Filing Flows › Coinbase Global (COIN) › Q3 2025
Coinbase Global (COIN) Q3 2025 earnings results (third quarter 2025)
10-Q filed Oct 30, 2025
Coinbase Global (COIN) reported revenue of $1.9B for the third quarter 2025 (Q3 2025), +55% from a year earlier and +25% from the quarter before. Operating margin was 25.7%, net earnings $433M (23.1% of revenue).
Coinbase Global, Q3 2025: revenue $1.9B (+55% year over year), operating margin 25.7%, net earnings $433M, operating cash flow −$785M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $1.9B | +25% | +55% |
| Operating profit | $481M | — | +183% |
| Net earnings | $433M | -70% | +473% |
| Operating cash flow | −$785M | -339% | — |
What changed
Revenue was $1.9B in Q3 2025, up 55% year over year and up 25% from the previous quarter. Bank Servicing was the largest line at 56% of revenue. Bank Servicing added $0.47B year over year (up 83%), 71% of the total change. Other revenue declined 1%.
Operating profit was $0.48B, a 25.7% margin (up 11.6 points year over year). Of the extra revenue versus a year earlier, 47% reached operating profit, above the 14% margin then. Total costs grew 34% against revenue growth of 55%. The fastest-growing cost line was Other operating costs (+71%). Net earnings were $0.43B, up 473% year over year. The effective tax rate was 13.9%.
Operating cash flow was −$0.78B. Non-cash charges added back $0.05B of depreciation and amortization and $0.22B of share-based compensation. Working capital and other items used $1.5B.
Questions
What was Coinbase Global's revenue in the third quarter 2025?
Coinbase Global (COIN) reported revenue of $1.9B for the third quarter 2025 (Q3 2025), +55% from a year earlier and +25% from the quarter before.
Was Coinbase Global profitable in the third quarter 2025?
Operating profit was $481M (25.7% of revenue) and net earnings $433M.
Source: Coinbase Global 10-Q on SEC EDGAR.