Filing Flows › Coinbase Global (COIN) › Q1 2025
Coinbase Global (COIN) Q1 2025 earnings results (first quarter 2025)
10-Q filed May 8, 2025
Coinbase Global (COIN) reported revenue of $2.0B for the first quarter 2025 (Q1 2025), +24% from a year earlier and -10% from the quarter before. Operating margin was 34.7%, net earnings $65.6M (3.2% of revenue).
Coinbase Global, Q1 2025: revenue $2.0B (+24% year over year), operating margin 34.7%, net earnings $65.6M, operating cash flow −$183M. The chart follows the revenue to costs, profit and cash.
| Q1 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $2.0B | -10% | +24% |
| Operating profit | $706M | -32% | -7% |
| Net earnings | $65.6M | -95% | -94% |
| Operating cash flow | −$183M | — | — |
What changed
Revenue was $2.0B in Q1 2025, up 24% year over year and down 10% from the previous quarter. Total transaction revenue was the largest line at 62% of revenue. Total transaction revenue added $0.19B year over year (up 17%), 47% of the total change.
Operating profit was $0.71B, a 34.7% margin (down 11.7 points year over year). Operating profit fell $0.05B even though revenue rose $0.40B versus a year earlier, so costs grew faster than sales. Total costs grew 51% against revenue growth of 24%. The fastest-growing cost line was Sales & marketing (+151%). Net earnings were $0.07B, down 94% year over year. The effective tax rate was 20.4%.
Operating cash flow was −$0.18B. Non-cash charges added back $0.03B of depreciation and amortization and $0.19B of share-based compensation. Working capital and other items used $0.47B.
Questions
What was Coinbase Global's revenue in the first quarter 2025?
Coinbase Global (COIN) reported revenue of $2.0B for the first quarter 2025 (Q1 2025), +24% from a year earlier and -10% from the quarter before.
Was Coinbase Global profitable in the first quarter 2025?
Operating profit was $706M (34.7% of revenue) and net earnings $65.6M.
Source: Coinbase Global 10-Q on SEC EDGAR.