Trading platform eToro jumped more than 20% after reporting better-than-expected fourth-quarter earnings, with cryptoasset activity driving most of its reported “revenue and income” lines — a figure the company presents largely on a gross basis alongside an offsetting cost line.
The company reported on Tuesday that its Q4 net income increased 16% from a year ago to $68.7 million, with earnings per share of $0.71, compared with analyst expectations of $0.60.
Total revenue and income for the fourth quarter was $3.87 billion, down 34% year over year, including $3.59 billion in “revenue from cryptoassets,” according to the company’s IFRS statement. eToro also reported $3.64 billion in “cost of revenue from cryptoassets,” while its Net Contribution — a non-GAAP KPI the company highlights — was $227 million.
The earnings beat bucked eToro’s main crypto rivals, Coinbase and Robinhood, whose Q4 earnings both missed expectations as their revenues took a hit amid a crypto market crash late last year.
For full-year 2025, eToro reported total revenue and income of $13.84 billion and net income of $215.7 million. “Revenue from cryptoassets” was $12.98 billion, while Net Contribution — the company’s preferred KPI — rose 10% to $868 million.
Shares in eToro (ETOR) ended trading on Tuesday up 20.4% to $33.07 on the company’s earnings beat, making it one of the best-performing crypto stocks for the day. The stock fell slightly after-hours to $33.
EToro CEO Yoni Assia said it is “a pivotal moment for financial services” as artificial intelligence and the increasing use of blockchain infrastructure are “reshaping how people invest and interact with markets.”
“EToro is uniquely positioned to capture this opportunity,” he said. “We are positioning eToro for a financial system that is increasingly moving on-chain. With our long-standing leadership in crypto and tokenization, we are well placed to help shape this transition.”
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Assia told investors on an earnings call that eToro was seeing some of its crypto-focused customers “suddenly trading commodities” for the first time.
“There's somewhat of a convergence or a shift from crypto, which now has lower volatility, to now basically gold, silver, and other commodities that have higher volatility,” he said.
Meanwhile, the company said its crypto trading volume in January was down 50% from last year, with 4 million crypto trades over the month, and that the average investment per trade also dropped 34% to $182.
However, the total number of trades last month was up 55% year over year to 74 million, while the average investment per trade rose 8% to $252.
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