COIN Q2 2025

Q4 2025 Q3 2025 Q2 2025 Q1 2025

Earnings

Coinbase fell short of Wall Street's expectations in Q2 2025, posting revenue of $1.50 billion, a -5.88% miss against the $1.59 billion consensus, though the result still represented a 5.3% gain year over year as the crypto exchange navigated a notab… Read more Coinbase fell short of Wall Street's expectations in Q2 2025, posting revenue of $1.50 billion, a -5.88% miss against the $1.59 billion consensus, though the result still represented a 5.3% gain year over year as the crypto exchange navigated a notably softer trading environment. A 40% sequential decline in total trading volume to $237 billion dragged transaction revenue down 39% quarter-over-quarter to $764 million, underscoring how sharply crypto spot markets cooled during the period. Compounding the pressure, a May data theft incident generated $307 million in expenses including customer reimbursements and legal costs, pushing total operating expenses up 15% quarter-over-quarter to $1.50 billion. GAAP net income of $1.40 billion looked strong on the surface but was heavily inflated by $1.50 billion in gains on strategic investments, with Adjusted EBITDA landing at a more modest $512 million. Brighter spots included record Assets Under Custody of $245.70 billion and stablecoin revenue climbing 12% to $332 million. For those tracking the full quarterly results, management guided Q3 subscription and services revenue of $665–$745 million, buoyed by early signs of market recovery.