eToro Q3 2026: Crypto Slowdown Hits Profit Despite User Growth
As seen on the 24/7 Wall St. homepage on November 10, 2026.
Crypto cooling drove net contribution, the metric management actually steers by, down 13% year over year to about $186 million, with GAAP net income off 74% to roughly $15 million. Funded accounts still grew to 4.39 million, and the board authorized a $250 million buyback.
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eToro's third quarter for 2026 revealed just how much the platform's bottom line depends on crypto trading volumes. Revenue from cryptoassets fell to $1.35 billion from $3.97 billion a year earlier, dragging reported revenue down 64% year over year even as the raw dollar figure of $1.49 billion dwarfed the $186.4 million analyst consensus, which was built around net contribution rather than gross trading flows.
Net contribution, the internal profitability measure management actually steers by, dropped 13% year over year to roughly $186 million. GAAP net income fell even harder, declining 74% to approximately $15 million, and operating cash flow came in at $21.5 million, down nearly 49% from the prior year. Adjusted EPS of $0.26 missed the $0.28 consensus estimate by about 8%.
The user story was notably brighter. Funded accounts grew 18% year over year to 4.39 million, and the capital markets segment, covering equities, commodities, and currencies, actually posted a 21% year-over-year increase in net contribution, showing that diversification away from pure crypto is gaining traction. Copy Trading reached $2.4 billion in assets under management, and buying-power adoption tripled quarter over quarter.
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Looking beyond the quarter, early October data offered a cautionary note: assets under administration slipped 6% year over year to $19.2 billion, and crypto trades were down 62% year over year, suggesting the headwinds that pressured Q3 had not yet eased heading into Q4. Management did not provide formal financial guidance for the coming quarters.
On the capital allocation front, the board authorized a $250 million share repurchase program, citing a belief that the stock price does not fully reflect the company's fundamental value. eToro also announced an agreement to acquire LB Finanzas, a digital investment and payments platform in Argentina, as part of a push into Latin American retail markets. No formal completion timeline for the acquisition was disclosed.
Mentioned: ETOR