Transcripts
eToro Group Ltd.'s management answers for the business every quarter. These are the exchanges that explain it best — verbatim, from the call transcripts preserved in Sources. Each link opens the full transcript at that page in a new tab.
Q1 FY2026 Earnings Call — Q1 FY2026
The freshest read: a record quarter that confirms the multi-asset model as trading rotates out of crypto, and where the new AI-agent product line and capital-allocation posture get their fullest airing. · Open the full transcript →
Four straight strong quarters as a public company; the diversified model holds as trading rotates crypto to commodities.
Yoni Assia (Founder & CEO): This marks our fourth consecutive strong quarter since becoming a public listing. […] the quarter demonstrates the durability of our model and a confirmation of our strategy as trading continued to shift from crypto to commodities and our diversified offering kept users engaged.
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Crypto net contribution falls to $13M, and management frames the cyclicality as expected and absorbed by the platform.
Meron Shani (CFO): Amid crypto market cyclicality, net trading contribution from crypto was $13 million with a year over year decline driven primarily by lower trading activity and customers shifting to trade commodities. As we have seen in prior crypto cycles, these periods of volatility are expected and our diversified business model has demonstrated resilience across market cycles.
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The 2026 spending decision, quantified: step marketing from 21% toward 25% of net contribution, funded by cohort ROI.
Meron Shani (CFO): Our adjusted selling and marketing expenses for the quarter was $58 million or 22% of net contribution. As discussed last quarter, given the strength of our cohort returns and our objective to accelerate growth in 2026, we plan to increase our sales and marketing investment from 21% last year, scaling gradually to 25% of net contribution this year.
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The agentic thesis in one line: AI as the tool that moves retail investors from beta to alpha.
Yoni Assia (Founder & CEO); Devin Ryan (Citizens): When you think of the capabilities today of AI that are in the hands of hundreds of millions of people, AI really levels the playing field for people to actually trade algorithmically. […] Retail customers actually were very good at finding beta and investing in the markets over time, and beta of retail actually was quite good, whether it's crypto or tech stocks. Over the past five years, I think agentic tools enable retail investors to actually also participate and find alpha in a much more meaningful way.
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Capital allocation with over a third of market cap in cash: the crypto downturn as an M&A window, alongside continued buybacks.
Yoni Assia (Founder & CEO); Devin Ryan (Citizens): We have a very, very strong M and A pipeline. So we've been in the business soon 20 years, we know hundreds of companies in this space and we actually do believe that the fact that currently crypto is in a downturn provides us the opportunity to find significant and accretive M and a opportunities in 2026. So we have a very good pipeline. That's why we keep the optionality and in parallel, as we said in the past, we believe in buybacks as a company and we'll continue to explore that in relation, of course, to the company's cash flow.
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Q4 FY2025 Earnings Call — Q4 FY2025
The full-year call where the thesis was tested: crypto contribution fell 72% yet the diversified model still grew, and management responded by leaning in with more marketing and a bigger buyback. · Open the full transcript →
The multi-asset thesis, stated in a crypto downturn: built since 2013 to perform in any market condition.
Yoni Assia (Founder & CEO): We achieved these results despite the current crypto market environment, underscoring the strength of our multi-asset model and the benefits of our global diversification across geographies and asset classes. […] We first offered crypto trading on eToro in 2013, and since then, we've been through several crypto market cycles. We've seen people right off crypto, we've kept building. Over time, we have built a truly global multi-asset platform, spanning crypto, equities, commodities and currencies. That breadth allows us to adapt as market activity shifts and to perform in any market condition.
p. 7 · Read in context →
The thesis tested in numbers: crypto contribution down 72% year over year, but capital markets up 43% on the rotation into commodities.
Meron Shani (CFO): Net rating contribution from capital markets, including equities, commodities and currencies, increased 43% year-over-year to $116 million driven by investor rotation between crypto and traditional asset classes with particularly strong performance in commodities. This pattern is consistent with historical behavior and highlights the strength of our diversified multi-asset platform. In contrast, net trading contribution from crypto declined 72% year-over-year to $26 million
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Leaning into the cycle: raising marketing toward 25% of net contribution from a position of ROI confidence.
Meron Shani (CFO): Given the strength of our cohort returns and our objective to accelerate growth in 2026, we plan to increase our sales and marketing investment from 21%, scaling gradually to 25% of net contribution. Importantly, this spend remains highly flexible and can be adjusted based on market conditions and performance. […] We are making this decision from a position of confidence as the ROI profile supports incremental investment, and we expect this increased spend to drive accelerated growth across our key KPIs in the year ahead.
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Buyback scaled up: $59.5M repurchased in Q4, total authorization raised to $250M with $100M deployed to date.
Meron Shani (CFO): In the fourth quarter, we repurchased 1.5 million shares with $59.5 million pursuant to our previously communicated share repurchase program. […] we announced an additional $100 million authorization under our share repurchase program, increasing total authorization to $250 million. To date, we have deployed $100 million under the program.
p. 14 · Read in context →
Q3 FY2025 Earnings Call — Q3 FY2025
The capital-return turn: the first buyback on an 'undervalued' stock, the crypto up-cycle in full swing, and the clearest explanation of the cross-asset rotation engine. · Open the full transcript →
CopyTrader as the flagship moat: the top pro investor scaled $50M to $250M in a year, and the product launches in the US.
