Galaxy Digital posts Q3 adjusted EPS of $0.83 and authorizes new $200 million buyback

Net income was $323 million, against a net loss of $85 million in the second quarter.

Galaxy Digital reported adjusted earnings per share of $0.83 for the third quarter of 2026, above what analysts expected. Galaxy's own figures show net income of $323 million, or $0.66 a share on a diluted basis, compared with a net loss of $85 million in the second quarter.

Adjusted EBITDA, a measure of earnings before interest, taxes, depreciation and amortization that leaves out items the company adjusts for, was $455 million. That compares with an adjusted loss of $77 million in the second quarter. Gross transaction expenses fell 6%, to $8.0B from $8.5B. The Data Centers business contributed adjusted gross profit of $79 million and adjusted EBITDA of $69 million.

Mike Novogratz, Galaxy's founder and chief executive, credited the quarter's strength to the Digital Assets business, gains across the investments portfolio and the growing contribution from Data Centers. Galaxy said its gross data center power pipeline is now above 5.7 GW. It also said it completed a $3.5 billion senior secured notes offering to fund construction of Helios I, Phase II. Galaxy's board has authorized a further $200 million share repurchase program. The company has completed its earlier $200 million program, under which it bought back about 9.8 million shares. Total assets were $16.4B at September 30, up from $10.8B at June 30.

Revenue well below expectations leaves an open question about how much of the quarter's profit rests on the revenue base. Management points to three areas: Digital Assets, investment gains and Data Centers. If revenue stays under expectations, those three will need to carry earnings. The next few quarters should show whether they can.