eToro Group Quarterly Earnings Beat and Business Outlook

eToro reported a 1Q26 earnings beat driven by strong commodity trading and higher revenue per trade, leading Goldman Sachs to raise its price target to $39.

Key Takeaways

• 1.ETOR reported a 1Q26 EPS of 86€, significantly beating GSe and Visible Alpha consensus due to higher revenue and better pre-tax margins.
• 2.Strong commodity trading volumes (4x YoY) compensated for crypto weakness, accounting for 60% of total commissions in 1Q26.
• 3.Management expects to launch CopyTrader, Smart portfolios, and commodity trading for US users in 2H26 as they obtain RIA licenses.

Table of Contents

• eToro Group (ETOR): Quarterly beat on strong commodities, with a constructive business outlook, and M&A pipeline
• 1Q26 account and AUA growth
• 1Q26 revenue
• 1Q26 expenses
• April monthly metrics - continuing momentum from 1Q26
• Disclosure Appendix

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