Q3 FY2026
Filed Oct 27, 2026Galaxy Announces Third Quarter 2026 Financial Results
Galaxy reported Q3 net income of $323 million, adjusted EBITDA of $455 million, and adjusted gross profit of $569 million, while Data Centers delivered its first full quarter of revenue-generating Helios I, Phase I operations and Treasury & Corporate adjusted EBITDA turned positive.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Q3 2026 revenuesGAAP | $8.06B | – | – |
| Q3 2026 gains / (losses) from operationsGAAP | $551.7M | – | – |
| Q3 2026 data center leasing revenueGAAP | $79.07M | – | – |
| Q3 2026 revenues and gains / (losses) from operationsGAAP | $8.69B | — % | – |
| Q3 2026 transaction expensesGAAP | $8.02B | (6) % | – |
| Q3 2026 impairment of digital assetsGAAP | $102.3M | – | – |
| Q3 2026 compensation and benefitsGAAP | $82.19M | – | – |
| Q3 2026 general and administrativeGAAP | $25.26M | – | – |
| Q3 2026 depreciation and amortizationGAAP | $21.88M | – | – |
| Q3 2026 technologyGAAP | $17.33M | – | – |
| Q3 2026 professional feesGAAP | $13.87M | – | – |
| Q3 2026 total operating expensesGAAP | $8.28B | – | – |
| Q3 2026 notes interest expenseGAAP | ($ 93,391) (in thousands) | – | – |
| Q3 2026 other income / (expense), netGAAP | $28.90M | – | – |
| Q3 2026 total other income / (expense)GAAP | ($ 64,489) (in thousands) | – | – |
| Q3 2026 net income / (loss) before taxesGAAP | $344.3M | – | – |
| Q3 2026 income taxes expense / (benefit)GAAP | $21.5M | – | – |
| Q3 2026 net income / (loss)GAAP | $322.8M | N.M. | – |
| Q3 2026 comprehensive income (loss)GAAP | $328.2M | – | – |
| Q3 2026 basic EPSGAAP | $ 0.80 | – | – |
| Q3 2026 diluted EPSGAAP | $ 0.66 | – | – |
| Q3 2026 adjusted EPSnon-GAAP | $ 0.83 | – | – |
| Q3 2026 adjusted gross profitnon-GAAP | $569M | N.M. | – |
| Q3 2026 adjusted EBITDAnon-GAAP | $455M | N.M. | – |
| Nine months ended September 30, 2026 revenuesGAAP | $26.66B | – | – |
| Nine months ended September 30, 2026 gains / (losses) from operationsGAAP | $857.8M | – | – |
| Nine months ended September 30, 2026 data center leasing revenueGAAP | $97.94M | – | – |
| Nine months ended September 30, 2026 revenues and gains / (losses) from operationsGAAP | $27.61B | – | – |
| Nine months ended September 30, 2026 total operating expensesGAAP | $27.52B | – | – |
| Nine months ended September 30, 2026 net income / (loss)GAAP | $21.14M | – | – |
| Nine months ended September 30, 2026 diluted EPSGAAP | $ 0.14 | – | – |
| Nine months ended September 30, 2026 adjusted EPSnon-GAAP | $ 0.14 | – | – |
| Total assets as of September 30, 2026GAAP | $16.4B | 51 % | – |
| Total equity as of September 30, 2026GAAP | $3B | 10 % | – |
| Cash, Stablecoins, and U.S. Treasuries as of September 30, 2026other | $4.9B | 99 % | – |
| Net Digital Assets and Investments as of September 30, 2026other | $1.7B | 48 % | – |
| Cash and cash equivalents as of September 30, 2026GAAP | $1.32B | – | – |
| Digital intangible assets as of September 30, 2026GAAP | $3.84B | – | – |
| Digital financial assets as of September 30, 2026GAAP | $454.5M | – | – |
| Digital asset loans receivable, net of allowance, as of September 30, 2026GAAP | $960.8M | – | – |
| Investments as of September 30, 2026GAAP | $3.16B | – | – |
| Property and equipment, net, as of September 30, 2026GAAP | $2.95B | – | – |
| Total liabilities as of September 30, 2026GAAP | $13.43B | – | – |
| Notes payable, current and non-current, as of September 30, 2026GAAP | $6.31B | – | – |
| Data Centers total assetsother | $6.8B | 166 % | – |
| Data Centers total liabilitiesother | $5.3B | 244 % | – |
