Galaxy Digital Inc. cash flow statement

In fiscal 2025, Galaxy Digital Inc.'s operations generated −$317m of cash; it spent $1.19bn on capital projects, leaving free cash flow of −$1.51bn.

Cash flow statement

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Galaxy Digital Inc.: cash flow statement, annual
Fiscal year	2023Dec 2023	2024Dec 2024	2025Dec 2025	LTMJun 2026
Cash from operations	−4	−205	−317	−357
Depreciation and amortisation	23	47	34	29
Stock-based pay	82	75	54	63
Capital spending	46	59	1,193	1,533
Free cash flow	−50	−264	−1,509	−1,890
Free cash flow after stock pay	−131	−339	−1,563	−1,953
Shares issued	11	125	851	391

US$ millions unless shown otherwise. Fiscal quarters.

Galaxy Digital Inc.: cash flow statement, quarterly
Quarter	2024 Q3Sept 2024	2024 Q4Dec 2024	2025 Q1Mar 2025	2025 Q2Jun 2025	2025 Q3Sept 2025	2025 Q4Dec 2025	2026 Q1Mar 2026	2026 Q2Jun 2026
Cash from operations	−49	−378	159	170	428	−1,074	−83	372
Depreciation and amortisation	13	13	13	7	7	7	6	9
Stock-based pay	18	20	14	7	13	15	18	17
Capital spending	3	26	92	305	238	558	338	399
Free cash flow	−52	−404	68	−135	190	−1,632	−421	−27
Free cash flow after stock pay	−70	−424	54	−142	176	−1,647	−440	−43
Shares issued	0	3	2	475	45	329	4	13

Free cash flow is cash from operations minus capital spending. Free cash flow after stock pay also subtracts stock-based compensation, a real cost to shareholders that the cash flow statement adds back. Dividends, buybacks and shares issued are cash amounts for the period.

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Figures from Galaxy Digital Inc.'s SEC filings (10-K and 10-Q), retrieved October 20, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Galaxy Digital Inc.