Karla Barker 
eToro clients placed 2.0 million crypto trades in October, down 62% from a year earlier. Funded accounts rose 18% over the same period to 4.42 million. The gap is the main point: more people hold eToro accounts, but they are trading less and putting smaller amounts per trade.
Q3 Results Show Pressure
The October data came with third-quarter results that showed net income down 74% year over year to $15 million. Net contribution, eToro’s main revenue measure, fell 13% to $186 million. That was the second straight quarterly decline, after $258 million in the first quarter and $229 million in the second.
Crypto contributed about $28.3 million after costs, down from $59.0 million a year earlier. That is a 52% drop. Capital markets trades fell 22% to 48.2 million, and the average amount invested per trade fell 49% to $184. Net trading income from equities, commodities and currencies rose 21% year over year to $88.5 million, but it was 38% below the second quarter. Net interest income from users fell 15% to $50.0 million. Adjusted EBITDA dropped 56% to $34.2 million, leaving an 18% margin of net contribution, half the 36% seen a year earlier.
October also showed weaker balances. Interest-earning assets fell 20% to $7.0 billion. Assets under administration slipped 6% to $19.2 billion, and money transfers fell 21% to $1.1 billion.
Costs Rise as Accounts Grow
Selling and marketing expenses rose 42% to $68.1 million in the third quarter. That equals 37% of net contribution, up from 22% a year earlier. eToro said account growth came primarily from user acquisition and retention efforts. The wider market was busier, with retail trading volumes up an estimated 8% quarter over quarter in the third quarter, according to FM Intelligence data.
Chief Executive Yoni Assia said the rebuilt eToro app, designed around AI, is helping the company ship products faster. eToro also expanded Edge, its desktop terminal for active traders, and said users of API and agentic trading rose 250% from the second quarter.
Shares Fall, Board Authorizes Buyback
eToro shares fell as much as 4.8% to $22.21 shortly after the New York open, close to the $22.05 intraday low set on October 30. Within minutes they briefly traded above Monday’s close of $23.32, then slipped again. The stock was under pressure before the results. It fell 34.9% in the third quarter, while the median change among 13 listed brokers and platforms was a gain of 5.9%, according to FM Intelligence.
At about $22.40 in early trading, the shares were 36% below their end-2025 close and 57% below the $52 initial public offering price. The board authorized a repurchase program of up to $250 million, about 14% of eToro’s market value by FinanceMagnates.com’s calculation from the third-quarter weighted share count. It follows $189.1 million eToro spent on its own shares in the first half. eToro has also agreed to buy LB Finanzas, an Argentine investment and payments platform, after signing for US broker TradeZero in August. Cash, cash equivalents and short-term investments stood at $1.2 billion at the end of September.