Filing Flows › Coinbase Global (COIN) › Q2 2025
Coinbase Global (COIN) Q2 2025 earnings results (second quarter 2025)
10-Q filed Jul 31, 2025
Coinbase Global (COIN) reported revenue of $1.5B for the second quarter 2025 (Q2 2025), +3% from a year earlier and -26% from the quarter before. Operating margin was -1.6%, net earnings $1.4B (95.4% of revenue).
Coinbase Global, Q2 2025: revenue $1.5B (+3% year over year), operating margin -1.6%, net earnings $1.4B, operating cash flow $328M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $1.5B | -26% | +3% |
| Operating profit | −$24.6M | -103% | — |
| Net earnings | $1.4B | 22× | — |
| Operating cash flow | $328M | — | -32% |
What changed
Revenue was $1.5B in Q2 2025, up 3% year over year and down 26% from the previous quarter. Total transaction revenue was the largest line at 51% of revenue. Stablecoin revenue added $0.09B year over year (up 38%), 193% of the total change. Blockchain rewards declined 22%.
Operating costs exceeded revenue by $0.02B, an operating margin of -1.6%. Total costs grew 38% against revenue growth of 3%. The fastest-growing cost line was Other operating costs (+112%). Net earnings were $1.4B, up 3853% year over year. The effective tax rate was 21.7%. Non-operating items added $1.8B, 101% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $0.33B (down 32% year over year), 23% of net earnings. Non-cash charges added back $0.03B of depreciation and amortization and $0.20B of share-based compensation. Working capital and other items used $1.3B.
Questions
What was Coinbase Global's revenue in the second quarter 2025?
Coinbase Global (COIN) reported revenue of $1.5B for the second quarter 2025 (Q2 2025), +3% from a year earlier and -26% from the quarter before.
Was Coinbase Global profitable in the second quarter 2025?
Operating loss was $24.6M (-1.6% of revenue) and net earnings $1.4B.
Source: Coinbase Global 10-Q on SEC EDGAR.