eToro Group (ETOR) Q3 2025 earnings summary

Executive summary

• Net contribution rose 28% year-over-year to $215 million, with net income up 48% to $57 million and adjusted EBITDA up 43% to $78 million, reflecting strong growth, diversified revenue streams, and disciplined cost management.

• Assets under administration surged 76% year-over-year to $20.8 billion, driven by new deposits, strong investment returns, and the Spaceship acquisition.

• Funded accounts grew 16% year-over-year to 3.73 million, supported by user acquisition, double-digit organic growth, and the Spaceship acquisition.

• Announced a $150 million share repurchase program, including a $50 million accelerated buyback, signaling confidence in long-term strategy and value.

• Innovation in AI, crypto, tokenization, and global expansion, with new product launches across trading, investing, wealth management, and neo-banking, are fueling growth and engagement.

Financial highlights

• Adjusted EBITDA increased 43% year-over-year to $78 million, with adjusted diluted EPS at $0.60, up from $0.51, and adjusted net income up 35% to $60 million.

• Cash, cash equivalents, and short-term investments totaled $1.2 billion as of September 30, 2025.

• October 2025: assets under administration at $20.5 billion (up 73% YoY), funded accounts at 3.76 million (up 17% YoY), and total trades at 62 million (up 53% YoY).

• Crypto trades in October reached 5 million (up 84% YoY), with invested amount per trade up 52% to $320.

• Interest-earning assets for October were $8.7 billion (up 55% YoY); total money transfers reached $1.4 billion (up 116% YoY).

Outlook and guidance

• Management expects to maintain double-digit growth in funded accounts, with a long runway for expansion, especially among younger, digital-first investors.

• Continued focus on product innovation, global expansion, and leveraging macro tailwinds for long-term growth.

• Ongoing investment in AI and crypto initiatives, with plans to expand Copy Trading and launch a crypto wallet.

• Cost base expected to remain flat quarter on quarter into Q4.

• Forward-looking statements highlight risks from market volatility, regulatory changes, and geopolitical factors.