Revenue is entirely fee-driven, with non-interest income ranging from $133.6M to $165.6M per quarter, but profitability is persistently strained by loan loss provisions that consumed 35-40% of total revenue in 2026Q4.
Grayscale Ethereum Mini Trust ETF (ETH) annual income statement — 24-year revenue, gross profit & net income history
| Metric | Jun'26 | Jun'25 | Jun'24 | Jun'23 | Jun'22 | Jun'21 | Jun'20 | Jun'19 | Jun'18 | Jun'17 | Jun'16 | Jun'15 | Jun'14 | Jun'13 | Jun'12 | Jun'11 | Jun'10 | Jun'09 | Jun'08 | Jun'07 | Jun'06 | Jun'05 | Jun'04 | Jun'03 |
|---|
| Net Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| NII Growth % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Net Interest Margin % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Interest Income | 0 | 0 | 0 | 226K | 224K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 481K | 455K | 87K | 325K | 1.22M | 1.62M | 9.25M | 7.51M | 10.26M | 9.02M | 11.13M | 11.92M | 11.76M | 0 | 0 | 0 | 0 | 0 | 0 |
| Loan Loss Provision | 224.72M | 242.53M | 253.16M | 311.01M | 333.06M | 291.58M | 266.25M | 337.11M | 350.5M | 342.44M | 350.35M | 334.19M | 332.65M | 320.47M | 330.06M | 318.37M | 297.85M | 315.17M | 453.98M | 478.73M | 525.41M | 487.96M | 494.03M | 457.88M |
| Non-Interest Income | 579.49M | 614.65M | 646.22M | 791.16M | 817.54M | 685.17M | 589.84M | 746.68M | 766.78M | 763.38M | 794.2M | 754.6M | 746.66M | 729.08M | 729.37M | 678.96M | 590.05M | 674.28M | 980.04M | 1.01B | 1.07B | 949.01M | 955.11M | 907.26M |
| Non-Interest Income % | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% |
| Total Net Revenue | 579.49M | 614.65M | 646.22M | 791.16M | 817.54M | 685.17M | 589.84M | 746.68M | 766.78M | 763.38M | 794.2M | 754.6M | 746.66M | 729.08M | 729.37M | 678.96M | 590.05M | 674.28M | 980.04M | 1.01B | 1.07B | 949.01M | 955.11M | 907.26M |
| Revenue Growth % | -5.72% | -4.89% | -18.32% | -3.23% | 19.32% | 16.16% | -21.01% | -2.62% | 0.45% | -3.88% | 5.25% | 1.06% | 2.41% | -0.04% | 7.42% | 15.07% | -12.49% | -31.2% | -2.51% | -5.73% | 12.37% | -0.64% | 5.27% | - |
| Non-Interest Expense | 308.65M | 309.79M | 315.15M | 339.12M | 346.36M | 315.8M | 308.24M | 375.21M | 367.1M | 361.77M | 353.06M | 348.93M | 336.86M | 339.4M | 340.68M | 316.4M | 289.57M | 353.11M | 423.23M | 402.02M | 394.07M | 332.3M | 320.75M | 315.58M |
| Efficiency Ratio | 53.26% | 50.4% | 48.77% | 42.86% | 42.37% | 46.09% | 52.26% | 50.25% | 47.87% | 47.39% | 44.45% | 46.24% | 45.12% | 46.55% | 46.71% | 46.6% | 49.08% | 52.37% | 43.18% | 39.99% | 36.95% | 35.01% | 33.58% | 34.78% |
| Operating Income | 45.02M | 61.99M | 77.99M | 133.48M | 133.79M | 79.7M | 11.63M | 52.61M | 48.87M | 57.95M | 89.18M | 65.93M | 69.64M | 60.44M | 49.61M | 33.06M | -9.3M | -5.77M | 102.84M | 124.56M | 146.91M | 128.76M | 140.32M | 133.81M |
| Operating Margin % | 7.77% | 10.09% | 12.07% | 16.87% | 16.36% | 11.63% | 1.97% | 7.05% | 6.37% | 7.59% | 11.23% | 8.74% | 9.33% | 8.29% | 6.8% | 4.87% | -1.58% | -0.86% | 10.49% | 12.39% | 13.78% | 13.57% | 14.69% | 14.75% |
