Galaxy Digital's revenue is dominated by volatile fee-based income (100.3% of total revenue in Q2 2026), but this gross figure is nearly fully offset by loan loss provisions of $8.5 billion in that quarter, resulting in chronic operating and net losses.
Galaxy Digital (GLXY) annual income statement — 8-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'08 | Dec'07 | Dec'06 |
|---|
| Net Interest Income | -73.61M | -59.25M | -30.8M | 5.12M | 1.91M | 0 | 273.28K | 577.24K | 390.91K |
| NII Growth % | -274.66% | -92.34% | -702.11% | 167.43% | - | -100% | -52.66% | 47.66% | - |
| Net Interest Margin % | -0.68% | -0.52% | -0.43% | 0.58% | 0.49% | 0% | 3.04% | 2.84% | 4.17% |
| Interest Income | 0 | 0 | 0 | 5.12M | 1.91M | 0 | 273.28K | 577.24K | 390.91K |
| Interest Expense | 73.61M | 59.25M | 30.8M | 0 | 0 | 0 | 0 | 0 | 0 |
| Loan Loss Provision | 57.05B | 60.15B | 42.43B | 0 | 0 | 0 | 61.57K | 1.33M | 783.81K |
| Non-Interest Income | 58.37B | 61.36B | 43.76B | -5.12M | -1.91M | 0 | -273.28K | -577.24K | -390.91K |
| Non-Interest Income % | 100.13% | 100.1% | 100.07% | - | - | - | - | - | - |
| Total Net Revenue | 58.29B | 61.3B | 43.73B | 0 | 0 | 0 | 0 | 0 | 0 |
| Revenue Growth % | 23.89% | 40.18% | - | - | - | - | - | - | - |
| Non-Interest Expense | 775.5M | 570.66M | 579.58M | 2.16M | 2.48M | 4.25M | 11.72M | 8.19M | 767.89K |
| Efficiency Ratio | 1.33% | 0.93% | 1.33% | - | - | - | - | - | - |
| Operating Income | 469.85M | 575.11M | 721.46M | -2.16M | -2.48M | -4.25M | -11.78M | -10.1M | -4.81M |
| Operating Margin % | 0.81% | 0.94% | 1.65% | - | - | - | - | - | - |
| Operating Income Growth % | - | -20.29% | 33547.38% | 12.99% | 41.7% | 63.9% | -16.58% | -110.03% | - |
| Pretax Income | -374.04M | -270.68M | 452M | 493.23M | -578.58M | 504.04M | -11.53M | -9.44M | -4.45M |
| Pretax Margin % | -0.64% | -0.44% | 1.03% | - | - | - | - | - | - |
| Income Tax | -95.81M | -29.33M | -16.94M | 38.47M | -55.91M | 101.95M | 0 | 0 | 0 |
| Effective Tax Rate % | 25.61% | 10.84% | -3.75% | 7.8% | 9.66% | 20.23% | 0% | 0% | 0% |
| Net Income | -99.33M | -84.86M | 116.27M | 454.76M | -522.68M | 402.08M | -11.53M | -9.44M | -4.45M |
| Net Margin % | -0.17% | -0.14% | 0.27% | - | - | - | - | - | - |
| Net Income Growth % | 2.17% | -172.99% | -74.43% | 187.01% | -229.99% | 3587.55% | -22.19% | -112.24% | - |
| Net Income (Continuing) | -278.24M | -241.35M | 468.94M | 454.76M | -522.68M | 402.08M | -11.53M | -9.44M | -4.45M |
| EPS (Diluted) | -0.52 | -0.53 | 0.84 | 3.65 | -4.99 | 3.81 | -107.42 | -109.95 | -72.16 |
| EPS Growth % | -18.75% | -163.1% | -76.99% | 173.15% | -230.97% | 103.55% | 2.3% | -52.37% | - |
| EPS (Basic) | - | -0.53 | 0.96 | 4.30 | -4.99 | 4.27 | -107.42 | -109.95 | -72.16 |
| Diluted Shares Outstanding | 192.87M | 159.2M | 120.85M | 127.04M | 104.84M | 94.2M | 106.73K | 85.68K | 61.57K |
Quick answers to the most common questions about buying GLXY stock.
