Shares of eToro rallied more than 20% on Tuesday after the trading platform posted stronger-than-expected fourth-quarter earnings, even as crypto trading volumes declined.
The company reported Q4 net income of $68.7 million, up 16% year over year, translating to earnings per share of $0.71 that topped analyst estimates of $0.60 per share. Following the results, eToro (ETOR) closed the session 20.4% higher at $33.07, before slipping slightly in after-hours trading.
eToro’s Q4 2025 results exceeded general market consensus, and our FY 2025 performance laid the foundation for our next phase of growth.
In 2025, we delivered:
✅ $868M Net Contribution
✅ $317M Adjusted EBITDA
✅ Strong January momentumWatch our CFO, Meron Shani, break down… pic.twitter.com/Y6wKfYg7gU
— eToro (@eToro) February 18, 2026
Total revenue and income for the quarter reached $3.87 billion, though that marked a 34% drop from the same period last year. Of that figure, $3.59 billion came from cryptoassets, according to the firm’s IFRS statement. However, crypto-related revenue was largely offset by $3.64 billion in associated costs.
eToro’s preferred performance metric, Net Contribution, a non-GAAP key performance indicator, stood at $227 million for the quarter.
Crypto still dominates revenue mix
The earnings surprise was in contrast to other competing exchanges such as Coinbase and Robinhood, which both missed fourth-quarter earnings estimates due to a general downturn in the crypto market late last year.
For the full year 2025, eToro reported total revenue and income of $13.84 billion, with net income of $215.7 million. Cryptoassets contributed $12.98 billion to annual revenue, indicating the firm’s heavy dependence on cryptoassets. Net Contribution increased by 10% from last year to $868 million.
The firm also introduced tokenized U.S. stocks on the Ethereum network to facilitate 24/7 trading and DeFi services.
Diversification into commodities due to volatility cycles
In January, the number of crypto trades on the platform decreased by 50% from a year ago, with 4 million crypto trades recorded. The average investment per crypto trade also decreased by 34% to $182.
CEO Yoni Assia explained to investors that some of the firm’s crypto-centric clients are increasingly diversifying into commodities such as gold and silver, which have seen an increase in volatility.
Platform activity remained robust. Total trades in January increased by 55% from a year ago to 74 million, with the average investment per trade increasing by 8% to $252.
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