eToro grows funded accounts 18% to 4.39M in Q3 2026 as profit falls 74%

eToro has more customers than ever. They just aren’t trading crypto like they used to.

The Nasdaq-listed trading platform reported on November 10, 2026 that its funded accounts climbed 18% year-over-year to 4.39 million as of September 30. Profit moved the other way. GAAP net income fell 74% to $15 million, down from $57 million in the same quarter a year earlier.

The numbers behind the split

Start with the good news. eToro Group Ltd. (NASDAQ: ETOR) said funded accounts kept rising after the quarter closed. A provisional October figure put the total at 4.42 million, also up 18% from the prior year.

Then the less cheerful part. Net contribution, a revenue measure that strips out certain costs, dropped 13% to $186 million. The company attributed much of that decline to weaker crypto trading activity.

The October data makes the crypto slowdown hard to miss. Crypto trades on the platform fell 62% year-over-year to 2.0 million for the month. Capital markets trades, covering assets like stocks, also slipped, down 22% to 48.2 million.

Assets under administration held flat at $20.8 billion for the quarter. October told a softer story, with that figure sliding 6% year-over-year to $19.2 billion.

There were bright spots inside the mix. Capital markets net contribution rose 21% year-over-year. Crypto net trading contribution jumped 141% from the previous quarter, though it remained below year-earlier levels.

Buybacks, Argentina and an AI app

eToro authorized a $250 million share repurchase program. The company is also acquiring LB Finanzas, an Argentine fintech. The deal is aimed at strengthening eToro’s position in Latin America. On the product side, eToro launched a new AI-centric app during the quarter.

How eToro got here

eToro went public on Nasdaq in May 2025. The platform built its reputation on social trading, letting users follow and copy other investors, alongside access to both equities and crypto.

What this means for eToro and its shareholders

The core tension is now clear. eToro’s user growth looks durable, with an 18% annual increase holding from September into October. Its earnings, however, remain tightly linked to how actively those users trade, especially in crypto.

The 21% rise in capital markets net contribution is arguably the most strategically important number in the report. It suggests eToro is not purely a crypto proxy.

For shareholders, the $250 million buyback offers some support. The LB Finanzas deal is worth watching as a test of diversification. Expanding in Latin America could broaden eToro’s revenue base geographically.

Investors will likely focus on whether crypto trading volumes stabilize, whether assets under administration recover from October’s $19.2 billion, and whether the capital markets business can keep growing fast enough to offset the crypto slowdown.