For fiscal year 2025, Galaxy Digital (GLXY) reported total revenue of $61.30B.
Galaxy Digital (GLXY) reported a net loss of $84.9M for the fiscal year ending 2025.
Galaxy Digital (GLXY) reported an operating income of $575.1M, resulting in an operating profit margin of 0.9%. This margin reflects the operational efficiency of the business before interest and taxes.
Galaxy Digital (GLXY) generated $1.15B in gross profit for the year, representing a gross profit margin of 1.9%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Provision and funding cost volatility
Metrics are mathematically derived from official filings.
Dominant Fee Revenue Masks Provision Swings
Non-interest income constituted over 100% of total revenue in recent quarters, per reported figures, underscoring a near-total reliance on transaction-based and principal trading gains rather than net interest spread.
The firm's revenue model is entirely driven by its Global Markets and Asset Management segments, where fee and trading income dwarf the negligible, negative net interest income. This structure creates extreme sensitivity to digital asset volatility and institutional trading volumes, as seen in the quarterly swings from $8.7 billion to $29.2 billion in total revenue. While this offers high upside in favorable markets, it provides minimal earnings stability during periods of low market activity.
Provision Burden Nearly Consumes Gross Revenue
Provision for loan losses reached $10.0 billion in Q1 2026 and $8.5 billion in Q2 2026, figures that nearly offset the entire quarterly revenue and represent a persistent drag on bottom-line performance.
The massive scale of provisioning relative to revenue suggests a loan book concentrated in high-volatility digital asset collateral, requiring significant loss reserves. This dynamic transforms what might appear as strong top-line activity into negligible operating income, as seen in Q2 2026 where a $8.7 billion revenue quarter yielded an operating loss of $128.9 million. The provision burden effectively acts as the primary determinant of profitability, overshadowing all other operational metrics.
Ultra-Thin Margins Reflect Principal-Trading Economics
The net income margin was -0.1% on a trailing twelve-month basis, and the efficiency ratio stood at 4.1% in Q2 2026, indicating that gross revenue is not translating into meaningful net profitability after costs and provisions.
The extremely low efficiency ratio initially suggests operational leverage, but this is misleading given the gross revenue accounting. The negative net margin, however, is unequivocal: the firm's cost structure, dominated by compensation and infrastructure, along with the colossal provision expense, consistently overwhelms the gross profit generated from its trading activities. This margin profile indicates the business is currently in a scale-building phase where profitability is sacrificed for market share in a cyclical industry.
Negative and Worsening Net Interest Income
Net interest income deteriorated from -$7.0 million in Q1 2024 to -$25.1 million in Q2 2026, as reported in financial statements, signaling that funding costs are consistently outpacing yields on the firm's earning assets.
The persistent and deepening negative NII points to a liability-sensitive balance sheet, likely due to a funding mix weighted toward higher-cost deposits or borrowings used to finance its lending and principal activities. This trend erodes a potential stabilizing revenue stream and forces the firm to rely even more heavily on volatile trading income to cover its interest expense. In a rising rate environment, this negative trajectory could accelerate, further pressuring net interest margins.
Gross Revenue Figure Obscures True Economic Earnings
The reported $61.36 billion in TTM revenue likely reflects gross principal transaction volumes, as evidenced by the 1.87% gross margin, challenging the sustainability of earnings quality derived from such thin-spread activities.
The core analytical challenge is that the headline revenue number does not represent the firm's net economic take, which is more accurately measured by the pre-provision net revenue. After deducting the nearly equal provisions, the underlying business generates minimal retained profit. This accounting treatment creates significant earnings volatility and masks the true risk-adjusted return on the firm's capital. Investors should focus on the spread between the gross fee income and the sum of provisions and non-interest expense to gauge core operational viability.