Galaxy Digital Inc. Earnings Per Share Disclosure
| Years Ended | |||||||||||
December 31, 2025 | December 31, 2024 | December 31, 2023 | |||||||||
Basic income (loss) per share | $ | (0.53) | $ | 0.96 | $ | 0.72 | |||||
| Net income (loss) used in the calculation of basic income (loss) per share | $ | (84,863) | $ | 116,265 | $ | 75,858 | |||||
Weighted average number of Class A common stock shares for the purposes of basic income (loss) per share | 159,201,378 | 120,847,366 | 105,677,379 | ||||||||
| Years Ended | |||||||||||
December 31, 2025 | December 31, 2024 | December 31, 2023 | |||||||||
Diluted income (loss) per share | $ | (0.61) | $ | 0.84 | $ | 0.60 | |||||
Net income (loss) used in the calculation of diluted income (loss) per share | $ | (221,857) | $ | 299,585 | $ | 194,319 | |||||
Weighted average number of Class A common stock for the purposes of diluted income (loss) per share | 366,475,172 | 356,723,762 | 325,978,160 | ||||||||
| Years Ended | |||||||||||
December 31, 2025 | December 31, 2024 | December 31, 2023 | |||||||||
| Net income (loss) used in the calculation of basic income (loss) per share | $ | (84,863) | $ | 116,265 | $ | 75,858 | |||||
Noncontrolling interests | (136,994) | — | — | ||||||||
Exchangeable LP units | — | 178,835 | 118,461 | ||||||||
Exchangeable Notes | — | 4,485 | — | ||||||||
Net income (loss) used in the calculation of diluted income (loss) per share | $ | (221,857) | $ | 299,585 | $ | 194,319 | |||||
Weighted average number of Class A common stock shares for the purposes of basic income (loss) per share | 159,201,378 | 120,847,366 | 105,677,379 | ||||||||
Noncontrolling interests | 207,273,794 | — | — | ||||||||
Compensatory LP units | — | 11,791 | — | ||||||||
Exchangeable LP units | — | 215,883,528 | 215,921,721 | ||||||||
Exchangeable notes | — | 1,666,959 | — | ||||||||
Compensatory awards | — | 18,314,118 | 4,379,060 | ||||||||
Weighted average number of Class A common stock for the purposes of diluted income (loss) per share | 366,475,172 | 356,723,762 | 325,978,160 | ||||||||
| Years Ended | |||||||||||
December 31, 2025 | December 31, 2024 | December 31, 2023 | |||||||||
Compensatory LP units | — | — | — | ||||||||
Exchangeable LP units | — | — | — | ||||||||
Compensatory awards | 16,392,010 | — | — | ||||||||
Exchangeable notes | 34,208,431 | 13,346,833 | 13,346,833 | ||||||||
Total | 50,600,441 | 13,346,833 | 13,346,833 | ||||||||
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About Earnings Per Share Disclosures
The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.
Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.