Filing Flows

Filing Flows › Companies › Galaxy Digital › Cash flow

Galaxy Digital cash flow, quarter by quarter

Latest: Q2 2026 · from the cash-flow statements filed with the SEC

Free cash flow−$26.8M in Q2 2026 · −$1.9B over twelve months

Operating cash flow$372M
Capital spending−$399M
Free cash flow−$26.8M

Analysis

In Q2 2026, Galaxy Digital generated $372M of operating cash flow and spent $399M on capital projects, leaving free cash flow of −$26.8M. That is $108M more than in Q2 2025 (−$135M).

Over the twelve months to Jun 30, 2026, operating cash flow was −$357M; the largest uses were capital spending ($1.5B), other investing ($625M), operating cash flow ($357M); besides operations, cash came from other financing ($2.8B), asset & business sales ($3.4M); the cash balance rose by $204M.

Operating cash flow was $372M against net income of −$85.3M. The largest differences: impairments +$181M, deferred taxes −$49.1M, receivables +$21.2M.

Free cash flow

Galaxy Digital: free cash flow by quarterGalaxy Digital: free cash flow by quarter−$51.9MQ3 2024−$404MQ4 2024$67.8MQ1 2025−$135MQ2 2025$190MQ3 2025−$1.6BQ4 2025−$421MQ1 2026−$26.8MQ2 2026
Operating cash flow less capital spending.
Galaxy Digital: operating cash flow against capital spendingGalaxy Digital: operating cash flow against capital spendingOperating cash flowCapital spending−$48.5M$3.4MQ3 2024−$378M$25.9MQ4 2024$159M$91.6MQ1 2025$170M$305MQ2 2025$428M$238MQ3 2025−$1.1B$558MQ4 2025−$83.3M$338MQ1 2026$372M$399MQ2 2026
Latest (Q2 2026): Operating cash flow $372M, Capital spending $399M.

Capital allocation, year by year

Galaxy Digital: where the cash came from (up) and went (down), by fiscal yearGalaxy Digital: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsFY2023: Operating cash flow −$4.1MFY2023: Net borrowing $91.5MFY2023: Shares issued $11.1MFY2023: Asset sales $653KFY2023: Capital spending −$45.6MFY2023: Acquisitions −$43.9M$103MFY2023FY2024: Operating cash flow −$205MFY2024: Net borrowing $86.9MFY2024: Shares issued $125MFY2024: Asset sales $3.0MFY2024: Capital spending −$59.0MFY2024: Acquisitions −$5.1M$215MFY2024FY2025: Operating cash flow −$317MFY2025: Net borrowing −$129MFY2025: Shares issued $851MFY2025: Asset sales $11.3MFY2025: Capital spending −$1.2BFY2025: Acquisitions −$7.8M$863MFY2025
Over these 3 years operating cash flow totalled −$526M; the largest uses were capital spending ($1.3B) and operating cash flow ($526M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$1.6B
Debtnone
Net cash$1.6B
Cash runway10 months

Galaxy Digital is burning cash: its operations consume cash, a free cash flow of −$1.9B a year at the current rate against $1.6B of cash and investments: a runway of about 10 months before any new financing.

Where the cash came from and went

Galaxy Digital: sources (+) and uses (−) of cash, Q2 2026Galaxy Digital: sources (+) and uses (−) of cash, Q2 2026Capital spending−$399MOther financing$386MOther investing−$385MOperating cash flow$372MCash drawn (+) / kept (−)$14.9MShares issued$13.4MNet borrowing (+) / repaid (−)−$2.5M
Galaxy Digital: sources (+) and uses (−) of cash, TTM to Q2 2026Galaxy Digital: sources (+) and uses (−) of cash, TTM to Q2 2026Other financing$2.8BCapital spending−$1.5BOther investing−$625MOperating cash flow−$357MCash drawn (+) / kept (−)−$204MNet borrowing (+) / repaid (−)−$126MAcquisitions−$6.8MAsset & business sales$3.4M

From profit to cash

Galaxy Digital: net income to operating cash flow, Q2 2026Galaxy Digital: net income to operating cash flow, Q2 2026Net income−$85.3MDepreciation & amortization$9.2MStock-based pay$16.2MDeferred taxes−$49.1MImpairments$181MOther non-cash$875KReceivables$21.2MPayables$2.7MPrepaid and other assets−$1.9MOther liabilities$5.7MOperating cash flow$372M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q2 2026$372M−$399M—−$2.5M$13.4M$14.9M−$26.8M
Q1 2026−$83.3M−$338M—$2.8M$3.6M$336M−$421M
Q4 2025−$1.1B−$558M−$6.8M−$114M—−$109M−$1.6B
Q3 2025$428M−$238M—−$13.0M$45.5M−$446M$190M
Q2 2025$170M−$305M—−$31.9M$475M−$182M−$135M
Q1 2025$159M−$91.6M—$29.5M$2.2M−$47.3M$67.8M
Q4 2024−$378M−$25.9M−$3.0M−$68.8M—−$190M−$404M
Q3 2024−$48.5M−$3.4M−$2.1M$37.4M$394K$42.1M−$51.9M

Galaxy Digital: income statement and cash flow

Galaxy Digital, Q3 2026: revenue $8.1B (-72% year over year), operating margin 4.3%. The chart follows the revenue to costs, profit and cash.

Galaxy Digital: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.