| Operating Income Growth % | -27.38% | -20.52% | -41.57% | -0.23% | 67.87% | 585.56% | -77.9% | 7.66% | -15.67% | -35.02% | 35.25% | -5.32% | 15.22% | 21.82% | 50.07% | 455.55% | -61.14% | -105.61% | -17.44% | -15.21% | 14.1% | -8.24% | 4.87% | - |
| Pretax Income | 53.18M | 69.02M | 85.45M | 141.03M | 138.12M | 76.41M | 14.19M | 33.86M | 49.07M | 56.99M | 87.96M | 56.68M | 62.4M | 50.17M | 41.24M | 26.37M | -18.79M | -81.18M | 92.18M | 109.73M | 138.1M | 129.42M | 130.5M | 121.19M |
| Pretax Margin % | 9.18% | 11.23% | 13.22% | 17.83% | 16.89% | 11.15% | 2.41% | 4.53% | 6.4% | 7.47% | 11.07% | 7.51% | 8.36% | 6.88% | 5.65% | 3.88% | -3.18% | -12.04% | 9.41% | 10.91% | 12.95% | 13.64% | 13.66% | 13.36% |
| Income Tax | 13.29M | 17.42M | 21.63M | 35.22M | 34.84M | 16.41M | 5.29M | 8.16M | 12.7M | 20.8M | 31.32M | 19.54M | 19.47M | 17.7M | -8.46M | -2.88M | 25.53M | -28.49M | 34.11M | 40.5M | 52.42M | 50.08M | 50.16M | 45.81M |
| Effective Tax Rate % | 25% | 25.24% | 25.31% | 24.97% | 25.22% | 21.47% | 37.28% | 24.11% | 25.87% | 36.5% | 35.61% | 34.47% | 31.2% | 35.27% | -20.5% | -10.92% | -135.89% | 35.1% | 37% | 36.91% | 37.96% | 38.7% | 38.43% | 37.8% |
| Net Income | 39.88M | 51.6M | 63.82M | 105.81M | 103.28M | 60.01M | 8.9M | 25.7M | 36.37M | 36.19M | 56.64M | 37.14M | 42.93M | 32.48M | 49.69M | 29.25M | -44.32M | -52.69M | 58.07M | 69.23M | 85.68M | 79.34M | 80.34M | 75.38M |
| Net Margin % | 6.88% | 8.39% | 9.88% | 13.37% | 12.63% | 8.76% | 1.51% | 3.44% | 4.74% | 4.74% | 7.13% | 4.92% | 5.75% | 4.45% | 6.81% | 4.31% | -7.51% | -7.81% | 5.93% | 6.89% | 8.03% | 8.36% | 8.41% | 8.31% |
| Net Income Growth % | -22.7% | -19.15% | -39.69% | 2.45% | 72.12% | 574.21% | -65.37% | -29.34% | 0.49% | -36.09% | 52.49% | -13.48% | 32.18% | -34.64% | 69.89% | 166% | 15.89% | -190.73% | -16.11% | -19.2% | 8% | -1.25% | 6.58% | - |
| Net Income (Continuing) | 39.88M | 51.6M | 63.82M | 105.81M | 103.28M | 60.01M | 8.9M | 25.7M | 36.37M | 36.19M | 56.64M | 37.14M | 42.93M | 32.48M | 49.69M | 29.25M | -44.32M | -52.69M | 58.07M | 69.23M | 85.68M | 79.34M | 80.34M | 75.38M |
| EPS (Diluted) | 1.56 | 2.01 | 2.49 | 4.13 | 4.05 | 2.37 | 0.34 | 0.96 | 1.32 | 1.29 | 2.00 | 1.27 | 1.47 | 1.11 | 1.71 | 1.01 | -1.53 | -1.83 | 1.97 | 2.15 | 2.51 | 2.19 | 2.10 | 1.95 |
| EPS Growth % | -22.39% | -19.28% | -39.71% | 1.98% | 70.89% | 597.06% | -64.58% | -27.27% | 2.33% | -35.5% | 57.48% | -13.61% | 32.43% | -35.09% | 69.31% | 166.01% | 16.39% | -192.89% | -8.37% | -14.34% | 14.61% | 4.29% | 7.69% | - |
| EPS (Basic) | 1.56 | 2.01 | 2.50 | 4.13 | 4.05 | 2.37 | 0.34 | 0.96 | 1.32 | 1.29 | 2.00 | 1.27 | 1.47 | 1.11 | 1.72 | 1.02 | -1.53 | -1.83 | 1.98 | 2.19 | 2.58 | 2.24 | 2.16 | 2.00 |
| Diluted Shares Outstanding | 25.58M | 25.63M | 51.29M | 51.21M | 51.04M | 50.7M | 52.14M | 53.5M | 55.25M | 55.92M | 56.65M | 58.36M | 58.55M | 58.48M | 58.22M | 57.93M | 57.96M | 57.63M | 58.94M | 64.52M | 68.17M | 72.39M | 76.59M | 77.14M |
Quick answers to the most common questions about buying ETH stock.
