Galaxy Digital Inc.
GLXY Nasdaq Security Brokers, Dealers & Flotation Companies Financials FY2023–FY2025
Revenue
Total sales reported in the income statement.
$60.4B
41.8%
vs prior year
Operating margin
Operating income as a share of revenue.
—
Net income
Profit after all expenses, interest and tax.
−$241M
169.6%
Free cash flow
Cash from operations minus capital spending.
−$1.5B
Return on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
—
Market cap
Last close times the latest diluted share count, so it is approximate.
—
P/E
Last close divided by diluted earnings per share over the last four quarters.
—
What Galaxy Digital Inc. does
No business description yet.
- Legal name
- Galaxy Digital Inc.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Feb 26, 2026
- Accession · CIK
- 0001859392-26-000016
0001859392
Revenue and margins
Galaxy Digital Inc. had $60.4B of revenue in fiscal 2025, up 41.8% on the year before.
FY23
Revenue $51.6B
FY24
Revenue $42.6B
FY25
Revenue $60.4B
Q1 '24
Revenue $0.0M
Q2 '24
Revenue $8.9B
Q3 '24
Revenue $8.6B
Q4 '24
Revenue $15.8B
Q1 '25
Revenue $13.0B
Q2 '25
Revenue $8.7B
Q3 '25
Revenue $28.4B
Q4 '25
Revenue $10.4B
Q1 '26
Revenue $10.0B
Q2 '26
Revenue $8.6B
FY23
Gross —
Operating —
Net 0.4%
FCF −0.1%
FY24
Gross —
Operating —
Net 0.8%
FCF −0.6%
FY25
Gross —
Operating —
Net −0.4%
FCF −2.5%
Gross
Operating
Net
FCF
Q1 '24
Gross —
Operating —
Net —
FCF —
Q2 '24
Gross —
Operating —
Net −1.4%
FCF —
Q3 '24
Gross —
Operating —
Net −0.4%
FCF −0.6%
Q4 '24
Gross —
Operating —
Net 0.7%
FCF −2.6%
Q1 '25
Gross —
Operating —
Net −2.3%
FCF 0.5%
Q2 '25
Gross —
Operating —
Net 0.4%
FCF −1.6%
Q3 '25
Gross —
Operating —
Net 1.8%
FCF 0.7%
Q4 '25
Gross —
Operating —
Net −4.6%
FCF −15.7%
Q1 '26
Gross —
Operating —
Net −2.2%
FCF −4.2%
Q2 '26
Gross —
Operating —
Net −1.0%
FCF −0.3%
Gross
Operating
Net
FCF
Net income and earnings per share
Loss periods are shown in red.
FY23
Net income $229M
FY24
Net income $347M
FY25
Net income −$241M
Q1 '24
Net income −$0.0M
Q2 '24
Net income −$126M
Q3 '24
Net income −$33.3M
Q4 '24
Net income $118M
Q1 '25
Net income −$295M
Q2 '25
Net income $30.7M
Q3 '25
Net income $505M
Q4 '25
Net income −$482M
Q1 '26
Net income −$216M
Q2 '26
Net income −$85.3M
FY23
Diluted EPS —
FY24
Diluted EPS —
FY25
Diluted EPS —
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY23
Return on capital —
Return on equity 7,617,133.3%
Return on assets —
FY24
Return on capital —
Return on equity 31.6%
Return on assets 4.9%
FY25
Return on capital —
Return on equity −11.6%
Return on assets −2.6%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was −$1.5B in fiscal 2025, −2.5% of revenue. Cash from operations minus capital spending.
FY23
Free cash flow −$49.7M
FY24
Free cash flow −$264M
FY25
Free cash flow −$1.5B
Q1 '24
Free cash flow —
Q2 '24
Free cash flow —
Q3 '24
Free cash flow −$51.9M
Q4 '24
Free cash flow −$404M
Q1 '25
Free cash flow $67.8M
Q2 '25
Free cash flow −$135M
Q3 '25
Free cash flow $190M
Q4 '25
Free cash flow −$1.6B
Q1 '26
Free cash flow −$421M
Q2 '26
Free cash flow −$26.8M
FY23
Cash from operations −$4.1M
Capital spending $45.6M
FY24
Cash from operations −$205M
Capital spending $59.0M
FY25
Cash from operations −$317M
Capital spending $1.2B
Cash from operations
Capital spending
Q1 '24
Cash from operations −$0.0M
Capital spending —
Q2 '24
Cash from operations $221M
Capital spending —
Q3 '24
Cash from operations −$48.5M
Capital spending $3.4M
Q4 '24
Cash from operations −$378M
Capital spending $25.9M
Q1 '25
Cash from operations $159M
Capital spending $91.6M
Q2 '25
Cash from operations $170M
Capital spending $305M
Q3 '25
Cash from operations $428M
Capital spending $238M
Q4 '25
Cash from operations −$1.1B
Capital spending $558M
Q1 '26
Cash from operations −$83.3M
Capital spending $338M
Q2 '26
Cash from operations $372M
Capital spending $399M
Cash from operations
Capital spending
Dividends, buybacks and share count
Galaxy Digital Inc. returned — to shareholders in fiscal 2025. The diluted share count rose 2.7%.
