ETOR Jumps Despite 38% Drop in Etoro’s Crypto Revenue

The Israel-based multi-asset brokerage Etoro reported GAAP net income of $69 million for the quarter ended Dec. 31, 2025, up 16% from $59 million a year earlier. Adjusted net income reached $70 million, while adjusted diluted earnings per share came in at $0.71, ahead of the $0.62 analysts expected, according to FactSet data.

Total revenue and income for Q4 fell 34% year over year to $3.875 billion, down from $5.847 billion, largely reflecting weaker crypto trading activity. Cryptoasset revenue dropped 38% to $3.593 billion as broader digital-asset prices retreated and trading volumes cooled.

Still, Etoro demonstrated that it is more than a one-asset story. Net trading income from equities, commodities, and currencies climbed 43% to $116 million, while crypto derivatives swung from a $130 million loss a year ago to a $74 million gain. Net interest income from users increased 13% to $58 million.

For the full year 2025, Etoro reported total revenue and income of $13.838 billion, up 9% from $12.641 billion in 2024. GAAP net income rose 12% to $216 million, and adjusted net income increased 10% to $251 million. Cash flow from operations reached $318 million, up 18%, leaving the exchange with $1.3 billion in cash and short-term investments at year-end.

Assets under management (AUM) stood at $18.5 billion, up 11% year over year, while funded accounts rose 9% to 3.81 million. January 2026 data showed continued traction, with funded accounts reaching 3.85 million and money transfers totaling $1.8 billion, up 68% from a year earlier.

Shares of Etoro, which trade under the ticker ETOR on Nasdaq, rose between 14% and 20% following the earnings release, at one point trading above $33. Despite the rally, the stock remains down roughly 52% according to all-time records logged by tradingview.com. The company also expanded its share repurchase program by $100 million, bringing the remaining authorization to $150 million.

The platform, founded in 2007 and public since May 2025, has historically derived the bulk of its revenue from crypto assets, which accounted for 94% of total revenue in 2025. But management has leaned into diversification, product expansion and artificial intelligence (AI) tools, including its Tori AI Analyst and upcoming app marketplace.

The Q4 report suggests that while crypto cycles still matter, Etoro’s broader trading ecosystem is gaining muscle. In a market quick to punish narrow business models, investors appeared to reward adaptability — and, for now, profitability.

FAQ ❓

• Why did Etoro shares rise after earnings?
  Etoro posted record Q4 net income and beat earnings expectations despite a decline in crypto revenue.
• Did crypto revenue increase or decrease in Q4 2025?
  Cryptoasset revenue fell 38% year over year to $3.593 billion.
• How did Etoro offset weaker crypto trading?
  The company benefited from growth in equities, commodities and currencies, plus a swing to gains in crypto derivatives.
• Is Etoro profitable for the full year 2025?
  Yes, Etoro reported $216 million in GAAP net income for 2025, up 12% from 2024.

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