Galaxy Digital (GLXY) Q3 2026 earnings summary

Executive summary

• Q3 net income was $322.8M, adjusted gross profit $569M and Adjusted EBITDA $454.7M, supported by investment gains and Helios I leasing revenue.

• Strategy spans digital-asset markets and AI/HPC infrastructure; 800+ employees across three continents and $11B in assets on platform at Sept. 30, 2026.

• Helios anchors the data-center platform, with 1,630 MW of approved power and 3,600+ MW of potential campus capacity.

Financial highlights

• Q3 revenue was $8.057B, down 72% YoY; the decline primarily reflected lower digital-asset sales, partly offset by matching transaction costs of $8.016B.

• Q3 net income was $322.8M versus $505.1M a year earlier and a $85M loss in Q2; 9M net income was $21.1M versus $240.3M in 2025.

• Q3 gains from operations were $551.7M; investment gains were $386.5M. Digital-asset impairment was $102.3M in Q3 and $568M in 9M.

• Firm-wide operating expenses were $161M versus $147M in Q2, excluding 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.

Outlook and guidance

• CoreWeave leased 526 MW of critical IT capacity across three phases; projected average annual revenue exceeds $1B at 90%+ lease-level adjusted EBITDA margins over the 15-year base term.

• Phase II data hall deliveries are scheduled to begin in Q2 2027; Phase III delivery is expected in 2028. Construction is progressing on schedule and within budget.

• Helios has over 1.6 GW of ERCOT-approved gross power, with 830 MW available to contract; the broader potential power pipeline exceeds 5.7 GW, including 426 MW contracted.

• Phases I and II are funded through construction; Phase III equity funding is available, with project-level debt financing intended. Significant Phase II construction spending is anticipated in H1 2027.

• GalaxyOne plans expanded multi-asset brokerage and wealth products from Q1 2027; rollout is expected during 2027.