Grayscale Ethereum Mini Trust (ETH) Earnings History
Annual and quarterly earnings data from 2003 to 2025
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ETH EPS Growth (CAGR)
Compound annual growth rate of diluted earnings per share
CAGR (Compound Annual Growth Rate) shows the annualized growth rate of EPS over the specified period. A higher CAGR indicates stronger earnings momentum.
ETH Profitability Analysis
Margin trends over time
| Year | Gross Margin | Operating Margin | Net Margin |
|---|---|---|---|
| 2025 | 60.5% | 10.1% | 8.4% |
| 2024 | 60.8% | 12.1% | 9.9% |
| 2023 | 60.7% | 16.9% | 13.4% |
| 2022 | 59.3% | 16.4% | 12.6% |
| 2021 | 57.4% | 11.6% | 8.8% |
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Grayscale Ethereum Mini Trust (ETH) Earnings Overview
As of May 6, 2026, Grayscale Ethereum Mini Trust (ETH) reported trailing twelve-month net income of $47M, reflecting -19.3% year-over-year growth. The company earned $1.85 per diluted share over the past four quarters, with a net profit margin of 8.4%.
Looking at the long-term picture, ETH's 5-year EPS compound annual growth rate (CAGR) stands at +42.7%, indicating exceptional earnings growth. The company achieved its highest annual net income of $106M in fiscal 2023.
Grayscale Ethereum Mini Trust maintains positive profitability with a gross margin of 60.5%, operating margin of 10.1%, and net margin of 8.4%. The company continues to generate positive earnings from operations. View revenue history →
Compared to peers including COIN ($3.22B net income, 19.0% margin), MSTR (-$4.03B net income, -844.8% margin), MARA (-$1.31B net income, -144.6% margin), ETH has room to improve margins relative to the peer group. Compare ETH vs COIN →
ETH Earnings vs Peers
Earnings metrics vs comparable public companies
ETH Historical Earnings Data (2003–2025)
23 years| Fiscal Year | Net Income | YoY % | Operating Income | EPS (Diluted) | Net Margin | Op. Margin |
|---|---|---|---|---|---|---|
| 2025 | $52M | -19.1% | $62M | $2.01 | 8.4% | 10.1% |
| 2024 | $64M | -39.7% | $78M | $2.49 | 9.9% | 12.1% |
| 2023 | $106M | +2.4% | $133M | $4.13 | 13.4% | 16.9% |
| 2022 | $103M | +72.1% | $134M | $4.05 | 12.6% | 16.4% |
| 2021 | $60M | +574.2% | $80M | $2.37 | 8.8% | 11.6% |
| 2020 | $9M | -65.4% | $12M | $0.34 | 1.5% | 2.0% |
| 2019 | $26M | -29.3% | $53M | $0.96 | 3.4% | 7.0% |
| 2018 | $36M | +0.5% | $49M | $1.32 | 4.7% | 6.4% |
| 2017 | $36M | -36.1% | $58M | $1.29 | 4.7% | 7.6% |
| 2016 | $57M | +52.5% | $89M | $2.00 | 7.1% | 11.2% |
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Start ComparisonETH — Frequently Asked Questions
Quick answers to the most common questions about buying ETH stock.
Is ETH growing earnings?
ETH EPS fell to $1.85, with earnings declining -19.3%. This contrasts with the 5-year CAGR of +42.7%. TTM net income dropped to $47M.
What are ETH's profit margins?
Grayscale Ethereum Mini Trust net margin is +8.4%, with operating margin at +10.1%. Margins sit within typical range for the sector.
How consistent are ETH's earnings?
ETH earnings data spans 2003-2025. The declining earnings trend is -19.3% YoY. Historical data enables comparison across business cycles.