eToro (ETOR) Stock Surges 20% – Here’s What Drove the Q4 Beat

TLDR

• eToro (ETOR) shares jumped over 20% Tuesday after Q4 earnings beat analyst expectations
• Q4 net income rose 16% year-over-year to $68.7 million; EPS of $0.71 beat the $0.60 estimate
• Full-year 2025 Net Contribution rose 10% to $868 million, up from $788 million in 2024
• Crypto rivals Coinbase and Robinhood both missed Q4 estimates, making eToro’s beat stand out
• January 2026 crypto trades fell 50% year-over-year, but total trades across all assets rose 55%

eToro shares surged more than 20% on Tuesday, closing at $33.07, after the trading platform posted stronger-than-expected fourth-quarter results driven by a record net profit and growth in equities and commodities trading.

Q4 net income came in at $68.7 million, up 16% from a year ago. Earnings per share hit $0.71, topping the analyst consensus of $0.60.

The results were a clear win for eToro at a time when its biggest crypto rivals stumbled. Both Coinbase and Robinhood missed Q4 estimates as a late-year crypto slowdown hit their revenues hard.

eToro Group Ltd., ETOR

For the full year 2025, eToro’s Net Contribution — the company’s preferred non-GAAP metric — rose 10% to $868 million, up from $788 million in 2024.

eToro’s Q4 revenue from crypto assets was $3.59 billion on a gross basis, down from $5.8 billion in the same quarter a year earlier. The company offset that drop with gains in equities and commodities.

Crypto Users Shifting to Commodities

CEO Yoni Assia noted an interesting trend on the earnings call: some of eToro’s crypto-focused customers had started trading commodities for the first time.

That shift appears to be helping the platform hold up as crypto activity softens heading into 2026.

The platform now offers over 100 crypto assets to U.S. users, giving it broad exposure across the digital asset space.

Early 2026 Shows Softer Crypto Activity

Despite the strong Q4 print, the data coming out of January 2026 tells a more cautious story on the crypto side.

eToro reported 4 million crypto trades in January, down 50% compared to January 2025. The average amount invested per crypto trade also dropped 34% to $182.

On the other hand, total trades across all asset classes in January rose 55% year-over-year to 74 million. The average investment per trade across the platform was up 8% to $252.

The stock slipped slightly in after-hours trading from its closing price of $33.07, pulling back to around $33.

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