1.Sales and profit
See section β- Galaxy Digital Inc. had $60.4B of revenue in fiscal 2025, up 41.8% on the year before.
- Galaxy Digital Inc. lost $241M in fiscal 2025.
Galaxy Digital Inc.
GLXY Nasdaq Security Brokers, Dealers & Flotation Companies Financials FY2023βFY2025
Galaxy Digital Inc. had $60.4B of revenue in fiscal 2025, up 41.8% on the year before.
Last close Β· Oct 23, 2026
$14.68
4.0%KIRAβs summary AI analyst
Hi! I read Galaxy Digital Inc.βs latest annual report (fiscal 2025). Here is what stands out:
1 strength 3 to watch
2.Cash and shareholders
See section β- Free cash flow was β$1.5B in fiscal 2025, β2.5% of revenue.
- In the last 12 months, insiders bought $1.9M and sold $16.0M of shares on the open market.
3.Financial health
See section β- Galaxy Digital Inc. passes 1 of 7 financial health tests (Piotroski F-score).
Galaxy Digital Inc. in 30 seconds
Good So-so Weak
Good
Are sales growing?
+41.8%
Yes. Sales grew 41.8% last year.
Weak
Does it make a profit?
β0.4%
No. It lost money last year.
Weak
Does profit turn into cash?
β2.5%
No. It spent more cash than it brought in.
Weak
How healthy are the accounts?
1 / 7
Weak. It passes 1 of 7 health tests.
Rules of thumb on reported numbers. A starting point, not a recommendation.
Key numbers, fiscal 2025
Market cap
Last close times the latest diluted share count, so it is approximate.
$2.8B
Oct 23 close
P/E
Last close divided by diluted earnings per share over the last four quarters.
β
Charts by
Sales and profit
Is it selling more, and how much does it keep?
Revenue and margins
KIRA Β· Galaxy Digital Inc. had $60.4B of revenue in fiscal 2025, up 41.8% on the year before.
In plain words: Revenue is all the money customers paid. The margins show how many cents of each dollar of sales are left over at each step: after making the product (gross), after running the business (operating) and after everything, tax included (net).
Revenue
FY23
Revenue $51.6B
FY24
Revenue $42.6B
FY25
Revenue $60.4B
Revenue
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
Margins, % of revenue
FY23
Gross β
Operating β
Net 0.4%
FCF β0.1%
FY24
Gross β
Operating β
Net 0.8%
FCF β0.6%
FY25
Gross β
Operating β
Net β0.4%
FCF β2.5%
Gross
Operating
Net
FCF
Margins, % of revenue
Q1 '24
Gross β
Operating β
Net β
FCF β
Q2 '24
Gross β
Operating β
Net β1.4%
FCF β
Q3 '24
Gross β
Operating β
Net β0.4%
FCF β0.6%
Q4 '24
Gross β
Operating β
Net 0.7%
FCF β2.6%
Q1 '25
Gross β
Operating β
Net β2.3%
FCF 0.5%
Q2 '25
Gross β
Operating β
Net 0.4%
FCF β1.6%
Q3 '25
Gross β
Operating β
Net 1.8%
FCF 0.7%
Q4 '25
Gross β
Operating β
Net β4.6%
FCF β15.7%
Q1 '26
Gross β
Operating β
Net β2.2%
FCF β4.2%
Q2 '26
Gross β
Operating β
Net β1.0%
FCF β0.3%
Gross
Operating
Net
FCF
Net income and earnings per share
KIRA Β· Galaxy Digital Inc. lost $241M in fiscal 2025.
Loss periods are shown in red.
In plain words: Net income is the profit left after every cost and tax. Earnings per share (EPS) splits that profit across every share, so it shows what one share earned.
Net income
FY23
Net income $229M
FY24
Net income $347M
FY25
Net income β$241M
Net income
Q1 '24
Net income β$0.0M
Q2 '24
Net income β$126M
Q3 '24
Net income β$33.3M
Q4 '24
Net income $118M
Q1 '25
Net income β$295M
Q2 '25
Net income $30.7M
Q3 '25
Net income $505M
Q4 '25
Net income β$482M
Q1 '26
Net income β$216M
Q2 '26
Net income β$85.3M
Diluted EPS
FY23
Diluted EPS β
FY24
Diluted EPS β
FY25
Diluted EPS β
Cash and shareholders
How much cash comes in, and where does it go?
Cash flow
KIRA Β· Free cash flow was β$1.5B in fiscal 2025, β2.5% of revenue.
Cash from operations minus capital spending.
