EToro reported a 37% increase in net income to $82 million for the quarter ended April 30 — its best performance since going public. The jump came despite a sharp drop in crypto trading activity, which the company said was offset by a surge in commodities trading.
Commodities boom fills the gap
The rise in net income was driven by a commodities boom, according to EToro's earnings release. While the company didn't break out commodity-specific revenue, the shift helped cushion a 32% decline in crypto trade volumes in April. The timing matters: EToro has been leaning on crypto as a growth driver since listing, but this quarter shows its multi-asset model can absorb sector-specific shocks.
Crypto volumes slide 32%
EToro's crypto trade volumes dropped by roughly a third in April compared to the prior month. The company didn't specify whether the slowdown was tied to broader market conditions or a shift in user behavior, but the decline is notable given that crypto trading had been a key revenue source. The platform still offers dozens of tokens and crypto ETFs, but the numbers suggest the crypto bull run that boosted 2025 results has cooled.
Strongest quarter since going public
The $82 million net income marks the highest quarterly profit EToro has reported as a publicly traded company. The previous record was set in the fourth quarter of 2025, when net income hit $74 million. EToro went public via a SPAC merger in 2024, and the first few quarters were rocky — this quarter's results should ease some investor concern about its dependence on crypto volatility.
The company is scheduled to report full first-quarter results next month, including revenue breakdowns by asset class. EToro CEO Yoni Assia said in the earnings statement that the firm is expanding its commodities and equities offerings to reduce reliance on any single market. The question now is whether the commodities rally can sustain this pace if crypto volumes don't recover.
