eToro Posts Record Results as Shares Slide After IPO

eToro Group reported record financial results for 2025, yet its share price has struggled since going public last year.

The retail trading platform said full-year net contribution reached $868 million, up 10% year-on-year, while GAAP net income rose 12% to $216 million. Funded accounts increased from 3.5 million to 3.8 million over the same period.

Despite those gains, eToro’s stock performance has diverged from its operational results. Since debuting on Nasdaq at $67 per share in May 2025, the stock has fallen by nearly 50%. In early February 2026, shares were trading around $24.74, though they have since recovered slightly.

The contrast is notable when compared with Plus500, a competitor targeting a similar base of mass-market retail traders. Over roughly the same period, Plus500 shares have risen 34%, reaching an all-time high of £4,930 in February.

Both companies operate in comparable regulatory and macroeconomic environments, yet investor sentiment appears to differ. Market participants have pointed to several possible factors behind eToro’s weaker share performance, including the fading of post-IPO momentum, differences in revenue composition, and concerns about reliance on retail trading activity and crypto-related volumes. The company’s fourth-quarter 2025 results showed some year-on-year softness in crypto-driven activity.

The divergence highlights a broader question in the retail brokerage sector: strong profitability does not necessarily translate into sustained market confidence, particularly as investors reassess growth prospects following a high-profile public listing.