Filing Flows › Galaxy Digital (GLXY) › Q4 2025
Galaxy Digital (GLXY) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 26, 2026
Galaxy Digital (GLXY) reported revenue of $10.4B for the fourth quarter 2025 (Q4 2025), -34% from a year earlier and -63% from the quarter before. Operating margin was -5.4%, net loss $482M (4.6% of revenue).
Galaxy Digital, Q4 2025: revenue $10.4B (-34% year over year), operating margin -5.4%, net loss $482M, operating cash flow −$1.1B. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $10.4B | -63% | -34% |
| Operating profit | −$556M | -202% | — |
| Net earnings | −$482M | -195% | — |
| Operating cash flow | −$1.1B | -351% | — |
What changed
Revenue was $10.4B in Q4 2025, down 34% year over year and down 63% from the previous quarter. Digital Assets was the largest line at 100% of revenue.
Operating costs exceeded revenue by $0.56B, an operating margin of -5.4%. Total costs fell 30% while revenue fell 34%. The quarter ended with a net loss of $0.48B, after a profit of $0.51B the previous quarter.
Operating cash flow was −$1.1B. Non-cash charges added back $0.01B of depreciation and amortization and $0.02B of share-based compensation. Working capital and other items used $0.61B. Capital expenditures of $0.56B exceeded it, leaving free cash flow of −$1.6B.
Questions
What was Galaxy Digital's revenue in the fourth quarter 2025?
Galaxy Digital (GLXY) reported revenue of $10.4B for the fourth quarter 2025 (Q4 2025), -34% from a year earlier and -63% from the quarter before.
Was Galaxy Digital profitable in the fourth quarter 2025?
Operating loss was $556M (-5.4% of revenue) and net loss $482M.
Source: Galaxy Digital 10-K on SEC EDGAR.