11-13 for a reconciliation of (i) adjusted gross profit to revenues and gains / (losses) from operations (including for our individual segments) during the three months ended September 30, 2026 and June 30, 2026, (ii) adjusted EBITDA to net income (loss) (including for our individual segments) during the three months ended September 30, 2026 and June 30, 2026 and (iii) adjusted EPS to diluted EPS for the three and nine months ended September 30, 2026 and 2025.

It is important to note that the particular items we exclude from, or include in, adjusted gross profit, adjusted EBITDA and adjusted EPS may differ from the items excluded from, or included in, similar non-GAAP financial measures used by other companies in the same industry. We also periodically review our non-GAAP financial measures and may revise these measures to reflect changes in our business or otherwise.

We believe adjusted gross profit is a helpful non-GAAP financial measure to our management and investors because it eliminates the impact of the directly attributable transaction expenses. As such, it provides useful information about our financial performance, enhances the overall understanding of our past performance and future prospects, allows for greater transparency with respect to important metrics used by our management for financial, risk management and operational decision-making and provides an additional tool for investors to use to understand and compare our operating results across accounting periods. Adjusted gross profit is defined as revenues and gains (losses) from operations excluding (i) transaction expenses and (ii) impairment of digital assets.

Adjusted EBITDA is a non-GAAP financial measure that is used by management, in addition to GAAP financial measures, to understand and compare our operating results across accounting periods, for risk management and operational decision-making. This non-GAAP measure provides investors with additional information in evaluating the Company's operating performance. Adjusted EBITDA represents Net income / (loss), excluding (i) equity-based compensation and related expense, (ii) notes interest and other expense, (iii) tax expense / (benefit), (iv) depreciation and amortization expense and (v) other discrete items which are not individually significant that we believe are not indicative of our ongoing results. The above items are excluded from our Adjusted EBITDA because these items are non-cash in nature, or because the amount and timing of these items are unpredictable, are not driven by core results of operations, and render comparisons with prior periods and competitors less meaningful.

Adjusted EPS is defined as diluted EPS assuming all outstanding noncontrolling interest holders exchanged their LP units in GDH LP for Class A common stock of the Company. This non-GAAP financial measure is commonly used as an analytical indicator of performance by investors within the industries in which we operate. Adjusted EPS should not be considered in isolation or as an alternative to or a substitute for financial statement data presented in the Company's consolidated financial statements as indicators of financial performance.

Investors are cautioned that there are material limitations associated with the use of non-GAAP financial measures as an analytical tool.

© Copyright Galaxy Digital 2026. All rights reserved.

Galaxy Digital Inc.'s Consolidated Statements of Financial Position (unaudited)

