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TON Strategy (TONX) earnings and revenue breakdown
Latest: Q2 2026 · 10-Q filed Aug 11, 2026 · TON Strategy (TONX) Q2 2026 earnings results →
Q2 2026 Revenue up 607% year over year to $15.0M · 511¢ of every $1 of revenue kept as net profit · operating margin 3.2%
TON Strategy made $15.0M in Q2 2026 (+607% Y/Y). Operating margin 3.2%, net earnings $76.8M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Aug 11, 2026.
Drawing the Sankey…
Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF
What changed this quarter
Revenue was $15.0M in Q2 2026, up 607% year over year and up 186% from the previous quarter.
Gross margin was 94.9%. Operating profit was $479K, a 3.2% margin (up 62.6 points year over year). The fastest-growing cost line was General & admin (+976%). Net earnings were $76.8M ($76.5M including minority interests, which bore $225K of losses). The effective tax rate was 0.0%. Non-operating items added $76.0M, 99% of pre-tax earnings, so the bottom line overstates operating performance.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q2 2026 | 10-Q | Aug 11, 2026 | $15.0M | +607% | 3.2% | $76.8M | — |
| Q1 2026 | 10-Q | May 12, 2026 | $5.3M | +302% | -74.0% | −$91.0M | −$4.7M |
| Q4 2025 | 10-K | Mar 31, 2026 | $5.7M | +694% | -159.2% | −$228M | −$8.0M |
| Q3 2025 | 10-Q | Nov 12, 2025 | $3.6M | 28× | -601.5% | $84.7M | −$9.4M |
| Q2 2025 | 10-Q | Aug 6, 2025 | $2.1M | 57× | -138.2% | −$2.4M | −$2.3M |
| Q1 2025 | 10-Q | May 13, 2025 | $1.3M | 186× | -203.8% | −$2.4M | −$1.1M |
| Q4 2024 | 10-K | Mar 25, 2025 | $723K | 25× | -513.1% | −$3.4M | −$1.9M |
Charts
Interactive views
The same charts as the app — open one to draw it.
💵Where each $1 goesinteractive
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🌏Named in Asian annual reportsinteractive
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🔄Rotation against the market and its industry (RRG)interactive
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🔍Earnings qualityinteractive
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⚖️Fair value by methodinteractive
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🔭Outlook & guidanceinteractive
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📈Investments: gains and what it boughtinteractive
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🏭Its industry’s money flow (input-output)interactive
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About TON Strategy
References in this document to the “Company,” “TON,” “we,” “us,” or “our” are intended to mean TON Strategy Company, individually, or as the context requires, collectively with its subsidiaries on a consolidated basis. TON Strategy Company is a digital asset treasury and Web3 ecosystem company focused on supporting The Open Network, a public blockchain originally developed to integrate with Telegram, one of the world’s largest messaging platforms. The Open Network blockchain is designed to process transactions quickly and at scale, enabling a range of decentralized applications and digital services that can be accessed directly through Telegram’s global user base of more than one billion people.
In its own words, from its 10-K, filed Mar 31, 2026.
TON Strategy against its Finance Services peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +607% against the peers' median +18%. Operating margin: 3.2% against the peers' median 5.1%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| TONX TON Strategy | Q2 2026 | $15.0M | +607% | 3.2% |
| AXP American Express | Q3 2026 | $20.1B | +9% | 22.6% |
| BTGO Bitgo Holdings | Q2 FY27 | $4.3B | +80% | -0.4% |
| General Motors Financial Company | Q3 2026 | $4.3B | -0.6% | 15.3% |
| SOFI SoFi Technologies | Q3 2026 | $1.4B | +44% | 22.9% |
| COIN Coinbase Global | Q3 2026 | $1.2B | -35% | 5.1% |
| CRCL Circle Internet Group | Q3 2026 | $865M | +17% | 24.1% |
| CHYM Chime Financial | Q3 2026 | $718M | +32% | 4.8% |
| GDOT Green DOT | Q2 2026 | $596M | +18% | -0.1% |
Source: TON Strategy 10-Q on SEC EDGAR · CIK 1566610 · Finance Services
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More on TONX
History
Every quarter: Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results · Q4 2024 results