COIN Q4 2025

Q4 2025 Q3 2025 Q2 2025 Q1 2025

Earnings

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.