GLXY Galaxy Digital Inc.

Overview and Growth

Fiscal 2025 results for Galaxy Digital Inc. combined $60.41B of revenue with net loss of $241.35M and an operating cash outflow of $316.64M. The $60.41B revenue base provides substantial context for the company’s earnings, cash generation, and capital requirements. Compared with $42.60B in fiscal 2024, revenue recorded a 41.8% year-over-year increase. A diluted share base of 366.48M links the aggregate earnings figure to diluted EPS and helps frame the per-share comparison. Diluted shares moved 2.7% from 356.72M in fiscal 2024, leaving the current share base higher year over year. At period end, total assets were $11.35B, framing the scale of the company’s operating and financing commitments. Asset turnover was 5.32x, relating the company’s annual revenue directly to the total assets reported at the period end.

Profitability

The company ended the period with a net loss of $241.35M, extending the operating result through all remaining items. Measured against revenue, the bottom-line deficit represented 0.4% after all recognized items. Before income taxes, the company recorded a loss of $270.68M, bridging the operating result to the final net loss. The pretax loss equaled 0.4% of revenue, measuring the pre-tax deficit against sales. The company recognized an income-tax benefit of $29.33M, increasing after-tax earnings relative to the pretax result. The net loss equaled 8.0% of period-end equity, showing the deficit relative to book capital. Relative to total assets, the net loss represented 2.1%. The company moved from fiscal 2024 net income of $346.72M to a current net loss of $241.35M.

Liquidity and Capital Structure

Total assets were $11.35B, supported by $8.31B of liabilities and $3.03B of shareholder equity. The near-term balance sheet paired $8.52B of current assets with $5.31B of current liabilities at the reporting date. Current assets covered current liabilities by 1.6x, leaving a positive buffer for near-term obligations. Reported cash and equivalents were $1.25B, separating immediately recognizable cash resources from the rest of the current-asset base. Measured only with cash and equivalents, coverage of current liabilities was 23.5%, excluding receivables and other current assets. Book equity represented 26.7% of total assets, quantifying the balance-sheet share supported by shareholder capital. Relative to total assets, liabilities measured 73.3%, complementing the separate equity-based view of the company’s capital structure. Measured against total assets, cash and equivalents represented 11.0%, a balance-sheet composition measure rather than a liquidity forecast. Total assets were 59.4% higher than fiscal 2024 assets of $7.12B, measuring the company’s own balance-sheet change. Against $2.19B of equity in fiscal 2024, the current book-equity balance moved 38.3% and ended higher. Cash and equivalents were 169.7% higher than fiscal 2024 cash of $462.10M, showing the year-over-year change in liquid resources.

Cash Flow and Earnings Quality

The company reported an operating cash outflow of $316.64M, rather than cash generation from operations. Capital spending of $1.19B added to the period’s operating cash use, reinforcing the overall cash deficit after investment for the year. The company recorded a $1.51B cash deficit after capital spending for the period. Free-cash-flow margin was -2.5%, reflecting a cash deficit equal to 2.5% of revenue after capital spending. The free-cash-flow deficit equaled 13.3% of total assets, placing the cash shortfall against the company’s resource base. Compared with a $205.08M operating cash outflow in fiscal 2024, the current outflow increased to $316.64M.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Oct 21, 2026.