Ethereum staking protocol Lido has reported a total revenue of $40.5 million for 2025, marking a 23% decrease from the $52.4 million recorded in 2024. The decline is attributed to net user redemptions leading to outflows of staked funds and a compression in the network's annual percentage rate (APR). Lido is evaluating a buyback plan for LDO tokens in Q2 2026, intending to use staking revenue to purchase LDO on the secondary market and allocate it to LDO/wstETH liquidity positions. Previously, Lido reduced its workforce by approximately 15% in 2025.