| Data Centers quarterly capital expenditureother | $757M | 69 % | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| Digital AssetsDigital asset trading volumes grew 12% quarter-over-quarter, while average loan book size of $1.8 billion was up 27% compared to the prior quarter. | $ 8,169,905 (in thousands) revenues and gains / (losses) from operations | – | – |
| Data CentersThe first full quarter of revenue-generating operations under the Helios I, Phase I lease, with all 133 MW of critical IT load delivered to CoreWeave by the end of the second quarter. | $ 88,995 (in thousands) revenues and gains / (losses) from operations | – | – |
| Treasury & CorporateSignificant appreciation across the investments portfolio. | $ 429,150 (in thousands) revenues and gains / (losses) from operations | – | – |
Amounts quoted below without a unit are in thousands, as in the filing’s tables. Per-share figures are as printed.
Capital returns
- Galaxy previously announced a $200 million share repurchase program in February 2026, which was completed on October 15, 2026.
- In total under the program, Galaxy repurchased approximately 9.8 million shares of Class A common stock.
- On October 26, 2026, the Board of Directors authorized the repurchase of shares of Class A common stock in an amount up to $200 million.
What drove it
- Digital Assets adjusted gross profit was $71M, compared with $66M in Q2 2026.
- Global Markets adjusted gross profit was $53M, compared with $49M in Q2 2026.
- Asset Management & Infrastructure Solutions adjusted gross profit was $19M, compared with $17M in Q2 2026.
- Combined assets under management and assets under stake ended Q3 at $10.4 billion, up 46% quarter-over-quarter.
- Asset Management generated over $160 million of net inflows during the quarter.
- Data Centers adjusted gross profit was $79M and adjusted EBITDA was $69M.
- Treasury & Corporate adjusted gross profit was $419M and adjusted EBITDA was $395M.
Concerns
- Q3 2026 revenues and gains / (losses) from operations were $ 8,688,050 (in thousands), compared with $ 29,219,120 (in thousands) in Q3 2025.
- Q3 2026 net income was $ 322,772 (in thousands), compared with $ 505,057 (in thousands) in Q3 2025.
- Notes interest expense was ($ 93,391) (in thousands), compared with ($ 14,415) (in thousands) in Q3 2025.
- Data Centers total liabilities were $5.3B, compared with $1.5B in Q2 2026.
- Helios I, Phase II construction activity is expected to ramp significantly over the coming months, with data hall deliveries scheduled to begin in the second quarter of 2027.
What to watch
- Data hall deliveries for Helios I, Phase II are scheduled to begin in the second quarter of 2027.
- Galaxy is advancing discussions with prospective tenants for the additional 830 MW of approved capacity at Helios II not yet under lease.
- Helios I, Phase II is fully financed and under construction, with both buildings and the supporting substation progressing on schedule and within budget.
- The Company stated that its total gross power pipeline is over 5.7 GW.
- Trading volumes, loan-book demand, digital-asset prices and the value of Treasury & Corporate investment positions remain relevant to results.
Balance sheet and cash flow
- Total assets were $16.4B as of Q3 2026, compared with $10.8B as of Q2 2026.
- Total equity was $3.0B as of Q3 2026, compared with $2.7B as of Q2 2026.
- Cash, Stablecoins, and U.S. Treasuries were $4.9B, including $1,325M in Cash and Cash Equivalents, $812M in Stablecoins, and $2,756M of U.S. Treasury Bills and Notes.
- Data Centers quarterly capital expenditure was $757M, compared with $448M in Q2 2026.