In plain words: Profit on paper is not the same as cash in the bank. Free cash flow is the cash left after paying to run and maintain the business: the money it can hand back to shareholders, save or invest.
Free cash flow
FY23
Free cash flow β$49.7M
FY24
Free cash flow β$264M
FY25
Free cash flow β$1.5B
Free cash flow
Q1 '24
Free cash flow β
Q2 '24
Free cash flow β
Q3 '24
Free cash flow β$51.9M
Q4 '24
Free cash flow β$404M
Q1 '25
Free cash flow $67.8M
Q2 '25
Free cash flow β$135M
Q3 '25
Free cash flow $190M
Q4 '25
Free cash flow β$1.6B
Q1 '26
Free cash flow β$421M
Q2 '26
Free cash flow β$26.8M
Cash from operations vs capital spending
FY23
Cash from operations β$4.1M
Capital spending $45.6M
FY24
Cash from operations β$205M
Capital spending $59.0M
FY25
Cash from operations β$317M
Capital spending $1.2B
Cash from operations
Capital spending
Cash from operations vs capital spending
Q1 '24
Cash from operations β$0.0M
Capital spending β
Q2 '24
Cash from operations $221M
Capital spending β
Q3 '24
Cash from operations β$48.5M
Capital spending $3.4M
Q4 '24
Cash from operations β$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 β$1.1B
Capital spending $558M
Q1 '26
Cash from operations β$83.3M
Capital spending $338M
Q2 '26
Cash from operations $372M
Capital spending $399M
Cash from operations
Capital spending
Dividends, buybacks and share count
In plain words: Companies hand cash back in two ways: dividends (cash paid to shareholders) and buybacks (buying back their own shares, so each remaining share owns a bigger slice).
Dividends and buybacks
FY23
Dividends β
Buybacks β
FY24
Dividends β
Buybacks β
FY25
Dividends β
Buybacks β
Dividends
Buybacks
Diluted shares outstanding (annual)
FY23
Diluted shares 0.33B
FY24
Diluted shares 0.36B
FY25
Diluted shares 0.37B
Insider trades
KIRA Β· In the last 12 months, insiders bought $1.9M and sold $16.0M of shares on the open market.
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. βPlanβ marks trades under a pre-arranged Rule 10b5-1 plan.
In plain words: Insiders are the people who run or own a big part of the company. Buying with their own money can signal confidence; selling often has personal reasons, like taxes or diversifying.
Bought, 12 months
$1.9M
2 insiders
Sold, 12 months
$16.0M
3 insiders
Of sales under plans
1%
$0.1M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Sep 9, 2026 | Matthew W. FriedrichChief Legal Officer | Sold plan | 4,993 | $27.03 | $0.1M | Form 4 |
| Aug 12, 2026 | Douglas R DeasonDirector | Bought | 12,000 | $21.54 | $0.3M | Form 4 |
| Aug 10, 2026 | Steven John BandrowczakDirector | Bought | 5,100 | $19.63 | $0.1M | Form 4 |
| Aug 6, 2026 | Robert Daniel RicoChief Accounting Officer | Sold | 9,095 | $19.66 | $0.2M | Form 4 |
| Jun 15, 2026 | Robert Daniel RicoChief Accounting Officer | Sold | 19,000 | $34.22 | $0.7M | Form 4 |
| Jun 9, 2026 | Robert Daniel RicoChief Accounting Officer | Sold | 19,000 | $31.62 | $0.6M | Form 4 |
| May 22, 2026 | Michael D DaffeyDirector | Sold | 250,000 | $28.88 | $7.2M | Form 4 |
| May 21, 2026 | Michael D DaffeyDirector | Sold | 250,000 | $28.78 | $7.2M | Form 4 |
| Feb 4, 2026 | Douglas R DeasonDirector | Bought | 25,000 | $20.80 | $0.5M | Form 4 |
| Nov 13, 2025 | Douglas R DeasonDirector | Bought | 7,000 | $30.18 | $0.2M | Form 4 |
| Nov 12, 2025 | Douglas R DeasonDirector | Bought | 8,000 | $30.42 | $0.2M | Form 4 |
| Nov 11, 2025 | Douglas R DeasonDirector | Bought | 9,000 | $30.82 | $0.3M | Form 4 |
| Nov 7, 2025 | Douglas R DeasonDirector | Bought | 10,000 | $29.59 | $0.3M | Form 4 |
| Oct 10, 2025 | Christopher C FerraroPresident and CIO | Sold | 750,000 | $36.00 | $27.0M | Form 4 |
| Oct 10, 2025 | Galaxy Group Investments LLC10% owner | Sold | 2,477,055 | $36.00 | $89.2M | Form 4 |
| Oct 10, 2025 | Michael NovogratzChief Executive Officer, Director, 10% owner | Sold | 3,000,000 | $36.00 | $108M | Form 4 |
Financial health
Can it carry its debts, and how well does it use its money?
