BitGo Holdings, Inc. (BTGO) financials
NYSE · Financial Services · Financial - Capital Markets · 603 employees · CEO Michael A. Belshe
- Price
- $5.31 -8.29%
- Market cap
- $577M
- Enterprise value
- -$3.77B
- Last report
- Q2 '26 filed 2026-08-12
- Next report
- 2026-11-09
Revenue (TTM)$20.1B+226.7% vs a year agoLast 4 quarters; bars = each quarter
Operating margin (TTM)-0.4%-0.4 pp vs a year agoOperating income -$86.2M
Net income (TTM)-$123M-310.8% vs a year agoAfter tax, incl. non-operating gains
Free cash flow (TTM)-$7.29M+37.7% vs a year agoCapex $7.65M
Diluted EPS (TTM)-$0.92-209.2% vs a year agoSum of the last 4 quarters
Net cash$5.07B+27,903.1% vs a year agoCash + short-term investments - debt
Valuation & key figures
- Market cap
- $577M EV -$3.77B
- Revenue
- $20.1B Trailing 12 months
- Revenue growth
- – Next fiscal year
- Profit margin
- -0.6% Net income / revenue, TTM
- P/E
- -5.8×
- P/S
- 0.0× Price / sales, TTM
- EV / EBITDA
- 31.3× TTM
- Free cash flow
- -$7.29M Trailing 12 months
- Net income
- -$123M Trailing 12 months
- Revenue estimate
- – Next fiscal year
- Earnings
- 2026-11-09
- Dividend
- – No dividend
Key takeaways
Computed from the reported numbers - every statement carries the figure it rests on.
- Revenue growth slowing: 106.9% year on yearQ2 '26 revenue $4.33B, against an average of 376.9% over the four quarters before.
- Operating margin -0.4% (TTM), -0.4 pp on a year agoOperating income grew -2,802.9% while revenue grew 226.7%.
- Capex 0.0% of revenue (a year ago 0.4%)$7.65M invested in the last 4 quarters (-71.9% on a year earlier). Free cash flow -$7.29M.
- Diluted share count up 92.3% in a year107M diluted shares in Q2 '26, 55.9M a year earlier.
- Net cash $5.07BCash + short-term investments $5.52B, debt incl. leases $445M; a year ago net debt $18.2M.
Last quarter: Q2 '26
Quarter ended 2026-06-30. Compared with the same quarter a year earlier and with the analyst consensus before the report.
Quarter vs a year ago
| Q2 '26 | Year ago | Change | |
|---|---|---|---|
| Revenue | $4.33B | $2.09B | +106.9% |
| Gross margin | 0.9% | 2.0% | -1.1 pp |
| Operating income | -$29.1M | -$655K | -4,344.0% |
| Operating margin | -0.7% | -0.0% | -0.6 pp |
| Net income | -$19M | $6.29M | -402.4% |
| Diluted EPS | -$0.16 | $0.01 | -1,515.9% |
| Operating cash flow | -$2.83M | -$16.3M | +82.6% |
| Capex | -$2.31M | $2.4M | -196.2% |
| Free cash flow | -$517K | -$18.7M | +97.2% |
| R&D | $0 | $0 | – |
| Stock-based compensation | $14.9M | $848K | +1,652.5% |
Revenue
Where the money comes from - by business line and by region, quarter by quarter.
Revenue, operating income and growth
quarterlyRevenue by business line
stacked, quarterly| Segment | Q2 '26 | y/y | Share | TTM | TTM y/y | 12 quarters |
|---|---|---|---|---|---|---|
| Digital Asset Sales | $4.2B | – | 97.8% | – | – | |
| Staking Revenue | $64.7M | – | 1.5% | – | – | |
| Subscription And Services Revenue | $27.5M | – | 0.6% | – | – |
Revenue by region
share of total| Segment | Q2 '26 | y/y | Share | TTM | TTM y/y | 12 quarters |
|---|---|---|---|---|---|---|
| United States | $2.61B | – | 60.3% | – | – | |
| Non-US | $1.72B | – | 39.7% | – | – |
Segment profits
Operating income per reported segment, read from the segment note of each 10-Q / 10-K (the profit split most data feeds leave out).
