Filing Flows › Coinbase Global (COIN) › Q4 2025
Coinbase Global (COIN) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 12, 2026
Coinbase Global (COIN) reported revenue of $1.8B for the fourth quarter 2025 (Q4 2025), -22% from a year earlier and -5% from the quarter before. Operating margin was 15.4%, net loss $667M (37.4% of revenue).
Coinbase Global, Q4 2025: revenue $1.8B (-22% year over year), operating margin 15.4%, net loss $667M, operating cash flow $3.1B. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $1.8B | -5% | -22% |
| Operating profit | $274M | -43% | — |
| Net earnings | −$667M | -254% | — |
| Operating cash flow | $3.1B | — | +103% |
What changed
Revenue was $1.8B in Q4 2025, down 22% year over year and down 5% from the previous quarter. Bank Servicing was the largest line at 55% of revenue.
Operating profit was $0.27B, a 15.4% margin (down 30.2 points year over year). Total costs grew 22% against a revenue fall of 22%. The fastest-growing cost line was Sales & marketing (+39%). The quarter ended with a net loss of $0.67B, after a profit of $0.43B the previous quarter. Net interest and other expense of $1.2B was the main reason.
Operating cash flow was $3.1B (up 103% year over year). Non-cash charges added back $0.07B of depreciation and amortization and $0.23B of share-based compensation. Working capital and other items added $3.4B.
Questions
What was Coinbase Global's revenue in the fourth quarter 2025?
Coinbase Global (COIN) reported revenue of $1.8B for the fourth quarter 2025 (Q4 2025), -22% from a year earlier and -5% from the quarter before.
Was Coinbase Global profitable in the fourth quarter 2025?
Operating profit was $274M (15.4% of revenue) and net loss $667M.
Source: Coinbase Global 10-K on SEC EDGAR.