eToro Revenue Jumps 26% But Profits Stay Flat in Public Debut

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trading platform eToro (NASDAQ: ETOR) delivered mixed results in its first earnings report as
a public company, with net contribution climbing 26% in Q2 2025 while net
income stayed essentially flat compared to the same period last year.

The company
posted net contribution of $210 million for the second quarter, up from $167
million a year earlier, driven primarily by increased trading activity across
its platform. However, net income under generally accepted accounting
principles (GAAP) held steady at $30.2 million, compared to $30.6 million in the
second quarter of 2024.

The
earnings included $15 million in costs related to eToro’s initial public
offering and other one-time expenses. When excluding these items, adjusted net
income rose to $54.2 million from $44.2 million in the prior year period.

Metric	Q2 2025	Q2 2024	Change
Net Contribution	$210M	$167M	+26%
Net Income (GAAP)	$30.2M	$30.6M	-1%
Adjusted EBITDA	$72M	$55M	+31%
Funded Accounts	3.63M	3.17M	+14%

However, compared with Q1 2025, net contribution fell by about 3%, while net income dropped by nearly 50%, shrinking from $60 million in the first three months of 2025. Adjusted EBITDA, meanwhile, declined by 10% from $80 million.

Table of Contents

User Base and Assets Show Growth

Funded accounts grew 14% to
3.63 million users, up from 3.17 million last year. The increase came from both
new customer acquisition efforts and the company’s 2024 purchase of Australian
investing app Spaceship.

More
notably, assets under administration surged 54% to $17.5 billion, nearly
doubling from $11.3 billion in the second quarter of 2024. This metric tracks
the total value of assets held by users on the platform, including
cryptocurrencies, stocks, and cash balances.

The company
ended June with $1.2 billion in cash and short-term investments.

Yoni Assia, the CEO of eToro

CEO Highlights Product
Expansion

Chief
Executive Yoni Assia emphasized the company’s product development during the
quarter. “In the second quarter, we offered 24/5 trading for U.S.
equities, introduced new long-term portfolios in partnership with Franklin
Templeton, and launched savings products in France, all while strengthening our
footprint in Asia through our new Singapore hub,” Assia said.

The company
rolled out several new features, including 24/5 trading for 100 U.S. stocks,
allowing users to trade outside normal market hours. eToro also expanded its
U.S. cryptocurrency offerings to over 100 digital assets and introduced
AI-powered investment strategies called Alpha Portfolios.

Cryptocurrencies account for the overwhelming majority of the company’s revenue, while trading in other instruments currently represents only a small share.

Revenue Source	Q2 2025	Q2 2024	Change
Crypto Revenue	$1,915M	$1,640M	+17%
Equities/Commodities	$114M	$83M	+37%
Net Interest Income	$44M	$50M	-12%
Currency Conversion	$23M	$18M	+27%
Total Revenue	$2,094M	$1,849M	+13%

Geographic and Product
Diversification

eToro
continued expanding beyond its core trading business. The company launched
French savings products including retirement and life insurance options. In
Europe, it rolled out the eToro Money debit card offering 4% stock rewards on
purchases.

The
platform also activated its license from Singapore’s financial regulator,
establishing the city-state as its Asian headquarters. CFO Meron Shani noted
the company’s “focus on profitable revenue growth” in its first
quarter as a publicly traded entity.

Looking
ahead, Assia highlighted plans for tokenization technology and AI tools that he
believes “will transform how retail investors interact with the markets
and create new opportunities for growth”.

Metric	Q2 2025	Q2 2024	Change
Net Contribution	$210M	$167M	+26%
Net Income (GAAP)	$30.2M	$30.6M	-1%
Adjusted EBITDA	$72M	$55M	+31%
Funded Accounts	3.63M	3.17M	+14%

User Base and Assets Show Growth

The company
ended June with $1.2 billion in cash and short-term investments.

Yoni Assia, the CEO of eToro

CEO Highlights Product
Expansion

Cryptocurrencies account for the overwhelming majority of the company’s revenue, while trading in other instruments currently represents only a small share.

Revenue Source	Q2 2025	Q2 2024	Change
Crypto Revenue	$1,915M	$1,640M	+17%
Equities/Commodities	$114M	$83M	+37%
Net Interest Income	$44M	$50M	-12%
Currency Conversion	$23M	$18M	+27%
Total Revenue	$2,094M	$1,849M	+13%