Balance sheet
Cash, debt and the ratios that show how comfortably Galaxy Digital Inc. can carry it.
In plain words: What the company owns and what it owes. More cash than debt is a cushion for bad times; a lot of debt leaves less room when business slows down.
Cash vs debt (incl. leases)
FY23
Cash $317M
Debt β
FY24
Cash $1.3B
Debt β
FY25
Cash $2.0B
Debt β
Cash
Debt
| Fiscal year end | FY23 | FY24 | FY25 |
|---|---|---|---|
| Cash and short-term investments | $317M | $1.3B | $2.0B |
| Current ratio | β | 1.5x | 1.6x |
| Quick ratio | β | 1.5x | 1.6x |
| Total assets | β | $7.1B | $11.3B |
| Total liabilities | β | $4.9B | $8.3B |
| Shareholders' equity | $0.0M | $2.2B | $2.0B |
| Net debt (β = net cash) | β | β | β |
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
In plain words: How much profit the business makes on the money put into it. A higher percentage means each dollar invested works harder.
Return on capital, equity and assets (annual)
FY23
Return on capital β
Return on equity 7,617,133.3%
Return on assets β
FY24
Return on capital β
Return on equity 31.6%
Return on assets 4.9%
FY25
Return on capital β
Return on equity β11.6%
Return on assets β2.6%
Return on capital
Return on equity
Return on assets
Piotroski F-score
KIRA Β· Galaxy Digital Inc. passes 1 of 7 financial health tests (Piotroski F-score).
Nine pass/fail tests of profitability, funding and efficiency. 8β9 is strong, 0β2 weak.
In plain words: Nine yes/no tests of financial health, one point each. A green tick is a pass: 7 to 9 points is solid, 0 to 3 is weak.
| Test | FY23 | FY24 | FY25 |
|---|---|---|---|
| Net income is positive | β | β | β |
| Cash from operations is positive | β | β | β |
| Return on assets rose | β | β | β |
| Cash from operations exceeds net income | β | β | β |
| Debt fell relative to assets | β | β | β |
| Current ratio rose | β | β | β |
| Share count didn't rise | β | β | β |
| Gross margin rose | β | β | β |
| Revenue rose relative to assets | β | β | β |
| F-score | β / 3 | β / 4 | 1 / 7 |
| Accruals ratio | β | 7.8% | 0.8% |
| Altman Z'' | β | β | β |
All figures
Every number, year by year.
3 years of figures
Amounts in USD. Hover a ratioβs name for its definition.
In plain words: Every number we have, year by year. Download it as a spreadsheet if you want to dig deeper.
| 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 | β$271M |
| Income tax | $15.9M | β$16.9M | β$29.3M |
| Net income | $229M | $347M | β$241M |
| Net income to common | $75.9M | β | β |
| Diluted shares | 0.33B | 0.36B | 0.37B |
| Cash flow | |||
| Cash from operations | β$4.1M | β$205M | β$317M |
| Capital expenditure | $45.6M | $59.0M | $1.2B |
| Free cash flow | β$49.7M | β$264M | β$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 | β | $477M | $557M |
| Current assets | β | $5.9B | $8.5B |
| Current liabilities | β | $3.9B | $5.3B |
| Property and equipment, net | β | $237M | $1.4B |
| Goodwill | $44.3M | $58.0M | $66.5M |
| Intangible assets | β | $37.4M | $29.5M |
| Total assets | β | $7.1B | $11.3B |
| Total liabilities | β | $4.9B | $8.3B |
| Shareholders' equity | $0.0M | $2.2B | $2.0B |
| Margins | |||
| Net margin | 0.4% | 0.8% | β0.4% |
| FCF margin | β0.1% | β0.6% | β2.5% |
| Returns | |||
| Return on equity | 7,617,133.3% | 31.6% | β11.6% |
| Return on assets | β | 4.9% | β2.6% |
| Return on tangible equity | β | 16.5% | β13.0% |
| Growth | |||
| Revenue growth | β | β17.5% | 41.8% |
| Net income growth | β | 51.7% | β169.6% |
| Share count change | β | 9.4% | 2.7% |
| Financial health | |||
| Current ratio | β | 1.5x | 1.6x |
| Quick ratio | β | 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 | β | β | 1.0 |
| Accruals ratio | β | 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 β not investment advice. Check the original filings before relying on any figure.