DeFi Development (DFDV) Q3 FY2026 earnings: revenue $2 million, down 47.4% on the year

DeFi Development Corp. (DFDV) reported revenue of $2 million for Q3 FY2026, the quarter ended 30 September 2026, down 47.4% on the same quarter a year earlier. Net income was $67 million, up 18.9% on the year, and diluted earnings per share $1.91. The figures are the company's own, from the 10-Q it filed with the SEC on 12 November 2026.

Revenue

$2 million

-47.4% on the year · -26.6% on the quarter

Q4 FY2024Q3 FY2026

Operating margin

1484.5%

1558.6% a year earlier

Q4 FY2024Q3 FY2026

Net income

$67 million

+18.9% on the year

Q4 FY2024Q3 FY2026

Diluted EPS

$1.91

+4.4% on the year

Q4 FY2024Q3 FY2026

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 1 raised.

Revenue and treasury revenue declined: Total revenue was $2,432 thousand, down 47.4% from $4,625 thousand a year earlier. Digital asset treasury revenue was $2,379 thousand, down 37.3% from $3,794 thousand. Figures are unaudited.
Net income rose year over year: Net income was $66,591 thousand, up 18.9% from $56,026 thousand a year earlier. Weighted average diluted shares were 35,922 thousand, up 21.7%.
NAV per share more than quadrupled: From August 12 to September 30, NAV per share rose over 300% on date-specific SOL prices, while SPS rose over 20% at a constant SOL price of $117.99.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q3 FY2026	Q2 FY2026	Q3 FY2025	On the quarter	On the year
Revenue	2.4	3.3	4.6	-26.6%	-47.4%
Cost of revenue	0.0	0.0	0.1	+38.1%	-67.0%
Gross profit	2.4	3.3	4.5	-27.0%	-47.0%
Gross margin	98.8%	99.4%	98.1%
Research and development	0.1	0.1	0.3	+68.7%	-48.0%
Operating income	36.1	-22.8	72.1		-49.9%
Operating margin	1484.5%	-689.2%	1558.6%
Interest expense	3.4	3.7	2.9	-9.2%	+14.5%
Pre-tax income	66.6	-27.3	74.0		-10.0%
Income tax	0.0	0.0	17.9
Effective tax rate	0.0%	n/a	24.2%
Net income	66.6	-27.3	56.0		+18.9%
Net margin	2738.1%	-823.4%	1211.4%
Diluted EPS	$1.91	-$1.00	$1.83		+4.4%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	Q3 FY2026	Q2 FY2026	Q3 FY2025	On the quarter	On the year
Operating cash flow	-6.9	-4.3	-5.0
Capital expenditure	n/a	n/a	0.0
Free cash flow	n/a	n/a	-5.0
Free cash flow margin	n/a	n/a	-107.8%
Cash from investing	-38.5	10.4	-175
Cash from financing	52.3	-5.4	186		-71.9%
Depreciation and amortisation	0.4	0.4	0.4	+0.3%	+0.3%
Share-based compensation	0.9	1.7	0.3	-49.4%	+163.4%
Buybacks	0.0	0.0	0.0
Diluted shares, weighted	36m	27m	31m	+31.3%	+14.3%
Shares outstanding at period end	38m	31m	28m	+25.5%	+38.5%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q3 FY2026	Q2 FY2026	Q3 FY2025	On the quarter	On the year
Shareholders' equity	95.9	-12.0	244		-60.7%
Redeemable equity	11.3	n/a	n/a
Debt	121	121	132	+0.4%	-8.1%
Other liabilities	230	94.8	104	+142.5%	+120.1%
Total liabilities and equity	458	203	480	+125.3%	-4.6%
Fixed assets	n/a	n/a	0.0
Goodwill	0.6	0.6	0.6	0.0%	0.0%
Intangible assets	1.9	2.3	3.4	-15.3%	-42.2%
Investments	0.6	0.7	1.4	-11.5%	-54.2%
Cash and equivalents	11.2	4.3	8.8	+159.3%	+27.7%
Receivables	n/a	n/a	0.1
Other assets	444	195	466	+127.1%	-4.7%
Total assets	458	203	480	+125.3%	-4.6%

Questions

What was DeFi Development's revenue in Q3 FY2026?

