Operating cash flow is volatile and distorted by fair value movements, such as the $463.8 million inflow in Q2 2026 despite a net loss, while massive loan loss provisions of $8.5 billion in the same quarter represent the dominant and unsustainable cash outflow.
Galaxy Digital (GLXY) cash flow statement — 8-year operating, investing & financing cash flows
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'08 | Dec'07 | Dec'06 |
|---|
| Cash from Operations | -209.48M | -256.47M | -18.55M | -16.52M | -76.77M | -19.55M | -11.14M | -8.66M | -3.36M |
| Operating CF Growth % | 1080.43% | -1282.74% | -12.3% | 78.49% | -292.77% | -75.52% | -28.53% | -157.73% | - |
| Net Income | -99.33M | -241.35M | 78.86M | 454.76M | -522.68M | 402.08M | -11.53M | -9.44M | -4.45M |
| Depreciation & Amortization | 14M | 34.07M | 0 | 0 | 0 | 0 | 61.57K | 51.77K | 37.93K |
| Deferred Taxes | 71.67M | 41.13M | 64.78M | 36.21M | -112.47M | 61.36M | 0 | 0 | 0 |
| Other Non-Cash Items | -53.8M | -880.09M | -122.14M | -487.85M | 586.5M | -506.65M | 0 | 348.41K | 237.54K |
| Working Capital Changes | 16.71M | 736.16M | -40.04M | -19.64M | -28.13M | 23.66M | -112.84K | 371.09K | 808.3K |
| Cash from Investing | -2.16B | -1.29B | -85.31M | 6.86M | 107.4M | 12.24M | -87.46K | -267.12K | -344.78K |
| Purchase of Investments | -1.37B | -2.65B | 0 | 0 | 0 | 0 | -10M | 0 | 0 |
| Sale/Maturity of Investments | 1.27B | 2.64B | 0 | 0 | 0 | 0 | 10M | 0 | 0 |
| Net Investment Activity | -100.63M | -5.08M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Acquisitions | -3.36M | -7.78M | -104.83M | 0 | 107.4M | 0 | 0 | 0 | 0 |
| Other Investing | -1.33B | -85.18M | 19.53M | 6.86M | 0 | 12.24M | 0 | 0 | 0 |
| Cash from Financing | 2.73B | 2.39B | 104.83M | 439K | -47.4M | 34.13M | 0 | 19.59M | 12.26M |
| Dividends Paid | -2.99K | -49.31M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -94.93M | 0 | -20.52M | -10.67M | -53.35M | 0 | 0 | -800 | 0 |
| Stock Issued | 65.29M | 851.17M | 125.35M | 11.11M | 5.95M | 34.13M | 0 | 19.59M | 12.1M |
| Net Stock Activity | -29.64M | 851.17M | 104.83M | 439K | -47.4M | 34.13M | 0 | 19.59M | 12.1M |
| Debt Issuance (Net) | 4M | 1000K | 0 | 0 | 0 | 0 | 0 | 0 | -401.21K |
| Other Financing | 361.66M | -68.49M | 0 | 0 | 0 | 0 | 0 | 0 | 563.4K |
| Net Change in Cash | 338.02M | 706.97M | 979K | -9.22M | -16.77M | 26.82M | -11.22M | 10.66M | 8.55M |
| Exchange Rate Effect | -19.4M | -137.33M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash at Beginning | 911.37M | 739.25M | 833K | 10.05M | 26.82M | 0 | 19.47M | 8.81M | 262.72K |
| Cash at End | 1.06B | 1.45B | 1.81M | 833K | 10.05M | 26.82M | 8.25M | 19.47M | 8.81M |
| Interest Paid | 0 | 53.32M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Income Taxes Paid | 0 | 5.8M | 0 | 2.83M | 3.12M | 19.67M | 0 | 0 | 0 |
| Free Cash Flow | -1.74B | -1.45B | -18.55M | -16.52M | -76.77M | -19.55M | -11.22M | -8.93M | -3.71M |
| FCF Growth % | -1094.15% | -7712.19% | -12.3% | 78.49% | -292.77% | -74.16% | -25.67% | -140.96% | - |
Quick answers to the most common questions about buying GLXY stock.
Galaxy Digital (GLXY) generated $-256.5M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Galaxy Digital (GLXY) reported negative free cash flow of $1.45B in 2025, indicating capital requirements exceeded cash from operations.
Galaxy Digital (GLXY) spent $1.19B on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Galaxy Digital (GLXY) returned $49.3M to shareholders via cash dividends. This shows the company's commitment to returning capital to its equity investors.
Key Metrics
Top Statement Risk
Massive loan loss provisions
Metrics are mathematically derived from official filings.
Negative Earnings Drain Operating Cash
Galaxy Digital's cumulative net losses over the past ten quarters have severely impaired its ability to generate internal capital, with the OCF-to-Net Income ratio averaging a deeply negative -2.44x, indicating that reported losses are compounded by cash outflows, according to the provided financials.
The persistent negative earnings trajectory, including a $195.4 million loss in Q4 2025 and a $94.5 million loss in Q1 2026, means the firm is consuming rather than generating capital organically. This pattern suggests the balance sheet is being supported by external funding or asset liquidations rather than retained earnings, which is unsustainable for long-term growth without a significant improvement in core profitability.
Active Portfolio Churn Amidst Negative Cash Flow
Significant investment securities activity, including $1.3 billion in purchases and $1.2 billion in sales in Q3 2025, indicates active portfolio management but has not consistently translated into positive investing cash flow, as reported in the quarterly statements.
The firm appears to be actively rotating its investment portfolio, as evidenced by large, often offsetting, purchase and sale figures. However, the net cash impact is frequently negative, such as the $630.8 million outflow in Q1 2024, suggesting that these activities are net uses of cash, potentially to fund other operations or reflect mark-to-market driven decisions rather than strategic accumulation.
Loan Loss Provisions Dominate Cash Outflows
Loan loss provisions reached staggering levels of $10.0 billion in Q1 2026 and $8.5 billion in Q2 2026, representing by far the largest single category of cash outflow and dwarfing all other operational figures, as per the cash flow data.
These colossal provision figures, which align with the income statement's credit cost burden, are the primary driver of the negative cash flow trend. The scale suggests either a massive buildup in the loan loss reserve or significant write-downs of a large, potentially impaired, lending portfolio. This represents a critical liquidity drain that obscures any positive cash generation from other activities.
Cash Flow Masked by Trading Asset Volatility
The operating cash flow is heavily distorted by fair value swings on principal trading assets, as evidenced by the extreme disconnect between the -$17.9 million net loss and the $463.8 million operating cash flow in Q2 2026, which suggests significant non-cash adjustments.
The volatile relationship between net income and operating cash flow, where OCF can be massively positive during a quarter of net loss (Q2 2026) and deeply negative during a smaller loss (Q4 2025), highlights the dominance of unrealized gains/losses and changes in working capital related to trading assets. This makes the cash flow statement a poor indicator of core economic performance and liquidity for this firm.