Revenue scaling lacks consistent quality, with gross margins compressing from a peak of 4.6% in 2025Q2 to just 1.9% in 2026Q1.
| Sales/Revenue | 58.71B | - | - | - | - | - | - | - | - |
| Revenue Growth % | - | - | - | - | - | - | - | - | - |
| Cost of Goods Sold | 0 | - | - | - | - | - | - | - | - |
| COGS % of Revenue | - | - | - | - | - | - | - | - | - |
| Gross Profit | 1.44B | 1.15B | 1.3B | 0 | 0 | 0 | -61.57K | -1.33M | -783.81K |
| Gross Margin % | 2.45% | 1.87% | 2.97% | - | - | - | - | - | - |
| Gross Profit Growth % | - | -11.93% | - | - | - | 100% | 95.38% | -69.95% | - |
| Operating Expenses | 533.99M | 570.66M | 579.58M | 2.16M | 2.48M | 4.25M | 11.72M | 8.19M | 767.89K |
| OpEx % of Revenue | - | 0.93% | 1.32% | - | - | - | - | - | - |
| Selling, General & Admin | 533.99M | 570.66M | 579.58M | 2.16M | 2.48M | 4.25M | 3.39M | 1.6M | 777.88K |
| SG&A % of Revenue | - | 0.93% | 1.32% | - | - | - | - | - | - |
| Research & Development | 0 | - | - | - | - | - | - | - | - |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | - | - | - | - | - | - | - | - |
| Operating Income | 906.88M | 575.11M | 721.46M | -2.16M | -2.48M | -4.25M | -11.78M | -10.1M | -4.81M |
| Operating Margin % | 1.54% | 0.94% | 1.65% | - | - | - | - | - | - |
| Operating Income Growth % | - | -20.29% | 33547.38% | 12.99% | 41.7% | 63.9% | -16.58% | -110.03% | - |
| EBITDA | 933.2M | 609.18M | 768.35M | -2.16M | -2.48M | -4.25M | -11.72M | -10.05M | -4.77M |
| EBITDA Margin % | 1.59% | 0.99% | 1.76% | - | - | - | - | - | - |
| EBITDA Growth % | 396.42% | -20.72% | 35721.33% | 12.99% | 41.7% | 63.71% | -16.56% | -110.62% | - |
| D&A (Non-Cash Add-back) | 26.32M | 34.07M | 46.89M | 0 | 0 | 0 | 61.57K | 51.77K | 37.93K |
| EBIT | 906.88M | 575.11M | 721.46M | -2.16M | -2.48M | -4.25M | -11.78M | -10.1M | -4.81M |
| Net Interest Income | -62.75M | -59.25M | -30.8M | 5.12M | 1.91M | 0 | 273.28K | 577.24K | 390.91K |
| Interest Income | 0 | 0 | 0 | 5.12M | 1.91M | 0 | 273.28K | 577.24K | 390.91K |
| Interest Expense | 62.75M | 59.25M | 30.8M | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 0 | - | - | - | - | - | - | - | - |
| Pretax Income | -203.69M | -270.68M | 452M | 493.23M | -578.58M | 504.04M | -11.53M | -9.44M | -4.45M |
| Pretax Margin % | -0.35% | -0.44% | 1.03% | - | - | - | - | - | - |
| Income Tax | -41.46M | -29.33M | -16.94M | 38.47M | -55.91M | 101.95M | 0 | 0 | 0 |
| Effective Tax Rate % | 20.36% | 10.84% | -3.75% | 7.8% | 9.66% | 20.23% | 0% | 0% | 0% |
| Net Income | -66.92M | -84.86M | 116.27M | 454.76M | -522.68M | 402.08M | -11.53M | -9.44M | -4.45M |
| Net Margin % | -0.11% | -0.14% | 0.27% | - | - | - | - | - | - |
| Net Income Growth % | 58.54% | -172.99% | -74.43% | 187.01% | -229.99% | 3587.55% | -22.19% | -112.24% | - |
| Net Income (Continuing) | -162.23M | -241.35M | 468.94M | 454.76M | -522.68M | 402.08M | -11.53M | -9.44M | -4.45M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 966.91M | 1.11B | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.35 | -0.53 | 0.84 | 3.65 | -4.99 | 3.81 | -107.42 | -109.95 | -72.16 |
| EPS Growth % | 81% | -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 | 192.07M | 159.2M | 120.85M | 127.04M | 104.84M | 94.2M | 106.73K | 85.68K | 61.57K |
| Basic Shares Outstanding | 192.07M | 159.2M | 120.85M | 105.68M | 104.84M | 94.2M | 106.73K | 85.68K | 61.57K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - |
Extreme Revenue Volatility
As reported in financial statements, Galaxy Digital's quarterly revenue reached $10.2 billion in 2026Q1, yet the firm's top-line trajectory remains highly erratic, with quarterly figures fluctuating between $8.7 billion and $29.2 billion over the last two years, suggesting a business model tethered to volatile trading volumes.
The massive revenue swings appear to be a function of principal trading activities rather than sustainable, recurring growth. Investors should monitor whether the firm can transition toward fee-based revenue streams, as the current reliance on transactional volume makes top-line performance highly sensitive to external market sentiment.
Based on Galaxy Digital's reported figures, gross margins have struggled to maintain momentum, peaking at 4.6% in 2025Q2 before compressing to 1.9% in 2026Q1, which highlights the inherent difficulty in capturing significant value within a high-volume, principal-trading-heavy financial services model.
The thin gross margins suggest that the firm faces intense competitive pressure or high acquisition costs for the digital assets it trades. This structural limitation implies that even significant revenue growth may fail to translate into meaningful profitability without a fundamental shift in the firm's service mix.
According to recent income statement data, Galaxy Digital's operating income has frequently swung into negative territory, with a 2026Q1 operating margin of 0.7% following a -2.2% margin in 2025Q4, indicating that the firm has yet to achieve the scale necessary to consistently leverage its fixed cost base.
The inability to consistently scale operating income faster than gross profit suggests that SG&A expenses remain a significant drag on performance. Investors should investigate whether the firm's high compensation and infrastructure overheads are truly scalable or if they represent a permanent, rigid cost structure.
As indicated by historical filings, net income has shown extreme variance, ranging from a $388.1 million profit in 2024Q1 to a $295.4 million loss in 2025Q1, a trend that appears driven by non-operating mark-to-market adjustments rather than core operational efficiency.
The use of fair value accounting for proprietary holdings introduces significant noise into the bottom line, making it difficult to assess the firm's true earnings power. Analysts should look past the headline net income figures to evaluate the underlying cash-generating capabilities of the firm's core business segments.
While management emphasizes institutional growth, the firm's income statement reveals a reliance on principal trading that may be unsustainable, as evidenced by the -0.14% net margin over the trailing twelve months, suggesting that the current business model may be fundamentally ill-equipped for long-term profitability.
Short-term revenue spikes appear to be masking a lack of structural profitability, leaving the firm vulnerable to market downturns that could rapidly erode capital. The persistent negative net margins warrant further investigation into whether the firm's current strategy is creating long-term value or merely recycling capital through high-risk trading.
Quick answers to the most common questions about buying GLXY stock.
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.