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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Galaxy Digital
Galaxy Digital (GLXY) investor relations material
Galaxy Digital Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary27 Oct, 2026
Executive summary
Q3 net income was $323M, adjusted gross profit $569M and adjusted EBITDA $455M, driven by investment gains and a full quarter of Helios I leasing revenue.
Strategy spans digital-asset financial markets, asset management and AI/HPC infrastructure; $11B in assets were on platform at Sept. 30, 2026.
Helios II leasing discussions continue, with management prioritizing counterparty quality and long-term value amid shifting market conditions.
Financial highlights
Q3 net income was $323M versus an $85M loss in Q2 2026 and $505M in Q3 2025; nine-month 2026 net income was $21M versus $240M in 2025.
Adjusted gross profit was $569M versus $43M in Q2; adjusted EBITDA was $455M versus a $77M loss. Diluted EPS was $0.66 and adjusted EPS was $0.83.
Q3 revenues and gains from operations were $8.688B, including $8.057B of revenues; gross transaction expenses were $8.016B.
Firm-wide operating expenses were $161M versus $147M in Q2, excluding grossed-up transaction costs, digital-asset impairments and pass-through data-center operator costs.
Operating businesses generated ~$150M adjusted gross profit and $60M adjusted EBITDA, versus $86M and ~$1M in Q2, respectively.
Outlook and guidance
Helios Phase I generated ~$80M leasing revenue per quarter; Phase II data hall deliveries are scheduled to begin in Q2 2027, with Phase III expected in 2028.
Phase II adds 260 MW of critical IT capacity; annualized leasing revenue run rate of $800M-$850M is targeted by end-2027 based on current delivery schedules.
CoreWeave leased 526 MW of critical IT capacity across three phases; projected average annual revenue exceeds $1B, with 90%+ average lease-level adjusted EBITDA margins over the 15-year base term.
Discussions continue with prospective tenants for 830 MW of approved Helios II capacity not yet under lease; management described market dynamics as increasingly favorable.
GalaxyOne plans expanded multi-asset brokerage and differentiated wealth products in 2027, with rollout expected from Q1.
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Latest events from Galaxy Digital
- Q2 2026 net loss of $85M, Helios Phase I delivered, new data center sites, and $3.5B financing.GLXY
Q2 2026 - Data center leaders are pivoting from mining to AI and HPC, leveraging energy and rapid deployment.GLXYH.C. Wainwright 27th Annual Global Investment Conference
- Recurring infrastructure revenues and Helios expansion drive growth amid regulatory shifts.GLXYPiper Sandler Global Exchange and Fintech Conference
- All proposals were approved, and no shareholder questions were raised during the meeting.GLXYAGM 2026
- Up to 265 million shares are registered for resale as the company targets digital asset and AI infrastructure growth.GLXYRegistration filing
- Q1 2026 net loss narrowed to $216M as Data Centers launched revenue and Helios capacity doubled.GLXYQ1 2026
- Annual meeting to vote on directors, auditor, executive pay, and governance, with strong oversight.GLXYProxy filing
- Annual meeting to vote on directors, auditor ratification, and executive pay proposals.GLXYProxy filing
- Major Texas data center expansion, strong liquidity, and buybacks signal confidence and growth.GLXYInvestor update
Next Galaxy Digital earnings date
Q4 20263 Feb, 2027
Galaxy Digital
Next Galaxy Digital earnings date
Q4 20263 Feb, 2027
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Frequently asked questions
Galaxy Digital Holdings Ltd. provides digital asset, cryptocurrency, and blockchain technology services. The company offers investment products, such as bitcoin non-deliverable forwards and bitcoin deliverable futures contracts traded on Cboe Futures Exchange and CME Group exchanges. It also provides advisory services comprising portfolio management, custody, and brokerage; providing tokenized digital assets to institutional clients such as hedge funds, family offices, and market makers; lending capital for margin on collateralized digital assets portfolios; capital for tangible assets such as mining hardware; OTC clearing counterparty for cryptocurrency spot markets; institutional brokerage services; execution of large block orders in OTC markets; initial coin offerings (ICOs) advisory service; ad-hoc ICO investment opportunities; pre-ICO investments in blockchain projects and pre-sales of tokenized assets. Galaxy Digital Holdings Ltd. is headquartered in Toronto, Canada.