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Coinbase Global
Coinbase Global (COIN) investor relations material
Coinbase Global Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary12 Feb, 2026
Executive summary
Achieved $7.2 billion in total revenue for 2025, up 9% year-over-year, with strong operational and financial execution.
Subscription and services revenue reached $2.8 billion, up 23% year-over-year and 5.5x above 2021's peak.
Launched the Everything Exchange, expanding into stocks, prediction markets, and commodities, driving record trading volumes and market share.
Maintained positive adjusted EBITDA and adjusted net income for the last two years, demonstrating resilience in volatile markets.
Financial highlights
Q4 total revenue was $1.8 billion, down 5% quarter-over-quarter.
Q4 transaction revenue was $983 million (down 6% QoQ); subscription and services revenue was $727 million (down 3% QoQ).
Adjusted EBITDA for Q4 was $566 million; adjusted net income was $178 million.
Reported a GAAP net loss of $667 million in Q4, mainly due to $718 million unrealized loss on crypto investments and $395 million loss on strategic investments.
Ended 2025 with $11.3 billion in cash and cash equivalents, and $14.1 billion in total available resources.
Outlook and guidance
Q1 2026 transaction revenue through February 10 was approximately $420 million.
Q1 2026 subscription and services revenue expected between $550 million and $630 million, reflecting lower crypto prices and interest rates.
Technology, development, G&A, and sales/marketing expenses expected to be flat to down quarter-over-quarter.
Entering 2026 with a diversified revenue base and strong balance sheet, prepared to invest through the cycle.
Detail 2025 M&A strategy and impact
Impact of crypto investment losses on 2025 net loss
Reason for restricted cash and custodial fund changes
Everything Exchange: new asset revenue outlook?
Base L2: Monetization strategy beyond sequencer fees?
New $2B buyback: Capital allocation priorities?
Partial view of Summaries dataset, powered by Quartr API
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Next Coinbase Global earnings date
Q1 20267 May, 2026
Coinbase Global
Next Coinbase Global earnings date
Q1 20267 May, 2026
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Frequently asked questions
Making the crypto markets accessible
Coinbase is a cryptocurrency exchange and storage platform that provides a user-friendly interface for buying, selling, and storing various digital currencies. Founded in 2012, Coinbase has become one of the leading companies in the cryptocurrency industry. It offers a range of services, including a digital wallet for securely storing cryptocurrencies, a trading platform with real-time market data, and a mobile app for convenient access on the go. Coinbase aims to make cryptocurrency accessible to a wider audience and provide a secure and reliable platform for individuals and businesses to engage in crypto transactions.
An intuitive platform designed with ease of use in mind
Coinbase operates a crypto exchange platform that facilitates the buying, selling, and trading of various cryptocurrencies. The platform offers a user-friendly interface, allowing users to navigate and explore a wide selection of digital assets.
Coinbase supports popular cryptocurrencies such as Bitcoin, Ethereum, and Litecoin, providing opportunities for users to participate in the digital currency market. Market data is available to users in real-time to support their decision-making. The platform can be compared to the services that RobinHood, Interactive Brokers, and Charles Schwab offer for investors interested in investing in traditional markets.
Keeping coins safe
Coinbase's wallet services offer a built-in solution for storing cryptocurrencies, providing users with several benefits.
Firstly, having a wallet integrated into the Coinbase platform offers convenience and simplicity. Users can manage their digital assets seamlessly within the same platform they use for buying, selling, and trading cryptocurrencies.
Secondly, Coinbase's wallet emphasizes security measures to safeguard user funds and private keys. By relying on advanced security features and encryption protocols, Coinbase provides users with peace of mind regarding the protection of their assets.
Finally, having a wallet integrated into the service allows for easy access to decentralized applications (DApps) and other blockchain-based services. This integration enhances the overall user experience by providing a one-stop solution for managing cryptocurrencies and interacting with the broader blockchain ecosystem.
A key player in the modern crypto industry
With its established brand and large user base, Coinbase has played a notable role in driving the adoption of cryptocurrencies. The platform's user-friendly interface, extensive selection of supported digital assets, and focus on security have contributed to its reputation as a trusted choice for individuals and institutions. Coinbase has also been active in engaging with regulators and advocating for industry standards, fostering a more regulated and accepted environment for cryptocurrencies. As the crypto industry continues to evolve, Coinbase maintains its standing as a key player together with companies like Crypto.com and Binance.
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