FY23
Dividends —
Buybacks —
FY24
Dividends —
Buybacks —
FY25
Dividends —
Buybacks —
Dividends
Buybacks
FY23
Diluted shares 0.33B
FY24
Diluted shares 0.36B
FY25
Diluted shares 0.37B
Balance sheet
Cash, debt and the ratios that show how comfortably Galaxy Digital Inc. can carry it.
FY23
Cash $317M
Debt —
FY24
Cash $1.3B
Debt —
FY25
Cash $2.0B
Debt —
Cash
Debt
| Fiscal year end | FY23 | FY24 | FY25 |
|---|---|---|---|
| Cash and short-term investments | $317M | $1.3B | $2.0B |
| Current ratio | — | 1.5x | 1.6x |
| Quick ratio | — | 1.5x | 1.6x |
| Total assets | — | $7.1B | $11.3B |
| Total liabilities | — | $4.9B | $8.3B |
| Shareholders' equity | $0.0M | $2.2B | $2.0B |
| Net debt (− = net cash) | — | — | — |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
—
$0.0M
No open-market insider trades in the last 12 months.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY23 | FY24 | FY25 |
|---|---|---|---|
| Net income is positive | ✓ | ✓ | ✕ |
| Cash from operations is positive | ✕ | ✕ | ✕ |
| Return on assets rose | — | — | ✕ |
| Cash from operations exceeds net income | ✕ | ✕ | ✕ |
| Debt fell relative to assets | — | — | — |
| Current ratio rose | — | — | ✓ |
| Share count didn't rise | — | ✕ | ✕ |
| Gross margin rose | — | — | — |
| Revenue rose relative to assets | — | — | ✕ |
| F-score | — / 3 | — / 4 | 1 / 7 |
| Accruals ratio | — | 7.8% | 0.8% |
| Altman Z'' | — | — | — |
3 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY23 | FY24 | FY25 |
|---|---|---|---|
| Income statement | |||
| Revenue | $51.6B | $42.6B | $60.4B |
| Interest expense | $27.3M | $30.8M | $59.2M |
| Pretax income | $244M | $330M | −$271M |
| Income tax | $15.9M | −$16.9M | −$29.3M |
| Net income | $229M | $347M | −$241M |
| Net income to common | $75.9M | — | — |
| Diluted shares | 0.33B | 0.36B | 0.37B |
| Cash flow | |||
| Cash from operations | −$4.1M | −$205M | −$317M |
| Capital expenditure | $45.6M | $59.0M | $1.2B |
| Free cash flow | −$49.7M | −$264M | −$1.5B |
| Depreciation and amortization | $22.9M | $46.9M | $34.1M |
| Stock-based compensation | $81.7M | $74.9M | $53.6M |
| Balance sheet | |||
| Cash and short-term investments | $317M | $1.3B | $2.0B |
| Loans, net | — | $477M | $557M |
| Current assets | — | $5.9B | $8.5B |
| Current liabilities | — | $3.9B | $5.3B |
| Property and equipment, net | — | $237M | $1.4B |
| Goodwill | $44.3M | $58.0M | $66.5M |
| Intangible assets | — | $37.4M | $29.5M |
| Total assets | — | $7.1B | $11.3B |
| Total liabilities | — | $4.9B | $8.3B |
| Shareholders' equity | $0.0M | $2.2B | $2.0B |
| Margins | |||
| Net margin | 0.4% | 0.8% | −0.4% |
| FCF margin | −0.1% | −0.6% | −2.5% |
| Returns | |||
| Return on equity | 7,617,133.3% | 31.6% | −11.6% |
| Return on assets | — | 4.9% | −2.6% |
| Return on tangible equity | — | 16.5% | −13.0% |
| Growth | |||
| Revenue growth | — | −17.5% | 41.8% |
| Net income growth | — | 51.7% | −169.6% |
| Share count change | — | 9.4% | 2.7% |
| Financial health | |||
| Current ratio | — | 1.5x | 1.6x |
| Quick ratio | — | 1.5x | 1.6x |
| Capital allocation | |||
| Capex / revenue | 0.1% | 0.1% | 2.0% |
| Stock comp / revenue | 0.2% | 0.2% | 0.1% |
| Quality scores | |||
| Piotroski F-score | — | — | 1.0 |
| Accruals ratio | — | 7.8% | 0.8% |
Source: SEC EDGAR XBRL filings (CIK 0001859392). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.