Galaxy Digital Holdings Ltd (GLXY) Cash Flow Statement
Where GLXY’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- −$256.5M
- Capital expenditures
- $1.19B 1.9% of revenue
- Free cash flow
- −$1.45B −2.4% margin
- Returned to shareholders
- $100.7M
- Change in cash
- $707.0M cash at year-end $1.45B
Drawn to scale: where the cash came from and how it was used. Hover for values.
GLXY operating cash flow, capex and free cash flow
GLXY cash flow trends, 2007–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | −$8.7M2007 | −$256.5M2025 | — | |
| Capital expenditures | $267,1172007 | $1.19B2025 | +154.4%/yr | |
| Free cash flow | −$8.9M2007 | −$1.45B2025 | — | |
| Free cash flow margin | −0.0%2023 | −2.4%2025 | −2.3 pts | |
| Operating cash flow / net income | −0.052021 | −0.242024 | −0.19 | |
| Stock-based compensation | $443,9052008 | $53.6M2025 | +82.1%/yr | |
| Dividends paid | $22.4M2023 | $49.3M2025 | +48.3%/yr | |
| Share buybacks (net) | $8002007 | $51.4M2025 | +242.1%/yr | |
| Capex / revenue | 0.1%2023 | 1.9%2025 | +1.9 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
GLXY cash flow by activity
GLXY net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
GLXY cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2018 | 2010 | 2009 | 2008 | 2007 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | −$241.3M | $78.9M | $454.8M | −$522.7M | $402.1M | −$36.7M | −$523,776 | −$5.5M | −$11.5M | −$9.4M |
| Depreciation & amortization | $34.1M | $46.9M | $22.9M | — | — | — | — | $47,397 | $61,571 | $51,769 |
| Stock-based compensation | $53.6M | $74.9M | $81.7M | — | — | — | $4,462 | $339,352 | $443,905 | — |
| Change in working capital | $736.2M | −$40.0M | −$19.6M | −$28.1M | $23.7M | −$101,086 | −$15,805 | −$1.5M | −$112,841 | $371,091 |
| Other non-cash items | −$839.0M | −$179.1M | −$556.2M | $474.0M | −$445.3M | $36.5M | $69,010 | $672,865 | $0 | $348,412 |
| Cash from operating activities | −$256.5M | −$18.5M | −$16.5M | −$76.8M | −$19.5M | −$318,945 | −$466,109 | −$5.9M | −$11.1M | −$8.7M |
| Investing activities | ||||||||||
| Capital expenditures | −$1.19B | −$59.0M | −$45.6M | $0 | $0 | $0 | $0 | −$9,208 | −$87,460 | −$267,117 |
| Investments (net) | −$5.1M | −$85.3M | $6.9M | $107.4M | $12.2M | — | — | — | — | — |
| Acquisitions & other investing | −$93.0M | $59.0M | $45.6M | $0 | $0 | −$229.2M | — | $0 | $0 | $0 |
| Cash from investing activities | −$1.29B | −$85.3M | $6.9M | $107.4M | $12.2M | −$229.2M | — | −$9,208 | −$87,460 | −$267,117 |
| Financing activities | ||||||||||
| Dividends paid | −$49.3M | −$55.3M | −$22.4M | — | — | — | — | — | — | — |
| Share repurchases & issuance (net) | −$51.4M | −$20.5M | −$10.7M | −$53.3M | $0 | −$54,079 | — | −$1.5M | — | −$800 |
| Net borrowing (repayment) | $1.66B | $806.5M | $91.5M | — | — | — | — | — | — | — |
| Shares issued | $0 | $125.4M | $11.1M | $5.9M | $34.1M | $0 | $0 | $0 | $0 | $0 |
| Other financing | $834.1M | −$751.3M | −$69.1M | $0 | $0 | $229.3M | $1.1M | $0 | — | $19.6M |
| Cash from financing activities | $2.39B | $104.8M | $439,000 | −$47.4M | $34.1M | $229.2M | $1.1M | −$1.5M | — | $19.6M |
| Summary | ||||||||||
| Net change in cash | $707.0M | $979,000 | −$9.2M | −$16.8M | $26.8M | −$318,710 | $664,512 | −$7.4M | −$11.2M | $10.7M |
| Cash at end of period | $1.45B | $1.8M | $833,000 | $10.0M | $26.8M | $169 | $1.5M | $860,460 | $8.2M | $19.5M |
| Free cash flow | −$1.45B | −$18.5M | −$16.5M | −$76.8M | −$19.5M | −$318,945 | −$466,109 | −$5.9M | −$11.2M | −$8.9M |
| Free cash flow margin | −2.4% | −0.0% | −0.0% | — | — | — | — | — | — | — |
| Capex / revenue | 1.9% | 0.1% | 0.1% | — | — | — | — | — | — | — |
| Operating cash flow / net income | — | −0.24 | −0.04 | — | −0.05 | — | — | — | — | — |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $92.2M | −$92.2M | −$481.7M | $208.5M | $14.5M | −$295.4M | $34.7M | −$33.3M | −$49.4M | $388.1M | $371.5M | −$68.8M |
| Depreciation & amortization | $9.2M | $5.8M | $6.6M | $7.4M | $6.5M | $12.6M | — | $13.0M | $13.5M | $9.5M | — | $8.1M |
