Galaxy Digital
GLXY · NasdaqSecurity Brokers, Dealers & Flotation Companies · Fiscal year ends Dec 31
Galaxy Digital reported revenue of $60.2B in the fiscal year ended Dec 2025, up 41.7% from the year before. Net income was −$241M. Operating cash flow of −$317M less capital expenditure of $1.2B left free cash flow of −$1.5B. Net debt was $1.2B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|
| Revenue | $51.6B | $42.5B | $60.2B |
| Interest expense | $27M | $31M | $59M |
| Pre-tax income | $244M | $330M | −$271M |
| Income tax | $16M | −$17M | −$29M |
| Net income | $229M | $347M | −$241M |
| Diluted shares | 326M | 357M | 366M |
Balance sheet
| Fiscal year | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|
| Cash & equivalents | $317M | $462M | $1.2B |
| Receivables | – | $55M | $34M |
| Current assets | – | $5.9B | $8.5B |
| Net PP&E | – | $237M | $1.4B |
| Goodwill | $44M | $58M | $67M |
| Total assets | – | $7.1B | $11.3B |
| Payables | – | $7M | $18M |
| Deferred revenue | $0 | $0 | $52M |
| Current liabilities | – | $3.9B | $5.3B |
| Long-term debt | – | $845M | $2.4B |
| Total liabilities | – | $4.9B | $8.3B |
| Shareholders' equity | $3,000 | $2.2B | $2B |
Cash flow
| Fiscal year | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|
| Operating cash flow | −$4M | −$205M | −$317M |
| Capital expenditure | $46M | $59M | $1.2B |
| Free cash flow | −$50M | −$264M | −$1.5B |
| Depreciation & amortisation | $23M | $47M | $34M |
| Stock-based compensation | $82M | $75M | $54M |
Key ratios
| Fiscal year | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|
| Revenue growth (YoY) | – | −17.6% | 41.7% |
| Net margin | 0.4% | 0.8% | −0.4% |
| Return on equityBlank when equity is negative | 7617133.3% | 15.8% | −12.3% |
| Free cash flow margin | −0.1% | −0.6% | −2.5% |
| Cash conversion (CFO ÷ net income) | −0.02x | −0.59x | 1.31x |
| Receivable days | – | 0 | 0 |
| Debt ÷ equity | – | 0.39x | 1.24x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | – | $383M | $1.2B |
| Current ratio | – | 1.51x | 1.60x |
Recent filings
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Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.