Title
Earning Preview: Galaxy Digital Holdings Ltd. Revenue Expected to Increase by 54.13%, Institutional Views Are Bullish
Abstract
Galaxy Digital Holdings Ltd. will announce quarterly results Pre-Market on February 03, 2026, and this preview outlines expected revenue, margins, EPS trajectory, and segment dynamics alongside prevailing institutional views and recent rating actions.
Market Forecast
Market expectations for Galaxy Digital Holdings Ltd. this quarter center on revenue estimated at 13.21 billion US dollars, representing a forecast year-over-year increase of 54.13%, with EPS projected at -0.52 and EBIT at -188.69 million US dollars, corresponding to EPS year-over-year of -188.14% and EBIT year-over-year of -333.91%. Forecasted gross profit margin and net profit margin were not provided; however, the projected mix implies revenue normalization versus an unusually strong prior quarter.
The main business highlights point to Digital Assets remaining the core revenue driver, with the outlook shaped by trading activity levels, balance-sheet strategies, and market conditions affecting realized performance. The most promising segment in the near term appears to be Treasury and Corporate, which generated 410.33 million US dollars last quarter; with available YoY data indicating total revenue growth of 203.29%, this smaller segment may benefit from yield and balance-sheet management even as consolidated revenue resets lower quarter-on-quarter.
Last Quarter Review
In the previous quarter, Galaxy Digital Holdings Ltd. reported revenue of 29.22 billion US dollars, a gross profit margin of 100.00%, GAAP net profit attributable to the parent company of 505.00 million US dollars, a net profit margin of 1.73%, and adjusted EPS of 1.12, with year-over-year adjusted EPS growth of 8.00%.
A notable financial highlight was the quarter-on-quarter surge in net profit attributable to the parent company, which rose by 540.53%, underscoring the magnitude of the prior-quarter operating environment. Main business highlights show Digital Assets contributed 28.81 billion US dollars, accounting for 98.59% of total revenue, while consolidated revenue rose 203.29% year-over-year, signaling an unusually strong comparative base.
Current Quarter Outlook
Primary Revenue Engine: Digital Assets
Digital Assets is expected to remain the primary revenue engine for Galaxy Digital Holdings Ltd. this quarter, even as the forecast indicates a substantial normalization in consolidated revenue. The company’s last quarter generated 28.81 billion US dollars from Digital Assets, representing 98.59% of revenue, a mix that sets a high comparative base against which current-quarter performance will be judged. Given the projected consolidated revenue of 13.21 billion US dollars, the likely driver of the normalization will be lower realized trading volumes or less pronounced mark-to-market gains than those embedded in the prior quarter’s results. The forecasted EPS at -0.52 and EBIT at -188.69 million US dollars also suggest operating headwinds, such as tighter trading spreads, higher funding or operating costs, and potentially more conservative risk deployment than in the previous period. The margin profile is a key watchpoint: last quarter’s gross profit margin of 100.00% and net profit margin of 1.73% produce a curious juxtaposition that implies significant non-operating items or cost allocations; in the current quarter, without a margin forecast, investors will focus on the interplay of trading outcomes and expense discipline to calibrate the EPS and EBIT trajectory. Overall, performance in Digital Assets will likely hinge on realized P&L from client-related flows and proprietary strategies, measured risk appetite, and the translation of market conditions into reported revenue and earnings.
Most Promising Segment: Treasury and Corporate
Treasury and Corporate contributed 410.33 million US dollars last quarter, or 1.40% of revenue, yet it remains a segment that can provide incremental stability and upside through active balance-sheet and liquidity management. In an environment where consolidated revenue is forecast to reset in the current quarter, Treasury and Corporate can cushion earnings volatility by optimizing cash, stablecoin, and custodial assets, as well as carefully managing financing structures and yield generation. The segment’s performance may also reflect decisions on duration positioning, counterparties, and collateral usage, especially relevant given the forecasted EPS swing to a loss and negative EBIT; these outcomes raise the importance of non-trading income levers. While last quarter’s overall revenue rose 203.29% year-over-year, this segment’s specific year-over-year data was not disclosed; however, the operational flexibility inherent in treasury activities can exert outsized influence on quarterly EPS outcomes when trading-driven results compress. Effective capital allocation across treasury instruments, prudent leverage use, and higher-quality income streams could help narrow the EPS loss versus forecasts if execution exceeds modeled run-rate assumptions.
Stock Price Drivers This Quarter
The most immediate stock price drivers are the EPS and EBIT forecasts, which point to -0.52 and -188.69 million US dollars, respectively, indicating investors may react to signs of normalized trading revenue and elevated operating costs versus the prior quarter. The magnitude of the quarter-on-quarter reset from 29.22 billion US dollars in revenue last quarter to a 13.21 billion US dollars estimate this quarter sets expectations for a wide range of potential outcomes, making reported margins and any commentary on cost discipline focal points. Recent corporate actions, including the sale of exchangeable bonds discussed in market coverage, can influence sentiment by introducing considerations around financing costs, potential dilution, and capital flexibility; in this context, clarity on funding strategy and its impact on quarter-to-quarter earnings variability will be closely watched. Market conditions in digital assets, including spot ETF flow dynamics and liquidity, offer context for trading outcomes, but the effect on reported numbers depends on realized P&L rather than directional market moves alone. For the print, the interplay between top-line normalization, expense management, and treasury execution will likely define whether reported EPS lands inside, above, or below modeled expectations—and thus, how the stock responds Pre-Market on February 03, 2026.
Analyst Opinions
The ratio of bullish versus bearish opinions collected over the past six months is tilted toward bullish, with Buy ratings outnumbering cautious views. Piper Sandler’s Patrick Moley maintained Buy ratings on Galaxy Digital Holdings Ltd., including a recent update with a price target of 42.00 US dollars, and earlier reiterations with targets such as 36.00 US dollars. The thrust of these Buy views aligns with the expectation that the current-quarter normalization in revenue and the projected EPS loss are transitory, framed against a prior-quarter revenue base that was unusually strong and a forward path that emphasizes a diversified earnings profile across Digital Assets and Treasury and Corporate. These analysts underscore that, despite the forecasted EPS of -0.52 and negative EBIT of -188.69 million US dollars, the year-over-year revenue estimate of 13.21 billion US dollars and 54.13% growth reflect constructive underlying demand and activity that should reassert into earnings once near-term operating dynamics stabilize. In this framing, investors are encouraged to weigh the quarter’s normalization against the full-year cadence, watching for signals on expense containment, balance-sheet optimization, and pacing of revenue across client, proprietary, and treasury-sensitive lines. The bullish camp also notes that the previous quarter’s 540.53% quarter-on-quarter net profit surge and 203.29% year-over-year revenue growth demonstrate capacity for outsized operating leverage during favorable conditions; while such extremes are not modeled for the current quarter, they inform the wider scenario set under which the company can deliver above-forecast results when trading and balance-sheet environments align. Collectively, these Buy views argue the setup for the quarter is a calibration point rather than a structural shift, with the path of EPS and EBIT recovery hinging on consistent execution and the pacing of revenue normalization back toward rates implied by year-over-year growth projections.
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