eToro reported on Tuesday, November 10, net income of $15 million for the third quarter of 2026, down 74% from $57 million a year earlier, as crypto trading activity declined. The Nasdaq-listed company also announced a $250 million share repurchase program.
What the numbers show
Metric | Q3 2026 | Q3 2025 | Change |
|---|---|---|---|
Net contribution | $186M | $215M | -13% |
Net income (GAAP) | $15M | $57M | -74% |
Adjusted net income | $24M | $60M | -60% |
Adjusted EBITDA | $34M | $78M | -56% |
Diluted EPS (GAAP) was $0.14, versus $0.53 in Q3 2025, while adjusted diluted EPS fell to $0.26 from $0.60.
The drop in net contribution came primarily from lower crypto trading: revenue from cryptoassets was $1.35 billion, compared with $3.97 billion in Q3 2025, and crypto derivatives produced a net trading loss of $30.9 million.
Capital markets moved the other way: net contribution from the segment rose 21% year over year, and net trading income from equities, commodities and currencies increased to $88.5 million from $72.9 million.
Users up, activity down
- Funded accounts: 4.39 million, up 18% from 3.73 million a year earlier
- Assets under administration: $20.8 billion, flat year over year
- Cash, cash equivalents and short-term investments: $1.2 billion as of September 30
- Selling and marketing expenses: $68.1 million, up from $47.9 million
October: crypto trades down 62%
October 2026 metric | Value | YoY change |
|---|---|---|
Crypto trades | 2.0 million | -62% |
Invested amount per crypto trade | $228 | -29% |
Capital markets trades | 48.2 million | -22% |
Invested amount per capital markets trade | $184 | -49% |
Assets under administration | $19.2B | -6% |
Interest earning assets | $7.0B | -20% |
Money transfers | $1.1B | -21% |
Funded accounts reached 4.42 million in October, up 18% year over year. CFO Meron Shani said in the company release that crypto activity "sequentially recovered" during the quarter.
$250M buyback and an acquisition in Argentina
The board authorized repurchases of up to $250 million through open market transactions, privately negotiated deals, block trades or an accelerated program. eToro says its current share price "does not fully reflect the Company's fundamental value" and that its shares could serve as transaction currency in future mergers and acquisitions.
In the first nine months of 2026, the company spent $189.1 million on treasury shares. Separately, eToro agreed to acquire LB Finanzas, a digital investment and payments platform in Argentina.
Products: AI agents and 24/7 trading
- Users engaged in API and agentic trading rose 250% quarter over quarter
- New connectors for Claude, ChatGPT and Grok; the platform's App Store has more than 250 active apps
- Copy Trading reached $2.4 billion in AUM
- 26 Smart Portfolios launched in the US
- Buying-power (margin) adoption tripled quarter over quarter