eToro's Q3 profit plunges 74% as weaker crypto trading weighs on earnings

Crypto and stock trading platform eToro (ETOR) reported a 74% year-over-year decline in third-quarter net income to $15 million, as weaker crypto trading weighed on its earnings. 

The Nasdaq-listed company's net contribution fell 13% to $186 million from $215 million a year earlier, primarily due to reduced crypto trading activity, the firm said in its latest earnings release on Tuesday.

Adjusted EBITDA fell 56% to $34 million from $78 million in the same quarter last year. Revenue from crypto assets dropped to $1.35 billion from $3.97 billion a year earlier, and the associated cost of crypto asset revenue was $1.29 billion, compared with $3.89 billion for the same period in 2025.

In August, The Block reported that eToro had posted $53 million in second-quarter net income on $229 million in net contribution. Both figures were down from its record first quarter, although net contribution grew year over year on stronger equities trading. However, its first-quarter results had already shown a 50% year-over-year drop in crypto trades.

Crypto trading slows further in October

Beyond the third quarter, eToro's October figures showed crypto trades falling 62% year over year to 2 million. The average invested amount per crypto trade also declined 29% to $228 during the month, the firm said on Tuesday. Trading activity was also lower across equities, commodities, and currencies, with 48.2 million trades recorded during the month, down 22% from October 2025.

The platform ended September with 4.39 million funded accounts, an 18% increase from a year earlier, and assets under administration were unchanged at $20.8 billion. eToro's board also approved a $250 million share buyback program, with purchases subject to market conditions and the company's liquidity requirements.