COIN Q3 2025 Earnings
Reported Oct 30, 2025 at 12:06 PM ET · SEC Source
Q3 25 EPS
$N/A
Q3 25 Revenue
$1.90B
vs S&P Since Q3 25
-48.1%
TRAILING MARKET
COIN -42.4% vs S&P +5.7%
Market Reaction
Did COIN Beat Earnings? Q3 2025 Results
Coinbase delivered a standout Q3 2025, posting total revenue of $1.90 billion, a 25% sequential jump, as a broad resurgence in crypto trading activity and the landmark acquisition of Deribit, the world's largest crypto options exchange, combined to r… Read more Coinbase delivered a standout Q3 2025, posting total revenue of $1.90 billion, a 25% sequential jump, as a broad resurgence in crypto trading activity and the landmark acquisition of Deribit, the world's largest crypto options exchange, combined to reshape the company's earnings profile. For the full quarter breakdown, transaction revenue climbed 37% quarter-over-quarter to $1.00 billion on $295.00 billion in total trading volume, while subscription and services revenue rose 14% to $747.00 million, anchored by stablecoin revenue of $355.00 million as USDC market cap reached an all-time high of $74.00 billion. Net income came in at $433.00 million, with Adjusted EBITDA of $801.00 million. Assets under custody hit a record $300.00 billion, underscoring Coinbase's deepening institutional footprint. Looking ahead, management guided Q4 subscription and services revenue of $710.00 million to $790.00 million and disclosed October transaction revenue of approximately $385.00 million, signaling continued, if moderating, momentum into year-end.
Key Takeaways
- • Trading volume of $295 billion, up 24% Q/Q
- • Consumer trading volume of $59 billion, up 37% Q/Q outperforming U.S. spot markets
- • Institutional trading volume of $236 billion, up 22% Q/Q
- • Deribit acquisition contributed $52 million in institutional transaction revenue
- • USDC market cap reached all-time high of $74 billion
- • Average USDC balances in Coinbase products reached all-time high of over $15 billion
- • Average ETH and SOL prices increased 81% and 29% respectively driving blockchain rewards growth
- • Assets Under Custody reached all-time high of $300 billion
- • Assets on Platform totaled $516 billion at quarter end
COIN YoY Financials
Q3 2025 vs Q3 2024, source: SEC Filings
COIN Revenue by Segment
With YoY comparisons, source: SEC Filings
COIN Earnings Trends
COIN vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
COIN EPS Trend
Earnings per share: estimate vs actual
COIN Revenue Trend
Quarterly revenue: estimate vs actual
COIN Quarterly Results
4 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q4 25 FY | $1.05 | — | — | $1.80B | — |
| FY Full Year | $7.63 | — | — | $7.20B | -0.46% |
| Q3 25 | — | — | — | $1.90B | — |
| Q2 25 | $1.51 | — | — | $1.50B | -5.88% |
| Q1 25 | $1.91 | — | — | $2.00B | -4.62% |