📈 Price History

Ratio Health

— Excellent

— Good

— Average

— Poor

By Category

📊 Sector Averages

About

eToro Group Ltd. engages in the trading business. Its multi-asset platform supports trading and investing in equities, crypto assets, commodities, currencies, and options, which can be traded either as assets or as derivatives related to various underlying asset types.

Key Ratios Snapshot

📈 Growth Pattern

⚡ Latest Quarter —

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📊 Quick Scorecard

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⭐ Superinvestors Holding ETOR

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Manager	Shares	Value	% of Fund	Period
Cathie Wood ARK Investment Management	352.3K	$10.6M	0.08%	Mar 2026
Jim Simons Renaissance Technologies LLC	293.0K	$8.8M	0.01%	Mar 2026
Tiger Global Management Tiger Global Management LLC	80.0K	$2.4M	0.01%	Mar 2026

SEC Form 13F data. 45-day lag from quarter end.

🔍 Concall Decoded

🎙 Management Tone Tracker Confident Specific → Stable 4 quarters analysed

Q2 2025

Confident Specific

Management used phrases like 'very pleased', 'strong second quarter results', and 'extremely well positioned' throughout. Specific metrics (e.g., 26% net contribution growth, 31% EBITDA growth) were repeatedly cited, and forward-looking statements about AI and tokenization were delivered with conviction.

Q3 2025

Confident Specific

Management repeatedly uses emphatic language such as 'proud to share another strong quarter', 'remarkable pace of innovation', and 'record assets under administration'. They cite specific growth figures (net contribution +28%, adjusted EBITDA +43%) and highlight multiple product launches and strategic milestones, indicating a tone of assuredness backed by data.

Q4 2025

Confident Specific

Management expressed confidence with phrases like 'strong fourth quarter', 'confident in our ability', and 'excited to start the year' while also acknowledging specific headwinds from crypto markets and providing concrete numbers and strategic plans.

Q1 2026 latest

Confident Specific

The tone is confident and specific, with management repeatedly citing record numbers (net contribution up 19% YoY to $258M, adjusted EBITDA up 35% to $109M) and strong KPIs. They use definitive language like 'durability of our model', 'confirmation of our strategy', and 'very strong start to 2026'. Forward-looking statements are framed positively with explicit metrics and timelines.

Guidance Reliability Pending · <3Q data

Investor Lens

The investment thesis appears stronger after this call. eToro delivered record financial results with strong growth across KPIs, particularly in funded accounts and AUA. The multi-asset model proved resilient as users shifted from crypto to commodities, and the AI-driven product innovation (Agent Portfolios, App Store) could accelerate user engagement and trading velocity. However, the sustainability of commodities-driven revenue and the timing of a crypto recovery remain key variables. Management's gradual increase in marketing spend and disciplined cost control support margin expansion. Next quarter: watch whether funded account growth momentum continues, how much marketing spend ramps, initial adoption metrics for Agent Portfolios, and any updates on U.S. regulatory approvals for CopyTrader and futures.

AI-generated concall tone analysis · Updated 2026-06-08 · Not investment advice

🎙 Management Tone Confident Specific → Stable 4 quarters Full tone analysis in Intelligence →

📊 MIXED eToro Q1 2026: Net contribution $258M, funded accounts 4M, AUA $17B

Revenue & Profitability

Total net contribution was $258 million, up 19% year-over-year. Adjusted EBITDA reached $109 million, a 35% increase, with an adjusted EBITDA margin of 42% (up from 37%). Adjusted diluted EPS was $0.91 versus $0.77 a year ago. Cash from operations was $104 million, and the company ended the quarter with $1.3 billion in cash equivalents and short-term investments.

Outlook

Management is positive on continued momentum into April and sees crypto markets rising by year-end. They highlighted a structural shift of on-chain capital markets (e.g., DTCC moving to blockchain) and regulatory clarity like the CLARITY Act as catalysts for crypto adoption. Commodity volatility remains supportive, and AI is expected to accelerate product delivery and user engagement. No specific headwinds were flagged beyond normal market cyclicality.

Growth Drivers

Key growth drivers include commodities trading (volumes nearly 4x YoY, 60% of trading commissions), copy trading (all-time high), AI-driven investing (Agent Portfolios generating over 500,000 trades since launch), and geographic expansion (US crypto in New York, planned US commodities rollout, Singapore). eToro Money cards more than doubled QoQ, and the acquisition of Zengo adds self-custodial wallet capabilities to attract crypto-native users.

Balance Sheet & CapEx

Not discussed in this earnings call in terms of specific CapEx numbers. However, the company plans to increase selling and marketing spend from 21% to 25% of net contribution. Acquisitions of Zengo and Bit2C were noted as part of M&A strategy. AI investments are company-wide, with AI agents now supporting every function.

Margins

Adjusted EBITDA margin improved to 42% in Q1 2026 from 37% a year ago, driven by higher net contribution. Adjusted operating expenses were $150 million, up 7% QoQ due to a $12 million increase in customer acquisition costs. Selling and marketing was 22% of net contribution, expected to gradually rise to 25% by year-end. R&D and G&A were $38 million and $54 million respectively.

Key Risks

Management noted risks from crypto market cyclicality (crypto net contribution declined due to lower trading activity and customers shifting to commodities). Net interest income is sensitive to lower interest rates and user deleveraging. Forward-looking statements mention risks related to goals, business outlook, and market opportunities. Regulatory approvals for US licenses and the pending RIA license are also in process.

Generated by AI · Q1 2026 results · Not investment advice

✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter

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📞 Earnings Call Transcripts (5)

Q2 2026 Q2 2026 2026-08-11

Q2 2026 saw 9% year-over-year growth in both net contribution and adjusted EBITDA, with strong user and asset growth. The planned TradeZero acquisition will expand U.S. presence and add advanced trading capabilities. Continued innovation in AI, investing tools, and neobanking supports long-term growth.

Q1 2026 Q1 2026 2026-05-12

Record Q1 results with net contribution up 19% YoY and adjusted EBITDA up 35% YoY, driven by strong growth in commodities trading and continued user acquisition. AI integration and product innovation accelerated, with significant expansion in crypto and DeFi through acquisitions.

Q4 2025 Q4 2025 2026-02-17

Q4 2025 saw strong growth in net contribution and Adjusted EBITDA, driven by diversified multi-asset performance and robust global expansion. AI innovation, product launches, and increased marketing investment are set to accelerate growth in 2026.

Q3 2025 Q3 2025 2025-11-10

Net contribution and adjusted EBITDA saw strong double-digit growth, with record assets under administration and robust expansion in crypto trading. Strategic innovation, global expansion, and a $150 million share buyback position the company for continued profitable growth.

Q2 2025 Q2 2025 2025-08-12

Q2 2025 saw strong year-over-year growth in revenue, EBITDA, and assets under administration, driven by product innovation, global expansion, and increased trading activity. The company is accelerating U.S. and APAC growth, expanding its crypto and tokenized asset offerings, and leveraging AI for user engagement.

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Investment Risk:
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