Galaxy reports $323 million Q3 profit after $85 million loss, adds $200 million buyback

Galaxy Digital (Nasdaq: GLXY) reported third-quarter net income of $323 million on Tuesday, compared with a net loss of $85 million in the second quarter, according to its results release filed with the SEC. The board also authorized a new share repurchase of up to $200 million.

What happened

Galaxy reported diluted earnings per share of $0.66 and adjusted earnings per share of $0.83 for the quarter ended September 30. Adjusted gross profit was $569 million, up from $43 million in the second quarter, and adjusted EBITDA was $455 million, compared with a loss of $77 million. Adjusted measures are non-GAAP.

The swing came mainly from the Treasury & Corporate segment, whose adjusted gross profit was $419 million after a loss of $42 million in the second quarter. Mike Novogratz, Galaxy's founder and chief executive, said the quarter reflected "significant appreciation across our investments portfolio" and the growing contribution from the Data Centers business.

Data Centers adjusted gross profit rose to $79 million from $20 million, which Galaxy attributed to the first full quarter of revenue under the Helios I, Phase I lease with CoreWeave. Digital Assets adjusted gross profit was $71 million, up from $66 million.

Total equity was $3.0 billion. Cash, stablecoins and US Treasuries totaled $4.9 billion, up from $2.5 billion at the end of the second quarter. Galaxy completed a $3.5 billion offering of senior secured notes to fund construction of Helios I, Phase II.

Capital return

The board authorized the repurchase of up to $200 million of Class A shares on October 26. A previous $200 million program, announced in February 2026, was completed on October 15 after Galaxy bought about 9.8 million shares.

What to watch

Galaxy said it continues discussions with prospective tenants for 830 megawatts of approved capacity at Helios II that is not yet under lease.