For fiscal year 2026, Grayscale Ethereum Mini Trust ETF (ETH) reported total revenue of $579.5M. This represents a 36.1% decline compared to $907.3M in 2003.
Grayscale Ethereum Mini Trust ETF (ETH) is profitable, generating $39.9M in net income for the fiscal year ending 2026 with a net profit margin of 6.9%.
Grayscale Ethereum Mini Trust ETF (ETH) reported an operating income of $45.0M, resulting in an operating profit margin of 7.8%. This margin reflects the operational efficiency of the business before interest and taxes.
Grayscale Ethereum Mini Trust ETF (ETH) generated $354.8M in gross profit for the year, representing a gross profit margin of 61.2%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
High credit cost burden
Metrics are mathematically derived from official filings.
Zero Net Interest Income Profile
The trust generates no meaningful net interest income, with NII at $0 for nine of the last ten quarters, indicating a pure fee-based revenue model entirely dependent on non-interest income streams.
This structural absence of NII confirms the entity operates as a non-depository vehicle, likely a passive investment trust, where revenue is derived solely from management fees or similar non-interest sources. The single quarter with $1.5M NII in 2025Q3 appears anomalous and immaterial to the overall earnings model.
Fee Revenue Dominance and Volatility
Non-interest income constitutes 100% of total revenue in most quarters, ranging from $133.6M to $165.6M, but exhibits significant volatility that directly drives bottom-line earnings swings.
The reliance on a single revenue stream creates substantial earnings variability, as seen in the 20%+ quarterly fluctuations in non-interest income. This pattern suggests the fee base is highly sensitive to market conditions or asset values, which is typical for an asset-linked trust structure. The efficiency ratio, while appearing stable in the 47-59% range, is calculated against this volatile revenue base.
Persistent Provision Expense Drag
Loan loss provisions have remained elevated at $50.6M to $66.6M per quarter, consuming 35-40% of total revenue and representing the primary constraint on operating profitability.
The consistent provisioning suggests either a deliberate reserve-building strategy or an underlying credit portfolio requiring ongoing loss absorption. For a trust structure, this level of provision expense is unusual and warrants investigation into the nature of the assets being held. The provision-to-revenue ratio has remained stubbornly high, limiting operating income to single-digit or low-teens millions despite substantial top-line revenue.
Efficiency Ratio Volatility
The efficiency ratio has fluctuated between 47.2% and 58.7% over the period, with recent quarters showing improvement to the low 50s, though this metric is distorted by the absence of traditional operating leverage.
Without net interest income, the efficiency ratio calculation is based entirely on non-interest income versus non-interest expense, making it less comparable to traditional banking metrics. The improvement from 58.7% in 2024Q4 to 53.0% in 2026Q4 suggests better cost control, but the underlying revenue volatility makes this metric less reliable as an indicator of operational efficiency.
2024Q4 Earnings Collapse
The fourth quarter of 2024 marked a severe earnings deterioration with EPS plunging 75.8% year-over-year to $0.24, driven by a combination of lower revenue and elevated provisions.
This quarter represents the weakest performance in the dataset, with operating income collapsing to just $6.1M on $127.7M revenue. The simultaneous decline in revenue and spike in provisions suggests either a market-driven valuation adjustment or a specific credit event. The subsequent recovery in 2025 suggests this may have been a temporary dislocation rather than a structural impairment.
Sustainability of Fee-Based Model
The complete absence of net interest income combined with persistent high provisions raises questions about the long-term viability of the earnings model, particularly if fee revenue faces competitive or market-driven pressure.
Investors should monitor whether the trust can maintain its fee revenue base in different market environments, as the current model provides no interest income buffer during periods of fee compression. The consistent provision expense suggests underlying asset quality concerns that could intensify during market stress. Without the traditional banking model of earning a spread, the trust has limited tools to offset revenue declines beyond cost reduction.