(in thousands)	September30, 2026		December31, 2025
Assets
Current assets
Cash and cash equivalents	$ 1,324,759		$ 1,246,240
Digital intangible assets (includes $2,886.2 and $2,717.4 million measured at fair value)	3,840,754		3,526,216
Digital financial assets	454,529		988,621
Digital asset loans receivable, net of allowance	960,764		1,070,029
Investments	3,161,486		709,069
Assets posted as collateral, net of allowance	300,826		199,983
Derivative assets	236,572		83,807
Accounts receivable (includes $3.1 and $3.4 million due from related parties)	67,642		34,012
Digital assets receivable	4,725		3,778
Loans receivable, net of allowance	950,281		554,449
Prepaid expenses and other assets	55,393		99,734
Total current assets	11,357,731		8,515,938
Non-current assets
Digital assets receivable	3,603		4,719
Digital asset loans receivable, net of allowance, non-current	6,114		8,900
Investments (includes $1,218.4 and $864.0 million measured at fair value)	1,438,415		1,023,236
Digital intangible assets	6,109		26,824
Loans receivable, net of allowance, non-current	5,575		2,553
Property and equipment, net	2,946,995		1,423,113
Other non-current assets	585,681		276,275
Goodwill	66,523		66,523
Total non-current assets	5,059,015		2,832,143
Total assets	$  16,416,746		$  11,348,081
Liabilities and Equity
Current liabilities
Derivative liabilities	188,259		40,482
Accounts payable and accrued liabilities	662,567		277,663
Digital assets borrowed	2,312,004		2,361,161
Payable to customers	67,519		85,808
Loans payable	210,478		52,626
Collateral payable	2,612,219		1,980,171
Notes payable - current	441,316		428,545
Other current liabilities	170,364		85,062
Total current liabilities	6,664,726		5,311,518
Non-current liabilities
Notes payable	6,307,116		2,432,510
Digital assets borrowed, non-current	31,593		56,107
Other non-current liabilities (includes $83.8 and $72.3 million due to related parties)	422,142		513,169
Total non-current liabilities	6,760,851		3,001,786
Total liabilities	13,425,577		8,313,304
Equity
Class A common stock, $0.001 par value; 2,000,000,000 shares authorized and 191,883,290 issued and outstanding	191		192
Convertible Class B common stock, $0.0000000001 par value; 500,000,000 shares authorized and 196,596,698 issued and outstanding	—		—
Additional Paid in Capital	1,522,518		1,614,660
Accumulated other comprehensive income (loss)	4,627		(2,038)
Retained Earnings	386,688		342,921
Total stockholders' equity(1)	1,914,024		1,955,735
Noncontrolling interest	1,077,145		1,079,042
Total equity	2,991,169		3,034,777
Total liabilities and equity	$  16,416,746		$  11,348,081

(1)	For periods prior to the Reorganization Transactions, represents total GDH LP Unit Holders' Capital.

Galaxy Digital Inc.'s Consolidated Statements of Operations and Other Comprehensive Income (Loss) (unaudited)

			Three Months Ended				Nine Months Ended
(in thousands)			September 30, 2026		September 30, 2025		September 30, 2026		September 30, 2025
Revenues			$ 8,057,272		$  28,402,138		$  26,656,051		$  50,039,899
Gains / (losses) from operations			551,710		816,982		857,811		1,091,745
Data center leasing revenue			79,068		—		97,945		—
Revenues and gains / (losses) from operations			8,688,050		29,219,120		27,611,807		51,131,644
Operating expenses:
Transaction expenses			8,016,486		28,292,777		26,519,051		49,869,727
Impairment of digital assets			102,282		197,702		568,032		437,608
Compensation and benefits			82,186		85,048		249,730		206,970
General and administrative			25,258		51,303		58,606		137,048
Depreciation and amortization			21,884		7,397		36,884		27,468
Technology			17,328		11,515		48,345		33,000
Professional fees			13,865		14,451		43,908		58,014
Total operating expenses			8,279,289		28,660,193		27,524,556		50,769,835
Other income / (expense):
Notes interest expense			(93,391)		(14,415)		(136,065)		(42,726)
Unrealized gain / (loss) on notes payable - derivative			—		—		—		(35,544)
Other income / (expense), net			28,902		690		30,341		2,280
Total other income / (expense)			(64,489)		(13,725)		(105,724)		(75,990)
Net income / (loss) before taxes			$ 344,272		$ 545,202		$  (18,473)		$ 285,819
Income taxes expense / (benefit)			21,500		40,145		(39,617)		45,503
Net income / (loss)			$ 322,772		$ 505,057		$ 21,144		$ 240,316
Other comprehensive income (loss), net of tax
Change in fair value of cash flow hedges and treasury bills			5,447		(2,605)		13,491		(2,605)
Other comprehensive income (loss)			5,447		(2,605)		13,491		(2,605)
Comprehensive income (loss)			$ 328,219		$ 502,452		$ 34,635		$ 237,711
Comprehensive income / (loss) attributed to:
Class B Unit holders of GDH LP			—		—		—		(204,745)
Noncontrolling interests			171,686		296,589		(15,796)		332,034
Class A common stockholders of the Company(1)			$ 156,533		$ 205,863		$ 50,431		$ 110,422
Net income / (loss) per share of Class A common stock (2)
Net income (loss) used in calculation of net income / (loss) per share of Class A common stock (2)			$ 153,833		$ 208,468		$ 43,767		$ 113,027
Basic			$  0.80		$  1.19		$  0.23		$  0.76
Diluted			$  0.66		$  1.01		$  0.14		$  0.56
Weighted average shares outstanding used to compute net income / (loss) per share(3)
Basic			193,344,582		174,709,471		192,767,396		148,730,331
Diluted			255,698,332		221,463,809		400,540,000		375,881,574

