eToro Group (ETOR) Q4 2025 earnings summary

Executive summary

• Achieved record net contribution of $868M for 2025, up 10% year-over-year, with Q4 net contribution up 6% sequentially to $227M.

• Net income for 2025 rose 12% year-over-year to $216M; Q4 net income increased 16% to $69M.

• Adjusted EBITDA for 2025 increased 4% year-over-year to $317M; Q4 Adjusted EBITDA was $87M, down 19% year-over-year.

• 2025 marked a pivotal year: became publicly traded on NASDAQ, accelerated AI adoption, expanded product localization, and grew presence in key markets, especially the U.S.

• Continued innovation in AI, product expansion, and global reach, with a focus on democratizing investing and building a financial super app.

Financial highlights

• Funded accounts grew 9% year-over-year to 3.81M; assets under administration (AUA) rose 11% to $18.5B.

• Net trading contribution from capital markets up 43% year-over-year to $116M; crypto trading contribution down 72% to $26M.

• Net interest income up 18% year-over-year to $59M, driven by higher customer deposits and margin book.

• Adjusted diluted EPS for 2025 was $2.67, up from $2.26 in 2024; Q4 adjusted diluted EPS was $0.71.

• Cash, cash equivalents, and short-term investments totaled $1.3B at year-end 2025.

Outlook and guidance

• Management expects accelerated growth in 2026, with increased marketing spend (scaling from 21% to 25% of net contribution) to drive double-digit account growth.

• G&A and R&D expenses expected to remain stable with minor growth; AI adoption anticipated to enable scaling without significant cost increases.

• Focus on scaling in Asia, the U.S., and the Middle East, with new licenses and product rollouts.

• Confident in capturing opportunities from global expansion, AI, and macro trends such as generational wealth transfer.

• January 2026 AUA was $18.4B (up 2% year-over-year); funded accounts reached 3.85M (up 9%).