eToro said on 10 November that “new connectors to Claude, ChatGPT and Grok allow users to connect their own AI agents to etoro”, and that users engaged in API and agentic trading rose 250% from the second quarter, in its third-quarter results release. Net contribution fell 13% to $186 million, and the board authorised a share repurchase programme of up to $250 million.
Funded accounts grew 18% to 4.39 million, so each one brought in about $42 of net contribution in the quarter, against about $58 a year earlier: 26% less per account, by our arithmetic.
Business Pill · AI Agents Explained
A short explainer on AI agents. It teaches the general idea only and does not discuss eToro.
The key insight: eToro said new connectors let users link their own Claude, ChatGPT and Grok agents to its platform, and that users engaged in API and agentic trading rose 250% from the second quarter. Net contribution fell 13% to $186 million while funded accounts grew 18% to 4.39 million: about $42 per account, 26% less than a year earlier, by our arithmetic.
Net contribution, eToro’s measure of revenue after crypto costs and margin interest, “decreased by 13% year-over-year to $186 million, compared to $215 million in the third quarter of 2025, driven primarily by decreased crypto trading activity”. GAAP net income fell 74% to $15 million, from $57 million.
Diluted GAAP earnings per share were $0.14, against $0.53. Adjusted diluted EPS was $0.26, against $0.60, a 57% fall, by our arithmetic. A Wall St Engine post on X put the consensus estimate at $0.35; the release gives no estimate. Adjusted EBITDA fell 56% to $34 million.
Assets under administration were flat at $20.8 billion. Chief financial officer Meron Shani said “Capital markets net contribution increased 21% year over year, while crypto activity sequentially recovered”.
eToro quarterly net contribution divided by funded accounts at quarter end, from its Q3 2026 results release. The per-account figures and the 26% fall are our arithmetic.
Announcements: ๐น Agentic Trading: Users up 250% QoQ ๐น App Store: 250+ active apps ๐น Copy Trading: $2.4B AUM ๐น Smart Portfolios: 26 launched in the U.S.
Other Q3 Metrics: ๐น Adjusted EBITDA: $34M; -56% YoY ๐น Net Income: $15M; -74% YoY
Key Updates: ๐น Buyback: $250M repurchase program authorized ๐น October AUA: $19.2B; -6% YoY ๐น October Funded Accounts: 4.42M; +18% YoY ๐น Cash & Investments: $1.2B as of Sept. 30 ๐น LB Finanzas: Acquisition agreed in Argentina
Comments: ๐ธ โThis quarter we launched the new eToro app, built from the ground up with AI at its core, enabling us to ship products faster to our global community.โ
๐ธ โNow we are taking it into the agentic era, combining the collective intelligence of our community with AI and advanced tools.โ
Wall St Engine posted eToro’s third-quarter highlights at 12:09 UTC on 10 November: net contribution of $186 million, down 13%, adjusted EPS of $0.26 against an estimate of $0.35 that the post cites, and 4.39 million funded accounts, up 18%. The estimate is the poster’s figure; the other numbers match eToro’s release.
The Agent Connectors
The release lists the AI items under its investing and wealth pillars. Beyond the connectors, it says the App Store “now offers more than 250 active apps”, and that “Agent Portfolios, which enable users to connect AI agents to a sub-account within their portfolio, also continued to gain momentum”.
Chief executive Yoni Assia said eToro launched a new app “built from the ground up with AI at its core”, and added: “Now we are taking it into the agentic era, combining the collective intelligence of our community with AI and advanced tools”. The release does not say how many users trade through agents, or how much net contribution they generate.
Less Per Account
Dividing quarterly net contribution by funded accounts at the end of each quarter gives about $42.4 per account in the third quarter of 2026 and $57.6 a year earlier, by our arithmetic: a 26% fall while the account base grew 18%. eToro does not publish this ratio.
October’s figures show the same pattern. Funded accounts rose to 4.42 million, up 18%, while crypto trades fell 62% to 2.0 million and capital-markets trades fell 22% to 48.2 million. Invested amount per capital-markets trade was $184, down 49%.
The $250 Million Buyback
The board authorised repurchases of up to $250 million. eToro said it “believes that its current share price does not fully reflect the Company’s fundamental value”, and that the programme may support acquisitions “where etoro shares could serve as an effective transaction currency”.
Cash, cash equivalents and short-term investments were $1.2 billion at 30 September, so the programme equals about a fifth of that, by our arithmetic. Diluted weighted-average shares were 91.9 million in the quarter, 8.4% fewer than a year earlier, by our arithmetic. eToro also agreed to acquire LB Finanzas, an Argentine investment and payments platform.
The Structural Read
As we read the release, the agent connectors and the buyback sit beside a decline driven, in eToro’s words, by decreased crypto trading activity; the release gives no revenue figure for agent users.
As we read the per-account figures, eToro added accounts faster than it added net contribution: accounts rose 18% while net contribution per account fell 26%, by our arithmetic.
Yoni Assia, eToro co-founder and CEO, Q3 2026 results release, 10 November 2026
“Now we are taking it into the agentic era, combining the collective intelligence of our community with AI and advanced tools”
Three Implications
FOR USERS eToro says new connectors allow users to connect their own Claude, ChatGPT and Grok agents, and that Agent Portfolios link agents to a sub-account.
FOR ETORO Net contribution per funded account was about $42 in the quarter, against about $58 a year earlier, by our arithmetic.
FOR SHAREHOLDERS The board authorised repurchases of up to $250 million, about a fifth of $1.2 billion in cash, cash equivalents and short-term investments, by our arithmetic.
The framework argues: “The agentic surface — the harness — is becoming where value pools in the entire AI stack”.
As we read it, eToro is placing itself behind the harness: users bring their own Claude, ChatGPT or Grok agent and eToro supplies the account and execution, by its own description. The framework predates this release and does not discuss eToro.
What Is Not Established
The release gives no breakdown of net contribution by product, no figure for users or assets on Agent Portfolios, and no timetable for the buyback. It does not say what LB Finanzas costs or when the deal closes.
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This week’s issue: for two years the AI build-out was priced as a supply story, and last week as a credit story. This week it was priced as a permission story, and the answer arrived as a cost, not a ban.
eToro opened its platform to users’ own Claude, ChatGPT and Grok agents and set a buyback of up to $250 million in a quarter when net contribution fell 13% to $186 million. Each funded account brought in about $42, 26% less than a year earlier, by our arithmetic.
A note on sourcing. Figures and quotations are from eToro’s third-quarter 2026 results release, filed with the SEC as Exhibit 99.1 to a Form 6-K on 10 November 2026; the EPS estimate is as posted by Wall St Engine on X. Per-account figures, ratios and percentages marked as such are our arithmetic. eToro was not contacted for this piece.
Gennaro Cuofano is a CRO and tech executive who has worked in AI since late 2015, starting with bringing NLP, natural-language generation, voice and chatbot products to the marketing industry. His background is in law and finance: he holds a Master's degree in Law and an International MBA with an emphasis on corporate finance (LUISS Business School and the University of San Diego, 2012), and worked as a financial analyst at a real-estate investment firm in San Diego and as an assistant controller. His work focuses on business model strategy, business engineering and, more broadly, structural analysis: how companies make money, read from their own filings. He created FourWeekMBA and leads research there and at The Business Engineer, his newsletter on AI and business strategy, with over 95,000 subscribers and more than 1,000 published analyses. His writing has also appeared on Entrepreneur (for example, How to Digitize a Family Business in Europe) and HackerNoon. Find him on LinkedIn and Substack. See how we source.