Segments in Q2 '26
| Segment | Revenue | y/y | Operating income | y/y | Margin | Margin a year ago | TTM operating income |
|---|---|---|---|---|---|---|---|
| Reportable Segment | $4.33B | – | -$17.4M | – | -0.4% | – | – |
Operating income by segment
quarterlySegment operating margin
quarterlyMargins & cost structure
How much of each unit of revenue is left at each level - and where the costs go.
Margins
quarterlyCosts as % of revenue
quarterlyCash flow & capital allocation
Cash generated, what it is spent on, and what reaches shareholders.
Operating cash flow, capex, free cash flow
quarterlyUses of cash vs operating cash flow
fiscal yearsLast 4 quarters
cash flow statement- Operating cash flow
- $363K
- Capex
- -$7.65M
- Buybacks
- $0
- Dividends
- $0
- Acquisitions
- $0
- Net debt issued
- $63.8M
- Stock-based compensation
- $15.7M
- Free cash flow
- -$7.29M
- Returned to shareholders / FCF
- 0.0%
Share count and EPS
quarterly, dilutedBalance sheet
Liquidity, investments and debt at each quarter end.
Cash, investments and debt
quarter endsValuation & returns
Today's multiples against the company's own last five fiscal years; analyst targets and ratings.
Multiples and returns
TTM vs 5 fiscal years| Now | 5y average | Where today sits in the 5-year range | |
|---|---|---|---|
| P/E (TTM) | -5.8× | 38.3× 1 of 3 years | 38.3× – 38.3× |
| EV / EBITDA | 31.3× | 10.6× 1 of 3 years | 10.6× – 10.6× |
| EV / Sales | -0.2× | 0.5× | 0.1× – 0.7× |
| Price / FCF | -79.2× | 336.8× 2 of 3 years | 241.8× – 431.8× |
| Price / Book | 1.3× | 6.0× | 5.0× – 6.6× |
| FCF yield | -1.3% | -2.3% | -7.5% – 0.4% |
| Return on invested capital | -1.0% | -1.4% | -26.2% – 24.7% |
| Return on equity | -31.8% | 13.9% | -4.7% – 48.0% |
Analysts
Consensus target $10.70 (+101.5%)
range $6.50 – $15.00 · rating Buy
Strong buy0
Buy7
Hold1
Sell0
Strong sell0
Financial statements
Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.
Every reported line
All 145 figures BitGo Holdings, Inc. tagged in its recent 10-Q / 10-K filings, with the official SEC label and definition - including the notes (leases, taxes, buybacks, employees, ...).
| Line (SEC label) | Latest quarter | Year ago | y/y | Latest FY | Prior FY | y/y |
|---|---|---|---|---|---|---|
| $214M | $2.15B | -90.0% | – | – | – | |
| $5.55M | $1.26M | +340.6% | – | – | – | |
| $4.19B | $2.27B | +84.3% | – | – | – | |
| -$18.8M | $55.8M | -133.7% | – | – | – | |
| $5.85M | $1.25M | +366.9% | – | – | – | |
| $7.45M | $1K | +744,900.0% | – | – | – | |
| 100.0%2026-01-31 | – | – | – | – | – | |
| Accounts Payable, Current | $9.35M | – | – | – | – | – |
| Accounts Receivable, after Allowance for Credit Loss | $17.4M | – | – | – | – | – |
| Accounts Receivable, after Allowance for Credit Loss, Current | $17.4M | – | – | – | – | – |
| Accounts Receivable, Allowance for Credit Loss | $1.95M | $2.52M | -22.8% | – | – | – |
| Accounts Receivable, Allowance for Credit Loss, Writeoff | $229K | $468K | -51.1% | – | – | – |
| Accounts Receivable, before Allowance for Credit Loss | $19.3M | – | – | – | – | – |
| Accounts Receivable, Credit Loss Expense (Reversal) | $748K | $94K | +695.7% | – | – | – |
| Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | $8.21M | – | – | – | – | – |
| Additional Paid in Capital | $439M | – | – | – | – | – |
| Adjustments to Additional Paid in Capital, Stock Issued, Issuance Costs | $300K | – | – | – | – | – |
| Amortization of Intangible Assets | $400K | $600K | -33.3% | – | – | – |
| APIC, Share-based Payment Arrangement, Increase for Cost Recognition | $3.49M | $848K | +311.7% | – | – | – |
| Assets | $6.05B | – | – | – | – | – |
| Assets, Current | $6.03B | – | – | – | – | – |
