Galaxy Digital Q3 2026 earnings: profit swings to $323 million as data centers ramp up
Galaxy Digital swung to a $323 million profit in Q3 2026, beating estimates as digital-asset trading, investment gains and a fast-growing data-center business all contributed.
| Q3 2026 | Reported | Expected | Surprise |
|---|---|---|---|
| EPS | $0.83 | -$0.14 | +712.5% |
| Revenue | $8.14B | $14.25B | -42.9% |
Key takeaways
- Profit swung sharply higher: Galaxy posted net income of $323 million (66 cents a share, or 83 cents on an adjusted basis), reversing an $85 million loss in the prior quarter and coming in far above the loss Wall Street had modeled.
- The headline revenue figure looks like a miss against estimates, but for Galaxy that number is dominated by pass-through digital-asset trading volume, which swings heavily from quarter to quarter (it was roughly $8.6 billion last quarter and $10.0 billion the quarter before); profitability measures like adjusted gross profit ($569 million) and adjusted EBITDA ($455 million) are the more telling gauges of the underlying business.
- Growth came from three places management called out: the core digital-assets trading business, gains across Galaxy’s own investment portfolio, and a fast-growing data-center unit.
- CEO Mike Novogratz said the quarter reflected ‘the strength of our established Digital Assets franchise, significant appreciation across our investments portfolio, and the growing contribution from our Data Centers business.’
- The data-center business is becoming a real second leg for Galaxy: its adjusted gross profit jumped to $79 million from $20 million the prior quarter, as the company booked its first full quarter of lease payments from the 133-megawatt Helios I campus it built for AI-computing firm CoreWeave.
- President Chris Ferraro noted on the call that Galaxy’s credit exposure on the CoreWeave lease runs to CoreWeave’s broader customer base, and that tenants for the next phases of the data-center project (Helios 2 and 3) are still being lined up — a reminder that this growth driver isn’t fully locked in yet.
- The balance sheet got noticeably stronger: total assets rose 51% to $16.4 billion and the company held $4.9 billion in cash, stablecoins and U.S. Treasuries at quarter-end, giving it room to invest and return cash to shareholders.
- The board added a new $200 million share-buyback authorization, on top of 9.8 million shares already repurchased this year, signaling management’s confidence after a volatile stretch.
- Despite the strong quarter, trailing-twelve-month profitability metrics are still negative (net margin of about -18% and negative return on equity) — a reminder that one good quarter hasn’t yet erased the drag from earlier periods when crypto-market swings hurt results.
How the stock took it
Galaxy Digital Inc closed at $15.68 on Oct 26, 2026, the last session before the report, and at $19.09 on Oct 28, 2026, the first session after it — +21.8% across the report.
Closes from the market's daily record. Each figure spans the report date — from the last session that closed before it to the first that closed after — because a company may report before the open or after the close.
Fundamentals
| Metric | Value | Period |
|---|---|---|
| Operating margin | 0.6% | Trailing 12 months |
| Net profit margin | -0.2% | Trailing 12 months |
| Pretax margin | 0.6% | Trailing 12 months |
| EPS | -$1.16 | Trailing 12 months |
| Return on equity | -3.7% | Trailing 12 months |
Sources: company report · earnings call · financial-news aggregation