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eToro Group
(NASDAQ: ETOR) posted
its strongest quarter since going public, reporting first-quarter net income of
$82 million and net contribution of $258 million, up 37% and 19% respectively
from the same period a year earlier.

Funded
accounts reached 4.02 million and assets under administration climbed 15% to
$17 billion, the trading platform said in a statement today (Tuesday).

Singapore Summit: Meet the largest
APAC brokers you know (and those you still don’t!)

Adjusted
EBITDA reached $109 million and adjusted diluted earnings per share rose to
$0.91 from $0.77 a year earlier.

“I’m incredibly proud of the eToro team for delivering our strongest quarterly financial results as a public company,” Yoni Assia, CEO and Co-Founder
of eToro, commented.

“We also saw acceleration
in product launches with many new apps within the eToro App Store, AI-powered Agent Portfolios, and an
integration with xAI for Tori, our AI agent.”

Commodities Take Over eToro’s
Revenue Mix

CFO Meron
Shani said the results were “supported by a surge in commodities
trading,” language the company tied to its multi-asset business model.

The
standout shift sits inside the trading commission breakdown. Net trading income
from equities, commodities and currencies rose 71% year-over-year to $166
million, with the company reporting that commodities alone accounted for around
60% of trading commissions, up from 16% in Q2 2025.

Commodity
volumes increased nearly fourfold compared with the same quarter a year
earlier, eToro said.

That shift
extends a rotation FinanceMagnates.com flagged earlier this year, when eToro users pivoted out of crypto
and into capital markets during February, lifting capital markets trade activity by 81%
year-over-year.

Total
capital markets trades reached 243 million in Q1 2026, up 90% from a year
earlier, while cryptoasset trades fell to 10 million from 20 million.

Q1 2026 vs. Q1 2025 at a
Glance

Listed Rivals Post Mixed
Q1 Numbers

The print
places eToro at the stronger end of the listed retail brokerage cohort
reporting first-quarter results. Plus500 (LSE: PLUS) raised its
full-year 2026 outlook after posting Q1 revenue of $242 million, up 18% year-over-year, with a
five-year record on customer income.

Warsaw-listed
XTB delivered the steepest quarterly print of the group, with
operating revenue up 88.5% to roughly $301 million and net profit climbing
176%, on the back of 370,000 new client additions.

Robinhood
(NASDAQ: HOOD) reported Q1
revenue of $1.07 billion, up 15%, but its cryptocurrency revenue fell 47%
to $134 million, with the gap filled by event contracts and options.
Interactive Brokers’ first-quarter account growth came in at 31% even as
trading activity softened from March.

The group
points to a common pattern: heightened
volatility in commodities and equities is propping up trading revenue,
while crypto lines are compressing across multi-asset platforms.

New York Crypto, Japanese
Stocks, AI App Store

Product
launches piled up in the quarter. The company activated its New
York BitLicense and Money Transmitter License to offer crypto trading in
the state, added Japanese equities to bring its exchange coverage to 26
markets, and extended 24/7 trading to select commodities, equities and indices.

It also
opened an eToro App Store for third-party developers, embedded xAI’s Grok 4.2
sentiment data into its Tori AI assistant, and rolled out Agent Portfolios for AI-driven
sub-account trading,
which the firm said keeps the main portfolio segregated from automated
strategies.

In wealth, eToro said UK ISA assets under management grew
15-fold year-over-year, while the European rollout of the eToro Money card saw
new card issuances rise 2.2 times quarter-over-quarter.

Zengo Closes, April KPIs
Extend the Run

The Zengo acquisition closed on
April 30, adding a
self-custodial wallet with more than two million users to eToro’s stack. The
company has tied the deal to its push into prediction markets and perpetuals,
segments where Trust Wallet, Kalshi and Polymarket are also positioning.

April
preliminary metrics showed funded accounts at 4.07 million, AUA at $18.7
billion (up 19% YoY), and total money transfers of $1.4 billion, up 53%.

Capital
markets trades reached 63 million in the month, a 50% year-over-year increase,
although the average invested amount per trade fell 48% to $197, which eToro
attributed to a higher share of copy and automated trading.

The Bnei
Brak, Israel-based company spent $101 million repurchasing its own shares in
the quarter, drawing on the buyback program it expanded in February alongside
its full-year 2025 results, and ended March with $1.3 billion
in cash, cash equivalents and short-term investments.

This article was written by Damian Chmiel at www.financemagnates.com.

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