DeFi Development (DFDV) reported revenue of $2 million for Q3 FY2026, the quarter ended 30 September 2026, down 47.4% on the same quarter a year earlier.

How much did DeFi Development earn in Q3 FY2026?

Net income for Q3 FY2026 was $67 million, up 18.9% on the year, and diluted earnings per share $1.91.

When did DeFi Development report Q3 FY2026 results?

DeFi Development filed its 10-Q for the quarter ended 30 September 2026 with the SEC on 12 November 2026.

Quarterly results, the last 17 quarters

	Q2 FY2022	Q3 FY2022	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024 †	Q2 FY2024 †	Q3 FY2024 †	Q4 FY2024 * †	Q1 FY2025 †	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	0.7	0.5	0.5	0.6	0.6	0.4	0.4	0.4	0.6	0.6	0.3	2.0	4.6	4.5	2.7	3.3	2.4
Cost of revenue	n/a	n/a	0.0	0.0	0.0	n/a	0.0	0.0	0.0	0.0	0.0	0.0	0.1	0.1	0.1	0.0	0.0
Gross profit	n/a	n/a	0.5	0.6	0.6	n/a	0.4	0.4	0.6	0.6	0.3	2.0	4.5	4.4	2.6	3.3	2.4
Gross margin	n/a	n/a	100%	100%	100%	n/a	98%	98%	99%	99%	98%	99%	98%	97%	96%	99%	99%
R&D	0.1	0.1	0.1	0.1	0.2	0.3	0.2	0.2	0.2	0.2	0.2	0.3	0.3	0.4	0.1	0.1	0.1
Operating income	-0.4	-0.6	-0.3	-0.2	-1.6	-1.2	-1.0	-0.9	-0.5	-0.7	-0.9	17.2	72.1	-125	-55.2	-22.8	36.1
Operating margin	-52%	-115%	-59%	-41%	-281%	-356%	-248%	-193%	-73%	-108%	-308%	866%	1559%	-2781%	-2073%	-689%	1484%
Interest expense	n/a	n/a	n/a	n/a	n/a	n/a	-0.1	n/a	n/a	n/a	0.0	0.8	2.9	5.2	2.7	3.7	3.4
Pre-tax income	n/a	n/a	n/a	n/a	n/a	n/a	n/a	-0.8	-0.5	n/a	-0.8	16.6	74.0	-164	-83.4	-27.3	66.6
Tax rate	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	7%	24%	n/a	n/a	n/a	0%
Net income	-0.4	-0.3	-0.2	-0.4	-1.6	-1.2	-1.0	-0.8	-0.5	-0.5	-0.8	15.4	56.0	-144	-83.4	-27.3	66.6
Net margin	-51%	-51%	-47%	-66%	-270%	-336%	-234%	-183%	-76%	-77%	-271%	777%	1211%	-3219%	-3130%	-823%	2738%
Diluted EPS	-$0.05	-$0.04	-$0.03	-$0.06	-$0.17	n/a	-$0.09	-$0.07	-$0.04	-$0.34	-$0.55	$0.84	$1.83	n/a	-$3.18	-$1.00	$1.91
Operating cash flow	n/a	-0.5	-0.2	-0.1	-0.6	-0.7	-1.1	-0.7	-0.4	-0.2	-0.8	-1.3	-5.0	-10.9	-9.8	-4.3	-6.9
Capital expenditure	n/a	n/a	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	n/a	n/a	0.0	n/a	n/a	n/a	n/a
Free cash flow	n/a	n/a	-0.2	-0.1	-0.6	-0.7	-1.2	-0.7	-0.4	-0.2	n/a	n/a	-5.0	n/a	n/a	n/a	n/a
Buybacks	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	0.0	0.0	0.0	n/a	10.5	0.0	0.0
Shares outstanding	10m	10m	11m	7m	10m	7m	11m	11m	11m	1m	1m	17m	28m	30m	29m	31m	38m
Filing	10-Q	10-Q	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. A blank figure marked on a quarter is one the filings do not give on their own: the quarters as filed do not add to the year the company filed, or the year and its quarters stand on different share counts. Each quarter's page says which. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-Q for the period ended 30 September 2026, filed 12 November 2026: the filing.