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Coinbase Global (COIN) FY2025 results: revenue $7.2 billion, up 9.4% on the year

Coinbase Global, Inc. (COIN) reported revenue of $7.2 billion for fiscal 2025, the year ended 31 December 2025, up 9.4% on the year before. Net income was $1.3 billion, down 51.1%, and diluted earnings per share $4.45. The figures are the company's own, from the 10-K it filed with the SEC on 12 February 2026.

Revenue
$7.2 billion
+9.4% on the year
FY2019FY2025
Operating margin
20.0%
35.1% a year earlier
FY2019FY2025
Net income
$1.3 billion
-51.1% on the year
FY2019FY2025
Diluted EPS
$4.45
-53.1% on the year
FY2019FY2025

this yearthe year beforeHover a bar for its figure.

The year in brief

What management said about the year

Guidance figures: 4 new.

  • Revenue grew for full year 2025: Full-year total revenue was $7.2 billion. Q4 total revenue was $1.8 billion, down 5% Q/Q, which management ties to a softer market.
  • Q4 net loss from crypto portfolio losses: Q4 net loss was $667 million, driven by a largely unrealized $718 million loss on the crypto asset investment portfolio. Full-year net income was $1.26 billion.
  • Deribit closed and holds derivatives lead: The Deribit acquisition closed. Management says Coinbase is the global leader in crypto derivatives by open interest and options volume, with new highs in volume and revenue since close.
  • Operating expenses rose in Q4: Q4 total operating expenses were $1.5 billion, up 9% Q/Q. Full-year operating expenses were $5.7 billion, up 35% Y/Y.
  • Twelve products exceed $100 million: Twelve products generate over $100 million in annualized revenue, half of them above $250 million and two above $1 billion.
Read the Q4 FY2025 earnings call summary

From this 10-K

Coinbase runs a platform where customers buy, sell, hold and move crypto assets, and since December 2025 also stocks, commodity futures, perpetual futures and prediction markets, an expansion the company calls the Everything Exchange. It serves three customer groups: consumers, institutions including market makers, asset managers, hedge funds, banks, wealth platforms and corporations, and developers building on the Base Chain and the Coinbase Developer Platform. The money comes from two places, transaction fees on trading and subscription products and services, and the company states that it holds customer assets one-to-one at all times.

Coinbase Global, Inc., the 10-K for 2025

Coinbase runs a platform where customers buy, sell, hold and move crypto assets, and since December 2025 also stocks, commodity futures, perpetual futures and prediction markets, an expansion the company calls the Everything Exchange. It serves three customer groups: consumers, institutions including market makers, asset managers, hedge funds, banks, wealth platforms and corporations, and developers building on the Base Chain and the Coinbase Developer Platform. The money comes from two places, transaction fees on trading and subscription products and services, and the company states that it holds customer assets one-to-one at all times.

Consumer trading

Two experiences sit on the same platform. Simple trade is the basic interface for buying and selling crypto assets, stocks, futures and prediction markets, aimed at customers of any level of experience. Advanced trade gives access to spot and derivatives order books, real-time market information through interactive charts, live trade history and other trading tools, aimed at traders with higher volume and more complex needs.

Institutions and exchanges

Coinbase Prime is the prime brokerage platform, giving institutional customers access to liquidity across a network of trading venues at volume-based pricing with a transaction fee on executed trades. Around it the company operates four exchanges, all charging volume-based transaction fees: Coinbase Exchange for spot trading in over 360 crypto assets, Coinbase International Exchange for perpetual futures and spot in over 200 crypto assets, Coinbase Derivatives Exchange for dated and perpetual-style futures across over 35 crypto, commodity and equity index contracts, and the Deribit Exchange for options, perpetual futures, dated futures and spot in over 15 crypto assets.

