Filing Flows › Galaxy Digital (GLXY) › Q2 2025
Galaxy Digital (GLXY) Q2 2025 earnings results (second quarter 2025)
10-Q filed Aug 5, 2025
Galaxy Digital (GLXY) reported revenue of $8.7B for the second quarter 2025 (Q2 2025), -2% from a year earlier. Operating margin was 0.5%, net earnings $30.7M (0.4% of revenue).
Galaxy Digital, Q2 2025: revenue $8.7B (-2% year over year), operating margin 0.5%, net earnings $30.7M, operating cash flow $329M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $8.7B | — | -2% |
| Operating profit | $42.2M | — | — |
| Net earnings | $30.7M | — | — |
| Operating cash flow | $329M | — | +49% |
| Free cash flow | $24.5M | — | — |
What changed
Revenue was $8.7B in Q2 2025, down 2% year over year. Digital Assets was the largest line at 100% of revenue. Digital Assets lost $0.20B year over year (down 2%), 92% of the total change.
Operating profit was $0.04B, a 0.5% margin (up 2.1 points year over year). Total costs fell 4% while revenue fell 2%. Net earnings were $0.03B. The effective tax rate was 27.2%.
Operating cash flow was $0.33B (up 49% year over year), 1073% of net earnings. Non-cash charges added back $0.01B of depreciation and amortization and $0.01B of share-based compensation. Working capital and other items added $0.28B. Capital expenditures of $0.30B left free cash flow of $0.02B.
Questions
What was Galaxy Digital's revenue in the second quarter 2025?
Galaxy Digital (GLXY) reported revenue of $8.7B for the second quarter 2025 (Q2 2025), -2% from a year earlier.
Was Galaxy Digital profitable in the second quarter 2025?
Operating profit was $42.2M (0.5% of revenue) and net earnings $30.7M.
Source: Galaxy Digital 10-Q on SEC EDGAR.