Galaxy Digital Q3 2026: EPS Beats by 560%, but Revenue Falls Short

Galaxy Digital's adjusted earnings per share of $0.83 for Q3 2026 came in far above the $0.13 consensus, beating expectations by a wide margin. The Treasury and Corporate segment drove the result, recording $427.5 million in gains from its digital asset and venture investment portfolio.

Revenue of $8.69 billion fell short of the $12.12 billion consensus, missing expectations and declining year over year. Most of that came from the Digital Assets segment, with the newer Data Centers segment contributing in its first full quarter of operations. The profit story rested heavily on investment portfolio appreciation.

The CoreWeave concerns pressing on the stock heading into the quarter got a direct answer. The Helios data center, operating under a lease with CoreWeave, delivered 133 MW of critical IT load on schedule. Construction on Helios I, Phase II is fully financed, with data hall deliveries scheduled to begin in Q2 2027.

The quarter also included a $102.3 million impairment of digital assets, and notes interest expense climbed, reflecting the weight of the company's significant debt issuance. Total liabilities rose year over year, while shareholders' equity and cash on hand both expanded.

The board authorized a new $200 million share repurchase program for Class A common stock on October 26, 2026, immediately after completing its prior buyback. Combined assets under management and assets under stake grew quarter over quarter, and the average loan book expanded on demand for the GOFR product. Keep an eye on whether Helios I, Phase II stays on schedule.