Galaxy Digital (GLXY) Q4 2025 earnings summary

Executive summary

• Achieved $505 million in record adjusted gross profit for digital assets in 2025, up 67% year-over-year, despite a challenging crypto market and a 10% decline in total crypto market cap.

• Operates two main businesses: digital assets (trading, asset management, lending, investment banking, blockchain infrastructure) and data centers (high-performance computing infrastructure for AI and large-scale needs).

• Net loss of $241 million for 2025, impacted by $160 million in one-time items, including write-downs and reorganization costs.

• Data center business expanded to over 1.6 GW of approved capacity, with 830 MW recently approved and first data halls set to deliver by end of Q1 2026.

• Strong capital position with $2.6 billion in cash and stablecoins, and $3 billion in equity capital at year-end.

Financial highlights

• Revenues and gains from operations for 2025 reached $61.4 billion, up from $43.8 billion in 2024.

• Adjusted gross profit for 2025 was $505 million in digital assets and $426 million overall.

• GAAP net loss of $241 million ($0.61 per share) for 2025, driven by non-recurring charges.

• Adjusted EBITDA of $34 million for 2025.

• $12 billion in assets on platform at year-end, down 15% quarter-over-quarter.

Outlook and guidance

• Expect data center segment to begin recognizing revenue in Q1 2026 as CoreWeave lease commences.

• Multi-phase data center development planned through 2028, with anticipated average annual revenue exceeding $1 billion from contracted capacity.

• Positioned for further expansion with ongoing applications for 1.8 GW of additional power capacity.

• Digital asset technology is expected to become foundational to financial markets, with over $700 trillion in assets potentially being tokenized.

• Global data center demand is projected to nearly triple by 2030, with a 167% growth to 219 GW.