(1)	For periods prior to the Reorganization Transactions, represents net income / (loss) attributable to Class A Units of GDH LP
(2)	For periods prior to the Reorganization Transactions, represents net income / (loss) per Class A Unit of GDH LP
(3)	For periods prior to the Reorganization Transactions, represents weighted average Class A Units of GDH LP used to calculate net income / (loss) per unit

Ownership of GDH LP Limited Partnership Interests

		September 30, 2026				December31, 2025
		Ownership		% interest		Ownership		% interest
Galaxy Digital Inc		191,883,290		49.4 %		192,695,681		49.3 %
Noncontrolling interests		196,596,698		50.6 %		198,408,277		50.7 %
Total		388,479,988		100.0 %		391,103,958		100.0 %

Reconciliation of Adjusted Gross Profit

The following table reconciles adjusted gross profit to revenues and gains / (losses) from operations for the three months ended September 30, 2026 and June 30, 2026:

		Three Months Ended September 30, 2026
(in thousands)		Digital Assets		Data Centers		Treasury and Corporate		Total
Revenues and gains / (losses) from operations		$ 8,169,905		$ 88,995		$ 429,150		$ 8,688,050
Less: Transaction expenses		7,996,275		9,927		10,284		8,016,486
Less: Impairment of digital assets		102,282		—		—		102,282
Adjusted gross profit		$ 71,348		$ 79,068		$ 418,866		$ 569,282
		Three Months Ended June 30, 2026
(in thousands)		Digital Assets		Data Centers		Treasury and Corporate		Total
Revenues and gains / (losses) from operations		$ 8,716,232		$ 25,959		$  (31,658)		$ 8,710,533
Less: Transaction expenses		8,469,179		5,816		10,826		8,485,821
Less: Impairment of digital assets		181,348		—		—		181,348
Adjusted gross profit		$ 65,705		$ 20,143		$  (42,484)		$  43,364

Reconciliation of Adjusted EBITDA

The following table reconciles the Company's adjusted EBITDA figures to net income for the three months ended September 30, 2026 and June 30, 2026:

(in thousands)		Digital Assets		Data Centers		Treasury and Corporate		Three Months Ended September 30, 2026
Net income / (loss)		$  (24,728)		$ (435)		$ 347,935		$ 322,772
Add back:
Equity based compensation and related expense		9,137		785		6,142		16,064
Notes interest and other expense		—		75,439		17,952		93,391
Tax expense / (benefit)		(1,647)		(24)		23,171		21,500
Depreciation and amortization expense		1,821		17,325		2,738		21,884
Other (1)		6,395		(24,344)		(2,913)		(20,862)
Adjusted EBITDA		$ (9,022)		$ 68,746		$ 395,025		$ 454,749
(in thousands)		Digital Assets		Data Centers		Treasury and Corporate		Three Months Ended June 30, 2026
Net income / (loss)		$  (19,048)		$ 31,155		$  (97,423)		$  (85,316)
Add back:
Equity based compensation and related expense		9,218		657		6,331		16,206
Notes interest and other expense		—		7,365		17,732		25,097
Tax expense / (benefit)		(1,704)		(32,450)		(8,717)		(42,871)
Depreciation and amortization expense		1,650		4,762		2,749		9,161
Other (1)		(646)		—		1,111		465
Adjusted EBITDA		$  (10,530)		$ 11,489		$  (78,217)		$  (77,258)

(1) Includes non-operating income and expenses, as well as other discrete items not indicative of ongoing operating performance, none of which were individually significant.

