Galaxy Digital posts $323M Q3 net income, authorizes new $200M buyback
Galaxy swings back to profit on Treasury and data-center gains, with a fresh $200M share buyback authorized October 26 — days after completing the prior $200M program.
Galaxy Digital Inc. (GLXY) reported Q3 2026 net income of $322.8 million on Monday evening, swinging back to profit after an $85 million Q2 loss. The board authorized a new $200 million Class A share buyback on October 26, eleven days after the prior $200 million program finished. The results were posted in an 8-K filing with the SEC and covered by The Block.
What the quarter looked like
- Net income: $322.8M, versus a $(85)M loss in Q2 2026 and $505M a year earlier (Q3 2025).
- Adjusted gross profit: $569.3M (Q2: $43M).
- Adjusted EBITDA: $454.7M (Q2: negative $77M).
- Diluted EPS: $0.66; adjusted EPS $0.83.
The swing came almost entirely from the Treasury & Corporate segment, which flipped from a $(42)M adjusted-gross-profit loss in Q2 to $419M in Q3 — driven, management said in the release, by higher valuations on digital-asset holdings and on private investments including Etched and Forward Industries. Mark-to-market gains, not operating business, carried the quarter.
Segments
| Segment | Adj. gross profit Q3 | Adj. EBITDA Q3 |
|---|---|---|
| Treasury & Corporate | $419M | — |
| Data Centers | $79M | $69M |
| Digital Assets | $71M | $(9)M |
Digital-asset trading volumes rose 12% QoQ. The average loan book was $1.8 billion, up 27% QoQ. The Digital Assets segment adjusted EBITDA was negative; Galaxy said the segment would have been profitable without a one-time accounting adjustment but did not disclose the size.
Combined AUM and assets under stake: $10.4 billion at September 30, up 46% QoQ.
The buyback math
- Prior program: $200M authorization announced February 2026; completed October 15, 2026 with ~9.8 million Class A shares repurchased.
- New program: $200M authorization approved October 26, 2026. No set end date; purchases are discretionary.
Over seven months, the February program absorbed close to all its authorized spend. The successor at the same size — approved before the Q3 release — signals continuity rather than acceleration.
Data-center pipeline
Galaxy's data-center gross power pipeline exceeds 5.7 GW. Management guided to exiting 2027 with an annualized leasing revenue run rate of $800–850M, as Helios I Phase II comes online. Data Centers posted $79M adjusted gross profit this quarter — the one segment generating a growing cash-operating base alongside the Treasury mark-to-market swings.
Novogratz, in the release: "We remain focused on disciplined execution and creating long-term value for our shareholders."
What to watch
- How much of the $419M Treasury & Corporate gain reverses if digital-asset prices or private-investment marks move in Q4.
- The size of the one-time Digital Assets adjustment — not disclosed in the 8-K — and whether it was related to trading, custody, or lending.
- Buyback pace. The February program took ~eight months. Whether the new one closes faster is a tell on Galaxy's cash position and read on its own share price.
- Helios I Phase II commissioning timeline. The 2027 $800–850M leasing run-rate guidance hinges on it.
Context
The firm's quarterly earnings pattern remains dominated by Treasury-segment mark-to-market swings on digital-asset and private holdings — a Q3 2025 profit of $505M, a Q2 2026 loss of $85M, and now $323M in Q3 2026. The underlying operating segments (Data Centers, Digital Assets) produced $150M of combined adjusted gross profit this quarter. The gap between operating earnings and headline net income is the number to carry forward.
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