CoinbaseCOINEarnings & Financial Report
Coinbase Global, Inc. is an American cryptocurrency exchange. It was founded in 2012 by Brian Armstrong and Fred Ehrsam. Coinbase has over 100 million users, and is the largest U.S. based cryptocurrency exchange as well as the world's biggest bitcoin custodian, as of 2024. The company operates in more than 100 countries and holds nearly US$516 billion in assets, including nearly 12 percent of all bitcoin in existence and 11 percent of all staked Ether.
COIN Q4 FY2025 Key Financial Metrics
Revenue
$1.8B
Gross Profit
N/A
Operating Profit
$273.8M
Net Profit
$-666.7M
Gross Margin
N/A
Operating Margin
15.4%
Net Margin
-37.4%
YoY Growth
-21.6%
EPS
$-2.43
Coinbase Q4 FY2025 Financial Summary
Coinbase reported revenue of $1.8B (down 21.6% YoY) for Q4 FY2025, with a net profit of $-666.7M (down 151.6% YoY) (-37.4% margin).
Key Financial Metrics
| Total Revenue | $1.8B |
|---|---|
| Net Profit | $-666.7M |
| Gross Margin | N/A |
| Operating Margin | 15.4% |
| Report Period | Q4 FY2025 |
Revenue Breakdown
Coinbase Q4 FY2025 revenue of $1.8B breaks down across 6 segments, led by Bank Servicing Consumer Net at $733.9M (41.2% of total).
| Segment | Revenue | % of Total |
|---|---|---|
| Bank Servicing Consumer Net | $733.9M | 41.2% |
| Subscription And Circulation | $727.4M | 40.8% |
| Bank Servicing Institutional | $185.0M | 10.4% |
| Other Revenue | $71.1M | 4.0% |
| Bank Servicing Other | $63.8M | 3.6% |
| Related Party | $1.3M | 0.1% |
Coinbase Revenue by Segment — Quarterly Trend
Coinbase revenue by segment across the last 4 reported quarters, showing how each business line (such as Bank Servicing Consumer Net and Subscription And Circulation) has evolved quarter over quarter.
| Segment | Q4 FY2025 | Q3 FY2025 | Q2 FY2025 | Q1 FY2025 |
|---|---|---|---|---|
| Bank Servicing Consumer Net | $733.9M | $843.5M | — | $1.1B |
| Subscription And Circulation | $727.4M | — | $655.8M | — |
| Bank Servicing Institutional | $185.0M | $135.0M | $60.8M | $98.9M |
| Other Revenue | $71.1M | $75.7M | $77.1M | $74.0M |
| Bank Servicing Other | $63.8M | $67.7M | $53.5M | $67.8M |
Coinbase Annual Revenue by Year
Coinbase annual revenue history includes year-by-year totals (for example, 2025 revenue was $7.2B).
Coinbase Quarterly Revenue & Net Profit History
Coinbase results over the last 8 reported quarters, including revenue, net profit and year-over-year growth.
| Quarter | Revenue | Revenue YoY | Net Profit | Net Margin |
|---|---|---|---|---|
| Q4 FY2025 | $1.8B | -21.6% | $-666.7M | -37.4% |
| Q3 FY2025 | $1.9B | +55.1% | $432.6M | 23.1% |
| Q2 FY2025 | $1.5B | +3.3% | $1.4B | 95.4% |
| Q1 FY2025 | $2.0B | +24.2% | $65.6M | 3.2% |
| Q4 FY2024 | $2.3B | +138.2% | $1.3B | 56.8% |
| Q3 FY2024 | $1.2B | +78.8% | $75.5M | 6.3% |
| Q2 FY2024 | $1.4B | +104.8% | $36.1M | 2.5% |
| Q1 FY2024 | $1.6B | +112.0% | $1.2B | 71.8% |
Income Statement
| Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | $1.64B | $1.45B | $1.21B | $2.27B | $2.03B | $1.50B | $1.87B | $1.78B |
| YoY Growth | 112.0% | 104.8% | 78.8% | 138.2% | 24.2% | 3.3% | 55.1% | -21.6% |
Balance Sheet
| Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | |
|---|---|---|---|---|---|---|---|---|
| Assets | $348.04B | $286.96B | $290.56B | $22.54B | $21.73B | $23.48B | $31.35B | $29.67B |
| Liabilities | $339.97B | $278.59B | $281.83B | $12.27B | $11.26B | $11.38B | $15.33B | $14.88B |
| Equity | $8.07B | $8.37B | $8.73B | $10.28B | $10.47B | $12.09B | $16.02B | $14.79B |
Cash Flow
| Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | |
|---|---|---|---|---|---|---|---|---|
| Operating CF | $411.5M | $484.2M | $696.5M | $964.6M | $-182.7M | $328.5M | $-784.5M | $3.07B |