Reconciliation of Adjusted Income (Loss) per Share

The adjusted income (loss) per share represents the diluted income (loss) per Class A common stock assuming all outstanding noncontrolling interest holders exchanged their LP units in GDH LP for Class A common stock of the Company. In periods where the noncontrolling interest is already included in the GAAP diluted income (loss) per share, the adjusted income (loss) per share is identical to the GAAP income (loss) per share. Prior to the Reorganization Transactions, the noncontrolling interest was represented by Class B Units of Galaxy Digital Holdings LP.

The following table reconciles the Company's adjusted income (loss) per share figures to diluted and basic income (loss) per share for the three and nine months ended September 30, 2026 and September 30, 2025:

	Three Months Ended				Nine Months Ended
(in thousands, except for share data and per share amounts)	September 30, 2026		September 30, 2025		September 30, 2026		September 30, 2025
Net income (loss) to Class A unitholders	$  153,833		$  208,468		$ 43,767		$ 113,027
Weighted-average Class A shares outstanding	193,344,582		174,709,471		192,767,396		148,730,331
Basic earnings (loss) per share	$  0.80		$  1.19		$ 0.23		$ 0.76
Numerator:
Net income (loss) to Class A - basic	$  153,833		$  208,468		$ 43,767		$ 113,027
Add: Income (loss) attributed to NCI	—		14,688		13,092		96,230
Add: Other note / award adjustments	16,086		—		—		—
Net income (loss) to Class A - diluted	169,919		223,156		56,859		209,257
Denominator:
WA Class A shares outstanding - basic	193,344,582		174,709,471		192,767,396		148,730,331
Add: NCI share exchange	—		30,031,054		197,521,482		227,151,243
Add: Compensatory awards	8,790,044		16,723,284		10,251,122		—
Add: Convertible notes	53,563,706		—		—		—
WA shares outstanding - diluted	255,698,332		221,463,809		400,540,000		375,881,574
Diluted earnings (loss) per share	$  0.66		$  1.01		$ 0.14		$ 0.56
Net income used to calculate diluted EPS	$  169,919		$  223,156		$ 56,859		$ 209,257
Noncontrolling interest not included in diluted EPS numerator	204,246		253,139		—		—
Net income used to calculate adjusted income (loss) per share	$  374,165		$  476,295		$ 56,859		$ 209,257
Weighted average number of Class A Common Stock shares for the purposes of diluted income (loss) per share	255,698,332		221,463,809		400,540,000		375,881,574
Additional noncontrolling interest weighted average shares outstanding	196,596,698		202,646,202		—		—
Weighted average number of Class A Common Stock shares for the purposes of Adjusted income (loss) per share	452,295,030		424,110,011		400,540,000		375,881,574
Adjusted income (loss) per share	$  0.83		$  1.12		$ 0.14		$ 0.56

 

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SOURCE Galaxy Digital Inc.

FAQ

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

What were Galaxy Digital's third-quarter 2026 earnings?

Galaxy reported $323 million in net income and diluted earnings per share of $0.66 for the quarter ended September 30, 2026. Adjusted earnings per share were $0.83, and adjusted EBITDA was $455 million; both adjusted measures are non-GAAP.

How much did Galaxy Digital authorize for its new share buyback?

The board authorized repurchases of up to $200 million of Class A common stock on October 26, 2026. This follows completion of the previous $200 million program on October 15, 2026, under which approximately 9.8 million shares were repurchased.

Does Galaxy Digital's reported asset total include overlapping staking and alternatives assets?

At the end of Q3 2026, $1.2 billion was included in both assets under stake and alternatives. Galaxy reported $10.4 billion in combined assets under management and assets under stake, up 46% quarter over quarter. These asset figures include both Galaxy balance-sheet assets and third-party assets.

How much revenue-generating data center capacity had Galaxy Digital delivered by Q3 2026?

Galaxy had delivered 133 MW of critical IT load to CoreWeave by the end of Q2 2026, unchanged at the end of Q3. Q3 was the first full quarter of revenue-generating operations under the Helios I, Phase I lease.