eToro added funded accounts at a steady pace in the third quarter of 2026, but a sharp pullback in crypto trading cut deeply into its earnings, according to results the Nasdaq-listed platform reported on November 10, 2026.
Funded accounts rose 18% year-over-year to 4.39 million as of September 30. GAAP net income moved the other way, falling 74% to $15 million from $57 million in the same quarter a year earlier.
Account growth continued past the quarter
eToro Group Ltd. (NASDAQ: ETOR) said funded accounts kept climbing after the period closed. A provisional October figure put the total at 4.42 million, also up 18% from the prior year.
Revenue measure slips on crypto activity
Net contribution, a revenue measure that strips out certain costs, dropped 13% to $186 million. The company attributed much of that decline to weaker crypto trading activity.
October data made the crypto slowdown plain. Crypto trades on the platform fell 62% year-over-year to 2.0 million for the month. Capital markets trades, which cover assets such as stocks, also slipped, down 22% to 48.2 million.
Assets under administration held flat at $20.8 billion for the quarter. October showed a softer picture, with that figure sliding 6% year-over-year to $19.2 billion.
Mixed results inside the business mix
There were bright spots within the figures. Capital markets net contribution rose 21% year-over-year, while crypto net trading contribution jumped 141% from the previous quarter, though it remained below year-earlier levels.
Buyback, an acquisition and a new app
- eToro authorized a $250 million share repurchase program.
- The company is acquiring LB Finanzas, an Argentine fintech, in a deal aimed at strengthening its position in Latin America.
- On the product side, eToro launched a new AI-centric app during the quarter.
What the results show
The central tension is clear: eToro's user growth looks durable, with an 18% annual increase holding from September into October, while its earnings remain tightly tied to how actively those users trade, especially in crypto.
The 21% rise in capital markets net contribution is arguably the most strategically significant number in the report, suggesting eToro is not purely a crypto proxy. For shareholders, the $250 million buyback offers some support, and the LB Finanzas deal is worth watching as a test of diversification and geographic expansion.
Investors will likely focus on whether crypto trading volumes stabilize, whether assets under administration recover from October's $19.2 billion, and whether the capital markets business can keep growing fast enough to offset the crypto slowdown.
Company background
eToro went public on Nasdaq in May 2025. The platform built its reputation on social trading, letting users follow and copy other investors, alongside access to both equities and crypto.
