Coinbase Global (COIN) Q4 2025 earnings summary

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.