| Cash and Cash Equivalents, at Carrying Value | $159M | $55.6M | +186.0% | – | – | – |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Including Disposal Group and Discontinued Operations | $4.79B | $2.26B | +111.8% | – | – | – |
| Common Stock, Capital Shares Reserved for Future Issuance | 3.6B2026-01-31 | – | – | – | – | – |
| Common Stock, Par or Stated Value Per Share | $0.002026-01-31 | – | – | – | – | – |
| Common Stock, Shares Authorized | 3.4B2026-01-31 | – | – | – | – | – |
| Contract with Customer, Liability, Current | $4.51M | – | – | – | – | – |
| Deferred Income Taxes and Other Assets, Current | $20.9M | – | – | – | – | – |
| Deposit Liability, Current | $4.63B | – | – | – | – | – |
| Depreciation, Depletion and Amortization | $1.8M | $300K | +500.0% | – | – | – |
| Depreciation, Depletion and Amortization, Nonproduction | $2.12M | $875K | +142.4% | – | – | – |
| Derivative Asset | $409K | – | – | – | – | – |
| Derivative Liability | $1.24M | – | – | – | – | – |
| Derivative, Gain (Loss) on Derivative, Net | $1.3M | $0 | – | – | – | – |
| Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.0% | – | – | – | – | – |
| Effective Income Tax Rate Reconciliation, Percent | 38.0% | – | – | – | – | – |
| Financing Receivable, after Allowance for Credit Loss, Current | $157M | – | – | – | – | – |
| Finite-Lived Intangible Assets, Accumulated Amortization | $12.3M | – | – | – | – | – |
| Finite-Lived Intangible Assets, Gross | $12.7M | – | – | – | – | – |
| Finite-Lived Intangible Assets, Net | $407K | – | – | – | – | – |
| General and Administrative Expense | $21.1M | $17.5M | +20.7% | – | – | – |
| Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | -$30.7M | $53.4M | -157.4% | – | – | – |
| Income Tax Expense (Benefit) | -$11.7M | $15.1M | -177.2% | – | – | – |
| Income Taxes Paid, Net | $1.66M | $5.82M | -71.5% | – | – | – |
| Increase (Decrease) in Accounts Payable | $2.4M | $3.3M | -27.4% | – | – | – |
| Increase (Decrease) in Accounts Receivable | $7.14M | -$1.4M | +611.1% | – | – | – |
| Increase (Decrease) in Accrued Taxes Payable | $13.5M | $0 | – | – | – | – |
| Increase (Decrease) in Contract with Customer, Liability | -$42K | $2.15M | -102.0% | – | – | – |
| Increase (Decrease) in Deferred Income Taxes | $13.5M | -$12.4M | +208.8% | – | – | – |
| Increase (Decrease) in Other Current Assets | $8.04M | $10.9M | -26.3% | – | – | – |
| Increase (Decrease) in Other Current Liabilities | $6.3M | -$2.56M | +345.9% | – | – | – |
| Intangible Assets, Net (Excluding Goodwill) | $407K | – | – | – | – | – |
| Interest and Fee Income, Loans and Leases | $822K | $354K | +132.2% | – | – | – |
| Interest Paid, Excluding Capitalized Interest, Operating Activities | $1.43M | $873K | +63.6% | – | – | – |
| Labor and Related Expense | $29.5M | $23.5M | +25.6% | – | – | – |
| Lease, Cost | $984K | $654K | +50.5% | – | – | – |
| Lessee, Operating Lease, Liability, to be Paid | $7.33M | – | – | – | – | – |
| Lessee, Operating Lease, Liability, to be Paid, Remainder of Fiscal Year | $1.31M | – | – | – | – | – |
| Lessee, Operating Lease, Liability, to be Paid, Year Four | $514K | – | – | – | – | – |
| Lessee, Operating Lease, Liability, to be Paid, Year One | $2.81M | – | – | – | – | – |
Source: SEC companyfacts (XBRL of every 10-Q / 10-K). Cash-flow quarters are derived from the year-to-date figures the 10-Q tags. Segment breakdowns are tagged with dimensions and are shown in the segment section instead.
Sources
Statements, segment revenue, metrics and estimates are standardised from the company's filings. Segment profits and every reported line: SEC EDGAR (XBRL). Filings read: 10-Q 2026-06-30, 10-Q 2026-03-31
Some figures could not be updated in the last refresh; they show older data or none.
Data as of 2026-11-02