Q2 FY2026
Filed Aug 5, 2026Galaxy Announces Second Quarter 2026 Financial Results
Digital Assets and Data Centers adjusted gross profit improved sequentially and Data Centers commenced revenue-generating operations, but Galaxy reported a Q2 2026 net loss of $(85) million amid depreciation of digital asset prices.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| Total Assetsother | $10,844M | 9 % | – |
| Total Equityother | $2,720M | (2) % | – |
| Cash & Stablecoinsother | $2,459M | (6) % | – |
| Cash and Cash Equivalentsother | $896M | – | – |
| Stablecoinsother | $1,563M | – | – |
| Net Digital Assets and Investmentsother | $1,160M | (15) % | – |
| Net Income / (Loss)GAAP | ($85M) | N.M. | – |
| Diluted EPSGAAP | $(0.09) | – | – |
| Adjusted EPSnon-GAAP | $(0.09) | – | – |
| Adjusted Gross Profitnon-GAAP | $43M | N.M. | – |
| Adjusted EBITDAnon-GAAP | ($77M) | N.M. | – |
| Gross Revenues & Gains/(Losses) from OperationsGAAP | $8,711M | (15) % | – |
| Gross Transaction ExpensesGAAP | $8,486M | (15) % | – |
| Global Markets Adjusted Gross Profitnon-GAAP | $49M | 58 % | – |
| Loan Book Size (Average)other | $1,438M | 1 % | – |
| Total Trading Counterpartiesother | 1,741 | 3 % | – |
| Asset Management & Infrastructure Solutions Adjusted Gross Profitnon-GAAP | $17M | (6) % | – |
| ETFsother | $1,805M | (18) % | – |
| Alternativesother | $2,553M | (7) % | – |
| Assets Under Stakeother | $2,790M | (13) % | – |
| Data Centers Adjusted Gross Profitnon-GAAP | $20M | 560 % | – |
| Data Centers Adjusted EBITDAnon-GAAP | $11M | N.M. | – |
| Data Centers Total Assets (End of Period)other | $2,544M | – | – |
| Data Centers Total Liabilities (End of Period)other | $1,548M | – | – |
| Treasury & Corporate Adjusted Gross Profitnon-GAAP | ($42M) | N.M. | – |
| Treasury & Corporate Adjusted EBITDAnon-GAAP | ($78M) | N.M. | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| Digital AssetsAdjusted gross profit increased by 34% QoQ despite the pullback in digital asset prices and activity during the quarter. | Adjusted Gross Profit of $66M | – | – |
| Global MarketsDigital asset trading volumes declined 7% QoQ, while average loan book size was $1.4 billion and new loan originations increased QoQ. | Adjusted Gross Profit of $49M | 58 % | – |
| Asset Management & Infrastructure SolutionsCombined assets under management and assets under stake ended Q2 at $7.1 billion, down 12% QoQ, driven primarily by depreciation of digital asset prices. | Adjusted Gross Profit of $17M | (6) % | – |
| Data CentersThe segment's first quarter of revenue-generating operations reflected Phase I data hall delivery to CoreWeave ramping through the quarter, with all 133 MW of critical IT load in service by quarter end. | Adjusted Gross Profit of $20M | 560 % | – |
| Treasury & CorporateResults were driven primarily by unrealized losses on digital assets and investment positions. | Adjusted Gross Loss of $(42) million | – | – |
beginning in the third quarter of 2026 outlook
- NotePhase I to generate quarterly leasing revenue of approximately $80 million
- Noteexpected quarterly project-level Adjusted EBITDA margin of over 90%
What drove it
- Digital Assets and Data Centers operating businesses generated $86 million of adjusted gross profit and $1 million of adjusted EBITDA, up $34 million and $21 million QoQ, respectively.
- Galaxy completed delivery of the first phase of power at Helios, delivering 200 MW of gross power and 133 MW of critical IT load to CoreWeave.
- Galaxy substantially expanded its data center footprint through the acquisition of three Texas sites, bringing its total power pipeline to over 5.7 GW.
- Galaxy entered a multi-year agreement with BNY to further advance digital asset infrastructure, including support for staking on BNY's Digital Asset Custody platform.
Concerns
- Q2 2026 net loss was $(85) million, driven primarily by depreciation of digital asset prices during the period.