Stablecoins

Coinbase partnered with Circle Internet Financial in 2018 to launch USDC, a stablecoin redeemable one-to-one for U.S. dollars, with EURC redeemable for euros issued by Circle's European affiliate. Circle issues the coins and holds the trademarks, which Coinbase is licensed to use, and under an updated arrangement agreed in August 2023 the two share in the economics of the reserves backing stablecoins in circulation both on and off the Coinbase platform. What Coinbase earns rises with the proportion of USDC in circulation generally and on its own platform. The agreement has an initial three-year term and renews automatically for further three-year terms if defined product, company and reseller thresholds are met. Where permitted, the company pays rewards to Coinbase One subscribers and institutional customers who hold USDC.

Staking, financing and custody

Customers can stake crypto assets through the platform while keeping ownership of them, and the company takes a fixed percentage commission on the staking rewards the protocols pay out. Eight staking assets were supported for consumers at 31 December 2025, with approximately $7.5 billion of consumer assets and over $15.2 billion of institutional assets staked through Coinbase Prime. It also runs a cbETH wrapping service, a token representing ownership of ETH staked through the platform. Institutional financing provides lending, leverage and short selling across Prime and Markets plus structured loans, funded partly by borrowing fiat, crypto and stablecoins from third parties. Coinbase Prime also offers institutional custody with cold storage, charged on total assets held, and the company serves as custodian for several Bitcoin and Ethereum exchange traded products. Interest is earned on customer custodial funds held at third-party depository institutions.

Coinbase One

Coinbase One is the consumer subscription, paid monthly or annually, carrying reduced transaction fees on limited trading, USDC rewards, higher staking rewards, priority support and third-party offers. A lower-priced tier, Coinbase One Basic, was added in 2025, making three tiers alongside Preferred and Premium. A Coinbase One credit card also launched in 2025, paying up to 4% back in Bitcoin on purchases, with the rate rising as a customer holds more on the platform.

From Coinbase's annual report on Form 10-K for the year ended 31 December 2025. The filing

Written from the 10-K filed 12 February 2026: read the full 10-K.

The four quarters: Q1 FY2025 · Q2 FY2025 · Q3 FY2025 · Q4 FY2025

Income statement (profit and loss)

$ millionFY2025FY2024FY2023On the yearLast 8 years
Revenue7,1816,5643,108+9.4%
Research and development1,6711,4681,325+13.8%
Operating income1,4352,307-162-37.8%
Operating margin20.0%35.1%-5.2%
Interest expense85.480.682.8+5.9%
Pre-tax income1,5222,943-76.8-48.3%
Income tax262364-172-28.0%
Effective tax rate17.2%12.4%n/a
Net income1,2602,57994.9-51.1%
Net margin17.6%39.3%3.1%
Diluted EPS$4.45$9.48$0.37-53.1%
$ million except per share.
Read moreFree 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

$ millionFY2025FY2024FY2023On the yearLast 8 years
Operating cash flow2,4263,104673-21.8%
Cash from investing-2,050-201-206
Cash from financing7402,903-838-74.5%
Depreciation and amortisation188128140+47.8%
Share-based compensation839913781-8.0%
Buybacks7900.00.0
Diluted shares, weighted287m273m254m+5.1%
Shares outstanding at period end268m254mn/a+5.6%

Balance sheet

$ millionFY2025FY2024FY2023On the yearLast 8 years
Shareholders' equity14,79310,2776,282+43.9%
Redeemable equity0.00.00.0
Short-term borrowings4523740.0+20.8%
Debt7,2074,2342,980+70.2%
Operating lease liabilities17385.83.8+101.3%
Other liabilities7,0477,5715,488-6.9%
Total liabilities and equity29,67222,54214,754+31.6%
Fixed assets265200193+32.2%
Goodwill4,1691,1401,140+265.8%
Intangible assets1,39846.886.4+2,886.5%
Investments3100.0n/a
Cash and equivalents11,2859,3085,489+21.2%
Receivables307265168+15.8%
Other assets11,93811,5827,678+3.1%
Total assets29,67222,54214,754+31.6%

10-K for the year ended 31 December 2025, filed 12 February 2026: the filing.