Yoni Assia (Founder & CEO): over 130 pro investors now have north of $1 million assets under management with our top Pro Investor growing from $50 million to over $250 million in 2025 alone, a milestone that reflects the growth and influence of our Pro Investor Program. […] Last month, we launched Copy Trading in the U.S. We’re excited to bring our flagship product to the world’s largest capital market. Copy Trading today is experienced across approximately 1/3 of our users.
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The first buyback: $150M authorized on a stock management calls undervalued, with cash left over for M&A.
Yoni Assia (Founder & CEO): we announced today a $150 million share repurchase program, underscoring our confidence in eToro’s long-term growth prospects and our continued commitment to delivering value for shareholders. We believe that our stock is undervalued. And given our significant cash generation, we have the flexibility to buy back shares. Our strong cash position also gives us the ability to consider M&A opportunities to drive inorganic growth.
p. 7 · Read in context →
The crypto up-cycle in numbers: net contribution up 229% year over year to $56M as activity surged in July and August.
Meron Shani (CFO): Our net trading contribution from crypto grew 229% year-over-year to $56 million, which was largely driven by higher invested amount per trade and increased crypto activity, especially in the month of July and August.
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A disclosure upgrade for a young public company: monthly KPIs and a historical spreadsheet built for modeling.
Meron Shani (CFO): Consistent with our commitment to greater transparency and enhanced disclosure, we will now begin publishing KPIs on a monthly basis. We’ve also made a detailed spreadsheet available on our website, which includes historical monthly data to help investors better track our performance over time. Our goal is to provide the investment community with the information and tools needed to more clearly understand, model and evaluate our business.
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Hard question — why not just defend Europe? The data-driven CAC-to-LTV answer on where marketing capital goes.
Yoni Assia (Founder & CEO); Craig Siegenthaler (Bank of America): But eToro has leading share in Europe with some scale. And this market also looks a lot less competitive than the U.S. and Asia. So my question is, why not focus on your first-mover advantage in Europe […] when we drive our marketing and most of our marketing is a data-driven performance marketing approach, we always look at basically the ratio between CAC to LTV. So when we have a strong region, and obviously, Europe — some of our strongest regions in Europe, UAE, Australia as well, we’re actually doubling down on growth there as well. […] So we are definitely focused on maintaining our leadership in Europe in the retail brokerage industry.
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The engine explained: across eight quarters, strength in one asset class pulls activity from the others.
Yoni Assia (Founder & CEO); Brett Knoblauch (Cantor Fitzgerald): when you look at our numbers in the last 8 quarters, and you see that in the investor presentation, what we’ve seen over time is very clear. When one asset class is very strong, we see a shift towards that asset class from other asset classes. So every time crypto has a very strong momentum, we actually see the non-crypto revenues or capital markets revenue actually going down a bit. And then as crypto goes down, we see capital markets significantly shift higher as well. And that is a dynamic that we did see in Q3.
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Q2 FY2025 Earnings Call — Q2 FY2025
The first call as a public company — the best single place to learn what eToro is, how it makes money, and the financial philosophy management runs it by. · Open the full transcript →
Zero to understanding: what eToro is — multi-asset access across 75 countries, with patented CopyTrader at the core.
Yoni Assia (Founder & CEO): On eToro's platform, users can invest in stocks for more than 20 different stock exchanges and trade over 130 different crypto assets alongside indices, commodities and currencies. […] We serve customers in 75 different countries and 20 different languages, users can trade directly, invest in a portfolio or use our patented CopyTrader technology to replicate the investment strategies of the top investors on our platform.
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The CFO's financial philosophy in three pillars: revenue diversification, growth investment, and cost discipline.
Meron Shani (CFO): Our philosophy is focused on sustainable, profitable revenue growth, which is supported by three pillars. First, diversification of revenue streams to complement transaction-based revenue, with a focus on growth in asset-based revenues, expansion of our eToro Money offering and the introduction of new revenue streams. Second, strategic investment to support growth in funded accounts and increase our share of the user's wallet […] And third, disciplined cost management.
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The marketing model: about 70% of spend is dynamic, historically returning positive ROI within the first year.
Meron Shani (CFO): Our business model provides us flexibility in our selling and marketing expenses, where approximately 70% of our expense is dynamic. Our historical performance has proven that our marketing expense has consistently returned positive ROI within the first year of the investment and sustained commission growth over time.
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The tokenization thesis: $100 trillion of assets expected to move on-chain, with eToro positioned as the bridge.
Yoni Assia (Founder & CEO); Devin Ryan (Citizens): I believe that the digitization and tokenization of assets is a very significant process that will take time but we do expect $100 trillion of assets over the next years to move on chain, now quoting the SEC Chairman talking about moving U.S. capital markets on chain. […] We already support stocks from 22 different capital markets as tokenization happens across stock markets, bond markets and potentially real estate.
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Hard question on organic growth after a soft +1.4% q/q; the answer leans on customer quality and +34% account size.
Meron Shani (CFO); Craig Siegenthaler (Bank of America): Funded account growth was 1.4% quarter-overquarter. […] And I know M&A has aided your account growth rate historically, but I wanted your perspective on the organic trend. […] So we have proven in the last few years that we are able to grow our funded accounts on a double digits on a yearly basis. […] However I could definitely say that we see a better quality of customers. They bring more share of their wallet onto the platform. […] And we could also note about the average account size that grew 34% year-on-year, thanks to customers loading more of their share of the wallet as well as market gains.
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