- Treasury & Corporate generated adjusted gross loss of $(42) million and adjusted EBITDA of $(78) million, driven primarily by unrealized losses on digital assets and investment positions.
- Cash & Stablecoins declined to $2,459M from $2,605M in Q1 2026.
- Net Digital Assets and Investments declined to $1,160M from $1,362M in Q1 2026.
- ETFs, Alternatives, and Assets Under Stake declined QoQ.
What to watch
- Phase I leasing revenue of approximately $80 million per quarter beginning in the third quarter of 2026.
- Expected quarterly project-level Adjusted EBITDA margin of over 90% for Phase I beginning in the third quarter of 2026.
- Construction funding and execution for Helios I, Phase II following the $3.5 billion senior secured notes offering.
- ERCOT interconnection process for the Caspian and Selene sites, with potential power capacities of approximately 700 MW and 900 MW, respectively.
- Digital asset price movements and their effect on Treasury & Corporate unrealized gains or losses, assets under management, and assets under stake.
Balance sheet and cash flow
- Total equity of $2.7 billion as of June 30, 2026
- Cash and stablecoin holdings of $2.5 billion as of June 30, 2026
- On July 28, Galaxy, through its wholly-owned subsidiary Galaxy Helios Data Centers II LLC, completed a private offering of $3.5 billion of senior secured notes due 2031.
- Proceeds from the offering will be used to fund construction of Helios I, Phase II.
Analysis
Galaxy reported a Q2 2026 net loss of $(85) million and diluted and adjusted EPS of $(0.09), with the company attributing the result primarily to depreciation of digital asset prices during the quarter. The loss narrowed from $(216M) in Q1 2026, while adjusted EBITDA improved to $(77M) from $(188M). Gross Revenues & Gains/(Losses) from Operations were $8,711M, down 15% QoQ, and Gross Transaction Expenses were $8,486M, also down 15% QoQ.
The operating-business performance improved sequentially. Digital Assets and Data Centers generated $86 million of adjusted gross profit and $1 million of adjusted EBITDA, up $34 million and $21 million QoQ, respectively. Digital Assets generated adjusted gross profit of $66 million and adjusted EBITDA of $(11) million. Within Digital Assets, Global Markets adjusted gross profit was $49M, up 58% QoQ, even as Galaxy stated that trading volumes declined 7% QoQ. Asset Management & Infrastructure Solutions adjusted gross profit was $17M, down 6% QoQ, alongside lower ETF assets, Alternatives, and Assets Under Stake.
Data Centers was the key source of new operating contribution. The segment generated $20 million of adjusted gross profit and $11 million of adjusted EBITDA in its first quarter of revenue-generating operations. Phase I delivery ramped during the quarter, and all 133 MW of critical IT load under the Phase I lease was in service by quarter end. Galaxy expects Phase I to generate quarterly leasing revenue of approximately $80 million and expected quarterly project-level Adjusted EBITDA margin of over 90% beginning in the third quarter of 2026.
Treasury & Corporate remained the principal drag on consolidated profitability, reporting adjusted gross loss of $(42) million and adjusted EBITDA of $(78) million, driven primarily by unrealized losses on digital assets and investment positions. Cash & Stablecoins were $2,459M as of June 30, 2026, versus $2,605M at the end of Q1 2026. Total equity was $2,720M, compared with $2,779M in Q1 2026, while Total Assets rose to $10,844M from $9,992M.
Subsequent to quarter end, Galaxy raised $3.5 billion of senior secured notes due 2031 to fund Helios I, Phase II, and acquired three Texas sites for AI data center development. The company stated that these additions brought its total power pipeline to over 5.7 GW. Near-term execution centers on the Phase I revenue and margin ramp, construction funded by the note offering, and the ERCOT interconnection process for the Caspian and Selene development sites.
Not in the filing
stated, not guessed- Total revenue line item
- GAAP gross profit and gross margin
- GAAP operating income or loss
- GAAP and non-GAAP net income reconciliation details
- Prior-year comparisons for reported metrics
- Operating cash flow
- Free cash flow
- Capital expenditures value, as the filing text is truncated at the Data Centers Quarterly Capital Expenditure label
- Debt balance as of June 30, 2026
- Share repurchases
- Dividends
- Named executive quotes
- Prior outlook for comparison
AlphaAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.