eToro Q3 net income falls 74% to $15.0m
eToro’s third-quarter net income fell 74% to $15.0m as weaker crypto trading cut its net contribution, even though funded accounts grew 18%. The Nasdaq-listed multi-asset trading and investing platform, public since May 2025, reported the figures today in its results release filed with the US Securities and Exchange Commission. As LeapRate reported earlier, net income was $53m in the second quarter.
Net contribution, which is revenue minus crypto cost of revenue and margin interest expense, fell 13% to $186m from $215m. eToro said the fall was driven primarily by decreased crypto trading activity. Gross crypto revenue is largely passed through, so net contribution is the measure of what the firm keeps.
Costs moved the other way. Selling and marketing spend rose to $68.1m from $47.9m. Net income fell faster than net contribution, and the higher marketing spend would help explain that, although the release does not say so. Adjusted EBITDA, earnings before interest, tax, depreciation and amortisation as the company defines it, fell 56% to $34m from $78m.
| Measure | Q3 2026 | Q3 2025 |
|---|---|---|
| Net income (GAAP) | $15.0m | $56.8m |
| Net contribution | $186m | $215m |
| Adjusted EBITDA | $34m | $78m |
| Selling and marketing | $68.1m | $47.9m |
| Diluted earnings per share | $0.14 | $0.53 |
| Funded accounts | 4.39m | 3.73m |
Funded accounts, users who have deposited funds and traded at least once and hold a positive balance, rose 18% to 4.39m. Assets under administration (AUA), the client assets the platform holds, stayed flat at $20.8bn.
Chief financial officer Meron Shani pointed to growth in users and in capital markets, the trading of shares and other securities, in the release.
We delivered continued growth in our user base, with funded accounts up 18% year-over-year to 4.39 million and assets under administration of $20.8 billion. Capital markets net contribution increased 21% year over year, while crypto activity sequentially recovered.
Meron Shani, chief financial officer, eToro
October figures were weaker year on year. Crypto trades fell 62% to 2.0m, capital markets trades fell 22% to 48.2m, AUA fell 6% to $19.2bn and interest earning assets fell 20% to $7.0bn.
The board authorised a share buyback of up to $250m. eToro said its share price does not fully reflect its fundamental value. Nine-month net income was $150.9m against $147.0m, up 3%, and cash and short-term investments stood at $1.2bn on 30 September 2026.
