TLDR
- Galaxy Digital (GLXY) stock closed up more than 9.5% at $17.18 on Tuesday after the firm reported Q3 net income of $323 million.
- The result reverses an $85 million loss in Q2. Adjusted EBITDA came in at $455 million.
- Data center adjusted gross profit rose to $79 million, nearly four times the prior quarter.
- The board approved a new $200 million buyback on Oct. 26, after the last program finished on Oct. 15.
- Trading volumes rose 12% and the average loan book grew 27% to $1.8 billion.
Galaxy Digital (GLXY) stock closed Tuesday up more than 9.5% at $17.18 after the company posted a third-quarter profit. The stock is still down about 23% since the start of the year.
The Mike Novogratz-led firm reported net income of $323 million for the three months ended Sept. 30. That swings from an $85 million loss in the second quarter.
Adjusted gross profit hit $569 million, up from $43 million last quarter. Adjusted EBITDA was $455 million, compared with a loss of $77 million. Diluted earnings per share were $0.66, and adjusted EPS was $0.83.
GALAXY $GLXY Q3’26 EARNINGS HIGHLIGHTS
🔹 Revenue: $8.7B
🔹 Adj. EPS: $0.83 (Est. -$0.06) 🟢
🔹 Net Income: $322.8M
🔹 Adjusted EBITDA: $454.7MSegment Adjusted Gross Profit:
🔹 Digital Assets: $71M
🔹 Data Centers: $79M
🔹 Treasury & Corporate: $419MOther Q3 Metrics:
🔹… pic.twitter.com/2CNI0EuHF1— Wall St Engine (@wallstengine) October 27, 2026
Net income was lower than a year earlier, when Galaxy made $505 million. So the quarter was a big step up from Q2, but not a record.
Where the profit came from
The Treasury & Corporate unit did most of the work. It posted $419 million in adjusted gross profit, against a $42 million loss in Q2. Management pointed to higher values on its digital asset holdings and private investments, including Etched and Forward Industries.
The digital assets business made $71 million in adjusted gross profit, up from $66 million. It still lost $9 million on an adjusted EBITDA basis. Management said it would have been profitable without a one-time accounting adjustment, but gave no size for it.
Trading volumes rose 12% from the second quarter, even as the wider spot market slowed. The average loan book climbed 27% to $1.8 billion. Some of that demand came from the Galaxy Onchain Financing Rate product, which launched in July.
Assets under management and assets under stake reached $10.4 billion, up 46% from June. Total assets rose 51% to $16.4 billion. Cash, stablecoins and U.S. Treasuries nearly doubled to $4.9 billion.
Data centers and the buyback
Data centers brought in $79 million in adjusted gross profit, compared with $20 million in Q2. Adjusted EBITDA for the unit was $69 million, up from $11 million. This was the first full quarter of revenue from the Helios I Phase I lease with CoreWeave in Texas.
Galaxy delivered all 133 MW of critical IT load to CoreWeave by the end of June. It also closed a $3.5 billion senior secured debt offering to fund Helios I Phase II. The first data halls there are due in the second quarter of 2027.
The total gross power pipeline now tops 5.7 GW. Galaxy is seeking tenants for another 830 MW of approved capacity at Helios II. On the call, Novogratz said the firm passed on a Helios II leasing deal over the summer as power got tighter and demand from AI companies grew.
Novogratz said Galaxy expects to exit 2027 with an annualized leasing revenue run rate of $800 million to $850 million. That depends on Helios I Phase II coming online.
The board approved another $200 million in Class A stock repurchases on Oct. 26. The prior program, announced in February, ended Oct. 15 with about 9.8 million shares bought. The new one has no end date, and Galaxy does not have to spend the full amount.
Galaxy also bought about 500 acres in McGregor, Texas, in July for a new AI and high-performance computing campus. It starts with 74 MW of capacity.
Galaxy reported a $216 million loss in the first quarter, so the third quarter is a sharp turn. The stock ended Tuesday at $17.18.
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