- Completed $3.5 billion offering of senior secured notes to fund construction of Helios I, Phase II.
Analysis
Galaxy returned to profitability in Q3 2026, reporting GAAP net income of $ 322,772 (in thousands), compared with a net loss of ($85M) in Q2 2026. Diluted EPS was $ 0.66 and adjusted EPS was $ 0.83. Adjusted gross profit increased to $569M from $43M in Q2 2026, while adjusted EBITDA improved to $455M from ($77M). The quarter was supported by the Treasury & Corporate segment, which produced $419M of adjusted gross profit and $395M of adjusted EBITDA.
Digital Assets showed sequential operating progress. Segment adjusted gross profit was $71M, compared with $66M in Q2 2026, while adjusted EBITDA was ($9M), compared with ($11M). Global Markets adjusted gross profit was $53M, and asset management and infrastructure solutions adjusted gross profit was $19M. Management cited 12% quarter-over-quarter growth in digital-asset trading volumes and a 27% increase in average loan book size to $1.8 billion. Combined assets under management and assets under stake reached $10.4 billion, up 46% quarter-over-quarter, and the Company reported over $160 million of Asset Management net inflows.
Data Centers became a material contributor, with adjusted gross profit of $79M and adjusted EBITDA of $69M, versus $20M and $11M, respectively, in Q2 2026. The increase reflected the first full quarter of revenue-generating operations under the Helios I, Phase I lease. Data center leasing revenue was $ 79,068 (in thousands), and delivered critical IT load remained 133 MW. The Company also increased Data Centers quarterly capital expenditure to $757M from $448M and reported Data Centers total liabilities of $5.3B.
Liquidity expanded during the quarter. Cash, Stablecoins, and U.S. Treasuries were $4.9B, compared with $2.5B in Q2 2026, and total assets were $16.4B. Galaxy completed a $3.5 billion offering of senior secured notes to fund Helios I, Phase II construction. Total equity was $3.0B, compared with $2.7B in Q2 2026. Capital allocation included completion of the prior $200 million repurchase authorization, under which approximately 9.8 million Class A shares were repurchased, and a new authorization for up to $200 million.
The release provided no formal financial guidance. Operational milestones are Helios I, Phase II data hall deliveries scheduled to begin in the second quarter of 2027 and tenant discussions for 830 MW of approved Helios II capacity not yet under lease. Investors should also focus on the sharp increase in notes interest expense to ($ 93,391) (in thousands), the $5.3B of Data Centers liabilities, and the sensitivity of Treasury & Corporate results to digital asset and investment-position values.
Management, verbatim
Galaxy delivered a strong third quarter, reflecting the strength of our established Digital Assets franchise, significant appreciation across our investments portfolio, and the growing contribution from our Data Centers business. Our strategy is centered on two significant opportunities in the global economy: the modernization of financial markets through digital assets and the expansion of AI infrastructure. The progress we're making across both businesses is strengthening and diversifying our earnings profile, while positioning Galaxy to capitalize on substantial growth opportunities. We remain focused on disciplined execution and creating long-term value for our shareholders.
Mike Novogratz, Founder and Chief Executive Officer
Not in the filing
stated, not guessed- Formal forward revenue guidance
- Formal forward gross-margin guidance
- Formal forward operating-expense guidance
- Formal forward tax-rate guidance
- Operating cash flow
- Free cash flow
- Dividend declaration or payment
- Q3 2026 gross margin
- Q3 2026 GAAP operating income
- Q3 2026 prior-quarter GAAP revenue figure from the consolidated statements
- Q3 2026 prior-quarter GAAP diluted EPS figure
- Year-over-year percentage changes for consolidated financial-statement line items
- Q3 2026 prior-quarter cash flow statement data
- Separate segment revenue growth rates
Written by an AI language model from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure is checked against the filing text, and a metric the filing does not print, or whose value, prior period and change do not add up, is dropped from the metrics. The model can still misread a table, in the metrics or in the text, so check a number in the filing before you rely on it. Consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.