Filing Flows › Galaxy Digital (GLXY) › Q3 2025
Galaxy Digital (GLXY) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 10, 2025
Galaxy Digital (GLXY) reported revenue of $28.4B for the third quarter 2025 (Q3 2025), +231% from a year earlier and +228% from the quarter before. Operating margin was 1.9%, net earnings $505M (1.8% of revenue).
Galaxy Digital, Q3 2025: revenue $28.4B (+231% year over year), operating margin 1.9%, net earnings $505M, operating cash flow $428M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $28.4B | +228% | +231% |
| Operating profit | $545M | 13× | — |
| Net earnings | $505M | 16× | — |
| Operating cash flow | $428M | +30% | — |
| Free cash flow | $190M | +675% | — |
What changed
Revenue was $28.4B in Q3 2025, up 231% year over year and up 228% from the previous quarter. Digital assets sales was the largest line at 99% of revenue. Digital assets sales added $19.7B year over year (up 233%), 100% of the total change. Proprietary mining declined 90%.
Operating profit was $0.55B, a 1.9% margin (up 2.4 points year over year). Total costs grew 223% against revenue growth of 231%. Net earnings were $0.51B. The effective tax rate was 7.4%.
Operating cash flow was $0.43B, 85% 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 used $0.10B. Capital expenditures of $0.24B left free cash flow of $0.19B.
Questions
What was Galaxy Digital's revenue in the third quarter 2025?
Galaxy Digital (GLXY) reported revenue of $28.4B for the third quarter 2025 (Q3 2025), +231% from a year earlier and +228% from the quarter before.
Was Galaxy Digital profitable in the third quarter 2025?
Operating profit was $545M (1.9% of revenue) and net earnings $505M.
Source: Galaxy Digital 10-Q on SEC EDGAR.