Galaxy Digital (GLXY) is a crypto-native financial services firm whose top line is heavily tied to the fortunes of digital asset markets — and that volatility shows clearly in its financials. Revenue has swung meaningfully from year to year, sitting at roughly $51.6 billion in 2023, dipping to $42.6 billion in 2024, then rebounding to $60.4 billion in 2025. Profitability is thin and inconsistent: the company posted small net profits in 2023 and 2024 but slipped back into a net loss in 2025, and the most recent quarter (ending June 2026) shows a continued loss. The balance sheet looks reasonably stable with a current ratio comfortably above 1.5x across all reported periods, and debt-to-equity data was not available in any of the filings reviewed. Capital spending has jumped sharply in 2025 and into 2026, a notable shift worth watching. Because Galaxy only has a short SEC filing history, multi-year CAGR figures are not yet calculable. The overall picture is of a company with genuine scale in the crypto space but razor-thin margins, meaningful earnings volatility, and a recent uptick in investment spending that investors should monitor closely.
Snapshot & Big Picture
Galaxy Digital operates across trading, asset management, investment banking, and mining/infrastructure in the digital assets ecosystem. Its revenue figures are very large in nominal terms but margins are extremely narrow, which is characteristic of businesses with high trading volumes and principal transactions running through the income statement. The company's financial results are meaningfully correlated with crypto market cycles — strong when digital asset prices and volumes are elevated, stressed when they contract.
| Fiscal Year | Revenue | Net Margin | Current Ratio | CapEx | CapEx / Revenue |
|---|---|---|---|---|---|
| 2023 | $51.63B | 0.44% | N/A | $45.6M | 0.09% |
| 2024 | $42.60B | 0.81% | 1.51x | $59.0M | 0.14% |
| 2025 | $60.41B | -0.40% | 1.60x | $1,192.5M | 1.97% |
Latest Quarter Snapshot
The most recent data available comes from the 10-Q for the quarter ending June 30, 2026 — more current than the annual figures above and the best read on where the business stands today. Revenue for the quarter came in at approximately $8.56 billion. The net margin was -1.00%, continuing the loss trend that began in fiscal 2025. The current ratio held at 1.50x, consistent with recent annual readings and suggesting adequate near-term liquidity. Capital expenditures for the quarter were $337.9 million, translating to a CapEx-to-revenue ratio of 3.95% — meaningfully elevated compared to any prior full-year period, which suggests the heavy investment cycle that began in 2025 is continuing into 2026. EBITDA, gross margin, operating margin, and debt-to-equity were not reported or derivable from the filing data provided.
Profitability
Galaxy's profitability record across the periods reviewed is thin and inconsistent. In 2023, the company eked out a net margin of just 0.44% — essentially breakeven. In 2024, the margin improved modestly to 0.81%, the strongest reading in the dataset, suggesting some operational leverage or favorable market conditions that year. However, 2025 saw a reversal to a net loss margin of -0.40%, and the June 2026 quarter deepened that loss to -1.00%. EBITDA, gross margin, and operating margin were not available in the filing data for any period, which limits the ability to analyze where exactly in the cost structure the pressure originates. The overall profitability trend is concerning in the near term: after a brief improvement in 2024, the company has moved back into loss territory heading into 2026.
Financial Health & Capital Expenditures
On liquidity, Galaxy looks reasonably sound. The current ratio was 1.51x at year-end 2024, improved to 1.60x at year-end 2025, and held at 1.50x in the June 2026 quarter — all above the 1.0x threshold that would signal near-term stress. The current ratio was not available in the 2023 annual filing. Debt-to-equity was not available in any of the filings reviewed, which is a meaningful gap: without it, it's difficult to fully assess balance sheet leverage.
The most striking development in the financial data is the dramatic rise in capital expenditures. CapEx was modest and relatively stable in 2023 ($45.6M) and 2024 ($59.0M), representing less than 0.15% of revenue in both years — indicating a very asset-light profile. In 2025, CapEx surged to $1.19 billion, or roughly 1.97% of revenue, an increase of approximately 20x year-over-year. The June 2026 quarter alone recorded $337.9M in CapEx (3.95% of that quarter's revenue), annualizing to well over $1 billion if the pace holds. This sharp increase in capital intensity suggests Galaxy is investing heavily in infrastructure — likely mining, data center, or platform build-out — and represents a material shift in the business's reinvestment requirements. Whether this spending translates into durable earnings power will be a key question for investors to track.
Growth
| CAGR Window | Period Spanned | CAGR |
|---|---|---|
| 3-Year | FY2022 → FY2025 | Not available — insufficient SEC filing history |
| 5-Year | FY2020 → FY2025 | Not available — insufficient SEC filing history |
| 10-Year | FY2015 → FY2025 | Not available — insufficient SEC filing history |
None of the standard CAGR windows can be calculated because Galaxy Digital's SEC filing history does not extend back far enough to establish the required base-year revenue figures. This is a common limitation for companies that listed or began filing with the SEC relatively recently. As more annual filings accumulate, these growth rate metrics will become calculable and will provide a clearer picture of the company's long-run revenue trajectory.
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