| Stock-based compensation | $16.2M | $18.4M | $15.1M | $22.1M | $13.9M | $13.7M | — | $17.9M | $11.8M | $18.1M | — | $18.9M |
| Change in working capital | −$221.0M | $221.0M | −$573.8M | $590.5M | $367.2M | $285.5M | −$20.6M | −$39.7M | −$5.2M | $185.5M | −$158,000 | −$3.7M |
| Other non-cash items | $567.4M | −$186.0M | −$39.8M | −$395.3M | −$251.7M | $143.0M | −$14.1M | −$6.4M | $262.4M | −$537.9M | −$370.5M | $43.4M |
| Cash from operating activities | $463.8M | −$32.9M | −$1.07B | $433.2M | $150.3M | $159.4M | $77,000 | −$48.5M | $233.1M | $63.3M | $833,000 | −$2.1M |
| Investing activities | ||||||||||||
| Capital expenditures | −$395.4M | −$337.9M | −$558.0M | −$240.5M | −$312.1M | −$91.6M | $0 | −$3.4M | −$29.7M | −$25.2M | $0 | −$12.9M |
| Investments (net) | −$65.2M | $24.1M | −$82.6M | −$367.9M | −$32.7M | $136.3M | $6.6M | $440,000 | −$105.7M | $13.3M | −$621,000 | — |
| Acquisitions & other investing | −$317.3M | −$115.8M | $60.5M | $235.9M | −$68.2M | $19.4M | $0 | $819,000 | $103.4M | −$354.9M | $0 | $17.1M |
| Cash from investing activities | −$777.9M | −$429.5M | −$580.1M | −$372.4M | −$412.9M | $64.1M | $6.6M | −$2.1M | −$32.0M | −$366.7M | −$621,000 | $4.2M |
| Financing activities | ||||||||||||
| Dividends paid | −$2,986 | $0 | $0 | −$9.4M | −$9.4M | −$9.4M | — | −$9.6M | −$9.0M | −$36.7M | — | −$2.1M |
| Share repurchases & issuance (net) | −$10.9M | −$80.0M | −$4.1M | −$18.4M | $3.3M | −$3.3M | −$5.9M | −$775,000 | −$13.0M | −$774,000 | −$8.3M | −$2.3M |
| Net borrowing (repayment) | $375.2M | $198.2M | $1.44B | $384.9M | $3.0M | −$165.5M | — | $37.4M | −$65.3M | — | — | — |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $3.9M | $122.0M | $153,000 | $8.9M | $0 |
| Other financing | $30.7M | $60.8M | $331.0M | $34.5M | $451.9M | $2.0M | −$711,000 | $31.5M | $143.7M | $271.3M | $0 | $2.3M |
| Cash from financing activities | $395.0M | $179.0M | $1.76B | $391.5M | $448.7M | −$176.2M | −$6.6M | $62.5M | $178.4M | $234.0M | $621,000 | −$2.1M |
| Summary | ||||||||||||
| Net change in cash | $148.7M | −$361.8M | $108.8M | $442.3M | $900.5M | $47.3M | $77,000 | $11.8M | $312.6M | $874,000 | $833,000 | $1.3M |
| Cash at end of period | $1.06B | $1.08B | $1.25B | $1.85B | $1.41B | $509.4M | $1.8M | $13.5M | $314.3M | $1.7M | $833,000 | $1.3M |
| Free cash flow | $68.5M | −$370.8M | −$1.63B | $192.7M | −$161.7M | $67.8M | $77,000 | −$51.9M | $203.4M | $38.2M | $833,000 | −$15.0M |
| Free cash flow margin | 0.8% | −3.6% | −16.0% | 0.7% | −1.8% | 0.5% | 0.0% | −0.6% | 2.3% | 0.4% | — | — |
| Capex / revenue | 4.5% | 3.3% | 5.5% | 0.8% | 3.4% | 0.7% | 0.0% | 0.0% | 0.3% | 0.3% | — | — |
| Operating cash flow / net income | 5.03 | — | — | 2.08 | 10.37 | — | 0.00 | — | — | 0.16 | 0.00 | — |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
GLXY cash generation
In fiscal 2025 (ended December 31, 2025), Galaxy Digital generated -$256.5 million of cash from operations and spent $1.2 billion on capital expenditures, leaving free cash flow of -$1.4 billion, −2.4% of revenue. It returned $100.7 million to shareholders through dividends ($49.3 million) and net share buybacks ($51.4 million). Cash and equivalents rose by $707.0 million over the year.
Related: GLXY income statement, GLXY balance sheet. See the GLXY stock overview for the latest quote and news.
GLXY cash flow FAQ
What is Galaxy Digital's free cash flow?
Galaxy Digital's free cash flow was -$1.4 billion in fiscal 2025: -$256.5 million of operating cash flow minus $1.2 billion of capital expenditures It was -$18.5 million a year earlier..
How much cash does Galaxy Digital generate from operations?
Galaxy Digital generated -$256.5 million of cash from operating activities in fiscal 2025.
How much does Galaxy Digital spend on capital expenditures?
Galaxy Digital spent $1.2 billion on capital expenditures in fiscal 2025, 1.9% of revenue, compared with $59.0 million the year before.
How much stock does Galaxy Digital buy back?
Galaxy Digital spent $51.4 million on net share repurchases in fiscal 2025.
How much does Galaxy Digital pay in dividends?
Galaxy Digital paid $49.3 million in dividends in fiscal 2025.