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Coinbase

COIN Q4 2025 Earnings

Reported Feb 12, 2026 at 11:06 AM ET · SEC Source

Q4 25 EPS

$N/A

Est. $1.05

Q4 25 Revenue

$1.80B

vs S&P Since Q4 25

+32.7%

BEATING MARKET

COIN +38.4% vs S&P +5.7%

Full Year 2025 Results

FY 25 Revenue

$7.20B

MISS 0.46%

Est. $7.23B

Market Reaction

Did COIN Beat Earnings? Q4 2025 Results

Coinbase closed Q4 2025 on a softer note, with revenue coming in at $1.80 billion, just below the $1.83 billion consensus estimate and down 20.8% year-over-year, as a cooler crypto market environment weighed on trading activity. The primary culprit w… Read more Coinbase closed Q4 2025 on a softer note, with revenue coming in at $1.80 billion, just below the $1.83 billion consensus estimate and down 20.8% year-over-year, as a cooler crypto market environment weighed on trading activity. The primary culprit was a pullback in transaction revenue, where consumer spot trading volume fell 6% quarter-over-quarter to $56 billion, dragging overall transaction revenue to $983 million. The quarter's headline loss of $667 million reflected a $718 million largely unrealized markdown on crypto asset investments, though adjusted net income of $178 million offered a cleaner read on underlying operations. For investors who had been watching the results closely, a bright spot emerged in the institutional segment, where derivatives revenue, fueled by the Deribit acquisition, hit an all-time high. Looking ahead, Coinbase said roughly $420 million in transaction revenue had already been generated through February 10 of Q1 2026, while subscription and services revenue is guided to $550–$630 million, signaling a modestly cautious near-term outlook amid lower crypto prices and reduced staking rates.

Key Takeaways

  • • Coinbase Total Trading Volume grew 156% Y/Y to $5.2 trillion in 2025
  • • Coinbase Crypto Trading Volume Market Share doubled year-over-year
  • • Average USDC Held in Coinbase Products reached all-time high of $17.8 billion, up 18% Q/Q
  • • Average USDC Market Capitalization reached $76.2 billion
  • • Deribit achieved all-time high revenue in Q4
  • • 9th straight quarter of native unit growth across the platform
  • • 12 products generating over $100 million in annualized revenue
  • • Paid Coinbase One Subscribers reached nearly 1 million, all-time high
  • • Institutional derivatives showing strong performance offsetting softer spot markets

COIN Forward Guidance & Outlook

For Q1 2026, through February 10, Coinbase generated approximately $420 million in transaction revenue (roughly halfway through the quarter). Subscription and services revenue is expected between $550-$630 million, reflecting lower Average USDC Market Capitalization, lower interest rates, lower average crypto prices, and lower staking protocol rates compared to Q4. Technology & development and G&A expenses are expected between $925-$975 million, roughly flat Q/Q. Sales and marketing expenses are expected between $215-$315 million depending on performance marketing opportunities and USDC rewards. Headcount expected to grow at a slightly higher rate than Q4. The company's three 2026 priorities are: growing the Everything Exchange, scaling stablecoins and payments, and bringing the world onchain.

24/7 Wall St

COIN YoY Financials

Q4 2025 vs Q4 2024, source: SEC Filings

24/7 Wall St

COIN Revenue by Segment

With YoY comparisons, source: SEC Filings

Q1 25 Q4 25

“2025 was a strong year for Coinbase, both operationally and financially. We executed consistently against our goals, delivering or outperforming our revenue and expense guidance every quarter.”

— Brian Armstrong, Q4 2025 Earnings Press Release

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